SOCAR Installs New Platform at Bulla-Deniz
A new stationary drilling platform was commissioned on Monday at the Bulla-Deniz offshore field in Azerbaijani sector of the Caspian Sea.The platform was built by SOCAR Oil and Gas Construction Trust and projected by the in-house Oil & Gas Research and Design Institute. It was designed for drilling of one exploratory and four production wells. The platform was constructed in 30-meter sea depth and its deck is 12 meters above the sea.The average depth of wells will be 6,300 meters.
Rising Use of Plastics to Drive Oil Demand to 2050 - IEA
Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.Despite government efforts to cut pollution and carbon emissions from oil and gas, the Paris-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products.Petrochemicals…
Total Signs $1.5 bln Sonatrach Deal for Algerian Project
French oil and gas major Total has signed a $1.5 billion deal with Sonatrach to build a polypropylene plant in western Algeria, the companies said on Friday.Engineering studies have started already and front-end engineering and design will start in the summer, Total said in a statement.Algerian state energy company Sonatrach will own a 51 percent stake in the project, with Total holding the remaining 49 percent."I'm happy to say that we will have petrochemical products, not just oil and gas," Sonatra
Exxon Mobil Vietnam Gas Project Could Start in November
Exxon Mobil Corp's Blue Whale gas project, Vietnam's biggest, could start in November, Vietnam Television (VTV) reported on Tuesday. The Blue Whale field has an estimated 150 billion cubic metres of reserves. Prime Minister Nguyen Xuan Phuc told Exxon Mobil on Tuesday he hoped to have the project starting officially at an Asia-Pacific Economic Cooperation summit in November when U.S. President Donald Trump and U.S. government officials are expected to attend, state-run VTV reported.
S-Oil, Petronas Ink Long-term LNG Deal
South Korea's third-largest refiner S-Oil Corp signed a long-term liquefied natural gas (LNG) supply contract with Malaysia's Petronas for 15 years starting from next year, the North Asia company said on Friday. S-Oil expects to buy 700,000 tonnes of LNG per year from state-owned Petronas from March 2018 through March 2033, it said in a stock filing exchange. "We have inked the deal on good terms for our company amid the current favourable LNG market conditions," said the refiner in the filing.
PA Town Approves Shell Petrochem Facility
The town council of Potter, Pennsylvania unanimously approved a conditional use permit late Wednesday allowing a unit of Royal Dutch Shell PLC to move forward with construction of a multibillion-dollar petrochemical complex near Pittsburgh. Last June, Shell's Shell Chemical Appalachia LLC unit made a final investment decision to build the complex, which includes an ethylene cracker. Ray Fisher, a spokesman at Shell, said on Thursday the company has not disclosed the cost of the project.
Tauber Settles Allegations of Selling Unregistered Fuel Additive
The U.S. Environmental Protection Agency (EPA) has announced a settlement with Tauber Oil Company, resolving alleged Clean Air Act violations stemming from the company's sale of a fuel additive that was not registered with the EPA. Tauber stopped selling the unregistered fuel additive and will pay a $700,000 civil penalty. The settlement resolves claims that Tauber produced a fuel additive called Mixed Alcohol by blending together various alcohol streams…
Massive Investments for Antwerp Port
Massive investments in the port of Antwerp are coming in the next few years. The SEA-Invest group is planning construction of a new tanker terminal in the Delwaide dock representing an investment of 250 million euros. In the same dock the group will also operate an independent container terminal that it has acquired from Independent Maritime Terminal (IMT). This facility is currently located in the Hansa…
Saudi's PetroRabigh Q2 Profit Slides 79.6%
Saudi Arabia's Rabigh Refining and Petrochemical Co. (PetroRabigh) reported a 79.6 percent decrease in net profit in the second quarter on Sunday as petrochemical prices dropped and refinery margins fell. The firm, a joint venture between Saudi Aramco <IPO-ARMO.SE> and Japan's Sumitomo Chemical, made a profit of 103.2 million riyals ($27.5 million) in the three months to June 30, it said in a bourse statement. This compares with a profit of 504.9 million riyals in the corresponding period last year.
Turkey Reopens Key Shipping Route After Coup Attempt
Turkish maritime authorities have reopened Istanbul's Bosphorus Strait to transiting tankers after shutting it earlier on Saturday for several hours following what the government said was an attempted coup by a faction in the military. The Bosphorus is one of world's most important chokepoints for the maritime transit of oil with over three percent of global supply - mainly from Russia and the Caspian Sea - passing through the 17-mile waterway that connects the Black Sea to the Mediterranean.
