Lukoil Acquires 45% Stake in Vlissingen Refinery from Total
Lukoil’s 45% acquisition of a Dutch refining venture from Total SA boosts the company’s strategy of increasing European refining capacity to process its own crude. At the same time, this acquisition thwarts an attempt by Valero Refining to enter the European refining market.
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Sasol Expects 50% Earnings Cut for Fiscal 2009
Sasol announced June 19 that it expects to report earnings declines of between 40-50% for the fiscal 2009 year ending June 30.
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Swedish Sports Car Maker to Acquire Saab from GM
General Motors Europe said last week it has reached a preliminary agreement to sell Saab Automobile to Sweden’s Koenigsegg, a maker of high-performance sports cars.
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API: U.S. Petroleum Products Demand Down 4.3% in May
U.S. deliveries of petroleum products—a proxy for demand—slumped in May to “their lowest level for the month since 1999,” the American Petroleum Institute said in its monthly statistics report.
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SATROP Jubail Refinery EPC Contract Finalized
The June 19 awarding by SATROP of the EPC contract for construction of the new 400,000 b/d Jubail export oriented refinery ends speculation that SATROP would extend the rebidding period for the contract. The US$9.6 billion facility is expected to be operating in 2013.
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Lindsey Refinery Labor Dispute Spurs Additional Strikes
Whether labor disputes in the U.K. energy industry will affect scheduled completions of projects launched during the past two years is uncertain. Because of the current market situation, some of these refiners may have actually planned to delay new unit startups in any case.
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