Fire hits California refinery; local gasoline prices could rise

(Reuters) -- An explosion and fire at an oil refinery in Torrance, California, on Saturday forced the partial shutdown of the plant, leading oil traders to expect a spike this week in West Coast gasoline prices.

Japan's JX says cuts crude refining target due to "problem"

TOKYO (Reuters) -- Japan's JX Nippon Oil & Energy Corp has cut the amount of crude oil it expects to refine in February by about 4% from an earlier target due to unspecified problems with secondary units at multiple refineries.

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.

Flowserve awarded $80-MM supply contract for Hengli refining complex

DALLAS -- Flowserve Corporation announced an order close to $80 million to provide pumps and ebulators for the Hengli Integrated Refining Complex Project, a 400,000-bpd final conversion refinery on Changxing Island in Dalian, Liaoning Province in China.

Meridian Energy signs MoU for the purchase, distribution of refinery products

BELFIELD, North Dakota – Meridian Energy Group, Inc., the leading developer of innovative solutions for a cleaner, environmentally-compliant oil refinery, announced today that it has recently entered into Memoranda of Understanding with local and regional petroleum product distribution firms, under which these firms will purchase and distribute up to 268 million gallons per year of refined products from the Davis Refinery, Meridian’s greenfield refinery proposed for Billings County, near Belfield, ND.

Full start of India Reliance petchem plant will halt heavy naphtha exports

SINGAPORE/NEW DELHI (Reuters) -- India's Reliance Industries, owner of the world's biggest refining complex, will halt heavy naphtha exports in 2017/18 after the full-scale start-up of its 2.2 MMtpy paraxylene plant by end-March, four people with knowledge of the matter said.

South Korea's LPG demand revives with switch to petrochemicals

SEOUL/SINGAPORE (Reuters) -- A shift in the use of liquefied petroleum gas (LPG) to petrochemicals and away from transport has pushed demand for the fuel to new records in South Korea, after years of slumping consumption, a change which mostly benefits US suppliers.

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.

Saudi Aramco launches base oils business as part of downstream integration strategy

DHAHRAN -- Saudi Aramco has announced its intention to enter the base oils business. The Company made the announcement as part of its effort to optimize the value of its petroleum molecules and grow its refining and chemicals portfolio.