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Oil and Gas Refining

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  • *Exxon Mobil says refinery strategic regardless of EU policy. ANTWERP, Belgium, Oct 16- Exxon Mobil is pouring $1 billion into a refinery in the European Union, setting aside concerns ranging from poor margins to EU green energy rules due to be agreed next week that will cut demand for oil. Heavy industry and some nations, such as coal-dependent Poland, have argued...

  • India's Jan-Sept Iran oil imports up 38 pct y/y -trade Wednesday, 15 Oct 2014 | 2:37 AM ET

    *India's total Sept oil imports drop 1.9 pct y/y- trade. NEW DELHI, Oct 15- India's oil imports from Iran rose 38 percent in the first nine months of the year as shipments surged with an easing of Western sanctions over Tehran's suspected nuclear activities, tanker arrival data obtained from trade sources shows. Diplomats from the United States, the European Union...

  • NEW YORK, Oct 14- Saudi Arabia's move to keep crude oil production high, fueling a steep global price slump, may have an unexpected consequence: intensifying the campaign by U.S. producers to scrap Washington's decades-old ban on exports of domestic crude. But many Americans, fearful of high gasoline prices, support the ban, as do their members of Congress.

  • *Russia has increased oil product exports to Europe. MOSCOW, Oct 13- Russia is diverting more of its crude oil east with deliveries to China hitting a new record last month at the expense of Europe as geopolitical tensions between Moscow and the West dictate the latest shift in flows. As Russia's relations with the West deteriorated over the Ukraine crisis, the...

  • Refinery switching to newer rail cars for crude Saturday, 11 Oct 2014 | 7:15 PM ET

    BELLINGHAM, Wash.— A refinery in northwest Washington state says it will no longer accept any volatile North Dakota crude oil unless it arrives on newer-model tank cars. By the first week of October, the BP Cherry Point facility had stopped using pre-2011 standard tank cars, known as DOT-111 cars, for the shipments, The Bellingham Herald reported.

  • *OPEC leaves 2014, 2015 demand forecasts steady. *OPEC delegate says Saudi Arabia should cut its output. LONDON, Oct 10- Top oil exporter Saudi Arabia told OPEC it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output.

  • Oil price drop may hurt shale drilling profits Friday, 10 Oct 2014 | 11:39 AM ET
    View of three oil wells and flaring of natural gas on The Fort Berthold Indian Reservation near New Town, ND on August 13, 2014.

    The continual drop in oil prices could hurt shale drilling's profitability, finds a report from Goldman Sachs.

  • Lukoil to restart Romania refinery amid probe Friday, 10 Oct 2014 | 7:39 AM ET

    BUCHAREST, Romania— Romanian authorities say Russian crude producer Lukoil will restart a refinery that was closed amid a probe into tax fraud allegations. Daniela Tudorache, an environmental official, said Friday that Lukoil has notified authorities it would restart the refinery. A Lukoil official had earlier threatened to close the refinery for good.

  • LONDON, Oct 10- "A rose by any other name would smell as sweet," William Shakespeare wrote in "Romeo and Juliet". OPEC, which includes crude but not condensate in its production quotes, has also struggled and failed to agree on common definitions. In the past, the inconsistent treatment of condensates in the United States did not matter because they were a relatively...

  • SAN FRANCISCO, Oct 9- California environmentalists on Thursday filed a lawsuit against the Kern County Board of Supervisors for its approval last month of a major oil-by-rail project in the state, saying the county failed to disclose the risks of the project to the public. But groups behind the lawsuit, including the Sierra Club and the Center for Biological...

  • NEW YORK/ HOUSTON, Oct 9- Investment bank Lazard Ltd has asked bidders that have shown interest in buying Citgo Petroleum Corp's U.S. refineries to submit an additional round of offers, people close to the deal told Reuters this week as the sale process proceeds despite doubts. Venezuela's state-run oil company PDVSA hired Lazard to handle the sale process for...

  • NEW YORK, Oct 8- Bank of America Corp has clinched a deal to provide inventory and working capital financing to the biggest oil refinery on the East Coast, replacing JPMorgan Chase& Co with a revamped arrangement that excludes physical supplies, according to a source familiar with the deal. The agreement with Philadelphia Energy Solutions, sealed on Tuesday, will...

  • LONDON, Oct 7- The United States imported more than 7 million barrels per day of crude oil during the first seven months of the year, despite the shale boom, according to the U.S. Energy Information Administration. Some observers have expressed unease about lifting the ban on crude exports while the United States continues to rely on imports to meet such a high...

  • *Canada lobbied against previous labelling proposal. BRUSSELS/ CALGARY, Oct 7- A European Union plan to label Canadian tar sands oil as highly polluting as part of its fight against climate change has been abandoned after years of opposition from Canada, clearing the way for exports of tar sands crude to the European market. Canada sees Europe as a potential...

  • TOKYO, Oct 7- Japan's top oil refiner JX Holdings Inc has restarted marine shipments from all the plants it had suspended earlier this week due to a powerful typhoon, a company spokeswoman said on Tuesday. Typhoon Phanfone lashed Japan with torrential rain on Monday after killing at least one person, forcing cancellation of flights and prompting warnings to...

  • Crude's price rise came as talk of an extended outage at the 300,000- barrel per day Irving, St. John refinery in Canada, pushed front-month New York gasoline prices 1.5 percent higher. "There seemed to be a little nervous buying in the products, which led to short covering and turned us around," said Phil Flynn, an analyst at Price Futures Group in Chicago.

  • KOGALYM, Russia/ BUCHAREST, Oct 6- Lukoil's Petrotel refinery in Romania said on Monday that authorities had confiscated its raw materials, crude oil and products, after prosecutors said last week they were investigating it on alleged tax evasion and money laundering. "It is of particular concern that as part of the ongoing investigation the refinery was...

  • TOKYO, Oct 6- Japan's top oil refiner JX Holdings has suspended marine shipments at several of its plants, as a strong typhoon hit the nation, but crude oil refining operations were unaffected, a company spokeswoman said on Monday. Hundreds of flights were cancelled and thousands of people advised to evacuate as a Typhoon Phanfone lashed Japan on Monday with...

  • Brent hovers near 27-month low as abundant supply weighs Wednesday, 1 Oct 2014 | 11:39 PM ET

    *Brent may struggle to recover on weak demand in China, Europe. SINGAPORE, Oct 2- Brent crude futures hovered near $94 a barrel on Thursday and were close to their lowest levels in more than two years, reflecting sustained pressure from plentiful global supply and weak demand conditions in Europe and China. "Ultimately weak demand conditions in Europe and China...

  • NYMEX-Crude rises toward $91 on U.S. oil stocks drop Wednesday, 1 Oct 2014 | 7:56 PM ET

    TOKYO, Oct 2- U.S. crude futures edged up on Thursday towards $91 a barrel and paring losses from a day earlier due to support from a U.S. government report showing a surprise drop in U.S. crude stockpiles. *NYMEX crude for November delivery was up 18 cents at $90.91 a barrel by 2324 GMT, after settling down 43 cents at $90.73 on Wednesday. *The oil price drop is a concern for...