If the refiner is the also fuel blender, the refiner should remain the obligated party.
|
|
Shandong Haiyou Petrochemical, an independent refiner established in 2006, is the first teapot refiner to file for bankruptcy in recent years.
|
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South Korea's top refiner SK Energy and the country's smallest refiner, Hyundai Oilbank, are studying the crude's assay and testing samples, the sources said.
|
|
The refiner has said its planned takeover of Showa Shell, which would create Japan's second-biggest refiner by capacity, is necessary to cope with lower demand.
|
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WARSAW (Reuters) - Polish biggest oil refiner PKN Orlen (PKN.
|
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HOUSTON (Reuters) - Independent U.S. oil refiner Phillips 66 (PSX.
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NEW YORK (Reuters) - U.S. oil refiner Tesoro Corp's TSO.
|
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WARSAW (Reuters) - Poland's biggest oil refiner PKN Orlen (PKN.
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ATHENS (Reuters) - Greece's biggest oil refiner, Hellenic Petroleum (HEPr.
|
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TOKYO (Reuters) - Japanese refiner Idemitsu Kosan Co Ltd (5019.
|
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Refiner earnings kick off this week with Valero on Friday.
|
|
The refiner has one crude unit, attached to the VDU.
|
|
HELSINKI (Reuters) - Finnish oil refiner and biofuel producer Neste (NESTE.
|
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Pertamina is Indonesia's sole refiner and dominant petroleum product retailer.
|
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SINGAPORE (Reuters) - Finnish biofuel producer and oil refiner Neste (NESTE.
|
|
The refiner industry has been strongly supportive of the waivers.
|
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PBF Energy is the latest refiner to take this approach.
|
|
N) sell its investments in oil refiner Phillips 66 (PSX.
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|
N) group, Singapore airlines and Spain's oil refiner Repsol (REP.MC).
|
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BRUSSELS/WARSAW (Reuters) - Poland's biggest oil refiner PKN Orlen (PKN.
|
|
India's top refiner Indian Oil Corp (IOC) and the second biggest state refiner Bharat Petroleum Corp have started lifting Iranian oil in NITC-owned vessels with the cargoes covered by Iranian insurance, sources said.
|
|
Other companies funding the campaign include refiner Phillips 66 and Chevron.
|
|
Traders said the refiner is probably seeking a West African crude.
|
|
Ruchi Soya, India's biggest edible oil refiner, will hold 33.4 percent.
|
|
Icahn is a majority stakeholder in oil refiner CVR Energy Inc.
|
|
Oil refiner New Zealand Refining remained under pressure, down 1.9 percent.
|
|
The refiner expect Commission approval for the transaction by mid-2019.
|
|
The refiner blamed costs associated with the RFS for its bankruptcy.
|
|
In January, refiner Philadelphia Energy Solutions blamed its bankruptcy on RINs.
|
|
An executive at JXTG Holdings, Japan's largest refiner, said the company was still assessing whether it will need to cut its annual profit forecast, while No. 3 refiner Cosmo Energy Holdings slashed its full-year profit expectations.
|
|
Refiner Phillips 66 rose 0.44 percent and Valero Energy climbed 1.20 percent.
|
|
A fourth refiner said it had not received any notifications by Wednesday.
|
|
Valero is the first major U.S. refiner to post results this quarter.
|
|
The refiner has already exported 1,700 tonnes of paraffin wax to Myanmar.
|
|
Following the deal, the refiner will own 75% of the outstanding shares.
|
|
Koch, 2000, is founder of Oxbow Carbon, a petroleum and oil refiner.
|
|
"We don't know the crudes, so we need time," another refiner said.
|
|
Berkshire has also been boosting its stake in oil refiner Phillips 66.
|
|
The refiner, however, failed to pay a large portion of that obligation.
|
|
REFINER PHILLIPS 66 PROPOSES U.S. GULF COAST OFFSHORE OIL TERMINAL -SOURCES, MEMO
|
|
Supplies to one South Korean refiner were also reduced, two sources said.
|
|
Asahi is already the largest refiner of gold mined in the Americas.
|
|
Unipec is the trading arm of Asia's largest refiner Sinopec (600028.SS).
|
|
The assistant president of the oil refiner Sinopec referred a candidate, too.
|
|
The refiner on Monday reported an unplanned flaring event at the facility.
|
|
"We're doing nothing," said the head of trading at another European refiner.
|
|
LONDON, Feb 1 (Reuters) - Precious metals refiner Asahi has won an auction for the assets of bankrupt Miami-based refiner Republic Metals Corporation (RMC), outbidding its Swiss rival Valcambi, three sources familiar with the matter said on Friday.
|
|
One fixed-differential deal collapsed between a U.S. East Coast refiner and Canadian producer due to restrictions on older, widely used rail cars, a source at the refiner said, showing that there is no easy way around transport bottlenecks.
|
|
The refiner also received 500 million zlotys in another tranche of insurance payments.
|
|
The oil refiner expects the transaction to be completed by this year-end.
|
|
He added the refiner planned to operate its major plants at maximum rates.
|
|
Independent refiner Shandong Dongming Petrochemical bought 1 million barrels of SGC, he said.
|
|
Fuel refiner Caltex Australia gained 24 percent, while Santos Ltd, the country's no.
|
|
Marathon Petroleum, a refiner, reportedly campaigned to ease Barack Obama's fuel-economy standards.
|
|
Dongming, China's largest independent refiner, is the venture's biggest stakeholder with 22.63 percent.
|
|
Valero is the first major U.S. refiner to announce results for the quarter.
|
|
If you want a refiner, we like Valero and we like Marathon [Petroleum].
|
|
Europe's largest refiner had already cut its full year earnings forecast in September.
|
|
The refiner had originally planned to buy 33.3 percent from Royal Dutch Shell.
|
|
UL], the global commodities trader that owns cane refiner Imperial Sugar Co [LOUDRI.
|
|
But Icahn prevailed, acquiring an eighty-two-per-cent stake in the refiner.
|
|
The country's central bank said a partial shutdown at oil refiner Slovnaft MOLB.
|
|
Delta is part of a refiner group challenging fuel standards through the courts.
|
|
Saudi Aramco is the biggest shareholder of South Korean refiner S-Oil Corp.
|
|
Earlier this year, it poached four gasoline market specialists from refiner Phillips 66.
|
|
It is a major fuel supplier; it is no longer a gasoline refiner.
|
|
L), private commodity traders Trafigura, Vitol and Mercuria, and Chinese refiner Unipec (22.
|
|
ERL, Bangladesh's sole refiner, currently processes 1.3 million tonnes of crude oil annually.
|
|
PDVSA also barters with Caribbean nations, Indian refiner Reliance and its unit Citgo.
|
|
Saudi Aramco is already the biggest shareholder in South Korea's No.22018 refiner, S-Oil Corp, with a 6613 percent stake, and the latest deal should help Aramco boost crude oil sales to Hyundai Oilbank, the South's smallest refiner by capacity.
|
|
The strong Chinese imports of Saudi crude came even as the country's top refiner, Sinopec, had indicated it would buy less Saudi crude over dissatisfaction at increases in the Saudi OSPs that the refiner thought weren't justified by market fundamentals.
|
|
One source said that each refiner is expected take the quantity it initially ordered.
|
|
In Apple's case, a simulator generates synthetic images that are run through a refiner.
|
|
Norges Bank has 3.191 percent of Italian refiner Saras, Consob said in a filing.
|
|
Shares of the U.S. refiner were up 1.7% at $103.25 in light premarket trading.
|
|
The next highest outperformer was refiner Valero Energy, with a 3 percent average return.
|
|
Explorer Pipeline system is also not operating due to reduced refiner supply, WSJ reports.
|
|
Addax was bought by China's state-owned Sinopec, Asia's largest oil refiner in 2009.
|
|
ALL TIMES GMT (Poland: GMT + 2 hours): Poland's biggest oil refiner PKN Orlen PKN.
|
|
Its main counterparty is Unipec, the trading arm of China's top refiner Sinopec Corp .
|
|
Oil refiner Petro Rabigh dropped 1.7 percent and National Commercial Bank fell 0.6 percent.
|
|
Carlyle paid $175 million in 2012 for its two-thirds stake in the refiner.
|
|
Hellenic Petroleum, Greece's biggest oil refiner, holds the remaining 35% stake in DEPA Commercial.
|
|
It is also the biggest shareholder in South Korea's No.3 refiner S-Oil.
|
|
PES, the largest oil refiner on the East Coast, filed for bankruptcy last month.
|
|
UL], a U.S.-based oil refiner owned by Venezuela state oil company PDVSA [PDVSA.UL].
|
|
NEW DEHLI (Reuters) - Indian state-refiner IOC bought 1.9 million barrels of U.S. crude in its second import tender seeking oil from the Americas, making it the first Indian refiner to purchase Eagle Ford shale oil, a senior official said on Friday.
|
|
Sector heavyweight Woodside Petroleum firmed 0.4 percent, while fuel refiner Caltex Australia gained 1.4 percent.
|
|
China is an importer of copper and a major global refiner of the industrial metal.
|
|
Saudi Arabia is already a leading refiner of crude and has long made basic petrochemicals.
|
|
Shandong Dongming is China's largest teapot refiner with a total operating capacity of 240,000 bpd.
|
|
A private refiner, the company is mandated by Turkish laws to buy locally produced oil.
|
|
Marathon Petroleum Corp last year acquired the fifth largest U.S. refiner Andeavor for $23 billion.
|
|
SK Innovation started as Korea Oil Corporation and owns South Korea's largest crude oil refiner.
|
|
NS) and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL.NS).
|
|
The refiner is seeking delivery of the oil in October, the source added, without elaborating.
|
|
Ethanol producers may be hurting, but it is not because of the small refiner exemptions.
|
|
The refiner has bought about 5.5 million barrels of U.S. crude so far this year.
|
|
Oil refiner Idemitsu Kosan climbed 10 percent and Showa Shell Sekiyu KK advanced 20163 percent.
|
|
Hyundai Oilbank, South Korea's smallest refiner by capacity, is 91.1 percent owned by Hyundai Robotics.
|
|
The deal also includes an option to buy an additional 2.9% stake in the refiner.
|
|
Phillips 66, another Gulf Coast refiner, has become the largest U.S. purchaser of Canadian crude.
|
|
The refiner also imports fuels and says it has a 16% share of the market.
|
|
Phillips 66, the fourth largest U.S. refiner, first proposed Bluewater terminal in July last year.
|
|
Finally, Lang turned to HollyFrontier, a Midwestern refiner with shares up 40 percent since June.
|
|
"This was a difficult financial model to make work as an independent refiner," he said.
|
|
Top refiner Sinopec is upgrading its refineries to produce fuel to comply with the new standards.
|
|
Correction (December 12th 2018): The original version of this piece called Neste a former oil refiner.
|
|
Greece is selling a stake in Hellenic, its biggest oil refiner, under its latest bailout programme.
|
|
The action appears to target in part Venezuelan-owned but U.S.-based oil refiner Citgo [PDVSAC.UL].
|
|
O). It also reflected Berkshire's more than 14 percent stake in oil refiner Phillips 66 (PSX.
|
|
However, an official of the Kuwaiti state refiner said output would be restored in coming days.
|
|
The project is 60 percent owned by ETP with the remainder controlled by refiner Phillips 66.
|
|
"The spare capacity is not really there," said Dario Scaffardi, general manager of Italian refiner Saras.
|
|
Finnish refiner Neste closed up over 22017 percent after it reported expectation-beating fourth-quarter profits.
|
|
The diesel crack spread, a measure of refiner margins, also rose, gaining more than 7 percent.
|
|
This made the refiner the biggest-ever foreign acquisition in India and Russia's largest outbound deal.
|
|
Valero, the largest U.S. refiner, said it now expects $550 million on compliance credits this year.
|
|
Oil giant Saudi Aramco is the top shareholder in S-Oil, South Korea's third-largest refiner.
|
|
Bauxite miner and refiner Alumina Ltd climbed 2 percent to its highest close in seven years.
|
|
The firm calculates labor costs are just 1 percent of revenue for Marathon, an oil refiner.
|
|
The total amount of debt the refiner owed Iran was 400 million euros, the company said.
|
|
WHITE HOUSE EXPECTED TO MEET WEDNESDAY AFTERNOON WITH OIL REFINER OFFICIALS OVER STALLED BIOFUEL DEAL -SOURCES
|
|
Philadelphia Energy Solutions, the largest oil refiner on the East Coast, filed for bankruptcy last month.
|
|
Lang turned to the daily chart of Andeavor, an oil refiner formerly known as Tesoro Petroleum.
|
|
The refiner had booked inventory losses of 148 million euros in the fourth quarter of 2015.
|
|
Maduro has accused the United States of seeking to unlawfully take U.S. refiner Citgo Petroleum Corp.
|
|
S-Oil is South Korea's third-biggest refiner, selling fuels like gasoline, diesel or jet fuel globally.
|
|
Meanwhile, oil refiner Neste surged higher Friday morning, after the company beat expectations with third-quarter results.
|
|
The news comes after Sinopec, China's largest state refiner, announced big cuts in its Saudi oil imports.
|
|
U.S. refiner Citgo Petroleum bought the most, purchasing 209,000 bpd, followed by Valero Energy and Chevron Corp.
|
|
The most immediate task for a potential restructuring is protecting Citgo, a U.S. refiner owned by PDVSA.
|
|
In the longer-term, the refiner said demand growth would outstrip supply due to slow capacity expansions.
|
|
Oil refiner New Zealand Refining Co was the biggest percentage gainer on the index, up 4.8 percent.
|
|
It is an efficient refiner and chemicals producer and will compete aggressively with Aramco, as will Shell.
|
|
Japan's top refiner JXTG Nippon Corp and India's Bharat Petroleum Corp have also purchased U.S. sour crude.
|
|
The project is 183 percent owned by Energy Transfer with the remainder owned by refiner Phillips 66N>.
|
|
Marathon Petroleum Corp, a major U.S. refiner, said it looks forward to working with the Trump administration.
|
|
Delta-owned merchant refiner Monroe Energy LLC wants the EPA to shift the compliance obligation to blenders.
|
|
It held 26.093 percent in the refiner immediately after the new share sale in July, she said.
|
|
Two sources said a second refiner was also looking to offload barrels but transactions were not confirmed.
|
|
Valero, the largest U.S. refiner by capacity, and PDVSA did not immediately reply to requests for comment.
|
|
Japan's largest refiner, JXTG Holdings, said earlier this month it may resume Iranian oil loadings from December.
|
|
For instance, in 2015, Swedish refiner Preem and Poland's two refiners began diversifying and taking Saudi crude.
|
|
In Asia, China — led by Sinopec, the region's largest refiner — is the biggest lifter of U.S. crude.
|
|
The number of credits a refiner must buy depends on how much sulfur is in the gasoline.
|
|
Refiner Idemitsu Kosan Co dropped 1.9% and natural gas and oil developer Inpex Corp pulled back 1.8%.
|
|
Meanwhile, oil refiner Neste shot up 9 percent, after reporting third-quarter earnings which beat market expectations.
|
|
Why it matters: The deal would create the largest U.S. oil refiner by capacity, overtaking Valero Energy.
|
|
The refiner also signed a deal with Aramco Trading to buy 100,000 bpd of non-Saudi crude.
|
|
"We're raising production because of this floor-price system," said an executive with a Shandong-based refiner.
|
|
A former chairman of , the world's biggest oil refiner, Fu also offered his take on crude prices.
|
|
" Marathon Petroleum Corporation: "That is the best-managed refiner there is and I continue to recommend it.
|
|
Some 400 kilometers away, employees blocked the gates of refiner MRPL in the port city of Mangalore.
|
|
Berkshire has modest investments in Phillips 66, a refiner, and Suncor Energy, a Canadian oil sands business.
|
|
Maduro warned off any attempt to take control of U.S. refiner Citgo, the country's primary offshore asset.
|
|
"There is a huge disconnect between futures and fundamentals," a trader with a Chinese independent refiner said.
|
|
In Finland a refiner called Neste has made biofuels from the waste products of slaughtered cows and pigs.
|
|
Italy's Maire Tecnimont is already working on the Port Harcourt plant, and Italian refiner ENI is an adviser.
|
|
Another 5,000 workers employed by sub-contractors will lose their jobs if the refiner closes down, he added.
|
|
Asia's largest refiner, China's Sinopec Corp , is cutting throughput this month by around 600,000 bpd, sources told Reuters.
|
|
Germany's Suedzucker, Europe's largest sugar refiner, also posted a fall in earnings this month on depressed sugar prices.
|
|
A law making Petrobras Brazil's sole petroleum refiner was struck down in 1997 after more than four decades.
|
|
Shandong Haiyou Petrochemical, established in 2006, is the first teapot refiner to file for bankruptcy in recent years.
|
|
The largest receiver was independent refiner Valero Energy Corp, followed by PDVSA's unit Citgo Petroleum and Chevron Corp.
|
|
The state-run refiner placed an order to buy 1 million barrels of the sour oil, he said.
|
|
"Demand is accelerating because of more crude quotas coming in January," a source with an independent refiner said.
|
|
Cosmo Oil, a unit of Japan's Cosmo Energy Holdings, is the country's third-largest oil refiner by sales.
