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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.
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.
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”.
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.
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).
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.
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.
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.