Wednesday, April 24, 2019

Oil Refinery News

Svitzer: 5 year Contract with Oil Refinery

Svitzer Caribbean Dominicana won a 5-year contract with Limetree Bay Refining, LLC, commencing June 15, 2019.The company expands its market coverage providing tugboat services to some of the key oil refineries and terminals in the region – South Riding Point Terminal in Bahamas, Nustar Terminal in Statia, Buckeye Terminal in St. Lucia and now Limetree Bay Refining in St. Croix, US Virgin Islands.Svitzer Caribbean Dominicana adds this contract for two tugs to the company’s portfolio and believes Limetree Bay Refining will benefit from adding these young vessels to their operation, providing increased capabilities and overall service offerings.

Hyundai Heavy Sells Oil Stake to Saudi Aramco

Group photo of Saudi Aramco and HHIH executives and team members after the signing ceremony. Photo:  Saudi Arabian Oil Co.

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea.Abdulaziz Al-Judaimi…

Strikes Impact Shell's Pernis Oil Refinery

Striking workers at Royal Dutch Shell's Pernis plant in the Netherlands have taken offline a thermal gasoil installation, a Dutch union said on Monday, in the first sign of any impact from industrial action on Europe's largest oil refinery.Shell said earlier in the day that the unit had been shut. It later clarified that it had only repeated what the unions had said and would not comment on the status of the refinery.The refinery, near Rotterdam, has the capacity to process 404,000 barrels per day of oil.The CNV union also said strike…

Mexico to Invite 4 Firms to Bid on Pemex Oil Refinery

The Mexican government will invite four companies to bid in a restricted tender for work building the new Dos Bocas refinery for state oil company Pemex, Energy Minister Rocio Nahle said at a news conference on Monday.Dos Bocas would be Pemex's seventh domestic refinery and is intended to help wean Mexico off growing fuel imports, a major campaign promise of President Andres Manuel Lopez Obrador, who took office in December.Nahle said that the refinery, slated to be built in the Gulf Coast state of Tabasco, has already been granted all required government permits…

IMO 2020: Shell, HES to Resurrect Refinery

Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent from 3.5 percent from next year is set to be one of the biggest fundamental events to hit oil markets in years.HES Wilhelmshaven Tank Terminal is in the process of reinstalling the vacuum distillation unit (VDU) at Wilhelmshaven to produce low-sulfur bunker fuels ahead of the implementation of the IMO rules…

Ineos to Upgrade Forties Pipeline

(Image: Ineos)

Billionaire Jim Ratcliffe's petrochemicals company Ineos said on Wednesday it would spend 1 billion pounds ($1.33 billion) on UK energy assets, including the Forties pipeline, which carries almost half of Britain's oil and gas from the North Sea.Ineos said it would invest 500 million pounds on overhauling its ageing Forties pipeline, which has been in service since 1975 and can carry up to 600,000 barrels per day (bpd) of oil.Founder and chairman Ratcliffe, Britain's richest man, said the investment underscored the company's commitment…

Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook

© HENADZY / Adobe Stock

Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S. crude futures were up 9 cents at $53.89 a barrel.Analysts said a more robust backdrop for financial markets, together with the prospect of slower crude production growth, were the major drivers behind the rally in oil."The stock market performance is one of the reasons why oil keeps marching higher.

Valero Reports Oil Product Leak in Britain's Milford Haven Waterway

Valero Energy Corp said on Thursday that an unknown amount of oil product had spilled into the Milford Haven waterway in Pembroke in Wales."Valero is working in coordination with response agencies to contain the effects from the release of oil," it said in an emailed statement.Valero operates the 220,000 barrel per day Pembroke oil refinery.(Reporting by Ahmad Ghaddar Editing by Edmund Blair)

Ghana Exploration Licensing Round Attracts Global Majors

Photo courtesy of Tullow Oil

Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country's first exploration licensing round, its energy ministry said.The interest is a major vote of confidence in Ghana, which is keen to unlock more resources after it began pumping from its flagship offshore Jubilee field in 2010.The companies that have submitted applications are Tullow Oil, Total, ENI, Cairn, Harmony Oil and Gas Corporation, ExxonMobil, CNOOC , Qatar Petroleum, BP, Vitol , Global Petroleum Group…

Fire Erupts at Manguinhos Refinery

A fire broke out at the Manguinhos oil refinery in Rio de Janeiro on Monday, according to the local fire department, and television footage showed extensive plumes of smoke and fire spewing into the air.Firemen were called at 1:40 p.m. local time, the department said. About 90 minutes later the fire had subsided, but authorities continued to work to put it out completely, according to the department.Refit, the company that operates the refinery, said in a statement that no one was injured in the fire.

