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The agreement will enable Neste Oil to purchase Cellana's algae oil for use as a feedstock in the future for producing renewable fuel. The deal is contingent on Cellana's future production capacity and on compliance with future biofuel legislation in the EU and US, among other factors.
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While the fuel demand situation in India and China is quite different, both diesel-guzzling countries are expected to temper exports further, which will reduce oversupply and support product differentials in Asia's middle distillates market. India and China are major producers and consumers of diesel.
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A study was conducted using a series of FCC catalysts that included reduced rare-earth content and increased zeolite Y quantity systems. The goal was to raise gasoline yield along with greater yields of olefins.
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Egypt is still talking with some Arab oil and gas producers to secure fuel supplies to ease its shortages. The negotiations with Qatar, Iraq, and Libya, members of the Organization of the Petroleum Exporting Countries are still ongoing in order to secure the best formula to serve the interest of Egypt.
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Gains in demand for distillate fuel [diesel/heating oil] and catch-all other oils, which include feedstocks for petrochemical plants, offset the fall in gasoline use to nudge total demand higher.
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Russia's slowing domestic economy is leading to a flood of Russian diesel exports flowing toward Europe, which could soon force a new round of European refinery closures.
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The pipeline wasn't flowing at the time of the leak due to a lull in market demand, Marathon spokesman Shane Pochard said, but it was still pressurized with diesel in it. The company believes the leak occurred slowly over time and wasn't due to a sudden break or external forces.
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The 'Clean Diesel Project,' under way since May, 2011, was completed in April at a cost of $85 million. The new construction enables the refinery to produce ultra-low-sulfur diesel fuel that meets or exceeds all federally mandated on-road diesel specifications, according to the company.
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Gasoline is gaining market share as more Chinese buy private vehicles, which mostly run on gasoline. Diesel-fueled cars are a rarity in China, as government policy has often discouraged diesel use for private transportation. Gasoline consumption growth has gradually eclipsed diesel's in recent years.
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In product markets, the new refinery will add to the supply of clean diesel in Saudi Arabia and Europe -- markets typically supplied by India. Since Indian refiners export diesel to so many markets, the appearance of this competing supply source may have bearish consequences for global diesel prices.
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Chevron is dealing with the fallout of the March 18 leak, which resulted in 600 bbl of diesel from its refinery in Salt Lake City spilling into marshes close to a freshwater lake in Willard Bay State Park. The company has to date recovered 354 bbl, down from the 500 bbl it said it had collected Friday.
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The price of credits used by refiners to meet federal ethanol blending requirements has risen more than 1,000% in recent weeks. The heightened volatility in this normally sleepy market has raised concerns that it is a factor in the recent rise in the price of gasoline.
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In an interview with The Wall Street Journal, CEO Frederick W. Smith said he expects between 5% and 30% of US long-distance trucking to be fueled by compressed or liquefied natural gas over 10 years, as the cost of the trucks declines and fueling stations become more common.
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Brief
March 01, 2013