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Current Downstream Headlines
Outlook & Insights
LNG Exports: To Cap or Not to Cap?
(Wednesday, May 16, 2012) The drive to export liquefied natural gas (LNG) exports from the U.S. has raised concerns from the petrochemicals industry.
EDITORIAL: So Much For Patrons Of Peak Oil
(Wednesday, May 16, 2012) The Government Accountability Office tells Congress the Green River Formation out West contains an "amount about equal to the entire world's proven oil reserves." So why are we keeping it locked up on federal lands?
PNG LNG Project Concerned over Risk of Election Violence
(Wednesday, May 16, 2012) The management of Papua New Guinea's flagship ExxonMobil liquefied natural gas (LNG) project has expressed concern over the risk of violence around the June elections.
Delta Refines A Fallacy
(Tuesday, May 15, 2012) Note to investment bankers: start working on your pitchbook for Delta Air Lines Inc. to divest its refinery operations.
COMMENTARY: Pricey LNG Projects Put Divesting on Agenda
(Monday, May 14, 2012) Liquefied natural gas projects are extraordinarily expensive.
Refining
Coryton Refinery in the Balance As Deadline Passes
(Wednesday, May 16, 2012) Coryton oil refinery will remain open for at least another week, despite a temporary deal to keep it open expiring Wednesday.
Delta Refines A Fallacy
(Tuesday, May 15, 2012) Note to investment bankers: start working on your pitchbook for Delta Air Lines Inc. to divest its refinery operations.
Aussie Oil Refineries Under the Pump
(Friday, May 11, 2012) The potential closure of Caltex's Kurnell oil refinery raises questions about the health of the wider industry and whether Australia actually needs a refining capacity.
PetroChina Offers $350MM for Idled Valero Aruba Refinery - Source
(Thursday, May 10, 2012) PetroChina has offered $350 million for the idled refinery in Aruba that Valero has been trying to sell for years, Dow Jones reported, citing an unnamed source.
Energy Minister: Bahrain Plans $8B Refinery Expansion
(Thursday, May 10, 2012) The Kingdom of Bahrain which was the first nation in the GCC to drill the oil in 1932 has achieved many strides in the development of the oil and gas sector in the past eight decades and now plans $8billion refinery.
Biofuels
Petrochemical
Planned CPC Complex Move Has Downstream Suppliers on Edge
(Monday, May 14, 2012) Owners of petrochemical plants in a Kaohsiung industrial park voiced concerns Monday that the relocation of a state-run naphtha cracker complex away from the area will push up their costs and reduce their competitiveness.
Uzbekneftegaz, Singapore's Indorama Plan Gas Chemical Complex
(Monday, May 14, 2012) Uzbekneftegaz National Holding Company (NHC) and Singapore's Indorama Group plan in the second half of 2012 to establish a joint venture (JV) to build a gas chemical complex (GCC) in Kashkadarya region
Saudis Face Growth Limits Over Natural Gas Supplies
(Friday, May 11, 2012) A shortage of natural gas could affect future industrial growth in Saudi Arabia, according to the head of Jubail Industrial City, the world's largest petrochemical cluster.
Sea Freight Cost for Petchem Products Up 15%
(Thursday, May 10, 2012) Sea freight prices for petrochemical products have increased 15% in the last over the three years according to Hamad al-Terkait, vice chairman of GPCA and former president of Equate Petrochemical.
Evonik Awards Jacobs Contract for Grassroots Facility
(Tuesday, May 08, 2012) Jacobs has been awarded a contract from Evonik Industries to provide basic engineering services for an investment in a grassroots polyamide 12 production facility in Asia.
Pipelines
'Frenetic' US Midstream Pace Could Be Pipeline to Higher NG Prices
(Wednesday, May 16, 2012) Surging production from U.S. shale gas and tight sand basins is contributing to demand for transmission pipeline and storage capacity.
Proposed Spectra Pipeline Would Link Texas Eastern, Transco Systems
(Wednesday, May 16, 2012) A high-volume natural gas pipeline could wind across a 230-mile gap from South Central Tennessee through North Alabama and Northwest Georgia on its way to link with a pipeline northeast of Atlanta.
Report: Militants Blow Up Yemen Gas Pipeline Again
(Monday, May 14, 2012) Suspected Islamist militants blew up a gas pipeline in eastern Yemen on Monday for the third time in recent months as the government ratcheted up its campaign against al Qaeda linked insurgents in the south, Reuters reported.
Nord Stream Mulls Expansion; Possibly 2 More Pipelines
(Friday, May 11, 2012) The consortium that operates a natural gas pipeline that ships Russian gas to western Europe via the Baltic Sea may further expand the pipeline.
National Fuel Pulls Marcellus Pipeline from FERC Review
(Friday, May 11, 2012) National Fuel Gas Supply Corp. asked FERC staff to drop the pre-filing proceeding for its 78-mile West to East-Overbeck to Leidy Project in Pennsylvania because of scheduling issues with Marcellus Shale producers and other potential anchor shippers.
