(Energy Analytics Institute, 4.Nov.2024) â Phillips 66 is very close to achieving its $3bn non-core asset divestment target, the company said in its most recent investor update. Phillips 66 has achieved $2.7bn of the target, the company announced in its Nov. 2024 investor update presentation on its website. The deal […]
Tag: refinery
Phillips 66 to Shut Refinery, End Gasoline Output in Los Angeles
(Reuters, 16.Oct.2024) â Phillips 66 said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California’s fuel supply amid complaints about the state’s high prices. Phillips 66 CEO Mark Lashier cited “market dynamics” for the decision. The Los Angeles facility provides lower profits than other company oil processing plants, a […]
Phillips 66 to Cease Operating LA Refinery in 4Q:25
(Energy Analytics Institute, 16.Oct.2024) â Phillips 66 will cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. Phillips plans to work with authorities from the state of California to supply fuel markets and meet ongoing consumer demand. Approximately 600 employees and 300 contractors currently operate the […]
Pemex Posts Drop in Oil Output as AMLO Exits
(Reuters, 27.Sep.2024) â Crude output by Pemex fell in August as Mexico’s national oil company failed to reduce fuel imports in line with company targets, while overall falling well short of the lofty energy trade goals of the country’s outgoing president. While locally produced petroleum product volumes rose during the […]
OMV Starts Co-processing Plant at Schwechat Refinery
(OMV, 10.Jun.2024) â OMV has started up its co-processing plant at the Schwechat refinery in Austria. Almost EUR 200mn have been invested to allow up to 160,000 metric tons of liquid biomass being converted into high-quality renewable hydrogenated vegetable oil components. These more sustainable blending components will be used also […]
Ecopetrol Informs About Dutch Court and Restructuring Process of CB&I N.V.
(Ecopetrol, 22.Mar.2024) â Ecopetrol S.A. (BVC: ECOPETROL;Â NYSE: EC) informs that RefinerĂa de Cartagena S.A.S. (Reficar) has been notified of the decision to approve the alternative financial restructuring plan of Chicago Bridge & Iron Company N.V. (CB&I N.V.), reached on 21 Mar. 2024, by the District Court of Amsterdam in the […]
Diesel Prices in 2023? Don’t Expect Much Relief
(Investorâs Business Day, 29.Dec.2022) â U.S. diesel prices hit all time highs in 2022 as demand surged and supplies of the critical heating and transportation fuel tightened. However, analysts expect diesel prices to come down in 2023, even as supplies will remain tight. So Ed, why don’t we start with […]
Petrobras Extends Deadlines for Sale of Refining, Logistics Assets
(Petrobras, 15.Jul.2022) â Petrobras, following up on the release disclosed on 27 June 2022, has extended the deadlines for participation in the sale processes of Refinaria Abreu e Lima (RNEST), in Pernambuco, Refinaria Presidente GetĂșlio Vargas (REPAR), in ParanĂĄ, and Refinaria Alberto Pasqualini (REFAP), in Rio Grande do Sul, as […]
Petrobras Teasers for Divestment of Refining and Logistics Assets
(Petrobras, 27.Jun.2022) â Petrobras, following up on the releases disclosed on 8 February 2021, 25 August 2021, and 1 October 2021, restarted the processes for the sale of Refinaria Abreu e Lima (RNEST), in Pernambuco, Refinaria Presidente GetĂșlio Vargas (REPAR), in ParanĂĄ, and Refinaria Alberto Pasqualini (REFAP), in Rio Grande […]
Low-carbon Hydrogen Demand in Refining Could Reach 50 Mtpa by 2050
(WoodMac, 9.Jun.2022) â Potential low-carbon (green or blue) hydrogen demand from the global refining sector could reach 50 million tonnes per annum (Mtpa) by 2050, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK). Oil refining is one of the largest markets for hydrogen, accounting for about 32 Mtpa or 30-35% of global […]
Ecopetrolâs 2Q:21 Earnings Call Transcript
