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Oil and Gas Refining

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  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, Oct 28- As counter-intuitive as it sounds, it's possible that some major Asian oil refiners are actually trying to boost the price of crude, at least in the short term. Consider the recent actions of Chinaoil, the trading arm of PetroChina, the state-controlled oil major.

  • HOUSTON, Oct 27- Venezuela's surprise move to scrap the sale of its U.S. refining unit Citgo was prompted when bids came in well below its $10 billion asking price, and sovereign and corporate bondholders criticized selling a reliable source of cash during a liquidity crunch, a source familiar with the situation said on Monday. State oil company PDVSA had hired...

  • CARACAS/ HOUSTON, Oct 27- It sounds embarrassing: Venezuela, an OPEC nation with the world's largest oil reserves, is for the first time in its history importing crude. Indeed, oil production is slipping and Venezuela has struggled to invest enough to reverse the trend. However, experts and traders who deal with Venezuela say the imports of Russian and Algerian...

  • HOUSTON, Oct 27- Venezuela's PDVSA has confirmed it will import light crudes as a diluent for its extra heavy oil production, a cost-saving move for the state-run company that also reveals delays and problems in its main output strategies. The Petrocedeno upgrader, operated with Norway's Statoil ASA and France's Total SA, will be under maintenance as of early...

  • Oil's slide a blow, not a boon to Asian refiners Sunday, 26 Oct 2014 | 5:00 PM ET

    *Asian refiners bought crude through year-end at over $90. SEOUL/ SINGAPORE, Oct 27- A 25 percent slide in crude prices since June should mean a windfall for Asian refiners, but instead they are facing a major drag on profits. "As unexpected, they are causing earnings shocks," said Andrew Yoon, a senior analyst at Daishin Securities, noting the knock-on impact that cuts...

  • NEW YORK, Oct 23- A highly anticipated study by the U.S. Energy Information Administration will show that domestic oil prices will not rise if the U.S. ban on oil exports is lifted, the agency's top administrator said Thursday. Sieminski, a former chief energy economist for Deutsche Bank, made the comments while taking questions about the issue during an energy...

  • CALGARY, Alberta, Oct 23- Cenovus Energy Inc, Canada's No. 2 independent oil producer, said on Thursday it is mulling the future of its royalty-generating freehold oil and gas properties in Western Canada after competitor Encana Corp raised billions through the sale of similar properties. The popularity of Encana's offering has spurred other producers,...

  • WASHINGTON, Oct 23- The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1- million- a-day funding source. Islamic State has seized large swaths of Iraq and Syria in a brutal campaign, and could pose a threat to the United States and its allies if it is not...

  • Oct 23- Canadian oil and gas producer Husky Energy Inc reported an 11.5 percent rise in quarterly profit, helped by a 10 percent increase in production. Canada's No.3 integrated oil company, controlled by Hong Kong billionaire Li Ka- shing, said total production rose to 341,000 barrels of oil equivalent per day in the third quarter ended Sept. 30, from 309,000 boepd...

  • SAN FRANCISCO, Oct 22- Shipments of Bakken crude oil from North Dakota to California by barge have quietly overtaken those by train for the first time, showing how the state's isolated refiners are using any means necessary to tap into the nation's shale oil boom. While tough permitting rules and growing resistance by environmentalists have slowed efforts to...

  • Cenovus's operating cash flow from refining fell 53 percent due to an unplanned coker outage in July at its Borger refinery in Texas and a planned turnaround at the Wood River refinery in Illinois. Cenovus, which co-owns the Foster Creek and Christina Lake oil sands projects with ConocoPhillips, said its total oil production rose 13 percent to 199,089 barrels...

  • Cenovus Energy profit falls 4 pct Thursday, 23 Oct 2014 | 6:13 AM ET

    Oct 23- Cenovus Energy Inc, Canada's No.2 independent oil producer, said its quarterly profit fell 4 percent, hurt by an unplanned outage at a refinery. Net income fell to C $354 million, or 47 Canadian cents per share in the third quarter ended Sept. 30, from C $370 million, or 49 Canadian cents per share, a year earlier. Operating cash flow from refining fell 53 percent to...

  • BEIJING, Oct 23- China's commercial crude oil inventories rose for a third straight month in September as refiners focused on drawing down refined fuel stocks, which fell 2.7 percent over the previous month, the official Xinhua news agency said on Thursday. Diesel led the fall with a 5.12 percent decline, as harvesting and fishing activity pushed consumption...

  • CARACAS, Oct 22- Venezuelan state oil company PDVSA plans to invest $20 billion to expand its domestic refining capacity by 20 percent, a company official said on Wednesday, without providing a time frame for when the investments would take place. The OPEC nation has in recent years announced aggressive expansion plans for its oil industry that have not come to...

  • The Government Accountability Office also recommended that the U.S. Department of Energy review the size of the Strategic Petroleum Reserve to ensure it remains appropriate as net oil imports fall. GAO's enormous influence and professional prestige is most likely the reason it was asked to do the study by Senator Lisa Murkowski, the top-ranked Republican...

  • *Kuwait is placing restrictions on Chevron's operations- sources. DUBAI/ KHOBAR, Saudi Arabia Oct 21- Saudi Arabia's closure of an offshore oilfield it shares with Kuwait has revived speculation of renewed tensions between the two, and put Chevron's role in the shared Neutral Zone in focus. Any differences between the two OPEC allies are watched closely by oil...

  • WASHINGTON, Oct 20- Islamic State militants were producing about $2 million worth of crude oil per day in Iraq and Syria before recent U.S.-led air strikes, possibly more than double the amount heard in U.S. congressional testimony last month, the research firm IHS said on Monday. "This fraction of pre-war capacity is the result of warfare, shut-ins and limited...

  • *Deregulation not to impact India's diesel exports. NEW DELHI, Oct 20- India's scrapping of diesel price controls opens the door for private sector refiners to return to a domestic retail market from which they have been excluded for years because they could not compete with state firms. Reliance Industries plans to revive its old business cautiously, while...

  • Saudi crude exports have been sliding in the past few months as shale oil squeezes Saudi oil out of U.S. markets and as demand in Asia, particularly in China, has been slower than expected. North America's shale boom has started to squeeze Saudi oil out of the U.S. market, the International Energy Agency said in a report last month, estimating Saudi exports would run...

  • *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...