Terminals & Storage
'Frenetic' US Midstream Pace Could Be Pipeline to Higher NG Prices
(Wednesday, May 16, 2012) Surging production from U.S. shale gas and tight sand basins is contributing to demand for transmission pipeline and storage capacity.
Bid to Recover Sunken Diesel Tanker Resumes Off UAE Coast
(Wednesday, May 16, 2012) After months of delay, another attempt has been launched to retrieve the diesel-laden White Whale which sank off the Umm Al Quwain coast in October last year.
Natural Gas Injections Ramp Up Across Europe
(Thursday, May 10, 2012) European storage operators were almost exclusively in injection mode in the first week of May as almost 1.6 billion cubic metres of natural gas were sent to storage.
India Bars Exxon Valdez from Port
(Thursday, May 10, 2012) Does the Exxon Valdez by another name sound any sweeter? India's Supreme Court doesn't think so.
$600MM Oil Storage Facility Planned for St. James Parish, La.
(Wednesday, May 09, 2012) A consortium including Australian investment bank Macquarie Group is making a $600 million bet on both rising North American crude production and increasing exports of refined petroleum products.
LNG / LPG
Abu Dhabi Plans LNG Project
(Wednesday, May 16, 2012) Abu Dhabi is in talks with banks and advisers about an import terminal for liquefied natural gas the Gulf emirate plans in the neighboring sheikhdom of Fujairah, two people with knowledge of the project said.
PNG LNG Project Concerned over Risk of Election Violence
(Wednesday, May 16, 2012) The management of Papua New Guinea's flagship ExxonMobil liquefied natural gas (LNG) project has expressed concern over the risk of violence around the June elections.
TSO: Regas Terminal Will Be for Finland Only
(Wednesday, May 16, 2012) Finland's state-owned natural gas incumbent Gasum has informed the government of neighboring Estonia that its planned LNG terminal will cater exclusively to Finnish energy needs.
Gulf LNG, Oregon LNG Seek Export Authority
(Wednesday, May 16, 2012) Gulf LNG Liquefaction LLC and LNG Development Co. LLC d/b/a Oregon LNG each applied to the U.S. Department of Energy for long-term authorization to export LNG to countries with a free trade agreement with the United States.
LNG Exports: To Cap or Not to Cap?
(Wednesday, May 16, 2012) The drive to export liquefied natural gas (LNG) exports from the U.S. has raised concerns from the petrochemicals industry.
Commodities
Crude Down 1.2% to New 2012 Low of $92.81 A Barrel
(Wednesday, May 16, 2012) Crude-oil prices fell 1.2% to a fourth-consecutive 2012 low at $92.81 a barrel Wednesday, as U.S. crude inventories stood at a 22-year high.
IMF Sees Doubling of Oil Prices
(Wednesday, May 16, 2012) Incremental increases in global oil production may translate to a doubling of oil prices by the next decade, the International Monetary Fund warns.
Sanctions Stymie Iranian Oil Sales
(Wednesday, May 16, 2012) The predicament of the National Iranian Tanker Company (NITC) shows the impact of a series of measures, including a European Union oil embargo due to come into effect from 1 July, on the central pillar of Iran's economy.
Crude Ends Down 0.8% At $93.98/Bbl, New 2012 Low
(Tuesday, May 15, 2012) Crude-oil futures finished below $94 for the first time in five months as European political turmoil dimmed prospects for economic growth.
Crude Settles at Fresh 2012 Low On Greece Worries
(Monday, May 14, 2012) Crude futures fell 1.4% to a fresh 2012 low below $95 a barrel amid mounting worries about the state of Greece's economy and rising global oil supplies.
Finance & Acquisition
Fukushima Owner Joins LNG Bid
(Wednesday, May 16, 2012) Just days after a ¥1 trillion ($12.6 billion) bailout by the Japanese Government, stricken Tokyo Electric Power (TEPCO) appears poised to become one of the biggest investors in Australian LNG.
Blackstone to Acquire Sabine Liquefaction Stake
(Tuesday, May 15, 2012) Proceeds from Blackstone Energy Partners' $1.5 billion purchase of Class B Units will go toward the equity portion of the Sabine Pass LNG liquefaction project.
Santos Shifting LNG Focus to NT and WA
(Monday, May 14, 2012) Santos predicts revenues from its West Australian and Northern Territory division could rival those from its east coast and Papua New Guinea business by the end of the decade.
PetroChina Offers $350MM for Idled Valero Aruba Refinery - Source
(Thursday, May 10, 2012) PetroChina has offered $350 million for the idled refinery in Aruba that Valero has been trying to sell for years, Dow Jones reported, citing an unnamed source.
Beijing Enterprises Continues to Raise Stake in China Gas
(Monday, May 07, 2012) Sinopec's hostile bid for China Gas Holdings faced its latest test, as a Beijing-govt gas company ramped up its stake in the gas distributor at a price exceeding $2.15B offer.
People on the Move
Shell's New Man in Qatar
(Thursday, May 10, 2012) In an interview exclusive, Oil & Gas Middle East quizzes Wael Sawan, the new man at the top for Shell in Qatar, on his new role, firing up Pearl GTL, and the outlook for LNG Andy Brown has left a big pair of shoes to fill.
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