|
|
Azerbaijan state oil company SOCAR owns Turkey's other refiner STAR with 10 million tonnes of oil processing capacity.
|
|
To help Ruch operate in the meantime, the refiner decided to provide Ruch with liquidity, the sources said.
|
|
This has forced the refiner to cancel a scheduled loading of 1 million barrels in October, they said.
|
|
The biggest risers were refiner Motor Oil and National Bank of Greece, up 0.93 and 2.4 percent respectively.
|
|
Operating income soared mainly on strong refining margins and a broad rise in oil prices, the refiner said.
|
|
Citgo is the eighth largest U.S. refiner by capacity and markets through a network of 5,300 retail outlets.
|
|
Philippine oil refiner Petron's US$500m 4.6% senior perpetuals also rose 0.15 point to a bid of 99.3373.
|
|
Independent refiner Shandong Yuhuang Petrochemicals received its first-ever U.S. crude shipment last week, a company executive said.
|
|
Last month, Marathon Petroleum said it would pay $713 billion for Andeavor, creating the nation's largest independent refiner.
|
|
Nelson Martinez, who has led the U.S.-based refiner Citgo, will take on the role of oil minister.
|
|
Unipec, the trading arm of Asia's biggest refiner Sinopec, is the region's largest buyer of U.S. crude oil.
|
|
Construction is continuing on sections of the pipeline away from the Missouri River, U.S. refiner Phillips 66 said.
|
|
NORTH ASIA Top South Korean refiner SK Energy, a unit of SK Innovation , started supplying MGO from October.
|
|
The vessel departed Venezuela's Jose Terminal on Thursday and entered international waters on Friday morning, the refiner said.
|
|
SK Innovation owns South Korea's biggest oil refiner and has ventured into EV battery making in recent years.
|
|
"Currently, West African and Latin American crude are too expensive," a source with a North Asian refiner said.
|
|
In Los Angeles, protesters gathered near the port, where the oil refiner Tesoro wants to expand its operation.
|
|
The refiner will pay out a dividend of 0.20 euros a share, after paying no dividend last year.
|
|
Russian oil giant Rosneft has amassed a large stake in PDVSA's U.S.-based refiner Citgo by bankrolling Venezuela.
|
|
The state-run refiner placed an order to buy 1 million barrels of the sour oil, he said.
|
|
And in this instance it was extremely risky: if the deadline arrives and a refiner does not have the required quota of credits, the E.P.A. can enforce fines of $19983,500 a day for each RIN owed until the refiner complies—a figure that would climb into the billions of dollars immediately.
|
|
"We expect a complicated claim handling through the whole supply chain of Russian crude oil," said Swedish refiner Preem.
|
|
Belarusian refiner Naftan said it had filed claims against unnamed Russian suppliers for delivering low quality oil during April.
|
|
State-owned refiner HPCL and Mittal Energy Investments Pvt Ltd each own a 49 percent stake in the project.
|
|
"I am a sophisticated financial investor, but I feel like I am an experienced refiner as well," he said.
|
|
In early 2017, PetroChina was the only refiner granted a quota for 600,000 tonnes, said one of the sources.
|
|
But refiner margins are still being squeezed as gasoline and diesel inventories stubbornly sit well above five-year averages.
|
|
It visited several independent refiners in Shandong, said a purchasing executive with one independent refiner who met Rosneft officials.
|
|
The remaining shares in the refiner are already pledged to Russia's Rosneft as collateral on a $1.5 billion loan.
|
|
Others including refiner Phillips 66, Flint Hills Resources LP and Castleton Commodities have filed to intervene in the proceeding.
|
|
Energy stocks fell 0.7 percent, weighed by refiner Neste which dropped 5.5 percent after second quarter profit missed expectations.
|
|
Storage tanks worldwide are nearly full with oil products while refiner profits in Singapore have hit two-year lows.
|
|
Operating revenue for the world's largest independent petroleum refiner rose to $23.56 billion from $19.65 billion a year earlier.
|
|
The hearing, which largely dealt with less complicated requests, was the first since the refiner filed for bankruptcy protection.
|
|
"Losing Turkmen crude means lower exports via BTC and lower crude quality," a trader with a European refiner said.
|
|
The quotas were granted to four state-owned companies including top refiner Sinopec, PetroChina, Sinochem Group and CNOOC Group.
|
|
Guaido said the move was to protect PDVSA's assets abroad, namely U.S. refiner Citgo, from "continued destruction" by Maduro.
|
|
Swiss-based commodity traders Trafigura and Mercuria, U.S.-based Freepoint, and independent refiner Shandong Wonfull were other early participants.
|
|
The industry veteran used to run U.S.-based refiner Citgo Petroleum Corp and was named oil minister in January.
|
|
Rivals JX Holdings, Japan's top oil refiner, and third-ranked TonenGeneral Sekiyu have also agreed to merge by April.
|
|
The 260,000 barrels-per-day (bpd) refiner is also looking to invest in small-scale onshore fields, said Zhang.
|
|
The refiner announced a Q1 net profit of 868.8 million lira ($298.13 million) versus 78.9 million lira year ago.
|
|
Fellow Taiwanese refiner CPC Corp buys at least 4 million barrels of U.S. light crude WTI Midland each month.
|
|
"If prices go back to $1,250, some demand will appear for sure," a Hong Kong-based gold refiner said.
|
|
The 24-carat gold is sourced from a venture between Indian bullion importer MMTC and Swiss gold refiner PAMP.
|
|
Japanese refiner Idemitsu Kosan soared 2.96 percent following news that it will merge crucial operations with Showa Shell Sekiyu.
|
|
Valero Energy CEO Joe Gorder said the refiner processed near record volumes of light crude in the second quarter.
|
|
The refiner did not say if the current sellers of Canadian oil to its refineries are producers or intermediaries.
|
|
The largest U.S. independent refiner also appointed industry veteran Michael Hennigan as its new chief executive officer, effective immediately.
|
|
Guaido has also taken control of U.S. refiner Citgo, a PDVSA subsidiary and the country's most important overseas asset.
|
|
Reliance Industries, the nation's leading refiner, has said it will stop buying Iranian crude when American sanctions kick in.
|
|
Traders said some African crude grades had characteristics similar to U.S. oil that made them replaceable in refiner mixes.
|
|
India is the world's fourth largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel.
|
|
India is the world's fourth-largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel.
|
|
Traders said some African crude grades had characteristics similar to U.S. oil that made them replaceable in refiner mixes.
|
|
Icahn's strategy concerns some analysts who cover CVR Refining, the Sugar Land, Texas-based refiner controlled by CVR Energy.
|
|
The management of Idemitsu, Japan's second-biggest refiner by sales, in October put a full takeover on hold indefinitely.
|
|
The Taiwanese refiner will replace part of the Iranian oil with Iraqi crude, Formosa spokesman KY Lin told Reuters.
|
|
Rosneft also holds a 226.67 percent stake in U.S. refiner Citgo for a 22019 loan of about $2226 billion.
|
|
SINGAPORE (Reuters) - Saudi Arabia's state-owned oil giant Aramco is teaming up with South Korean refiner S-Oil Corp (010950.
|
|
A third Asian refiner is getting contracted volumes for June, steady from the previous month, a separate industry source said.
|
|
It is the eighth-largest U.S. refiner, with a 750,000 barrel-per-day refining network supplying 4% of America's fuel.
|
|
Plants of Indian Oil Corporation Ltd, the countrys top refiner, and power producer NTPC Ltd are operating normal in Odisha.
|
|
But the refiner began reducing its oil imports from Iran in June and aims to completely halt purchases from November.
|
|
A default could have led to an auction of Citgo's assets, and ultimately end the Venezuelan ownership of the refiner.
|
|
HELSINKI (Reuters) - Finland's center-right government sold a stake of 5 percent in oil refiner and biofuel company Neste (NESTE.
|
|
The U.S. firm could not be reached for a comment, while a spokesman for the Japanese refiner declined to comment.
|
|
The incident comes as the refiner is struggling financially, slashing worker benefits and scaling back capital projects to save cash.
|
|
BORL is likely the third Indian oil refiner, after Indian Oil Corp and Bharat Petroleum Corp, to import U.S. crude.
|
|
Valero, the largest independent refiner in the U.S., did not respond to requests for comment regarding it's Tier 3 strategy.
|
|
Acquiring the refiner will give state-owned oil Rosneft access to India, one of the world's fastest-growing energy markets.
|
|
Czech refiner Unipetrol has also started to drawn the second batch of an emergency crude oil loan from state reserves.
|
|
Sinopec, traditionally a refiner rather than a driller, has the smallest resource base and may lag its peers, analysts say.
|
|
The situation is similar in South Korea, the world's fifth-biggest refiner by capacity, according to data from BP Plc.
|
|
"Looking forward, teapot's margins will come under pressure," said a Beijing-based crude oil trading manager with a state refiner.
|
|
"Certainly a number above $3,000 is justified," said Hans-Guenter Ritter at Heraeus, a major precious metals refiner and trader.
|
|
This week he is expected to close a deal to take control of Essar Oil, an Indian producer and refiner.
|
|
"More and more assays are coming into our in-boxes," another refiner said, adding they had a choice of grades.
|
|
Energy stocks fell 563 percent, weighed by Finnish refiner Neste which dropped 7.4 percent after second quarter profit missed expectations.
|
|
Trump was drawn into the divisive debate over the RFS by the potential shutdown of oil refiner Philadelphia Energy Solutions.
|
|
Hyundai Oilbank, South Korea's smallest refiner by capacity, has a 390,000-barrels-per-day refinery in Daesan, southwest of Seoul.
|
|
The U.S. refiner received three cargoes for a total of 1.58 million barrels last month, the lowest figure since February.
|
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Czech refiner Unipetrol, part of Polish group PKN Orlen, was granted access to state reserves at the end of April.
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It also bought oil refiner Esso SAF's unmanned and motorway retail petrol station network in France for 106 million euros.
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The source said the cane refiner ASR Group, the maker of Domino Sugar, was "the real headache" in the talks.
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"The consumer is really the one that suffers," Cynthia Warner, executive vice president for operations at refiner Tesoro Corp TSO.
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Plants of Indian Oil Corporation Ltd, the country's top refiner, and power producer NTPC Ltd are operating normal in Odisha.
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The Saudi oil company owns a 7.65% stake in Idemitsu Co, Japan's second-largest refiner, according the Japanese company's website.
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PKN Orlen rose 1.2% after Morgan Stanley boosted its rating on Poland's biggest oil refiner to "overweight" from "equal-weight".
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Lievonen led the company for 10 years, helping it to transform from an oil refiner into a profitable biofuel producer.
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A refiner reportedly saved over $50 million dollars with the waiver while posting annual profits of $85033 billion last year.
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Other creditors are attempting to seize shares in U.S. refiner Citgo Petroleum, Venezuela's prize overseas asset, to collect on debts.
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U.S. refiner Marathon Petroleum proposed to buy Andeavor for more than $20 billion, the Wall Street Journal reported on Sunday.
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"We are closely monitoring the OPEC meeting," said Kim Woo-Kyung, a spokeswoman at major South Korean refiner SK Innovation.
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The largest refining acquisition since 2011, announced earlier on Thursday, will make Tesoro the fourth-biggest U.S. refiner by capacity.
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Iran's oil minister said Italian refiner Saras was interested in buying 60,000 to 70,000 bpd of crude oil from Iran.
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Total, Europe's largest refiner, does not intend to request a waiver to continue crude oil trading with Iran after Nov.
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It recently announced it is buying Andeavor in a $23.3 billion deal that would make it the nation's largest refiner.
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U.S. BIOFUEL CREDITS JUMP 2.5 CENTS, OR 15%, ON REFINER BUYING AS WHITE HOUSE DIVES DEEPER INTO BIOFUEL NEGOTIATIONS -TRADERS
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Top refiner Indian Oil Corp has cut refinery runs by an average 15%-20%, sources familiar with the matter said.
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Because of its experience as a refiner, Motiva is able to get good prices for U.S. oil, one person said.
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U.S. refiner Andeavor and CVR are among the companies that sources have said have received waivers for their smallest units.
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The shortfall would have to be filled in with marine gasoil, boosting refiner profits for both fuels, the trader said.
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But it is his majority investment in CVR Energy, an oil refiner, that is of biggest concern to the senators.
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A default by PDVSA could leave its assets outside the country, mainly its U.S. refiner Citgo Petroleum, vulnerable to seizure.
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Unipec, the trading arm of Asia's largest refiner, state-owned Sinopec, did not immediately respond to a request for comment.
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The shortfall would have to be filled in with marine gasoil, boosting refiner profits for both fuels, the trader said.
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Those sanctions paved the way for Guaido's allies to take control of U.S. refiner Citgo, PDVSA's most important overseas asset.
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Japan's largest refiner JXTG Holdings has provisionally chartered a VLCC to load crude in Mexico and the U.S. Gulf in November.
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Martinez, an industry veteran who is close to President Nicolas Maduro, used to run U.S.-based refiner Citgo Petroleum Corp [PDVSAC.UL].
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Sinopec, Asia's largest refiner, has appointed two senior executives, Ling Yi Qun and Chen Gang, to manage Unipec, the sources said.
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U.S. SPECIAL ENVOY FOR VENEZUELA ELLIOTT ABRAMS SAYS U.S. CONDEMNS THE 'CRUEL AND INDEFENSIBLE' DETENTION OF EXECUTIVES FROM U.S. REFINER CITGO
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NS), an upstream oil company, agreed to pay 369 billion rupees to buy just over 20173 percent of refiner HPCL (HPCL.NS).
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Last month, Hellenic Petroleum, a Greek oil refiner, struck the first deal to buy Iranian crude oil after sanctions were removed.
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Indian Oil also plans to expand its Panipat and Paradip petrochemical plants and build a new complex at it Koyali refiner.
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Tsukioka, who also serves as chairman of refiner Idemitsu Kosan, however, did not comment on the details of each refiner's reaction.
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Turkey last week said it was working to convince Washington to allow oil refiner Tupras to continue crude imports from Iran.
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An industry source said India's top refiner Indian Oil Corp and Mangalore Refinery & Petrochemicals have made payments for Iranian oil imports.
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Haiyou Petrochemical, established in 2006, filed for bankruptcy last July, the first teapot refiner to file for bankruptcy in recent years.
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The Saudi index ended 0.4 percent lower with Saudi Basic Industries dropping 2 percent and refiner Petro Rabigh falling 43 percent.
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Louis Dreyfus Commodities, the global commodities trader that owns cane refiner Imperial Sugar Co, did not respond to requests for comment.
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Saudi Arabia's main index added 2.43 percent, with Saudi Telecom rising 1.8 percent and oil refiner Petro Rabigh up 1.4 percent.
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One of the sources said Aramco was prepared to pay up to $9 billion for all or most of the refiner.
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A South Korean refiner now has a menu of more than 2003 crude grades to choose from, according to Reuters calculations.
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Mann said if the refiner abandons efforts to maximize jet fuel supply, Delta may reconsider whether owning the plant is worthwhile.
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Another refiner, Marathon Petroleum, accounting for about 6 percent of IEO's holdings, is up about 0.353 percent over the past year.
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The Saudi index fell 0.8 percent, with petrochemicals firm SABIC falling 1.6 percent, while refiner Petro Rabigh also dropped 1.6 percent.
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Asia's largest refiner Sinopec is set to receive its first U.S. crude oil cargo this week since halting imports in September.
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PES, which owns the largest and oldest refiner on the U.S. East Coast, filed for Chapter 11 bankruptcy protection on Jan.
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"Urals storage is a good profit if it's cheap and you have storage space," a trader with a European refiner said.
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The Houston-based company received some 175,000 barrels per day of Venezuelan crude last year, more than any other U.S. refiner.
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"Demand for jet fuel for international flights has dropped," said a spokesman at Japan's second-biggest refiner, Idemitsu Kosan, told Reuters.
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The refiner said on Wednesday a special committee reviewing the Speedway divestiture was expected to provide an update by mid-21.5.
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State-controlled Finnish refiner Neste, helped by high European refining margins, reported quarterly profits and dividend proposal ahead of market expectations.
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It just so happens that this would directly benefit an oil refiner, CVR Energy, in which he owns a majority stake.
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LyondellBasell already invests in several chemical plants in China, including a joint venture with a unit of state refiner Sinopec Corp.
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The nibs are then ready to be ground to a paste, which McClure does in a custom-made granite-based refiner.
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Chevron Corp and Marathon Petroleum Corp, the largest U.S. refiner, this month said they are ready to supply IMO 2020 fuel.
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"There will be a ripple effect for months with a multi-layer market," a source at a large Italian refiner told Reuters.
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Shares in Idemitsu, Japan's second-biggest refiner by sales, fell 2.6 percent while Showa Shell's stock dropped 4 percent in Thursday trade.
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He favors Turkey's only refiner Tupras, carmaker Tofas, a joint venture of Koc Holding and Italy's Fiat, and household appliance maker Arcelik.
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Profit margins for the exports are strong for U.S. Gulf Coast refiners, said a source at a refiner involved in the trade.
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In December, state-run oil refiner PKN Orlen announced a tender to buy 100% shares in Energa, offering 7 zlotys per each.
