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Oil and Gas Oil and Gas Refining

  • ABIDJAN, Oct 19- Ivory Coast will organize debt relief for the state oil refinery using public and private funds, a government spokesman said on Wednesday. The refinery provides Ivory Coast with nearly all its petroleum products and also supplies neighboring countries. SIR's annual output is currently 3.4 millions tonnes, up from 3.142 millions tonnes in...

  • *U.S. crude soars to $51.93/ bbl, highest since July 2015. The U.S. Energy Information Administration said crude stocks fell 5.2 million barrels in the week ended Oct. 14. It hit $51.93 earlier, its highest since July 2015.

  • *China output, Russia remarks on cooperation lend support. NEW YORK, Oct 19- Oil prices rose more than 1 percent on Wednesday in anticipation of a possible drawdown in U.S. crude stocks last week and on Russian remarks about market coordination with Saudi Arabia. The American Petroleum Institute, a trade group, reported on Tuesday that U.S. crude stockpiles fell 3.8...

  • NEW YORK, Oct 19- U.S. independent refiners such as PBF Energy and Phillips 66 are expected to report another quarter of disappointing profits in coming weeks, as hopes that a record summer driving season would turn the industry's fortunes around do not appear to have materialized. U.S. refiners are in the midst of their worst year since the shale boom began in 2011.

  • NEW YORK, Oct 18- Oil prices settled up on Tuesday on expectations of OPEC output curbs, then extended gains in post-settlement trade as an industry group's data showed an unexpected draw in U.S. crude inventories last week. Crude stockpiles fell 3.8 million barrels in the week to Oct. 14, the American Petroleum Institute reported. "It'll certainly be another...

  • NEW YORK, Oct 18- Royal Dutch Shell plc has retained Deutsche Bank to sell its Martinez, California refinery, according to three people familiar with the matter. Shell is in the midst of a three-year, $30 billion divestment plan following the company's purchase of BG Group earlier this year. Parsippany, New Jersey- based PBF Energy paid $537.5 million, plus working...

  • KHOBAR, Saudi Arabia, Oct 18- Saudi Arabia's crude oil exports in August fell to 7.305 million barrels per day from 7.622 million bpd in July as the world's largest oil exporter pumped less, the kingdom has told an influential data base. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries to the...

  • RIO DE JANEIRO, Oct 17- Brazil's state-controlled oil company Petroleo Brasileiro SA said on Monday it had agreed to sell its mothballed Okinawa refinery and related assets to Japan's Taiyo Oil Co. for $129.3 million, according to a securities filing. Known as Nansei Seikyu, the Okinawa refinery company supplies about half the fuel needs for the Japanese...

  • RIO DE JANEIRO, Oct 17- Brazil's state-controlled oil company Petroleo Brasileiro SA said on Monday it had agreed to sell its mothballed Okinawa refinery and related assets to Japan's Taiyo Oil Co. for $129.3 million, according to a securities filing.

  • DUBAI/ KUWAIT, Oct 16- Kuwait National Petroleum Co expects to finalise a loan of well over $5 billion to finance its Clean Fuels project by the end of the first quarter of next year, sources involved in the project said. The Clean Fuels Project will upgrade and expand two of Kuwait's largest existing refineries with a focus on producing higher-value products such...

  • DUBAI/ KUWAIT, Oct 16- Kuwait National Petroleum Co expects to finalize a loan of well over $5 billion to finance its Clean Fuels project by the end of the first quarter of next year, sources involved in the project said. The Clean Fuels Project will upgrade and expand two of Kuwait's largest existing refineries with a focus on producing higher-value products such...

  • LONDON, Oct 14- Trade firms that profited from the renaissance in global refining over the past two years are bracing for tougher times as ample stocks, dwindling volatility and newly powerful refineries in China squeeze opportunities, the chiefs of major trade houses told the Reuters Commodities Summit. The oil price crash was a windfall for traders, who...

  • *Deal proposed by China govt seeking national industry champions. BEIJING, Oct 14- Chinese state-owned chemical companies Sinochem Group and ChemChina are in discussions about a possible merger to create a chemicals, fertiliser and oil giant with almost $100 billion in annual revenue, three sources familiar with the matter said. The deal has been proposed by...

  • *Trafigura hires traders to form new oil desk in Mumbai. NEW DELHI/ SINGAPORE, Oct 14- A group led by Russian oil major Rosneft will acquire India's Essar Oil in a $12 to $13 billion deal including debt, two sources privy to the deal said, strengthening the ties between the world's largest oil producer and the world's fastest growing fuel consumer.

  • *Trafigura hires traders to form new oil desk in Mumbai. NEW DELHI/ SINGAPORE, Oct 14- A group led by Russian oil major Rosneft will acquire India's Essar Oil in a $12 to $13 billion deal including debt, two sources privy to the deal said, strengthening the ties between the world's largest oil producer and the world's fastest growing fuel consumer.

  • 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...