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Reliance Industries Ltd registered a 7% jump in net profits for the first quarter ending June 30th. The Mukesh Ambani-led conglomerate recorded ₹10,141 crores in net profits, despite frail global macroeconomic situation and perilous hydrocarbon market conditions. While growth in RIL’s revenue came mostly from Digital Services and Retail business, the Refining and Marketing division saw a performance drop due to a considerably lesser product cracks on Y-o-Y basis.
As Iran seeks new possibilities of growth amidst debilitating U.S. sanctions, the country’s ambassador to India has said that Iran is ready to invest in the expansion of a South Indian refinery. Chennai Petroleum (CPCL) seeks to invest about $5.1 billion to expand Nagapattinam refinery to a 180,000-bpd plant. Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, own a 15.4% stake in CPCL.
Chinese environment ministry has revealed that greenhouse gas emissions hit 12.3 billion tonnes in 2014, an increment of 53.5% from 2005. The United Nations Framework Convention on Climate Change requires Beijing to submit an official inventory to the UN on a systematic basis. Although the country has pledged to show “the highest possible ambition”, it is also looking to bring its total emissions to a peak by “around 2030”.
Chevron-McDermott joint venture, Chevron Lummus Global (CLG) has landed the license and engineering contracts for a Lubricants Base Oil plant at Haldia Refinery in India. CLG will deploy its proprietary ISODEWAXING and ISOFINISHING technologies at the 270 TMTPA plant. The newly-designed unit will process unconverted oil from an upstream hydrocracking unit to yield premium API Group III base oils.
Assam Gas Company Ltd (AGCL), Oil India Limited (OIL) and GAIL Gas Ltd inked an agreement to setup a joint venture. The JV will work towards the execution of the City Gas Distribution (CGD) Networks, apart from supplying Piped Natural Gas (PNG) and CNG. While the PNG will be supplied to the domestic, commercial and industrial customers, CNG will be provided to the vehicles in different districts of Assam.
Energy major Qatar Petroleum and Chevron Phillips Chemical have signed an agreement worth $8 billion. Both the companies have joined hands in order to develop a petrochemical plant along the U.S. Gulf Coast. These plants will help in keeping up with the demand of plastics, said Chief Executive and President of Chevron Phillips. This is the second deal in a row between the two companies in the last few weeks.
With Prime Minster Modi looking to keep the budget deficit in check, India will most probably let go of the reigns to major oil and gas firms. Atanu Chakraborty, Secretary, DIPAM in an interview on Monday said that the Government has recognized major energy firms ONGC, IOCL, GAIL as probable candidates for cutting its direct holding to below 51%. The move aims at reviving investments to ramp up economic growth.
Sources have revealed that Rosneft-owned Nayara Energy is planning on investing $19 billion in at Vadinar near Jamnagar. Staying in line with its expansion plans, the energy firm plans on setting up a 10.75 MMTPA capacity petrochemical complex and expand the refinery from 20MMTPA to 46MMTPA. The expansion will also be a debut venture into petrochemical business for the firm.
With mammoth new refineries in China yielding huge fuel output, the Chinese refiners are now moving to curb their output in the third quarter. In May, private refiner Hengli Petrochemical ran its 400,000-bpd plant in northeast China to full capacity, while Zhejiang Petrochemical commenced experimental runs at a similar-sized refinery. Sources have revealed that Dongming Petrochemical Group will shut down its 240,000-bpd plant this week for two months of maintenance.
Central Asian country, Turkmenistan, yesterday, unveiled the US$1.7 billion gas-to-liquids (GTL) plant. The largest GTL plant in Central Asia, it will process 1.785 billion cubic metres of natural gas every year, yielding 600,000 tonnes of gasoline a year among other liquid fuels. Built by Turkey's Rönesans and Japan's Kawasaki Heavy Industries, the GTL plant will help Turkmenistan monetize on the world's fourth-largest natural gas reserves.
Philadelphia Energy Solutions (PES), yesterday, revealed plans of shutting down accident-struck South Philadelphia oil refinery permanently. The refinery suffered severe damages from devastating explosions and resulting fire last week. PES officials communicated to Mayor Jim Kenney about shutting down the refinery within the next month. However, this decision will adversely impact Philadelphia’s economy and fuel markets in the area.
India has registered a record jump of 6.2% in Ethanol-blending in petrol, staying in line with the Government’s strategy to achieve 10% blending percentage of ethanol in petrol by 2022. The Modi government sanctioned Rs 1969 crore to fund 2G ethanol projects over the next six years. The measures seem to have lifted the purchase of the biofuel over the years.
State-run Qatar Petroleum has inked an agreement with Chevron Phillips Chemical to construct a new petrochemicals complex. The new petrochemical plant, which is expected to come online by 2025, will be developed in Ras Laffan Industrial City. While Chevron Phillips Chemical Co (a JV between Chevron Corp and Phillips 66) will possess a 30% interest in the complex, Qatar Petroleum will own the rest.
Sources familiar with the wreckage at the Philadelphia refinery have revealed that the Alkylation unit at the site has been completely destroyed in the fire. The 335,000 barrel-per-day (bpd) Philadelphia refining complex was engulfed in fire on Friday, setting a number of explosions. The wreckage is said to hamper the supply of gasoline from the region’s largest refinery, owned by Philadelphia Energy Solutions (PES).
While India’s refinery major, HPCL continues to acknowledge its majority shareholder ONGC as a promoter, the Government of India has now stepped up and started giving ONGC its due credit. Sources have revealed that state headhunter PSEB called on ONGC Director to assist in picking the new Director (Finance), HPCL. ONGC completely acquired Government’s 51.11% stake in HPCL last year, the refiner has consistently listed "President of India" as its promoter.
A massive fire engulfed Philadelphia Energy Solutions Inc’s (PES) oil refinery yesterday, inflicting severe damage to the plant. Officials believe that the refinery might have to stay shut for a very long period. A number of explosions took place at the 335,000 barrel-per-day (bpd) refining complex on Friday morning. Philadelphia Deputy Fire Commissioner said that they couldn’t entirely put out the fire as it is still being fed fuel.
Sources have informed that Malaysian state-run Petronas and Saudi Aramco have commenced operations at the new 1.2-million-tons-per-year naphtha cracker. The naphtha cracker is integral to the $2.7 billion joint-venture oil refinery and petrochemical project, Refinery, and Petrochemical Integrated Development (RAPID) is located in Pengerang in the state of Johor, Malaysia.
Maharashtra’s Chief Minister yesterday informed about identifying a new site for the proposed $44 billion oil refinery built by a joint venture between Saudi Aramco, ADNOC and state-run oil firms. Maharashtra has selected Raigad district, about 100 kms from Mumbai for the refinery. The 1.2 million bpd refinery and associated petrochemical complex, which was earlier supposed to be constructed in Ratnagiri, faced vehement protests from the farmers in the region.