Oil & Gas Refining

QatarEnergy sharply cut the term cost for alShaheen petroleum loading in January, trade sources said on Friday, in line with a current fall in Middle East area premiums. The January term rate was up to 73 cents a barrel above Dubai quotes, the sources stated, down for a second straight month and at a multi-month low. The sources decreased to be named as they are not authorised to consult with the media. The term cost for December freights was at a premium of $ 1.93 a barrel. For its January tender, QatarEnergy offered 5 cargoes at premiums between 40 and...

The Ontario federal government fined Imperial Oil C$ 900,000 ($ 641,391) for a slop oil leak into a. tank containment location at its Sarnia site in 2021 that had an. unfavorable effect on people. Slop oil is a waste item that is normally composed of. crude oil, water and waste solids and can include different. pollutants like hydrogen sulphide. The Canadian business pleaded guilty under the Environmental. Defense Act in a provincial court on Sept. 16, a spokesperson. stated, for an occurrence on April 15, 2021, where nearly 1,150. litres (7.3 barrels) of slop oil was released. The discharge negatively...

Top U.S. refiners kept concentrated on investor returns with significant stock buybacks and dividends in the third quarter despite the fact that earnings fell due to damaging fuel need and refining margins. Margins for fuel, diesel and other products narrowed greatly from record levels struck after Russia invaded Ukraine in 2022. Fuel demand has actually softened ever since, and new refining capacity has come online. In the 3rd quarter, the average earnings per share for U.S. oil refiners fell to 25 cents from $4.75 in the same quarter a year earlier and $4.85 in 2022, according to Reuters estimations. Integrated,...

Venezuelaowned Citgo Petroleum joined other refiners in posting a sharp drop in thirdquarter profit on Thursday, weighed down by a fall in refining margins. International oil refiners have actually seen their profit retreat this year from the post-pandemic peaks, mainly due to a need downturn, particularly in China. In the United States, where demand has lagged expectations, the 3-2-1 crack spread >, a market metric utilized to assess refiners' margins on both fuel and diesel put together, balanced $20.18 in the July-September duration, down nearly 35% from in 2015. The seventh-largest U.S. refiner said its earnings was up to $...

Dependence Industries and Walt Disney on Thursday completed the $8.5 billion merger of their Indian media assets, which have been split into 3 divisions, with each unit having its own CEO. The companies said the recently formed divisions are home entertainment, which houses Dependence's Colours TV channels and Disney's Star; digital, home to online streaming platforms JioCinema and Hotstar, and sports. Previous Google executive Kiran Mani, who leads JioCinema, will take charge of the digital organisation. Reuters reported last month that Disney Hotstar's CEO Sajith Sivanandan resigned from the function as organization combination collected speed for the merger. The entertainment...

Artisan Partners, a U.S.based investor in Japanese retail giant Seven & & i Holdings, contacted the company's special committee to consider a bidding procedure of completing takeover propositions to secure the greatest offer. The 7-Eleven convenience store owner got a buyout proposition from a member of its starting Ito household, it said on Wednesday, a prospective $58 billion white-knight quote as it weighs a competing deal from Canada's Alimentation Couche-Tard. The offer from Ito-Kogyo, a company linked to Seven & & i Vice President Junro Ito, is non-binding and under review by the same special committee established to assess Couche-Tard's...

U.S. refiner margins for gasoline and diesel will be reasonably the same next year, the U.S. Energy Details Administration said on Wednesday, indicating relief for fuel manufacturers who saw profits slump dramatically since 2022 on slowing demand development. Refiners worldwide reaped record profits in 2021 and 2022 from the post-pandemic surge in travel need and recovering financial activity. Nevertheless, margins then dropped dramatically as mammoth brand-new plants opened around the world and need growth slowed, partly due to efforts to shift away from fossil fuels. The prepared closures of 2 U.S. refineries next year - LyondellBasell Industries' 263,776 barrel-per-day Houston...

Canada's Suncor Energy raised its quarterly dividend on Tuesday after the integrated oil and gas company beat price quotes for thirdquarter revenue, as it taken advantage of greater oil production and need for refined products. Information from the U.S. Energy Details Administration revealed that the country's overall oil usage increased in July to the highest seasonal level given that 2019. In July, gasoline demand was also at the greatest seasonal levels given that 2019, whereas jet fuel need was the greatest for any month because August 2019. The Canadian company's quarterly upstream production was up 20%. at 828,600 barrels each...

