More Refining Capacities News

Market watch: US energy futures prices inch up

Sep 28, 2001 Energy futures prices Thursday regained a little of their previous large losses on the New York Mercantile Exchange but dipped again on the London market. OPEC's decision to hold the line on oil production at least until its next ministerial meeting in November removed just one element of uncertainty from the market, said analysts.

Sinopec to close 10 million tonnes of refining capacity

Oct 3, 2001 China Petrochemical Corp. plans to close inefficient oil refining units with a combined capacity of 10 million tonnes in the next 3 years.

Petrobras considers acquisition of US refining capacity

Oct 16, 2001 Petrobras Pres. Henri Philippe Reichstul confirmed his corporation is mulling the possible acquisition of US refining capacity. But that doesn't necessarily mean the Brazilian company will buy a refinery, he said.

BP brings on stream first unit using proprietary desulfurization technology

Nov 12, 2001 BP PLC said the first commercial unit to use its proprietary gasoline desulfurization technology has come on stream. The unit, at the Bayernoil refinery in Neustadt, Bavaria, Germany, has capacity to produce 15,000 b/d of low-sulfur gasoline for use in the German retail market.

Phillips, Conoco plan $35 billion 'merger of equals' next year

Nov 19, 2001 Conoco Inc. and Phillips Petroleum Co. said their boards have approved a merger creating a $35 billion ConocoPhillips. The companies expect to complete the merger in the second half of 2002. They anticipate cost savings of $750 million/year.

'Golden age' predicted for US refiners-marketers in 2003-2005

Dec 4, 2001 A "collision of factors" ranging from recovery of demand growth to "the most onerous environmental requirements" restricting supplies will produce "a golden age" for refiners and marketers in 2003-2005, said Douglas Terreson, managing director for Morgan Stanley Dean Witter & Co., Tuesday.

Valero prefers to swap rather than sell Golden Eagle refinery

Dec 4, 2001 Valero Energy Corp. Chairman and CEO William E. Greehey said Tuesday he'd rather swap than sell Ultramar Diamond Shamrock Corp.'s 168,000-b/d Golden Eagle refinery in the San Francisco Bay area, as part of the company's deal with the US Federal Trade Commission to complete that proposed merger.

CERA sees demand drop pushing oil prices $6/bbl lower in 2002

Dec 12, 2001 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.

Shell, Saudi Refining buying ChevronTexaco's Equilon, Motiva share for $3.86 billion

Dec 12, 2001 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.

Report says lifting US embargo against Cuba would help energy firms

Dec 17, 2001 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.

Conoco and Holly settle alleged clean air refinery violations

Dec 21, 2001 The US Justice Department and the Environmental Protection Agency Thursday announced settlements with refiners Conoco Inc. and Holly Corp. over alleged federal clean air violations. Under the action, the refiners also reached agreements with 4 states.

PetroChina targets refinery operations at 83% for 2002

Dec 28, 2001 PetroChina Co. Ltd. is planning to raise its refinery operations for 2002 to an average 83% from last year's 79%.

Navajo Refining to install hydrotreater, expand capacity at New Mexico plant

Jan 8, 2002 Holly Corp. subsidiary Navajo Refining Co. LP has received necessary permits to install a gas oil hydrotreating unit at its 60,000 b/d refinery at Artesia, NM, and expand refining capacity.

Market watch: Production cuts talk and reduced refinery runs affect prices

Jan 23, 2002 Energy futures prices rebounded in international markets Tuesday with talk that the Organization of Petroleum Exporting Countries is not only curtailing oil production as promised but might consider another reduction in March.

Tesoro to buy Valero's Golden Eagle refinery in California for $1 billion

Feb 5, 2002 Tesoro Petroleum Corp. Tuesday said it would buy the 168,000 b/d Golden Eagle refinery in the San Francisco Bay area from Valero Energy Corp. for $1.075 billion. Included in the sale are 70 service stations in northern California.

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