(Motley Fool, 4.Aug.2021) â Colombiaâs state oil giant Ecopetrol hosted its second quarter 2021 conference call to discuss operational and financial details. What follows is the transcript of the call. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning. My name is Hilda, and I will […]
Petrobras On Refinery Sales Deadlines
(Petrobras, 30.Jul.2021) â Petrobras has celebrated a new addendum to the Term of Commitment to Cessation (TCC) signed with the Administrative Council for Economic Defense (CADE), with the purpose of extending the deadline for Petrobras to continue with the discussions for the effective conclusion of the negotiation processes and to […]
Petrobras Starts Contracting For Hydrotreatment Unit
(Petrobras, 28.Jun.2021) â Petrobras started an international bidding process, in EPC (engineering, procurement and construction) mode, for the implementation of a new diesel hydrotreatment unit and the necessary auxiliary systems, aiming at adapting and modernizing the refining park at the PaulĂnia Refinery (REPLAN). With this project, REPLAN will be able […]
Maduro Accuses Donald Trump Of Attacks On CRP
(Energy Analytics Institute, 15.Jan.2021) â Venezuelaâs leader NicolĂĄs Maduro reiterated earlier claims that US President Donald Trump ordered the sabotage of the OPEC countryâs Amuay and CardĂłn refineries in Punto Fijo. âDozens of Venezuelan and Colombian mercenaries have been captured planning conspiracies against our oil, gas and electricity companies,â Maduro […]
Petrobras Reports Record S-10 Diesel, LPG Production
(Petrobras, 9.Sep.2020) â Petrobras announced that, for the third month in a row, it has broken the production record of S-10 Diesel, low-sulfur diesel. In August, the company’s refineries processed 1.84 million mÂł of the product, a volume slightly higher than in July, when it reached 1.81 million mÂł, and […]
Curacao Fuel Sale Touches Venezuela Sanctions Nerve
(Argus, 18.Aug.2020) â A fuel oil cargo stuck off of the Dutch Caribbean island of Curacao is about to be released to an unnamed buyer in a closely monitored transaction that highlights maritime sensitivity to US sanctions on Venezuela. The Liberia-flagged Panamax Promoter loaded the cargo early this month at […]
Petrobras Reports Record Bunker 2020 Output
(Petrobras, 8.Jul.2020) â Petrobras informs that the PaulĂnia Refinery (Replan), located in the state of SĂŁo Paulo, broke the monthly production record for Bunker 2020, a low-sulfur fuel oil used on ships, for the second consecutive month. In June, the refinery reached 148 thousand mÂł, 20% higher than the previous […]
Essar Bid For Petrobras’ Bahia Refinery
(Reuters, 30.Jun.2020) â Indian conglomerate Essar Group made a binding offer to Brazil’s Petroleo Brasileiro SA to buy the country’s second largest oil refinery, two people with knowledge of the matter said on Tuesday. Petrobras, as Brazil’s state-controlled oil producer is known, has received at least two offers for the […]
PDVSA Weighs Plan To Pay For Refinery Work With Fuel
(Reuters, 25.Jun.2020) â Officials from Venezuelan state oil company Petroleos de Venezuela have spoken with private contractors about paying for work fixing the country’s refineries with fuel and byproducts, a half dozen people familiar with the talks said. The possibility of in-kind compensation comes as U.S. sanctions on PDVSA and […]
Petrobras To Receive Offers For Bahia Refinery
(Reuters, 24.Jun.2020) â Brazilâs Petroleo Brasileiro SA is set to receive binding offers for the countryâs second-largest refinery on Thursday, five people with knowledge of the matter said, as the state oil company aims to restart a plan to divest more than $10 billion in assets. If the deal for […]
Petrobras Refineries Near Pre-pandemic Levels
(Reuters, 12.Jun.2020) â Utilization rates at refineries owned by Brazilâs Petrobras are nearing pre-pandemic levels, as lower fuel imports by competitors and resilient international demand for bunker fuel provide a boost, the state-run company told Reuters on Friday. According to public data from last week, refineries owned by Petroleo Brasileiro […]
