Economics

Dominican Republic ratifies terms of Odebrecht's $184-MM plea deal

SAO PAULO (Reuters) -- A judge in the Dominican Republic on Wednesday approved terms of a $184 MM fine on Odebrecht SA, which sought a plea deal after admitting to bribing officials to win contracts in the country.

EIA: US retail gasoline prices this summer expected slightly higher than 2016

Drivers in the US will pay an average of $2.46 per gal this summer for regular gasoline, according to forecasts in EIA’s Short-Term Energy Outlook (STEO). Gasoline prices from April through September are expected to be 23 cents/gal higher than the average price last summer, but this price is still nearly 70 cents/gal below the previous five-year average. The gasoline price increase this summer primarily reflects slightly higher forecast crude oil prices.

Linde-Praxair merger deal falls behind schedule

MUNICH, Germany (Reuters) -- Linde and Praxair's $65 B merger talks are facing legal complexities that mean the agreement will not be finalized as planned before Linde's annual shareholder meeting on May 10, a source familiar with the situation said.

Indian state-run companies mull daily fuel price change

MUMBAI (Reuters) -- India's state-run oil marketing companies, which control over 90 percent of the retail fuel market in the country, are mulling a plan that would allow daily changes in the price of automotive fuels, Economic Times reported on Friday.

Business Trends: Standardized modularization—Drivers, challenges and perspectives in the oil and gas industry

Eftimie, C., RTS Ltd.

Modularization is an alternative way of performing engineering aimed to reduce the number of interfaces, the total installed cost (TIC) and overall schedule length of a project, while optimizing the return on investment (ROI) and allowing standardization for similar future projects.

Industry Perspectives: What is the solution to comply with the IMO’s Global Sulfur Cap regulation?

Lee Nichols, Hydrocarbon Processing

In October 2016, the International Maritime Organization (IMO) announced that it will implement a new regulation that calls for the sulfur content in marine fuels to be reduced from 3.5% to 0.5%.

Refining: Uncertainty grips South Africa’s Clean Fuels Program

Oirere, S., Contributing Editor

The planned upgrading of oil refineries in South Africa to produce Euro 5-specified fuels will likely take longer than initially anticipated.

Editorial Comment: Petrochemical project announcements top $80 B since 2014

Nichols, L., Hydrocarbon Processing

Although new petrochemical project announcements have fallen over the past 3 yr, the global petrochemical sector will continue to see strong growth through the end of the decade.

Process safety incidents, cognitive biases and critical thinking

Baybutt, P., Primatech, Inc.

Process hazard analysis (PHA) is performed to identify possible hazard scenarios that may occur in a process.

Calculate gasoline RVP seasonal change giveaway economics

Barsamian, A., Curcio, L. E., Refinery Automation Institute, LLC

Despite high demand and depressed refining margins, the US is in the midst of a glut of gasoline. This predicament is causing a rush to convert summer gasoline into cheaper winter gasoline, in the hope that using cheap butane and higher Reid vapor pressure (RVP) specs will increase refining profits.