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HollyFrontier Corp rose 1.5% in light volumes, after the oil refiner topped profit expectations, as lower costs offset slightly weaker refining margins.
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The eighth-largest U.S. refiner has since been run by Chairwoman Luisa Palacios and a group of senior U.S. and Venezuelan executives.
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China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the face of plunging consumption.
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Valero, the largest U.S. independent refiner, typically sells gasoline barrels from their Pembroke refinery into the New York Harbor market, traders said.
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The refiner also said higher crude oil prices would keep a lid on run rates at China's independent refineries, known as teapots.
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With control of over a third of the refiner, the family has the right to veto special items such as a merger.
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In March, Chevron announced that it had agreed the sale of its assets to China's largest refiner Sinopec, for nearly $1 billion.
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China's top state refiner, Sinopec Corp, was seen halving its loadings of Iranian crude in September, Reuters reported Friday, citing unidentified sources.
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Top refiner Sinopec said last week that it aimed for a flat or small decrease in refinery throughput this year versus 2015.
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Idemitsu Kosan, the country's second-biggest refiner, completed the purchase of Showa Shell Sekiyu in April after a fractious drawn-out process.
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Indian Oil Corp, the country's top refiner, will lift 5 million barrels of Iranian oil in February, the same as this month.
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The latest U.S. action appeared to target in part Citgo , a U.S.-based oil refiner owned by Venezuela state oil company PDVSA.
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HOUSTON (Reuters) - Independent U.S. refiner Andeavor said on Wednesday it was weighing options for a rejected crude oil terminal in Washington state.
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Poland's second biggest refiner Lotos seriously considers a return to dividend payouts, Parkiet daily quoted the company's chief executive officer as saying.
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His team has sought to take control of overseas assets owned by state oil company Petroleos de Venezuela, namely U.S. refiner Citgo.
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He is a director at Delek US Holding, an oil refiner based in Tennessee, and an adviser at consultancy Gaffney, Cline & Associates.
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U.S. refiner Citgo Petroleum, a subsidiary of PDVSA, imported more than 175,800 bpd of Venezuelan oil in 2018, according to Refinitiv Eikon.
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Three of them lifted production, in the case of the world's fourth largest tin refiner, Yunnan Chengfeng, by a startling 123 percent.
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A trade source said Phillips 66 bought September Angolan cargoes, with Hungo, Olombendo, Plutonio and CLOV destined for that refiner and others.
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Starting out as an oil refiner in Cleveland, throughout the 1870s and 1880s Rockefeller began working with and buying out other refiners.
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They are joined by Lynn Laverty Elsenhans, the former chairwoman, president and CEO of U.S. oil refiner Sunoco from 2008 to 2012.
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Shares in state-controlled Finnish refiner Neste slumped 7 percent after Neste reported a bigger-than-expected fall in first-quarter earnings.
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Marathon Petroleum agreed to buy Andeavor for $23.3 billion, which would create the largest U.S. oil refiner by capacity (overtaking Valero Energy).
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Pontegadea Inmobiliaria declined to comment on the reported purchase of the tower - known as "Cepsa Tower" after the oil refiner Cepsa CPF.
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The CEO of Polish refiner PKN Orlen said on Wednesday he believed talks about restoring flows to Poland would achieve a breakthrough.
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The U.S. gasoline crack spread, a proxy for refiner margins, averaged more than $25 a barrel during the second quarter last year.
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Still, the bankruptcy suggests that any new refiner will have to make significant changes to run a viable business, Mr. Abernathy said.
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Most refineries worldwide are tooled to run crudes with an API of 32, according to one source at a major European refiner.
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An arm of oil refiner Sinopec, Unipec currently trades about 200,000 bpd of U.S. crude, President Chen Bo told reporters at the conference.
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"We're facing a big challenge on the supply side," said Chen Bo, president at Unipec, which purchases crude for Asia's largest refiner Sinopec.
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The index was dragged down by Poland's biggest refiner PKN Orlen which fell 4% after its third-quarter net profit missed analysts' estimates.
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A trader with another north Asian refiner said he is also looking for opportunities to import Venezuelan crude if the U.S. imposes sanctions.
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Idemitsu agreed late last year to buy Showa Shell for about $4 billion, creating what would be Japan's No.2 refiner by capacity.
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Exxon already owns a 25-percent stake in a refinery and petrochemical plant in Fujian in partnership with China's top state refiner Sinopec.
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But that would be risky, because PDVSA holds valuable property abroad, including Citgo, a refiner in America, and a fleet of oil tankers.
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The pay ratio of the cigarette company Philip Morris is 990 to 1; at the oil refiner Marathon Petroleum, it's 935 to 51.
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Successive Venezuelan regimes have tapped into the immense profits of PDVSA, which owns US refiner Citgo, to fund socialist programs in the country.
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"A refiner is the real consumer of crude oil, not you and I, and I think that will be our catalyst," he said.
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The company, which is the country's top oil refiner and No. 3 ethanol producer, has also petitioned EPA directly to make the change.
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Scotia's exit could mark the end of an era when banks straddled the supply chain, said an executive at a major Swiss refiner.
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The commodities firm has a long trading relationship with Citgo Petroleum that allows the U.S.-based refiner to acquire oil on preferential terms.
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Facing the Saudi competition, Rosneft formed a consortium that bought 98 per cent of the refiner plus a fuel terminal for $13 billion.
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Formosa is one of the largest oil products exporters in Asia, so any major supply cuts from the refiner would likely support margins.
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Now that the United States is the world's largest producer and refiner of oil and natural gas, we are in a new era.
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Opposition leader Juan Guaido wants to prevent creditors from taking the country's main foreign asset, U.S. refiner Citgo as partial repayment for debt.
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Tesoro – Goldman Sachs reinstated coverage on the petroleum refiner with a "buy" rating and also added the stock to its "Conviction Buy" list.
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He added that he expects the submission of binding bids for a stake in Greece's biggest oil refiner Hellenic Petroleum within the year.
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Oil refiner and retailer Viva Energy Group led gains in the sector with a 1.5% advance, while heavyweight Oil Search traded 1.3% higher.
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Sinopec, Asia's top refiner, and state-oil trader Zhuhai Zhenrong together account for close to 90 percent of China's total Iranian oil purchases.
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N) will urge shareholders to reject a proposal by a Nebraska nonprofit that it sell its investments in oil refiner Phillips 66 (PSX.
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Another refiner, Phillips 66, ranked third in the Kensho study, returning an average 15.1 percent and trading positive 90 percent of the time.
|
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It awarded the contract to the Total consortium, which also includes Greece's biggest oil refiner Hellenic Petroleum and Italy's Edison, in October 2016.
|
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Icahn owns Icahn Enterprises, which is the majority shareholder of CVR Energy, a fuel refiner that has to pay for ethanol blending credits.
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Profits at Sinopec - Asia's largest refiner - rose 44 percent from a year earlier on the back of strong performances in refining and chemicals.
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The refiner will, however, lift 1 million barrels of Iranian oil this month, said the source, who did not wish to be identified.
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The refiner had initially asked for more Saudi oil after the world's top exporter slashed prices for April-loading supplies, the sources said.
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Meanwhile, refiner Indian Oil Corp Ltd slipped 2.3 percent, while miner Vedanta Ltd was the top loser on the index, dropping 6.5 percent.
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Some point to high prices of RINs as contributing to the January bankruptcy filing of the largest East coast refiner, Philadelphia Energy Solutions.
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The Polish media reports, without naming their sources, said Kubica's sponsor, Polish oil refiner PKN Orlen, will also end its deal with Williams.
|
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ExxonMobil, SOCAR, Royal Dutch Shell and PetroChina joint venture PetroIneos, and Polish refiner PKN Orlen are the latest to cancel receptions this week.
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Poland's biggest oil refiner, which buys most of its oil from Russia via pipeline, has been receiving oil from Saudi Aramco since 2016.
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On Thursday, refiner Phillips 66 said it was preparing to shut its 247,000 barrel per day Alliance, Louisiana, refinery as a precautionary measure.
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Petroleum product major Inpex Corp fell 1.2 percent, oil refiner Idemitsu Kosan shed 5.1 percent and Showa Shell Sekiyu KK lost 4.1 percent.
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WARSAW, Dec 5 (Reuters) - Poland's biggest oil refiner, state-run PKN Orlen, said on Thursday it plans to take over state utility Energa.
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Canadian crude producer Suncor also bid around $1.2 billion, and San Antonio-based refiner Valero bid $900 million, three of the people said.
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Philadelphia Energy Solutions, the East Coast's largest refiner, filed for bankruptcy last month, blaming the costs of complying with the Renewable Fuel Standard.
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"Saudi, Basra, Urals," one refiner said when asked what crude grades were likely alternatives, the latter two hailing from Iraq and Russia respectively.
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Citgo, the eighth-largest U.S. refiner and owned by Venezuelan state oil company Petroleos de Venezuela SA (PDVSA), is Venezuela's top foreign asset.
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Several Indian refiners have also purchased their first U.S. crude for delivery in the fourth quarter, including the country's largest refiner Indian Oil Corp.
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The Olympic Luck later transferred the Eagle Ford condensate onto Aframax tanker Kara Sea and the oil was sold to Chinese refiner Hongrun Petrochemical.
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A source with a Chinese refiner said the company was "watching and seeing" how the situation develops before placing new orders for U.S. oil.
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It market capitalization stands at $13 billion, meaning a buyer could secure control in the producer and large refiner for less than $2.5 billion.
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The refiner intends to spend about 100 billion rupees to expand its coastal plants at Kochi in southern India and Mumbai in the west.
|
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PKN, Poland's biggest refiner, has shed almost 1.7733 percent in the past two sessions despite reporting higher than expected first-quarter earnings on Thursday.
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Two southeast Asian refiners received cuts of 10 to 13 percent while a South Korean refiner had a 10 percent cut, several sources said.
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IOC, the country's biggest refiner, had shut the crude unit after a fire broke out at a vacuum distillation unit (VDU) on Saturday evening.
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The state-run refiner placed an order to buy 1 million barrels of the oil with BP late on Thursday evening, the source said.
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China's Sinopec, Asia's top refiner, and Chinese state trader Zhuhai Zhenrong are together contracted to lift around 505,000 bpd of Iranian crude in 2016.
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Sinopec, Asia's top refiner, and state-oil trader Zhuhai Zhenrong Corp together account for close to 90 percent of China's total Iranian oil purchases.
|
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Refiner Motiva warned customers along the Colonial route to prepare for shortages, a source at a fuel distributor supplied by Motiva said on Friday.
|
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In the last fiscal year, private refiner Reliance Industries boosted imports from Iran by about 34.43 percent to about 81,000 bpd, the data showed.
|
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Nayara's chief executive B. Anand said last week the refiner did not expect problems in finding alternative supplies in should it reduce Iranian orders.
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The eighth largest U.S. refiner said Luisa Palacios, Rick Esser, Edgar Rincon, Angel Olmeta, Luis Urdaneta and Andres Eloy Padilla were confirmed as directors.
|
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But oil refiner Hindustan Petroleum Corp fell 3.9 percent despite posting a near 30 percent jump in its June-quarter profit on profit-booking.
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The company is in talks with PetroChina, China's second-largest state-run refiner, to invest in its Yunnan refinery which started operations this year.
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MM) said on Monday it had successfully closed a deal to buy a 49 percent stake in Indian private refiner Essar Oil Limited (EOL).
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Plus, Trump's special advisor on regulation Carl Icahn, who holds a majority stake in oil refiner CVR Energy, and has been supporting the change.
|
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L) and Swiss Vitol will be qualified to submit a binding bid for a majority stake in Greece's biggest oil refiner Hellenic Petroleum (HEPr.
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The refiner also recently let go about 25 percent of its contract employees, two sources familiar with the plant's operations told Reuters on Friday.
|
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Private refiner, Essar Oil, was the top Indian client of Iran in August, followed by Indian Oil Corp and Mangalore Refinery and Petrochemicals Ltd.
|
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The oil refiner reported a fall in net profit to 1.79 billion lira ($94.63 million) in 2016 from 2.55 billion lira a year earlier.
|
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The gasoline crack spread 1RBc1-CLc1, a key figure in determining refiner margins, fell by 7.5 percent to $18.28 a barrel in afternoon trading.
|
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Sinopec, Asia's largest refiner, is working with advisers and has made an approach to Gulf Keystone, Bloomberg reported, citing sources familiar with the matter.
|
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Other Chinese oil majors, including state-owned refiner Sinopec, resold term LNG supplies or renegotiated deals due to strong competition from cheaper spot supplies.
|
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South Africa's Competition Commission recommended the roughly $900 million transaction with Sinopec be approved with certain conditions, Asia's largest refiner said in a statement.
|
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The world's fourth largest refiner by capacity is "cutting back on Iranian crude imports," said Reid l'Anson, an analyst at cargo tracking firm Kpler.
|
|
A planned merger to form the nation's biggest independent oil refiner stands to capitalize on some of the biggest trends in the energy industry.
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Fellow Swiss precious metals refiner Valcambi was sold to Rajesh Exports last year with a valuation of about 12 times its average core earnings.
|
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Top Asian refiner Sinopec Corp reported last week its third-quarter earnings dropped 9.33% versus a year ago partly due to narrowing refining profits.
|
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The Chiba refiner will process up to 177,000 barrels per day (bpd) from March 31 from 240,000 bpd previously, Cosmo said in a statement.
|
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Top Asian refiner Sinopec Corp reported last week its third-quarter earnings dropped 35% versus a year ago partly due to narrowing refining profits.
|
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One North Asian refiner received extra crude above its contractual volume for a second month, a source with direct knowledge of the matter said.
|
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The teapot refiner already operates a crude oil pipeline connecting Rizhao and its 240,000 barrels per day (bpd) refinery in Heze city of Shandong.
|
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Suedzucker, Europe's largest sugar refiner, has this year announced plans to close several factories, including two in France, in response to the market downturn.
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Citgo is the eighth-largest U.S. refiner and runs plants in Illinois, Texas and Louisiana that provide about 4 percent of U.S. refining capacity.
|
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Europe's largest sugar refiner on Thursday reported a slump in quarterly earnings as the company continued to battle against a collapse in sugar prices.
|
|
Citgo is the eighth-largest U.S. refiner and owns plants in Illinois, Texas and Louisiana that provide about 4 percent of U.S. refining capacity.
|
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KRYNICA ZDROJ, Poland (Reuters) - The chief executive of Poland's biggest oil refiner, PKN Orlen, said on Wednesday he could not agree to Transneft's (TRNF_p.
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Marathon Petroleum Corp, the nation's largest refiner by capacity, last week removed some staff at its Carson, California, plant after an employee became ill.
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The shipment follows an agreement this year for Saudi Aramco to take a 17% stake in Hyundai Oilbank, South Korea's smallest refiner by capacity.
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Exxon Mobil, the world's largest refiner, said in a 2015 "corporate citizenship" report that it designs its structures with changes of weather in mind.
|
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IOC and the country's second biggest state-owned refiner, Bharat Petroleum Corp (BPCL), last year also issued similar tenders seeking vessels for five years.
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Fuel refiner Viva Energy Group Ltd rose as much as 4.1% after posting a sharp increase in quarterly refining margins from the preceding quarter.
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Fuel refiner Viva Energy Group Ltd rose as much as 4.1% after posting a sharp increase in quarterly refining margins from the preceding quarter.
|
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The GOP, spurred on by the recent bankruptcy of a major Philadelphia refiner, is considering ideas to change either the law or its implementation.
|
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A spokesman for Japan's biggest refiner JXTG Nippon Oil & Energy Corp said his firm had not received government orders to halt Iranian oil imports.
|
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The refiner has so far relied on its trading arm to create useable blends from a mix of produced and purchased fuels and oil.
|
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Amid fading demand, pressure on refiner profits forced the closure of more than 2 million bpd in European refining capacity over the last decade.
|
|
Philadelphia Energy Solutions, the East Coast's largest refiner, filed for bankruptcy last month, blaming the costs of complying with the Renewable Fuel Standard (RFS).
|
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While the Turkish refiner Tupras has already cut back on oil shipments from Tehran, a complete halt of energy imports would be near impossible.
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"There's around 0.8-0.9 million tonnes of dirty oil sitting in the pipelines between Belarus and Germany that no refiner wants to take," he said.
|
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In January, state refiner MRPL was India's biggest oil client of Iran, shipping in 3033,400 bpd, followed by Essar Oil, which received about 67,200 bpd.
|
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TOKYO (Reuters) - Oil refiner Showa Shell Sekiyu bought 55 percent of Japan's crude imports from Iran in January-June, said Chief Executive Officer Tsuyoshi Kameoka.
