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Current Downstream Headlines
Outlook & Insights
Vitol: Iran Winning on Oil Sanctions
(Wednesday, February 22, 2012) An increase in world oil prices has more than compensated Iran for revenues lost to lower crude exports because of sanctions imposed by the West, the head of the world's leading oil trader said on Tuesday.
COMMENTARY: Anti-Keystone Pipeline Activists Need New Target
(Wednesday, February 22, 2012) The oil tide is turning on several fronts, politically and scientifically, against the U.S. environmental movement following its January victory in stopping -- actually, postponing -- construction of TransCanada's Keystone XL project.
Study Finds Oil Sands Fuels Would Cause Imperceptible Temperature Rise
(Wednesday, February 22, 2012) A common rallying cry against the Keystone XL pipeline is that it would be a climate change disaster.
Crude Math: What Is Really Impacting Gasoline Demand
(Wednesday, February 22, 2012) The simple facts behind shrinking gasoline consumption.
BP: Refineries In Dire Straits and Solar Dim
(Tuesday, February 21, 2012) Global energy giant BP has described the future of the refining industry as "dire" and given a downbeat assessment of the prospects for solar projects, predicting governments may back away from funding ambitious long-term developments.
Refining
NZ Refinery Project Gets Nod
(Wednesday, February 22, 2012) Up to 300 extra jobs will be created in Northland at the peak of a planned $365 million expansion project at the Marsden Point refinery in New Zealand.
Eni, Petrofac Draft Plans for Karachaganak Refinery
(Wednesday, February 22, 2012) Italy's Eni and Britain's Petrofac have drafted their own plans for building the first phase of a gas refinery at the Karachaganak field in Kazakhstan, Lyazzat Kiinov, head of Kazakhstan's national oil ad gas company KazMunayGas, said.
Caltex Denies Refinery Closure Speculation
(Tuesday, February 21, 2012) Caltex has denied it has moved a step closer to shutting down its Kurnell oil refinery by slashing $1.5 billion off the value of its refineries in Kurnell and Brisbane.
Eastern Cape Premier: Refinery Announcement 'Imminent'
(Tuesday, February 21, 2012) Project Mthombo, PetroSA's multi billion rand oil refinery which is expected to massively boost the Eastern Cape's economy and create thousands of jobs, will move a step closer to reality next month.
Aramco, Pertamina May Build Refinery and Petchem Plant in Indonesia
(Monday, February 20, 2012) Saudi Aramco Asia Co Ltd, a subsidiary of oil giant Saudi Aramco signed an initial deal with Indonesia's state energy firm, PT Pertamina to look into building a refining and petrochemicals project in Indonesia, Aramco said on Saturday.
Biofuels
Quebec to Subsidize Cellulosic Ethanol Plant
(Wednesday, February 22, 2012) At a news conference in Varennes, the Government of Quebec announced its plan to inject $27 million in Quebec's first full-scale commercial cellulosic ethanol plant through the Ministry of Natural Resources and Wildlife and Investissement Quebec.
Biodiesel Set to Flow Throughout Malaysia
(Friday, February 17, 2012) At its height, biodiesel was the industry to be in when crude oil prices hit the roof at over US$100 per barrel (RM305) in February 2008.
Ill. School District's Wind Energy Plans Deflate
(Wednesday, February 15, 2012) A proposal to harness wind energy as a source of revenue for three local school districts has been deflated.
Fluor to Build Demo Biofuels Plant in New Mexico
(Tuesday, February 14, 2012) Fluor has won an EPCM contract to design and build a biofuels demonstration facility in New Mexico.
AFPM Welcomes Passage of Ethanol Legislation
(Thursday, February 09, 2012) A U.S. House panel has passed legislation that would require the EPA and the National Academy of Sciences to conduct a scientific and technical analysis to determine if introducing increased ethanol into the U.S. fuel supply is safe.
Petrochemical
Qatar Petroleum, QAPCO Plan New Ras Laffan Complex
(Wednesday, February 22, 2012) Qatar Petroleum has inked a Heads of Agreement (HOA) with Qatar Petrochemical Company (QAPCO), to develop a new, mega-petrochemical complex in Ras Laffan Industrial City.