Saudi Arabia's PetroRabigh Awards $208 mln Contract to Saipem
Saudi Arabia's PetroRabigh said on Monday it had awarded a construction contract for its Rabigh II expansion project to Italian oil service group Saipem. PetroRabigh, a joint venture between Saudi Aramco <IPO-ARM.SE> and Japan's Sumitomo Chemical, said the total cost of the 30-month contract to expand its petrochemicals complex was 782 million Saudi riyals ($208.5 million). The contract includes a plant to process and recover vanadium and a unit to dispose of caustic soda.
Saudi's PetroRabigh Swings to Q1 loss
Saudi Arabia's Rabigh Refining And Petrochemical Co. (PetroRabigh) swung to a first-quarter net loss, it reported on Wednesday, as its earnings were impacted by the plant's gradual restart after a period of maintenance at the end of last year. The firm, a joint venture between Saudi Aramco <IPO-ARMO.SE> and Japan's Sumitomo Chemical, made a loss of 32.7 million riyals ($8.7 million) in the three months to Mar. 31, it said in a bourse statement.
Wood Group Wins Valero Energy Refinery Contract
Wood Group has secured a new five year framework agreement with Valero Energy, an international manufacturer and marketer of transportation fuels, petrochemical products and power. Effective immediately, Wood Group Industrial Services (WGIS), Wood Group PSN’s industrial service line business, will provide services to the onshore Pembroke refinery in south west Wales. The contract signifies an important expansion for Wood Group into the UK petrochemical sector.
Far East Gas Delays LPG Terminal in Manzhouli til June 2016
Joint venture Manzhouli Far East Gas has postponed the launch of a liquefied petroleum gas (LPG) and propylene terminal at the Russian-Chinese border until June 2016, a partner in the venture said. "This timeline is due to the fact that the construction season in Manzhouli ends November 30, 2015 and will not resume until next April. There are also stricter requirements for acceptance, handling and transportation of dangerous chemicals in China…
Far East Gas Delays LPG Terminal Launch
Joint venture Manzhouli Far East Gas has postponed the launch of a liquefied petroleum gas (LPG) and propylene terminal at the Russian-Chinese border until June 2016, a partner in the venture said. "This timeline is due to the fact that the construction season in Manzhouli ends November 30, 2015 and will not resume until next April. There are also stricter requirements for acceptance, handling and transportation of dangerous chemicals in China…
South Africa's PetroSA Ends CEO's Contract After Probe
Press release - South Africa's state oil company PetroSA said on Friday it had terminated its chief executive officer's contract, after placing her on special leave alongside two other executives to allow an investigation into their performance. PetroSA said in a statement that it had reached an agreement with Nosizwe Nokwe-Macamo, but the terms were confidential. "I am not in a position to say anything beside what is stated in the press release," spokesman Thabo Mabaso said.
IndianOil Orders 2 LNG Tanks from MHI
Mitsubishi Heavy Industries, Ltd. (MHI) has received an EPC (engineering, procurement and construction) order from Indian Oil Corporation Ltd. (IOL), India's largest oil company, to construct two LNG (liquefied natural gas) storage tanks. The LNG tanks will be the main facility at the first LNG receiving terminal to be constructed on India's east coast. This is also the first LNG storage tank order that MHI has received from India.
Total to add German Petrol Stations
French energy company Total is planning to expand its network of petrol stations in Germany, its chief executive told a German newspaper, adding this would happen either through openings or acquisitions. "The expansion of the petrol station network is important to amortise the fixed costs," Patrick Pouyanne told the Frankfurt Allgemeine Zeitung (FAZ). "We earn just about 1 euro cent for every litre of petrol…
Shell to Build Petrochemicals Plant in Iraq
Royal Dutch Shell signed a deal with Iraq on Wednesday worth $11 billion to build a petrochemicals plant in the southern oil hub of Basra, boosting the country's aim to become a major regional energy player and diversify its income. Industry Minister Nasser al-Esawi told a news conference the Nibras complex, which is expected to come online within five to six years, would make his country the largest petrochemical producer in the Middle East.
Chevron - First Gas from Bangladesh Bibiyana Project
Chevron Corporation today announced that its Bangladesh subsidiary has commenced natural gas production from the Bibiyana Expansion Project in the northeastern part of the country. The project included an expansion of the existing gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells and an enhanced gas liquids recovery unit. The project is expected to…
