New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness is another sign of a softening consumer and industrial demand in China due to the slowing of economic growth and increasing penetration of electric cars.
Ineos Awaiting Parts for Forties Pipeline Repairs
Ineos, the operator of Britain's Forties crude oil pipeline in the North Sea, was moving forward with a preferred repair option and the timeframe to fix a crack remained unchanged, the company said on Tuesday. The system, which carries around 450,000 barrels per day of Forties crude to Britain, along with a third of the UK's total offshore natural gas output, has been closed since Dec. 11 after a crack was found.
Brent Eases, Traders Sanguine About Pipeline Outage
Brent futures for delivery in the first months of next year have given up much of their premium since the announcement on Monday that the Forties pipeline system would be shut for emergency repairs. The Forties pipeline system, which carries around 450,000 barrels per day and handles nearly a quarter of North Sea output, is likely to be shut for several weeks, according to owner Ineos. But traders have become…
Force Majeure Declared on Some North Sea Liftings
Pipeline shut on Dec. 11; repair work could last several weeks. Deliveries of crude oil through the Forties pipeline in the North Sea are under force majeure for the first time in decades and operator INEOS said on Thursday there was no timeline yet for repair work that could last several weeks. The 169-km pipeline, which carries around a quarter of all North Sea crude output and around a third of Britain's total offshore gas production…
Grangemouth Oil Refinery Running amid Forties Pipeline Closure
Scotland's 200,000 barrel per day (bpd) Grangemouth oil refinery has enough crude to keep running even as the Forties pipeline that supplies it will be shut for weeks, a spokesman for operator INEOS said on Tuesday. Oil prices spiked to more than two-year highs on Tuesday after INEOS said the Forties pipeline, which it also operates, will be closed for weeks to repair a hairline fracture. The pipeline carries about 450…
Britain's Biggest Oil pipeline Shut "for weeks"
Britain's largest oil pipeline could shut down for weeks for unscheduled repair work, sending the price of crude to new two-year highs and triggering a steep rally in natural gas prices, just as a cold snap sweeps the country. The Forties Pipeline System, which carries around 450,000 barrels per day of Forties crude from the North Sea to the Kinneil processing terminal in Scotland, had been operating at reduced capacity since December 7 when a routine inspection revealed a small leak.
Ineos Confirms 'Incident' at its Grangemouth Refinery
Energy firm Ineos said an incident had occurred at its Grangemouth refinery on Tuesday, with emergency services heading to the scene and a local lawmaker advising members of the public to stay indoors. "INEOS can confirm that an incident has occurred at its Grangemouth site," INEOS Grangemouth said in a tweet. Scottish parliament lawmaker Angus MacDonald said that members of the public should stay indoors.
Britain's First U.S. Shale Gas Arrives in Scotland
Britain's first shale gas delivery from the United States sailed into a heated European political debate on fracking on Tuesday and immediately ran into its first practical problem - the Scottish weather. The huge "Ineos Insight" tanker had entered the Firth of Forth at sunrise, a lone Scots piper playing on its bow, as it headed for the Grangemouth refinery, west of Edinburgh. But gusty squalls prevented it from unloading its controversial cargo before an assembled crowd of dignitaries.
Three vie for BP's China Petrochemicals Plant
SK Chemicals, Borealis and Ineos to bid. First bidding round to close in the coming days. At least three leading chemical companies are set to vie for BP's stake in Chinese petrochemicals joint venture SECCO which could fetch more than $2 billion, sources close to the process said. Offers for the 50 percent stake, the British oil and gas company's largest investment in China, will be submitted in the coming days, the sources said.
Ineos to Add Talent to Support North Sea Expansion
North Sea oil and gas would supply INEOS plants in Europe; advertised positions include CEO, geologist, engineer. Swiss-based petrochemical and refining company Ineos is looking to expand into North Sea oil and gas production by hiring a number of senior and mid-level staff, its website showed on Monday. The post of CEO of the new offshore oil and gas business has a remit "for leading a strategic review to support the INEOS entry into North Sea production…
Ailing Industry Kills Welsh Refinery
Europe's refiners face stiff competition from Asia, U.S. U.S. company Murphy Oil tried for more than four years to sell its Milford Haven refinery in Wales. The plant was finally doomed last week when a deal with entrepreneur Gary Klesch fell through because he could not secure financing. Banks were not convinced Klesch's plans to buy Britain's smallest and least sophisticated plant were viable, sources familiar with the transaction said.
UK Oil Imports Exceed Exports for First Time in 30 Years
Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to stay dependent on overseas oil as its refineries close. Britain exported 26.2 million tonnes of products such as diesel, kerosene and jet fuel from its refineries last year, but imported 28.2 million tonnes, due to the closure of two major oil processing plants. "The U.K.
UK Gov't Sees More Scope for Refinery Closures
Britain said on Wednesday there was scope for more UK refining capacity to close without undermining energy security but set up a new task force to help the struggling sector fend off overseas competition. The government's long-awaited review of Britain's refining and fuel imports sector comes a week after Murphy Oil said it could be forced to close its loss-making Milford Haven plant in Wales after talks with a potential buyer collapsed.
