fetching latest news

News tagged in:  

DOWNSTREAM NEWS

BPCL develops novel technology for quality testing of crude oil
April 6, 2020

BPCL develops novel technology for quality testing of crude oil

Indian downstream major, Bharat Petroleum Corp Ltd has devised a novel technology to test the crude oil quality at a minimal cost and time. The current method requires lengthy lab tests. The newly developed technology is called BPMarrk, engineered to optimize varied properties from the crude. A 'crude horoscope predictor tool', BPMarrk has a number of patents including those from the US and the EU.

BP denies "any serious disruption" to operations due to COVID-19
March 20, 2020
Source: Reuters

BP denies "any serious disruption" to operations due to COVID-19

Oil supermajor BP Plc yesterday denied “any serious disruption” to its operations owing to the COVID-19 outbreak. The British oil firm informed about enforcing a new ‘team-based’ shift model to curtail any kind of contact between two teams at major operational sites, including refineries. The ongoing coronavirus pandemic and the collapse of a supply cut deal have forced several oil and gas firms, including BP to announce spending cuts.

HPCL opens first petrol pump in Bhutan
March 19, 2020

HPCL opens first petrol pump in Bhutan

India's downstream major, Hindustan Petroleum Corp Ltd (HPCL) yesterday informed about commissioning its first petrol pump in Bhutan in its bid to foray into the Himalayan Kingdom. The petrol pump is the first in line of the planned 22 outlets according to the MoU signed with Bhutanese state-run STBCL at select high-potential sites in the country. The ONGC-subsidiary had earlier commissioned its first retail outlet in Bhutan on March 11.

Gas explosion in Lagos kills 15
March 16, 2020

Gas explosion in Lagos kills 15

In an unfortunate event on Sunday, 15 people died in a gas explosion in Lagos, injuring many more and destroying around 50 buildings. State-run Nigerian National Petroleum Corporation (NNPC) said that the blast happened due to a truck that "hit gas bottles stacked up in a gas processing plant. National emergency services spokesman told AFP, "15 bodies have been recovered now. So many people have been injured," .

GOI invites preliminary bids for selling its stakes in BPCL
March 7, 2020

GOI invites preliminary bids for selling its stakes in BPCL

The Government of India, today, finally invited preliminary bids for the sales of its entire 52.98% stakes in India's second-biggest oil refiner, BPCL. The bidders will have to submit an Expression of interest (EOI) by May 2, according to the bid document by the DIPAM. BPCL's stake in Numaligarh Refinery Limited, however, has been excluded from the sale and will be sold only to a state-owned oil and gas firm.

Pertamina inks agreement with PLN to supply LNG
Feb. 27, 2020

Pertamina inks agreement with PLN to supply LNG

Indonesian state electricity company, PLN has inked an initial deal to purchase 167 BBTU of gas per day from PT Pertamina for 20 years. The deal comes as PLN reduces the use of diesel fuel. Energy major, Pertamina will provide LNG to PLN's power plants with a combined capacity of 1,870 megawatt, across 52 sites within two years.

Supreme Court of India upholds contract award by PNGRB
Feb. 24, 2020

Supreme Court of India upholds contract award by PNGRB

The Supreme Court has dismissed the plea filed by Adani Gas and others over the contract award of piped gas distribution network in Tamil Nadu. The contract was awarded to AG&P LNG, Torrent Gas and SKN Haryana by PNGRB. The apex court bench upheld the contract saying that calling the bidders with the highest composite scores cannot be rebuked, and denied any merit in the submission.

RIL alarmed after US sanctions on Rosneft
Feb. 20, 2020
Source: Energy Voice

RIL alarmed after US sanctions on Rosneft

Washington on Tuesday imposed sanctions on the trading arm of Russia's Rosneft. This has created a difficult situation for Reliance Industries, a key buyer of Venezuelan oil. The Indian refiner said, "Reliance will continue its direct communications with the US Government to ensure that Reliance's purchases of Venezuelan oil after the RTSA sanctions are both compliant with US sanctions and consistent with US policies regarding Venezuelan oil sector".

BPCL posts three-fold jump in 3Q profits
Feb. 14, 2020

BPCL posts three-fold jump in 3Q profits

State-run refiner, Bharat Petroleum Corp Ltd (BPCL) reported a nearly three-fold jump in its net profit to Rs 2,051.43 crore, for the fourth quarter. BPCL's net profit in 3Q2018 was Rs 698.62 crore, the company reported in a regulatory filing. However, revenue from operation slipped over lower oil prices to Rs 85,926.70 crore.

