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Processing 2001 P3

  • 01/11/2001 -- ABB reorganizes around 'customer groups'
    Newly appointed ABB Group CEO J�rgen Centerman Thursday announced a reorganization replacing business segments with customer groups and product segments. ABB said the restructuring reflects a business environment of 'accelerating globalization, deregulation, consolidation, and eBusiness.'
  • 01/11/2001 -- Sunoco seeking sale of Puerto Rico refinery
    Sunoco Inc., Philadelphia, Wednesday said it is continuing discussions for the sale of its 49,000 b/d Yabucoa, PR, refinery to an unnamed party. The company plans to sell its Kendall motor oil brand, customer lists, and other related assets for both the Sunoco and Kendall brand labels to Tosco Corp.
  • 01/11/2001 -- Stolt Offshore to take majority ownership of Paragon
    Anglo-Norwegian subsea contracting giant Stolt Offshore SA said Thursday it had signed of a letter of intent to acquire a majority ownership of US engineering company Paragon Engineering Services Inc. through a deal with Kenneth Arnold, the CEO and controlling shareholder. Stolt said it expects the deal, valued at around $13 million, would be completed by March.
  • 01/11/2001 -- Specialty fuels blamed for transportation problems
    The Petroleum Industry Research Foundation Inc., New York, has warned that government petroleum product rules have caused a compartmentalization that leaves local markets vulnerable to disruptions. It gave the findings to the National Research Council Transportation Research Board.
  • 01/11/2001 -- Propane tops $1/gal in some US markets
    The rally on propane prices that closed 2000 has continued in the first trading sessions of 2001, with propane spot prices topping $1/gal in the Midwest after opening the year under 80�/gal. Spot prices have jumped 20�/gal or more in the past 5 days in the Conway market, according to OPIS Energy Group, Lakewood, NJ.
  • 01/11/2001 -- MAPSA tasks PJM over rules overhaul proposal
    The Mid-Atlantic states' emerging electricity retail markets could be shortchanged if the independent system operator for the region goes forward with initial proposals to overhaul existing market rules, says the executive director of the Mid-Atlantic Power Supply Association (MAPSA). The PJM Interconnection Inc. staff proposals to insure reliability in the short-term 'fail to recognize or incorporate key concerns raised by retail suppliers,' Suzanne Daycock says.
  • 01/11/2001 -- American Electric Power agrees to buy Houston Pipe Line Co. from Enron
    Officials at American Electric Power in Columbus, Ohio, said late Thursday they are buying all of Enron Corp.�s intrastate gas operations in Texas by acquiring Houston Pipe Line Co. Terms of the transaction were not immediately disclosed.
  • 01/12/2001 -- Storm in a North Sea cup?
    The warming trend in the UK government's relationship with oil companies operating in the North Sea, built largely on last year's pledge to freeze the Petroleum Revenue Tax, suddenly cooled last week after Chancellor of the Exchequer Gordon Brown hinted of changes to UK Continental Shelf operators' tax status in his upcoming budget.
  • 01/15/2001 -- Viet Nam refinery selects Honeywell for control systems
    Partners in the VietRoss refinery project have selected Honeywell Industrial Control�an affiliate of Honeywell International Inc.�to provide distributed control systems and ancillary systems for the first refinery in Viet Nam. The groups expect to begin building the refinery next year in Dung Quat, Quang Ngai Province, in central Viet Nam.
  • 01/15/2001 -- UOP gets contract for Indonesian naphtha complex
    Indonesia's Pertamina has selected UOP LLC, Des Plaines, Ill., to supply technology for a 52,000 b/sd grassroots naphtha complex at the 125,000 b/d Balongan refinery in Indramayu, West Java. The unit will nearly double gasoline production capacity, enabling output of 107,000 b/sd of unleaded.
