Middle East
Asia, Mideast oil product tankers idle as slow trade cuts earnings
SINGAPORE (Reuters) -- Dozens of tankers used to carry refined oil products are sitting idle in Asia and the Middle East as slow trade and an oversupply of ships have cut daily earnings to as little as a fifth of last year's level, shipbrokers and traders said.
Dana Gas freezes Egypt investments over debts
DUBAI (Reuters) -- Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it there, the chief executive of the United Arab Emirates company said.
Saudi to supply full March oil volumes to two Asian buyers
SINGAPORE (Reuters) -- Saudi Aramco will supply full contract volumes of crude oil to two Asian buyers in March, two industry sources with knowledge of the matter said on Wednesday.
Spike in maintenance expected to boost oil refining margins
ANTWERP (Reuters) -- Increased refinery maintenance in Asia and the Middle East is expected to boost profits for operators in other regions in the first half of this year, market watchers said on Wednesday.
Industry Metrics
European refinery margins weakened due to slower gasoline export opportunities, despite the colder weather.
Global Project Data
According to Hydrocarbon Processing’s Construction Boxscore Database, new project announcements have averaged 11 per month since mid-2016.
Business Trends: Anticipated market and pricing impacts from new marine fuel regulations
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%. The new regulation will go into effect in January 2020. This action by the IMO will have a profound impact on the maritime and refining industries worldwide, as well as on the environment. This month’s Business Trends section provides an overview on the anticipated impacts of the IMO’s decision on petroleum product markets.
Industry Perspectives: Global desulfurization capacity to skyrocket over the long term
According to OPEC’s World Oil Outlook 2016, desulfurization capacity additions represent the largest capacity increases among all process units to 2040. This trend is due to increased regulations on the amount of sulfur allowed in transportation fuels.
Editorial Comment: The future of refining lies in clean fuels
Each year, <sub>Hydrocarbon Processing</sub> devotes an issue to the topic of clean fuels—and rightly so. As the world continues to welcome more vehicles on the road, and as emerging economies invest in civil, industrial and energy projects, global fuels demand is forecast to increase through the end of the decade.
OPEC achieves 82% of pledged oil output cut in January
LONDON/DUBAI (Reuters) -- OPEC's oil output is set to fall by more than 1 MMbpd this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years.
- NAPCOR releases 2024 PET recycling report highlighting system efficiency gains and continued strength of PET circularity 12/12
- OQ courts other partners for petrochemical complex in Oman as SABIC drops out 12/12
- Brazil's BNDES approves $71 MM for carbon storage project 12/12
- Cuba on edge as U.S. seizure of oil tanker puts supply at risk 12/12
- China oil demand to plateau between 2025 and 2030 12/12
- Germany's PCK refinery says no impact from pipeline leak 12/12
