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Oil and Gas Oil and Gas Refining

  • KUALA LUMPUR, Feb 27- Malaysia's Prime Minister Najib Razak announced on Monday that Saudi Arabia's state oil company Saudi Aramco will invest $7 billion into an oil refinery and petrochemical project in Malaysia's southern state of Johor. Najib said the decision was made before noon on Monday after discussions between top executives from Saudi Aramco and...

  • KUALA LUMPUR, Feb 27- Malaysia's Prime Minister Najib Razak announced on Monday that Saudi Arabia's state oil company Saudi Aramco will invest $7 billion into an oil refinery and petrochemical project in Malaysia's southern state of Johor. Najib said the decision was made before noon on Monday after discussions between top executives from Saudi Aramco and...

  • HOUSTON, Feb 24- Refiners and pipeline shippers in the Salt Lake City area are facing new delays obtaining crude oil after a pipeline outage last week was followed by snow on Friday that made it difficult to deliver much-needed oil by truck. The 16- inch Wahsatch pipeline can carry roughly 100,000 barrels per day of crude from locations near Evanston, Wyoming, to...

  • *UAE taking steps to ensure full compliance- OPEC governor. LONDON, Feb 24- OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards- the United Arab Emirates and Iraq- pledge to catch up quickly with their targets. Iraq and the UAE have delivered smaller portions of their...

  • NEW YORK/ HOUSTON, Feb 24- Traders are turning the spigots to drain the priciest storage tanks holding U.S. crude stockpiles as strengthening markets make it unprofitable to store for future sale and cuts in global production open export opportunities. From Houston through Louisiana to floating storage in the Gulf of Mexico, traders are starting to ship crude...

  • West Texas Intermediate fell 13 cents, or 0.2 percent, to $54.32 a barrel by 0048 GMT, having closed up 86 cents in the previous session. On Thursday, sources told Reuters that the joint OPEC/ non- OPEC technical committee reported an 86 percent compliance on the oil cuts in January. Earlier, sources reported over 90 percent compliance within OPEC.

  • NEW YORK, Feb 23- U.S. crude oil stockpiles rose last week for a seventh straight week but less than forecast, while gasoline inventories fell far more than expected as refineries cut output, the Energy Information Administration said on Thursday. With those two together, the U.S. is becoming an export juggernaut, "said John Kilduff, partner at New York energy hedge...

  • NEW YORK, Feb 23- U.S. crude oil stockpiles rose last week for a seventh straight week but less than forecast, while gasoline inventories fell far more than expected as refineries cut output, the Energy Information Administration said on Thursday. By 11:30 a.m. EST or half an hour after the report, however, U.S. crude futures pared gains to 1.5 percent at $54.40 a...

  • West Texas Intermediate crude April contract added 41 cents, or 0.8 percent, to $54.00 a barrel at 0011 GMT. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts' expectations for an increase of 3.5 million barrels, data from industry group the American Petroleum Institute showed on Wednesday.

  • Gatta, 41, an investment professional who worked at various private equity firms including Basso Capital Management and Pegasus Capital Advisors, will replace CEO Phil Rinaldi, who is retiring in March. Rinaldi has been CEO of the privately held company since 2010, when Carlyle Group and Sunoco formed a joint venture to rescue the Philadelphia refinery, the...

  • KHOBAR, Saudi Arabia/ LONDON Feb 22- Oil giant Saudi Aramco is believed to be the front-runner to buy Turkish fuel stations business Petrol Ofisi from Austrian oil group OMV, sources familiar with the matter said. For SOCAR, owning a large number of petrol stations in Turkey would offer a natural outlet for the Star refinery it is building in Turkey and hoping to...

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher, says Sec-Gen. LONDON, Feb 21- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher, says Sec-Gen. LONDON, Feb 21- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher, says Sec-Gen. LONDON, Feb 21- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

  • *Singapore is main regional oil trading hub. Monday's announcement that a carbon tax on direct emitters is to be introduced from 2019 shows that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources. "It is the first time in the history of Singapore that a budget has placed such a high...

  • *Money managers bet OPEC cuts will tighten market. LONDON, Feb 21- Oil rose on Tuesday after exchange data showed hedge funds placing record bets on North Sea and U.S. crude as OPEC production cuts tightened supply. Money managers now hold the highest volume of net long Brent futures and options on record, InterContinental Exchange data showed on Monday, betting on...

  • *Singapore is main regional oil trading hub. Monday's announcement that a carbon tax on direct emitters is slated to be introduced from 2019 indicates that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources. "The proposed carbon tax on emitters would prove a significant drag on...

  • *Singapore plans carbon tax from 2019. SINGAPORE, Feb 21- A tax proposed by Singapore on emissions of greenhouse gases will likely cover the city-state's oil refineries, a government official said on Tuesday, driving up costs in one of the region's key energy hubs. Refineries in Singapore currently pay no taxes on carbon emissions, so such a tax would weigh heavily...

  • *JX says problems with secondary units at multiple refineries. TOKYO, Feb 20- Japan's JX Nippon Oil& Energy Corp has cut the amount of crude oil it expects to refine in February by about 4 percent from an earlier target due to unspecified problems with secondary units at multiple refineries. Industry paper Nenryo Yushi earlier reported that JX was facing problems...

  • China's state owned enterprise (SOE) reform is facing fresh questioning, the SCMP reports.