- Top Stories
- Economist: Price of Oil May Reach $100/bbl Next Year
- Study: Biofuels May Have No Benefit, Raise GHGs
- European Parliament Environment Committee: Voluntary Vehicle CO2 Caps Not Working
- New Zealand Unveils Emissions Trading Scheme
- API: Policies that Punish Oil Companies Hit Broad Base of Investors, Retirees
- IEA: Recent Energy Efficiency Gains Trim CO2 Emissions
- European Commission President Promotes Global Carbon Market
- News from Americas
- Chrysler Creates Electric Vehicle Organization
- Foster Wheeler to Do Studies for Panama Refinery
- Report: Lukoil, PDVSA Could Build Refinery Together
- Motiva Will Expand Port Arthur Refinery to 600,000 b/d
- Report: 20-25% of Pemex Liquid Fuels Adulterated
- PDVSA is Partnering with Petrobras on Pernambuco Refinery
- News from Middle East / Asia
- Petrol Ofisi Likely to Decide on Turkish Refinery in November
- Kuwait Wants Shell Out, BP In for Chinese Refinery Project
- New Refinery Planned for Malaysia
- S-Oil Won’t Reevaluate New Refinery for a Couple of Years
- IPIC to Get 20% Stake in Japan’s Cosmo Oil
- Idemitsu, Japan Energy Discussing Increased Refinery Alliance
- Construction of New Vietnam Refinery Expected to Begin in December
- Oman Merges Sohar and Oman Oil Refineries
- News from Europe / Africa
- Statoil Purchases Retail Stations from ConocoPhillips
- Report: BP Expects ‘Dreadful’ Q3
- OMV Makes Hostile Offer to MOL Shareholders
- Fluor to Provide Services for Tatarstan Refinery Project
- Report: Shell Offers Rosneft Refinery Stake
- Europia Lists Concerns About European Commission Regulation of Transportation Fuel GHGs
- Petrobras, Statoil Sign Biofuels Agreement
- BP Rotterdam Refinery Begins Biofuels Production
- CNPC to Build Refinery in Chad
News from Americas
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Chrysler Creates Electric Vehicle Organization
Recently-privatized U.S. automaker Chrysler announced recently it is creating ENVI, an organization tasked with commercializing electric-drive vehicles and related advanced propulsion technologies.
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Foster Wheeler to Do Studies for Panama Refinery
State oil company Qatar Petroleum and Occidental Midstream Projects have hired Foster Wheeler to perform studies on the refinery the companies plan to build in Panama, Business News Americas reported.
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Report: Lukoil, PDVSA Could Build Refinery Together
Russian oil company Lukoil and Venezuelan state oil company PDVSA could partner to build a refinery in Venezuela that would process oil from the Faja de Orinoco region.
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Motiva Will Expand Port Arthur Refinery to 600,000 b/d
Motiva Enterprises, the Houston-based joint venture between Dutch oil major Shell and Saudi Aramco, announced recently it will go forward with its previously announced plan to expand its 275,000 b/d Port Arthur, Texas, refinery to 600,000 b/d.
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Report: 20-25% of Pemex Liquid Fuels Adulterated
An analysis by the Mexican government has found that as much as 25% of the liquid fuels sold in the country are adulterated, state news agency Notimex reported recently.
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PDVSA is Partnering with Petrobras on Pernambuco Refinery
Brazil’s state oil company Petrobras and Venezuelan state oil company PDVSA have reaffirmed their prior agreement to jointly build a refinery Abreu e Lima in Brazil’s Pernambuco state, Latin America News Digest reported.
News from Middle East / Asia
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Petrol Ofisi Likely to Decide on Turkish Refinery in November
Turkey’s Petrol Ofisi said recently it will likely soon make a decision on whether to build its planned refinery with Austria’s OMV, Turkish Daily News reported.
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Kuwait Wants Shell Out, BP In for Chinese Refinery Project
Kuwait does not want Dutch oil major Shell to partner in a refinery Chinese state oil company Sinopec and Kuwait Petroleum (KPC) plan to build in Guangzhou in the Guangdong province in southern China, Kuwait’s state news agency KUNA reported.
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New Refinery Planned for Malaysia
Malaysian holding company Global PLB and China’s Qingdao TopOil recently signed an agreement to create a joint venture 200,000 b/d refinery in Pulau Carey in Malaysia’s Selangor state, Malaysian national news agency Bernama reported.
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S-Oil Won’t Reevaluate New Refinery for a Couple of Years
South Korean oil company S-Oil will not take another look at a planned refinery it recently put on hold for a couple of years, the company’s CEO said, Reuters reported.
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IPIC to Get 20% Stake in Japan’s Cosmo Oil
Abu Dhabi’s International Petroleum Investment Co. (IPIC) will take a 20% stake in Japan’s Cosmo Oil, becoming the company’s largest shareholder, Cosmo announced.
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Idemitsu, Japan Energy Discussing Increased Refinery Alliance
Japan’s Idemitsu Kosan and Japan Energy plan to begin talks on whether to increase their cooperation in refinery operations, Dow Jones reported.
The companies already partner on a crude receiving terminal at Ise Bay, which serves Idemitsu’s 160,000 b/d Aichi refinery and Japan Energy’s Chita refinery.
