Downstream

Talks break off between Unifor and Co-op

Talks break off between Unifor and Co-op

Talks break off between Unifor and Co-op

February 1, 2020 - 11:30 am Canada News, Downstream, International, Press Releases
Source: Houston Chronicle

Gulf Coast oil and gas expansion will generate half a billion annual tons of emissions in U.S.: report

Houston Chronicle More than half a billion tons of additional greenhouse gas emissions per year — equivalent to 8 percent of total U.S. emissions — may be generated by new oil, gas and petrochemical facilities in Texas and Louisiana, University of Texas researchers estimate. New petrochemical plants, liquefied natural gas export terminals and refineries being built along the coasts of Texas and Louisiana are likely to contribute to a significant increase in emissions in the coming decade, the new paper by University of Texas researchers found. Total annual emissions of recently built and planned regional oil and gas infrastructure may reach 541 million tons of carbon dioxie equivalent by 2030, which is roughly the equivalent to adding 131 coal-fired power plants, researchers estimate. Researchers analyzed projected upstream oil and gas production expansions as well as recently built and expected midstream and downstream facilities. Using data from emissions permits, facility capacities and emissions[Read More…]

January 15, 2020 - 3:00 pm Closing Bell Story, Downstream, Energy News, Midstream
CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028

CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028

CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028

January 10, 2020 - 4:56 pm Downstream, Finance, Press Releases
Source: Houston Chronicle

Shell brings fuel to Mexico in push for 15% of retail market

Houston Chronicle Royal Dutch Shell Plc is seeking a bigger share of Mexico’s fuel market, even as regulatory changes make it harder for foreign companies to compete. The Anglo-Dutch oil major, which already owns about 200 gasoline stations in 12 states in Mexico, plans to grow its share of the retail fuel market to as much as 15% from 1% now. The company also plans to import more of the fuel it sells in Mexico, reducing its reliance on state-owned Petroleos Mexicanos. Today, about 30% of that fuel is imported by train into the state of Guanajuato. “When you think of the market in Mexico we have the chance of being fully integrated,” Murray Fonseca, Shell’s downstream director for Mexico, said in an interview. “If the conditions stay the same, Mexico will become a heartland for Shell.” The company’s investments come as the leftist government of Andres Manuel Lopez Obrador[Read More…]

January 9, 2020 - 3:45 pm Closing Bell Story, Crude Oil News, Downstream, Energy News
RasGas Train 6 began liquified natural gas (LNG) production in 2009 and was joined by RasGas Train 7 in early 2010. ExxonMobil has an interest in all of Qatar's operating LNG trains, which have a total capacity of over 60 million tonnes per year.

ExxonMobil responds to verdict in suit by New York Attorney General

Exxon ExxonMobil today issued the following statement in response to the verdict from the Supreme Court of the State of New York: “Today’s ruling affirms the position ExxonMobil has held throughout the New York Attorney General’s baseless investigation. We provided our investors with accurate information on the risks of climate change. The court agreed that the Attorney General failed to make a case, even with the extremely low threshold of the Martin Act in its favor. “Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change. ExxonMobil will continue to invest in researching breakthrough technologies to reduce emissions while meeting society’s growing demand for energy.” In his ruling, New York Justice Barry Ostrager wrote, “What the evidence at trial revealed is that ExxonMobil executives and employees were uniformly committed to rigorously discharging their duties in the most comprehensive and[Read More…]

FILE PHOTO: India's Prime Minister Narendra Modi speaks during the 2019 United Nations Climate Action Summit at U.N. headquarters in New York City, New York, U.S., September 23, 2019. REUTERS/Carlo Allegri

India’s Modi says Saudi to invest in India’s downstream oil, gas projects

Reuters Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil exporter find a stable outlet for its crude. Modi, who is on a two-day visit to Riyadh to participate in an investor summit, will meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later on Tuesday. “From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects,” Modi said in an interview to Arab News, according to a statement released by his office. Saudi Aramco along with U.A.E.’s national oil company ADNOC has signed a preliminary deal with Indian state-run companies for a 50% stake in a planned 1.2 million barrels per[Read More…]

October 29, 2019 - 8:35 am Closing Bell Story, Downstream, Energy News, International
Source Reuters