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Reuters also sought comment on the estimates from other listed companies such as refiner PKN Orlen, the biggest state-owned firm, and coal producer JSW.
|
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The U.S. gasoline crack spread, a key measure of refiner margins, jumped as much as 20 percent, the biggest daily percentage gain since early November.
|
|
After leaving BP in 2014, Garza served as vice president for crude oil supply and trading at Texan-based refiner Tesoro, now called Andeavor Corporation.
|
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Unipec, the trading arm of Asia's largest refiner Sinopec , resumed U.S. oil liftings to China in September with shipments loaded onto the VLCC New Courage.
|
|
Sales of gold coins and minted bars in April fell to 19,5423 ounces from 32,757 ounces in March, the refiner said in its Thursday's post.
|
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Poland's biggest refiner PKN Orlen said it would receive oil via sea to the Baltic port of Gdansk until supplies from Russia via pipeline resume.
|
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The main U.S. receiver of Venezuelan crude last month was refiner Valero Energy, followed by PDVSA's refining unit in the United States, Citgo Petroleum [PDVSAC.UL].
|
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Analysts, on average, were expecting the Houston, Texas-based refiner to post a profit of 34 cents per share, according to IBES data from Refinitiv.
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IOC, which is India's biggest fuel refiner, has not processed Venezuelan oil for years as its crude is heavy and has a high sulphur content.
|
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Marathon is the nation's fourth-largest refiner, with crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system.
|
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It said in January that it planned to invest up to $1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank.
|
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U.S. oil refiner Tesoro said on Thursday it would buy Western Refining Inc for $4.1 billion to add refineries in Texas, New Mexico and Minnesota.
|
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The confirmation in the U.S. Bankruptcy Court of Delaware removes the biggest hurdle for the Philadelphia refiner as it seeks to rebound from financial difficulty.
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The refiner said it will also install scrubbers on half of the six Very Large Crude Carriers that it charters on a long-term basis.
|
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That investment pipeline will ensure Australia shifts rapidly beyond concentrate production to becoming a refiner of "significant scale" by the early 2020s, the government said.
|
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Shares of SK Innovation, South Korea's biggest oil refiner, rose 2.7 percent in Wednesday morning trade, in a wider market that was up 0.1 percent.
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A second Indian refiner Bharat Petroleum Corp Ltd also planned to buy its first ever U.S. crude oil cargo and has issued a purchase tender.
|
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In April this year, Aramco sold its first cargo of Arabian Heavy crude to a Chinese independent refiner from Okinawa in a trial spot shipment.
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The refiner is assessing the condition of its affected facilities after Tropical Storm Harvey to make repairs and other preparations, it said in a statement.
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Shares of oil refiner Andeavor jumped 279.4 percent in premarket trading after rival Marathon Petroleum agreed to buy the company for more than $224.6 billion.
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Asia's top refiner, which said the loss had pulled down its fourth quarter profits, suspended Unipec President Chen Bo last month, citing unspecified trading losses.
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Ye told a board meeting in July he wants it to become a second Sinopec, China's second-largest energy giant and Asia's top oil refiner.
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The Swiss gold refiner Produits Artistiques Métaux Précieux, for example, buys its Ghanaian gold only from legal artisanal mines where it has checked labor conditions.
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Industry executives and analysts describe the 503-year-old group as wanting to be the new Sinopec, Asia's largest oil refiner, or China's own Glencore.
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Polish refiner Lotos bought 22016 million barrels of oil from National Iranian Oil Company (NIOC) and the cargo will arrive in Gdansk in mid-August.
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"Buyers are tending to wait in a downward (price) cycle while crude stocks remain high in Shandong," said one trader with an independent Chinese refiner.
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ATHENS (Reuters) - Greece's biggest oil refiner Hellenic Petroleum played down reports on Thursday of a potentially large gas find off Crete, saying speculation was premature.
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Unipec - the trading arm of Asia's largest refiner, state-owned Sinopec - is also considering long-term crude supply deals with U.S. pipeline and terminal operators.
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Marathon, the largest U.S. refiner by capacity, said otherwise weak profit margins were buoyed by cheaper Canadian crude, which pushed margins up by 1 percent.
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HPCL, India's third-biggest state-owned refiner, renewed its installation insurance, which protects against any accidents at its refinery or storage sites, in early July.
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Phillips, the nation's fourth-largest refiner, reported more than a 40 percent drop in profit from the prior year as weak margins squeezed most divisions.
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The Treasury also authorized the Nynas joint venture between PDVSA and Finnish biofuel producer and oil refiner Neste to continue business with PDVSA through October.
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The refiner could owe the U.S. government substantial sums and the department says it needs more time and information before it can support the plan.
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The Houston, Texas-based refiner said its realized refining margins fell to $7.23 per barrel in the quarter, from $16.53 per barrel a year earlier.
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India's crude oil demand is forecast to grow to 500 million tonnes per year by 2040, according to the country's top refiner Indian Oil Corp.
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The other ship that was attacked was an oil tanker chartered by Taiwan's state oil refiner, CPC Corp, to carry fuel from the Middle East.
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But at the same time, more ethanol translates to a smaller share of petroleum-based fuel in American gas tanks, which would hurt refiner sales.
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When others who store and trade such gold found forged bars, they returned them to the refiner concerned, some of whom have operations in Asia.
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"We have requests from people wanting to store," said Marcelino de Lannoy, interim managing director at Refineria di Korsou, the state-owned refiner in Curacao.
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BHR has invested in a number of state-owned Chinese companies, including a subsidiary of the oil refiner Sinopec and China General Nuclear Power Group.
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Huang was recently a Singapore-based crude trader for Chinese independent refiner Wonfull Petrochemical, purchasing feedstock for its Shandong refinery and carrying out hedging activities.
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Czech oil refiner Unipetrol has asked the government to lend it crude from state reserves, with amounts to be discussed at a meeting on Monday.
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Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a quarterly loss due to the impact of wildfires in Fort McMurray, Alberta.
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Refiner Viva Energy Group Ltd, however, moved against the tide with a 21.5090% rise after announcing a A$680 million ($450.64 million) share buyback plan.
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"This move in a way will punish Malaysia and will help local refiners as well," a Mumbai-based refiner, who declined to be named, said.
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Finland's Neste, an oil refiner switching from refining crude oil to using cooking waste and other bio-based materials as a feedstock, came in third.
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A Mumbai-based refiner said it would not create a shortage of edible oils in India if buyers there stopped importing palm oil from Malaysia.
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The big integrated names, Exxon Mobil and Chevron are due to report results Friday, while ConocoPhillips is due Thursday along with and refiner Valero Energy.
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After the latest round of U.S. sanctions was announced, HPCL was the first Indian refiner to halt purchases from Iran after its insurer backed out.
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The sources said that Sinopec, Asia's largest oil refiner, was the last bidder remaining, and close to completing a deal with the U.S. oil major.
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In addition, Maduro could try to sell PDVSA's single biggest asset in the United States, the oil refiner CITGO, as a way of raising cash.
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Concerns over deforestation have led some major palm oil buyers, including Wilmar, the world's largest refiner of palm oil, to halt purchases from the company.
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In one case, the EPA provided a full waiver to a refiner after the energy department had recommended rejecting the exemption, two sources told Reuters.
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Business Briefing Berkshire Hathaway has purchased nearly 1.7 million more shares of Phillips 66 to give it ownership of almost 14 percent of the oil refiner.
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Last month Tesoro, a Texan refiner, became the first private firm to win an auction to move imported petroleum products through Pemex's own tanks and pipelines.
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MILAN (Reuters) - Italian refiner Saras is worried about the market not having access to Iranian crude oil in light of new possible U.S. sanctions against Tehran.
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The Treasury Department also authorized the Nynas joint venture between PDVSA and Finnish biofuel producer and oil refiner Neste to continue business with PDVSA through October.
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Top Asian refiner Sinopec said on Friday it exported a diesel cargo to Singapore under the general trade rules for the first time in 13 years.
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Life Insurance Corp, India's biggest portfolio investor, bought 86 percent of a $1.4 billion share sale in refiner and fuel retailer Indian Oil Corp in August.
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Private refiner Reliance Industries signed its first Iranian deal in seven years to buy 30,000 bpd of heavy Forozan crude oil, one of the sources said.
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Sinopec, Asia's largest refiner, posted a net profit of 31.34 billion yuan ($217 billion) in the first six months of the year under Chinese accounting standards.
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BEIJING (Reuters) - Sinopec Corp's net profit jumped to almost $1 billion in the first quarter on improved refining margins, Asia's biggest oil refiner said on Thursday.
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Valero is the first major U.S. refiner to announce results for the quarter, with Phillips 66 set to report on Friday and Marathon Petroleum next week.
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Unipec, the trading arm of state-controlled oil refiner Sinopec, had also purchased large volumes of Russian ESPO crude for April delivery, a second trader said.
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HELSINKI, June 21 (Reuters) - Employee groups at Finnish refiner Neste have cancelled plans to halt fuel distribution from the company's domestic refineries after talks with management.
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Idemitsu has said its planned takeover of Showa Shell, which would create Japan's No.2 refiner by capacity, is essential to cope with declining domestic demand.
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HAMBURG (Reuters) - Germany's second-largest sugar refiner Nordzucker on Tuesday was the latest European producer to report a slump in earnings following a collapse in prices.
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The market's woes were highlighted last month by Suedzucker , Europe's largest sugar refiner, announcing plans to close two German plants as part of a restructuring programme.
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Huayou, primarily a cobalt refiner that makes chemical products such as cobalt hydroxide and cobalt sulphate, operates the PE527 copper-cobalt mining permit in the DRC.
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SK Innovation, which expects to retain a 70 percent stake in SK Lubricants after the listing, is the owner of South Korea's top refiner SK Energy.
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Refiner Phillips 66 was shutting down its 119,600-bpd Alliance, Louisiana, refinery, which has regularly been inundated by tropical storms by over the past 14 years.
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DUBAI, Sept 2 (Reuters) - Kuwait's state refiner KNPC is commissioning its diesel production unit at the Mina Abdullah refinery, it said in a tweet on Monday.
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Oil refiner Philadelphia Energy Solutions (PES), which employs more than a thousand people in Philadelphia, declared bankruptcy last month and blamed the regulation for its demise.
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In the United States, the largest independent refiner Valero and in Asia, India's reliance, which operates the world's largest refinery in Jamnagar, are in pole position.
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"If a refiner is unable or unwilling to meet our standards, they will be removed from our supply chain," an Apple spokesperson said it a statement.
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Valero Energy, a refiner based in San Antonio, had told local regulators that a floating roof covering a tank at its Houston refinery sank on Aug.
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As the coronavirus outbreak hit fuel demand in China, Sinopec Corp, Asia's largest refiner, told its facilities to cut throughput this month by about 600,000 bpd.
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Indian refiner Reliance Industries plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.
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Imperial Oil Ltd fell 1.8 percent to C$41.08 after the country's No.2 integrated oil producer and refiner reported a lower-than-expected quarterly profit.
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"Of course, I prefer Urals, but if a seller gives me some unreasonable prices I look at Iraq, Iran, Arabian grades," said a big European refiner.
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Heminger, who leads the largest U.S. crude oil refiner, said that the standard has caused very volatile prices for those credits, and that it needs reform.
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The percentage gainers in the index were oil and natural gas developer Inpex Corp up 1.06%, followed by oil refiner JXTG Holdings Inc up by 0.15%.
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Rather, he is a major investor in a merchant fuel refiner who, according to him, isn't making as much as it should because of the RFS.
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It is his majority investment in CVR Refining, an oil refiner that is a core investment of Icahn Enterprises, which is of biggest concern to lawmakers.
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The meetings come weeks after Philadelphia Energy Solutions (PES), the largest fuel refiner on the East Coast, declared bankruptcy, blaming compliance costs associated with the RFS.
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"The arb (arbitrage) is open," said one of the sources, who buys crude for a North Asian refiner and has been making inquiries on the shipments.
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India shipped in a record 336,000 bpd U.S. oil in October, about 7.5% total imports, as private refiner Reliance Industries bought three tanker cargoes, data showed.
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The tanker began offloading the remaining part of its cargo to Shandong Qingyuan Group, a privately-controlled refiner based at Linzi, Shandong province, late on Wednesday.
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The refinery's largest shareholder, Saudi billionaire Mohammed al-Amoudi, fell out with the Moroccan government, which accused the refiner of owing it $1.33 billion in tax.
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WARSAW (Reuters) - Poland's biggest oil refiner, PKN Orlen, will stick to its dividend policy despite plans to take over smaller rival Lotos, PKN said on Tuesday.
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The Ohio-based refiner announced in January a series of steps to increase its stock price amid pressure from Elliott, including the possible separation of Speedway.
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Unipec, the trading arm of Asia's top refiner Sinopec, loaded the first Johan Sverdrup crude cargo last month which will arrive in southern China in December.
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A manager at a palm refiner in Sabah, Malaysia's largest producing state, said he sees trucks loaded with palm fruit lining up at mills every day.
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Oil refiner China National Chemical Corp said on Thursday it would close a 100,000 bpd plant and cut processing at two others amid falling fuel demand.
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Of the new issues, private refiner and chemical giant Hengli Petrochemical Co Ltd won 12.8 million tonnes, the largest recipient among a total of 43 refiners.
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In the 1950s, Japanese refiner Idemitsu broke a British oil embargo of Iran and sent a tanker to get a shipload of gasoline and diesel oil.
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Discussions could also look at solutions focused more directly on refiner PES, like waiving its current RIN obligation valued at about $350 million, the sources said.
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An S-Oil spokesman confirmed the joint reception and said the South Korean refiner has co-hosted receptions with many other companies at events for global clients.
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Strikes have forced refiner Total to close four of its five French refineries and have closed off crude oil imports, including those at Le Havre's CIM terminal.
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Weak gasoline margins have prompted the refiner to trim gasoline supplies this month and this would affect its overall average refining throughput as a result, Lin said.
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The nation's largest refiner said its future results will be helped by the pending acquisition of Western Refining, a $4.1 billion all-stock deal announced in November.
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Top U.S. refiner Valero Energy Corp said it has stopped taking Venezuelan crude and is looking to maximize the amount of light crude barrels it can use.
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TOKYO, Feb 12 (Reuters) - Exxon Mobil Corp has sold its remaining stake in Japan's second-biggest oil refiner by capacity, TonenGeneral Sekiyu KK , the Japanese firm said.
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"This is a win-win strategy because it helps the refiner ... and for us it is to place crude oil in the European refining assets," he said.
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Czech oil refiner Unipetrol has asked the government to lend it crude from state reserves to use, with amounts to be discussed at a meeting on Monday.
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Indian Oil Corp, the country's top refiner, said its 300,000 barrels per day (bpd) Paradip refinery in Odisha state did not need to shut down for now.
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A spokesman for Poland's second-biggest refiner Grupa Lotos said it was not using state strategic oil reserves either, but was ready to do so if necessary.
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A top trading executive with Sinopec told Reuters the state refiner will maintain its usual import volumes for July-loadings, but can't commit to bookings further out.
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Free-falling fuel oil margins hammer Asian refiner profitability - here The new regulations limit the sulfur content of fuels burned in ships to 0.5%, from 3.5% currently.
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A few competitors, such as Valero, an American refiner, Total of France and Eni of Italy, also produce renewable diesel, but Neste's 2.6m-tonne capacity dwarfs theirs.
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Meanwhile, Poland has increased seaborne oil imports and Czech refiner Unipetrol will start drawing the second batch of an emergency loan of crude from state reserves overnight.
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He was already riding high after securing a deal in October to acquire Indian refiner Essar, giving Rosneft a foothold in the world's fastest growing fuel market.
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The $71 million interest payment will be paid on state oil company PDVSA's 2020 bond, which is backed by shares in its subsidiary, U.S. refiner Citgo Petroleum.
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As part of a summary Icahn highlighted a recommendation by Goldman Sachs that told investors to sell shares in any refiner that has significant exposure to RINs.
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India's oil ministry has asked state refiner Mangalore Refinery and Petrochemicals Ltd to coordinate with other firms to ensure that weekly payments do not exceed $500 million.
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Major refiner Sinopec and PetroChina have applied for extra quotas to export more gasoline, diesel and jet fuel before the end of the year, sources told Reuters.
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German sugar refiner Nordzucker and Singapore-based agribusiness firm Wilmar International were among parties that had been initially interested, but nothing has materialised, according to the sources.
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TOKYO (Reuters) - JX Holdings, Japan's top oil refiner, is not seeking alternative crude oil to offset supply cuts by global producers, its top official said on Thursday.
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Even though production has remained strong in the United States, refiner appetite for crude has helped reduce overall stocks, as they have found steady demand through exports.
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WTI had its sharpest monthly fall in a year in July, dropping 14 percent, after runaway gasoline demand for the summer still fell short of refiner production.
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On Monday, S-Oil, South Korea's third-biggest refiner, said regional refining margins were expected to remain firm in 2018 backed by healthy growth in oil demand.
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An official from state refiner Kuwait National Petroleum told Al-Arabiya television on Monday the country plans to increase crude oil production to normal levels, Reuters reported.
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HELSINKI (Reuters) - Biofuel producer and oil refiner Neste sees good opportunities for its renewable jet fuel despite a canceled pilot project in Switzerland, a company executive said.
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The state-owned refiner had originally said it planned to complete the fundraising, one of the world's largest-ever loans backed by export credit agencies, this year.
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The executives were arrested in Caracas during corporate meetings of Citgo, a U.S. energy refiner owned by state-run PDVSA and accused of embezzlement and money laundering.
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The country's top refiner on Friday said second-quarter profit fell 12.2 percent, missing estimates by a wide margin, as forex expenses and raw material costs weighed.
