Emirates National Oil Co (ENOC) has decided it will self-finance the $1 billion expansion of its Jebel Ali oil refinery, having talked with regional and international banks about a potential loan, its chief financial officer told Reuters.
UAE's ENOC to Self-fund Refinery Expansion - CFO

Thursday, October 20, 2016 Emirates National Oil Co (ENOC) has decided it will self-finance the $1 billion expansion of its Jebel Ali oil refinery, having talked with regional and international banks about a potential loan, its chief financial officer told Reuters.
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Outlook & Insights
Exxon Boss, Saudi Minister Differ on Oil Supply Outlook
(Wednesday, October 19, 2016) Exxon Mobil's boss Rex Tillerson and Saudi Arabia's energy minister on Wednesday took opposing views on declining investment in the oil sector setting the stage for a possible major supply crunch.

Rosneft's Indian Coup Isn't a Revolution for Oil Markets: Gadfly
(Tuesday, October 18, 2016) Rosneft's Indian coup may well be a tactical victory, but not one that solves a wider strategic problem.

Anger Flares as Wildfire-hit Canadian City Struggles to Rebuild
(Tuesday, October 18, 2016) While most of the oil sands operations have returned to normal rates, rebuilding efforts for thousands of homes in Fort McMurray, are progressing at a much slower pace.

Exxon Chooses War in New York's Probe of Climate Change Research
(Tuesday, October 18, 2016) ExxonMobil Corp. has finally made its move to block a New York state investigation into whether the oil giant covered up its knowledge about climate change.

COLUMN-U.S. Coal Industry Hopes for Respite After Perfect Storm
(Tuesday, October 18, 2016) With natural gas prices now rising, coal will be the principal beneficiary, and coal consumption should rise during the winter and into the first half of 2017.

UAE's ENOC to Self-fund Refinery Expansion - CFO
(Thursday, October 20, 2016) Emirates National Oil Co (ENOC) has decided it will self-finance the $1 billion expansion of its Jebel Ali oil refinery, having talked with regional and international banks about a potential loan, its chief financial officer told Reuters.

Japan's JX Shuts Kashima Condensate Splitter, Reformer After Fire
(Thursday, October 20, 2016) Japan's top refiner, JX Nippon Oil & Energy Corp, said it shut the 63,500 barrels-per-day (bpd) condensate splitter and the 21,200 bpd No. 3 reformer at its Kashima refinery in eastern Japan on Thursday, after a fire at the reformer.

Poland's PKN to Unveil New Strategy in December
(Thursday, October 20, 2016) Poland's biggest oil refiner PKN Orlen plans to diversify into projects such as electric cars, its chief financial officer said on Thursday, adding details would be unveiled in new strategy in December.

Another Quarter of Weak Results Looms for U.S. Refiners
(Wednesday, October 19, 2016) High fuel inventories have punished margins this year, forcing some refiners to voluntarily cut production, delay capital work, lay off workers and slash employee benefits.

Czech Refiner Unipetrol Restarts Production at Steam Cracker
(Wednesday, October 19, 2016) Czech refiner Unipetrol has restarted production of the steam cracker unit at its Litvinov plant after a fire took it offline in August 2015, it said on Wednesday.

U.S. Biodiesel Executives Plead Guilty to Over $60 Mln Fraud Scheme
(Wednesday, October 12, 2016) Two men pleaded guilty in a U.S. court on Wednesday to conspiracy, fraud and making false statements related to the U.S. government's controversial policy designed to boost use of renewable fuels, according to court documents.

BASF Discovers Body of Third Person Likely Killed in Blast
(Wednesday, October 19, 2016) "Unfortunately we have to assume that our concerns have sadly been confirmed and and that we will have to mourn a third victim," BASF said in a statement.

Sabic, Saudi Aramco Form Team to Rush Oil-to-Chemicals Project
(Wednesday, October 19, 2016) Processing petroleum directly into chemicals will allow Saudi Arabia to cut out a costly intermediate link in the production of plastics.

BASF to Gradually Resume Chemical Production after Accident
(Wednesday, October 19, 2016) German chemical giant BASF said on Wednesday it would gradually restart production again of key petrochemical sites at its Ludwigshafen headquarters after a deadly fire and explosion on Monday had forced it to close them.