CITGO Proposes $750mn Private Offering
(Citgo, 2.Jun.2020)Â â Citgo Petroleum Corporation has commenced a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, of $750 million aggregate principal amount of senior secured notes due 2025. The notes offering is subject to market and other conditions, and there is no assurance […]
PetroEcuador Monitoring Emissions At Esmeraldas
(Energy Analytics Institute, Piero Stewart, 30.May.2020) â Ecuadorâs state oil company EP Petroecuador is monitoring emissions at the Esmeraldas refinery, especially those of sulfur dioxide (SOx) even though preliminary reports show emissions from the refining center have yet to exceed parameters allowed by environmental regulations. Notwithstanding, EP PetroEcuador has carried […]
Raizen Halts Crude Runs At Buenos Aires Refinery
(Argus, 19.Apr.2020) â Raizen has suspended operations at its 110,000 b/d Buenos Aires refinery in response to the plunge in oil demand caused by coronavirus restrictions. Raizen, a joint venture between Shell and Brazilian energy and logistics conglomerate Cosan, halted crude processing on 17 April after running out of storage. […]
EP PetroEcuador Suspends Operations At La Libertad
(Energy Analytics Institute, Piero Stewart, 3.Apr.2020) â State oil company EP PetroEcuador announced plans to suspend activities at the La Libertad refinery located in Santa Elena province for 14 days, effective Saturday 4 April 2020, to safeguard the health of its employees. Approximately 63 technician and operative employees at the […]
Falling LatAam Fuel Demand Leaves Hurt US Refiners
(Reuters, 27.Mar.2020) â Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% […]
Petrobras Starts Refinery Binding Phase
(Petrobras, 22.Nov.2019) â Petrobras, following up on the release dated August 30, 2019, informs the beginning of the binding phase regarding the first stage of the sale of refining and associated logistics assets in the country, which includes the refineries Abreu e Lima (RNEST) in Pernambuco, Landulpho Alves (RLAM) in […]
OFAC Gives Nynas AB Time
(Sputnik, 18.Oct.2019) â The United States has extended a license that allows certain transactions with PDVSA’s joint venture Nynas AB despite US sanctions on the Venezuelan oil sector, the US Treasury Department’s Office of Foreign Assets Control said in a notice on its website on Wednesday. “All transactions and activities […]
Venezuela’s Prize Oil Asset May Soon Be Up For Grabs
(Oilprice.com, Tsvetana Paraskova, 16.Oct.2019) â Venezuelaâs opposition is getting ready to file within days a lawsuit in the United States seeking to prevent bond holders of Venezuelan state oil firm PDVSA from going after shares in its U.S. subsidiary Citgo over an expected PDVSA bond default this month, Reuters reports, […]
Petrobras Says Revap Refinery Fire Occurred During Scheduled Stoppage
(Reuters, 30.Sep.2019) â A major refinery owned by Brazilian state-run oil firm Petrobras was already undergoing a scheduled stoppage when a fire broke out over the weekend, the company told Reuters on Monday, likely limiting the effects on production. Petroleo Brasileiro SA, as the firm is formally known, did not […]
Petrobras Extends Deadline To Divest Of Refineries
(Petrobras, 30.Aug.2019) â Petrobras, following up on the releases disclosed on 06/28/2019 and 07/15/2019, referring to the first stage of the sale processes of downstream and logistics assets in Brazil, which includes the refineries Abreu e Lima (RNEST), Landulpho Alves Refinery (RLAM), President GetĂșlio Vargas (REPAR) and Alberto Pasqualini (REFAP), […]
Petrobras’ Teasers For Downstream Assets In Brazil
(Petrobras, 28.Jun.2019) â Petrobras, following up on the release issued on April 26, 2019, announces the beginning of the opportunity disclosure stage (teaser) related to the sale of refining and associated logistics assets in Brazil. The divestments account for about 50% of the national refining capacity, with a total of […]
