Oil Refineries








Asia

North America

Oil Refineries

Exxon case versus activist investor can continue, US judge guidelines

A U.S. judge on Wednesday enabled a. lawsuit submitted by Exxon Mobil against 2 activist groups. seeking to disallow their environment resolution to go on against one. of the groups. The oil business's suit raised alarm amongst activists and. proxy advisors who argued it would muzzle debate among. investors and public business. Exxon sued climate activist groups Arjuna Capital and Follow. This in January and told the court it would not drop the matter. after they accepted withdraw their petition, citing the. possibility the pair might file similar resolutions in the. future. U.S. District Judge Mark Pittman on Wednesday ruled...

Fossil Fuels

Canada modifying Trans Mountain ownership policies to assist pipeline sale

Canada is modifying guidelines on how it handles the stateowned Trans Mountain oil pipeline in order to facilitate its sale to Indigenous groups, according to an official government notice released on Wednesday. The long-delayed Trans Mountain growth task ( TMEP) nearly triples deliveries of Alberta oil to Canada's. Pacific Coast to 890,000 barrels each day and started industrial. operations on May 1, with the very first tanker set to load by the. end of this month. The C$ 34 billion ($ 24.88 billion) project, which cost more. than four times its initial spending plan, was purchased by the Liberal. federal...

Environment

Exxon case versus activist investor can proceed, evaluate rules

A U.S. judge on Wednesday enabled a. lawsuit Exxon Mobil submitted against 2 activist groups. looking for to bar their environment resolution to go ahead versus one. of the 2 groups. The oil company's claim raised alarm amongst activists and. proxy advisers who argued it would muzzle argument amongst. investors and public companies. Exxon took legal action against climate activist groups Arjuna Capital and Follow. This in January and told the court it would not drop the matter. after they consented to withdraw their petition, pointing out the. possibility the pair could file comparable resolutions in the. future. U.S. District...

Fossil Fuels

US to close Northeast gas reserve with 1 million-barrel sale

President Joe Biden's administration will offer almost 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, efficiently closing the near decade-old reserve. The department produced the Northeast Gas Supply Reserve in 2014 after Superstorm Sandy left motorists scrambling for fuel. But keeping refined fuel is more expensive than storing crude oil, so closing the reserve was included in U.S funding legislation signed in March by Biden, a Democrat. Quotes are due on May 28 and the Treasury Department's basic funds gets profits from the sale, the...

Oil Refineries

Russia states Ukraine makes 62-drone attack on Russia, oil refinery halted

Russia said on Sunday that Ukraine released a significant 62drone attack on Russian areas forcing one oil refinery in southern Russia to stop operations, which Kyiv's forces had actually fired U.S., French and Ukrainian rockets at Russianheld area. Russia shot down a minimum of 103 drones, including 62 over Russian areas, along with Army Tactical Rocket System ( ATACMS) over Crimea, French guided Hammer bombs and U.S. High Movement Artillery Rocket System (HIMARS). Regional officials stated six drones crashed onto the area of an oil refinery in Slavyansk in Russia's southern Krasnodar region. Interfax news agency stated the refinery halted...

Oil Refineries

US to buy 3.3 million barrels of oil for Strategic Petroleum Reserve

The U.S. awarded agreements for the purchase of 3.3 million barrels of oil to help renew the Strategic Petroleum Reserve (SPR) after an enormous sale from the stockpile in 2022, the Department of Energy stated on Friday. The oil is being purchased an average rate of $79.38, the department stated. The administration of President Joe Biden offered 180 million barrels of SPR oil in 2022 in an effort to manage gasoline costs that had risen after Russia's full-scale intrusion of Ukraine. The United States developed the SPR after the Arab oil embargo in 1975 spiked gasoline prices and damaged the...

Fossil Fuels

Russia's Tuapse oil refinery halted after Ukrainian drone attack, sources state

A fire activated by a. Ukrainian drone attack on Russia's Tuapse oil refinery on the. Black Sea coast has required an emergency closed down of the. refinery, two sources knowledgeable about the matter said. The fire at the refinery, owned by Rosneft, was. extinguished, Russia's state-run TASS news agency reported on. Friday. Russian air defen?es and the Black Sea Fleet ruined 102. Ukrainian drones and 6 uncrewed boats during the night,. Russia's defence ministry stated. Rosneft did not talk about the attack. According to one source, the drones struck the liquefied. petroleum gas (LPG) production system at Tuapse while the...

