fetching latest news
News tagged in:
MEXICO CITY: Mexico's lower house of Congress on Wednesday approved changes to existing legislation that could allow the government to revoke private oil companies' permits to import gasoline and other fuels.The initiative, part of President Andres Manuel Lopez Obrador's efforts to strengthen state influence over the energy market at the expense of private capital, passed with 292 votes in favor, 153 votes against and 11 abstentions.
A source close to the Indonesian oil giant, Pertamina revealed that the company has kept the August import quota of gasoline to about 10 million barrels, unchanged from July. The company is facing problems in achieving target prices and recently canceled a tender that necessitated 500,000 barrels of 92 RON gasoline. Pertamina has sought a total volume of 1.3 million barrels of gasoline for August loading and delivery.
Fluor Corp has reported completion of substantial engineering for Marathon Petroleum’s Tier 3 gasoline sulfur standard reconfiguration project at the Galveston Bay refinery. Fluor is offering engineering, procurement and construction management services for the Texas refinery to achieve newly-formulated U.S. Environmental Protection Agency Tier 3 gasoline sulfur norms, by 2020.
India’s top oil refiner, Indian Oil, has developed its own refining processes using catalysts and hydro-cracking for converting crude oil into fuels like gasoline, diesel and liquefied petroleum gas. This move may help the firm save at least $1.5 billion in terms of cost. The director of research and development at Indian Oil believes that the firm will soon turn into a technology provider in near future and would not have to be at the mercy of a few multinational suppliers.