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Processing 2001 P
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12/28/2001 -- PetroChina targets refinery operations at 83% for 2002
PetroChina Co. Ltd. is planning to raise its refinery operations for 2002 to an average 83% from last year's 79%. -
12/28/2001 -- Oil prices rise as OPEC sees in the New Year with output cut
Oil futures prices immediately jumped in London as the Organization of Petroleum Exporting Countries agreed Friday to reduce production quotas by 1.5 million b/d for the next 6 months. -
12/27/2001 -- Processing news briefs, Dec. 27
Qatar Petroleum ... Chiyoda ... Technip-Coflexip ... ExxonMobil ... Pemex ... Statoil -
12/27/2001 -- UK Energy Minister faces challenge of maintaining North Sea production
Energy Minister Brian Wilson's review of the UK's energy policies will be influenced by the need to maintain North Sea oil output. -
12/26/2001 -- AltaGas to participate in Taylor NGL's Joffre extraction plant
AltaGas Services Inc. joined with Taylor NGL LP to develop Taylor's proposed $45 million (Can.) ethane extraction plant at Joffre, Alta. The federal and provincial governments approved Taylor's application in September. -
12/19/2001 -- Valero, Ultramar Diamond Shamrock to complete merger at yearend
The US Federal Trade Commission approved the merger of Valero Energy Corp. and Ultramar Diamond Shamrock Corp. The merger will be completed Dec. 31. -
12/18/2001 -- CMAI says polyester and polyester raw materials market hits turning point
Chemical Market Associates Inc., Houston, said margins in polyester and polyester raw materials have "hit a turning point" after record lows in 1999. -
12/17/2001 -- Processing news briefs, Dec. 17
Williams Cos. ... National Petrochemical Co. of Iran ... Kuwait National Petroleum Co. ... Technip ... Conoco Ltd. ... Royal Dutch/Shell ... Sinopec ...Woodside Energy Ltd. ... Statoil -
12/17/2001 -- Report says lifting US embargo against Cuba would help energy firms
A study issued Monday concluded that lifting the US trade embargo against Cuba could provide US energy firms $2-3 billion/year in new revenue. The report was from the Cuba Policy Foundation, Washington, DC, which has been lobbying to get the embargo removed. -
12/17/2001 -- Diverse coalition urges US Senate to oppose ethanol mandates
An unusual coalition of business and labor interests has urged US Senate leaders to oppose legislation mandating ethanol use in gasoline, saying it would hurt consumers. The coalition -- including refiners, labor unions, and highway user groups -- also opposed a plan to mandate use of 5 billion gal/year of renewable fuels by 2012. -
12/17/2001 -- Asphalt plant at Alon's Big Spring, Tex., refinery to recycle tire rubber
Alon USA, Dallas, a subsidiary of Alon Israel Oil Co. Ltd., and Wright Asphalt Products Co., Channelview, Tex., will build a tire rubber modified asphalt plant in Big Spring, Tex. -
12/17/2001 -- Kinder Morgan Energy Partners buying Tejas Gas for $750 million
Kinder Morgan Energy Partners LP Monday said it would buy Tejas Gas LLC, a wholly owned subsidiary of InterGen (North America) Inc., for $750 million in cash. Both are large Texas intrastate gas pipelines. The deal is expected to close in the first quarter. -
12/14/2001 -- BPA agrees to price cut on California contract
The California Department of Water Resources said the Bonneville Power Authority has agreed to reduce what it charges for electricity under a long-term contract signed earlier this year. The DWR also has asked Calpine Corp. and NRG Energy Inc. to renegotiate power supply contracts. -
12/13/2001 -- El Paso plans sale of deepwater, Midcontinent, Rocky Mountain assets
In a move to clean up its balance sheet, Houston-based El Paso Corp. said Thursday it plans to sell all of its deepwater operations in the Gulf of Mexico, its Midcontinent US oil and gas assets, and "a significant component" of its Rocky Mountain properties. -
12/12/2001 -- Shell, Saudi Refining buying ChevronTexaco's Equilon, Motiva share for $3.86 billion
Shell Oil Co. and Saudi Refining Inc. will acquire TexacoChevron Corp.'s interests in Equilon Enterprises LLC and Motiva Enterprises LLC for $3.86 billion. -
12/12/2001 -- CERA sees demand drop pushing oil prices $6/bbl lower in 2002
World oil prices should average $6/bbl less next year as the market seeks equilibrium as demand slides. Cambridge Energy Research Associates made that prediction Wednesday as it issued its "Global Oil Trends 2002" analysis. -
12/12/2001 -- BP gains first foothold in Chinese service station sector
BP PLC plans to set up a chain of 500 service stations during 2002 on mainland China in a joint venture with China's second largest oil company Sinopec Corp. -
12/12/2001 -- Market watch: Prices decline for oil, refined products
Futures prices for crude and refined products continued to slump Tuesday as international markets focused on growing supplies and decreased demand. -
12/10/2001 -- BP, Sinopec, Shanghai Petrochemical launch petrochemical JV
BP PLC, China Petrochemical Corp. (Sinopec), and Shanghai Petrochemical Corp. have revealed more details of their ethylene cracker and chemicals derivative complex planned near Shanghai. -
12/07/2001 -- Chevron Phillips to decommission ethylene cracker, keep another idle
Chevron Phillips Chemical Co. LP will fully decommission the 400 million lb/year ethylene cracker at its Sweeny, Tex., chemical facility, and will continue to idle its 650 million lb/year cracker at Sweeny "for the foreseeable future."