U.S. sanctions on COSCO hit LNG tankers in Russia’s Arctic

From Reuters U.S. sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas (LNG) tanker industry on Monday as U.S.-listed Teekay LNG (TGP.N) said its shipping joint venture in Russia had been “blocked” because of its ties to COSCO. The United States imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co for allegedly carrying Iranian crude oil. Teekay LNG said on Monday that its 50-50 Yamal LNG Joint Venture had been deemed a “blocked person” under the sanctions because its partner China LNG Shipping (Holding) (CLNG) is 50% owned by COSCO Dalian. “As a result of CLNG’s 50% interest, the Yamal LNG Joint Venture also currently qualifies as a ‘Blocked Person’ under OFAC rules,” Teekay said, referring to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). “Teekay Group has not traded and will not trade[Read More…]

September 30, 2019 - 4:01 pm Closing Bell Story, Downstream, Energy News, International, LNG
East Texas refineries shut key units, cut back production after Imelda

East Texas refineries shut key units, cut back production after Imelda

Source: Reuters – East Texas refineries shut key units on Thursday night and cut production after Tropical Storm Imelda brought days of heavy rain over the region, rivaling the inundation from 2017’s Hurricane Harvey. More than 40 inches (102 cm) of rain fell on Thursday across Jefferson County, which includes Beaumont and Port Arthur. Exxon Mobil Corp shut the large crude distillation unit (CDU) at its 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery on Thursday night, said energy industry intelligence service Genscape. Exxon shut the 240,000 bpd Crude B CDU on Thursday night, Genscape said. Sources familiar with plant operations had told Reuters on Thursday the refinery was limping after shutting some units. U.S. Gulf Coast gasoline spot prices have risen to two-year highs as refiners have cut output in the region. CBOB gasoline gained a penny on Thursday to trade at 3.25 cents per gallon above the gasoline futures contract,[Read More…]

September 20, 2019 - 10:45 am Closing Bell Story, Crude Oil News, Downstream
Tailwater Capital Announces Commitment of $150 Million to Triten Energy Partners

Tailwater Capital Announces Commitment of $150 Million to Triten Energy Partners

Commitment Furthers Tailwater’s Downstream-Adjacent Investment Strategy Tailwater Capital LLC (“Tailwater”), an energy-focused private equity firm based in Dallas, today announced an equity commitment of $150 million to Triten Energy Partners (“TEP”, “Triten” or the “Company”), a newly established Company based in Houston pursuing downstream infrastructure projects. TEP will develop and acquire downstream facilities related to producing valuable fuels and chemicals for the refined products and petrochemical sectors, with a focus on renewable and lower-emission end products. Led by Managing Partner Jason Arnoldy, the Company has established a unique team and platform, bringing together experienced downstream executives with deep expertise in the sector. This investment in TEP provides Tailwater with a compelling opportunity to support the growing demand for downstream infrastructure projects that can help Triten’s customers realize their stated goals of reducing carbon emissions while remaining committed to the supply of critical fuels and chemicals to the global economy. By[Read More…]

Source Reuters

New Permian Gas Pipelines Will Reduce Flaring, But What About Prices?

From Forbes The NYMEX Henry Hub price for natural gas has firmed up in recent weeks, rising over the $2.50/Mmbtu mark in early September 9 trading thanks to the ongoing heat wave in Texas and other states where natural gas provides a high percentage of power generation. While that price is low in the context of the past 20 years, it is a significant improvement from its close on August 12 of $2.105/Mmbtu. Index prices for Permian Basin gas, where the Waha Hub spot price has averaged just $.72/Mmbtu during the first 8 months of this year due to lingering constraints on pipeline takeaway capacity, have also risen, closing at a recent high of $2.10/Mmbtu on August 28. That increase is mainly due to the market anticipating the startup of Kinder Morgan KMI +0%’s new, $1.75 billion Gulf Coast Express line, which is scheduled to go into service later in September. The addition of Gulf Coast Express’s 2 bcf[Read More…]

Source Reuters

Saudi Aramco signs MoU with China’s Zhejiang Free Trade Zone

From Reuters Oil producer Saudi Aramco signed a memorandum of understanding (MoU) with China’s Zhejiang Free Trade Zone in eastern China to expand downstream investment, the company said in a statement on Thursday. Saudi Aramco, the world’s top oil exporter, bought a 9% stake in a 800,000 barrel-per-day complex built by Zhejiang Petrochemical, majority owned by private firm Zhejiang Rongsheng Holding Group, in the free trade zone in February. The MoU includes a long-term crude oil supply agreement and the ability to utilize Zhejiang Petrochemical’s crude oil storage facility to serve Aramco’s customers in Asia. The agreement will also allow the parties to evaluate potential opportunities for investment in other areas, the statement said. These areas include refining, petrochemical production, storage, oil and natural gas trading, retail, and oil products distribution within the free trade zone, it said.

