Oil & Gas Refining

O banco ?de investimentos independente Moelis & Company e ?a consultoria financeira Journey Capital, assessores dos credores ?da produtora de ?acucar e ?etanol Raizen, receberam ?ofertas nao vinculantes da gestora de private equity IG4 na noite de segunda-feira para adquirir creditos e o controle da empresa, de acordo com tres pessoas familiarizadas com ?o assunto. Duas delas, entretanto, alertaram que qualquer acordo ainda esta ?longe de ser certo, sendo que uma acrescentou que os credores ?dificilmente chegarao a uma decisao em breve. Ainda, uma das tres pessoas disse ?que os credores aceitaram a proposta da ?Raizen de converter ?divida em...

Three people with knowledge of the situation say that independent investment 'bank Moelis & Company, and financial consultancy 'firm Journey Capital are advisers of creditors of ethanol and sugar producer Raizen. They received a 'non-binding offer?from the private equity firm IG4 on Monday evening to purchase credits and control. Two of them warned?that any agreement remains far from sure, and one said that creditors are unlikely?to reach a decision any time soon. One of the creditors said that they accepted Raizen’s offer to convert their debt into equity because it was the 'best alternative available', but would not like to...

U.S. retail gasoline prices fell below $4 per gallon for first time since April, as optimism grew about a preliminary agreement between the U.S. and Iran, which could lead to a reopening of Strait of Hormuz - a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for the Trump administration. They...

U.S. retail gasoline prices fell below $4 per gallon for a first time since mid-April. This was due to optimism that a preliminary deal between the U.S., Iran, and other countries would lead to the reopening of Strait of Hormuz – a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for...

Two sources familiar with the matter said that Exxon Mobil is about to name Alex Volkov head of global trade. Sources told the media that Tracey Gunnlaugsson was retiring. She has been in charge of the Trading Division since 2023. Exxon declined to comment. Volkov could not be reached for a comment immediately. Volkov is a Texas-based executive who has spent more than three decades with Exxon. His LinkedIn profile states that he held a variety of roles in the U.S.A., Russia, and London. He was a vice-president in various parts of the company, including global LNG, strategy, business development...

Imperial Oil Canada was fined C$120,000 (85,849.19 USD) after pleading guilty to violating environmental regulations at its 'Kearl Oil Sands' site. According to the Alberta Energy Regulator, following a hearing on May 29, the Canadian oil producer was ordered to pay C$2,000, which included a victim surcharge. They also had to contribute C$118,000 to a creative'sentencing project. In an email, the company said that it has taken steps to prevent this from happening again, including reprogramming of equipment, updating sediment management processes, and increasing inspections. There is no evidence that the overflow of water has had any adverse effects on...

Two sources familiar with the matter have confirmed that Tracey Gunnlaugsson, Exxon Mobil’s global head of trading, is retiring. Gunnlaugsson is a Houston-based woman according to her LinkedIn page. She was appointed to head the trading division in 2023, after serving as a human resources vice president for the company for almost five years. Exxon refused to comment. Gunnlaugsson could not be reached for comment immediately. Exxon's earnings were impacted by "timing losses" related to trading, despite the higher oil prices due to the Middle East conflict. In the first quarter, Exxon reported a paper loss of $3.9 billion due...

Facebook parent?Meta announced on Wednesday it had partnered with Mukesh Ambani, a billionaire from India. The two companies will build the first AI-enabled India data center. Reliance is building a datacenter with a 168 MW power capacity in Jamnagar, a city located in the western Indian state Gujarat. According to a statement, Meta will lease this facility with options for expansion. Meta said India’s large user base and rapidly growing digital economy make it a great place to invest. According to IMARC Group, India's data center market will nearly double by 2034 to $13.11 Billion, driven by digital transformation, cloud...

