Crude oil
Obama says US reducing dependence on foreign oil
President Barack Obama on Thursday released research that he said showed US dependence on foreign oil shrinking in each year since he took office. Obama then called on Congress to eliminate subsidies to the oil industry.
Canada oil sands producers form alliance to share environmental technology
Canadian oil sands producers have formed a new alliance named Canada's Oil Sands Innovation Alliance (COSIA), seeking to accelerate the pace of improving environmental performance in Canada's oil sands. COSIA also announced Dr. Dan Wicklum as CEO of the new alliance.
Blackwater to boost storage capacity at Georgia chemical terminal
Blackwater Midstream will add 60,000 barrels of chemical storage capacity at its terminal site in Brunswick, Georgia, the company said on Wednesday. The Brunswick site will grow from its current capacity of 161,000 bbl to a total of 221,000 bbl after construction is completed.
BP in talks for $14bn Gulf oil spill settlement
BP and plaintiffs suing over the 2010 Gulf of Mexico oil spill are in talks for a $14 billion settlement funded by monies originally set aside by the company for out-of-court settlements, Bloomberg News reported Monday, citing three people familiar with the negotiations.
TransCanada to move ahead with Gulf Coast leg of Keystone XL pipeline
The company will build the southern leg while a new application for the whole pipeline is reviewed by the US government.
India seeks boost in Saudi Arabia crude oil supply
India has asked Saudi Arabia to augment daily shipments by up to 100,000 bbl each year to meet expanding refining capacities at home, Oil Minister Jaipal Reddy said.
Shell to buy fuel from Petroplus French refinery
The company will use the France refinery owned by insolvent Swiss-based refiner Petroplus to process crude oil for six months, said French President Nicolas Sarkozy.
TNK-BP to review operations at unprofitable Ukraine refinery
Russian oil major TNK-BP, half-owned by BP, said Friday that operations at the Lisichansk refinery in Ukraine have become unprofitable and it plans to further review its options for increasing efficiency. The refinery has a capacity of over 7 million tpy of crude oil.
Crude tank explodes at Texas fuel storage terminal
Firefighters have extinguished a crude oil tank fire that began Thursday night at a fuel storage terminal in Galveston, Texas, according to news media reports. The facility has the capacity to handle 1.25 million bbl of liquid cargo storage and 350,000 tons of dry flat storage, according to the Galveston Daily News.
Lower crude exports from Iran could trigger 30% spike in oil prices - IMF
A halt of Iran's oil exports to Organization for Economic Cooperation and Development (OECD) countries could trigger a 20%-30% spike in oil prices, an International Monetary Fund official said. The EU last month said it would ban all purchases of oil from Iran for countries within the union.
- IHI, Vopak to launch ammonia terminal project in Japan 7/11
- India's BPCL plans to shut Bina refinery unit for 15-day maintenance in August 7/11
- Soaring electric truck sales deal new blow to diesel use in China 7/11
- Russia`s Tatneft launches new hydrocracking unit on TANECO refinery 7/11
- IEA: Global oil market may be tighter than it looks 7/11
- India must boost its petchem output to counter China's dominance, Reliance says 7/11
