Poor air quality driving European cities against diesel At the December C40 meeting in Mexico, the mayors of Paris, Mexico City, Madrid and Athens announced that they will stop the use of all diesel-powered cars and trucks by the middle of the next decade. The leaders of those cities are worried about diesel’s impact on air quality. BBC reports that leaders
Low priced, abundant shale gas supply has created downstream manufacturing renaissance: Woods ExxonMobil and Saudi Arabian chemical company SABIC today announced the selection of a site in San Patricio County, Texas for their proposed petrochemical plant joint venture. First announced in July 2016, this complex is a joint venture between ExxonMobil Chemical and Saudi Arabia Basic Industries Corporation, SABIC, Saudi
PDVSA may transfer 49.9% claim as part of debt settlement Russian state-owned oil giant Rosneft may end up owning U.S. downstream operator CITGO if Venezuela’s state-owned PDVSA is unable to pay back dues on a $1.5 billion loan from the Russian company. A 49.9% stake of CITGO, which is owned by PDVSA’s U.S. subsidiary, was used as collateral in December
From The Guardian Thirty-two companies granted licences to establish (LTE) and approval to construct (APC) private refineries with a combined capacity of 1.352 million barrels per stream day (mbpsd) in the country may lose their permits as their June 2018 deadline approaches. Statistics obtained by The Guardian show that the medium- to long-term (18 months to three years and above)
Refinery utilization hits 90.8%, the highest since the first week of the year U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil. Utilization is expected to increase further during the summer months which should help to draw down growing crude oil stocks. Stronger seasonal demand in
Sunoco refocuses on selling wholesale gasoline Sunoco LP (ticker: SUN) announced the sale of 1,108 convenience stores to Seven & i Holdings Co today, in a transaction valued at approximately $3.3 billion. This transaction implies a value of $2.98 million per store. Seven & i Holdings, the owner of 7-Eleven, will sell gasoline supplied by Sunoco. Base gasoline volumes set
Shale production provides new opportunities The shale boom has not gone unnoticed by refiners, as two companies are looking to Texas to join some of the biggest plays in the United States. MMEX Resources (ticker: MMEX) and Raven Petroleum both have recently announced their intentions to build refineries in Texas to take advantage of the shale oil production boom. On
It’s small when you compare it to the top ten largest U.S. refineries, most located on the Gulf coast, all having capacities between 300,000 barrels and half a million barrels per day, but a small Texas-based energy company has announced its intention to build a 50,000-barrels per day crude oil refinery in a well-selected location: in the heart of the Permian
From FuelFix Saudi Aramco will take sole ownership of the nation’s largest oil refinery in Port Arthur within the next three months. Royal Dutch Shell and state-owned Saudi Armco announced late Monday they’ve successfully negotiated the dissolution of their two-decade joint venture, Houston-based Motiva Enterprises, which owns three refineries in Texas and Louisiana, including the massive Port Arthur Refinery. The
11 new projects will create 45,000 jobs, many are $100,000 jobs: XOM Exxon Mobil Corporation (ticker: XOM) is expanding its manufacturing capacity along the U.S. Gulf Coast through planned investments of $20 billion over a 10-year period, the company said in a press release today. Eleven projects are expected to generate thousands of new high-paying jobs and $20 billion in increased economic
Mexico will announce the winners in the second round of offshore auctions three months later than expected Mexico will delay the announcement of winners for Round 2 of its oil and gas auction in order to allow more companies to take part, and to incorporate modifications suggested by the industry. The delay will push the timeline back on announcing the
In another little milestone heralding the acceleration of U.S. energy exports, Phillips 66 (NYSE: PSX) said that Friday it loaded its first contracted LPG cargo on the Commander, a very large gas carrier (VLGC) that departed the Freeport, Texas, terminal on Dec. 16. The company said that the Freeport LPG Export Terminal is now fully operational and has the ability to
