Saudi Aramco, Total in USD1bln Pact
Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and start providing motorists with premium fuels and retail services in the Guf kingdom.“This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look forward to working together with our long-term partner Total and draw on their extensive experience in the retail fuel market…
Shell to Sell its Downstream Business in Argentina
Shell has signed an agreement to sell its Downstream business in Argentina to Raízen for $0.95 billion in cash proceeds at completion, subject to customary closing conditions. The sale includes the Buenos Aires Refinery, around 645 retail stations, liquefied petroleum gas, marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country. Additionally, after the transaction closes, the businesses acquired by Raízen will continue their relationships with Shell through various commercial agreements…
Vitol's 2017 Traded Oil Volumes Edged Lower
Traded oil volumes edge lower, remain above 7 mln b/d. The world's largest oil trader Vitol said on Monday that its traded crude and products volumes fell slightly in 2017 as it focused on its mid and downstream acquisitions and added assets in the United States by acquiring Noble Group's oil business. The total volume was 349 million tonnes, down slightly from 351 million tonnes the previous year, but staying above the 7 million barrel per day (bpd) level hit for the first time in 2016. The trader added…
Imperial Oil Posts Lower-than-expected Adj. Profit
Canada's Imperial Oil Ltd on Friday reported a lower-than-expected adjusted quarterly profit, hurt by a 22 percent rise in expenses. The Calgary-based company reported a net loss of C$137 million ($111.23 million), or 16 Canadian cents per share, for the fourth quarter as it booked charges of C$566 million related to its Horn River and Mackenzie projects. The company, majority owned by Exxon Mobil Corp, posted a C$1.44 billion profit in the year-ago quarter on a C$988 million gain from the sale of its retail stations.
Shell Buys Electric Vehicle Charging Firm NewMotion
Royal Dutch Shell has agreed to take over NewMotion, the owner of one of Europe's largest electric vehicle charging networks, it said on Thursday. Shell has started providing charging points for electric vehicles at some of its retail stations and said the acquisition of NewMotion would help it offer a full raft of electric vehicle services. "Today's announcement is an early step towards ensuring customers can access a range of refuelling choices over the coming decades," said Matthew Tipper, Shell's vice president for new fuels.
Glencore Sees Record Oil Trading Volumes as Margins Shrink
Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London-listed commodities trader and miner will shift around 6 million barrels per day (bpd) of crude and refined product this year, up 25 percent from last year. The figure represents around 6 percent of global supply and only rival Vitol trades more oil, at some 7 million bpd. Most merchants are being forced to ramp up volumes to protect profits in an environment of low volatility.
Imperial Oil Profit Boosted by Asset-Sale Gain
Imperial Oil Ltd, majority owned by Exxon Mobil Corp, reported a sharp rise in fourth-quarter profit, helped by a gain from the sale of its service stations. Canada's No.2 integrated oil producer and refiner sold its remaining company-owned Esso retail stations to five fuel distributors for about C$2.8 billion ($2.15 billion), resulting in a C$988 million gain in the quarter. The company's oil and gas business posted net income of C$103 million, compared with a loss of C$289 million a year earlier, helped by a recovery in oil prices.
Petronet bets on LNG as a fuel to Drive Demand
India's top gas importer Petronet LNG is betting on liquefied natural gas-powered ships and vehicles to drive up demand for the cleaner fuel, its managing director said, helping the world's third most polluting nation to improve air quality. Prabhat Singh told reporters he expected a shift to LNG-driven vehicles to create "reasonable demand" for the fuel in a country where many industries are not yet linked to the pipe grid. India currently lags Asian rival China, where thousands of trucks and buses already run on LNG.
Tesoro to Acquire Western Refining
Tesoro increases share buyback program by $1 bln to over $2 bln. U.S. oil refiner Tesoro Corp said on Thursday it would buy Western Refining Inc for $4.1 billion to add refineries in Texas, New Mexico and Minnesota. The combined company will have refining capacity of over 1.1 million barrels per day. Tesoro has refineries in California, Washington, Alaska, Utah and North Dakota. "The acquisition of Western further strengthens our integrated business model and extends our portfolio into attractive and growing markets," said Tesoro Chief Executive Greg Goff, who will lead the combined company. U.S.
Sasol Mulling Bid for Chevron's South African Assets
Petrochemicals firm Sasol said on Friday it was considering buying a majority stake in Chevron's South African assets, including a 110,000 barrels-per-day oil refinery and retail stations. Chevron, which has had a presence in South Africa for more than a century, said in January it would sell its 75 percent stake in its business in the country after making similar sales in Nigeria due to weak oil prices. "Sasol is working with Chevron and its advisers in this regard," spokesman Alex Anderson said in an email to Reuters.
Algenol to Distribute Ethanol Commercially
Press relase - Offering ethanol made from algae for the first time commercially, Algenol Biotech LLC and Protec Fuel Management, LLC have entered into an agreement to market and distribute ethanol from Algenol’s Fort Myers, Fla., commercial demonstration module. The two will also offer Algenol’s future 18 million gallons per year from its commercial plant, which is planned for development in Central Florida in 2016 and 2017. Protec Fuel will distribute and market the fuel for E15 and E85 applications for both retail stations and general public consumption, as well as fleet applications.
EPA, Shell Affiliates Settle Over Clean Air Violations
The U.S. Environmental Protection Agency (EPA) has reached a settlement with three companies affiliated with Shell Oil Company to resolve Clean Air Act violations, including selling gasoline and diesel fuel that did not conform to federal standards. The settlement will see the companies pay a $900,000 penalty to resolve these violations, which the EPA said resulted in excess emissions of harmful air pollutants from motor vehicles, which pose public health threats and environmental impacts. “Fuel standards established under the Clean Air Act play a major role in controlling harmful air pollution from vehicles and engines…
