From Stratfor China is reportedly planning to merge the Sinochem Group and the China National Chemical Corp. (ChemChina) into a giant chemical company worth more than $100 billion. Both state-owned enterprises, however, have officially denied the merger talk. If China does, in fact, combine the two, it would create a downstream giant with a refining capacity of about 1 million
Marathon Sells CO2 and Waterflood Assets in West Texas and New Mexico Marathon Oil Corp (ticker: MRO) announced on Monday that it has signed an agreement to sell certain non-operated CO2 and waterflood Permian assets in West Texas and New Mexico for $235 million, excluding closing adjustments. The effective date for the transaction is September 1, and the deal is
Wells Fargo NGL Snapshot Examines U.S. Supply, Demand, and Fractionation Capacity With the arrival in Norway of the first ethane shipment from Enterprise Products Partners’ terminal in Morgan’s Point, Texas on September 22, Oil & Gas 360® took a look into the current state of the U.S. natural gas liquids market, as outlined in Wells Fargo’s September NGL Snapshot. May
From The New York Times Saudi Arabia has offered to buy the LyondellBasell oil refinery on the ship channel in Houston. Valero and two Canadian companies are also interested. HOUSTON — The Saudi national oil company is making a bid to significantly expand its operations in the United States at a critical moment in the always uneasy relations between the
Iraq relaunches investment plan to expand its downstream capacity Iraq’s oil ministry is revisiting a program announced four years ago to build four new refineries. Iraqi Oil Minister Jabbar al-Luaibi has invited international oil companies to invest in the construction of new facilities as the country looks to expand its downstream capacity. The ministry also plans to double Iraq’s crude
Loan Terms: 40 Years at 2% From Iraqi News (IraqiNews.com) Basra – Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will be repaid in 40 years with an interest rate of 2 per cent. Head of Oil and Gas committee in the council
BISMARCK, ND–(Marketwired – June 28, 2016) – MDU Resources Group, Inc. (NYSE: MDU) announced today that its subsidiary, WBI Energy, Inc., has sold Dakota Prairie Refining LLC to Tesoro Refining & Marketing Company LLC, an affiliate of Tesoro Corporation. WBI Energy had been equal partners in building and operating the refinery with Calumet North Dakota LLC, a subsidiary of Calumet
RFS Specifies Increasing Amounts of Renewable Fuels to be Added to Nation’s Gasoline and Diesel Supply – Committee Seeks Update on Implementation The Subcommittee on Energy and Power, chaired by Rep. Ed Whitfield (R-KY), has scheduled a hearing for Wednesday, June 22, 2016, at 10:00 a.m. in room 2123 of the Rayburn House Office Building. The hearing is entitled, “The
From CBC News At least 200 gas stations affected And it’s not just Edmonton’s pumps that are covered in yellow tape — gasbuddy.com analyst Dan McTeague said there could be as many as 200 stations in Western Canada sitting empty. McTeague said the refinery that went down processes 140,000 barrels of oil a day and supplies gas to cities in interior British Columbia
Reported first-quarter earnings of $1 million Results include pretax charges of $0.06 per diluted share related to the impairment of goodwill and the valuation of inventories at the lower of cost or market Completed major turnaround activity and refinery light crude upgrade project Delivered strong earnings and cash flow from Speedway and Midstream segments Returned $244 million to shareholders MPLX
The EIA released new data on ethanol’s and biodiesel’s movements by rail. Unlike other liquid fuels that are most commonly transported by pipeline, ethanol and biodiesel are more often transported by rail because both fuels attract water and other impurities in pipelines, according to the EIA. The estimates cover rail movements of ethanol and biodiesel within each Petroleum Administration for Defense
More than $50 million of crude destined for Chinese teapot refiners rerouted China is making a push to open its markets to competition and increase its crude oil refining capacity by allowing smaller “teapot” refiners to handle 1.5 MMBOBP of crude oil, about one-fifth of the country’s refining needs. It is hoped that that teapot refiners, called such because of
