Imperial starts operation of cogeneration unit at Strathcona refinery
October 29, 2020
Helps reduce provincial greenhouse gas emissions by approximately 112,000 tonnes annu…
KNPC starts up boilers at Mina Abdullah refinery CFP – Kuwait’s CFP
October 25, 2020
Argus Dubai, 25 October (Argus) — Kuwait’s state-owned refiner KNPC has announced the start-up of six boilers at its 265,000 b/d Mina Abdullah refinery – another step towards the planned completion of its long-delayed $16bn Clean Fuels Project (CFP) later this quarter. Each with a capacity of 380,000 pounds/hour, the boilers will generate the steam needed to operate various units
Second Covid-19 wave adds to European refiners’ woes
October 23, 2020
Argus London, 23 October (Argus) — Europe is becoming engulfed by a second wave of Covid-19, triggering fresh travel restrictions and pulling down transport fuel margins. This makes for a bleak outlook for regional refiners already struggling with low products demand. Covid-19 cases in the UK, France, Germany, Italy, and Spain all registered highs in recent days. France is in
Facing wave of closures, oil refiners turn to biofuels
October 19, 2020
Reuters LONDON/NEW YORK – European and U.S. oil refineries face a wave of closures due to plateauing fuel demand, tightening environmental rules and overseas competition, prompting some owners to opt for an easier alternative – converting plants to produce biofuels. The shock of the coronavirus epidemic crushed global oil demand and as some producers, including BP, say it might never
Saudi Aramco, Adnoc committed to $44 bn west coast refinery project: IOC Chairman
October 16, 2020
EnergyWorld State-owned IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) together with Saudi Aramco and Adnoc plan to set up a 60 million tonnes refinery-cum-petrochemical complex on Maharashtra coast New Delhi: Saudi Arabian Oil Co (Saudi Aramco) and Abu Dhabi National Oil Co (Adnoc) are still committed to investing in the planned USD 44 billion west
Petrobras lagging on refinery sales
October 15, 2020
argus Rio de Janeiro, 15 October (Argus) — Brazil’s state-controlled Petrobras only expects to sign one refinery sales agreement by year-end, rather than five as originally targeted, a senior company executive familiar with the process tells Argus. The delay stems from scheduling problems associated with the Covid-19 pandemic, oil market volatility, and a court challenge recently decided in Petrobras’ favor. The refinery divestment
Total’s European refining margin turns negative in 3Q
October 15, 2020
argus London, 15 October (Argus) — Total’s European refining margin slipped into negative territory in July-September, the latest in a series of depressed third-quarter indicators. The outlook for the regional sector remains gloomy. Total’s margin was -$2.70/t (-$0.37/bl) in the third quarter, compared with $14.30/t in the second quarter and $47.40/t a year earlier. It follows similar indications from Spanish integrated
India’s transport fuel demand remains under pressure
October 12, 2020
argus Delhi, 12 October (Argus) — Indian demand for transport fuels, except for gasoline, remained lower than year-earlier levels in September despite relaxations to the country’s Covid-19 lockdown measures because of collapsing businesses and record job losses. Sales of diesel, India’s most-consumed oil product, averaged 1.36mn b/d last month, down from 1.45mn b/d a year earlier but up from 1.17mn b/d
Energy Companies Begin To Restore Operations After Hurricane Delta
October 11, 2020
By Erwin Seba HOUSTON (Reuters) – U.S. energy companies were returning workers …
Top U.S. oil refiner, Marathon Petroleum, begins widespread job cuts -sources
September 29, 2020
HOUSTON, Sept 29 (Reuters) – Marathon Petroleum Corp MPC.N, the largest U.S. oil refiner, on Tuesday began cutting employees at its U.S. operations as the COVID-19 pandemic further narrowed global demand for motor fuels, people familiar with plant operations said. U.S. refiners have posted large losses this year as fuel consumption tumbled amid lockdowns and work-from-home policies to combat the spread of
A New View of the Relationship Between Oil Prices, Gasoline Prices and Inflation Expectations
September 24, 2020
Dallas Fed It has been considered self-evident until recently that oil prices drive inflation expectations, but new evidence calls into question this conclusion. Conventional wisdom within macroeconomics is that U.S. inflation expectations respond to the level of the price of oil (or the price of gasoline). This view is based on coefficients of regressions of inflation expectations on the price
Oil refiners worldwide struggle with weak demand, inventory glut
September 21, 2020
Reuters NEW YORK/LONDON/MELBOURNE- Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need
