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
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.
Delek US Holdings Names Blake Fernandez SVP of Investor Relations
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
Marathon is now largest U.S. refiner, Valero second largest Not only is the United States upstream sector producing crude oil at record levels, the EIA has released its annual report for U.S. refining capacity, and the refining sector is breaking its own records. Source: EIA As of January 1, 2019, U.S. operable atmospheric crude oil distillation capacity was a record-high
By Tyler Losier, Energy Reporter, Oil & Gas 360 Inauguration of new facilities includes MoU to build new cracker by 2024 Saudi Aramco joined South Korea’s S-Oil this week to inaugurate the latter company’s new petrochemical facilities: the residue upgrading complex and olefin downstream complex. The new refineries have boosted S-Oil’s petrochemical portion from 8% to 13%, including the production
By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,
By Tyler Losier, Energy Reporter, Oil & Gas 360 Chevron Phillips to have 30% stake in new petrochemical plant Chevron Phillips Chemical Company LLC – equally owned by Chevron Corporation and Phillips 66 – and Qatar Petroleum (QP) have inked a deal for the development, construction and operation of a new petrochemicals complex in Qatar. The facility, to be built
From Bloomberg Blaze contained at PES facility, major New York supplier, refinery is largest such complex in U.S. East Coast region Gasoline futures jumped the most in three months after an explosion and fire at the Philadelphia Energy Solutions oil refinery, the largest on the U.S. East Coast and a key supplier to the New York gasoline market. The fire
By Tyler Losier, Energy Reporter, Oil & Gas 360 Paul Coppola to serve as president and chief investment strategy officer Meridian Energy Group, Inc., a company specializing in the development of environmentally-conscious crude oil refineries, has added a new member to its senior management team in Houston. Paul Coppola, who served on Meridian’s board of directors and a senior financial
Polis’s snub of Jordan Cove dovetails with his new 100% renewable energy program By Bevo Beaven, Editor, Oil & Gas 360 U.S. Congressman Scott Tipton, representing Colorado’s Western Slope — the Piceance Basin. Photo: U.S. House of Representatives U.S. Congressman Scott Tipton (R) took a shot at Colorado Governor Polis for reversing the previous Colorado governor’s official state support for
~$1 billion transaction to boost PBF’s production volume by 157,000 BOPD PBF Energy Inc. (stock ticker: PBF) has signed an agreement with Equilon Enterprises LLC d/b/a Shell Oil Products US to purchase the Martinez refinery, located in Martinez, California, for approximately $1 billion. Depending when the deals closes, that figure could vary, perhaps dipping slightly to $900 million. As of
