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Processing 2001 P7

  • 03/13/2001 -- PDVSA plans $300 million upgrade of Puerto La Cruz refinery
    Petroleos de Venezuela S.A. (PDVSA) Tuesday said a Japanese-Venezuelan consortium signed a $300 million engineering, procurement, and construction contract for the expansion of the Puerto La Cruz refinery. The upgrade will include installation of units to produce unleaded gasoline and low-sulfur diesel.
  • 03/14/2001 -- Market watch: International energy futures markets slump
    Energy futures prices slumped on international markets Tuesday as traders wait to see what the Organization of Petroleum Exporting Countries will do when it meets Friday. Most assume OPEC members will agree to reduce production. The only uncertainty is how much.
  • 03/14/2001 -- Companies plan monoethylene glycol plant in Thailand
    Thai Olefins Co. (TOC) and Indorama Group announced a joint venture to develop a $200 million monoethylene glycol (MEG) plant on the Thai eastern seaboard. The plant, the first of its kind in Thailand, will have a 300,000-tonne/year capacity, effective in late 2003 or early 2004.
  • 03/14/2001 -- Analyst: California crisis points up regulatory risk
    While many aspects of the California situation are unique, an investment analyst with New York's Lehman Brothers said it points up the risk of investing in utilities with uncovered electricity short positions, regardless of the current regulatory compact. Electricity is a highly volatile commodity than can 'ravage a company's balance sheet and bring previously strong companies to bankruptcy in short periods of time,' said Daniel Ford, in notes on the crisis.
  • 03/14/2001 -- New York ISO calls for approval of new electricity plants
    To avert 'serious electricity shortages,' the New York Independent System Operator (ISO) Wednesday called upon the state to 'immediately' approve 4,000-5,000 Mw of proposed new electric generating capacity. New streamlined rules were put in place 18 months ago, but only two plants have been approved, both in upstate New York, and neither is under construction, the ISO noted.
  • 03/15/2001 -- Deep Creek outlines plans for oil sands pilot plant
    Deep Creek Energy Ltd., Calgary, has applied for regulatory approval to build a $20-30 million (Can.) pilot plant in the Alberta oil sands, 40 miles north of Fort McMurray.
  • 03/15/2001 -- Abraham: Price caps won't help California power shortage
    With a 5,000 Mw shortage, electricity blackouts appear 'inevitable' in California this summer, US Energy Sec. Spencer Abraham said Thursday, during congressional hearings on legislation that would impose prices caps on wholesale power transactions in the West. Abraham said the administration opposes prices caps because they would be ineffective in resolving the crisis that has dogged California for nearly a year and now threatens to spread throughout the West.
  • 03/15/2001 -- Abraham says price caps won't prevent California blackouts
    With a 5,000 Mw shortage, electricity blackouts appear inevitable in California this summer, US Energy Sec. Spencer Abraham said Thursday. He told a congressional hearing the administration opposes price caps on wholesale power because they would be ineffective in resolving the crisis that has dogged California for nearly a year and threatens to spread throughout the West.
  • 03/16/2001 -- OPEC talks narrow range for production cut
    The range of collective production cut widely anticipated to be agreed Friday by members of OPEC has been narrowed to between 800,000-1.2 million b/d, according to industry analysts at today's ministerial meeting. Ministers from the 10 voting member states of the organization will meet later Friday to continue discussions, after informal talks broke up with conflicting reports regarding an agreement.
  • 03/19/2001 -- API sues EPA over low sulfur diesel rule
    The American Petroleum Institute Monday became the second trade group to sue the US Environmental Protection Agency over its controversial low-sulfur diesel rules. Last month the National Petrochemical and Refiners Association filed a lawsuit, claiming the rule did not balance energy supply and environmental objectives.
  • 03/20/2001 -- President Bush stresses need for more refinery capacity
    President George W. Bush said Monday the US needs to develop more refining capacity to prevent future product shortages. Bush made the remarks following a meeting with his National Energy Policy Development Group, an interagency task force headed by Vice Pres.-Richard Cheney.
  • 03/20/2001 -- Valero to acquire Huntway Refining
    Valero Energy Corp., San Antonio, Tex., has agreed to acquire leading California asphalt supplier Huntway Refining Co., Newhall, Calif., in a $78 million transaction. Valero said the acquisition of Huntway's refineries in Benicia and Wilmington will mark its entry into the West Coast asphalt market, one of the largest in the US.
  • 03/21/2001 -- Tipperary negotiating to sell 210 bcf of gas
    Tipperary Corp., Denver, Colo., has entered a nonbinding memorandum of understanding to sell up to 210 bcf of gas to Queensland Fertilizer Assets Ltd., Australia, over 20 years. The latter company plans to build a plant in southeastern Queensland.
  • 03/21/2001 -- Sunoco closing Puerto Rico refinery, three lube plants
    Sunoco Inc., Philadelphia, Pa., Wednesday said it would shut its Yabucoa, PR, refinery and its lubricants blend plants in Marcus Hook, Pa.; Tulsa, Okla.; and Richmond, Calif. The refinery will be closed in May, the Marcus Hook plant in July, and the two other blend plants at a later date.
  • 03/21/2001 -- Partnership plans LNG plant in Egypt
    Eni SPA subsidiary Snam SPA, BP, and Egyptian General Petroleum Co. have signed an agreement for the development of a liquefied natural gas plant in Egypt and the marketing of its production.
  • 03/21/2001 -- Purvin & Gertz says Middle East LPG exports declining
    Uncertainty about liquefied petroleum gas supplies exists in many parts of the world, with Middle Eastern LPG exports declining while Far Eastern LPG demand is growing, particularly in China and India, S. Craig Whitley, senior principal of Purvin & Gertz, said Wednesday at an LPG seminar.
  • 03/21/2001 -- TNK arranges loan to modernize LiNOS refinery
    Westdeutsche Landesbank Girozentrale (WestLB) has arranged a $50 million loan for TNK-Ukraina, a wholly owned subsidiary of Tyumen Oil Co., to stabilize production of the Lysychansk (LiNOS) refinery in the Ukraine.
  • 03/21/2001 -- API chief: Form of gasoline will be used to power fuel cell vehicles
    The oil and natural gas industry is working toward developing a form of gasoline that could power fuel cell cars, Red Cavaney, American Petroleum Institute president and CEO, said Wednesday. Hydrogen and methanol are competing options, but they appear less suited for the nearer term marketplace than technology fueled by gasoline, he said.
  • 03/22/2001 -- Market watch: Energy prices rise
    Energy futures prices rose in trading on the New York Mercantile Exchange Wednesday. The May contract for light, sweet crude advanced 68� to finish at $26.80/bbl, while the June contract stood at $26.86, up 62�.
  • 03/22/2001 -- Copene awards work for Brazil ethylene expansion
    Copene Petroquimica do Nordeste SA awarded a contract to Technip SA of Paris for the front-end engineering design of a major expansion of its Ethylene II plant in the large Cama�i petrochemical complex about 40 km from Salvador in northeastern Brazil.

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