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RIL records 7% rise in first quarter profits
July 20, 2019

RIL records 7% rise in first quarter profits

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.

Iran looking forward to investment in Indian refinery
July 17, 2019
Source: Reuters

Iran looking forward to investment in Indian refinery

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.

China’s greenhouse gas emissions up 50% during 2005-2014
July 16, 2019
Source: Reuters

China’s greenhouse gas emissions up 50% during 2005-2014

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 Lummus Global secures license and engineering award for Haldia Refinery
July 16, 2019

Chevron Lummus Global secures license and engineering award for Haldia Refinery

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, OIL and GAIL to set up new joint venture
July 12, 2019

Assam Gas Company, OIL and GAIL to set up new joint venture

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.

Chevron Phillips and Qatar Petroleum sign a $8 billion deal
July 11, 2019

Chevron Phillips and Qatar Petroleum sign a $8 billion deal

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.

Modi govt mulling to let go the reigns of ONGC, IOC, GAIL, NTPC
July 10, 2019
Source: The Print

Modi govt mulling to let go the reigns of ONGC, IOC, GAIL, NTPC

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.

Nayara Energy to spend $19 billion in Gujarat
July 10, 2019

Nayara Energy to spend $19 billion in Gujarat

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.

Chinese refiners cut down on fuel output
July 9, 2019
Source: Reuters

Chinese refiners cut down on fuel output

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.

Turkmenistan unveils US$1.7 billion gas-to-liquids plant
June 29, 2019
Source: CNA

Turkmenistan unveils US$1.7 billion gas-to-liquids plant

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 refinery to shutdown permanently
June 27, 2019
Source: Inquirer

Philadelphia refinery to shutdown permanently

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 sees record jump in Ethanol-blending in petrol
June 27, 2019

India sees record jump in Ethanol-blending in petrol

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.

Qatar Petroleum join hands with Chevron Phillips for petrochemical project
June 25, 2019
Source: Reuters

Qatar Petroleum join hands with Chevron Phillips for petrochemical project

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.

Alkylation unit at Philadelphia refinery completely wrecked
June 24, 2019
Source: Reuters

Alkylation unit at Philadelphia refinery completely wrecked

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).

Government gives due recognition to ONGC as HPCL’s promoter
June 24, 2019

Government gives due recognition to ONGC as HPCL’s promoter

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.

Philadelphia refinery fire contained, burning persists
June 22, 2019
Source: Reuters

Philadelphia refinery fire contained, burning persists

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.

Petronas starts naphtha cracking unit at RAPID
June 20, 2019

Petronas starts naphtha cracking unit at RAPID

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 selects site for Saudi Aramco-ADNOC refinery
June 20, 2019
Source: Reuters

Maharashtra selects site for Saudi Aramco-ADNOC refinery

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.

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