The U.S. Energy Information Administration reported on Tuesday that oil stockpiles in?the largest economies of the world are heading toward their lowest levels since 2003, as inventories are being drawn down at an unprecedented pace due to lost production from the Iran War. The EIA estimates that total oil inventories within the Organization for Economic Cooperation and Development members will fall to just over 2.3 billion barrels in December. This is based on the current assumption that the marine traffic through the Strait of Hormuz won't return to its pre-conflict level until early 2027. In its Short-Term Energy Outlook monthly...

Cushing, Oklahoma is a prairie town known as the "pipeline crossroads" of the world. Its 400 oil tanks are almost empty. Refiners from around the globe have emptied them to fill a huge shortfall in supplies caused by the Middle East war. Cushing is one of the largest oil storage hubs on earth. Since the start of the war, oil levels in the tanks have 'fallen rapidly.' Iran has effectively stopped tanker traffic on the Strait of Hormuz. In order to supply fuel to the world economy, refiners have snatched up any crude they can find to replace the 20...

As of Friday, the U.S. designated Brazil's largest criminal groups as "Foreign Terrorist Organizations" (FTOs). This is likely to increase risks and costs of doing business in Brazil where gangs are well-established. Comando Vermelho (CV), and Primeiro Comando da Capital, both of the 'biggest Brazilian crime gangs, began in prisons during the 1970s. Since then, they have grown to dominate drug trafficking in South America and their money laundering operations have spread into the far corners of Brazil’s mainstream economy. Investigators have recently discovered that both groups are deeply embedded in sectors like fuel distribution, real-estate and finance. They also...

Russian-controlled Crimea tightened rationing on?fuel supplies Thursday. It suspended all cash sales of gasoline, and issued a 'new coupon' to buy it. The peninsula is grappling with a shortage of fuel linked to Ukrainian drone attacks. In recent days, drivers in the Crimea region, which was annexed from Ukraine by Russia in 2014, faced long queues at gas stations after Kyiv's attacks restricted supplies from adjacent Russian-controlled territory in southeast Ukraine. Sergei Aksyonov - the Kremlin's appointed head of Crimea - announced the new measures, which tighten restrictions on petrol sales imposed a month ago. He said that the sale...

Dealers said that India's state-owned fuel retailers raised diesel prices by 2.71 rupees ($0.0283) and petrol by 2.61 rupees per litre, marking the fourth increase in a month to recover some losses caused by higher crude oil costs as a result of the Iran War. Indian state fuel retailers who control 90% of the Indian market began increasing pump prices on May 15, after elections were completed in certain key states. Since then, the state companies have increased?the price of petrol and diesel by approximately 7.8% and 8.6% respectively. New Delhi petrol will cost 102.12 rupees per litre, and diesel...

An official revealed that Indonesia was working on a special scheme for imports and a regulatory framework in order to fulfill its 'plan' to import 150,000,000 barrels of oil from Russia this year. Data shows only one shipment had reached the country. The announcement last?month of the Russian 'import deal,' which is part of Indonesian attempts to offset shortages caused by the Iran War, came after President Prabowo met with President Vladimir Putin in Moscow. The market views the goal as ambitious even with the framework already in place. To deliver 150 million barrels by the end of January, it...

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

G.O.I., a Cypriot private equity fund, has agreed to purchase the Sicilian oil refiner ISAB. The Italian group Energy said Wednesday that the Iran War has revealed Europe's dependence on the Gulf to supply jet fuel and refined products. Ludoil is the jet fuel supplier to Rome's Fiumicino airport. The Morattis family of Italy and the Brachetti Perettis family in Azerbaijan sold their oil refineries recently to Vitol, a commodity trader. Ludoil had already begun discussions with G.O.I. When the United States and Israel struck Iran on February 28, they used ISAB to generate energy. Ludoil was founded in 1954...