BASF Faces Prolonged Shut-Down After Chemical Site Explosion
(Tuesday, October 18, 2016) The German manufacturer said two steam crackers at the installation remain halted and another 20 facilities are either stopped or only partially working, according to a statement Tuesday.

S.Korea's LG Chem Sees Acrylate Prices Rising after BASF Site Blast
(Tuesday, October 18, 2016) LG Chem Ltd, South Korea's largest chemical company, said on Tuesday that an explosion at German chemical maker BASF production site could push up global acrylate prices due to short supply.

Alliance Natgas Pipeline Returns to Service after Maintenance Work
(Thursday, October 20, 2016) The Alliance natural gas pipeline returned to service by early Thursday, according to Thomson Reuters data.

Enbridge Cuts 5 Percent of Work Force in Canada, U.S.
(Wednesday, October 19, 2016) The cuts will total 530 people, slashing 370 positions in Canada and 160 in the United States.

Canada Energy Regulator Could Be Curbed after Pipeline Fiasco
(Wednesday, October 19, 2016) Canada's government reportedly may the National Energy Board's power, including stripping it of sole oversight for new projects, as part of reforms to a body under pressure over a botched pipeline hearing.

Russia's Gazprom Says Daily Gas Exports to Europe at All-time High
(Wednesday, October 19, 2016) Russian gas giant Gazprom said on Wednesday that natural gas exports to Europe and Turkey reached the daily all-time high of 578.9 million cubic meters on Oct. 18.

Shell Launches Open Season for Northeast Ethane Pipeline
(Monday, October 17, 2016) Shell Pipeline Co. anticipates the proposed Falcon Ethane Pipeline System will connect three major ethane source points within Pennsylvania and Ohio to a petrochemical plant in Monaca, Pennsylvania.

Terminals & Storage
Oil Tanker Carrying Naphtha Explodes at Southern China Port - Xinhua
(Thursday, October 20, 2016) An oil tanker carrying 3,400 tonnes of naphtha exploded during discharge at a southern Chinese port on Thursday and one person on board was missing, official Xinhua news agency reported.

Tanker Rates Surge as Mideast Cargoes Rise Before OPEC Deal
(Wednesday, October 19, 2016) Oil tanker rates jumped to a four-month high as traders booked the most cargoes for the time of year on record.

SoCalGas Completes Most Well Tests at Calif. Aliso Canyon Natgas Facility
(Wednesday, October 19, 2016) The utility, however, did not say when it would be ready to seek state regulatory approval to inject gas into the giant field.

U.S. Crude Stocks Fall Sharply as Imports Drop
(Wednesday, October 19, 2016) U.S. crude oil stocks fell last week as refineries continued to run down inventories during a seasonally slower period, while distillate inventories fell and imports dropped, the U.S. Energy Information Administration said on Wednesday.

U.S. to Impose New Rules to Limit Natgas Storage Leaks
(Tuesday, October 18, 2016) The U.S. government will impose new federal rules to reduce the risk of leaks at natural gas storage facilities in the wake of last year's massive methane release at California's Aliso Canyon, a task force said on Tuesday.

Indonesia Holds 63 Uncommitted LNG Cargoes for 2017 Delivery
(Thursday, October 20, 2016) There are currently 63 uncommitted cargoes of LNG for 2017 delivery from Indonesia's Tangguh and Bontang projects, Wiratmaja Puja, the country's Director General of Oil and Gas, said on Thursday.

Woodside Exec: Wheatstone LNG Development Start-Up in Mid-2017
(Thursday, October 20, 2016) The Wheatstone LNG development is ready to start-up in mid-2017, according to Woodside Petroleum Ltd CEO Peter Coleman.

Short-Term Contracts Threaten New LNG Plants, Origin's King Says
(Wednesday, October 19, 2016) Suppliers have historically relied on locking in buyers to 20-year agreements to help with the financing of LNG projects, said the outgoing managing director of Origin Energy Ltd.

