Date: September 15, 2006 - VOLUME:1, ISSUE:149

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  TABLE OF CONTENTS

 

 U.S. EPA Blames Press for Reports on Diesel Shortages, Says 90% of U.S. Diesel Production Now ULSD

 

 Petrobras: Bolivian Nationalization Plan Makes Operations “Unviable”

 

 U.S., China Renew Energy Agreements

 

 Argentine Government to Require Refinery Investments

 

 EPA Says Cap and Trade Program Reducing Emissions in Eastern U.S.

 

 Hart Conference, “Refining & Renewables – Working Together for a Sustainable Future,” To Be Held in Washington, Oct. 16-18

 

 Report: Total Wants to Reduce Stake in Zambian Refinery

 

 Honda Plans Development of Cellulosic Ethanol

 

 Lukoil Wants to Increase Refinery Capacity 50%

 

 Crude Resumes Moving Downward Thursday

 

 In Other Sectors

 

 


 

 U.S. EPA Blames Press for Reports on Diesel Shortages, Says 90% of U.S. Diesel Production Now ULSD

In a response letter to U.S. Senator James Inhofe (R-Okla.), U.S. EPA blamed the news media for reporting that diesel shortages in some parts of the U.S. Midwest were due in part to refinery, pipeline and terminal transitions to ultra-low sulfur diesel (ULSD) fuel.

“Contrary to press reports, the fuels industry has indicated that the transition to ULSD is not a primary or even a secondary factor in the current tight supply of diesel fuel,” EPA’s letter to Inhofe says. “In many cases, the transition to ULSD had already occurred prior to the market tightening.”

However, contrary to EPA claims, fuels industry spokesmen did in fact tell news media that the ULSD transition was indeed a factor in temporary shortages earlier this summer.

For example, Magellan Pipeline told us in July that some terminals ran out of fuel in its markets due to a combination of high demand and “the conversion to ULSD.”

Similarly, in that same month, reports from Nebraska, Kansa, Iowa, South Dakota and Missouri all confirmed that “the driving force behind the fuel shortage is a shutdown at southern refineries in order to convert equipment and pipelines for a new ultra-low sulfur diesel.”

On the same note, the Colorado Petroleum Association last week told the Vail (Colo.) Daily News that ULSD modifications at Suncor’s Denver refinery this year had triggered production interruptions that resulted in temporary diesel shortages and higher prices in the Rocky Mountains area.

Nevertheless, EPA’s letter to Inhofe points out that U.S. refiners have now boosted ULSD production to nearly 2.4 million barrels/day, “equivalent to nearly 90% of the nation’s daily consumption of highway diesel fuel, far more than the 80% that refineries were required to produce by this point.

“In addition, since the June start date [for ULSD production], the overall production of highway-grade diesel fuel, ULSD and low-sulfur diesel, is greater than for the same period in 2005. Therefore, not only have U.S. refineries been successful in their transition to ULSD, in the process they have increased overall production of highway-grade diesel fuel,” EPA said.

What’s more, “the transition to ULSD by pipeline and terminal companies was accomplished by the September 1 [EPA] deadline. Based on our direct contacts with the petroleum industry, as well as available data, it is clear that the transition to ULSD at retail stations is well underway. We are confident that the remaining phase of the transition to ULSD from the terminal to the retail level will be accomplished by October 15, as required [by EPA].”– Jack Peckham

 


 

 Petrobras: Bolivian Nationalization Plan Makes Operations “Unviable”

Brazil’s state oil company Petrobras announced this week that new conditions for international companies producing petroleum products in Bolivia set Wednesday by that country’s Ministry of Hydrocarbons and Energy will make Petrobras’ refining business there “totally unviable.”

Petrobras said it disagrees with the conditions “from the legal, operational and financial viewpoints.”

The company also announced yesterday it has cancelled a visit scheduled for today by company officials to Bolivia.

Bolivia’s resolution establishes new conditions for oil production, transportation, refining, storage and marketing. It also requires Petrobras to turn over its earnings from its two Bolivian refineries to Bolivia’s state energy company YPFB, which will then decide what Petrobras’ share is.

