Oil Refineries








Asia

North America

Fossil Fuels

TotalEnergies UK assets to be purchased by Prax are still unsold

By America Hernandez PARIS, 2 July - TotalEnergies West Shetland Offshore assets, which it sold to Prax Group in the past year, remain under French oil major ownership. They will therefore not be affected by liquidation proceedings that affect the British company. TotalEnergies EP UK stated that the transaction to sell the West of Shetland Asset to Prax is not yet complete and we are still the operators of the Shetland Gas Plant as well as the related fields. TotalEnergies agreed to transfer employees from TotalEnergies to Prax in exchange for a portfolio mature offshore fields that produce about 7,500...

Oil Refineries

Sources say that Vitol Group has bid more than $10 billion for Citgo parent company.

Two sources familiar with the bid told us on Wednesday that a group led by commodities trading company Vitol had submitted a bid in excess of $10 billion during the final hours of an auction organized by a court for shares of Citgo Petroleum's parent company, which is owned and operated in Venezuela. Delaware court officer who oversees the auction will recommend a winner by Wednesday, unless he asks for more time to review bids made at the last minute. The proceeds from the auction of PDV Holding - parent company of the seventh biggest U.S. refiner - are intended...

Oil & Gas Refining

California regulator: California should increase fuel imports and halt margin cap

California's Energy Regulator on Friday suggested new rules that would encourage private investment in fuel imports, and put a hold on the refiner profit limit. The regulator hoped to prevent gasoline prices in California from soaring as the state prepares for the closing of two major refineries. California Energy Commission's recommendations came as a response to Governor Gavin Newsom's letter requesting changes in the state energy transition effort by July 1. California will face higher fuel prices due to the planned closures of Phillips 66's and Valero Energy's refineries. CEC Vice-Chair Siva Gunda admitted that the closure of refineries could...

Energy Markets

The biggest weekly drop in oil prices since two years is expected as the war premium disappears

The oil price fell to its lowest weekly level since March 2023, Friday, due to the lack of supply disruption caused by the Iran-Israel conflict. Brent crude futures gained 35 cents or 0.52% to $68.08 a barge by 0429 GMT, while U.S. West Texas intermediate crude rose 40 cents or 0.61% to $65.64. Both contracts are now on track for a weekly decline of around 12%. The benchmarks have now returned to the level they were before Israel began the conflict on June 13 by firing missiles against Iranian military and nucleonic targets. Prices reached a five-month-high after the U.S....

Energy Markets

Nour News reports that the damaged unit of Iran's South Pars Refinery is now back in operation.

Nour News, the Iranian state news agency, reported that a damaged unit of South Pars refinery Phase 14 has been returned to service. Israel had struck the refinery in its first attack on Iran's oil sector. South Pars is the largest gas field in the world. It is located off the coast of Iran's Bushehr Province, which is the southernmost province. This gas field is responsible for a large part of the gas produced by the country. Iran is the third largest gas producer in the world after the United States of America and Russia. The agency said that gas...

Oil & Gas

Gold Reserve asks for clarification on US license protecting Citgo

Gold Reserve filed an urgent request to a Delaware court asking for clarification on a License Venezuela-owned U.S. refiner Citgo Petroleum will pay its creditors even if a court auction is held, the company announced on Tuesday. The Delaware court has advanced to Complete the Auction Citgo Holdings, the parent company of Citgo, is offering shares to up to 15 creditors to compensate them for defaults on debts and expropriations. The winner of the bidding round is expected to be chosen by July 2. Gold Reserve Canada, one of the creditors participating in the auction, and also a buyer, has...

Oil Refineries

Foreign Minister: Iran will not expand conflict with Israel but will defend itself

Abbas Araqchi, the Foreign Minister of Iran, said that Iran did not want to see its conflict with Israel spread to its neighbouring countries, unless it was forced. He added that its response to Israel had been in self-defence. Araqchi stated that Tehran was responding to an aggression from abroad, and if the aggression stopped, Iranian responses would cease. The Foreign Minister said that the Israeli attacks on the South Pars offshore gas field Iran and Qatar share were "a blatant act of aggression" He said that dragging the conflict into the Persian Gulf was a strategic error, with the...

Oil Refineries

Sources say that a decision on the sale of oil refiner Italiana Petroli is expected by end-June.

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

Oil Refineries

US Judge extends Citgo's auction schedule and moves final hearing to august

According to a Wednesday filing, a U.S. court in Delaware has moved the final hearing of the sale process to August 18th. The auction will be held by the Delaware Superior Court. Multiple delays have been experienced in the eight-year long court case aimed at compensating Venezuelan creditors for defaulted debts and expropriated assets. The first round of bidding last year did not satisfy the majority of companies who expected to receive cash proceeds. Citgo is the seventh largest refiner in the United States. It's owned by Venezuelan state oil company PDVSA. In the second round of bidding, the court...

