China's Sinopec Starts Hiring for New Risk Management Unit
China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company's official wechat account on Sunday.Formally known as Sinopec Chaoyang Risk Management Co and with a registered capital of 300 million yuan ($42.40 million), the new firm will provide financial services for the oil and chemical sector including hedging and inventory management, Sinopec…
Shell, Eni Lead Oil Majors' Climate Ambitions But Still Fall Short - Investors
None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19 trillion said on Tuesday.The Transition Pathway Initiative (TPI), which represents the investors and is co-chaired by the Church of England Pensions Board, called on all oil and gas producers to set both intensity-based and absolute emissions reductions targets so that the industry adheres to a common standard on 'net zero' emissions.Burning of oil and gas accounts for the vast majority of the world’s carbon emissions.
Bunker One Expands to Germany
Denmark-based marine fuel supplier Bunker One has announced the establishment of a new physical bunker entity, serving the German market.Bunker Holding subsidiary said that the business activities of the new entity Bunker One (Germany) GmbH will be concentrated on supplying marine fuel products and other related services to ferry- container- and other commercial vessels in all ports at the German North Sea and Baltic Sea regions with base in Rostock, Kiel and Hamburg.To benefit the…
ScanOcean, Neste Pact for Low-Sulfur Bunker Fuel
Finland oil refining and marketing company Neste Corporation and Swedish bunker and marine fuels provider ScanOcean AB enter into cooperation in delivering Neste’s low-sulfur marine fuel. ScanOcean AB is now an official reseller for Neste’s 0.1% marine fuel products on the East Coast of Sweden. The low-sulfur marine fuel is one of Neste’s high quality products."The re-seller partnership with ScanOcean is part of our marine fuel strategy as it is our aim to continually offer customers better services both locally and globally.
Nghi Son Refinery Begins Commercial Production
Vietnam's Nghi Son oil refinery has officially begun commercial production following months of tests, the owner of the refinery said on Monday.Commercial production had begun from Nov.
PetroChina Ships first Gasoline Cargo to Canada
PetroChina has shipped its first gasoline to Canada on June 20, the company's official newspaper said on Thursday. 35,000 tonnes of gasoline was shipped from PetroChina's Guangxi Qinzhou refinery to Vancouver, PetroChina said, marking the company's latest efforts to expand sales in new markets such as Japan and Australia amid a rising domestic glut in fuel products Sinopec's Tianjin refinery also shipped diesel to Australia for the first time on Tuesday. Reporting by Meng Meng and Aizhu Chen
Unipec, ENOC Place Lowest Offers in Bangladesh Oil Import Tender
Energy traders Unipec and ENOC placed the lowest offers in a tender by Bangladesh Petroleum Corp to buy up to 1.52 million tonnes of oil products for import in the second half of 2018, officials said on Tuesday. The state-owned company was seeking between 1.1 million tonnes and 1.28 million tonnes of 500ppm sulphur gasoil, 100,000 tonnes of jet fuel and 120,000 to 140,000 tonnes of 180-cst high-sulphur fuel oil. Unipec, the trading arm of China's state-owned Sinopec , placed the lowest offer for the gasoil and jet fuel cargoes…
Massachusetts Top Court Rules Against Exxon in Climate Change Probe
Massachusetts' top court on Friday rejected Exxon Mobil Corp's bid to block the state's attorney general from obtaining records to investigate whether the company for decades concealed its knowledge of the role fossil fuels play in climate change. The Massachusetts Supreme Judicial Court ruled that Attorney General Maura Healey had jurisdiction to seek records to probe whether the oil company's marketing or sale of fossil fuel products violated the state's consumer protection law. Representatives for Healey and Exxon did not immediately respond to requests for comment.
Domestic Diesel Stocks Tighten in Storm's Wake
U.S. diesel stockpiles did something this year that has never happened in the summer before: They shrank. And that was even before Hurricane Harvey landed, knocking out a quarter of U.S. refining capacity, crippling production of fuel products. Thanks to surprising summer demand, particularly from exports, inventories of diesel, jet fuel and heating oil were heading into the busy winter at their lowest levels in three years. Harvey's effects cost refiners even more production of fuel…
Oil Slips on Chinese Demand, Rising U.S. Activity
Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world's second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics data showed, down around 500,000 bpd from June and the lowest rate since September 2016. Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil.
Cuban Refined Oil Product Exports Drop Sharply
Cuban exports of refined oil products fell about 97 percent between 2013 and 2016, according to a United Nations trade report released this week, reflecting falling supplies from its political ally Venezuela. The UN Comtrade annual report put the value of Cuban fuel exports last year at $15.4 million, compared to more than $500 million in 2013. The amounts for 2015 and 2014, when oil prices collapses, were $163.5 million and $336.8, respectively. The figures were based on import data from reporting countries, which may make them incomplete.
