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Oil and Gas Oil and Gas Refining

  • *OPEC- led cuts initially agreed for six months to June. That's the question OPEC and oil markets are grappling with before Thursdays meeting of producer countries in Vienna. The cuts were initially agreed to run during the first half of 2017. OPEC and other producers, including Russia, are now expected to agree to extend the deal on Thursday, possibly for nine more...

  • HOUSTON, May 23- Saudi Aramco plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprsies LLC, the company said in an announcement at a business summit in Saudi Arabia. The company said that $12 billion would be the initial investment in a project to expand refining capacity at Motiva's Port Arthur, Texas, refinery, already the largest in the...

  • LONDON, May 22- U.S. private equity firm Carlyle Group is suing a group of its insurers over $400 million worth of oil it claims it lost when Morocco's sole refinery went bankrupt two years ago, court documents show. Carlyle claims in a suit filed in the United District Court for the Southern District of New York that insurance underwriters led by Mitsui Sumitomo...

  • *Eyes W. Africa, Iran for potential partners. CAPE TOWN, May 19- South Africa, a net importer of refined oil products, is looking to West Africa and the Middle East, including Iran, for potential partners on a new refinery project, energy ministry officials said on Friday. The acting director general at the ministry of energy Tseliso Maqubela told Reuters after a...

  • LONDON, May 18- Nigeria's state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs of companies than last year,...

  • LONDON, May 18- Nigeria's state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs of companies than last year,...

  • LONDON, May 18- Mining and commodities trading group Glencore is jumping into Mexico's recently opened energy sector, one of the hottest investment tickets in the industry, by setting up a retail station franchise and fuel supply deal with local group Corporacion G500 SAPI, it said on Thursday. Mexico abolished in 2013 state oil firm Pemex's decades-old...

  • CIUDAD GUAYANA, Venezuela/ CARACAS, May 17- P ockets of oil-rich Venezuela were suffering gasoline shortages on Wednesday as the OPEC nation's ageing refineries faced more operational problems and protests blocked some deliveries. Venezuela, which has the world's cheapest gasoline, has been plagued by intermittent fuel shortages in recent months as its oil...

  • *Prospects of OPEC- led supply cut deal extension supports prices. New York, May 17- Oil prices rose on Wednesday after U.S. government data showed a decline in domestic crude inventories and strong refining activity in the world's largest oil consumer, ahead of next week's meeting of major oil producers. Brent crude rose 87 cents and stood at $52.52 per barrel by...

  • May 17- U.S. crude oil inventories fell for a sixth straight week, as OPEC efforts to reduce supply appear to be coming to fruition ahead of the cartel's upcoming meeting next week, while gasoline and distillate stocks also dropped. Traders and investors have grown increasingly concerned about a supply glut several months into the deal between the Organization...

  • NEW DELHI, May 17- Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed. India's April imports from Iraq topped 1 million barrels per day for the first time, up by about a third from March and 8...

  • *Morocco wants at least $2 billion for plant- sources. DUBAI/ LONDON, May 15- Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco's only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said. Two sources close to the process...

  • BEIJING, May 16- Chinese defense conglomerate China North Industries Group Corp has signed a framework agreement with state-run oil company Saudi Aramco to build a refinery and chemicals complex in northeast China, industry and government officials said on Tuesday. The framework pact, which follows a memorandum of understanding in March, marks one of the...

  • May 15- Some Japanese oil companies have raised their capital investment plans for the year that started on April 1, putting money into refineries and other downstream projects, while others have focused on cutting spending on exploration and production. The offset of the refinery expenditures and some large upstream developments has lifted the planned...

  • MEXICO CITY, May 13- A fire sparked by suspected fuel thieves killed four people and forced Mexico's state oil company Pemex to temporarily halt pumping operations along a pipeline in the country's violent eastern state of Veracruz, the company said on Saturday. The pipeline has a capacity of 73,000 barrels per day and transports gasoline and diesel from...

  • MEXICO CITY, May 13- Suspected oil thieves caused a fire that killed four people at a Pemex pipeline in the eastern Mexican state of Veracruz, forcing the state oil company to suspend pressure in the pipeline, Pemex said on Saturday. The pipeline transports oil from Pemex's Minatitlan refinery to Mexico City. The incident, near the town of El Mango, comes about a week...

  • NEW DELHI/ SINGAPORE, May 12- India's state-run Bharat Petroleum Corp Ltd is revising the formula it uses to price naphtha exports to include the mean prices from Argus Media instead of only relying on S&P Global Platts, a tender document showed. The refiner is looking to sell 33,000 tonnes of naphtha for June 4-6 loading from Mumbai and another 55,000 tonnes for...

  • *China and India prepare for radical policy shifts. SINGAPORE/ KUALA LUMPUR, May 12- Demand for gasoline in Asia may peak much earlier than expected as millions of people in China and India buy electric vehicles over the next decade, threatening wrenching change for the oil industry, oil and auto company executives warned. Change is being prompted by policy moves...

  • LONDON, May 11- Trading in the North Sea crude oil physical market has seen a boost from a growing number of participants, but trader Mercuria warned on Thursday that more financial players meant derivatives could have an unduly large impact on the setting of the dated Brent benchmark price. Dated Brent, which governs around two-thirds of the world's oil trades,...

  • LONDON, May 11- U.S. crude stocks have shown a sustained decline over the last five weeks, giving oil bulls new inspiration that the market is rebalancing. Commercial crude inventories have fallen by 13 million barrels since the end of March, according to data from the U.S. Energy Information Administration. During the decade between 2007 and 2016, crude stocks...