Oil & Gas

Higher margins for global oil refiners provide a short-term boost

In recent weeks, refiners around the world have made unexpected profits by producing fuels that are essential to summer demand. This is a welcome respite for a sector in trouble, before a predicted weakening of this year. Fuel markets are strong in contrast to crude oil prices that fell in May to a 4-year low after OPEC+ increased output faster than expected. This also indicates that demand has remained resilient despite concerns over tariffs. Neil Crosby, analyst at Sparta Commodities, said that margins are high because supply and demand balance is tight. The refining margin is the profit a refinery...

Oil & Gas

IIR: Nigeria's Dangote Refinery will run with reduced production until October.

IIR Energy, an industry watchdog, said that the Dangote oil refining plant in Nigeria, which is one of the largest refineries in the world, will operate its gasoline production unit with reduced output until October due to a series of problems in recent months. The 650,000-barrel-per-day (bpd) refinery, which opened last year, is currently running its 204,000 bpd gasoline-producing residual fluid catalytic cracking (RFCC) unit at about 70% of capacity, IIR said. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of the unit, and again from May 15 through May...

Fuel Oil

Nigeria's Dangote Refinery continues WTI purchasing spree in July

Three trading sources have confirmed that Nigeria's Dangote refinery will import five million barrels (or more) of U.S. WTI Crude Oil in July. This is a continuation of its purchasing spree following a possible record tally for June. Sources said that the giant new 650,000 barrel-per-day (bpd), oil refinery will import 161,000 barrels of WTI per day in July, after recent tenders were awarded. This is on the back of the record 300,000 barrels per day booked in June's tenders. The final totals of the month may change if the refinery makes more purchases. Traders said that the buying spree...

Europe

Energy Markets

Source: Glencore talks to UK government about insolvent Lindsey refinery supply

According to a source with knowledge of the situation, commodities trader Glencore has been in discussions with the British Government about the status and future of its contract for supply and offtake with the Lindsey oil refining plant. The 113,000-barrel-per-day refinery was owned by Prax prior to its insolvency which was announced on Monday, alongside the insolvency of Prax's parent group, putting hundreds of jobs at risk and potentially increasing Britain's reliance on fuel imports. Glencore has declined to comment. The government has launched an investigation into the directors of Prax and the circumstances surrounding its insolvency. Three sources familiar...

Oil & Gas

The US refinery capacity will grow to 18,4 million bpd by 2024

The U.S. Energy Information Administration reported on Friday that the capacity of U.S. refineries to process crude oil will increase by almost 40,000 barrels a day in 2024, reaching 18.4 million bpd. According to a report, the Port Arthur plant of Motiva Enterprises in Texas became the world's largest refinery based on capacity, with 640,500 barrels per day. It passed Marathon Petroleum's Galveston Bay Refinery, located in Texas City. Motiva increased its capacity by 14,500 bpd over the past year due to improved operating efficiency. The report for next year may show a drop of up to 402,476 bpd due...

Oil Refineries

Unions claim that Eni, Italy's oil company, is looking to create a new unit for managing refineries.

Two unions have said that Eni plans to create a new company in Italy focused on a number of assets, including oil refineries and fuel storage facilities. This was revealed after a meeting earlier this week with the state-controlled group. Unions claim that the new unit will probably be called Eni Industrial Evolution. It could include nearly 2,000 workers who are employed on the sites included. The FEMCA CISL trade union published a statement on its website Thursday stating that "EIE would take over management of traditional refinery, primary logistics, and the conversion of Livorno's and part of Sannazzaro's plants...

East Asia

Middle East

Fossil Fuels

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to supplying the world's biggest commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the eight...

Mining

Sources say that Guinea wants to revoke EGA's license over the alumina refinery dispute

People familiar with the matter said that the Guinean government's decision to revoke Emirates Global Aluminium (EGA's) mining license was due to the company's failure in fulfilling its commitment to build an alumina refining plant. Reports on Wednesday indicated that Guinea had begun a process of revoking the EGA license, intensifying a dispute which began in October when the Emirati firm's mining and bauxite-export operations were suspended. Guinea's move, as the second largest bauxite producer in the world, could disrupt global supply chains for aluminium and signal the country's increasing hostility toward foreign miners, especially since the September 2021 junta...

Energy Markets

Sinopec, a Chinese company, partners with Saudi Aramco in a $4 billion joint venture

Sinopec, the state-run oil company in China, announced on Monday that it had signed a deal with a Saudi Aramco unit to create a joint venture with a capital of $3.95 billion. Sinopec's unit in Singapore, Aramco Asia Singapore Pte, and Saudi Aramco signed the agreement. (AAS). Sinopec will contribute 7,20 billion yuan, and its unit 14,40 billion yuan respectively. AAS will contribute the remaining 25% of the registered capital. Fujian Sinopec Aramco Refining and Petrochemical Co will be involved in port operations, crude oil transport, and other activities in the Gulei Port Economic Development Zone in Zhangzhou in China's...