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The fuel agency's main office in Beijing is located at the headquarters of state-owned China Petrochemical Corp, the parent of Sinopec Corp, the country's top refiner.
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CVR built a large short position in renewable fuel credits, or RINs, positioning the refiner to profit if the price of the credits fell, according to Reuters.
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"We're facing a big challenge on the supply side," said Chen Bo, president at Unipec, which purchases crude for Asia's largest refiner Sinopec (33.HK)(23.SS).
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Oil and gas refiner JX Holdings Inc climbed 3.5 percent while Idemitsu Kosan Co Ltd gained 3.4 percent and the smaller Cosmo Energy Holdings soared 6.7 percent.
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German sugar refiner Nordzucker and Singapore-based agribusiness firm Wilmar International were among parties that had been initially interested, but nothing has materialized, according to the sources.
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A Texas-based oil refiner in which he had a major stake was losing money because of an obscure environmental rule that Icahn regarded as unduly onerous.
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Tristan Brown told me that the notion of a profit resulting from compliance with the Renewable Fuel Standard was unheard of for a merchant refiner like CVR.
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Italian privately-owned refiner API has shown interest in the deal and may team up with a private equity outfit to make a competitive offer, sources said.
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On Monday, Indian Oil, the country's top refiner, received its parcel of the U.S. crude at the eastern port of Paradip, the company said in a statement.
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Poland's biggest refiner PKN Orlen said it would be receiving all oil by sea via the Baltic port of Gdansk until supplies from Russia via pipeline resumed.
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Unlike Argentina, however, Venezuela is a petro-state that holds valuable property abroad, including Citgo, a refiner in the United States, and a fleet of oil tankers.
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The system was designed to reward PES for success, but had no contingency plan to protect the refiner against the failure that would quickly follow the deal.
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In Venezuela, authorities arrested the acting president of its U.S.-based refiner Citgo and five of the subsidiary's top executives on corruption accusations, the chief prosecutor said.
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It became the first traditional oil refiner to expand into the ethanol business and has set up wind turbines to provide sustainable power for its industrial work.
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"That Exxon was reportedly granted a 'small refiner' waiver for 'hardship' just goes to show how abused the process has been," he said in an emailed statement.
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Europe's fifth-largest refiner by market value has focused on cost and debt reduction to improve its balance sheet in recent years, leading to credit rating upgrades.
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Philadelphia Energy Solutions Inc, a merchant refiner, on Wednesday told employees in a letter it was cutting benefits and seeking job cuts to offset renewable fuel costs.
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A cut in Venezuela's supply of heavy crude to U.S. refiner Phillips 66, in part due to quality problems, is helping to send more Angolan oil west.
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The U.S. oil major is a leading refiner and marketer of petroleum products in South Africa, where it has had a presence for more than a century.
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That could be key to protecting Citgo, since half of state oil company PDVSA's shares in the refiner were put up as collateral for its 2020 bond.
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State-controlled Eni is Italy's biggest refiner with five wholly-owned refineries and a series of depots across the country to transport and store oil products onshore.
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In October, the company acquired a rival, Andeavor, making it the biggest refiner in the United States, with sales of 16 billion gallons of fuel a year.
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That could weigh on supplies of edible oils, nearly two-third of which comes from overseas, said an edible oil refiner in the central city of Indore.
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Top refiner Indian Oil Corp and its subsidiary Chennai Petroleum has cut refinery runs by an average of 15% to 20%, sources familiar with the matter said.
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U.S. refiner Valero's five refineries located on the Texas Gulf Coast are in the process of ramping back up, Chief Executive officer Joe Gorder said on Thursday.
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Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four month pause, in a further sign of expanding crude supply to the market.
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For more on the company, click on The Finnish refiner reported fourth quarter earnings in line with analysts' expectations and proposed a larger-than-expected annual dividend.
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Trade unions at oil refiner PKN have reached an agreement with the management over salary increase and one-off benefits, Rzeczpospolita daily said quoting the company's statement.
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Marathon became the largest U.S. refiner in October when it merged with Andeavor creating a company with 3 million barrels per day of crude oil processing capacity.
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The Greek state is selling a 31 percent stake in DESFA and Hellenic Petroleum, Greece's biggest oil refiner and the other shareholder in the operator, 35 percent.
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Oil and natural gas developer Inpex Corp and oil refiner JXTG Holdings Inc ended higher but pared gains after a spike in oil futures started to fade.
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Tesoro Logistics also said it would buy terminal and storage assets located in Martinez, California from a subsidiary of oil refiner Tesoro Corp for about $400 million.
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SK Innovation, owner of South Korea's top refiner SK Energy, also said on Friday it expected refining margins to improve, driven by a rise in diesel demand.
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Sinopec, which is Asia's biggest oil refiner, said the Shanghai refinery was the first in China to produce low sulfur fuel oil to meet new IMO rules.
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Despite falling RIN prices and small refiner waivers, data from both the Environmental Protection Agency and the Energy Information Administration show that domestic biofuel use remains robust.
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According to Reuters, oil supply from Venezuela to the U.S. refiner Phillips 66 has fallen by more than two thirds in 2017 mainly due to quality issues.
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This debt was extended mainly in the form of crude oil which they lent to the refiner in return for repayment in cash or refined products later.
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Sinopec, Asia's top refiner, appeared more relaxed and has built the smallest inventory compared to Chimbusco and PetroChina, according to comments from officials at the three firms.
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One regulatory fix that he has been pushing would have benefited CVR Energy, an oil refiner based in Texas in which Mr. Icahn is a majority investor.
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Another source said MRPL might not lift the additional Saudi oil as the refiner had declared force majeure and shut half of its plant due to water shortages.
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TOKYO, June 17 (Reuters) - Japanese refiner Idemitsu Kosan Co and smaller rival Showa Shell Sekiyu will merge on April 1 next year, the two companies said on Friday.
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HOUSTON (Reuters) - Leading U.S. refiner Valero Energy Corp said the supply of crude oil from Venezuela has been "very consistent" despite political strife this year in that country.
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The dispute with Monroe marks at least the second time in the past two years that BP has been accused by a refiner of supplying lesser-grade crudes.
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The other companies are natural gas company DEPA, biggest oil refiner Hellenic Petroleum, telecoms operator OTE and water companies of Athens and Thessaloniki, the country's privatisation agency said.
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The oil refiner said higher costs kept its half-yearly profit at the low end of its guidance, while saying it was also considering selling certain retail assets.
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In the third quarter this year, the refiner operated its crude distillate units at 97.4%, down from 99.2% in the second quarter, according to the company's earnings statement.
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A group led by Russian oil major Rosneft and European commodity trading giant Trafigura are buying a stake in private refiner Essar Oil in a $13 billion deal.
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PKN, fellow Polish refiner Lotos, and German refineries Schwedt and Leuna, will have to determine how much of the contaminated oil left in the system they will accept.
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NEW YORK, Feb 5 (Reuters) - U.S. oil refiner Phillips 66 has suspended business travel to China due to the coronavirus outbreak, a spokesman for the company said Wednesday.
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"We've gone from an unsustainable wide discount for Canadian heavy to an unsustainably narrow discount," said Greg Garland, chief executive of refiner Phillips 66, on a quarterly call.
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Citgo, the oil refiner owned by Venezuela, is also reportedly considering bankruptcy, even though it is so valuable that it is the crown jewel of Venezuela's foreign assets.
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The Indian Oil sale in August was rescued by state-run Life Insurance Corp (LIC) which bought 86 percent of the refiner and fuel retailer's shares on offer.
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Suncor's competitor Imperial Oil Ltd, Canada's No. 2 integrated oil producer and refiner, raised capital through the sale of 497 Esso gas stations for about C$2.8 billion.
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A short position in Shanghai futures would profit from the decline, offsetting at least some of the drop in revenue the refiner would see in its petroleum sales.
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SK Innovation, South Korea's biggest oil refiner, is a latecomer to a market led by compatriots LG Chem Ltd and Samsung SDI Co Ltd plus Japan's Panasonic Corp .
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Hongrun Petrochemical, an independent refiner, received the shipment of Eagle Ford crude at Qingdao Port on Sunday, according to S&P Global Platts, which reported the transfer overnight.
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Capex in 2017 will include a $320 million equity injection into Indian refiner Essar, which Trafigura and fund UCP are buying together with Russian state oil major Rosneft.
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"Usually the maintenance period falls in July and August, but this year we are planning one in June," a crude purchasing manager with a Shandong-based refiner said.
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Some highly rated US companies, including biopharmaceutical company Bristol-Myers Squibb, refiner Motiva Enterprises and broadcaster CBS, have already dropped CDS-based pricing on multi-billion dollar loans.
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"Providing a small refiner waiver to a company like Andeavor is laughable and abandons the commitment of President Trump to protect the RFS," he said in a statement.
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Andeavor's waiver follows a successful lawsuit by another refiner, Sinclair Oil, last year challenging the strict standard the EPA has used under past administrations for determining financial hardship.
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State-run companies, like power producer PGE and refiner PKN, could be more open to investments outside Poland, treasury minister Dawid Jackiewicz told Rzeczpospolita daily in an interview.
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HAMBURG, Jan 15 (Reuters) - Germany's second-largest sugar refiner Nordzucker on Tuesday was the latest European producer to report a slump in earnings following the collapse in prices.
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"The decision was (likely) made due to far east premium strength, Singapore (cash premium) strength versus bringing a vessel down," a trader with a North Asian refiner said.
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A criminal procedure has also been opened against the company - bought by China's state-owned Sinopec, Asia's largest oil refiner in 2009 - prosecutor's spokesman Henri della Casa said.
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WARSAW (Reuters) - Poland's biggest oil refiner, the state-run PKN Orlen, said on Monday negotiations with the European Commission over its planned takeover of smaller rival Lotos (LTSP.
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ATHENS, May 30 (Reuters) - Greece received five expressions of interest for a majority stake in its biggest oil refiner Hellenic Petroleum, the country's privatisations agency said on Wednesday.
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"We'll likely export less or even don't export for December," said a trader with a state oil refiner, who arranged two cargoes of diesel for export in November.
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A commercial refiner would look at profit margins for each fuel, which vary seasonally, and adjust production to maximize the output of the fuel with the best margin.
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It also picked up ownership of nearly half of PDVSA's U.S.-based refiner Citgo as collateral for $1.5 billion in loans — an arrangement that has vexed American lawmakers.
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Bloomberg reports the election-season announcement could come with some other actions meant to appease the oil or refiner industry, such as limits on trading ethanol compliance credits.
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PetroChina, the country's second-largest state refiner after Sinopec, processed 282 million barrels of crude oil in the first quarter, up nearly 15 percent versus a year earlier.
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The refiner said it was seeking two cargoes of one million barrels each for April, three cargoes of the same size for May and three more for June.
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Several oil-trading sources have said that U.S. refiner Koch may have fixed a tanker to ship 2 million barrels of Omani crude to the U.S. Gulf Coast.
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SK Innovation, South Korea's biggest oil refiner, is a latecomer to a market led by compatriots LG Chem Ltd and Samsung SDI Co Ltd plus Japan's Panasonic Corp.
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PLOCK, Poland (Reuters) - Poland's biggest oil refiner, state-run PKN Orlen, plans to start investment in offshore wind farms in 2024, Chief Executive Daniel Obajtek said on Wednesday.
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WARSAW (Reuters) - Polish refiner PKN Orlen and pipeline operator PERN have signed an agreement on implementing government policy for improving oil sector infrastructure, PKN Orlen said on Wednesday.
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But Citgo, an oil refiner, retailer and transporter based in the United States and owned by the government's Petróleos de Venezuela, will get to operate largely as normal.
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As CVR's RINs liability ballooned to more than $200 million, analysts warned that the refiner might have to buy RINs at sky high prices to cover its obligations.
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Indian Oil Corp, the country's biggest refiner and not a regular buyer of Iranian oil, shipped in 2 million barrels or about 67,000 bpd from Tehran last month.
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The restart will pave the way for the independent refiner to complete its acquisition of the 149,500 barrel per day facility by the second quarter of this year.
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Unipec, trading arm of Asia's largest refiner Sinopec , has already inked a first deal to import Middle East crude priced against the newly-launched Shanghai crude futures contract.
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Unipec, trading arm of Asia's largest refiner Sinopec, has already inked a first deal to import Middle East crude priced against the newly-launched Shanghai crude futures contract.
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CASABLANCA, Feb 20 (Reuters) - The court-appointed manager of Morocco's oil refiner Samir said on Monday he had received about 20 offers for the company from foreign investors.
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Moscow's moves get slickerA multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia.
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"I recommend Saudi to keep the Arab Light price the same because they (unexpectedly) raised the price in May," a crude buyer at a North Asian refiner said.
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HAMBURG, March 18 (Reuters) - Suedzucker, Europe's largest sugar refiner, said on Wednesday sugar supplies are secure despite heavy demand as some European consumers stockpile during the coronavirus crisis.
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Poland's biggest oil refiner plans to find a partner for its offshore wind farm project by the end of this year, Parkiet quoted the company's CEO as saying.
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Big oil: The largest oil refiner in the U.S. and powerful oil-industry groups ran a stealth campaign to roll back car emissions standards, a Times investigation found.
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Marathon Petroleum Corp is the nation's leading refiner by capacity with 16 percent of the national total, which it achieved with its October 2018 purchase of rival Andeavor.
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CARACAS (Reuters) - Venezuela's opposition-run congress named new transitional boards of directors to state oil company PDVSA and its U.S. subsidiaries including refiner Citgo Petroleum Corp on Wednesday.
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"About four to five refineries in Shandong have been taking Malaysian blends which look like Venezuelan oil with similar specifications," said an executive with one Shandong independent refiner.
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Aramco did not specify a reason for the change in oil grade supplied to Japan's biggest refiner from light to heavy and medium starting October, Nikkei said s.nikkei.
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Zhejiang Petrochemical Corp, another privately controlled refiner, maintains full operations at its 400,000-bpd refinery in east China, said a senior source with knowledge of the firm's operations.
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Caltex, the oil refiner and convenience store firm, said in a statement its board believed it was in the interests of shareholders to engage further with Couche-Tard.
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Stephen Lubben, a professor at Seton Hall Law School, said other struggling refiners may also attempt to offload these obligations if the PES bankruptcy gives the refiner relief.
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One reason for the concerted push for the renewed production of rare earths is the fact that China is by far the world's largest refiner of rare earths.
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"We expect refining margins to remain favorable on the back of solid demand," the company, owner of South Korea's top refiner SK Energy, said in an earnings statement.
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Now, Valero is the single most dominant refiner in the country, and on the company's website it says that it's not experiencing any material shutdowns in its operations.
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Russia's largest oil producer Rosneft said on Monday it had successfully closed a deal to buy a 49 percent stake in Indian private refiner Essar Oil Limited (EOL).
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Sinopec, Asia's top refiner, has been making adjustments at its plants to ensure its marine fuel meets International Maritime Organization (IMO) emission standards coming into force on Jan.
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Over in Japan, shares of refiner Cosmo Energy gained 20.7246 percent by the end of the trading day, with Japan Petroleum Exploration also seeing gains of 22 percent.
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The 2020 bond is backed by shares in U.S. refiner and fuel distributor Citgo, which could be targeted by creditors if Friday's payment is not made on time.
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"Any gold production in India is great news and maximising mining is the way forward," said Rajesh Khosla, head of MMTC-PAMP India, the country's biggest gold refiner.
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Horace Hobbs, chief economist for Phillips 66, the fourth-largest U.S. refiner, said in an interview that the company does not expect 2016 margins to match 2015 levels.
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The EPA said PES could comply with the program by turning over its available credits and would be excused from any shortfall, a huge win for the refiner.
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Wang, currently the deputy general manager at Hongrun International Energy (Singapore) Pte Ltd, the trading arm of Chinese independent refiner Hongrun, will join Repsol in August, they said.
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Its major shareholders, Greece and Paneuropean Oil and Industrial Holdings, have agreed to divest a combined stake of at least 50.1 percent in the refiner through an international tender.
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ChemChina, a chemicals major but a much smaller refiner compared with the two, operates about 500,000 barrels per day of refining capacity in China, mostly in eastern Shandong province.
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NEW DELHI (Reuters) - India's biggest state-owned refiner Indian Oil Corp Ltd said on Wednesday that a gradual rise in India's natural gas consumption could reduce local diesel demand.
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State-run Indian Oil Corp, the country's top refiner, imported about 4 million barrels in August, equivalent to about 134,000 bpd, or half the amount it imported in July.
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Citgo — owned by Venezuela state oil company Petroleos de Venezuela SA (PDVSA) — is also a major U.S. oil refiner, and in theory could find its assets seized by Russia.
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"As China largest refiner and as its company profitability is heavily reliant on the refining segment, Sinopec is very sensitive to feedstock prices," SIA Energy's Seng Yick Tee said.
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Berkshire also reported other portfolio changes, including the shedding of holdings in Walmart Inc and French drugmaker Sanofi SA and reduction in its stake in oil refiner Phillips 66.
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Phillips 66 shares could come under pressure due to earnings downside risk, according to Morgan Stanley, which downgraded the shares of the oil refiner to equal weight from overweight.
