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Indian energy companies expand efforts to revive water sources
July 11, 2019

Indian energy companies expand efforts to revive water sources

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.

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.

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.

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).

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.

Shell farms out Martinez refinery to PBF Energy
June 12, 2019
Source: Reuters

Shell farms out Martinez refinery to PBF Energy

Shell has entered into an agreement with US refiner, PBF Energy to sell out its Martinez refinery in approximately $1 billion. Shell will pay ~$70 million in turnaround costs estimated in the first quarter of 2020. The oil supermajor was trying to sell the 1915-commissioned Martinez refinery for at least four years now. The 157,000 bpd-Martinez plant processes crude oil into gasoline, jet fuel, diesel and other refined products.

BPCL's profit increase 16% in this quarter
May 21, 2019

BPCL's profit increase 16% in this quarter

India's second largest fuel retailer, BPCL has reported an increase in its profit in the fourth quarter. Its profit jumped by 16% and was at Rs 3,125 crore by the end of the quarter. The company said, "The Corporation has accounted for compensation towards sharing of under-recoveries on sale of sensitive petroleum products of over Rs 882.65 Crores by way of subsidy from Government of India for the current period”.

Total suspends Leuna refinery unit operations amidst contaminated Russian crude checks
May 18, 2019
Source: Reuters

Total suspends Leuna refinery unit operations amidst contaminated Russian crude checks

French supermajor Total has informed about suspending operations at some of the Leuna refinery units in Germany, over technical checks due to contaminated Russian crude supply. High levels of organic chloride contaminations were discovered in crude oil supplied via the Druzhba pipeline in April. Total expects operations to resume at the 230,000 barrel-per-day refinery on Saturday.

China hits record crude oil throughput in April
May 16, 2019
Source: Reuters

China hits record crude oil throughput in April

Government data released yesterday indicated that Chinese crude oil throughput ramped up in April to hit record daily levels. The rising production levels at private refineries buoyed up the crude oil production in the country. Refinery runs saw an increase of 5% from the previous year to 52.1 million tonnes, matching the record throughput of 12.68 million barrels per day (bpd).

EIL to provide PMC services to Mongolian Refinery
May 16, 2019

EIL to provide PMC services to Mongolian Refinery

In a statement given yesterday, Indian EPC major, Engineers India Ltd (EIL) informed about signing an agreement to deliver project management consultancy (PMC) services for the new 1.5 million tonne refinery being established in Mongolia. EIL inked the deal with Mongol Refinery State Owned LLC. The state-run EPC firm had previously performed a Detailed Feasibility Study for the project.

Suncor reports profit in Q1
May 2, 2019
Source: Reuters

Suncor reports profit in Q1

Canada-based Suncor Energy has reported a profit in its first quarter of this fiscal year. The company has been benefitted by the improved Canadian heavy crude pricing because of production cutback by Alberta. Suncor's net earnings increased to $899.62 million. Suncor has been largely profited from the crude oil and refined product inventory valuation. The earnings of the company have beaten the estimates of the analysts.

Sinopec suffers 21% profit drop on crude prices
April 30, 2019

Sinopec suffers 21% profit drop on crude prices

Asia's largest refiner, Sinopec informed on Monday that its net earnings of the first quarter underwent a drop of 21%. The company is suffering from this significant loss due to the lower crude prices in the upstream operations. The company has reported that its net profit of this quarter is $2.3 billion with refinery output settling at about 5.01 million barrels per day.

STAR refinery to expand product portfolio
April 23, 2019
Source: Reuters

STAR refinery to expand product portfolio

State-run SOCAR has revealed plans of expanding its portfolio of processed grades of oil at its $6.3 billion-STAR refinery in Turkey. General Manager at the Azerbaijani energy firm said that the STAR refinery is already running at full capacity and intends to process approx. 900,000 tonnes of crude from May. The refinery, which started operations in October 2018, has processed only Rosneft’s Urals crude oil.

RIL denies comments on stake sale talks with Aramco
April 18, 2019

RIL denies comments on stake sale talks with Aramco

India's Reliance Industries has denied commenting on the reports of its ongoing talks with energy supermajor Saudi Aramco. According to the sources, the company might sell its 25% stakes in refining and petrochemical business to Aramco. It is being believed that the energy giant Aramco was first to show interest in Reliance about four months ago. RIL said, “Our company evaluates various opportunities on an ongoing basis”.

Odisha Government clears Haldia Petrochemicals’ proposal
March 6, 2019

Odisha Government clears Haldia Petrochemicals’ proposal

Haldia Petrochemicals Ltd’s ₹28,700 crore-investment proposal received clearance from the Odisha government yesterday. The Indian downstream player proposed to establish an integrated refinery and petrochemicals facility in Balasore. A state government official revealed that the government will allocate land and consider fiscal concessions for the project. HPL’s proposed unit is estimated to produce 1.6 mtpa of paraxylene and 2.5 mtpa of PTA, and light naphtha and petrol.

KBR secures contract for ExxonMobil’s Beaumont Refinery
Feb. 26, 2019

KBR secures contract for ExxonMobil’s Beaumont Refinery

US EPC firm, KBR, Inc. has been awarded a reimbursable contract by oil supermajor ExxonMobil for the recently announced crude expansion project. The contract requires KBR to provide detailed engineering, procurement, and construction (EPC) services for the offsites and interconnecting units. Farhan Mujib, KBR President, Hydrocarbons - Delivery Solutions said "KBR is proud to continue our relationship with ExxonMobil through our partnership on this project."

Saudi Aramco agrees for a tie-up worth $10 billion
Feb. 23, 2019

Saudi Aramco agrees for a tie-up worth $10 billion

Energy giant Saudi Aramco and Chinese conglomerate Norinco have signed an agreement to form a joint venture. The intent of this JV is to develop a refining and petrochemical complex in Panjin city. The project is expected to be of more than $10 billion. A new company will be formed by Aramco, Norinco and Panjin Sincen named Huajin Aramco Petrochemical Co as a part of this project.

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