Source: The Houston Chronicle

Houston pipeline operators expand footprint in Colorado’s DJ Basin

From The Houston Chronicle A joint venture between two Houston pipeline operators is expanding its footprint in Colorado’s DJ Basin. Black Diamond Gathering, a joint venture between Noble Midstream Partners and Greenfield Midstream, has entered into a pair of deals that expand its oilfield footprint to 243,000 acres. Noble Energy and Black Diamond recently agreed to ship crude oil on the Magellan Midstream Partners-led Saddlehorn Pipeline, a project connecting shale basins in Powder River Basin Wyoming and DJ Basin in Colorado to storage terminals in Cushing, Oklahoma. Black Diamond’s deal with Magellan gives the joint venture an option to buy a 20 percent stake in the Saddlehorn Pipeline. “This opportunity is a natural expansion of Black Diamond’s strategic footprint, with the ability to realize economics further down the crude oil value chain while enhancing the all-in value proposition for our customers,” Noble Midstream Partners CEO Brent Smolik said in a statement.[Read More…]

September 3, 2019 - 4:14 pm Closing Bell Story, Downstream, Midstream, MLPs
Source: SEACOR

Galveston Company Enters Race to Supply IMO 2020 Fuels

From The Houston Chronicle With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter environmental regulations set to take affect in January. Texas International Terminals confirmed Wednesday reports from Reuters that it plans to launch a crude processing facility to produce low sulfur fuels compliant with the so-called IMO 2020 marine fuel rules. IMO 2020 is considered one of the biggest disrupting forces to hit the refining and shipping fuel markets in years. The new international marine laws will require ships to use cleaner fuels with sulfur content of just 0.5 percent, down from the 3.5 percent sulfur content allowed today. Texas International Terminals will operate a crude distillation unit in Galveston that will be supplied with bunker fuel and marine gas oil from[Read More…]

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude at Tianjin in September and October, according to the sources, data from analytics companies Refinitiv and Kpler. On Friday, China announced its latest round of punitive tariffs against about $75 billion worth of American goods, adding U.S. crude to the list for the first time with a 5% tariff to take effect from Sept. 1. The tax is expected to increase the cost of a barrel of U.S. crude by $3, the two sources familiar with the matter said. Sinopec (600028.SS) plans to seek tax exemptions from Beijing for its[Read More…]

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it and its parent company’s role in an alleged foreign bribery scheme. And its facing mounting pressure to do something about six of its former executives detained in Venezuela for nearly two years. In the midst of this legal and political turmoil, the has selected one of its own former leaders and a veteran of the oil industry to help it continue to weather the storm of uncertainty. It was a sense of personal duty that pulled Carlos Jorda back to Citgo, 17 years after he served on its board of directors. Jorda said he felt an obligation to serve his former employer and to the government of opposition leader Juan[Read More…]

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner. On Wednesday a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition leader appointed the board members in February. Owned by the Venezuela state oil company PDVSA, Citgo is considered the South American country’s most prized foreign asset and a key a piece in the political battle between socialist leader Nicolas Maduro and Guaido. Both sides agree the president of Venezuela has the authority to appoint the board of directors for Houston-based Citgo Petroleum but clashed over who constitutes the legitimate president of the economically-ravaged country. The Maduro administration, which has accused the opposition of trying to steal Citgo, sought to use[Read More…]

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company. In a statement released on Wednesday morning, the company’s board reported that the year-long search for a new CEO ended Jorda being selected for a role. A fomer executive with the Petroleos de Venezuela, S.A., or PDVSA, Jorda also held an executive role with the state-owned oil company’s U.S. subsidiary PDV America and previously served as chairman of the board for CITGO. “The board was searching for a CEO with a solid professional background in operations and who could guide CITGO during this unprecedented time,” CITGO Chairwoman Luisa Palacios said in a statement. “With his understanding of the company, its shareholder and the geopolitical landscape in which the company operates, we believe that Carlos Jorda is the right person for the job.” Headquartered in Houston, CITGO[Read More…]

Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

From Reuters Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President Donald Trump’s administration sanctioned the state-run company and recognized Juan Guaido, Venezuela’s congress chief, as the nation’s legitimate leader. Citgo officials loyal to President Nicolas Maduro were ousted and new boards for PDVSA and Citgo were named by the Venezuelan congress in February. An appointment could be announced as soon as this week, after Citgo’s board votes on the selection process, according to one of the sources. Guaido, asked by reporters at a briefing outside the National Assembly office which nominations he is going to make, said: “We will announce[Read More…]

