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Processing 2001 P12

  • 05/04/2001 -- PGS Production Services takes over MMO specialist JVI
    PGS Production Services, the North Sea operations management arm of Norway's PGS Group AS, Friday completed the takeover of Joint Venture International, the UK maintenance, modification, and operations company it helped set up in 1991.
  • 05/04/2001 -- France's refining industry booms on 'exceptional' margins
    Refining margins in France nearly doubled the historical average last year leading to a "good but atypical" post-tax result of 6.7 billion francs for the country's refining/distribution sector, the president of the Union Française des Industries Pétrolières, Philippe Trépant, said Thursday. Consumption of oil products, however, fell for the first time since 1993 as the result of high oil prices.
  • 05/04/2001 -- PDVSA moves to minimize effects of faulty catalytic cracker
    State oil corporation Petroleos de Venezuela SA (PDVSA) has moved "to minimize the possible effects" the shutdown of a catalytic cracker unit at its Cardon refinery may have on gasoline supplies to the US, the company said Friday. The 77,000 b/d unit was shut down on Thursday for the second time in a week.
  • 05/07/2001 -- Valero buying Ultramar Diamond Shamrock for $6 billion
    Valero Energy Corp. Monday said it plans to acquire Ultramar Diamond Shamrock Corp. for $6 billion, making it one of the nation's largest refiners. The boards of both companies have approved the transaction, and if stockholders and regulators approve, it will close by the end of the year.
  • 05/08/2001 -- EIA says low sulfur diesel supply picture uncertain
    The US Energy Information Administration late Monday said it could not predict whether refiners and importers will be able to supply enough low sulfur diesel fuel to meet market demand in 5 years. EIA's comments were in a report requested by the House Committee on Science.
  • 05/08/2001 -- Washington state official wants FERC inquiry expanded
    Washington state Atty. Gen. Christine Gregoire Monday asked federal regulators to expand an investigation into high electric wholesale prices in the West and to include natural gas prices. In an Apr. 26 order, the Federal Energy Regulatory Agency said it would look only into wholesale prices charged on the spot market during periods in which electrical power reserves drop below 7%.
  • 05/08/2001 -- BP posts record profits given higher gas prices
    Surging North American gas prices and higher production levels spurred BP PLC to post its seventh successive record-setting quarterly results. The megamajor recorded profits of $4.126 billion in the first quarter, a 32% jump from a year ago. Chief Executive John Browne said the results reflected a "positive environment".
  • 05/09/2001 -- Market watch: Energy futures waffle with wrong guess on inventories
    Energy futures prices continued to decline Tuesday, with traders mistakenly anticipating a bearish report on US inventories of oil and refined products by the American Petroleum Institute. However, oil prices rebounded in after-hours electronic trading when the API showed a smaller-than-expected increase in gasoline stocks.
  • 05/09/2001 -- US legislators mull renewal of Iran, Libya sanctions
    House lawmakers may seek to renew a controversial law that seeks to punish foreign countries or companies that invest in Iran or Libya, the chairman of a House foreign policy subcommittee said Wednesday. It is uncertain what position the White House will take on the issue.
  • 05/10/2001 -- ERCOT forecasts sufficient power for summer peak
    Texas should get through the summer without threats of blackouts given the amount of available generating capacity and forecast peak demand. ERCOT, or the Electric Reliability Council of Texas, released its summer assessment for 2001 forecasting peak demand to be 2% lower than last summer.
  • 05/10/2001 -- Syntroleum, PGS to form floating GTL venture
    Syntroleum Corp., Tulsa, and Norwegian company Petroleum Geo-Services ASA have agreed to form a joint venture to develop, market, and operate mobile marine production facilities based on Syntroleum's proprietary gas-to-liquids technology.
  • 05/10/2001 -- Valero CEO says UDS acquisition will improve stability
    Valero Energy Corp. expects expanded market depth and improved earnings stability upon completion of its acquisition of Ultramar Diamond Shamrock for $6 billion, Valero CEO Bill Greehey told shareholders Thursday. He said the resulting combined company would have a more balanced asset portfolio.
  • 05/11/2001 -- Direction of US gasoline stocks driving oil market today
    Gauging the direction of gasoline stock cover this year offers strong clues to direction of oil prices.
  • 05/11/2001 -- Climate change redux
    Kyoto is dead, the White House says. But the climate change issue is neither gone nor forgotten for the Bush administration.
  • 05/11/2001 -- EC pushes for introduction of 'zero sulfur' fuels by 2011
    The European Commission Friday proposed to make the use "zero sulfur" fuel mandatory in every member of state by 2011, as part of a plan to accelerate the take-up of newer fuel-efficient technologies in cars and trucks to help reduce carbon dioxide emissions. The EC proposal aims to "remove an important technical barrier to the introduction of the most advanced fuel-efficient vehicles,".
  • 05/11/2001 -- White House may endorse temporary cut in gasoline tax
    The White House may endorse a temporary reduction in the 18.4¢/gal federal excise tax on gasoline, oil industry lobbyists say. But some cabinet members may oppose a repeal since the action would cut revenues for the federal highway trust fund, which is used for road construction and repair.
  • 05/11/2001 -- Canadian electricity interests look to US export markets
    BC Hydro's revenue from exports to the US Northwest and Alberta increased to $2 billion last year, nearly four times 1999's, even though actual exports were down slightly, the National Energy Board said in a new assessment of the Canadian power market. Hydopower rich regions such as British Columbia, Manitoba, and Quebec expect to capitalize on exports to the electricity hungry US market.
  • 05/14/2001 -- TotalFinaElf and Delphi partner to advance fuel cell technology
    TotalFinaElf SA Monday signed a codevelopment agreement with Delphi Automotive Systems Corp., Troy, Mich., to research and test fuel cell technologies and fuel reformation. Delphi executives said the partnership will study the effect of fuel composition and additives on the performance of fuel-reforming devices.
  • 05/15/2001 -- EIA says US gasoline prices may peak this month
    With no further major refinery problems, record high retail gasoline prices may peak this month, the US Energy Information Administration told a House subcommittee Tuesday. EIA's latest forecast was that monthly average prices would peak between $1.65 and $1.75/gal.
  • 05/15/2001 -- Texaco and Sonangol invite tenders for Angola LNG Project
    Angola's state-owned oil company, Sonangol, and Texaco Inc. invited four groups to bid for an engineering contract on the proposed liquefied natural gas project in Luanda, Angola. Meanwhile, Citibank was retained as a financial advisor for a financing feasibility study.

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