Europe

Rosneft says ready to discuss Citgo collateral swap

VERONA, Italy (Reuters) — Russian oil major Rosneft will consider proposals to replace a stake in US-based refiner Citgo it holds as collateral for a 2016 loan to Venezuela with another asset, CEO Igor Sechin said on Thursday.

Poland's PKN says expects higher downstream margins in 2017

WARSAW (Reuters) — Poland’s biggest oil refiner PKN Orlen expects its downstream margin to rise this year from $11.70/bbl in 2016, the company’s official said on Thursday.

Italy breaks up Libyan fuel smuggling ring involving mafia

ROME (Reuters) — Sicilian police on Wednesday sought the arrest of nine people, including a suspected mobster, for running a Libyan fuel-smuggling ring in which at least $35 MM of diesel was sold in gas stations in Italy and Europe.

OPEC seeking consensus on oil supply cut extension before meeting

LONDON (Reuters) — Oil producers are working to build consensus on extending their deal to reduce supplies, OPEC's secretary general said on Thursday, with the potential for continuation throughout 2018 forming a basis for talks.

Total, Saudi Aramco discussing JV refinery expansion

LONDON (Reuters) — Total is in talks with Saudi Aramco to expand their Saudi joint venture refinery by more than 10%, the chief executive of the French energy company said on Wednesday.

Russia reaches outline debt restructuring agreement with Venezuela

MOSCOW (Reuters) — Russia has reached a general agreement with Venezuela on restructuring its debt to Moscow, RIA news agency cited Russian Finance Minister Anton Siluanov as saying on Saturday.

Total enters the petroleum product retail sector in Mexico

PARIS — Total has entered into an agreement with GASORED, a group of service station owners, to rebrand a network of around 250 service stations in and around Mexico City under the Total brand.

Dynea announces start-up of formaldehyde plant

LILLESTRØM, Norway — Dynea AS announced the successful commissioning and start-up of a formaldehyde plant using silver crystals as catalyst.

IEA: China's crude oil buying spree looks set to continue

LONDON (Reuters) — China has built its crude oil stockpiles at a record pace in 2017 and while its purchases could tail off towards the year-end, inventories could hit the billion-barrel mark in 6 mos, the International Energy Agency said.

Lukoil’s Norsi oil refinery has not changed overall oil supplies

MOSCOW (Reuters) — Russia’s Norsi, oil major Lukoil’s largest oil refinery that suffered a fire last week, has not changed the overall plan of oil supplies to its plant this month, Russian pipeline monopoly Transneft said on Monday.