Oil Rallies but Oversupply, Economic Growth Weigh

© Sergiy Serdyuk / Adobe Stock

Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.Brent crude oil was up 30 cents a barrel at $60.58 by 1430 GMT. U.S. light crude was 10 cents higher at $51.30."Oil prices are regaining some ground on the back of bullish rhetoric from OPEC officials," said Stephen Brennock, analyst at London brokerage PVM Oil.Both benchmarks fell more than 25 percent through October and November as a supply glut inflated global inventories but have stabilised over the last three weeks…

Oil Slips 2 Percent

© Pavel Ignatov / Adobe Stock

Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent, while WTI was on track to decline 2.4 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.

Oil Slips on Falling U.S. Equity Market, Weak China Economic Data

© photollurg / Adobe Stock

Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent, while WTI was on track to decline 1.9 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.

Nghi Son Refinery Begins Commercial Production

© christian42 / Adobe Stock

Vietnam's Nghi Son oil refinery has officially begun commercial production following months of tests, the owner of the refinery said on Monday.Commercial production had begun from Nov.

BP to Supply Crude to St. Croix Refinery

(Photo: BP)

BP Plc's trading arm on Friday entered a tolling agreement with the owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, cementing plans to bring the plant back online six years after it was idled by previous owners, the company said.Under BP's tolling agreement with Limetree Bay Refining LLC, owner of the idled Hovensa refinery, BP will supply the facility with crude and sell its products, low-sulfur fuels that will meet an International Maritime Organization mandate in 2020, it said in a statement.BP declined to comment further.

Start-up of Turkey's $6 bln STAR Oil Refinery Delayed

The commercial start-up of Turkey's new $6.3 billion oil refinery has been delayed until early next year and the plant is not expected to reach full capacity until mid-2019, three sources familiar with the matter said, as tests revealed minor faults.The 200,000-barrel-per-day STAR refinery, built by Azerbaijan's state oil firm SOCAR, is set to be a game changer for Mediterranean oil markets and will increase the country's total refining capacity by just over a third.The plant was officially opened by Turkish President Tayyip Erdogan in October but it is not expected to start processing crude commercially until January…

TechnipFMC Wins EPC Contract with Egypt's MIDOR

Image: TechnipFMC

Oil and gas industry company TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract by Middle East Oil Refinery (MIDOR) for the modernization and expansion of their existing complex near Alexandria, Egypt.Middle East Oil Refinery (Midor), considered to be Africa's most advanced refinery, is a unit of Egyptian General Petroleum Corporation.This EPC contract covers the debottlenecking of existing units as well as the delivery of new units including a Crude Distillation Unit, a Vacuum Distillation Unit, a hydrogen production facility based on our steam reforming technology…

Petrofac Consortium Awarded USD 4bn Project in Thailand

Left to right: Antonio Carredu, Head of Onshore BD, Commercial and Tendering, Saipem, Sung An Choi, CEO and President, Samsung Engineering, Kuhn Atikom Terbsiri, Chief Executive Officer and President, Thai Oil, Sunder Kalyanam,  Group MD, Petrofac Engineering & Construction Growth. Photo: Petrofac

Petrofac, the international oil and gas services provider, leading a consortium with Saipem  and Samsung Engineering, has received an award notification for Thai Oil Public Company Limited’s (Thai Oil) Clean Fuels Project on the East coast of Thailand.The overall project value is around US$4 billion, of which Petrofac’s share is around US$1.4 billion, and will be completed over a period of approximately four years.The project will transform the existing oil refinery in Sriracha, Chonburi, into an environmentally-friendly facility, which will produce higher quality transportation fuels.

STAR Oil Refinery to Reduce Turkey Dependence on Imports, says Erdogan

Photo: SOCAR

A new $6.3 billion refinery set up by the Azeri state oil company in Turkey will reduce Ankara's dependence on imports for processed oil products, President Tayyip Erdogan said on Friday.The new plant could also help to ease some of the pain from Turkey's currency crisis, given that the lira's 35 percent slump this year has driven up costs for the country's energy companies and forced them to increase electricity and natural gas prices for both households and industrial customers.Speaking at the opening ceremony of the SOCAR Turkey Aegean Refinery (STAR) in the Aegean coastal province of Izmir…

Mexico's Salina Cruz Refinery Normal After Electrical Accident - Pemex

Mexico's Salina Cruz oil refinery is operating normally after three people were injured in an electrical accident, a spokesman for state oil company Pemex said on Wednesday.The 330,000 barrel-per-day capacity facility, Pemex's largest, had a short-circuit on Tuesday evening that sparked flames, the spokesman said.Reporting by Ana Isabel Martinez; Writing by Daina Beth Solomon