Oil & Gas Refining

Indian oil refiner Dependence Industries has actually resubmitted a request to the U.S. for an authorization to import crude oil from approved Venezuela, three individuals near to the matter said, and resume oil trade in between the OPEC producer and the as soon as secondlargest destination for its oil. French oil manufacturer Maurel & & Senior prom separately on Monday stated the U.S. on Friday approved it a license to conduct oil and gas operations in Venezuela for the next two years. The U.S. in April did not restore a general license for Venezuela to export oil and fuel to...

Exxon Mobil's. possession sale to Seplat Energy might be approved in. less than 2 weeks, Nigeria's oil regulator informed on. Thursday, ending a twoyear hold-up given that the deal was first. agreed. The $1.28 billion sale in Africa's biggest oil exporter has. waited for regulative approval given that 2022. Nigerian Upstream Petroleum Regulatory Commission (NUPRC). chief Gbenga Komolafe told the companies would be. welcomed to a meeting on Friday. Subject to the result of the conference, consent ... might be. given in less than 2 weeks from the date of the meeting, he. said. NUPRC would offer the companies 2...

ExxonMobil is optimistic and pressing forward with its delayed Rovuma liquefied gas (LNG) project in Mozambique and expects a. final financial investment decision at the end of next year, a business. official said on Thursday. ExxonMobil and its partner Eni are establishing the. Rovuma LNG project in overseas Area 4 in northern Mozambique,. with Exxon leading the construction and operation of the onshore. liquefaction and associated centers, while Eni concentrates on. the Coral floating LNG and upstream operations. When TotalEnergies declared force majeure in 2021. due to an offensive by Islamic State-linked insurgents that. threatened its Area 1 Mozambique LNG...

Canadian oil and gas company Cenovus Energy beat firstquarter earnings quotes on Wednesday due to higher production and refinery throughput, and executives stated the startup of the Trans Mountain pipeline expansion (TMX). would open up new markets. TMX will nearly triple the flow of oil to Canada's west. coast to 890,000 barrels each day, which is expected to transform. access to global markets for the nation's producers. Wednesday. marked the business start of operations after the task. gotten final regulatory approvals on Tuesday. Our groups have actually been working with buyers, there's a. pretty huge market out there, which is...

U.S. petroleum and fuel inventories rose all of a sudden last week as refineries slowed down running rates, the Energy Info Administration said on Wednesday. Unrefined stocks rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, the EIA stated, compared to analysts' expectations in a survey for a 1.1 million-barrel draw. Unrefined stocks were at the highest point considering that June, driven by a large 6.8 million-barrel rise in Gulf Coast stocks, enhancing them to their to highest since April 2023 at 261.6 million barrels, the EIA said. Refinery unrefined runs fell by 230,000...

Traders are rushing to fill up tank along the U.S. East Coast with extract fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, an indication of deepening oversupply that is weighing on refiners' earnings. Mainly warmer-than-expected winter season weather in U.S. Northeast and Europe has cut distillates demand and hit refiners' margins across the globe in recent months, an element that drove softer first-quarter earnings by oil majors and top independent refiners. Spreads between U.S. crude and diesel futures , or fractures that show refining margins, have dropped more than 30% so far...

Tata Sons, the holding business of India's Tata Group, has actually increased its stake in satellite TV supplier Tata Play to 70% by buying a 10% stake from Singapore state investment company Temasek for about $100 million, the Economic Times reported on Tuesday. Tata Play has informed the Ministry of Details and Broadcasting about the change in shareholding, abiding by regulations governing direct-to-home ( DTH) business, according to the report, which pointed out individuals knowledgeable about the matter. With Temasek's exit, Tata Play will run as a 70:30 joint endeavor in between Tata and Walt Disney, the latter inheriting its...

Leading U.S. refiner Marathon Petroleum beat firstquarter earnings estimates on Tuesday, as need for improved products remained at high levels and international fuel supplies tightened due to refinery upkeep activities and interruptions in Russia. The refiner likewise announced a $5 billion increase to its share repurchase authorization. Heavy refinery upkeep work during the quarter and failures at Russian refineries following Ukrainian drone attacks reduced fuel products to international markets. Demand for fuel remained steady. U.S. product provided, a. proxy for need, balanced at 20.10 million barrels per day. ( bpd) at the end of March, compared to 19.7 million bpd...

