Asia’s refinery delays can only help with oil glut

Smith, Ashley, Hydrocarbon Processing Staff

Seeing the startup of a refinery project delayed usually has a negative connotation, but the announcement of several Asian refinery delays, will allow OPEC producers, and leading providers to Asia, Saudia Arabia and Russia to extend output cuts, giving some relief to the oil glut the industry is still facing.

Asia oil refinery delays favor producer case for extending output cuts

SINGAPORE (Reuters) — Delays in the start up of new oil refineries in Asia will provide support for appeals by crude producers, led by Saudi Arabia and Russia, to extend output cuts to next March to support higher prices.

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.

Saudi Aramco: looking for opportunities to expand in US over 10 yr

RIYADH (Reuters) — National oil firm Saudi Aramco is looking for opportunities to expand in the United States over the next 10 yr, and wants to develop the business of its Motiva refinery in that country, chief executive Amin Nasser said on Saturday.

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.

ExxonMobil, SABIC sign agreement for next phase of proposed US petchem project

RIYADH, Saudi Arabia — Affiliates of Exxon Mobil Corporation and SABIC signed an agreement to conduct a detailed study of the proposed Gulf Coast Growth Ventures project in Texas and begin planning for front-end engineering and design work.

Black Sea diesel plant upgrade delayed by a year to 2019

MOSCOW (Reuters) — Russia's Rosneft has postponed plans to upgrade a plant on the Black Sea by around a year, delaying the supply of an additional 5.5 MMt of Russian diesel per year, industry sources told Reuters.

Elliott Group to supply 22 compression trains for Hengli petchem complex

JEANNETTE, PA — Elliott Group announced today that it has been awarded a contract to supply compression equipment for Hengli Petrochemical Refinery’s integrated refining and petrochemical complex now under construction in Dalian, China.

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.