Elon Musk's Starlink is looking for security clearance for a licence to use satellite broadband services in India and will get an authorization if it satisfies all conditions, the telecoms minister stated on Tuesday. Starlink has actually been aiming to get in India for many years and its strategies got a major boost last month when New Delhi stated it wouldn't auction spectrum for satellite broadband but rather award it administratively - just as Musk desired. Competing Indian telecom billionaire Mukesh Ambani had wanted an auction. Indian telecom minister Jyotiraditya Scindia stated on Tuesday that Starlink was in the process...

The privateequity owner of Refuel is checking out tactical choices consisting of a possible sale that might value the U.S. conveniencestore operator at more than $ 1.5 billion consisting of financial obligation, individuals familiar with the matter stated on Friday. The move comes as a wave of debt consolidation rolls through the convenience-store industry. Some store operators are looking to broaden geographically, even as the sector manages slowing development. Inflation has required shoppers to cut down investing in groceries and staples. Private-equity company First Reserve, which acquired Refuel in 2019, is in talks with investment lenders to introduce a sale...

U.S. oil refiners this quarter anticipate to run their plants at above 90% of their crude processing capability on low inventories and enhancing demand for gasoline and diesel, executives and industry experts stated. Run rates in the year's last quarter tend to cool after the end of the U.S. summertime driving season. But weaker than normal fuel stocks are motivating high run rates even in the middle of weaker revenue margins, analysts stated. Leading refiners laid out strategies to run their networks at between 90% and 94% of capability through completion of the year, executives stated during profits calls in...

Icahn Enterprises LP (IEP). strategies to raise its stake in U.S. oil refiner CVR Energy. by more than 20%, the Wall Street Journal reported on Thursday. The business, a managing shareholder of the oil refiner,. strategies to raise its stake in CVR to more than 81% by buying an. additional 15 million shares, the report stated, mentioning draft. declarations that billionaire activist financier Carl Icahn and his. firm plan to launch on Friday. The brand-new deal will benefit shareholders from squandering at. a premium, WSJ reported, quoting Icahn from the draft statement. To fund this and other deals, Icahn stated...

Net income at Japanese oil refiners fell in the very first half of their financial year, but they kept profitability and outperformed their South Korean rivals as strong domestic margins shielded them from a weak abroad market. Japan's leading 3 refiners - Eneos Holdings, Idemitsu Kosan and Cosmo Energy Holdings - reported a 40% to 60% drop in net earnings for the six months ended Sept. 30, compared to the year ago duration, primarily affected by significant appraisal losses on oil stocks amid falling unrefined prices. However, earnings excluding inventory-related factors fell by only 22% to 35%, assisted by improved...

MSCI included 5 Indian business to its International Requirement Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weightage on the index to 20%, additional narrowing the space with China. MSCI stated there would be 156 Indian stocks in the index, but that is only one-fourth of China's 598, signalling scope for further inclusion of Indian stocks on the index. The modifications will occur after the marketplaces close on Nov. 25, MSCI said. The inclusion of the stocks will raise India's weightage in the index to a record 19.8% from 19.3% earlier, narrowing the gap...

Donald Trump has actually been chosen U.S. president, topping an amazing comeback 4 years after he was voted out of the White Home. Here is what business in Asia have bought the United States, what Trump has stated about them and what possible U.S. service policy changes would mean for Asian companies. SEMICONDUCTORS Asian chipmakers, led by Taiwan's TSMC and South Korea's Samsung Electronics, have jointly invested a minimum of $117 billion in the U.S., encouraged by the current U.S. administration's essential initiative aimed at lowering its dependence on Asia for high-end chips. In return, they have gotten or been...

Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up rates in the middle of issues that Middle East stress may interrupt supply, trading sources stated. The discount rates are the narrowest considering that Chinese independent refiners, known as teapots, stepped in as purchasers in late 2019, filling a vacuum left by the nation's state refiners wary of sanctions renewed on Iran by the United States a year previously. Greater costs or a decrease in Iranian oil flows, which comprise 10% of China's unrefined imports, would depress currently low...

