Crude oil
EU remains uncertain on timing of Iran oil embargo
A European Union embargo on Iranian oil could be enacted after a six-month grace period under one of the options being considered, but there is still no consensus on the matter. EU diplomats familiar with the discussions said Friday that while six months is one of the possible options, there is no convergence yet.
Chevron warns of weakening downstream results
Chevron expects 2011 fourth-quarter downstream earnings to be down significantly from the third quarter amid lower margins and refinery input volumes. In the US, Gulf coast refining margins fell substantially in the fourth quarter compared to the third quarter, the company said.
Samsung lands EPC contract for clean diesel unit at Qatar refinery
South Korea's Samsung Engineering has been awarded an engineering, procurement and construction contract for a clean diesel-producing unit at the Qatargas-operated Laffan refinery, as the Gulf state looks to increase refined product exports. The project will come on-stream in the 2014 first quarter.
European refinery shutdowns open doors for Indian diesel exports
Indian refiners are likely to increase their presence in Europe's diesel market as smaller, less complex European refineries come offline amid weak refining margins.
Hoover starts Pecos pipeline work in west Texas
Hoover has begun construction on Phase I of its Pecos Crossing pipeline, a 24-mile crude oil system to serve west Texas with a capacity of up to 120,000 bpd. The Pecos Crossing pipeline is scheduled to be operational in April 2012 and will be the first crude oil pipeline operating south of the Pecos River.
Philippines' Petron to invest in ExxonMobil Malaysia downstream operations
Petron said its board has approved a plan to invest in US-based ExxonMobil's downstream oil business in Malaysia, an initial overseas foray for the Philippines' largest oil refiner by capacity and sales. Petron has yet to finalize the size of the investment and the stake.
Tesoro seeks sale of Hawaii refinery, retail stations
Tesoro is planning to sell its Hawaii operations, including the 94,000 bpd Kapolei refinery, operations at 32 retail stations and all associated logistical assets, according to company officials. The refinery yield is distillate-focused and is complementary to the on-island demand for utility, jet and military fuels.
Enterprise extends shipper commitment period for Appalachia-Texas ethane pipeline
Enterprise Products is extending its open commitment period by two weeks to accommodate additional shipper demand on the partnership’s Appalachia-to-Texas pipeline (ATEX Express). The open commitment period began Wednesday morning and will close on the afternoon of Monday, January 23.
US oil coalition urges Obama to allow Keystone XL
The American Petroleum Institute (API) along with more than a hundred industry organizations sent a letter to President Obama urging him to swiftly approve the Keystone XL oil pipeline. API said it would also launch a new TV ad that will run in key states.
EIA hikes 2012 WTI oil price outlook to $100.25/bbl
The US Energy Information Administration (EIA) on Tuesday raised its 2012 oil price forecast by more than $2/bbl to $100.25/bbl, saying it assumes the US economy grows 1.8% this year. In last month's report, the EIA expected 2012 West Texas Intermediate crude to average $98/bbl
- 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
