Oil and Gas Oil and Gas Refining

  • *Major Middle East producers ramp up output ahead of OPEC meeting. SINGAPORE, June 1- Oil prices fell over 1 percent on Wednesday as production from major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook. Most analysts said OPEC will continue to focus on...

  • VOLGOGRAD, Russia, May 31- Lukoil, Russia's No. 2 oil producer, opened the country's largest vacuum gasoil hydrocracking facility at its Volgograd refinery on Tuesday, built as part of a sweeping modernisation of the country's refineries. The companies pledged to install 130 new facilities by 2020 that will enable Russia to increase production of...

  • NEW DELHI, May 30- The Reserve Bank of India has capped weekly dollar purchases by oil refiners to pay off their debts to Iran in order to avoid pressure on the rupee, three sources said on Monday. India is one of the biggest buyers of Iranian crude and built up a payments backlog when Iran was under Western sanctions, with its refiners owing about $6.5 billion to Iran.

  • Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030," a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman. Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse...

  • KHOBAR, Saudi Arabia, May 27- Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister said. "Saudi Arabia... is committed to sustaining its investments in hydrocarbon-based energy to meet future demand and power...

  • LA JOLLA, Calif., May 26- Argentina aims to eliminate its need for crude imports while usincreasing domestic oil output to 653,000 barrels per day in 2025, a 23 percent increase from 2015, an official from the Energy Ministry said on Thursday. We believe in supplying the country's needs, "said Daniel Redondo, Energy Planning Secretary from the Energy Ministry, at a...

  • Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030," a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman. Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse...

  • *Agreement includes $13 bln Tuban refinery, petchem plant. Under the broad agreement, Rosneft will partner with Pertamina in the development of a refinery and petrochemical plant worth up to $13 billion in Tuban in Indonesia's East Java province, and supply crude and technology to Southeast Asia's largest economy. Rosneft won a bid to develop the Tuban...

  • *Saudi offers more oil to Asia after field maintenances. SINGAPORE, May 26- Saudi Arabia is offering extra crude to customers in Asia, a sign the world's largest oil exporter does not intend to cut output as it battles for market share with other top producers. In a market that still has the most growth potential and in which many producers, including Iran, Iraq and...

  • Crude inventories fell 4.2 million barrels in the week to May 20, compared with analyst expectations for an decrease of 2.5 million barrels, according to data from the Energy Information Administration. "While we do feel the rally could go slightly further and test the psychological $50 level, we also think the rally has been priced in, especially with the impact...

  • LONDON, May 25- Egyptian investment firm Qalaa Holdings is confident its new refinery will cut the country's dependence on crucial oil product imports, particularly as a weaker currency and rising crude prices force the government to reduce its energy bills. The $3.7 billion Egyptian Refining Co will have the capacity to produce 4.2 million tonnes of refined...

  • MOSCOW, May 25- Russia's Gazprom Neft, under the gaze of President Vladimir Putin, has started loading a tanker with crude from its new Novoportovskoye field in the Arctic, which will help Moscow maintain record-high oil production. It will also help Russia to keep its oil production at more than 10 million barrels per day, a post-Soviet record-high, and adding...

  • *Drawdown due to lost Canada output, strong economy- analyst. A series of outages around the world, such as wildfires in Canada and a spate of violence in Nigeria's oil-producing region, has helped cut global oil supply by nearly 4 million barrels per day this month. Brent crude futures were up 58 cents at $49.19 a barrel by 0849 GMT, while U.S. crude futures rose 56...

  • Pemex's shipments to Japan, China, India and South Korea rose to 214,000 barrels per day in April from 193,000 bpd in March, official figures show. Jorge Sanchez, director of Pemex's commercial arm, PMI Comercio Internacional, and Jose Manuel Carrera, director of new business and partnerships, said Pemex remained focused on maintaining exports to the United...

  • *China's "teapot" refineries are new force in global oil markets. *Independent refinery boom reshaping local economy in Shandong. Zheng's story offers a vivid example of the new wealth created by China's so-called "teapots"- independent oil refineries that have become a new force in global energy markets since Beijing allowed them to start importing crude last...

  • NEW YORK, May 24- Michigan Governor Rick Snyder declared a state of energy emergency on Tuesday because of ongoing problems with a major petroleum products pipeline combined with an unexpected outage at Marathon Petroleum Corp's Detroit refinery. The order was in response to an "unplanned" outage at the 106,000 barrels-per-day Detroit refinery along with...

  • HOUSTON, May 24- Marathon Petroleum Corp on Tuesday laid off 46 salaried employees at the company's Galveston Bay Refinery in Texas City, Texas, the company said. "This reduction is one element of a cost savings strategy that will better position the refinery to be competitive well into the future," Marathon spokesman Chuck Rice said in a statement.

  • NEW YORK, May 24- Oil prices rose on Tuesday as investors anticipated a weekly drawdown in U.S. crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on expectations that the wildfires in Canada may finally be showing up in U.S. crude inventory numbers," said Phil Flynn, analyst at...

  • HOUSTON, May 24- Marathon Petroleum Corp on Tuesday laid off 46 salaried employees at the company's Galveston Bay Refinery in Texas City, Texas, according to an internal memo seen by Reuters.

  • *Wall Street rally helps oil; strong dollar makes no impact. NEW YORK, May 24- Oil prices rose on Tuesday as investors anticipated a weekly drawdown in U.S. crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on expectations that the wildfires in Canada may finally be showing up in...