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Oil and Gas Refining

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  • MOSCOW, April 10- A fire broke out at the Angarsk refinery of Russia's biggest oil firm Rosneft in east Siberia on Friday, killing one, Rosneft said. "At 0955 the fire was put out... The work of the enterprise has not been suspended, output has been carried out as planned, "Rosneft said in a statement.

  • *Ghana cuts aid deal with IMF to tackle economy. ACCRA, April 10- When it opened in 1963, Ghana's oil refinery symbolised pride and hope for the first African country to escape colonial rule. The discovery of oil in Ghana in 2007, added to its gold and cocoa wealth and its other major asset, stable democracy, gave it a chance to start catching up with oil giant Nigeria...

  • As the Middle East and U.S. Gulf Coast transform into refining hubs, traders require ever-larger tankers to move oil products such as gasoline, diesel and aviation fuel to Europe, Asia and Latin America. Trading powerhouses such as Vitol, Total and Shell have already booked vessels that can carry as much as 1 million barrels- more than three times the typical size...

  • May crude was down $2.40, or 4.5 percent, at $51.58 a barrel at 11:20 a.m. EDT, having fallen as low as $51.38. Brent May crude was down $2.01, or about 3.5 percent, at $57.09, having slumped as low as $56.90. "They are the most bearish numbers I've seen in quite some time, very surprising, even to a bear like me," said Tariq Zahir, managing member at Tyche Capital Advisors in...

  • RIYADH, April 8- Saudi Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home. Oil Minister Ali al-Naimi told reporters late on Tuesday that the Kingdom produced some 10.3 million barrels per day of crude in March, a figure that would eclipse its previous...

  • *Iran officials in Beijing, say to push for more oil sales. SINGAPORE, April 7- Brent crude prices fell almost $1 a barrel on Tuesday, with an Iranian delegation in Beijing this week to push for more oil sales. China is Iran's largest trade partner and also its largest oil client, having bought roughly half of Iran's total crude exports since 2012, when sanctions...

  • SINGAPORE, April 7- Brent crude fell more than 1 percent on Tuesday, paring overnight gains of nearly 6 percent, after Goldman Sachs said prices needed to remain low for months to achieve a slowdown in U.S. output growth. Brent May crude dropped 63 cents to $57.49 a barrel by 0453 GMT after hitting $58.24 in the previous session, its highest since March 27.

  • *Goldman sees little upside for $40 a barrel U.S. crude outlook. SINGAPORE, April 7- Oil futures fell on Tuesday from overnight gains of nearly 6 percent after Goldman Sachs said prices needed to remain low for months to achieve a slowdown in U.S. output growth. Brent May crude had dropped 60 cents to $57.52 a barrel by 0339 GMT, after hitting $58.24 in the previous...

  • *Russia's oil output up 0.6 pct to 10.71 mln bpd in March. The big Gulf producers of OPEC have opted for holding on to market share, saying they will only cut output to raise oil prices if others- like Russia- do so too. The twin state energy giants Gazprom and Rosneft brought Russia's oil output to a post-Soviet era record of 10.71 million barrels per day in March, Energy...

  • NEW YORK, April 1- U.S. crude inventories rose last week to a record high for the 12th straight week, while gasoline stocks fell more than four times than expected as demand grew for the motor fuel, data from the Energy Information Administration showed on Wednesday. "The large decline in gasoline inventories is notable, as is the four-week average demand of 9...

  • LONDON, April 1- More than 1 million barrels of crude oil move by train across the United States every day, according to data published for the first time by the government on Tuesday. The volume of crude shipped by rail has increased more than 50- fold in five years, from just 630,000 barrels in January 2010 to 33.7 million barrels in January 2015, the Energy...

  • LAUNCESTON, Australia, April 1- The state of China's oil storage tanks is shaping up as a key determinant of the likely path of imports by Asia's largest fuel consumer. A trading executive at top Chinese refiner Sinopec weighed into the issue on March 25, saying China's commercial and strategic storage is almost full. If the Sinopec official is correct, it almost...

  • UPDATE 1-Refiner Delek in talks to buy Alon Israel Tuesday, 31 Mar 2015 | 11:42 AM ET

    Alon USA's refineries in Texas, California and Louisiana have an aggregate crude oil throughput capacity of about 217,000 barrels per day. Financial terms were not mentioned by either Alon USA of Delek in their regulatory filings disclosing the merger talks. As of Monday's close, Alon USA had a market capitalization of $1.11 billion and Delek was valued at...

  • Refiner Delek in talks to buy Alon Israel Tuesday, 31 Mar 2015 | 10:59 AM ET

    March 31- Refiner Delek US Holdings Inc said it is in talks to buy some or all of Alon Israel Oil Co Ltd, the parent company of Alon USA Energy Inc.. Until recently, Alon Israel- one of Israel's largest fuel station and convenience store operators- owned more than 50 percent of Alon USA's stock. Alon USA's shares were up 5 percent at $16.76 in morning trading on the New...

  • LONDON, March 31- OPEC oil supply has jumped in March to its highest since October as Iraq's exports rebounded after bad weather and Saudi Arabia pumped at close to record rates, a Reuters survey found, a sign key members are sticking to their effort to regain market share. OPEC supply has risen in March to 30.63 million barrels per day from a revised 30.07 million...

  • *Oil imports from Iran at 220,000 bpd in year to March 31. *U.S. pressured India not to raise annual Iran oil imports. NEW DELHI, March 31- India halted oil imports from Iran for the first time in at least a decade in March as New Delhi responded to U.S. pressure to keep its shipments from Tehran within sanction limits during the last month of negotiations on a preliminary...

  • *FACTBOX on Iran oil sanctions. DUBAI/ NEW DELHI/ HONG KONG, March 31- A possible surge in Iranian oil exports from an end to sanctions will reboot a struggle between top Middle East producers for Asian buyers, with Iraq looking the most vulnerable. Under sanctions Iran became adept at offering discounts, easy credit and free shipping to keep in the game, recalling...

  • NEW YORK, March 31- A month ago, it seemed inevitable: a massive global oversupply of crude oil production would overwhelm storage tanks in Oklahoma and fill supertankers off Singapore. Now, there are growing signs that the U.S. oil market can avoid the doomsday scenario in which it runs out of room to stockpile surplus crude, a development that oil traders worried...

  • LONDON, March 30- India has bought the first oil for its strategic petroleum reserve, trade sources said on Monday, marking the start of a round of purchases by the world's fourth-biggest oil consumer to build up emergency stockpiles. The sources said state-refiner Indian Oil Corp bought a 2 million barrel cargo of Iraqi crude from Chinese trader Unipec, which...

  • *More price falls seen as U.S. stocks are sold off- Barclays. LONDON, March 30- Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports. "Regarding Iran, there are two possible outcomes: a framework deal or an extended...