fetching latest news
News tagged in:
Fife Ethylene Plant (FEP) at Mossmorran is operated by ExxonMobil. The plant is having flaring issues and Exxon has decided to invest £140m to reduce it. The plant manager of FEP said, "These planned investments demonstrate our commitment to long-term reliable operations at the site". Flaring accompanied by thick black smoke has become quite frequent which disturbs the residents. They have also complained of noise and light disturbance.
Fullstream company, Baker Hughes has concluded its demerger with GE, closing a secondary offering of 132.25 million shares of BHGE Class A common stock. With Baker completing the share repurchase, GE and its affiliates lost ownership of more than 50% of the voting power of all classes of BHGE’s voting stock. BHGE aims to revise its corporate name to Baker Hughes Company, known as Baker Hughes.
India’s largest oil guzzler, IOCL is looking to establish its second Research and Development (R&D) centre, nearby to an existing facility in Faridabad, Haryana. The proposed facility to be set-up at a cost of Rs 2,282 crore will research on alternative & renewable energy, industrial bio-technology, nanotechnology, refining technology, petrochemicals, applied metallurgy, pipeline research, catalytic interventions for clean energy processes and carbon nanotube & batteries.
Reuters calculations and shipping data has shown nearly $500 million a month in Iranian oil product sales as US sanctions continue ripping the country’s crude exports. Iranian oil minister Bijan Zanganeh was quoted saying product exports achieved their highest level in last month. While analysts expected some 400,000 bpd for July in crude exports, consultancy FGE projected Iran’s product exports at 400,000-500,000 barrels per day.
Aimed at expanding its capacity, an investment of around Rs 74,000 crore will be made by Hindustan Petroleum Corporation over the next five years. It will invest Rs 14,900 crore in the current year. HPCL's Chairman said, "We are focused on strengthening refining and marketing through expansion of our refining capacity, supply chain capabilities and customer reach".
India's downstream giant, IOCL has planned to invest Rs 25,000 crore in green energy projects. In its annual report, the company said, "Indian Oil has developed a road map and action plan to usher in clean and green energy alternatives to mitigate the risk of global warming". The company will invest in solar and wind power plants, bio-fuels plants, and solar panels at filling stations.
The state oil company of Nigeria, NNPC has informed that following the tender lead, 15 companies have won the right to swap the nation’s crude oil for fuels. Currently, Nigeria is solely reliant on imported fuel. The firm also said that the comapnies that have won are a consortium of 15 companies including Vitol [VITOLV.UL], Trafigura [TRAFGF.UL], oil major BP and local downstream companies.
Saudi state-run behemoth, Saudi Aramco has agreed to acquire 20% stakes in RIL’s oil refinery and chemical business at an enterprise value of $75 billion. The announcement came directly from RIL Chairman, Mukesh Ambani who was talking at Reliance Industries' 42nd annual general meeting. Saudi Aramco will own a 20% stake in a planned special purpose vehicle (SPV) covering the twin refineries of Reliance apart from RIL's petrochemical complex.
Data released by the Indian oil ministry (PPAC) reveals that the country’s fuel demand jumped by 3.3% in July, compared with the corresponding month last year. The consumption of fuel which is an established parameter for oil demand, computed to 17.58 million tonnes. While gasoline sale was 8.8% higher from a year earlier at 2.52 million tonnes, LPG sales improved 9% to 2.22 million tonnes.
India’s state-run refiner, BPCL registered a 41.48% plunge in profits for the first quarter. BPCL collected Rs 1,799.59 crore in profits, slipping from Rs 3,075.06 crore in the corresponding quarter last year. The oil guzzler’s income dipped 4.01% from Rs 83,605.07 crore to Rs 86,956.29 crore. Ebitda was Rs 2,981.9 crore against Rs 4,598 crore last year.
Supermajor, BP has announced its joint venture with Ambani-led Reliance Industries. This venture is intended to expand RIL's fuel retail network to 5,500 over the next five years. 51% of the venture will be held by RIL and rest 49% by BP. "This partnership is a testimony to the strong ties between BP and Reliance", said Ambani. This JV will also involve RIL's aviation fuels business.
Keeping in line with their biggest-ever expansion of fuel retail network, state-owned oil majors have released letters of intent (LOI) for over 9,000 new petrol pumps. The companies are now moving swiftly to choose dealers for new pumps. An LOI contains the company’s intent to employ an applicant as a dealer at a specific location, subject to conditions.
On Sunday, Numaligarh Refinery Limited (NRL) of Assam got its first consignment of imported Miri Crude Oil from PETRONAS, Malaysia. This is the first occasions when NRL has imported crude oil to be processed in the refinery. MD of NRL stated, "This landmark development would assist us in enhancing Refinery throughput and as our distillate yield is high, this will increase our margins".
Supermajor Exxon Mobil yesterday recorded a 21% dip in profits for the second quarter of 2019, as weaker refining and chemicals business outweighed higher oil production. Exxon’s net income in the quarter fell to $3.13 billion, from $3.95 billion in the corresponding quarter last year. Exxon’s silver lining came from oil and gas production which rose 7% to 3.9 million barrels per day.
As announced in January, ADNOC and Eni have now closed their strategic partnership. After this, Eni acquired a 20% interest in ADNOC refining. OMV is also a partner of this new venture. Eni and OMV will help ADNOC to manage its international product flows and streamline its systems. "With this transaction, Eni enters the UAE downstream sector and increases its global refining capacity by 35 per cent", said Eni.
India's downstream giant, IOCL has reported a 50% decline in profit for the first quarter which ended in June. The consolidated net profit of the company went down to Rs 3,624 crore due to lower refinery margins and product sales. Revenue from operations went up a little to 0.44% and were at Rs 1,52,496 crore. Also, the expenses of the company increased in this quarter to Rs 1,47,953 crore.
Bharat Petroleum Corporation Limited (BPCL) has initiated a project which will be an exemplar for the entire state. The firm's new facility will produce 100 kilolitres (KL) second generation bio-ethanol per day near Bhandara. The bio-ethanol will be produced using paddy straw. Guardian Minister Fuke informed that they will soon hand over 74 hectares of land to BPCL. Further, the company will invest Rs1,300-1,500 crore in the project.
State-run Abu Dhabi National Oil Corporation (ADNOC) has entered into an agreement with Chinese oil major, CNOOC to collaborate in the upstream and downstream sectors and LNG. The agreement requires the firms to share knowledge, best strategies and technologies in ultra-sour gas development. ADNOC and CNOOC will also consider business opportunities in the downstream sector. Adnoc Group CEO and CNOOC chairman exchanged the Strategic Framework Agreement.