RIL to Build Butyl Rubber Plant with Sibur, Pushes Deadline to 2014
(Wednesday, February 22, 2012) Reliance Industries Ltd (RIL), India's most valuable company, said on Tuesday it will set up the country's first butyl rubber facility by the second half of fiscal 2014.
Aramco, Pertamina May Build Refinery and Petchem Plant in Indonesia
(Monday, February 20, 2012) Saudi Aramco Asia Co Ltd, a subsidiary of oil giant Saudi Aramco signed an initial deal with Indonesia's state energy firm, PT Pertamina to look into building a refining and petrochemicals project in Indonesia, Aramco said on Saturday.
Uzbek President Okays Financing for $4B Chemical Complex
(Monday, February 20, 2012) President of Uzbekistan Islam Karimov approved sources of financing of construction of Ustyurt Gas Chemical Complex in northern-western Uzbekistan.
Debate on Trinidad Methanol Project Focuses on Too-Cheap Natural Gas
(Friday, February 17, 2012) A political debate has erupted in Trinidad and Tobago over how the tiny country can make more money from methanol by giving a Middle Eastern producer a huge discount on natural gas, a US market source said.
Pipelines
COMMENTARY: Anti-Keystone Pipeline Activists Need New Target
(Wednesday, February 22, 2012) The oil tide is turning on several fronts, politically and scientifically, against the U.S. environmental movement following its January victory in stopping -- actually, postponing -- construction of TransCanada's Keystone XL project.
Gazprom Wants New Pipelines for Europe
(Wednesday, February 22, 2012) Russian natural gas company Gazprom said it discussed with French officials the prospect of building new pipelines to meet growing European demand.
Utility, Calif. PUC Revive Settlement
(Wednesday, February 22, 2012) State regulators and Pacific Gas and Electric Co. have revived a $3 million settlement over the utility's failure to produce gas-pipeline safety records after the San Bruno disaster - a fine that critics of the company denounced as too lenient.
Report: Depa May Buy Stake in TAP Gas Pipeline
(Wednesday, February 22, 2012) Greece's state company Dimosia Epichirisi Paroxis Aeriou (Depa SA) may acquire 15% or more in the TransAdriatic Gas Pipeline (TAP) construction project, a Greek paper writes, citing sources in the country's energy ministry.
Kinder Morgan: Trans Mountain Expansion Gains Sufficient Support
(Wednesday, February 22, 2012) Kinder Morgan Energy Partners LP said Tuesday it has enough customer support to take the next steps in a $3.8-billion project to double the capacity of its Trans Mountain pipeline between Alberta and the West Coast to 600,000 barrels per day.
Terminals & Storage
Nigeria Cracks Down on 'Briefcase' Fuel Importers
(Tuesday, February 21, 2012) Following the public outcry against the fraud in the administration of the fuel subsidy and the call for greater transparency, Nigeria's Federal Government has pruned down oil marketing companies to participate in fuel importation.
Enoc Opens Storage Facility in Morocco
(Monday, February 20, 2012) Horizon Terminals Limited, a subsidiary of Emirates National Oil Company (Enoc), has inaugurated its new Dh667 million ($180 million) storage facility in Tangier province of Morocco.
Govt Source: Georgia Gas Storage Project Delayed Indefinitely
(Tuesday, February 14, 2012) Construction of Georgia's first underground gas storage facility, which was supposed to begin in 2011 and finish up in 2013, has been postponed indefinitely, a source in Georgia's Energy and Natural Resources Ministry told Interfax.
Strong Winds Hamper Bid to Retrieve Sunken Oil Tanker
(Monday, February 13, 2012) The relatively calmer Gulf waters late last week gave engineers a sense of hope that they might be able to raise sunken oil tanker White Whale from the sea bottom without major complications.
Iraq Opens First of Four Offshore Mooring Facilities
(Monday, February 13, 2012) Iraq, seeking to maximise crude oil exports, opened the first of four planned offshore mooring facilities in the Gulf and intends by March to add 200,000 barrels a day to its capacity for loading tankers there.
