Economics

Unipec, Vitol place lowest offers in Bangladesh oil import tender

SINGAPORE/DHAKA (Reuters) — Oil traders Unipec and Vitol placed the lowest offers in a tender by Bangladesh Petroleum Corp to buy up to 1.27 MMt of oil products for import in the first half of 2018, three industry sources said on Tuesday.

Sri Lanka fuel shortage to end on Nov. 9

COLOMBO (Reuters) — Sri Lanka's fuel shortage will end on Nov. 9, Petroleum Minister Arjuna Ranatunga said on Monday, as state-run oil retailer Ceylon Petroleum Corporation (CPC) and Lanka IOC traded blame charges over the shortage.

Industry Metrics

Rhodes, Mike, Hydrocarbon Processing Staff

The global middle distillate market continued to improve on healthy demand and depleted stocks amid regional maintenance, while the bottom of the barrel saw pressure due to low demand and high inventory levels in Asia and Europe.

Business Trends: Preparing for a sea change in global refining

Follette, C., Ruiz-Cabrero, J., Boston Consulting Group

The global oil refining industry has been buffeted by many events in recent years.

Global: Russia’s plan to dominate fuel supply to Asia

Gerden, E., Contributing Writer

Russia hopes to become a major supplier of gasoline, diesel fuel and other oil products to the Asia-Pacific region during the next several years, with help from the planned launch of large-scale refineries in the Far East that will be built with the participation of Asian investors.

Operations: Maximizing the opportunity of discounted crudes

Duggan, G., Navarrete, R., Baker Hughes

As the oil and gas industry adjusts to a business environment in which crude oil prices will likely remain lower for longer, refiners continue looking for ways to maximize their profitability.

Editorial Comment: Ingenuity out of necessity

Nichols, Lee, Hydrocarbon Processing Staff

One of the main focal points in this issue of Hydrocarbon Processing is the environment.

Demystify hazardous area classification and compliance assessments

Johnston, J. E., Eccleston, C. A., Bath Process Safety Management

As safety becomes increasingly paramount at hydrocarbon processing facilities, so too does the importance of addressing and clarifying the confusion associated with hazardous area classification (HAC) assessments and compliance auditing in Class 1 locations.

Andeavor Logistics completes acquisition of Western Refining Logistics

SAN ANTONIO, TEXAS — Andeavor Logistics LP and Andeavor announced that Andeavor Logistics has completed its acquisition of Western Refining Logistics, LP in a unit-for-unit transaction and assumption of $280 MM of net debt for a total enterprise value of approximately $1.7 B, based on Andeavor Logistics' closing unit price of $45.90 on Oct. 30.

Phillips 66 profit tops estimates on surge in refining margins

(Reuters) — Independent US refiner Phillips 66 on Friday posted a quarterly profit that handily beat analysts’ estimates, boosted by soaring refining margins in the aftermath of Hurricane Harvey.