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Meanwhile near the bottom of benchmarks, Finnish oil refiner Neste reported a bigger-than-expected slide in first-quarter operating profit, sending shares tanking, closing over 22.6 percent down.
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TOKYO (Reuters) - JXTG Nippon Oil & Energy Corp, Japan's biggest oil refiner, said on Wednesday it will shut its Muroran petrochemicals plant due to falling demand for gasoline in Japan.
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Rosneft last year bought a 49 percent share of Indian refiner Essar Oil and is set to replace PDVSA as a supplier of Venezuelan oil to the Vadinar refinery.
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Last week, six executives from U.S.-based Citgo Petroleum Corp (Citgo), a Venezuelan-owned refiner and marketer of oil and petrochemical products, were arrested in Caracas on graft allegations.
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PRAGUE (Reuters) - The Czech government has approved the release of state oil reserves for refiner Unipetrol after an interruption of supplies from Russia, CTK news agency reported on Monday.
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SK Innovation, which owns South Korea's top refiner SK Energy, plans to break ground in February 2018 and start production from early 2020, the company said in a statement.
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BRAUNSCHWEIG, GERMANY, May 24 (Reuters) - Germany's second largest sugar refiner Nordzucker is in discussions about international expansion projects in Europe, South America and Asia, its CEO said on Wednesday.
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The Fair Trade Commission also approved plans by top oil refiner JX Holdings' to acquire rival TonenGeneral Sekiyu KK. Reporting by Osamu Tsukimori and Emi Emoto; Editing by Edwina
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Commenting on the amount, a PKN spokeswoman said that the refiner had already been paid penalties resulting from its delivery contracts with suppliers for not having received crude oil.
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Valero is the country's largest oil refiner and one of the country's largest ethanol producers, but has limited capacity to blend after it sold its retail segment in 2013.
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The country's largest refiner said it was standing by its planned run rate as it reported first-half results on Sunday showing its best six-month profit in years.
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Takahiko Yamamoto, a Fuji Oil director, told Reuters after the press conference that the refiner had already secured most of its supplies for June, mainly through the spot market.
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Net profit was 45.49 billion rupees ($13 million) in the quarter ended on June 30, compared with 82.69 billion rupees a year earlier, the country's top refiner said. (bit.
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Meanwhile, Swedish oil refiner Preem said on Monday it had reached a compensation deal with the supplier of Urals it imported via the Baltic sea port of Ust-Luga.
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Just in February South Korea's SK Innovation, a major Asian refiner, said its margins would remain strong as demand for gasoline and naphtha offset weaker markets for other fuels.
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"Russian crude is really attractive to us due to its fast delivery time and also cheap prices," said a spokeswoman from SK Innovation, which owns South Korea's largest refiner.
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SEOUL, July 11 (Reuters) - South Korean refiner Hyundai Oilbank Co Ltd has applied for a preliminary review on its planned initial public offering, the Korea Exchange said on Wednesday.
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The largest receiver of Venezuelan crude last month was PDVSA's refining unit in the United States, Citgo Petroleum, followed by refiner Valero Energy Corp and oil firm Chevron Corp.
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Marathon, the first major U.S. refiner to report quarterly results, said refining and marketing gross margin rose to $14.14 per barrel in the third quarter from $10.67 last year.
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South Korean refiner Hyundai Oilbank made its first purchase of Norwegian condensate, while SK Incheon Petrochem said it would continue to buy light crude including from Russia and Kazakhstan.
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"The good days won't last much longer, as China's oil demand has been shrinking," said Zhang Liucheng, vice president of Shandong Dongming Petrochemical Group, the country's largest independent refiner.
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When Icahn bought his shares in the refiner, RIN s were cheap—about a nickel each—so it was reasonably affordable for the company to comply with the law.
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ATHENS, April 3 (Reuters) - The sale of a majority stake in Greece's biggest oil refiner Hellenic Petroleum failed to attract any bids, the country's privatisation agency said on Wednesday.
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In the first four months of 2018, Tupras, Turkey's largest refiner, bought an average of 187,196 barrels per day of Iranian oil, data from Turkey's energy watchdog EPDK showed.
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Glencore Energy and Vitol Holding were shortlisted last summer and were given until the end of January to submit bids for a 50.1 percent stake in Greece's biggest refiner.
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Interested parties include many of the same Japanese trading houses that bid for Metalor Technologies International SA, a Swiss precious metals refiner bought by Japan's Tanaka Holdings in July.
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The EPA and PES agreed on Monday that the refiner would only have to satisfy about half those costs, but would face more scrutiny moving forward, court documents showed.
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Greece's biggest oil refiner Hellenic Petroleum is due to meet top Iranian oil officials later this week to discuss crude oil imports from Iran, a company source told Reuters.
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"It's due to the increasing amount of small refiner exemptions that the EPA has granted, which reduces the demand for RINs," said Andrew Lipow, president of Lipow Oil Associates.
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Prior to May 2017, a refinery would have to pass both tests to get an exemption, ABFA alleged, citing EPA correspondence with a refiner it said it had obtained.
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"Condensates are what we will be talking about during this APPEC," an official from a South Korean refiner said on the sidelines of the annual oil conference in Singapore.
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I MEAN, SOME WOULD SAY, THOUGH, SHOULD THE GUY WHO OWNS A CVR ENERGY, FOR EXAMPLE, A REFINER, BE HELPING SHAPE AN ISSUE THAT DIRECTLY AFFECTS THE REFINING INDUSTRY?
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Excluding an inventory writedown of $370 million, the refiner earned 79 cents per share, beating analysts' average estimate of 69 cents, according to Thomson Reuters I/B/E/S.
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The U.S. Environmental Protection Agency and the refiner agreed to a proposed settlement of the company's roughly $467 million in outstanding compliance costs under the U.S. Renewable Fuel Standard.
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IOC is the first Indian state refiner to buy U.S. oil under an annual contract, in a deal that will also help boost trade between New Delhi and Washington.
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Brentwood, Tennessee-based Delek took a 48 percent stake in oil refiner Alon USA Energy in May 2015 and was reportedly looking to buy more shares of the company.
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The alliance, headed by Shandong Dongming Petrochemical Group, the country's largest independent refiner, also called for joint purchasing and information sharing in a bid to stave off internal competition.
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A Times investigation has found that the Trump administration's plan to allow cars to emit more pollution has been covertly supported by the country's biggest oil refiner: Marathon Petroleum.
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"We are seeing very healthy demand for diesel and fuel oil and the only weak spot really is gasoline," Dario Scaffardi, chief executive of Italian refiner Saras, told Reuters.
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Hyundai Oilbank, the country's smallest refiner by capacity, said in a statement it also plans to cut its expense budget by up to 70% under an emergency management system.
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Citgo, a major oil refiner and gas retailer with American headquarters in the Houston area, is wholly owned by the Venezuelan government and provides it with vital financial support.
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Mr. Icahn owns a big stake in the oil refiner CVR Energy, and the financier has pressed for changes to regulations that require refiners to mix ethanol into gasoline.
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HAMBURG, Jan 14 (Reuters) - Suedzucker, Europe's largest sugar refiner, on Tuesday confirmed an improvement in quarterly earnings as stronger bioethanol demand helped offset the burden of weak sugar prices.
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The senators wrote to the Commodities Futures Trading Commission, the Securities and Exchange Commission and the Environmental Protection Agency about Mr. Icahn's investment in CVR Energy, an oil refiner.
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An official at Taiwanese refiner CPC Corp, who asked not to be identified by name, said that as a state-run company, they would fully cooperate with government policy.
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PetroChina, which is also China's second-largest oil refiner, processed 906 million barrels of crude in the first nine months of the year, up 4.3% versus a year earlier.
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U.S. sanctions will make it more difficult for Venezuela to export oil, particularly to countries such as China and India, where Rosneft part owns an oil refiner, Nayara Energy.
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HAMBURG, Jan 14 (Reuters) - Suedzucker, Europe's largest sugar refiner, on Tuesday confirmed an improvement in quarterly earnings as stronger bioethanol demand helped offset the burden of weak sugar prices.
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The state-run refiner said it is waiting on a tanker carrying 650,000 barrels of oil, equivalent to around 80,000 tonnes, which has already departed from Freeport in Texas.
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The company has appointed a business development person from within the company and hired a crude trader from a Chinese refiner who will join in September, the sources said.
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Its gains have in recent weeks been boosted by major germanium refiner Teck Resources, which declared partial force majeure and reinforced concerns about Chinese supply hit by production cutbacks.
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Petroleum and natural gas developer Inpex Corp shed 2.4 percent, refiner Idemitsu Kosan Co lost 5.6 percent and petroleum and metals conglomerate JXTG Holdings Inc was down 3.1 percent.
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WARSAW (Reuters) - Poland's biggest refiner PKN Orlen has asked its Russian suppliers for compensation for contaminated oil, its chief executive said on Twitter on Wednesday, confirming a Reuters report.
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Complex refining margins in Singapore, a gauge of refiner profitability in the region, held above $7 a barrel for a fourth month in October, Thomson Reuters Eikon data showed.
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That came following a Nikkei Asian Review report that Aramco told Japanese refiner JXTG about a potential change in shipments, raising questions over the kingdom's ability to supply crude.
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Oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel per day (bpd) plant and cut processing at two others amid falling fuel demand.
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Oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel per day (bpd) plant and cut processing at two others amid falling fuel demand.
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Warren Buffett raised his stake in oil refiner Phillips 66 by 537,968 shares, according to a Securities Exchange Commission filing released Wednesday The company's stock was slightly higher midmorning Thursday.
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The refiner will spend 15 billion euros ($23.8 billion) across units including exploration, production, refining and commercial over the next two years, it said in its 23-217 strategy plan.
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Last month, second-largest refiner Marathon Petroleum Corp acquired fifth-largest Andeavor in part to gain Andeavor's ability to process shale and because of its retail gasoline network in Mexico.
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GS Caltex, South Korea's No.2 refiner, said the company makes its crude oil purchases based on the economics of crude oil and seeks to ensure quality of crude supplies.
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Exxon Mobil had gradually reduced its stake in TonenGeneral since then, and had been replaced by Mitsui & Co as the top shareholder in the refiner with a 6.37 percent stake.
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Reuters reported last month that Sinopec, Asia's largest refiner, was weighing offers from about a dozen potential suitors as losses and labor headaches prompted it to pull out of Argentina.
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Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil and gas company Suncor earlier this year.
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"The arbitrage is blocked because of a wider Brent-Dubai spread," said a trader with a North Asian refiner, adding that the lower arbitrage volume supports prices for light grades.
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At the North Sea port of Rotterdam, Neste, a Finnish refiner, ships in waste fats from the world's slaughterhouses and converts them into biodiesel for the haulage and aviation industry.
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M. K. Surana, chairman of state-run fuel retailer and refiner Hindustan Petroleum Corp, said the government should review taxation of petrol and diesel to provide relief to the customer.
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"If (the annual average) oil price is $40-$50 a barrel, we're quite confident margins will be higher than last year," Sukrit Surabotsopon, CEO of Thai refiner IRPC, told Reuters.
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China's Sinopec Corp is halving loadings of crude oil from Iran this month, as the state refiner comes under intense pressure from Washington, said people with knowledge of the matter.
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Finnish refiner Neste surged 9.9 percent to a record high after its second-quarter profit beat forecasts, while engineer Rolls Royce jumped 13.5 percent after forecasting an improvement in profit.
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The few big domestic firms are state-owned behemoths left over from pre-capitalist days, such as PKN Orlen, a Polish oil refiner with a market capitalisation of over €22027bn.
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Japanese oil refiner TonenGeneral Sekiyu has bought its first oil from Iran since becoming independent from U.S. oil major Exxon Mobil Corp, three industry sources familiar with the matter said.
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Glencore's global head of oil, Alex Beard, told the Reuters Commodities Summit that those involved in the court-ordered liquidation of refiner Samir were working toward restarting the Mohammedia refinery.
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The refiner also bought 4.75 million barrels of U.S. crude for delivery from January through May, as it has become more economically viable to purchase U.S. oil, the spokesman added.
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The move by the eighth largest U.S. refiner is another step in efforts to chart a course for the company and to force Venezuela's Socialist President Nicolas Maduro from office.
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BRAUNSCHWEIG, GERMANY, May 23 (Reuters) - Germany's second largest sugar refiner Nordzucker on Thursday became the latest major European producer to post a loss as the industry battles against low prices.
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Indian Oil Corp, for the second time, halted supply of fuel to Jet for a few hours on Wednesday over non-payment of dues, a spokesman for the refiner said.
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Shares of oil refiner Andeavor surged 15.9 percent, the biggest gainer on the S&P 500, after rival Marathon Petroleum agreed to buy the company for more than $23 billion.
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Idemitsu, Japan's No.2 oil refiner by sales, has long been keen to merge its operations with fourth-ranked Showa Shell in response to shrinking gasoline demand in the country.
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"They increased prices last month, and I'm not sure how much the supply disruptions from Iran and Venezuela are already priced in," said a source with a north Asian refiner.
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PTT, which is due to announce quarterly earnings on Friday, owns nearly 50 percent stake in both Thai Oil and PTTGC and 38.5 percent in integrated oil refiner IRPC Pcl.
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Guaido's team has won control over crucial offshore assets including U.S.-based refiner Citgo, but still does not control the ports or central bank, or, most crucially, the armed forces.
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The letter asked for legal redress instead of the liquidation of Morocco's sole refiner, Tabih said, adding the court had postponed the appeal decision for a week until May 18.
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The former traders running the commodity venture had planned to build a merchant refiner with trading capabilities, using their purchase of a Newfoundland refinery as a beachhead into the industry.
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That investment would boost Aramco's presence in China's massive refining industry, adding to its 25 percent stake in the Fujian refinery in southeast China operated by state refiner Sinopec Corp.
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Despite the troubles of a private refiner that failed to secure financing for two import cargoes in December, there has been little let up from the new pool of buyers.
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In a sign of their white-hot Asian rivalry, Rosneft outbid Aramco to buy India's refiner Essar last year and boost its share in the world's fastest growing fuel market.
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HAMBURG, July 11 (Reuters) - Suedzucker, Europe's largest sugar refiner, on Thursday posted a slump in quarterly earnings as the company continued to battle against a collapse in world sugar prices.
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PES's weak cash position forced the refiner to significantly scale back a planned $0003 million maintenance project that began in January, according to two sources familiar with the plant's operations.
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The plant has production capacity of 100,000 tonnes a year and the Thai refiner plans to export half of the output to India and other Southeast Asian countries, she said.
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Normally, the refiner posted a loss for the sum that it spent on RIN s each quarter, and those losses had lately amounted to as much as sixty million dollars.
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Chevron is a leading refiner and marketer of petroleum products in South Africa, the most industrialized country in Africa, where it has had a presence for more than a century.
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Shippers and refiner are not sure how they will comply with rules finalised last year which require ships worldwide to cut sulfur emissions from 3.5 to 0.5 percent by 2020.
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SINGAPORE (Reuters) - Taiwanese oil refiner Formosa Petrochemical Corp has bought a U.S. crude oil cargo for the first time to replace Middle East crude, the company spokesman said on Monday.
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Obajtek also said that it is on track with plans to acquire fellow Polish refiner Grupa Lotos and that he expects the deal to close at the end of 2019.
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The state firm, also China's second-largest oil refiner, processed 825.6 million barrels of crude in the first nine months of the year, up 10.9 percent from a year earlier.
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Rosneft has said it also plans to cooperate closely with Trafigura in international trading and crude oil swaps, including through a joint purchase of Indian refiner Essar Oil last year.
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Valero of Texas, the world's biggest independent refiner, has projected that the credits could cost the company as much as $20013 million this year, compared with $22001 million in 285.
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Finnish refiner Neste surged 10 percent to a record high after its second-quarter profit beat forecasts, while engineer Rolls Royce jumped 12 percent after forecasting an improvement in profit.
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It has a quota to import 20 million tonnes of crude oil a year, about 400,000 bpd and equal to its total refining capacity, the most of any independent refiner.
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At one point, Trump threw his support behind a proposal from Cruz to cap compliance credits at 10 cents apiece - a fraction of the current level - to reduce refiner costs.
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For the trading firm, the decision means giving up a source of crude supply for Russia-backed Indian refiner Nayara Energy, in which Trafigura holds a near 25 percent stake.
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Last week, six executives from U.S.-based Citgo Petroleum Corp, or Citgo, a Venezuelan-owned refiner and marketer of oil and petrochemical products, were arrested in Caracas on graft allegations.
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"Maybe they (Saudi Aramco) will cut Arab Heavy supplies for August because of the OPEC cut and summer demand for power generation," said a trader with a North Asian refiner.
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The government owns 63.75% of Shipping Corp and a stake of 53.29% in India's second biggest state refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion.
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Hyundai Oilbank, South Korea's smallest refiner by capacity, has a total of 650,000 bpd of refining capacity in the southwestern city of Daesan and aims to expand its petrochemical business.
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So when Mr. Trump appointed the billionaire Carl C. Icahn, a majority investor in a Texas oil refiner, as special adviser on regulatory matters, expectations rose for a rule change.
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CARACAS (Reuters) - Venezuelan President Nicolas Maduro said on Monday that the United States was unlawfully seeking to take U.S. oil refiner Citgo, a unit of Venezuelan state oil company PDVSA.