Ad Hoc PDVSA Board Suggest Jamaica Suspending Petrojam Takeover
(Energy Analytics Institute, Piero Stewart, 16.Jun.2019) â The ad hoc administrative board of PetrĂłleos de Venezuela (PDVSA) appointed by interim Venezuelan president Juan GuaidĂł requested that the government of Jamaica suspend the âillegal expropriationâ of the shares of PDVSA Caribe in Petrojam, approved by the Jamaican parliament in February 2019, […]
Why Venezuela, The Country With The World’s Largest Oil Reserves Its Short Of Petrol
(CNN, Stefano Pozzebon, 26.May.2019) â For many Venezuelans, oil is a birthright in the country blessed with the largest crude reserves in the world. Despite wild hyperinflation, Venezuela’s government has never increased the price of gasoline. Today, amid a crushing economic crisis, filling up a tank in Venezuela is still […]
Pemex To Build $8bn Oil Refinery As Mexico Scraps Tender Process
(Ft.com, Jude Webber, 9.May.2019) â AndrĂ©s Manuel LĂłpez Obrador, Mexico’s president, has stepped up his commitment to an $8bn refinery project, rejecting three private sector bids as too costly and vowing that state oil company Pemex will build the plant. The leftist nationalist president batted aside concerns about the ability […]
Petrobras Completes Pasadena Refinery Sale To Chevron
(Petrobras, 1.May.2019) â Petrobras, following up on the release disclosed on 01/30/2019, informs that it has completed, through its subsidiary Petrobras America Inc. (PAI), the sale to Chevron USA Inc. (Chevron) of 100% of its shares in the companies that encompass Pasadena’s entire refining operations system in the United States. […]
Petrobras BODs Gives Thumbs Up To Potential Refinery Sales
(Petrobras, 26.Apr.2019) â Petrobras announced that the Board of Directors, in a meeting held today, approved  new guidelines for the management of its asset portfolio. The guidelines are in line with the Resilience Plan, released on 03/08/2019, being part of the preparation process of the 2020-2024 Business and Management Plan, […]
Finnish Refiner Neste Hit By Venezuela Oil Sanctions
(Reuters, Tarmo Virki, 26.Apr.2019) â Finnish biofuel producer and oil refiner Neste reported a bigger than expected fall in quarterly profit on Friday, with U.S. sanctions against Venezuela having curbed crude oil supply to its Nynas joint venture. First-quarter core operating profit fell 6 percent to 378 million euros ($421 […]
To Halt Energy Slide, Mexico Turns To A Trusted Provider: Mexico
(NYT, Elisabeth Malkin, 11.Apr.2019) â President AndrĂ©s Manuel LĂłpez Obrador envisions a future in which Mexico produces more oil, gasoline and electricity. But his strategy to get there relies on reaching back into his countryâs past. Breaking with a five-year-old energy overhaul that opened Mexicoâs closely held oil industry to […]
PetroPerĂș President Says Final Cost Of Talara Refinery Is $5 Billion
(Energy Analytics Institute, Ian Silverman, 10.Apr.2019) â The inal cost of the Talara refinery in Peru is $5 billion, including $695 million in interest related to the projectâs financing, announced PetroPerĂșâs President Esteban Bertarelli Bustamante in a company video. This compares to an initial cost of around $5.4 billion, when […]
Citgo Reports Higher Exports, Crude Throughputs
(Argus, 1.Apr.2019) â Citgo increased fuel exports and domestic crude processing last year, the company said in rare public guidance on the Venezuelan-controlled independent refinerâs operations. The refiner reported crude throughputs of 716,000 b/d for 2018, a 9.1pc increase from the 656,333 b/d of crude processed in 2017, the company […]
Fact Sheet: Citgo Petroleumâs Three US Refineries
(Energy Analytics Institute, Jared Yamin, 17.Feb.2019) â Houston-based Citgo Petroleum has three refineries located in the U.S. in Corpus Christi, Texas; Lake Charles, Louisiana; and Lemont, Illinois. What follows is a summary of each, according to official Citgo data. CORPUS CHRISTI Since our modest beginning in the mid-1930s, when our […]