Crude oil
BASF chief executive expects no drop in oil prices
German chemical company BASF doesn't expect oil prices to fall in the foreseeable future, CEO Kurt Bock said Friday at the firm's annual general meeting. Whether the company can pass on higher costs to customers will depend on how the economy develops, he said.
Italy's Eni sees challenging 2012 on weak economy, competition from renewables
On the energy markets, Eni said gas demand is expected to be weak due to the economic slowdown and increasing competition from renewables. The Italian company has one of the biggest gas operations in Europe. "The troubles on the financial markets are not over," an executive said.
Motiva completes Port Arthur refinery expansion, becomes largest in US
The new 325,000 bpd crude unit that started processing is combining with existing units to raise capacity to 600,000 bpd, making the Texas refinery the largest in the US.
PdVSA to expand El Palito refinery via Japan loans
The Venezuelan government has secured $1 billion in loans from a consortium of Japanese companies, led by the Japan Bank for International Cooperation, most of which will go toward expanding the South American country's El Palito refinery. Venezuela has aimed to increase shipments to Asian markets.
Hess to spend $45 million on pollution controls at New Jersey refinery
Hess will pay an $850,000 civil penalty and install new pollution controls in a settlement to resolve US Clean Air Act violations at its 70,000 bpd refinery in Port Reading, N.J.
Halliburton files protest against BP spill settlement
Halliburton is objecting to BP’s proposed $7.8 billion settlement with individual plaintiffs for its involvement in the Deepwater Horizon oil rig disaster. The Houston-based company also contends BP's settlement would make Halliburton responsible for paying at least part of the settlement.
Sunoco, Carlyle mull refinery venture to keep Philadelphia site operational
If a deal is struck, Carlyle would hold the majority stake and oversee day-to-day operations at the 330,000 bpd refinery. Many had expected the site to be shut down this July.
US oil demand falls in March, gasoline use up - API
Total petroleum deliveries (a measure of demand) slipped 1.3% in March compared with March 2011, but gasoline deliveries were up 3%, according to monthly data from the API. US gasoline production of 9.3 million bpd set a record for any March and for any comparable year-to-date period.
Iran accuses Saudi Arabia of breaking OPEC ceiling
Iran accused Saudi Arabia of breaching a collective OPEC agreement, reviving fears that the group could fracture again when it meets in June. Any new split within the group - which is set debate output again mid-June - could impede its ability to both coordinate production and to keep a lid on price volatility.
Statoil sells fuel, retail unit, turns focus to upstream
Statoil joins a long string of oil majors offloading their retail holdings and leaving a challenging market where profits are pressured by high crude oil prices. The deal will give Canadian buyer Alimentation Couche-Tard around 2,300 fuel stations across Scandinavia, Poland, the Baltics and Russia.
- SIBUR produces test batch of first hexane plant in Russia 8/28
- Universal Fuel Technologies’ SAF accepted into ASTM Clearinghouse for qualification 8/28
- Sinopec wins engineering contract for Saudi Arabian green hydrogen/ammonia project 8/28
- Russia's idle oil refining capacity record high after Ukrainian drone attacks 8/28
- Brazil approves temporary antidumping measures against Canadian, U.S. polyethylene resins 8/28
- South Korea petrochemical overhaul likely to shut small, stand-alone naphtha crackers 8/28