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On Monday, Aramco said it was spending $1.25 billion for a stake in Hyundai Oil Bank, a South Korean refiner, creating what it called a "dedicated outlet" for Saudi crude.
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"If things are not sorted out in a week or two, there could be a shortage of edible oils in some areas," said the refiner, who declined to be identified.
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He, along with more than 1.53,21.5 coworkers, was thrust into a shrinking East Coast refining market after refiner Philadelphia Energy Solutions shut down following a colossal fire on June 235.
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CARACAS, Feb 13 (Reuters) - Venezuela's opposition-run congress named new transitional boards of directors to state oil company PDVSA and its U.S. subsidiaries including refiner Citgo Petroleum Corp on Wednesday.
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Last week, sources said that Trafigura loaded a 35,000 cargo of 92-octane gasoline that it purchased from teapot refiner Sinochem Hongrun, partly owned by state-run Sinochem Corp [SASADA.UL].
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Purchasing a stake in India's third biggest state-owned refiner would also help ONGC to diversify its cash flow and reduce its vulnerability to changing global crude prices, it added.
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The sources estimate GS Caltex, the nation's No.2 refiner, has exported between 100,000 and 200,000 tonnes of residual fuel oil as a result of the fire, mostly to China.
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Aramco did not specify a reason for the change in oil grade supplied to Japan's biggest refiner from light to heavy and medium starting October, Nikkei said, citing JXTG officials.
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Reforming the credit program has been a top request of refiners and their allies in recent months, particularly after a major Philadelphia refiner declared bankruptcy in January, blaming RIN costs.
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Indicated 0.2 percent higher Europe's largest sugar refiner said rising sugar prices helped it post an 81 percent jump in first-half net profit at 155 million euros ($174 million).
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LONDON, Feb 18 (Reuters) - * Portuguese refiner Galp is producing 200,000-220,000 tonnes per month of very low sulphur fuel oil (VLSFO), executive board member Carlos Silva told reporters on Tuesday.
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FEUD SK Innovation, South Korea's biggest oil refiner, has rapidly expanded into EV batteries and Kim discussed further plans in Las Vegas on the sidelines of the CES trade show.
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The move has scared away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been buying Venezuelan crude from Russian major Rosneft.
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A week ago, S-Oil, South Korea's third-biggest refiner, said seasonal demand for heating and tight regional supply were expected to help boost refining margins in the fourth quarter.
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Soaring RIN costs led to the largest independent refiner on the East Coast, owned by Philadelphia Energy Solutions (PES), to shed 28500 jobs and file for bankruptcy earlier this year.
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LONDON, May 21 (Reuters) - U.S. independent refiner Phillips 66 is in the final stages of selling the only oil refinery in Ireland, a source familiar with negotiations said on Saturday.
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The Chinese state refiner was also told that its September-loading light crude cargoes will be swapped to heavier grades with no change in volumes or delays, the source said.
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Our energy trade relationships with Canada and Mexico made possible by NAFTA have helped the United States become the world's largest refiner, home to 20 percent of global refining capacity.
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"Our U.S. crude oil purchase is purely because of its price advantage," said Kim Woo-kyung, a spokeswoman at SK Innovation , the owner of South Korea's top refiner SK Energy.
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Before Carlyle took over the complex, Philadelphia Energy Solutions was a "zombie" refiner at risk of being shuttered in the wake of the financial crisis, when demand for oil evaporated.
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Chevron is a leading refiner and marketer of petroleum products in South Africa, the most industrialised economy in Africa, where it has had a presence for more than a century.
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KOCHI/BENGALURU (Reuters) - Thousands of employees across India on Thursday protested an upcoming stake sale at state owned refiner Bharat Petroleum Corporation Ltd (BPCL), fearing loss of jobs and benefits.
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HOUSTON (Reuters) - U.S. oil and gas producer EP Energy Corp and refiner Tesoro Corp on Wednesday announced a joint venture to drill 60 wells in the Uinta basin in Utah.
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Another Chinese oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel-per-day plant and cut processing at two other amid falling fuel demand.
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Another Chinese oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel-per-day plant and cut processing at two other amid falling fuel demand.
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Why it matters: Marathon is the largest U.S. oil refiner by capacity, but activist investor Elliott wants it to separate its refining business from its pipeline and gas station units.
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TAIPEI (Reuters) - An oil tanker carrying fuel from the Middle East for Taiwan's state oil refiner CPC Corp was suspected to have been attacked earlier on Thursday, the company said.
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Icahn owns an 82-percent stake in refiner CVR Energy, which along with other refining companies, has urged the Environmental Protection Agency (EPA) to shift the blending obligation away from them.
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Icahn, who owns a stake in an oil refiner, renewed those criticisms last week, saying the ethanol credit market generated by the program is susceptible to manipulation and harming independent refiners.
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Shares of oil refiner Andeavor surged 14.4 percent, the biggest percentage gainer on the S&P 13, after rival Marathon Petroleum agreed to buy the company for more than $23 billion.
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KATOWICE, Poland, May 14 (Reuters) - Poland's state-run oil refiner PKN Orlen expects to receive normal quality product from Russia within the next fortnight, the company's deputy CEO said on Tuesday.
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"South Korean buyers purchased less condensate from Iran because of high prices and diversified condensate import sources," said a spokesman at SK Innovation, owner of South Korea's top refiner SK Energy.
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For PDVSA's 2.33 bond issue, backed by assets of refiner Citgo, prices have held up with the bid around 86.5 cents on the dollar and a yield hovering near 20 percent.
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SEOUL, April 10 (Reuters) - Hyundai Oilbank, South Korea's smallest refiner by capacity, will receive its second cargo of U.S. Southern Green Canyon crude in June, a company spokesman said on Monday.
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SEOUL, Oct 3 (Reuters) - * Hyundai Oilbank, South Korea's smallest refiner by capacity, said on Wednesday it has signed a gasoline supply deal with Mexico's PMI Comercio Internacional to diversify its markets.
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The fossil fuels proposal from the Nebraska Peace Foundation would have required Berkshire to sell investments in oil refiner Phillips 66 and other companies involved in fossil fuels over 12 years.
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HAMBURG (Reuters) - Suedzucker, Europe's largest sugar refiner, said it is suffering from the steep fall in sugar prices in recent months and plans to step up exports to try and compensate.
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Iranian oil accounted for about five percent of Cosmo's total procurement, and Japan's third-largest refiner feels confident it will be able to secure enough supply from other sources, he said.
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Indian Oil Corp, the country's top refiner, signed its first annual deal to buy U.S. oil in February, paying about $1.5 billion for 60,000 barrels a day up to March 2020.
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SEOUL, Jan 28 (Reuters) - S-Oil Corp, South Korea's third-biggest refiner by capacity, said on Monday that refining margins are expected to improve in 2019, supported by growing diesel demand.
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LONDON (Reuters) - Refiner Tupras is expanding its trading operations beyond Turkey for the first time with plans to open a London office, according to sources and a document seen by Reuters.
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A day earlier, S-Oil, the country's third-largest refiner, also said refining margins were expected to remain stable in the second half, boosted by demand growth from China and India.
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Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4% stake in Chennai Petroleum Corporation Ltd, a subsidiary of India's biggest state-owned refiner Indian Oil Corp Ltd.
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Saudi Arabia was China's top oil supplier for a second straight month in March, overtaking Russia, and thanks to supply agreements with Hengli and another new privately controlled refiner Rongsheng Petrochemical.
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Japan's biggest refiner, JXTG Holdings, and other processors also raised their full-year profit forecasts because of the increase in margins from converting crude oil to gasoline, diesel and aircraft fuel.
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The refiner booked 9 cargoes for export in May and April, totaling 2.7 million barrels, which represent about a fifth of the diesel volumes the region exported all of last year.
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HELSINKI (Reuters) - Finnish oil refiner Neste is considering investing in U.S. production of biofuels in a move seen as a response to possible policy changes by U.S. President Donald Trump's administration.
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Marathon Petroleum said on Monday it would buy rival Andeavor for more than $23 billion, forming a company that would leapfrog Valero Energy as the largest independent U.S. refiner by capacity.
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"Fundamentally, we are talking about unwinding eight years of multi-agency policies and regulations in two months," said Stephen Brown, vice president for federal government affairs at fuel refiner Tesoro Corp.
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China Huanqiu Contracting & Engineering Corp, a subsidiary of state-owned China National Petroleum Corp, and private refiner Shandong Dongming Petrochemical Group have jointly bid for the refinery located near the port.
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The two Chinese firms began exploring the possibility of building the refinery 18 months ago, and private refiner Dongming is looking to take a controlling stake, officials from the companies said.
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Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP - even if little crude arrived.
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ABU DHABI (Reuters) - Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.
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Idemitsu, Japan's No.2 refiner by sales, in December 2016 completed the purchase of just under a third of Showa Shell, the first stage in its buyout of the smaller competitor.
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IOC, the country's biggest refiner, has already announced separate plans to spend 500 billion rupees ($7.3 billion) by 2022 to raise its refining capacity by about 30 percent to 2.08 bpd.
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Among gainers, oil refiner Bharat Petroleum Corp Ltd rose as much as 2.6 percent after the country's central bank raised the limit for foreign shareholding in the company to 49 percent.
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Dallas-based refiner HollyFrontier, which earned $268 million in the first quarter, reported on Wednesday that waivers for its Cheyenne, Wyoming, refinery amounted to a $72 million benefit during the quarter.
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The chief executive of an oil refiner controlled by Carl Icahn on Wednesday accused President Donald Trump of caving to corn-state legislators in failing to overhaul a federal biofuel program.
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The refiner in August experienced two fires at its Yeosu refinery, southwest of Seoul, shutting its 66,000 barrels-per-day (bpd) vacuum residue hydrocracker (VRHCR) and one of its petrochemical units.
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The Trump administration's decision to roll back auto emission standards this past summer was in part influenced by the country's largest oil refiner, according to a New York Times report Thursday.
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Sinopec, Asia's top refiner, and state trader Zhuhai Zhenrong are together contracted to lift around 505,000 bpd of Iranian crude in 2016, roughly half of the Islamic Republic's total current exports.
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In Africa, Sinopec is seeking to buy Chevron's assets in South Africa and Botswana, giving Asia's top refiner its first major African refinery as well as petrol stations and convenience stores.
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HollyFrontier will become the fourth-largest lubricants producer in North America with a capacity of 28,000 barrels per day, or about 10 percent of North American production, the oil refiner said.
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Sinopec, Asia's largest refiner, aims to slash its crude oil imports from Saudi Arabia's state producer by 40 percent in May, according to an official from the company's trading arm Unipec.
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The South Korean refiner said it was looking to build a so-called steam cracker with a capacity of 1.5 million tonnes per annum and olefin downstream facilities in the plant.
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PetroChina, the second-largest state refiner, is expected to operate at an average of 65% capacity in March, largely flat from February levels and down from just over 80% in January.
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SINGAPORE (Reuters) - Unipec, the trading arm of Asia's largest refiner Sinopec, has decided against lifting more Saudi crude in April after freight rates surged, three sources familiar with the matter said.
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LATECOMER SK Innovation, South Korea's biggest oil refiner, is a latecomer to an EV battery market led by LG Chem and Samsung SDI Co Ltd as well as Japan's Panasonic Corp.
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Hyundai Oilbank, South Korea's smallest refiner by capacity, is expected to import its first West Texas Light for October delivery via Aramco Trading Company, according to sources familiar with the matter.
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JOHANNESBURG, March 26 (Reuters) - Rand Refinery will shut its smelter and significantly scale down its gold refining during South Africa's 21-day lockdown over coronavirus, the gold refiner said on Thursday.
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Offshore assets including U.S. refiner Citgo have long been seen as attractive by investors holding defaulted Venezuelan bonds and companies seeking to be paid back for the nationalization of their holdings.
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SEOUL, April 16 (Reuters) - South Korean refiner Hyundai Oilbank Co Ltd is aiming for an initial public offering around September or October, an executive at its parent company said on Monday.
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Sinopec, China's largest refiner and petrochemicals producer, is taking the lead in the push for low-volume but high-value products that are used in the pharmaceuticals, agrichemical and aviation industries.
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WARSAW, Dec 5 (Reuters) - Poland's biggest oil refiner PKN Orlen plans to complete its planned takeover of state utility Energa by mid 2020, PKN Chief Executive Daniel Obajtek said on Thursday.
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Venezuela was in sixth place behind Angola as private refiner Nayara Energy did not ship oil from the Latin American country in September and instead discharged old cargoes, the data showed.
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The refiner has dueling boards, one appointed by the Venezuelan opposition that is recognized by the Court of Chancery in the U.S. state of Delaware, and another appointed by Venezuelan officials.
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TO) has raised its buyout offer to A$8.80 billion ($5.93 billion), in a final attempt to sway the oil refiner and convenience store firm after interest from Britain's EG Group.
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TO) has raised its buyout offer to A$8.80 billion ($5.93 billion), in a final attempt to sway the oil refiner and convenience store firm after interest from Britain's EG Group.
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A subsidiary that holds Aramco stakes in South Korean refiner S-Oil and Showa Shell of Japan made a net income of $319 million in 216.93, accounts seen by Reuters show.
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"Next, if you look at Marathon, you've got a pretty good double-bottom in the making here," Johnson said, citing his chart of the stock of Marathon Petroleum, another large refiner.
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Marathon later bought rival Andeavor to become the top U.S. refiner and earlier this year completed the merger of midstream units MPLX and Andeavor Logistics LP in a $9 billion deal.
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STOCKHOLM, Dec 13 (Reuters) - Sweden-based refiner Nynas AB, which is owned by Venezuela's state-run PDVSA and Finland's Neste Oil, on Friday filed for company reorganisation at a Swedish court.
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WARSAW (Reuters) - Poland's largest oil refiner PKN Orlen has reached out to Russian suppliers for compensation over contaminated oil, its chief executive said on Twitter on Wednesday, confirming a Reuters report.
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The refiner, the only one in Africa certified to deliver gold to major international banks, processes gold from countries including Ghana, Tanzania, Democratic Republic of Congo, Mali, Namibia, Guinea and Zimbabwe.
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Separately the refiner has also bought 20193 million barrels of Angolan Dalia crude from Total at a premium of $4-$4.30 a barrel to dated Brent for delivery in early September.
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KATOWICE, Poland (Reuters) - Poland's biggest oil refiner PKN Orlen is calculating losses related to tainted Russian oil supplies and will submit its claims within weeks, the chief executive said on Friday.
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WARSAW (Reuters) - Poland's biggest oil refiner, state-run PKN Orlen, expects clean oil from Russia to reach its refinery in Plock within days, the company said in a statement on Sunday.
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HAMBURG, July 13 (Reuters) - Suedzucker, Europe's largest sugar refiner, on Thursday said high revenues in its sugar and biofuels sectors helped propel a strong rise in first quarter earnings, beating analyst forecasts.
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Unipec, the trading arm of state refiner Sinopec, has fixed the Very Large Crude Carrier (VLCC) Anne to load U.S. crude in mid-September, according to a shipbroker and Refinitiv Eikon data.
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Sinopec Oilfield Service Corp, a Shanghai-listed unit of state-owned Sinopec, the top Asian crude refiner, is now the forerunner with an estimated loss of 2000 billion yuan (US$2.3 billion).
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"While in line with expectations, the drawdown is large enough to provide support, and refiner demand for crude remains elevated," said John Kilduff, partner at New York energy hedge fund Again Capital.
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Asia's biggest refiner Sinopec has said it will cut throughput at its plants by 600,000 barrels per day (bpd) in February, although it is unclear how long the production cuts will last.
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In late January, Hyundai Heavy said Aramco planned to invest up to $1.6 billion for as much as 19.9 percent of the South Korean refiner to expand its foothold in the country.
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Hyundai Oilbank, South Korea's smallest refiner by capacity, has a total of 650,000 barrels per day of refining capacity in the southwestern city of Daesan and aims to expand its petrochemical business.
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India's biggest state-owned refiner Indian Oil Corp was up 7.81 percent on the National Stock Exchange, while Bharat Petroleum Corp and Hindustan Petroleum Corp rose 7.44 percent and 8.57 percent, respectively.
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Top refiner IOCL will invest 300 million rupees ($4.7 billion) over the next 5-7 years, top executives said, boosting revenue from petrochemicals from a quarter to a third of total revenue.
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With oil prices languishing close to 12-123.93/2-year lows and RINs prices last year up more than 10 percent, biofuel compliance costs accounted for a greater chunk of refiner overhead.
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By suing, CVR, and thus Icahn, were essentially claiming they overpaid for the process that left the activist investor with an 82 percent stake in the petroleum refiner and nitrogen fertilizer manufacturer.
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Unipec, the trading arm of state refiner Sinopec , has fixed the Very Large Crude Carrier (VLCC) Anne to load U.S. crude in mid-September, according to a shipbroker and Refinitiv Eikon data.
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BANGKOK, Aug 3 (Reuters) - Thai oil refiner and chemical company IRPC Pcl said its second quarter net profit slumped 67 percent, hit by a big stock loss as crude oil prices fell.
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A Chinese refiner importing Middle East crudes - which are mostly priced off Brent - and needing to protect itself from a sudden jump in prices for those grades, would typically buy Brent futures.
