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Oil and Gas Oil and Gas Refining

  • BEIJING, Oct 14- Chinese state-owned chemical companies Sinochem Group and ChemChina are in discussions about a tie-up to create a global chemical, oil and agricultural giant with almost $100 billion in annual revenue, three sources familiar with the matter said. ChemChina Sinochem Combined Syngenta Revenue $38.99 $60.4 $99.4 $13 billion billion billion...

  • *OPEC action seen setting way forward for prices. NEW YORK, Oct 13- Oil prices settled up on Thursday after a U.S. government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks. Crude prices fell initially when the U.S. Energy Information Administration said crude stocks swelled 4.9 million barrels in the week...

  • *OPEC action seen setting way forward for prices. NEW YORK, Oct 13- Oil prices settled up on Thursday after a U.S. government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks. Crude prices fell initially when the U.S. Energy Information Administration said crude stocks swelled 4.9 million barrels in the week...

  • Crude prices fell when the Energy Information Administration said U.S. crude stocks swelled 4.9 million barrels in the week ended Oct. 7, much more than the 700,000 barrels forecast by analysts polled by Reuters. John Kilduff, partner at New York energy hedge fund Again Capital, said that while more crude builds were likely in the coming weeks due to depressed...

  • NEW DELHI, Oct 13- A group led by Russian oil major Rosneft will acquire India's Essar Oil in a $12- $13 billion deal including debt, two sources privy to the deal said, giving the Kremlin access to the South Asian nation's growing fuel market. Russia is keen to develop and deepen its Soviet-era economic ties with India at a time when its own economy is stagnant, hit by...

  • NEW DELHI, Oct 13- Russian oil major Rosneft, along with European trader Trafigura and Russian fund UCP, will acquire 98 percent in India's Essar Oil for about $12- $13 billion including debt, two sources familiar with the deal told Reuters on Thursday. Essar Oil operates a 400,000 barrel-per-day oil refinery on India's west coast and sells fuels through its 2,470...

  • LONDON, Oct 13- Nine months after sanctions on Iran were lifted, some of the world's biggest traders have yet to strike major oil deals with the OPEC member, stymied by Tehran's tough stance on marketing its crude and restrictions on dollar trades. "It's still very difficult," Ian Taylor, chief executive of commodity trading house Vitol, said. Taylor said that while...

  • *A deal would have been the second in Japan's refining sector. TOKYO, Oct 13- Japanese refiner Idemitsu Kosan Co Ltd has put on hold its plan for a full takeover of smaller rival Showa Shell Sekiyu indefinitely after running into fierce opposition from the Idemitsu founding family. Idemitsu management said on Thursday that it will press ahead with one section of...

  • *OPEC pumps 33.39 mln bpd in Sept, highest in at least 8 yrs. SINGAPORE, Oct 13- Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stockpiles. Traders said oil markets had come under pressure after the Organization of the Petroleum Exporting Countries...

  • *China daily crude imports hit record above 8 mln bpd in Sept. BEIJING/ SINGAPORE, Oct 13- China imported record volumes of crude oil last month, eclipsing the United States as the world's top buyer of foreign oil as Beijing's state reserves shipped in cheap crude to fill new storage tanks. It marked the second time this year- but the third month in the past twelve- that...

  • *A deal would have been the second in Japan's refining sector. TOKYO, Oct 13- Japanese refiner Idemitsu Kosan Co Ltd is likely to delay its planned acquisition of Showa Shell Sekiyu due to fierce opposition from the Idemitsu founding family, people familiar with the matter said. "If they are really postponing, it's disappointing," said Naoki Fujiwara, a fund manager...

  • *OPEC pumps 33.39 mln bpd in Sept, highest in at least 8 yrs. SINGAPORE, Oct 13- Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stockpiles. OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years and...

  • LONDON, Oct 12- U.S. gasoline stocks remain at record levels for the time of year but once they have been adjusted for record fuel consumption by U.S. motorists do not appear excessive. U.S. gasoline stockpiles are now just 3.5 million barrels higher than at the same point in 2015 according to data from the Energy Information Administration. In turn, the prospect of...

  • WARSAW, Oct 12- Poland's drive to exploit shale gas has come to an end with state-run gas firm PGNiG and oil refiner PKN Orlen drawing a line under projects to find it. "The discussion and projects related to shale gas is a closed issue for us," Miroslaw Kochalski, deputy head of PKN Orlen told a news conference on Wednesday. This was echoed by Piotr Wozniak, the chief...

  • LONDON, Oct 12- Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year, Glencore's global head of oil Alex Beard told the Reuters Commodities Summit. Crude trading in places such as Libya or Iraqi Kurdistan have been the cornerstone of trading activities for many...

  • LONDON, Oct 12- Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year, Glencore's global head of oil Alex Beard told the Reuters Commodities Summit. Crude trading in places such as Libya or Iraqi Kurdistan have been the cornerstone of trading activities for many...

  • Oct 11- BP Plc on Tuesday said it would vigorously defend itself against a federal civil suit by Marathon Petroleum Corp alleging that it had failed to deliver a Texas oil refinery and three products terminals in the condition promised under a $2.4- billion sales agreement signed in 2012.. "This suit is nothing more than an attempt by Marathon to renegotiate the...

  •  Oil Rig at night, silhouette

    Crude supplies fell for the first time since March, IEA reports, but an increase in petroleum products looms.

  • LONDON, Oct 11- Mid-sized oil trader BB Energy is looking to expand aggressively in Africa and the former Soviet Union via new deals and asset purchases, its chief executive told Reuters. The company's risk appetite is still high despite having significant sums of money trapped in Morocco and new assets will help it expand its oil trading volumes by 10 percent a...

  • Oil barrels

    Oil supply could fall in line with demand quickly if OPEC and Russia agree to a steep enough cut in production, the International Energy Agency said.