LNG / LPG
Shell to Expand LNG Portfolio with $1.6B East African Acquisition
(Wednesday, February 22, 2012) Royal Dutch Shell will expand its presence in East Africa into Kenya and Mozambique if the purchase of Cove Energy goes through.
Exxon LNG Venture in PNG Sets Expansion Target
(Tuesday, February 21, 2012) A US$15.7 billion energy venture in Papua New Guinea may know by the end of the year if it has enough gas for an expansion that could vastly improve its profitability.
India's OilMin Orders Probe into Petronet LNG's Qatar Contract
(Tuesday, February 21, 2012) Oil Minister S Jaipal Reddy has ordered a probe into changes made in a multi-billion dollar contract for import of liquefied natural gas (LNG) from Qatar, following allegations of foul play.
Source: RIL-BP In Talks to Buy Stake In LNG Import Terminal
(Monday, February 20, 2012) India Gas Solutions, the new joint venture company of Reliance Industries and BP has held initial talks to pick up a stake in an existing operator of a liquefied natural gas (LNG) import terminal, sources close to the company said.
EVT to Build Tanks for Wheatstone Project
(Monday, February 20, 2012) A joint venture between Thiess and EV LNG Australia (EVT) has won an approximately $500 million contract to build LNG storage and condensate tanks for the Chevron-operated Wheatstone Project, a liquefied natural gas (LNG) and domestic gas project.
Commodities
Iran To Resume Crude Sales To France, UK If They Sign Deals - Oil Chief
(Wednesday, February 22, 2012) Iran contends that it is ready to export oil to France and the UK but needs long-term supply deals.
S. Africa Developing Liquid Fuels Road Map
(Tuesday, February 21, 2012) South Africa's government is developing a 20-year liquid fuels infrastructure "road map" to determine the extent of future requirements, Energy Minister Dipuo Peters said in a written reply to a parliamentary question yesterday.
Kuwait Reaches Oil Export Maximum, Following Sanctions on Iran
(Tuesday, February 21, 2012) Kuwait has reached its maximum potential in oil exports, CEO and deputy chairman of Kuwait Petroleum Corporation Farouk Al-Zanki said in an interview with Al Arabiya.
US Oil, and Outlook, Gushing
(Tuesday, February 21, 2012) The United States' rapidly declining crude oil supply has made a stunning about-face.
Oil Rallies As Iran Says No to France and Britain
(Tuesday, February 21, 2012) After gaining approximately 2 percent over the week ending February 17th, crude oil kicked off a shortened week rallying an additional 3% on the NYMEX.
Finance & Acquisition
Report: Depa May Buy Stake in TAP Gas Pipeline
(Wednesday, February 22, 2012) Greece's state company Dimosia Epichirisi Paroxis Aeriou (Depa SA) may acquire 15% or more in the TransAdriatic Gas Pipeline (TAP) construction project, a Greek paper writes, citing sources in the country's energy ministry.
Swiss Energy Group In Sale Talks with Private Equity Firm for Africa Ops
(Tuesday, February 21, 2012) Swiss energy group Addax & Oryx Group has entered exclusive talks with US private equity firm Emerging Capital Partners for the potential sale of its African downstream operations, which analysts have valued between $250 million - $500 million.
Global Bank SWIFT to Implement Iran Sanctions
(Monday, February 20, 2012) An international banking clearinghouse crucial to Iran's oil sales said on Saturday that it is prepared to discontinue services to Iranian financial institutions targeted by EU and US sanctions.
Petronas Chemicals Upbeat About 2012
(Monday, February 20, 2012) PETRONAS Chemicals Group Bhd is optimistic that it will do well this year due to robust demand for petrochemical products, recovering global economy and its competitive feedstock cost.
Icahn Makes Hostile $2.6 Billion Bid For CVR Energy
(Friday, February 17, 2012) The move comes as refiners in the U.S. interior can convert crude into gasoline and diesel much more cheaply than their coastal competitors.
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