Crude Oil

Nigeria's Dangote refinery tenders for US WTI petroleum - document

Nigeria's Dangote refinery is in the market for 2 million barrels of West Texas Intermediate ( WTI) Midland crude every month for a year starting in July, a. tender file seen revealed. The refinery - moneyed by Africa's richest guy Aliko Dangote. - has actually issued a term tender to bring in sellers of light sweet. U.S. crude. The submission due date is May 21, the document,. shared by 2 trade sources, said. An official at the Dangote refinery could not instantly be. reached for remark. The refinery, which began production in January and expense. $ 20 billion to construct,...

Energy Markets

Sports leagues question whether broadcaster Diamond can survive without Comcast

Big League Baseball, the National Hockey League and the National Basketball Association stated on Wednesday that bankrupt broadcaster Diamond Sports might not survive without a new offer with cable television supplier Comcast. The sports leagues informed a personal bankruptcy judge at a court hearing in Houston that they need more details about a negotiating impasse that triggered Diamond's Bally Sports-branded channels to be pulled from Comcast at the start of May, with baseball season underway and the NBA and NHL in the middle of postseason playoffs. Diamond, a subsidiary of Sinclair Broadcast Group, had been pushing to finalize its personal...

Energy Markets

Investors desert bullish case for US gasoline: Kemp

U.S. gasoline rates and refining margins have actually come under pressure as inventories diminish more slowly than regular for this time of year, suggesting supplies abound, and undermining the bullish case for the fuel. Simply over a month earlier, financiers had actually collected among the largest bullish positions in U.S. gas futures and options given that before the pandemic, anticipating that rates would continue climbing up. Gas had become the most attractive part of the petroleum complex for financiers to wager prices would increase further in the run-up to U.S. presidential and congressional elections in November. Their bullishness was underpinned...

Oil & Gas Transportation

Canada's Pembina plays down possible investment in Trans Mountain pipeline

Canada's Pembina Pipeline Corp. is not investing much time considering financial investment in the. freshly broadened Trans Mountain oil pipeline (TMX) due to. unpredictability around shipping tolls, a company executive stated on. Friday. Calgary-based Pembina formed a collaboration with an. Native company, Western Native Pipeline Group, in. 2021 to pursue purchasing a stake in the Canadian government-owned. pipeline, however in recent months has soft-pedaled the concept of. buying the job. From our viewpoint, there still exists an incredible. amount of uncertainty around that property, Cameron Goldade,. Pembina's chief financial officer, stated on an incomes call. As a financial investment opportunity...

Environment

Canada 2022 emissions rebounded less than anticipated after pandemic

Canadian greenhouse gases emissions in 2022 increased less than expected after the worst of the pandemic, a sign the nation is on target to fulfill its climate goals, Environment Minister Stephen Guilbeault stated on Thursday. WHY IT is essential Canada, a leading oil and gas manufacturer, has actually missed every single one of its greenhouse gas emission targets. The Liberal government, which has introduced a raft of measures intended to address climate change and boost making use of green energy, states the information in its most current annual performance report reveal the country is on track as prepared to cut...

Europe

Oil & Gas

Nigeria's Dangote refinery prepares London and Lagos listings

Nigeria's Dangote refinery is going for a dual listing on the London and Lagos bourses, a. senior executive stated on Tuesday. Previously on Tuesday, local media priced estimate Africa's wealthiest guy,. Aliko Dangote, who constructed the refinery, as saying he could try to. list the business in Nigeria by the end of the year. Asked to comment on Dangote's statement to regional media,. Devakumar Edwin, Dangote refinery executive, informed : We. have actually noted all our services. The NSE (Nigerian Stock. Exchange) will not have sufficient depth to deal with solely the. petroleum refinery. We would need to take it...

Refined Products

What is OPEC+ and how does it impact oil prices?