NV5 lands a $34 million EPC contract
Feb. 11, 2020
Source: Oil and Gas 360

NV5 lands a $34 million EPC contract

Florida-based engineering and consulting solutions provider, NV5 Global Inc. has announced the award of a $34 million EPC contract for the liquefaction system upgrade at an LNG facility. The project will bring in a new liquefier to substitute an older system for increasing the capacity and improving reliability, safety, and ease of operation. The project is slated for completion in approximately 18 months.

IOCL Mathura becomes the first Indian refinery to supply BS-VI compliant fuels
Feb. 10, 2020

IOCL Mathura becomes the first Indian refinery to supply BS-VI compliant fuels

"Oil guzzler, Indian Oil Corporation yesterday informed about completing the revamp of its all units to produce BS-VI grade fuels at its Mathura refinery. The revamp comes months ahead of the deadline for the rollout of newer emission norms from April 2020. With the revamp operations now complete, IOCL Mathura Refinery has become the first refinery in India to supply BS-VI compliant fuels, containing less than 10 ppm sulphur."

Rosneft keen to bid for BPCL
Feb. 6, 2020

Rosneft keen to bid for BPCL

According to the sources, Rosneft has shown interest to bid for the acquisition of Bharat Petroleum Corp Ltd (BPCL). Under India's biggest privatisation plan, the country is selling all of its 53% stakes in the firm. In a meeting between Rosneft's CEO Sechin and Pradhan, the former was keen to expand in the world's third largest energy market.

Valero Energy beats 4Q profit estimates
Jan. 31, 2020
Source: Reuters

Valero Energy beats 4Q profit estimates

U.S. refiner, Valero Energy Corp registered a jump in fourth-quarter profits on Thursday, easily beating Wall Street estimates. The refinery giant majorly earned from refining low-cost Canadian heavy crude, with refining margins in the U.S. Gulf Coast operations rising 16% to $1.64 billion. Despite a 3% drop in the revenue, net income attributable to the shareholders rose to $1.1 billion in the fourth quarter, up from $952 million.

OIL to hold 74% in BPCL's NRL
Jan. 27, 2020

OIL to hold 74% in BPCL's NRL

State-owned OIL India alongwith Assam government is planning to acquire BPCL's 61% stakes in Numaligarh Refinery. This will retain the public sector character of the Assam-based entity. "OIL best fits the bill to take over NRL because of the synergy arising from their operations largely being located in the Northeast and its existing investment in NRL", said an official source.

Axens lands licensing contract from Borogue
Jan. 15, 2020

Axens lands licensing contract from Borogue

ADNOC's and Borealis' JV, the Abu Dhabi Polymers Company Ltd (Borouge) has awarded a licensing contract for the Borouge 4 project to France-based Axens. The contract terms require Axens to supply process books, catalysts & adsorbents, proprietary equipment, trainings and technical services. Axens will provide Borogue with an MTBE unit coupled with1-Butene production unit and 1-Hexene unit for the Borouge 4 project in Ruwais-Abu Dhabi, UAE.

Sinochem Sells 20% of its Stakes
Dec. 30, 2019

Sinochem Sells 20% of its Stakes

Sinochem unit of Chinese oil and petroleum company Sinochem Group has decided to sell 20% of their stakes at worth $1.65 billion to five national firms. Agricultural Bank of China, Industrial Bank of China and Citic Securities Investment Co. are the corporate investors. ChemChina has also approached for funding of $10 million to the group. Frank Ning Gao Ning, chairman of both companies has encouraged collaboration only after resolving individual debt issues.

Fire at Sri Chakra Oil Mill
Dec. 27, 2019

Fire at Sri Chakra Oil Mill

Sri Chakra Oil Mill in East Godavari District caught fire yesterday. It took about eight hours for firefighters to put out the fire, managing to save the main factory and nearby oil storage tanks. Although the actual reason behind the fire is yet to be known, sub-inspector Anaparthi suspects an electrical short circuit to be the reason for the fire. No casualties were reported due to the accident.

Fire at Oil Refinery, Wilmington Costs No Lives
Dec. 27, 2019
Source: Reuters

Fire at Oil Refinery, Wilmington Costs No Lives

No casualties or operational damage were reported in a small fire at Phillip 66’s 139,000-barrel-per-day Los Angeles refinery in Wilmington, California on Tuesday. The fire was extinguished in the meantime by Los Angeles’ City Fire Department while the cause of the fire is still under investigation of Port Police and County HOWZMAT.

Please Login to Save News for Later