Shell's refining margins in the third quarter drop dramatically
Shell said that its refining profits fell sharply from the previous quarter to the third due to a slump in global demand. Its oil product trading earnings were also down, the company added. Shell's trading update, released ahead of its quarter-end results on October 31, revealed that its refining margins had fallen by almost 30% in the three months leading up to the end September.
Oil Traders Vie for Guyana Marketing Deal Despite Price Tumble
Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices, four people familiar with the matter said.Oil major Royal Dutch Shell and commodities traders Gunvor and Mercuria were among the companies that have submitted expressions of interest ahead of the Tuesday morning deadline…
Green Shipping Fuels of the Future
Ammonia and hydrogen are promising potential fuels of the future in a de-carbonized shipping industry, which has to switch to alternative, zero carbon fuels in order to meet the targets set out in the initial International Maritime Organization (IMO) strategy on reduction of GHG emissions from ships, an IMO symposium on sulfur 2020 and alternative fuels heard on Friday (18 October).Setting the scene…
Aramco Buys Shell's Stake in Saudi JV
The Saudi Arabian Oil Company (Saudi Aramco) is planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies, for $631 million.Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream, said: “The partnership…
US Buyers Turn to Offshore Crude
U.S. sanctions on Venezuela's oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region.Those two companies produce notable amounts of crude oil that refiners have settled on as the immediate replacement for the heavy Venezuelan crude that U.S. refiners relied on for years.
Shell Trading Disappoints in First Half of 2018 -CFO
Royal Dutch Shell's oil trading profits fell short of expectations in the first half of the year, Chief Financial Officer Jessica Uhl said on Thursday."Trading has been a bit soft for us in the first half," Uhl said on a call with analysts following its quarterly results."It has been a difficult trading environment on the products side…
Six Companies Buy Oil from US Emergency Crude Reserve
Six companies bought 14 million barrels of oil from the U.S. Strategic Petroleum Reserve in a sale required by law to help fund medical research and the federal government, said the Department of Energy on Thursday. BP Oil Supply, Exxon Mobil Corp, Phillips 66 , Shell Trading, Valero Marketing and Supply Company, and Macquarie Commodities Trading bought oil from the reserve…
Nakilat Transfers LNG Umm Slal to in-house Management
Nakilat has assumed full ship management and operations of Q-Max LNG carrier Umm Slal from STASCo (Shell Trading and Shipping Company Ltd.) effective November 23, 2016, as part of the planned transition announced last month. With a cargo carrying capacity of 265,978 cu. m., Umm Slal is wholly-owned by Nakilat and chartered by Qatargas.
Wärtsilä to Power Shell's 15 LNG Barges
A series of 15 inland waterway barges being built for Belgium based Plouvier Transport N.V., and which will be chartered by Shell Trading Rotterdam (Shell), are to be powered by Wärtsilä dual-fuel main engines. The barges will operate primarily on liquefied natural gas (LNG). Wärtsilä will also supply other propulsion equipment and its LNGPac fuel gas handling system.
Shell, BP Decry Excessive Trading Regulation
Royal Dutch Shell joined fellow oil company BP on Wednesday in calling on European regulators to refrain from imposing stricter capital requirements and greater disclosure measures on oil trading. Last month, the head of BP's trading division Paul Reed said some markets could be exposed to severe stress because of some looming EU regulations.
Top Shell Diesel Trader to Vitol
The head of Royal Dutch Shell's middle distillates trading desk in Europe has recently moved to the world's largest oil trader Vitol, industry sources said. Matt Stacey, Shell Trading's European regional team leader for middle distillates, left the company's London office last month and is set to start his job on Vitol's gasoil desk in the coming weeks following gardening leave, the sources said.
Blockbuster Bakken Deal Means More Oil for Traders
A $6 billion takeover to create the biggest oil producer in the Bakken shale may also open up new opportunities for some big traders who ship oil from North Dakota and Montana to market. Over the weekend, Whiting Petroleum Corp said it would acquire Kodiak Oil & Gas Corp, creating a company that pumped some 107,000 barrels per day (bpd) in the first quarter, or about one in every 10 barrels of Bakken crude.
Pemex Resumes Light Crude Sales to U.S. West Coast
Mexico's Pemex has quietly begun shipping light Isthmus crude to a variety of West Coast refiners this year, according to U.S. and Reuters data, resuming such sales after a six-year hiatus. The state-run oil company, which exported only about 100,000 barrels per day (bpd) of Isthmus last year, shipped about 340,000 barrels of the crude to Valero Energy Corp at Benicia…
Mexico's Pemex Quietly Resumes Light Crude Sales To U.S.
Mexico's Pemex has quietly begun shipping light Isthmus crude to a variety of West Coast refiners this year, according to U.S. and Reuters data, resuming such sales after a six-year hiatus. The state-run oil company, which exported only about 100,000 barrels per day (bpd) of Isthmus last year, shipped about 340,000 barrels of the crude to Valero Energy Corp at Benicia…
Bahamas - A Key Source For U.S. Gasoline
A massive oil storage facility in the Bahamas may offer nimble gasoline traders a new way to profit by shipping fuel in foreign ships from the oversupplied U.S. Gulf Coast to the gasoline-thirsty East Coast following a recent U.S. Customs ruling. The March 6 judgment in favor of Buckeye Partners LP , which owns the Bahamas Oil Refining Company (BORCO) oil storage hub…
Shell Lifts First Crude Oil from Majnoon Oilfield
Shell announced today that the Majnoon oilfield it operates in partnership with South Oil Company (SOC), Petronas and Missan Oil in Southern Iraq has successfully exported its first shipment of crude oil to Shell trading, a significant milestone for the oilfield. The achievement comes as production at the Majnoon oilfield has reached a current average of 210…