“The appropriation of the company’s [Petrobras] cash flows by YPFB…puts the maintenance of the financing that Petrobras has already contracted in jeopardy and, consequently, the normal maintenance of its activities as well,” the company said.

Petrobras said it is still committed to Bolivia’s development, but “expresses deep concern with the negative effects this unilateral decision will have on the national and regional industry.”

It also rejected Bolivia’s claims that the company earned “extraordinary benefits” from its Bolivian operations, saying its achieved average gains of $14 million on an investment of $105 million.

In May, Bolivia announced its plans to nationalize its oil and natural gas industries and said it would give companies with Bolivian assets six months to renegotiate their contracts or leave the country (see WRFT 05/03/06, 05/05/06, 05/15/06).

Petrobras and YPFB in May agreed that “certain regulations must be respected and clarifications obtained as to contractual and operational conditions” regarding Bolivia’s energy nationalization.

The companies also agreed that any possible losses resulting from the nationalization of Petrobras’ assets will be subject to a negotiated compensation.

In July, Petrobras ceased delivering special and premium gasolines and diesel fuel in Bolivia after the nationalization of Bolivia’s oil and gas industry made YPFB the country’s exclusive wholesale fuel distributor (see WRFT 06/23/06).

 


 

 

U.S., China Renew Energy Agreements

The U.S. Department of Energy (DOE) yesterday signed five-year extension agreements with China’s Ministry of Science and Technology for the countries to cooperate and share information regarding energy security and environmental protection, the agency announced.

The agreements involve information sharing in power systems technology, oil and gas technology, energy and environmental control technologies and climate science.

DOE also participated in a second round of talks to promote global energy security as part of the U.S.-China Energy Policy Dialogue.

 

Argentine Government to Require Refinery Investments

The government of Argentina is working on accords to compel and require the country’s refiners to invest in their refineries, Dow Jones reported.

The country’s Planning Minister Julio De Vido told a local news program that companies need to produce more diesel fuel, and said there should not be a lack of diesel in the country because Argentina is an exporter of oil, the report said.

 

EPA Says Cap and Trade Program Reducing Emissions in Eastern U.S.

U.S. EPA said yesterday its nitrogen oxide (NOx) emissions cap and trade program has helped reduce ozone-forming emissions from refineries and other large facilities in the eastern U.S. 11% from 2004 to 2005.

EPA’s analysis also found that NOx emissions from eastern states have fallen 57% since 2000 and 72% since 1990. Additionally, 70% of the areas that did not meet the national air quality standard for 8-hour ozone in 2004 currently have better air quality than required by the standard.

“The NOx budget trading program is the major contributor to these improvements,” EPA said.

 

Hart Conference, “Refining & Renewables – Working Together for a Sustainable Future,” To Be Held in Washington, Oct. 16-18

Hart’s World Refining and Fuels Conference, “Refining & Renewables – Working Together for a Sustainable Future,” will be held in Washington, D.C., on October 16-18.

The conference is focused on how clean and renewable fuels will meet global energy needs, and the impacts on refiners and automakers.

Speakers and panelists include: Clay Sell, Deputy Secretary of the U.S. Department of Energy; Tom Stricker, Manager of Technical & Regulatory Affairs, Toyota Motor Company; and William (Bill) Wehrum, Assistant Administrator for Air & Radiation, U.S.Environmental Protection Agency.

Also speaking are: Mark A. Maher, Executive Director for Powertrain/Vehicle Integration, General Motors Corporation; Dr. Hussain Shareb, Refining Expert, Organization of Arab Petroleum Exporting Countries (OAPEC); Scott Richman, Vice President of Informa; and Heidi Hautala, Member of the Finnish Parliament and member of the Neste Supervisory Board.

Additionally, the 6th Annual Energy & Environmental Excellence Awards will be presented the evening of Oct. 17. The International Fuels Quality Center will hold a biofuels briefing on Oct. 16.