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for such cars. BP will own a 49% stake in its new Indian joint venture, with the rest held by Reliance, operator of the world’s biggest refining complex. The companies did not disclose financial details of the deal. In 2011 BP acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up. In 2017 the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses. The new venture will take over Reliance’s 1,400-plus retail fuel[Read More…]

Texas County Sues Exxon Over Air Pollution from Petrochemical Fire – Official

Texas County Sues Exxon Over Air Pollution from Petrochemical Fire – Official

From Reuters Harris County, Texas sued Exxon Mobil Corp on Thursday over pollution from a fire a day earlier at the company’s Baytown Olefins Plant, according to an attorney for the county. The fire was being investigated by federal and state agencies. The U.S. Occupational Safety and Health Administration (OSHA) and the Texas Commission on Environmental Quality (TCEQ) were at the scene to determine the cause of a blaze that raged for hours and raised a column of black smoke over the area. The suit by Harris County, which includes Baytown, is the second lawsuit this year against the company involving fires at the plant. The suit seeks court orders to prevent future fires at the Baytown plant, said Rock Owens, managing attorney for the environmental practice in the Harris County Attorney’s Office. “It’s disappointing to me for a company to have these kinds of problems with the potential for[Read More…]

August 1, 2019 - 6:05 am Closing Bell Story, Crude Oil News, Downstream, Energy News, Law
Toronto's Portlands Energy Centre (source: CNW Group/Ontario Power Generation Inc.)

TC Energy to Sell Ontario Natural Gas-Fired Power Plants for US $2.18 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 TC Energy to sell three natural gas-fired power plants to Ontario Power Generation subsidiary for USD $2.18 billion TC Energy Corporation (stock ticker: TRP), an energy infrastructure company based out of Calgary, has entered into an agreement through its wholly-owned subsidiary, TransCanada Energy Limited, to sell interests in three Ontario natural-gas fired power plants to a subsidiary of Ontario Power Generation Inc. (OPG) for approximately USD $2.18 billion (CAD $2.87 billion). The facilities being sold include the 683-megawatt Halton Hills power plant, the 900-megawatt Napanee generating station, which is nearing completion, and TC Energy’s 50% stake in the 550-megawatt Por… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: NTSB

Company Responsible for Last Year’s Merrimack Valley Gas Explosions Settles Lawsuit for $143 Million

By Tyler Losier, Energy Reporter, Oil & Gas 360 Columbia Gas and parent company NiSource will allocate a total of $1 billion to address the needs of affected communities Columbia Gas of Massachusetts, in conjunction with its parent company NiSource (stock ticker: NI), has reached a $143 million settlement in relation to last September’s Merrimack Valley natural gas explosion that led to the death of one person and injured more than two dozen others. Additionally, the two companies will be allocating approximately $1 billion in total funds, dedicated to “addressing the needs of affected customers, residents and communities.” The $143 million class action settlement will be included as part of the aforementioned $1 billion pack… Login or click here to subscribe

Petrobras Offering of Fuel Unit Prices at 24.50 Reais Per Share: Sources

Petrobras Offering of Fuel Unit Prices at 24.50 Reais Per Share: Sources

From Reuters Brazilian state-run oil company Petroleo Brasileiro SA has relinquished control of the country’s biggest fuel distributor in a share offering, pushing ahead with a privatization drive under new Chief Executive Roberto Castello Branco. The offering of Petrobras Distribuidora SA was priced at 24.50 reais per share, according to two sources with knowledge of the matter. Final pricing implied a discount of less than 1% to the closing price of the fuel unit on the Sao Paulo stock exchange on Tuesday. Petrobras is expected to fully exercise the over-allotment provisions, selling a 33.75% stake and raising 9.63 billion reais ($2.55 billion) with the sale, one of the people added, asking for anonymity to disclose non-public information. Final results of the over-allotment provisions will be publicized by Aug. 28. Each of Branco’s three predecessors discussed privatizing Petrobras Distribuidora. The share offering of the gas station chain underscores the new government’s[Read More…]

Source: Vantage Drilling

Petrobras to Privatize Brazil’s Top Gas Seller in $2 Billion Share Sale

From Reuters Brazilian state-run oil company Petroleo Brasileiro SA is set to relinquish control of the country’s biggest fuel distributor in a share offering due to be priced late on Tuesday, pushing ahead with a privatization drive under new Chief Executive Roberto Castello Branco. Each of Branco’s three predecessors discussed privatizing Petrobras Distribuidora SA. The share offering of the gas station chain underscores the new government’s commitment to an array of public asset sales in industries ranging from energy to finance. Petrobras, as the company is known, plans to sell 25% of shares in Petrobras Distribuidora, which would bring in roughly 7.57 billion reais ($2 billion) at Tuesday’s closing price. Shares rose 2% on Tuesday to 26 reais, ahead of the offering pricing. The stake sale could increase to 33.75% via overallotment provisions, raising up to 10.2 billion reais ($2.7 billion). Supplementary and additional allotments will be allocated by Aug.[Read More…]