Namibia's national oil company (NAMCOR) has actually signed a development handle Chevron that will see the U.S. oil significant take an 80% operating working interest in an overseas block in the Walvis Basin, NAMCOR stated on Monday. Oil companies are gathering to Namibia, delighted by the southern African country's plans to open up a major brand-new frontier basin, with recent offshore discovers ranking amongst the largest this century. The farm-out contract with Chevron Namibia Expedition Limited (CNEL) will see the National Petroleum Corporation of Namibia (NAMCOR) and regional business Custos Energy each maintain a. 10% interest in petroleum expedition license...

SK Development said on Monday its SK On batterymaking unit is still on target to recover cost in the second half of this year after a. forecastbeating firstquarter operating earnings, sending its. shares up almost 6.5%. The company, which also owns South Korea's leading refiner SK. Energy, said it expects strong refining margins to continue in. the 2nd quarter, backed by firm demand. It posted operating profit of 625 billion won ($ 454 million). for the January to March period, versus 375 billion won a year. earlier and a typical analyst projection of 466 billion won. First-quarter profits fell 1.5%...

Mexican state oil company Pemex is reversing crude exports cuts of at least 330,000 barrels each day (bpd) planned for May in the middle of a. smallerthanexpected oil need by the business's domestic. refineries, two sources near to the choice said on Friday. Pemex's international trading unit in April started imposing. exports cuts over supply crude contracts to consumers in the. U.S., Asia and Europe to increase its availability of crude for. domestic refining. The reductions have triggered lots of clients to. seek alternative crude grades. Even before the preliminary of cuts, Pemex oil exports to. all destinations in March...

Oil refiner Phillips 66 reported a first-quarter profits miss on Friday, as seasonal upkeep and an eco-friendly fuels conversion project at its Rodeo, California, refinery weighed on earnings. Phillips' market capture, a measure of refining profit compared to industry criteria, fell to 69% in the quarter from 93%, even as its unrefined capability utilization was above last year at 92%. The company stated its understood margins slumped about 47% to $ 10.91 per barrel in the first quarter from a year earlier, led by nearly a 50% decrease in Gulf Coast margins Seasonal upkeep activities, mainly at its downstream catalytic...

Global petrol need development might halve in 2024, squeezing secondhalf refinery margins, experts said, driven by a shift to electrical cars and trucks in China and the United States and a return to regular consumption after last year's bounce following COVID19. In the lowest growth because 2020, need is likely to increase 340,000 barrels daily (bpd), to stand at 26.5 million bpd this year, says consultancy Wood Mackenzie, down from growth of 700,000 bpd in 2015, as China nears the point of peak transportation fuel demand and the U.S. has actually exceeded it. Penetration of electric lorries has actually been...

U.S. regulators offered the goahead on Thursday to Exxon Mobil's $60 billion purchase of Leader Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to conspire with OPEC to raise oil rates. Former Pioneer CEO Scott Sheffield collaborated efforts with U.S. shale oil manufacturers to constrain their output and raise energy rates, the Federal Trade Commission said. Commonly thought about the dean of U.S. shale since of his long period and blunt talk about market output and spending, Sheffield used his influence to line up oil production across the Permian Basin in West Texas and...

China's Sinopec published an 8.9% decline in its firstquarter earnings, as rising raw products expenses and more competition hurt its petrochemical organization, balancing out greater fuel sales and oil costs. China Petroleum & & Chemical Corp as Sinopec is officially known, reported on Sunday an earnings of 18.32 billion yuan ($ 2.53 billion) in between January and March, according to a filing with the Shanghai stock exchange based upon Chinese accounting standards. The refining giant stated crude oil costs have actually changed upwards, and domestic demand for natural gas, fine-tuned oil products and petrochemical items grew compared to a year...

Chinese state energy significant PetroChina has been waiting to discharge a freight of U.S. crude at Nigeria's giant brand-new refinery for nearly a month due to payment problems, according to four trading sources and shipping data. The impasse highlights difficulties the $20 billion plant moneyed by Africa's richest guy Aliko Dangote faces in its aim to be the most significant refinery on the continent and in Europe when it reaches full capacity this or next year. Dangote intends to reverse the pattern by which the oil-rich nation exports its crude but almost totally counts on imports of fuel and other...