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Construction of New Vietnam Refinery Expected to Begin in December
The CEO of Vietnamese tissue paper maker Hapaco said the company will begin construction of the 20,000 b/d oil refinery it plans to build with German consulting firm Evagor in December, Reuters reported, citing Vietnamese state magazine Dau Tu Chung Khoan.
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Oman Merges Sohar and Oman Oil Refineries
Oman’s Sultan Qaboos bin Said has issued a decree merging the country’s Sohar Refinery Co. with its Oman Oil Refinery Co., Times of Oman reported.
News from Europe / Africa
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Statoil Purchases Retail Stations from ConocoPhillips
Norway’s Statoil announced recently it has purchased ConocoPhillips’ Jet-branded retail stations in Scandinavia.
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Report: BP Expects ‘Dreadful’ Q3
BP CEO Tony Hayward told employees to expect the company’s third quarter performance to be “dreadful.”
Hayward made the remarks at a staff meeting in Houston and circulated them in a confidential note, Financial Times reported.
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OMV Makes Hostile Offer to MOL Shareholders
Austrian oil company OMV yesterday made a hostile offer for Hungary’s MOL of HUF 32,000 (U.S. $180.47) per share.
OMV is engaging MOL’s independent shareholders due to resistance to an OMV takeover by MOL management.
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Fluor to Provide Services for Tatarstan Refinery Project
Fluor announced recently it has signed an agreement with Russian oil company Tatneft to provide project management consulting services for Tatneft’s planned refinery in Tatarstan, Russia.
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Report: Shell Offers Rosneft Refinery Stake
Dutch oil major Shell is offering Russian state oil company Rosneft a stake in the Miro Mineraleolraffinerie Oberrhein refinery in Germany, Vedomosti reported.
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Europia Lists Concerns About European Commission Regulation of Transportation Fuel GHGs
European Petroleum Industry Association (Europia) stated recently its concerns about the European Commission’s Fuel Quality Directive, released last January.
Specifically, Europia took issue with Article 7a of the Directive, which deals with the regulation of greenhouse gas (GHG) emissions from liquid transportation fuels.
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Petrobras, Statoil Sign Biofuels Agreement
Brazilian state oil company Petrobras and Norwegian oil company Statoil announced recently they have signed a long-term biofuels, exploration and production strategic collaboration agreement.
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BP Rotterdam Refinery Begins Biofuels Production
CDTech announced recently that BP’s Rotterdam refinery has started producing biofuels after CDTech modified an MTBE unit to produce ETBE.
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CNPC to Build Refinery in Chad
China’s state oil company CNPC has reached an agreement to build an oil refinery in Chad, in what would be the first in the country.
Top Stories
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Economist: Price of Oil May Reach $100/bbl Next Year
Oil prices are likely to reach $100/bbl by the end of 2008 due to increasing domestic consumption in the world’s major oil producing countries, the chief economist at CIBC World Markets said.
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Study: Biofuels May Have No Benefit, Raise GHGs
The use of biofuels may not have any benefits over fossil fuels and may even increase greenhouse gas emissions, according to a new study led by atmospheric chemist Paul Crutzen, a Nobel Prize laureate.
The study found that farming the most common biofuels crops results in the release of double the amount of nitrous oxide (N20) than previously thought, “wiping out any benefits from not using fossil fuels and, worse, probably contributing to global warming,” according to the study.
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European Parliament Environment Committee: Voluntary Vehicle CO2 Caps Not Working
A recently released report by the European Parliament’s Environment Committee says the EU’s voluntary limit of 140 grams per kilometer of CO2 emissions by 2008 for cars will not be met and calls for a mandatory cap of 120 grams per kilometer by 2012.
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New Zealand Unveils Emissions Trading Scheme
The government of New Zealand recently revealed the framework for an emissions trading scheme that would begin next year, beginning with the forestry industry, but eventually expanding to all sectors and gases.
The scheme would apply to transportation fuels in 2009 and stationary energy sources and industrial emissions beginning in 2010.
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API: Policies that Punish Oil Companies Hit Broad Base of Investors, Retirees
The American Petroleum Institute (API) released a self-analysis that showed “Big Oil” is less a profit center for corporate insiders and more a valuable source of income for a broad cross section of Americans, including retirees. That portrayal comes just as Congress begins conferencing energy bills that contain punishing tax provisions.
Capitol Hill staffers met last week in pre-conference discussions of House and Senate energy bills.
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IEA: Recent Energy Efficiency Gains Trim CO2 Emissions
Energy efficiency gains since 1990 have reduced carbon dioxide (CO2) emissions 14% below what they otherwise would have been, according to the International Energy Agency (IEA).
That’s the conclusion of a new IEA publication, Energy Use in the New Millennium: Trends in IEA Countries.
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European Commission President Promotes Global Carbon Market
European Commission President Jose Manuel Barroso told a U.N. meeting on climate change that developing a global carbon market is the key to “ultimate success” in reducing greenhouse gases and adapting to the effects of climate change.
Market Report
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Brent
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Gasoil
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NYMEX Crude Below $80/bbl for First Time in Eight Trading Days
The price of the November crude oil futures contract on the New York Mercantile Exchange (NYMEX) closed below $80/bbl yesterday for the first time since Sept. 14.