Qatargas Signs 5-year LNG Sale and Purchase Agreement with Petronas LNG UK
(Wednesday, October 19, 2016) Qatargas, the world's largest LNG producer, signed a five-year sales and purchase agreement with Petronas LNG UK on Wednesday, expanding a strategic import deal to Europe in the face of a looming global glut of gas supplies.

New Mozambique Energy Minister Appointed Ahead of Huge Gas Deals
(Wednesday, October 19, 2016) Mozambican President Filipe Nyusi has appointed businesswoman Leticia Klemens as his new energy minister, just weeks after Maputo and Italy's Eni signed a 20-year deal to sell BP LNG.

Some Japan Trading Houses Eye Resuming Iran Oil Imports -Sources
(Wednesday, October 19, 2016) Conservative Japanese firms have so far held off taking Iranian crude due to a lack of internationally acceptable insurance coverage, but they reportedly are looking at ways of using cover provided by the Japanese government.

Surprise Crude Draw Lifts US Prices to 15-Month High
(Wednesday, October 19, 2016) Oil prices traded to some of the highest levels seen in over a year.

Coal: After the $100 Per Tonne Boom, How Long Until the Bust?
(Tuesday, October 18, 2016) As Australian thermal coal prices hit $100 per tonne on Tuesday for the first time since 2012, the fuel's rally is now among the commodity's top-three bull-runs on record.

Oil Ends Lower On US Trade Spike; Shale Decline Limits Losses
(Monday, October 17, 2016) Oil prices settle down, weighed by oversupply concerns, with a spike in trade volume driving US prices below $50.

Polish Fuel Sales Jump After Tax Evasion Crackdown
(Monday, October 17, 2016) Poland has one of the highest levels of tax evasion in the European Union and the ruling Law and Justice (PiS) party has made increasing tax collection a priority as it needs cash to finance its broad social spending agenda.

Finance & Acquisition
Brazil's Braskem Says No Formal Pact to Sell Unit quantiQ
(Thursday, October 20, 2016) Brazilian petrochemical company Braskem SA said there was no formal agreement to sell its chemical products distributing unit known as quantiQ, according to a securities filing on Thursday, in the wake of media reports saying the unit may be sold.

Saudi's SABIC to Merge, Spin-off Units as Q3 Profit Dips 6.8 Pct
(Wednesday, October 19, 2016) Saudi Basic Industries Corp (SABIC) has combined its chemicals and polymers businesses and will spin off its steel unit as part of its restructuring efforts to counter the depressed oil market and weak product prices.

Pipeline Company Kinder Morgan's Revenue Misses Estimates
(Wednesday, October 19, 2016) Kinder Morgan Inc reported lower-than-expected quarterly revenue as its pipelines moved lower volumes of oil and gas.

Venezuelan Congressional Probe Says $11 Bln Missing at PDVSA
(Wednesday, October 19, 2016) "It is more than the budget of five Central American countries," said comptroller commission president Freddy Guevara, a member of one of Venezuela's most hardline opposition parties, alleging widespread malpractice at the company.

Petrobras Unions Reject 6 Pct Pay Rise, Raising Strike Chances
(Wednesday, October 19, 2016) Petrobras, the world's most indebted oil company, offered to raise base salaries for its more than 50,000 employees by 6 percent, compared with 4.97 percent in a proposal made last month, representatives of oilworkers' union federations said.

People on the Move
Wells Fargo Ex-CEO John Stumpf Resigns from Chevron, Target Boards
(Tuesday, October 18, 2016) John Stumpf resigned from the boards of Chevron Corp and Target Corp a week after he quit Wells Fargo & Co as chief executive bowing to pressure over its sales tactics.

Amorim, 82, Resigns as Chairman of Galp, Daughter Takes Over
(Friday, October 14, 2016) Portugal's richest man, 82-year-old Americo Amorim, resigned from the post of chairman of the board of directors of fuel and oil company Galp Energia for personal reasons, the Portuguese company said on Friday.

Digital Technology to Transform Oil, Gas Hiring Practices
(Thursday, October 13, 2016) Industry insiders discuss the skill sets that oil and gas companies will need as they move towards digitalization.

Passive Aggressive Behaviors to Avoid at Work
(Friday, October 07, 2016) Rigzone highlights common workplace behaviors that are considered to be passive aggressive.

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