HD Hyundai Marine Solution is set to price its shares at the top of an indicative variety to raise 742 billion won ($ 538 million), two people with direct knowledge of the matter said, in South Korea's largest initial public offering in two years. The people spoke on condition of privacy as the information was confidential. The a sign price range for the 8.9 million shares to be offered in the IPO was 73,300 won to 83,400 won each, regulatory filings showed. Hyundai Marine Option will issue 4.45 million brand-new shares for the IPO, while existing 4.45 million shares will...

The trading arm for Abu Dhabi National Oil Co (ADNOC) has purchased numerous Juneloading cargoes of Abu Dhabi's Upper Zakum crude in the area market, tightening up Middle East supply, trade sources said on Wednesday. ADNOC Trading has purchased least four cargoes of the medium-high sulphur crude from Exxon Mobil Corp, Omani trading company OQ, Repsol and Aramco Trading at premiums of about $2.20-$ 2.30 a barrel to Dubai quotes, they stated, almost $ 1 a barrel greater than the previous month. ADNOC stated it does not talk about such concerns. The other oil companies typically do not comment on...

Area premiums for U.S. Mars unrefined exports to Asia have actually leapt after Mexico cancelled deliveries to conserve oil for domestic use and amid tightened supply of heavier grades internationally, trade sources said on Wednesday. Deals for the medium-sour Mars crude soared to premiums above $6 a barrel to Dubai quotes for shipment to Asia in July, the sources said, similar to light sweet West Texas Intermediate oil which is of much better quality. This was up from about $3.50 a barrel for June delivery, one of the sources said. The dive in prices has actually shut the arbitrage, preventing...

Bank of America (BofA) Global Research study has raised its 2024 Brent and WTI oil price projections, pointing out intensifying geopolitical stress and the OPEC+ manufacturer group keeping supply curbs. The bank now expects Brent and WTI crude rates this year to average $86 and $81 per barrel respectively, with rates of both peaking around $95 per barrel throughout the summertime. Brent unrefined futures were trading around $89 per barrel at 0902 GMT on Wednesday, while U.S. West Texas Intermediate crude futures were around $85 a barrel. We now approximate that improving financial development expectations have actually helped push global...

China Petroleum & & Chemical Corp. , better known as Sinopec, reported a 9.9%. decrease in 2023 net revenue on Sunday, weighed by falling oil and. gas prices but supported by recuperating fuel demand. The world's largest refiner by capacity posted earnings of. 60.5 billion yuan ($ 8.37 billion), based on Chinese accounting. standards, in a filing to the Shanghai stock market. Sinopec faced a complicated operating environment and. intense competitors in 2015, it stated in a statement to. . Air travel fuel and gas led a post-pandemic need. healing as passenger air traffic rose and individuals drove more. in...

The following quotes, mergers, acquisitions and disposals were reported by 2000 GMT on Friday: ** Hedge fund Barington Capital prompted Paramount Global to scrap its exclusive merger talks with Skydance Media, arguing all shareholders would benefit if the business took a look at other possible bidders. ** U.S. Steel shareholders authorized its proposed $14.9. billion acquisition by Japan's Nippon Steel 5401. T, taking the. merger one step better to conclusion even as political. opposition to the deal mounts. ** An Exxon Mobil arbitration case that might block. the sale of Hess Corp to Chevron could drag on. until year-end, Hess...

Singapore's middle ditstillates stocks fell for the very first time in 3 weeks, tracking the gains in net exports of diesel/gasoil, authorities government data revealed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at crucial oil storage hub Singapore declined to 10.136 million barrels from 11.208 million barrels in the previous week, figures from Enterprise Singapore showed. The drop came as net exports of diesel/gasoil increased by a little more than 68% week on week, with total exports of the fuel getting at a quicker pace than overall imports. Total imports climed by around 39%, while overall exports rose by...

Japanese oil refiner Idemitsu Kosan and Mitsui Chemicals plan to consolidate their ethylene complexes in Chiba near Tokyo, they stated on Wednesday, as the market is under pressure from competitors with China. The business would think about closing Idemitsu's Chiba ethylene facility to consolidate production at Mitsui Chemical's. website in the 2027 fiscal year. The brand-new service would be run. by a restricted liability collaboration or a joint endeavor. Japanese ethylene complexes continue to be required to. operate at a low rate due to both the opening of big brand-new. extra petrochemical complexes, primarily in China, and the. lessening domestic...