Oil and Gas Refining


  • *Events in Ukraine, Libya and Iran closely watched. NEW YORK/ LONDON, April 30- Oil fell below $108 per barrel on Wednesday on a strong supply outlook as inventories in the United States rose to a record high and traders anticipated increased exports from Libya.

  • UPDATE 2-Phillips 66 profit tops street, shale boom helps Wednesday, 30 Apr 2014 | 1:49 PM ET

    Phillips, based in Houston, had a first-quarter profit of $1.6 billion, or $2.67 per share, compared with $1.41 billion, or $2.23 a share, in the same quarter of 2013..

  • April 30- Canadian oil and gas producer Cenovus Energy Inc reported a better-than-expected operating profit, helped by a 48 percent jump in production at its Christina Lake oil sands project in northern Alberta.

  • *Asset prices in Dubai soar with economic recovery. RAS AL KHAIMAH, United Arab Emirates, April 30- W hen French wine and cognac bottle maker Saverglass decided to expand three years ago, it chose a relatively remote, less affluent location in the United Arab Emirates for its plant rather than the business hubs of Dubai and Abu Dhabi.

  • LAUNCESTON, Australia, April 30- First it was oil refining and now it's petrochemicals getting a reality check in China. In recent months China has seen a slew of delays and cancellations to oil refinery and petrochemical projects, as the full impact of slower economic growth, pollution concerns and foreign competition hits home.

  • LONDON, April 30- Royal Dutch Shell reported on Wednesday its first-quarter earnings almost halved from a year ago to $4.5 billion, mainly due to a $2.9 billion charge reflecting impairments related to refineries in Asia and Europe.

  • TOKYO, April 30- Iran's top oil clients cut their March imports 16.4 percent from the previous month's two-year high and look set to reduce their shipments further over coming months, bringing the volumes closer in line with the deal easing sanctions on Tehran.

  • WASHINGTON, April 29- U.S. Senate Majority Leader Harry Reid, in an abrupt election-year shift in strategy, opened the possibility on Tuesday of allowing a vote on congressional approval of the long-delayed Keystone XL oil pipeline.

  • WASHINGTON, April 29- U.S. Senate Majority Leader Harry Reid on Tuesday left open the possibility of voting on legislation forcing the approval of the long-delayed Keystone XL pipeline that would link Canada's oil sands to refineries in Texas. The Senate is expected to debate the efficiency bill this week.

  • NAIROBI, April 24- British explorer Tullow Oil and partner Africa Oil Corp aim to submit development plans to the Kenyan government late next year for their oil discovery in the northwest of the country, executives from the firms said on Tuesday.

  • SINGAPORE, April 29- U.S. crude inched closer to $101 a barrel on Tuesday, building on Monday's gains ahead of weekly inventories data as investors shrugged off more U.S. sanctions on Russia and an imminent rise in Libyan exports. *U.S. crude for June delivery edged up 8 cents to $100.92 a barrel by 0032 GMT after settling up 24 cents in the previous session.

  • BEIJING, April 28- China's top refiner Sinopec Corp is scaling back billions of dollars in petrochemical investments in the face of growing U.S. competition in the sector and rising local opposition to oil and gas plants over environmental concerns.

  • BEIJING, April 28- Sinopec Corp has held up a $3.1 billion ethylene plant in east China's Qingdao, after a fatal pipeline blast last year threw into question whether the city is environmentally viable for the petrochemical complex, a company source said on Monday.

  • *Russia says it will respond if its Ukraine interests attacked. SINGAPORE, April 24- Brent crude futures rose on Thursday, holding above $109 per barrel for a fifth straight session, as a vow by top oil producer Russia to respond if its interests in Ukraine came under attack stoked supply worries.

  • BRASILIA, April 24- Brazil's Supreme Court upheld late on Wednesday an opposition request for a congressional inquiry into alleged corruption at state-run oil company Petroleo Brasileiro SA, a ruling that could upset President Dilma Rousseff's re-election plans.

  • UPDATE 8-Oil futures slip on record U.S. oil inventories Wednesday, 23 Apr 2014 | 3:26 PM ET

    *U.S. oil stocks hit record high, Cushing draw supports. *Ukraine says truce is over, Russia says will respond. NEW YORK, April 23- Crude oil futures slipped on Wednesday after weekly data showed U.S. crude inventories hit a record high, though Brent managed to settle above $109 on support from the ongoing crisis in Ukraine.

  • India, Iran in deal to ease sting of sanctions Wednesday, 23 Apr 2014 | 11:34 AM ET
    This handout image supplied by the IIPA (Iran International Photo Agency) shows a view of the reactor building at the Russian-built Bushehr nuclear power plant.

    India is set to pay Iran $1.65 billion under an interim nuclear deal that eases sanctions and gives Tehran access to $4.2 billion in blocked funds.

  • India to make May-July oil payments to Iran - sources Wednesday, 23 Apr 2014 | 11:24 AM ET

    NEW DELHI, April 23- India is set to pay Iran $1.65 billion over the next three months under an interim nuclear deal that eases sanctions on Tehran and gives it access to $4.2 billion in blocked funds, four sources with knowledge of the matter said.

  • *Crude stocks drop on lower imports. BEIJING, April 23- China's commercial crude oil. China's crude oil imports in March fell to a five-month low of 5.54 million barrels per day, official data has shown, after three months of high inbound shipments and gains in fuel product inventories.

  • In January, the EPA agreed to reconsider the mandate, which would have required oil refiners to buy millions of dollars worth of credits if cellulosic fuels were not available to be blended into gasoline or diesel.