The Company of the Petroleum Exporting Countries (OPEC) and allies including Russia are understood collectively as OPEC+ and will fulfill on June 2 to discuss their joint oil production policy. Below are essential truths about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC was established in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an objective of coordinating petroleum policies and securing reasonable and stable rates. Now it consists of 12 countries, generally from the Middle East and Africa, accounting for about 30% of the world's oil. There have been some challenges to OPEC's...

Oil Refineries

Ukraine stages long-range attacks on targets in Crimea and southern Russia, source says

Ukraine attacked a power substation in Russianoccupied Crimea, an oil depot and train station in Russia's Black Sea port of Novorossiysk and an oil refinery in the port town of Tuapse overnight, a Kyiv intelligence source told . Kyiv has stepped up strikes on energy centers deep inside Russian area, which they state are legitimate armed force targets supporting Moscow's 27-month-old war in Ukraine. Attacks have actually caused interruptions in refining capacity. estimations on April 15 showed that Russia had actually been able to fix some essential oil refineries, reducing idled capacity to about 10% from almost 14% at the...

East Asia

North Asia

Oil Refineries

Kazakhstan resumes gas exports after 2-year hiatus, sources state

Kazakhstan resumed gas exports in May that had actually been on hold since May 2022, sending 2,000 metric tons of the fuel to Georgia in May, 3 market sources familiar with the matter stated on Wednesday. Kazakhstan banned fuel exports 2 years ago to protect its domestic market from fuel lacks. Before the ban was introduced, in April 2022, Kazakhstan delivered some 26,000 tons of gas to foreign markets. Prior to this Kazakhstan likewise suspended fuel exports in 2021, while in 2020 its fuel exports totaled up to 494,000 tons. The Condensate refinery, an independent refinery in Kazakhstan, was granted...

Refined Products

Russia's Volgograd oil refinery has rebooted main system struck by drone, sources say

Russia's Lukoil last week restarted an essential production unit at its Volgograd refinery, the biggest in southern Russia, which was shut earlier this month after being harmed in a drone attack, 2 market sources informed on Monday. The plant, with production capability of some 300,000 barrels per day (bpd), ignited on May 12 following a drone strike, local authorities stated. Sources stated the CDU-1 unit had been damaged in the attack. Lukoil did not right away reply to a request for comment. Ukraine does not formally confirm or reject attacks on oil refineries inside Russia, but it states the centers...

Oil Refineries

China boosts petroleum storage amid soft refinery processing: Russell

The pace at which crude oil flowed into China's stockpiles increased in April as slower refinery processing exceeded a decrease in imports. An overall of 830,000 barrels per day (bpd) was contributed to China's industrial or strategic stockpiles in April, up from 790,000 bpd in March, according to computations based upon main data. Over the first four months of the year, China, the world's. greatest crude importer, added 700,000 bpd to storages, a. considerable volume that goes some way to weakening the market. view that oil consumption is robust amid a recovering economy. China does not reveal the volumes of...

Energy Markets

Russia cuts fuel oil supplies by rail for export by 5% in Apr m/m

Russia reduced fuel oil supplies by rail for export through ports and border crossings by 5%. in April from March to 2.277 million metric heaps amid refinery. upkeeps and seasonal usage of rivers, according to market. sources and estimations. Russia's primary oil refining capability idled due to. maintenance, technical blackouts and drone attacks increased in. April by nearly 14% from March to 4.527 million tons. In Between April and November, refineries utilize inland waterways. as an alternative to railways to deliver oil items to Black. Sea and Baltic Sea ports, as well for ship-to-ship loadings. The Baltic Sea port of...

Natural Gas

Russia's Novak says there's no need for diesel export ban

There is no need for Russia to ban exports of diesel to tackle rising prices and possible scarcities of the fuel after drone attacks lowered refining capability, Deputy Prime Minister Alexander Novak stated on Friday. Speaking with reporters, Novak likewise stated, without elaborating, that the Novatek-led Arctic LNG 2 job, which began tentative production in December, remains in discuss liquefied natural gas (LNG) deliveries as Western sanctions prevent the accessibility of tankers for the job. Russia has actually faced a high decrease in oil refining capacity, paralyzed by technical failures and drone attacks. It banned exports of gas for half...