The Kremlin stated on Tuesday it was pleased that Peter Magyar, the Hungarian prime minister-elect, seemed "ready for a pragmatic dialogue with Russia" and would base its position on specific actions taken by his government Russian hardliners mourned Viktor Orban's defeat, a close ally of Moscow, who lost an election over the weekend to a centre-right upstart rival Magyar. The Kremlin said that it was "ready" to talk with the new government. Dmitry Peskov, Kremlin spokesperson, told reporters: "For the moment, we can note with satisfaction his (Magyar) willingness to engage in pragmatic dialogue." "In this instance, there is a?mutual?willingness...

Analysts and traders said that Chinese independent smaller?refiners will 'cut crude processing rates' in April due to the'sharp rise in oil prices sanctioned by the United States and a still low fuel demand. Teapot refiners have benefited from low-cost Russian and Iranian crude in recent months. However, temporary U.S. waivers that allow the purchase of Russian or Iranian oil that is stranded on sea for 30 day has pushed prices sharply higher, as buyers rush to secure supplies, particularly Indian refiners. Sun Jianan, senior analyst at Energy Aspects, predicted that run?rates of teapot refineries would fall to 50% after recovering...

Petrol pump dealers reported that Nayara Energy, a private Indian refiner with Russian backing, has raised the price of gasoline and 'gasoil to offset some of its revenue losses from retail sales. Indian refiners are suffering revenue losses as retail sales for gasoline crack. Gasoil prices have soared to record highs. The dealers reported that Nayara, India’s largest private fuel retailer, raised the price of gasoline by 5 rupees a litre, to 100.71 rupees. Gasoil was also increased by 3 rupees a litre, to 91.31. Nayara plans to close its Vadinar refinery, which produces 400,000 barrels of gasoline per day,...

China's independent smaller refiners maintain output to cash in on the surge in domestic fuel price, but may be forced into trimming runs as of late April, when cheap feedstocks from inventories are running out and new deliveries will cost more in this war-induced rally, industry and trade sources reported. The plants in Shandong Province, China, the hub of smaller refineries, known as teapots, that account for roughly a quarter or more of the country's output, keep their run rates constant to maximize fuel sales, which are 20%-30% higher than before Israel and U.S. launched an attack on Iran on...

According to four sources who are familiar with the talks, the United States has slowed down?the sale?of the international assets of Russian oil giant Lukoil to use them as a bargaining tool in the Ukraine peace negotiations. A document viewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during?talks held in Geneva, Abu Dhabi, and Miami, in order to negotiate a deal for peace in Ukraine....

The trading arm of Lukoil in Russia, Litasco, is based in Switzerland. It said on Wednesday that Bulgarian measures against it violated the multilateral Energy Charter Treaty and it had filed a dispute notice against the country. Bulgaria has halted Russian crude exports and limited exports of all refined products derived by Russian crude at Litasco's Burgas oil refining facility in the country, which produces 190 000 barrels per day. The government has also made legal changes to seize and sell the assets. The 1998 ECT allows for energy companies to sue government over policies that harm their investments. However,...

Chevron, along with at least another company, is vying to acquire Lukoil’s global assets despite the Russian energy firm’s agreement to sell these assets to a?U.S. company last week. Four sources familiar with the discussions said that Carlyle is a private equity firm. The U.S. Treasury has given Lukoil until February 28th to sell its assets. Last year, it imposed sanctions against Lukoil, Rosneft, and other Russian oil companies to force Moscow to reach a peace agreement with Ukraine. Two sources with knowledge of the talks said that a partnership between Chevron, Texas-based Quantum Energy Partners and a group headed...

Two sources in the refining industry said that Indian refiners were not told by the government to stop purchasing Russian oil. They would require a period of wind-down to complete any purchases already in progress. The U.S. president?Donald? Trump announced on Monday a trade deal with Indian Prime Minister Narendra Modi, which included the halting of oil purchases by India from Russia. However, there were no details as to how or when these purchases would cease. Sources said that while India has slowed its Russian oil purchases refineries have already reserved cargoes for February loading and arrival in March. They...