Europe

Oil rises as OPEC aims for deeper output cuts

LONDON (Reuters) -- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

Russia's Lukoil sells its petrochemical plant in Ukraine

MOSCOW (Reuters) -- Russian oil producer Lukoil said in a statement on Tuesday it has completed the sale of its Karpatneftekhim petrochemical plant in western Ukraine.

Gazprom Neft implementing advanced process control systems at Moscow refinery

An advanced process control (APC) system is being implemented at the Gazprom Neft Moscow Refinery, directed at increasing effectiveness and optimizing the operation of the plant’s production facilities. The new system has been installed throughout 2016 at the plant’s crude distillation units, catalytic reforming units, gas fractionating facilities, gas-fractionation and hydrotreatment facilities for diesel fuels.

Rosneft-led consortium plans to complete Essar acquisition next month

MOSCOW (Reuters) -- A consortium led by Russian oil major Rosneft plans to finally complete its $12.9 billion acquisition of India's Essar Oil next month, two Russian sources close to the deal told Reuters.

S.Korea's SK Energy buys Russian Urals crude for first time in 10 years

SEOUL (Reuters) -- SK Energy has bought Russian Urals crude for the first time in 10 years, a spokeswoman for the parent company of South Korea's top refiner said on Friday.

Europe's refiners cash in despite OPEC oil cuts

LONDON (Reuters) -- A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favored by more advanced plants in other continents.

Clariant CEO plays down speculation of plastics unit sale

ZURICH (Reuters) -- Clariant's Chief Executive Hariolf Kottmann has doused speculation the Swiss specialty chemical maker could soon unload its plastics and coatings business and use the proceeds to buy a big, faster-growing target.

BASF foam chemical plant suffers further setback

FRANKFURT (Reuters) -- BASF has suffered a further setback at its Ludwigshafen plant which makes materials for soft foams used in mattresses and car seats, saying a technical defect in a new reactor would reduce output into next year.

Oil slips further below $56 on report of US inventory jump

LONDON (Reuters) -- Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in US crude inventories signaled ample supply, even as OPEC achieves record compliance with its supply-cut accord.

Field narrows in bidding for Italy's TotalErg petrol stations

MILAN/LONDON (Reuters) -- The field of prospective bidders for the Italian petrol station network belonging to Total and Italian energy group Erg has narrowed, leaving only a handful of interested parties undertaking due diligence checks on the business, sources familiar with the matter said.