Oil Refineries

Ukraine states Russian oil refineries are legitimate targets

A Ukrainian deputy prime minister said on Friday Russian oil refineries were legitimate targets for its forces, after a media report stated the United States, a close ally, had actually asked Kyiv to stop carrying out drone strikes on refineries. Ukraine significantly stepped up its attacks on Russian energy facilities this month, introducing numerous long-range drones to strike Russia's most significant refineries, leading to the short-lived suspension of production at some of them. We understand the calls of the U.S. partners, however at the very same time we are combating with the capabilities, resources, and practices that we have, Olha...

Oil Refineries

Ukrainian drones have actually hit 12 Russian oil refineries, Kyiv source says

Longrange Ukrainian attack drones introduced by the SBU domestic security service have struck 12 Russian oil refineries during the war so far, a Ukrainian intelligence source informed on Sunday. Authorities in the southern Russian area of Krasnodar said Ukrainian drones had actually attacked the Slavyansk oil refinery, 70km ( 45 miles) north of the local capital, overnight. The Ukrainian source said the refinery, which processes about 4.5 million metric lots of crude a year and produces fuel generally for exports, had actually been attacked in an operation staged by the SBU security service and other Ukrainian forces. The company is...

Oil Refineries

China's CNOOC stockpiles Russian oil at new reserve base, traders, tanker trackers state

Staterun China National Offshore Oil Co, among the nation's top importers of Russian oil, has in current months been pumping shipments of ESPO blend from Russia's Far East into a recently launched reserve base, according to traders and tanker trackers. This is the very first time stockpiling of Russian ESPO blend crude at CNOOC's brand-new reserve base has been reported. CNOOC did not have an immediate comment. The stockbuild, estimated at more than 10 million barrels by tanker tracker Vortexa Analytics, helped raise China's seaborne imports of the flagship Russian export grade to a record high in March, supporting rates...

Oil Refineries

Russia satisfies its OPEC+ oil commitments completely, Novak states

Russia remains in complete compliance with its commitments to decrease oil products as part of the OPEC+. producer group's deal, Russian Deputy Prime Minister Alexander. Novak said on Wednesday. His comments come after a meeting of leading OPEC+ ministers. kept oil policy the same and pushed some nations to enhance. compliance with output cuts, a decision that spurred. global crude prices to their highest in five months at. almost $90 a barrel. Novak said the nations taking part in OPEC+ had. validated a high level of compliance with oil supply curbs. Last month, Russia stated it would cut its oil...

Oil Refineries

Russia increases fuel imports from Belarus as domestic supplies diminish

Russia has increased fuel imports from neighbouring Belarus in March to take on the danger of shortages in its domestic market since of unscheduled repairs at Russian refineries after drone attacks, 4 industry and trade sources said on Wednesday. Typically Russia is a net exporter of fuel and a supplier to global markets, but the interruption of Russian refining has forced oil companies to import. Currently Russia banned gasoline exports from March 1 to attempt to protect sufficient fuel for its domestic market after repeated Ukrainian drone attacks on Russian refineries given that the start of the year. Russia typically...

Crude Oil

Russia struggles to gather oil payments as China, UAE, Turkey raise bank examination

Russian oil firms deal with delays of as much as numerous months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) ended up being more wary of U.S. secondary sanctions, 8 sources familiar with the matter stated. Payment hold-ups lower profits to the Kremlin and make them unpredictable, allowing Washington to accomplish its dual policy sanction objectives - to interfere with cash going to the Kremlin to punish it for the war in Ukraine while not interrupting worldwide energy flows. Numerous banks in China, the UAE and Turkey have actually boosted...

Fossil Fuels

Russian oil exports from its western ports modified up 13% amidst refinery interruptions, sources say

Russia will increase oil exports through its western ports in March by nearly 260,000 barrels each day (bpd) versus an initial monthly strategy to 2.22 million bpd after a fall in processing at refineries hit by Ukrainian drones, 2 trade sources said on Tuesday. The increase - which follows an upward revision reported by on Monday - implies Russia's oil deliveries on a daily basis will rise by 13% in March from the preliminary plan, estimations reveal. The sources informed that 2 730,000-barrel Urals oil freights were added to the loading strategy from the Baltic ports in March by Lukoil...