Asia's biggest oil and gas manufacturer PetroChina Co Ltd reported a 5.3% yearonyear decline in thirdquarter net revenue as weaker fuel sales and lower oil rates exceeded growing gas and oil output. Net revenue was up to 43.91 billion yuan ($ 6.15 billion), the business said in a stock filing on Tuesday. Revenue fell 12.4% to 702.4 billion yuan. PetroChina's net profit stayed the highest amongst domestic peers. Offshore oil and gas manufacturer CNOOC Ltd posted record quarterly revenues of 36.93 billion yuan while top Asian refiner Sinopec Corp's halved to 8.5 billion yuan in the exact same three-month duration....

Japan's 7 & & i. will be wanting to persuade investors it can provide. longterm growth on its own when it talks to them on Thursday,. after announcing a sweeping breakup strategy designed to ward off a. $ 47 billion takeover deal. The 7-Eleven owner is due to hold an financier day instruction. with experts and financiers and will take concerns on its. international and domestic corner store businesses. 7 & & i is fighting to remain independent after Canada's. Alimentation Couche-Tard announced a preliminary quote in. August. The owner of Circle-K convenience stores has given that treked. its deal...

The following are the leading stories in the Wall Street Journal. Reuters has actually not verified these stories and does not vouch for their precision. - Defense professional RTX has actually consented to pay more than $ 950 million to deal with government examinations into allegations that it misinformed the Defense Department and funneled kickbacks to a top-level authorities in Qatar's flying force. - Tesla Chief Executive Elon Musk has tapped Omead Afshar to oversee operations in The United States and Canada and Europe, 2 markets where the business is dealing with stiffer competition in the electric-car area and cooling...

Futures for Canada's primary stock index increased on Wednesday, driven by gains in metal rates, as domestic financial information and quarterly incomes reports from significant U.S. banks remained in focus. December futures on the S&P/ TSX index were up 0.2%. at 6:07 a.m. ET (10:07 GMT). The products sector got the spotlight as gold costs. acquired due to weaker equities and bond yields, while a rise in. copper prices likewise provided support. Canada's energy sector remained in focus as oil prices. steadied after a sharp fall in the previous session, partially. supported by OPEC+ supply curbs and uncertainty around dispute....

South Korean battery maker SK On stated on Thursday it prepares to present voluntary steps focused on minimizing its workforce, as the business looks for to improve effectiveness and stay competitive in a difficult electric automobile market. SK On, the battery system of energy group SK Development , stated in a statement it prepares to offer programs offering unique leave and voluntary departure options as part of an effectiveness plan. These are proactive procedures to establish a lean, agile workforce, so that we can better browse moving EV market conditions, SK On stated. While the company pushes to improve effectiveness...

Saudi Aramco has actually set the preliminary price guidance for 5 and 10year dollar sukuk bonds, according to a term sheet examined on Wednesday. The generally state-owned oil business is intending to raise approximately $ 3 billion in the offer, Reuters reported on Tuesday. The 5-year bond has cost guidance of Treasuries plus around 120 basis points and the 10-year bond has Treasuries plus about 135 basis points, according to the term sheet. Aramco did not instantly respond to an ask for remark sent out outside regular Saudi Arabian service hours. The deal would be Aramco's second financial obligation market...

State oil giant Saudi Aramco is preparing a 5 and 10year U.S. dollardenominated sukuk, or Islamic bonds, deal, according to a term sheet examined by Reuters on Tuesday. Banks will hold financier calls starting on Tuesday, the term sheet said. Aramco, the world's leading oil exporter, has long been a money cow for Saudi Arabia, which is looking for funds to invest in new markets and wean its economy far from oil under its Vision 2030 plan. Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JP Morgan, KFH Capital and Standard Chartered are...

A Chinese court on Friday declared insolvent a third refinery owned by state oil and chemical group Sinochem, a court file revealed. The Changyi city court also ended reorganization procedures at the refinery, Shandong Changyi Petrochemical. Earlier today, court rulings were made against 2 other refineries owned by Sinochem: Shandong Huaxing Petrochemical Group and Zhenghe Group Co Ltd. . The court files did not specify what would take place to the refinery's properties. Sinochem did not immediately react to a. request for remark. Found in eastern China's refining center of Shandong, the. three plants have a combined petroleum processing capability...