Fossil Fuels

China's crude storage grew in March, reversing an earlier draw: Russell

In March, China's refineries produced the most oil in an entire year. However, the amount of crude added to inventories rose to its highest level in almost three years due to a surge in imports. According to calculations based upon official data, China's crude surplus reached 1.74 million barrels a day (bpd). This is the highest level since June 2023. In March, refiners had a large surplus of crude oil available after they had drained their stockpiles during the first two months of this year when imports of oil were low due to the high prices at the time of...

Refined Products

Data shows that the share of OPEC oil in India's imports has dropped to a record low.

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Energy Markets

Sources say that the top Turkish refiner Tupras has resumed buying Urals crude from Russia.

According to three trading sources, and shipping data, Turkey's biggest oil refiner Tupras is now buying Russian Urals crude after stopping earlier this year because of stronger U.S. Sanctions against Moscow. Tupras didn't immediately respond to a comment request. Three sources confirmed that Tupras had resumed purchases following the price of Urals crude falling to its lowest level since 2023 earlier this month. The price was comfortably below the $60 per barrel G7 cap. The price cap imposed on Russian oil by the Group of Seven, the European Union, and Australia prohibits the use of Western services like insurance, flagging,...

Energy Markets

Iraq invites meeting to resume discussions on Kurdistan Regional Oil Exports

The state news agency reported that the Iraqi Oil Ministry requested an urgent meeting on Friday with the relevant parties in order to resume negotiations regarding the export of Kurdistan Regional Oil. Iraq's Oil Ministry also stated that it had taken serious measures to demonstrate goodwill in the negotiations to ensure a resumption exports. It added that unrealistic demands outside of legal frameworks hindered reaching a final deal. The Ministry said that it was working to ensure the proper implementation of amendments to the budget laws approved on February 2 so that exports via Iraq-Turkey can resume as quickly as...

Oil Refineries

Russell: OPEC+’s 'healthy crude oil market' is an illusion. Trump effect is not.

OPEC+, the group of crude oil producers, justified its decision to increase production citing "the healthy fundamentals of the market and a positive outlook for the market." They are probably looking at a different market than the rest of us. OPEC+ - which includes the Organization of Petroleum Exporting Countries (OPEC) plus Russia and its allies - announced in a Monday statement that they will proceed with a planned increase in production in April. Calculations show that the volume of oil required to be added back is 138,000 barrels per daily (bpd). It is not enough to have a significant...

Oil & Gas

Iraqi minister: Iraq is waiting on Turkey's approval before restarting oil flow from Kurdistan.

Iraq's oil minister announced on Monday that it is awaiting Turkey's approval before restarting the oil flow out of the Iraqi Kurdistan Region. Hayan Abdel Ghani, a reporter, said that he hoped to have the Kurdish oil exported in two days. When asked about the timing of Iraq's return to oil exports, he replied that "this issue would be resolved in a week." Kurdistan regional government announced on Sunday that the Iraqi Kurdistan officials have agreed to resume Kurdish crude oil exports, based on volumes available. In March 2023, the pipeline was shut down by Turkey after the International Chamber...

Oil Refineries

The fuel oil rally is expected to slow down as the market adjusts to US-Iran policies

Fuel oil margins rose after U.S. president Donald Trump reimposed tougher policies on Iran. However, trade sources expect the rally to be short-lived due to an unclear disruption in supply, and weaker China demand, as well as broader tariff worries, weighed on sentiment. As traders have considered various factors and pondered the uncertainty of supply, there has been a volatile movement in the market this year, especially for high-sulfur fuel. A fuel oil trader stated that the recent increase in crack spread or traded margin was more of an emotional reaction. He added that Chinese demand remains a negative factor....

Oil & Gas

Sources say that Syria has turned to intermediaries after the low level of interest in tenders for its oil imports.

Several trade sources said that Syria wants to import oil through local intermediaries because its first post-Assad import bids did not attract much interest from oil traders, due to the ongoing sanctions and financial risk. According to tender documents, the caretaker government of Syria issued tenders for the import of 4.2 million barrels crude oil as well as 100,000 tons of each fuel oil and diesel. Sources said that the tenders which closed on the Monday have not been awarded, and the government has now begun negotiating with local firms to meet the requirements. After Iran seems to have stopped...

Fossil Fuels

Energy ministers of Saudi Arabia, Iraq and Libya discuss market stability

Saudi Energy Minister Prince Abdulaziz bin Salman held talks on Monday with his Iraqi and Libyan equivalents, Hayan AbdelGhani and Khalifa Abdulsadek, in Riyadh on efforts to support the stability of international energy markets, the Saudi state news agency (DAY SPA) reported. OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and allies including Russia, is because of hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) on Feb. 3. U.S. President Donald Trump has openly contacted Saudi Arabia and OPEC to reduce oil costs, saying doing so would end the war in Ukraine. OPEC+...