General

General

Introducing the Refinery of the Future

India is one of the fastest-growing economies in the world and one of the largest importers of oil. India’s refining capacity is expected to increase to about 439 million tonnes per year by financial year 2029-30, according to a report of the Working Group on Enhancing Refining. As new and existing refineries continue enhancing their…Read more

Read More

Glencore, BP stuck with tainted Russian crude

MOSCOW (Reuters) – BP and Glencore are struggling to sell around 600,000 tonnes of tainted Russian oil more than three months after the contamination was discovered, according to six trading sources. Russia’s oil industry was plunged into a crisis in April after about 5 million tonnes of oil for export was found to be contaminated…Read more

Read More

Aramco forges ahead with south Asia petchem strategy

State-owned Saudi Aramco is forging ahead with its petrochemical strategy in south Asia through a deal to buy a minority stake in Indian private-sector firm Reliance Industries (RIL). Yesterday’s deal to acquire 20pc of RIL’s refining and petrochemical assets adds to a preliminary agreement that Aramco signed earlier this year for a major downstream investment…Read more

Read More

Azerbaijan targets petrochemicals in push to reduce reliance on oil and gas

BAKU, Aug 6 (Reuters) – Azerbaijan is betting on petrochemicals investment to diversify its oil and gas-dependent economy, industry and government officals told Reuters. Plummeting global oil prices five years ago sent the former Soviet energy producer’s economy into decline, devalued its currency and led to bankruptcies among its commercial banks. But lessons appear to…Read more

Read More

Aramco continues diversification with Reliance deal

Saudi Aramco’s panned multi-billion dollar investment in India’s Reliance Industries is another major diversification move for the world’s most profitable company. The world’s top oil producer has signed a letter of intent to take a 20 percent stake in Reliance’s oil-to-chemicals business, the Indian conglomerate revealed this week. It represents one of the largest ever…Read more

Read More

Emerson opens new cybersecurity lab

Emerson has announced the opening of its newest cybersecurity laboratory to help manufacturers confidently adopt digital transformation strategies, while protecting the integrity of their plant operations, networks, systems and data. A team of cybersecurity experts will staff the facility, which is located at the Emerson Innovation Centre in Pune, India. The laboratory is part of…Read more

Read More

IMO 2020: An opportunity for China’s bunker fuel sector?

China’s ports handle nearly a third of global container traffic and it has the largest merchant fleet in the world in terms of the number of ships owned. But given the size of its fleet and the number of ships that pass through its ports, China plays a surprisingly small role in bonded bunkering –…Read more

Read More

Indian Oil quarterly profit beats expectations on refining margins

MUMBAI (NewsRise) — State-owned Indian Oil, India’s largest oil refiner and fuel retailer, posted a better-than-expected first-quarter net profit after refining margins exceeded expectations. Its shares jumped the most in three weeks. Stand-alone net income for the quarter ended in June declined more than 47% to 36 billion rupees ($523 million), the company said Wednesday. Revenue…Read more

Read More

SK Innovation sees refining margins rebounding on IMO

South Korean refiner SK Innovation has raised its forecast for profit margins on distillates in this year’s second half, as buyers begin to stock up on low-sulphur fuel and start testing ahead of International Maritime Organisation’s cap on sulphur in marine fuels from 1 January 2020. Margins also will get a boost from seasonal demand…Read more

Read More