Economics
China says will eventually allow private companies to invest in oil storage
BEIJING (Reuters) — China will eventually allow private companies to invest in the country's oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries.
Carlyle battles insurers in New York over Moroccan oil losses
LONDON (Reuters) — US private equity firm Carlyle Group is suing a group of its insurers over $400 MM worth of oil it claims it lost when Morocco's sole refinery went bankrupt two years ago, court documents show.
Clariant, Huntsman to merge, creating $20-B enterprise
MUTTENZ, Switzerland — Clariant and Huntsman Corporation announced that their Boards of Directors unanimously approved a definitive agreement to combine in a merger of equals through an all-stock transaction.
EIA: OPEC net oil revenues in 2016 were the lowest since 2004
Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 B in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 B earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports.
Vietnam's sole refinery plans to sell 5%–6% stake in IPO in Q4
HANOI (Reuters) — Vietnam's Dung Quat oil refinery plans to sell a 5%–6% stake in the company in the fourth quarter of 2017 via an initial public offering (IPO), it said in a statement.
South Africa to decide on new oil refinery this year
CAPE TOWN (Reuters) — South Africa, a net importer of refined oil products, needs a new refinery and the cabinet is expected to make a firm decision later this year on whether to build one, the new energy minister said on Friday.
Full tanks and tankers: a stubborn oil glut despite OPEC cuts
NEW YORK/LONDON/SINGAPORE (Reuters) -- After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.
US gasoline demand weak but expected to strengthen this summer
(Reuters) -- US gasoline demand has been weaker than expected this year, but a growing economy and relatively cheap pump prices have the energy industry expecting record demand again this summer driving season, which should help drain the global oil glut.
Saudi Aramco to sign deals with US firms during Trump visit
JEDDAH, Saudi Arabia (Reuters) -- Saudi Aramco is due to sign deals with 12 US companies on Saturday during US President Donald Trump's visit to Saudi Arabia, sources with knowledge of the matter said.
Egypt will make $750 MM debt payment to oil companies June 1
CAIRO (Reuters) -- Egypt will make a debt payment of $750 MM to international oil companies on June 1, Central Bank Governor Tarek Amer said on Tuesday.
- INEOS Inovyn agrees to sell its Italian chlor-alkali business to Esseco Industrial 4/21
- LOTTE Chemical to merge into integrated corporation after spinning off Daesan plant 4/21
- Petronor and H2SITE partner to pioneer high-purity hydrogen production in refining through advanced membrane technology 4/21
- Emerson accelerates edge ecosystem for real-time enterprise operations intelligence 4/21
- Tracerco launches DrumVision™ to deliver real-time process visibility in delayed coking and demanding interface measurement applications 4/21
- IMI signs global framework extension with Solvay for the provision of IIoT sensors 4/21
