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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.
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.
China’s Zhejiang Petroleum & Chemical Co yesterday informed about launching a 3.8-million-tonne-per-year reformer unit earlier this month at its new mega refinery and petrochemical complex in East China. Claimed to be the world’s single-largest facility of its kind, the unit will process naphtha into aromatics. The Zhejiang Petrochemical complex also consists of a second 200,000-bpd crude unit, a 1.4 million-tpy ethylene and a 4 million-tpy paraxylene plant.
A week later the explosions that rocked a Texas chemical plant, Petrochemical maker TPC Group Inc will reconstruct the Texas plant. The fire at the Port Neches plant forced the county to temporarily vacate over 60,000 residents from the area. TPC Group CEO last week informed that the 175 employees at the Port Neches plant would be compensated until year-end, with the plant shut for an indefinite but extended period.
Vietnamese state-backed Binh Son Refining and Petrochemical Co (BSR) has reached an agreement with SOCAR to purchase 5 mln barrels of crude in 2020. A statement on BSR’s website read that SOCAR will supply 5 mln barrels of Azeri Light crude to BSR-operated Dung Quat refinery. Vietnam has seen increased dependence over imported crude due to slow domestic output and China's stance in the region which hampers offshore exploration.
Equatorial Guinea has revealed plans of spending $1 billion in energy projects, which includes the construction of two new oil refineries among other projects. Energy minister, Gabriel Obiang Lima stated during the Africa Oil Power Conference last week that the new refineries would process 30,000-40,000 bpd of crude oil including from the Zafiro offshore field. Equatorial Guinea is looking to diversify its energy sector.
The elite club of energy supermajors saw a new entry on Tuesday, with India’s Reliance Industries making into the world's energy royalty. The Indian conglomerate, owned by billionaire Mukesh Ambani, was valued at $138 billion, eclipsing BP Plc’s $132 billion value, at the close of trading on Tuesday. Reliance has rallied 40% this year, buoyed up by Ambani’s plan to cut the company’s net debt to zero in 18 months.
Canadian firm, Husky Energy has informed about concluding the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure. The deal was finalized for $215 million in cash, excluding a closing adjustment of about $53.5 million. Apart from the deal, Husky also inked a five-year offtake agreement with Tidewater for refined products from the refinery.
Reliance Industries of India will resume loading Venezuelan crude in October after a four-month pause. This will help Venezuela's state-run company PDVSA vacate its inventories. The refineries of Reliance are accustomed to the heavy sour crude that Venezuela sells. And this is why the downstream giant has decided to resume the import. According to PDVSA's documents, Reliance will send at least two vessels to Venezuela's Jose port for loading.
German clean-tech company Sunfire and Total have joined hands for a pilot project in Germany. The companies will try to produce methanol from renewables and carbon dioxide at the Leuna refinery. A plant is being constructed at the refinery which will be completed next year and production is expected to start in 2021. The plant will produce 500 tonnes of green methanol in the first three years.
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.
Almost a month after fire and explosion destroyed PES-owned largest refinery on the US east coast, Philadelphia Energy Solutions filed for its second Chapter 11 bankruptcy. The filing comes in less than two years from the first-time bankruptcy filing for the firm. A filing submitted to US Bankruptcy Court showed PES has both assets and liabilities between $1-$10 billion.
The continuously depleting natural resources have brought oil companies around the world in a difficult situation. With the Indian government focusing on 'Jal Shakti' in its second term, the energy giants of the nation are seeking corporate social salvation. ONGC has started its second clean-up drive in select areas of Uttarakhand and Himachal Pradesh. Indian oil, on the other hand, is rejuvenating 37 water bodies across 14 states.
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.
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.
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).
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.