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Oil and Gas Refining

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  • *Government wants to slim Japan's refining industry. TOKYO, July 2- Japan's largest oil refiner, JX holdings, said it would be open to talks on a possible merger, with the government pushing for consolidation in an industry struggling as people switch to more efficient cars and as the country's population dwindles. The government wants to slim Japan's refining...

  • LAUNCESTON, Australia, July 2- One of the little mysteries this year in Asian oil markets has been the drop in China's diesel exports. Customs data show that China exported 1.303 million tonnes of diesel in the first five months of the year, a drop of 24 percent over the same period in 2014.. It would seem logical that they would have done so as diesel margins have held...

  • South Korea turns to cheap spot crudes as glut grows Thursday, 2 Jul 2015 | 1:05 AM ET

    SEOUL, July 2- Refiners in South Korea, the world's fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. "Refining margins are firm thanks to rising demand triggered by weak oil prices, which has supported higher throughput...

  • NEW YORK, July 1- U.S. crude oil inventories rose last week for the first time since April, while gasoline stocks decreased unexpectedly, data from the Energy Information Administration showed on Wednesday. "The crude build was definitely a surprise as was the Cushing build," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow, New York.

  • Red-hot fuel demand can't shore up the oil price alone Wednesday, 1 Jul 2015 | 8:48 AM ET

    LONDON, July 1- Sales of transport fuels have exceeded all expectations this year, making demand from reviving economies the mantra of bulls who say the oil price is well on the mend. But warning signs, especially in Europe, may derail that view. Gasoline consumption has bounced far higher, with U.S. drivers joining those in India, Indonesia and China in driving more...

  • *Greece not able to repay 1.6 bln euros owed to IMF. *OPEC, U.S. output rises to multi-year highs. SINGAPORE, July 1- Oil prices fell over 1 percent on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund, and as both U.S. and OPEC production hit new records.

  • HOUSTON, June 30- Exxon Mobil Corp plans to resume the restart of the 42,000 barrels per day flexicoker at its 560,500 bpd Baytown, Texas, refinery on Tuesday night, people familiar with plant operations said. The restart of the flexicoker, which has been shut since April 23, was put on hold on Monday after a fire broke out on a bleeder valve at the unit, according to a...

  • *OPEC, U.S. output rises to multi-year highs. SINGAPORE, July 1- Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records. "Iraqi crude production climbed to a record level this month, with OPEC crude oil output estimated to have reached...

  • Oil prices drop after Greece defaults on IMF payment Tuesday, 30 Jun 2015 | 8:46 PM ET

    *Greece not able to repay 1.6 bln euros owed to IMF. SINGAPORE, July 1- Oil prices fell in early trading on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund. Greece, as expected, was not able to repay 1.6 billion euros it owed to the IMF, in what was the largest missed payment in the Fund's history.

  • *Iraq exports hit record despite Baghdad, KRG tension. LONDON, June 30- OPEC oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group's top exporters on market share. OPEC supply has risen in June to 31.60 million bpd from a revised 31.30 million bpd in...

  • *Jan-May imports from Iran slightly over 1 mln bpd. A deal between Iran and six world powers would resolve a 12- year standoff over the Islamic nation's nuclear work in exchange for relief from sanctions, which could eventually send millions of barrels flooding into an already saturated market. Iran, the United States, Britain, France, Germany, Russia and China...

  • ATHENS, Greece— The latest developments on Greece's bailout negotiations:. A decree on banking controls has been published in the official Government Gazette stating banks will not open Monday and will stay shut through Monday, July 6. Greece could shorten or lengthen this period.

  • LONDON, June 26- The initial consumption stimulus from lower oil prices may be fading, at least in the United States, according to the latest round of official data on traffic volumes and fuel sales. Average gasoline prices across the country have risen to $2.90 per gallon, still down from $3.78 last June but substantially higher than the recent low of $2.23 in...

  • VOLGOGRAD, Russia, June 25- Russia's second-biggest oil producer, Lukoil, launched on Thursday a new, six-million-tonne crude distillation unit at its Volgograd refinery in the south of Russia. The company said the plant's annual capacity would increase to 14.5 million tonnes after the launch. The plant is expected to process 12.5 million tonnes of crude this...

  • *Greece debt crisis concerns build amid uncertainties over Iran. "It could ultimately turn out be a choppy day from the push-and-pull between crude and products," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Hollow in New York. "The focus will likely turn to Greece and the Iran nuclear deadline in an attempt to break out of the trading range we've...

  • LOS ANGELES— The shutdown of a pipeline that spilled up to 101,000 gallons of crude on the Santa Barbara coast forced Exxon Mobil Corp. to halt operations at three offshore platforms because it couldn't deliver oil to refineries, the company said Tuesday. The shutdown is not expected to have an impact on oil prices, but it does harm Exxon Mobil's bottom line even...

  • BEIRUT— In Syria's civil war, both government forces and opposition fighters are targeting civilians in a way that has led to "unspeakable suffering," U.N. investigators said Tuesday. The assessment, in a report by the Independent International Commission of Inquiry on Syria, sought to draw attention to the plight of the civilians, saying that with "each passing...

  • *Front month U.S. crude fell 22 cents to $59.39 a barrel as of 0021 GMT after dropping 84 cents in the previous session. *Iranian foreign minister Mohammad Javad Zarif will meet French counterpart Laurent Fabius on Monday ahead of a final round of talks between Iran and six world powers before a June 30 deadline for an agreement on Tehran's nuclear programme.

  • CARACAS, June 21- Venezuelan state oil company PDVSA said on Sunday it had signed a raft of investment agreements with top Russian oil producer Rosneft, including a plan to create a joint venture to produce natural gas in the South American country. The "Strategic Plan for Investments" also includes development of new infrastructure to improve the existing oil...

  • June 18- PBF Energy Inc agreed to pay $322 million to acquire the 189,000- barrel-per-day Chalmette oil refinery in Louisiana and related assets from Exxon Mobil Corp and Venezuela's national oil company, Petroleos de Venezuela SA. The purchase marks PBF's entrance into the U.S. Gulf Coast, where it had lost out on a bid in 2011 for Texas City Refinery, then owned...