  • 01/16/2001 -- Pennzoil-Quaker State to sell Shreveport refinery
    Calumet Lubricants Co. LP has signed a letter of intent to buy Pennzoil-Quaker State Co.'s 46,200-b/d refinery in Shreveport, La. The deal is expected to close by May. Calumet bought Pennzoil-Quaker State's interests in the Bareco partnership with Baker Petrolite, a division of Baker Hughes Inc., and in the Rouseville, Pa., refinery in April 2000.
  • 01/17/2001 -- Premcor: Low-sulfur regulations force refinery closure
    Premcor Inc. St. Louis, Mo., said it would permanently close its refinery in Blue Island, Ill., at the end of the month. Premcor said new low-sulfur fuel regulations will make the refinery no longer cost effective. Premcor said it would focus on higher-return projects at its other three refineries.
  • 01/18/2001 -- DOE issues household appliance energy standards
    The US Energy Department Thursday rushed out energy efficiency standards for residential central air conditioners and heat pumps, clothes washers, and water heaters, and commercial heating and cooling equipment. The standards set minimum allowable energy efficiency requirements for products to be manufactured for sale in the US. The standards were developed after a series of public hearings, including manufacturers, consumer groups, and energy efficiency advocates.
  • 01/23/2001 -- Dynegy reports record year despite California woes
    A boost in wholesale trading and marketing profits contributed to Dynegy Inc.�s 210% increase in net income for 2000. Income jumped to $452 million, or $1.43/share, compared to 1999 income of $146 million, or 63�/share. Looking towards 2001, Dynegy said it will achieve a growth rate of about 30% and revised its forecast of earnings slightly. The company expects to earn $1.80-$1.87/share for 2001, compared to a previous estimate of $1.80-$1.85/share.
  • 01/24/2001 -- Petro-Canada expands work in North, East Canada
    Petro-Canada, Calgary, in February will spud the first natural gas exploration well drilled in the Arctic Mackenzie Delta region in more than a decade. Petro-Canada has a 60% interest in the well, which will test tertiary sands in the Kurk Block at 9,186 ft. The well is due for completion in April.
  • 01/24/2001 -- FERC approves Alliance RTO subject to conditions
    The for-profit Alliance Regional Transmission Organization (RTO) received Federal Energy Regulatory Commission (FERC) approval Wednesday. Separately, the commission gave Illinois Power Co. 30 days to negotiate a settlement over its request to leave the Midwest Independent System Operator (MISO). Citing changing conditions, the Dynegy Inc. unit asked to be allowed to withdraw from MISO to join the Alliance RTO.
  • 01/25/2001 -- Northern Border to buy Bear Paw Energy
    Northern Border Partners LP, Omaha, Neb., agreed to purchase Bear Paw Energy LLC for $370 million in shares and cash from a consortium of investors that includes Bear Paw management and JP Morgan Partners. Bear Paw has gathering and processing operations in the Powder River basin in Wyoming and in the Williston basin in Montana, North Dakota, and Saskatchewan.
  • 01/26/2001 -- Gas prices easing with warmer weather-but bull market persists
    Natural gas prices are finally beginning to moderate a bit with warmer weather, but not before price forecasts for the balance of 2001 were notched up again. So 2001 still looks like a bull market for natural gas, and 2002 looks pretty strong as well.
  • 01/26/2001 -- Texas lawmaker's bill could delay deregulation
    With gas and power bills rising, a Texas lawmaker has introduced a measure allowing the Public Utilities Commission to delay the scheduled 2002 start of electric competition, if state regulators determine the necessary elements for 'fair competition' are not in place. Texas State Rep. Sylvester Turner, a Democrat, said the measure is insurance against a California-style debacle erupting in Texas after deregulation goes into effect.
  • 01/26/2001 -- China crude imports strong on bullish economy, production fall
    China's strong demand for crude oil and its crude production deficit will further bolster the country's appetite for crude oil imports this year and in years to come. According to a government estimate, the country will import 75-80 million tonnes this year, after hitting a record 70 million tonnes last year. Beijing analysts have suggested the number will be closer to 90 million tonnes.
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