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SINGAPORE (Reuters) - Japanese refiner Cosmo Oil has replaced its Iranian crude oil imports with supplies from other Middle Eastern producers ahead of U.S. sanctions on Iran in November, top company executives said.
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The refiner will start supplying fuel to local wholesaler Kygnus Sekiyu K.K. from 2020, which is expected to increase Cosmo's market share in Japan from 11 percent to 15 percent, Tanaka said.
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Top refiner Sinopec, for example, squashed that ratio to a historic low to 1.01 in the first quarter this year, versus 1.33 in the same period in 2015, according to company reports.
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Citgo in 2016 signed a 15-year lease with the government of Aruba, agreeing to refurbish and reopen an idled 209,000-barrel-per-day refinery previously run by U.S. refiner Valero Energy.
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The notice offers more details about transactions that are allowed and prohibited, and offers guidelines on bondholders' rights regarding U.S. refiner Citgo Petroleum as well as details on what constitutes "maintenance" transactions.
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Top refiner Sinopec, for example, squashed that ratio to a historic low to 83 in the first quarter this year, versus 1.33 in the same period in 2015, according to company reports.
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Unipec is the trading arm of refiner Sinopec and the largest buyer of U.S. oil in Asia; Chinese firms bought an average of 220,000 barrels a day of U.S. crude last year.
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The refiner is looking to sell 33,000 tonnes of naphtha for June 4-6 loading from Mumbai and another 55,000 tonnes for June 10-12 loading from the southwestern port of Kochi.
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CARACAS, Jan 28 (Reuters) - Venezuelan President Nicolas Maduro said on Monday that the United States was unlawfully seeking to take U.S. oil refiner Citgo, a unit of Venezuelan state oil company PDVSA.
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NEW YORK (Reuters) - Philadelphia Energy Solutions, the largest East Coast refiner, has sold all of its prompt gasoline as demand surges from Southeastern U.S. states like Florida, according to a market source.
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Takahiko Yamamoto, a director at Fuji Oil, told Reuters after the press conference that the refiner had already secured most of its supplies for June, mainly through buying on the spot market.
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That's because our existing energy transportation grid didn't anticipate the United States would become the world's leading producer and refiner of oil and natural gas through unconventional oil and natural gas production.
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The country's top refiner and No. 3 ethanol producer filed a challenge with the U.S. Court of Appeals in Washington to review the EPA's latest Renewable Fuel Standard plans for 2014-2016.
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TO), Canada's No. 2 integrated oil producer and refiner, said it agreed to sell 497 remaining company-owned Esso retail stations to five fuel distributors for about C$2.8 billion ($2.09 billion).
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Icahn owns an 82-percent stake in refiner CVR Energy Inc , which along with other refining companies, have urged the Environmental Protection Agency (EPA) to shift the blending obligation away from them.
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CARACAS (Reuters) - Venezuela's Supreme Court ruled on Thursday that members of new opposition-appointed boards at state-run oil firm PDVSA, and its U.S. refiner, Citgo, were prohibited from leaving the country.
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SEOUL/SINGAPORE (Reuters) - South Korean refiner Hyundai Oilbank has purchased a cargo of U.S. Southern Green Canyon crude oil, the country's first import of the grade, three trade sources said on Tuesday.
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Ohio-based Marathon agreed to buy Andeavor in April for $23 billion to create a refiner that will benefit from access to booming U.S. shale fields and growing U.S. fuel export markets.
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When asked on a call with analysts whether the refiner had any maintenance plans for next year, a senior S-Oil official said the company had not confirmed its plans for 2018.
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The government has so far sold its stake in waste treatment company Ekokem for 198 million euros, and it has recently sought a mandate to cut its stake in refiner Neste (NESTE.HE).
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Under its latest rescue programme, the agency has to launch the sale of a 30 percent stake in Athens International Airport and divest a stake in its biggest oil refiner, Hellenic Petroleum.
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WARSAW (Reuters) - Poland's second-biggest oil refiner Lotos signed an agreement to receive at least five crude oil shipments from the United States next year, it said in a statement on Wednesday.
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Refining margins in 21 will stay healthy as global incremental oil demand will outpace new refining capacity additions during the year, S-Oil, the country's third-largest refiner, said in the statement.
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TOKYO (Reuters) - Japanese oil refiner Idemitsu Kosan Co said it restarted the sole 160,000 barrels-per-day No. 1 crude distillation unit (CDU) at its Aichi refinery on Friday after scheduled maintenance.
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If a refiner cannot or does not want to add biofuels to its product — which is CVR's situation — the company is required to buy a per-gallon credit from refiners that do.
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A day earlier, top U.S. independent refiner Valero Energy Corp was the first to capitulate to worsening market conditions with a 25-percent cut to gasoline output at its 180,000 Tennessee refinery.
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NEW YORK (Reuters) - The U.S. Justice Department said refiner Philadelphia Energy Solutions' bankruptcy plan does not adequately protect creditors, the department said in a federal court filing that was made public Wednesday.
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TOKYO (Reuters) - Japanese refiner Fuji Oil Co said on Thursday it would raise the capacity of two secondary units at its sole Sodegaura refinery, east of Tokyo, to meet a government directive.
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The report outraged representatives of the corn and biofuels industries, who argue giving the "small refiner" exemption to large, profitable companies is an abuse of the program that will undermine ethanol demand.
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"We know people are taking WAF (West African) and North Sea," said a trader with a North Asian refiner, declining to be identified as he was not authorized to speak with media.
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In the latest agreements inked earlier this week, Saudi Aramco will supply 150,000 barrels per day (bpd) of crude to the refiner for 20 years, Hyundai Oilbank said in a regulatory filing.
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TAIPEI, June 13 (Reuters) - An oil tanker chartered by Taiwan's state oil refiner CPC Corp to carry fuel from the Middle East was attacked earlier on Thursday, a senior company official said.
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"We know people are taking WAF (West African) and North Sea," said a trader with a North Asian refiner, declining to be identified as he was not authorised to speak with media.
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Reliance acquired Gapco in 2007 as the government-set low retail fuel prices in India forced the private refiner to turn to stable export outlets ahead of commissioning of its second refinery.
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SINGAPORE/BANGKOK (Reuters) - Thailand's largest refiner Thai Oil PCL will stop producing fuel oil from 225 once it completes a $22018-billion upgrade that will boost output of clean fuels, officials said.
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Oil refiner Idemitsu Kosan, which jumped 13 percent on Tuesday after it and Showa Shell Sekiyu agreed to merge on April 1 next year, extended its gains and was up 5.7 percent.
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Unipec, the trading arm of Asia's largest refiner Sinopec, has bought about 4 million barrels for loading in August, made up mostly of Russian Urals and some North Sea crudes, sources said.
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The Chinese state refiner was also told that some of its September-loading light crude cargoes will be swapped to heavier grades with no change in volumes or delays, the source said.
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Asia's largest refiner Sinopec bought a third of China's Brazilian oil imports in the first half of 2018, up 13 percent from a year ago, SIA Energy analyst Seng Yick Tee said.
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GDANSK, Poland (Reuters) - Polish state-run oil refiner Lotos will soon complete estimates of costs resulting from this year's Russian tainted oil crisis and it will then make claims, an executive said.
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TOKYO/SINGAPORE (Reuters) - Japanese refiner Fuji Oil Co is set to resume Iranian crude purchases after Japan received a waiver from U.S. sanctions on Tehran, industry sources familiar with the matter said.
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The refiner is under discussions to obtain final approval from the Japanese government for loading starting in January, the sources said on condition of anonymity due to the sensitivity of the matter.
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An oil tanker chartered by Taiwan's state oil refiner CPC Corp to carry fuel from the Middle East was suspected to have been attacked earlier on Thursday, a senior company official said.
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U.S.-based Citgo Petroleum Corp (Citgo) is a Venezuelan-owned refiner and marketer of oil and petrochemical products and the arrests come amid a wider anti-corruption sweep in Venezuela's oil industry.
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Refiner Marathon Petroleum Corp recently published a report, "Perspectives on Climate-Related Scenarios," meant partly to address suggestions from the global Financial Stability Board about how to measure and respond to such risks.
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TOKYO (Reuters) - Japan's top oil refiner by sales, JX Holdings, and third-ranked TonenGeneral Sekiyu are set to finalize details on Wednesday for a new merged company to be formed in April 2017.
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State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its commitments for the output cut, one of the sources at a refiner in South Korea said.
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HELSINKI (Reuters) - Finnish biofuel producer and oil refiner Neste said on Wednesday it will boost its biofuel production capacity in Singapore with a bigger-than-expected investment of 1.4 billion euros ($1.6 billion).
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The two countries have been embroiled in a sugar trade war since U.S. farmers and a cane refiner petitioned the U.S. government in 2014 to protect them from dumping of sugar from Mexico.
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Indian Oil Corp, the country's largest refiner, has doubled imports from Nigeria at 60,000 barrels per day (bpd) for 2016-17 while Hindustan Petroleum Corp has sought similar volumes from the African nation.
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Locking in $13 to $14 per barrel of profit through the rest of 20093 was better than the single-digit margins earlier this year, a trader at a U.S. East Coast refiner said.
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Last year it bought Russian oil producer Bashneft for 330 billion rubles ($5.6 billion), while earlier this year the company jointly with partners closed their $12.9 billion purchase of Indian refiner Essar Oil.
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Sinopec Group, China's biggest oil refiner, said earlier this month that it would cut its carbon intensity 51 percent below 2005 levels by 2020 as a part of the company's five-year plan.
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While both India and China have scope to lower their imports from Iran, they will likely be reluctant, especially given the ongoing dispute over pricing between China's top refiner Sinopec and Saudi Arabia.
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NEW DELHI (Reuters) - Indian state refiner Hindustan Petroleum Corp has made its first purchase of U.S. oil, buying high sulfur crude Mars in a tender, company chairman M. K. Surana said on Monday.
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Total, Europe's biggest refiner, said its margins had risen to roughly $40 a tonne at the beginning of the quarter, from $25.50 a tonne in the third quarter, supported by stronger gasoline prices.
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Marathon responded by saying it disagreed with the letter to its board and was moving ahead with its own plan, a reply that signaled rising tension between the refiner and the activist investor.
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Hyundai's holding company is set to raise funds for acquisitions through the sale of part of its stake in refiner Hyundai Oilbank Co Ltd to Saudi Aramco for up to 1.8 trillion won.
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Friedlander also likes energy infrastructure company Williams Partners, which he thinks will benefit from the recent executive orders to expedite the build out of the TransCanada and Dakota Access pipelines, and refiner Tesoro.
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"We haven't lost any market share to the Chinese but in terms of expanding our business, it's more difficult especially in the Southeast Asian market," a source with a South Korean refiner said.
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RABAT (Reuters) - The court-appointed manager of Morocco's only oil refiner, Samir, has received a $3 billion offer for the business from a foreign conglomerate, he said on Wednesday, without naming the bidder.
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HAMBURG (Reuters) - Germany's second largest sugar refiner Nordzucker said on Friday it had agreed to purchase 70 percent of Australia's Mackay Sugar Limited, giving it access to Australian and wider Southeast Asian markets.
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It said gross refining margin, or profit earned on each barrel of crude processed — a key profitability gauge for a refiner — came in at $1.893 per barrel for the three months to Sept.
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HOUSTON (Reuters) - Independent U.S. refiner Andeavor said on Tuesday it will not abandon a push to build a Pacific Coast rail-to-marine terminal despite a Washington state panel's recommendation against the project.
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HELSINKI (Reuters) - Finnish oil refiner and biofuel producer Neste expects the reinstatement of the renewable fuel tax credit in the United States to increase its first quarter profit, the company said on Friday.
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HELSINKI, April 26 (Reuters) - Finnish biofuel producer and oil refiner Neste reported a bigger-than-expected fall in quarterly profits on Friday, as U.S. sanctions hurt crude oil supply at its Nynas refinery.
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The battle for Citgo could prove pivotal in the effort to unseat Maduro because full control of a major U.S. refiner would provide a crucial source of revenue to a post-Maduro administration.
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The Italian refiner "is open" to new partnership deals with industrial groups, as it has been the case with Russia's Rosneft, Chief Executive Dario Scaffardi told daily Il Sole 24 Ore on Saturday.
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Also in 2017, it became the first U.S. refiner approved to use pipelines and storage owned by state oil company Pemex, which it can use to import fuel into the country's west coast.
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BANGKOK, Feb 260.6 (Reuters) - Thai oil refiner, Bangchak Petroleum Pcl said on Thursday it plans to invest 24.8 billion baht ($21.7 billion) between 5853 and 2585 to increase capacity and grow its business.
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Citing a senior executive from Hellenic, Greek media reported on Thursday that the refiner had indications for estimated gas reserves of 10 trillion cubic feet (tcf) off Crete, based on past seismic data.
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SINGAPORE, Oct 30 (Reuters) - Shanghai International Energy Exchange (INE) has approved a tank farm operated by state refiner Sinopec as a new delivery point for its crude oil futures, it said on Wednesday.
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Every seller is now asking high prices and when they show a cargo, all they say is: "If you don't buy, we'll just sell to BP," said a source with a European refiner.
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Some speculated that Dinneen had been influenced by Valero, a refiner whose biofuels subsidiary had recently joined his association, and which had sent a representative to join Dinneen at his meeting with Icahn.
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Valero, the largest independent refiner in the United States, reports indicative margins for its refineries across North America, which is a good proxy for the health of the U.S. and Canadian refining sector.
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Japanese oil refiner Idemitsu Kosan Co said on Tuesday its joint venture with Canada's AltaGas would suspend a liquefied natural gas project in Canada for the foreseeable future due to low energy prices.
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WARSAW (Reuters) - The quality of Russian crude oil, which was hit by a contamination crisis earlier this year, is deteriorating in general, an official at Poland's biggest refiner PKN Orlen said on Friday.
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HELSINKI (Reuters) - Biofuel producer and oil refiner Neste reported a bigger than expected fourth-quarter profit on Wednesday after seeing robust demand for its renewables fuels, which it expects will continue to grow.
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MILAN, April 20 (Reuters) - Italian oil refiner Saras cleared in the first quarter of this year the debt it owed Iran for oil bought before sanctions were imposed, general manager Dario Scaffardi said.
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MUMBAI (Reuters) - Russian oil major Rosneft and partners closed their $12.9 billion purchase of Indian refiner Essar Oil on Monday, giving them a foothold in one of the world's fastest growing oil users.
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The trip starts one day after Taiwan's state-run refiner CPC Corp announced a deal valued at $25 billion to purchase liquefied natural gas from the United States over the next 25 years.
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The fourth largest U.S. refiner last week formed joint ventures to build pipelines linking shale fields in West Texas and North Dakota to the Cushing, Oklahoma, oil hub and the U.S. Gulf Coast.
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Amid the wreckage, investors are broadly bearish on independent refiner stocks, Manav Gupta, a Credit Suisse analyst, said in a note to clients on Monday, and most funds "remain underweight" in those names.
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This year's big-dollar mergers in the United States range from Cigna's purchase of Express Scripts, oil refiner Marathon Petroleum buying rival Andeavor, and Dr Pepper Snapple cozying up to Keurig Green Mountain.
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A fifth source, an official at a crude oil procurement team at a Japanese refiner, said it is mulling the possibility of increasing imports from Saudi Arabia from May give the price reduction.
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State-run refineries, however, remain more cautious, with several main coastal plants operated by top state refiner Sinopec Corp maintaining 20%-30% cuts in throughput versus levels in January, refinery officials told Reuters.
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The private refiner has offered various grades of Middle East crude for sale in Asia's spot market, including grades such as Abu Dhabi's Murban crude and Qatar's al-Shaheen crude, the sources said.
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Owned by Japan's Asahi Holdings, the company is already the largest refiner of gold mined in the region with smelters in Canada, the United States, and Japan and offices in Mexico and Chile.
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The refiner has sealed its one-year term contract for diesel with 10 parts per million (ppm) sulfur at a premium of 15 to 25 cents a barrel to Singapore quotes, they said.
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ANTWERP, Jan 30 (Reuters) - Since Saras launched its very low-sulphur fuel oil (VLSFO) blend in early September its sales have topped 120,000 tonnes, an executive at the Italian refiner said on Thursday.
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Trading firm Glencore, Italian refiner Saras and banking group ING are among companies that have cancelled IP Week receptions in recent days due to the virus threat, four sources told Reuters on Friday.
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WARSAW (Reuters) - Polish oil refiner PKN Orlen, said on Tuesday it would increase monthly crude oil purchases from Saudi Aramco to 400,000 from 300,000 tonnes as part of its efforts to diversify supply.
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"Small refiner exemptions are proprietary, so you won't be able to identify any specific facilities at risk, but refineries that qualify are constantly under strain from the costs of the RFS," Maisano said.
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The refiner, jointly owned by PDVSA and Finland's Neste Oil, was unable to extend loans with its banks in the face of U.S. sanctions on Venezuela, leaving it unable to pay its debts.
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Pacific Commerce, the trading arm of Chinese independent refiner Dongming Petrochemical in Singapore, hired Leonard Leong from Italian oil and gas company Eni as crude oil trader and he will start in September.
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