Oil Steady in Slow Pre-Holiday Trading
Saudi Oct crude exports dropped, but refined fuel exports rose. Asian refining capacity to jump next year. Oil prices were steady on Tuesday in timid trading ahead of the year-end holidays, with investors beginning to unwind positions without expecting to take up new ones until the start of 2017. International Brent crude oil futures were trading at $54.88 per barrel at 0821 GMT, down 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were down 17 cents at $51.95 per barrel.
Blooming, NCF Team-up to promote CO2-to-fuel products in China
Greenearth Energy Limited (ASX: GER) stated that NewCO2Fuels Ltd (NCF) has signed a term sheet with Blooming (Beijing) Technology Co. Ltd (BBT) to lead the sales and marketing efforts of NCF’s award winning CO₂-to-fuel technology in China, and also to introduce investors to fund the commercialisation for China. BBT’s appointment as NCF’s agent follows completion of successful feasibility studies by Sinopec Engineering (SEG), and the subsequent term sheet announced recently with SEG to commercialise the technology in China. BBT is a private company based in Beijing, China.
Unipec, Vitol Front-Runners in Bangladesh Fuel Tender
China International United Petroleum & Chemicals Co. (Unipec) and Vitol SA submitted the most competitively priced offers for Bangladesh Petroleum Corp's (BPC) tender to import oil products in the first half of 2017, according to an offer document. In October, state-owned BPC issued a tender to import 965,000 tonnes of gasoil with a maximum 0.05 percent sulphur content, 90,000 tonnes of jet fuel, and 120,000 tonnes of high sulphur fuel oil in the first half of 2017. Unipec, a wholly-owned subsidiary of China Petroleum & Chemical Corp…
U.S. Crude Hits 15-month Highs After Big Drawdown
Oil prices jumped as much as 3 percent on Wednesday, with U.S. crude hitting 15-month highs after the government reported a surprisingly large drop in domestic inventories for the sixth week out of seven. The U.S. Energy Information Administration (EIA) said crude stocks fell 5.2 million barrels in the week ended Oct. 14. Analysts polled by Reuters had expected the EIA to report a crude build of 2.7 million barrels. U.S. West Texas Intermediate (WTI) crude's front-month contract rose $1.39, or 2.7 percent, to $51.68 a barrel by 11:26 a.m. EDT (1526 GMT).
China Overtakes U.S. as World's Top Crude Importer
China daily crude imports hit record above 8 mln bpd in September. China imported record volumes of crude oil last month, eclipsing the United States as the world's top buyer of foreign oil as Beijing's state reserves shipped in cheap crude to fill new storage tanks. September's crude imports rose 18 percent from a year earlier to 33.06 million tonnes or 8.04 million barrels per day (bpd) on daily basis, customs data showed. The buying outpaced the U.S. four-week average assessed by the U.S. Energy Information Administration of 7.98 million bpd at the end of September.
Petroleum Storage Terminal opens in Hamriyah Free Zone
Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (SAIF Zone) inaugurated the petroleum storage terminal of Sharafco Group at Hamriyah Free Zone’s first phase recently. After the opening ceremony, Al Mazrouei and other officials toured the facilities and congratulated Sharafco Group on their achievement. Al Mazrouei said, “Due to our excellent facilities and services, several companies within the Free Zone have expanded their operations which just reinforces the fact that Hamriyah Free Zone is the ideal hub.
Oil Falls on Oversupply, Vens Plea Falls on Deaf Ears
Venezuela calls for producer meeting to prop up oil prices. Oil fell on Wednesday, hit by improved prospects for U.S. output and a glut in refined products, while analysts largely expected no impact on supplies from talk of a potential producer meeting to discuss propping up prices. International benchmark Brent crude futures were down 63 cents at $44.35 per barrel at 0839 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $42.13 per barrel, down 64 cents from their last settlement.
Gulf Petrochem Expands European Operations
Gulf Petrochem Group, the UAE based global bunker supplier, has today announced that it is now officially offering physical bunker supply in the port of Rotterdam, out of its new office based in Dordrecht. The office will cater to the group’s global customers and provide them with a wide portfolio of marine fuel products such as 380cst and LSGO from two exclusive time chartered barges, the Virage and the Arctic. Both barges have a capacity of 3,000 dwt (deadweight tonnage) and pumping capacity of 960cbm/hour and 800 cbm/hour respectively.
Refiners Struggle as Asia Drowns in Gasoline
Singapore light distillate stocks near record; refiners see no quick improvements in profit margins. Asia's refined product markets are being swamped by a wave of gasoline as a long-lasting crude oil glut spills into the one fuel market refiners had hoped would save them, ruining margins and dragging down share prices across the region. Singapore's benchmark gasoline margins - long the bright spot for Asia's oil processors amid rock-bottom profits earned on diesel, jet and shipping fuel - have more than halved since the beginning of 2016…