For more information, call Linda Carter at 703-891-4804 or click here

 

 

 Report: Total Wants to Reduce Stake in Zambian Refinery

Total Outre Mer wants to review shareholding in Indeni Petroleum, Zambia’s only refinery, in order to reduce its stake in the refinery from 50% to 35%, Zambian newspaper The Post reported.

Total has suggested that the shares it is giving up be sold to a firm independent of Total Outre Mer and the Zambian government, which owns the other 50% of the refinery.

It was reported in March that the Zambian government had decided not to sell its stake in the refinery to Total (see WRFT 03/20/06).

Late last year, it was reported that Zambia was considering the possibility of leasing the refinery to private investors (see WRFT 12/30/05).


 

 Honda Plans Development of Cellulosic Ethanol

Japanese automaker Honda announced yesterday its research and development division and the Research Institute of Innovative Technology for the Earth (RITE) have developed technology to produce ethanol from soft-biomass.

Soft-biomass includes inedible leaves and plant stalks.

Honda says it and RITE have developed a four-step process for producing ethanol from biomass: Pretreat to separate cellulose from biomass; convert the cellulose to sugar; convert the sugar to ethanol using microorganisms; refine the ethanol.

“The RITE-Honda process succeeds through utilization of RITE strain, a microorganism developed by RITE that converts sugar into alcohol, and by application of engineering technology of Honda, enabling a significant increase in alcohol conversion efficiency, in comparison to conventional cellulosic bio-ethanol production processes,” Honda said.

Honda and RITE will now pursue research for the mass production of cellulosic ethanol, including developing a system that can integrate the four steps of producing it in a way that conserves energy and reduce cost.

The two parties hope to establish a bio-refinery to produce ethanol and other products from biomass, Honda said.


 

 Lukoil Wants to Increase Refinery Capacity 50%

Russian oil company Lukoil aims to increase its refinery capacity 50% to 75 million tons annually, with sights set on an eventual increase to 100 million tons per year, Interfax reported, citing the company’s vice president.

Increasing sales of cars in Russia will require a doubling of gasoline output, vice president Leonid Fedun said.

Lukoil wants to expand capacity at its existing refineries in Russia, as well as constructing a new refinery, the report said.

Earlier this month, Lukoil announced plans to spend $100 billion during 2007-2016. The spending includes plans to modernize the company’s refineries and expand its refining capacity.

Under the plan, Lukoil aims to modernize its refineries by 2011, expand the capacity of its Nizhni Novgorod refinery to 5-6 million tons per year and expand its Volgograd refinery to 2-3 million tons per year (see WRFT 09/07/06).


 

 

 Crude Resumes Moving Downward Thursday

The price of the front month crude oil futures contract on the New York Mercantile Exchange (NYMEX) declined 1.2%, to $63.22/bbl Thursday after going up slightly Wednesday for the first time in several days.

Brent crude futures dropped by nearly the exact same amount as NYMEX crude, closing at $62.25/bbl.

OPEC crude has fallen below $60/bbl, mostly recently losing 2.1%, to $59.08/bbl.

NYMEX gasoline was also down after going up Wednesday. Gasoline closed at $1.55/gal., down 1.3%. Heating oil declined 1.8%, to $1.71/gal.

Data released Wednesday showing U.S. inventories of gasoline and distillates had increased during the week ending Sept. 8 helped pull the energy complex down.

 

In Other Sectors:


·NYMEX crude closed at $63.22/bbl, down $0.75/bbl on the day.

 

·ICE Brent crude finished the day down $0.74/bbl at $62.25/bbl.

 

·OPEC crude went down $1.29/bbl, to $59.08/bbl.

 

·NYMEX heating oil was down 3 cents on the day, closing at $1.74/gal.

 

·Unleaded gasoline closed at $1.55/gal on the NYMEX, down 2 c/gal.

 

·Ethanol on the Chicago Board of Trade ended the day down 1 c/gal, settling at $1.86/gal.

 

 



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Jack Peckham (Medellin, Colombia)
John Hart (Houston)

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