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PDVSA-owned Citgo Petroleum Corp yesterday registered a 76.2% rise in profit for 3Q2019. Citgo recorded an increase of 14.3% in the total refinery throughput to 825,000 barrels per day (bpd) from the preceding quarter, with utilizing rate of 94%. The net income for the eighth-largest U.S. refiner by capacity rose to $215 million in the third quarter, compared to $122 million in the 2Q2019.
BP has reported a sharp decline in profit in Q3. Its revenue was hurt the most by a fall in oil prices. Although strong refining operations have helped BP perform better than expected by the market. The firm has taken one-off charge of $2.6 billion linked to large asset sales. "BP delivered strong operating cash flow and underlying earnings in a quarter that saw significant hurricane impacts", informed it's CEO.
Oil major ADNOC is planning to partner with Eni and OMV to diversify its refining capacity. The company wants to take the refining capacity to 1.5 million barrels per day. The energy company has decided to double its refining capacity and triple petrochemicals output potential by 2025. In January, OMV and Eni decided to pay a combined $5.8 billion in order to buy stakes in refining business of ADNOC.
Mississippi-based Ergon Chemicals has acquired thermoplastic resins and polymer manufacturer, Resinall and its subsidiaries. The acquisition is in line with Ergon’s commitment to becoming a leader in the refining and marketing of specialty products. Resinall tends to customers of adhesive, tire, ink, and specialty markets around the world. KeyBanc provided Resinall with exclusive sell-side advice on the transaction.
ADNOC and Chinese state-owned CNPC are believed to be closing in on a deal pertaining to a major investment into upstream and downstream businesses. The UAE oil major is putting into execution its plans to almost double its refining capacity and triple petrochemicals output potential by 2025. ADNOC has diverted its focus on the expansion of its downstream division to capture new growth markets.