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Oil and Gas Refining

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  • BENGHAZI/ TUNIS, Nov 8- Libyan state security guards have started a protest at the 120,000 barrel per day Hariga oil port in the east, halting all oil exports from the terminal, a Libyan oil official said on Saturday. The closure only adds to the growing chaos in Libya, whose internationally recognised government has been driven out of the capital by an alliance led...

  • NEW YORK, Nov 7- As the prospect of a global glut of oil sends shares of once-booming U.S. energy companies lower, some fund managers see value in pipeline and refinery companies, whose fortunes are tied more to the volume of oil than to its price. "They're like toll roads," said ClearBridge Investments' Chris Eades, who oversees about $8 billion in energy strategies at...

  • LONDON, Nov 6- Brent crude oil was steady below $83 a barrel on Thursday as apparent momentum towards a deal between Iran and world powers over its nuclear programme and higher U.S. inventories offset supply shocks in the Middle East. Secretary of State John Kerry said on Wednesday that a deal between Iran and six world powers would be harder to achieve after a Nov....

  • UPDATE 3-Brent falls below $83 on oversupply Thursday, 6 Nov 2014 | 4:28 AM ET

    LONDON, Nov 6- Brent crude oil fell below $83 a barrel on Thursday, as apparent momentum towards a deal between Iran and world powers over its nuclear programme, and a U.S. inventory build, added to concerns of oversupply. Secretary of State John Kerry said on Wednesday that a deal between Iran and the P5 +1 group of countries would be harder to achieve after a Nov. 24...

  • UPDATE 2-Brent falls below $83 on weak fundamentals Thursday, 6 Nov 2014 | 3:09 AM ET

    SINGAPORE, Nov 6- Brent crude reversed gains to fall below $83 a barrel as a fragile economic outlook overturned short-term optimism over a lower-than-expected rise in U.S. crude stocks and solid U.S. job growth that had provided temporary relief. Tensions in Libya, where gunmen seized the major El Sharara oilfield, became less of a focus. Air strikes by a U.S.-led...

  • BENGHAZI/ TUNIS, Nov 5- Gunmen seized Libya's major El Sharara oilfield, looting equipment and shooting as frightened workers sought shelter, oil sources said on Wednesday, in another blow to the country's oil industry which has been subjected to protests and militia blockades. It is Libya's biggest operational field, located in the remote south where rival...

  • COLUMN-U.S. crude export controls are crumbling: Kemp Wednesday, 5 Nov 2014 | 7:01 PM ET

    LONDON, Nov 6- In the three months ending in August, the United States and Canada swapped a record amount of crude oil with each other, one of the more bizarre consequences of outdated U.S. export controls. Because U.S. oil producers cannot export crude oil to any other country, crude is sent north to refineries in Canada, even if it would make more sense to ship it to...

  • Nov 5- U.S. refiner HollyFrontier Corp reported its first profit miss in four quarters as sales volumes fell and operating expenses rose due to reduced activity at two refineries. HollyFrontier shares fell as much as 5.5 percent, while most other energy stocks rose after Republicans gained control of the U.S. Senate. HollyFrontier's results contrasted those...

  • LONDON, Nov 4- A deal to rescue the UK's Milford Haven oil refinery has collapsed, forcing operator Murphy Oil to shut the plant with the loss of hundreds of jobs, the latest victim of a slump in the European refining industry. Emphasizing the political cost of jobs being axed in the run up to a UK general election next year, British Prime Minister David Cameron called...

  • Nov 5- U.S. refiner HollyFrontier Corp reported a lower-than-expected profit for the first time in four quarters, hurt by higher operating expenses. A revamp of HollyFrontier's El Dorado refinery in Kansas and a temporary shutdown of a pipeline to the Cheyenne refinery in Wyoming weighed on refining operations. HollyFrontier has benefited so far from access...

  • NEW DELHI, Nov 5- Indian refiners completed payment of $900 million in frozen oil revenues to Iran on Wednesday under an interim deal that eased some sanctions against Tehran over its disputed nuclear work, said industry sources with direct knowledge of the matter. Iran and the United States, China, France, Germany, Britain and Russia agreed in July to extend the...

  • LONDON, Nov 5- Brent oil dropped to a new four-year low below $82 a barrel on Wednesday, a fifth straight day of losses, as weak economic data from top energy consumer China intensified worries about demand as a global supply glut grows. Brent fell 75 cents to $82.05 a barrel by 0913 GMT, having earlier reached the day's low of $81.63, its weakest level since late 2010..

  • LONDON, Nov 4- A deal to rescue the UK's Milford Haven oil refinery has collapsed, operator Murphy Oil said late on Tuesday, forcing it to permanently shutter the plant as the latest victim of a deep slump in the European refining industry. Klesch Refining Limited, run by billionaire investor Gary Klesch, had agreed to buy the idled plant in July, but the deal was...

  • LONDON, Nov 4- The sale of the Milford Haven refinery and terminal assets to Klesch Refining Limited has been canceled, according to a statement by Murco Petroleum, a subsidiary of the U.S.-based Murphy Oil Corporation. Sources familiar with the matter said earlier on Tuesday that Gary Klesch and Murphy Oil had extended a deadline to later this week to negotiate...

  • *Saudi Arabia cuts oil prices for U.S. customers. NEW YORK, Nov 4- Oil markets retreated from multi-year lows on Tuesday but still fell more than 2 percent after Saudi Arabia cut export prices to the United States threatening to deepen a global supply glut that has driven prices down 30 percent since June. U.S. crude futures settled down $1.59 at $77.19 after...

  • NEW YORK, Nov 4- Canada's Come by Chance refinery, on the far eastern tip of the country, has swapped out its mainstay Iraqi crude to run almost wholly on U.S. shale oil, industry sources say, the latest sign of how the shale boom is redrawing global oil trade. Some two months after South Korea's national energy firm agreed to sell the refinery to a newly formed New York-...

  • Nov 4- TransCanada Corp, Canada's No.2 pipeline company, on Tuesday raised estimated capital costs for its controversial Keystone XL project to C $8 billion from an initial projection of C $5.4 billion, citing lengthy delays. TransCanada Chief Executive Officer Russ Girling said he could not predict what effect the election might have on Keystone XL, but he...

  • Saudi Arabia adds to oil power with new refineries Tuesday, 4 Nov 2014 | 3:00 AM ET

    *With excess volumes, Riyadh seeks foothold in global market. DUBAI/ KHOBAR, Saudi Arabia, Nov 4- Saudi Arabia's tighter grip on the oil market from the desert derrick to the petrol pump, thanks to two new refineries, is redefining its role as a crude exporter and OPEC kingpin. Crude exports from the OPEC heavyweight have been sliding in recent months to their lowest...

  • HOUSTON, Oct 31- Tesoro Corp doesn't expect to add stabilizers that remove flammable natural gas liquids from crude in North Dakota's prolific Bakken shale, where the company is expanding its pipeline infrastructure, Chief Executive Officer Greg Goff said on Friday. North Dakota plans to issue new rules for the treatment of crude on Nov. 13 to address the...

  • Oct 31- A surge in refining profits boosted quarterly results for Exxon Mobil Corp and Chevron Corp, helping to offset lower oil and gas output and slumping crude oil prices. "Exxon Mobil's quarterly results demonstrate the strength of our integrated business model," Chief Executive Officer Rex Tillerson said in a statement after his company posted results.