Source: Delek

New Biz Dev Boss at Delek US

By Tyler Losier, Energy Reporter, Oil & Gas 360 Daryl Schofield named EVP of business development at Delek US Holdings Delek US Holdings (stock ticker: DK), a downstream subsidiary of the Israeli-based Delek Group, has hired Daryl Schofield as the company’s new executive vice president of business development. Schofield, who will join Delek this August, has more than 35 years of experience in the energy industry. “Daryl brings a wealth of expertise in mergers & acquisitions, deep knowledge of the oil industry and extensive relationships in global energy markets,” said Uzi Yemin, president and CEO of Delek. “He will help Delek extend its track record of sustained expansion.” Source: LinkedIn Previously, Schofield … Login or click here to subscribe

Source: NOAA

Intensifying Storm Cut Half U.S. Gulf Coast Oil Output, Closes Coastal Refinery

From Reuters An intensifying tropical storm in the U.S. Gulf of Mexico on Thursday cut more than half the region’s oil output, with energy companies evacuating staff from nearly 200 offshore facilities and a coastal refinery. Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico’s output, and 1.2 billion cubic feet per day of natural gas production, according to a U.S. regulator. Tropical Storm Barry, which was forecast to bring flooding and potentially become a hurricane this week, intensified on Thursday on a path through the north central Gulf of Mexico, a major oil-producing region. Despite the production cutbacks, U.S. crude, natural gas and gasoline futures slipped Thursday after the Organization of the Petroleum Exporting Countries forecast weaker demand for its output next year. Dozens of oil and gas producers have removed staff from 191 production platforms, according to offshore regulator[Read More…]

Source: The Society of Petroleum Engineers

New Tax Breaks Planned for Mexico’s Indebted Pemex

From Reuters The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company. Lopez Obrador has pledged to revive Pemex, whose $106 billion debt is the largest for any oil company in the world. In June, Fitch downgraded to ‘junk’ the debt rating of the company, whose oil output has declined by about half over the past 14 years, causing its bonds to tank. “We want to lower Pemex’s tax burden, we are assessing it now. We already did, but now that we’re developing next year’s budget, we can establish the measure,” Lopez Obrador said.     The announcement comes two days after the stormy resignation of Mexico’s former finance minister Carlos Urzua, which shook the economy and left the state oil company in the[Read More…]

Source: Chevron Phillips

Chevron Phillips and Qatar Petroleum Team Up Again

By Tyler Losier, Energy Reporter, Oil & Gas 360 New $8 billion project would include 2,000 KTA ethylene cracker Petrochemical company Chevron Phillips – equally owned by Chevron Corporation and Phillips 66 – has formed another joint venture with Qatar Petroleum (QP), this time to build an $8 billion petrochemical plant in the Gulf Coast region of the United States. The U.S. Gulf Coast II Petrochemical Project (USGC II), as the new facility is being called, will feature a 2,000 KTA ethylene cracker and two 1,000 KTA high-density polyethylene units. “Qatar Petroleum is already a terrific partner of Chevron Phillips Chemical on petrochemical plants in Qatar and we look forward to expanding our relationship in the United State… Login or click here to subscribe

Delek Names New SVP of Investor Relations

Delek Names New SVP of Investor Relations

Delek US Holdings Names Blake Fernandez SVP of Investor Relations

Source: XOM

Philadelphia Refinery Closing Reverses Two Years of U.S. Capacity Gains

From Reuters The planned closing of an oil refinery in Philadelphia damaged by a massive fire last month will reverse nearly two years of capacity gains at U.S. refineries, according to a Reuters analysis of government data. Philadelphia Energy Solutions has said it will shut its 335,000 barrels per day (bpd) refinery this summer after a June 21 fire tore through a portion of the plant, destroying an alkylation unit. The shutdown, which began last week and will continue through late August, will reduce overall U.S. refining capacity by about 2%, to 18.46 million bpd. U.S. refining capacity was 18.8 million bpd as of Jan. 1, according to U.S. Energy Information Administration (EIA) data tinyurl.com/y4wn43j4 released last month, up from 18.6 million bpd at the start of 2017. U.S. refiners have been increasing capacity mostly through debottlenecking and other efficiency gains, even as some smaller plants were idled. The number[Read More…]