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
Some analysts say U.S. refiners won’t be hurt by exports Don’t count Warren Buffett as a participant in the energy market selloff – the legendary investor has purchased nearly $5 billion of Phillips 66 (ticker: PSX) stock since August 2015. Berkshire Hathaway (ticker: BRK), a multinational holding company chaired by Buffett, now owns 13% of the refiner and has a
Purchased First NTI Stake in 2013 Western Refining (ticker: WNR) is attempting to enhance its Midwest footprint, proposing a $2.56 billion buyout deal of Northern Tier Energy LP (ticker: NTI). WNR already owns 100% of the partnership and 38% of NTI shares. The proposal consists of a cash-and-stock offer that includes $17.50 and 0.2266 shares of WNR in exchange for
Kinder Morgan (ticker: KMI), the largest energy infrastructure company in North America, is adding to its footprint. On October 20, 2015, KMI announced a joint venture agreement with a subsidiary of BP plc (ticker: BP) for 15 terminals at a cost of $350 million. As part of the arrangement, KMI acquires a 75% interest in 14 terminals and will operate
Plans US$7.1 Billion in Divestitures Spending Cuts of 38% Madrid-based Repsol (ticker: REPYY) touted value creation, efficiency and a significant divestiture program in its 2016-2020 Strategic Plan, unveiled on October 15, 2015. The latest program starkly contrasts its 2012-2016 Strategic Plan, which focused on “high growth of Upstream” and a dedicated investment of more than €19 billion. Repsol kicked off
