- Key Market Prices
- Key Market Prices
- Public Policy
- Euro-4 Fuels Expanding in Thailand
- Margins & Economics
- Crude Futures Fall Slightly on Stronger Dollar
- OMV Profits Improve; Distillates Key to Gain
- Marathon Posts Higher Refining Earnings in 2Q
- Petroplus Posts US$119 Million Net Loss for 2Q 2010
- Fuels & Processing
- Sasol Forecasts Profit Improvement for Fiscal 2010
- SG Biofuels to Establish Jatropha R&D Center in San Diego
- PetroChina Tripling Production at Mongolian Refinery
- Jacobs, Suncor Team-up on Oil-Sands GHG Abatement
- Partial Decontrol Won’t Prevent India Refiner Losses: Report
- First Ethanol Blend Pump in Southwest Opens in Las Vegas
Fuels & Processing
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Sasol Forecasts Profit Improvement for Fiscal 2010
Sasol officials announced in August that they’re expecting earnings per share (EPS) for fiscal 2010 ending June 30 to increase by 12% to 20% compared to the previous financial year.
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SG Biofuels to Establish Jatropha R&D Center in San Diego
SG Biofuels, Inc. announced August 4 that the company plans to establish the world's most advanced Jatropha research and development center in San Diego, Calif. The company said the center will include a 42,000-square-foot greenhouse featuring the largest and most diverse collection of jatropha genetic material, world-class laboratory facilities and an expanded team of molecular biologists focused on developing Jatropha as a low-cost, sustainable source of oil.
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PetroChina Tripling Production at Mongolian Refinery
PetroChina Co. has begun engineering its CNY7.8 billion (US$1.15 billion) expansion to triple production at the refining complex at Hohhot Petrochemical Co in the northern Inner Mongolia Autonomous Region, according to an August 2 report by International Resource News.
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Jacobs, Suncor Team-up on Oil-Sands GHG Abatement
Jacobs Engineering officials announced August 3 that, together with Suncor, they’ve won US$790,900 in funding from Canada’s Climate Change and Emissions Management Corp. (CCEMC) for an oil-sands greenhouse gas (GHG) abatement study.
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Partial Decontrol Won’t Prevent India Refiner Losses: Report
Partial decontrol of petroleum prices won’t prevent India’s three biggest state-owned oil companies from piling up huge losses this fiscal year, according to a Press Trust of India report.
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First Ethanol Blend Pump in Southwest Opens in Las Vegas
Growth Energy announced last week that with its partner Get Green LLC, Lucky Stop, they have opened the first blender pump offering mid and high levels of ethanol in the Southwest.
Feature
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China Latest Player in a Global Push to Expand Petroleum Storage
As China’s energy consumption grows, so will its energy storage capacity, as noted by the Wall Street Journal (WSJ) in a report dated August 4. By 2015, the 2010 edition of Hart’s Global Crude, Refining and Clean Transportation Fuel Outlook Through 2030 estimates that China will have a refined product output of 10.14 million barrels per day (b/d), up from an estimated 7.87 million b/d in 2010. Along with all that production and additional imports, China can be expected to add more crude and petroleum product storage. China “must build oil inventory at a faster pace than demand,” said one analyst quoted within the WSJ report.
Key Market Prices
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Key Market Prices
Transportation & Logistics
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BMW’s Electric Vehicle Print Ad Banned in U.K.
A print ad promoting BMW's Concept Active E electric vehicle has been banned by the U.K’s Advertising Standards Authority (ASA) after the German carmaker’s ad claimed the car produced “0% emissions,” according to Marketing (U.K.).
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BYD Cuts Annual Sales Target 25% as Demand Declines
A spokesman for BYD Co., the Chinese automaker specializing in electric and hybrid vehicles, said August 3 that the company has cut its annual sales target for 2010 by 25% due to slower growth in the world's biggest auto market, according to Bloomberg.
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Chery Automobile Co. to Launch Its First Light Truck in 2011
Chery Automobile Co. Ltd., the largest private automaker in China, announced that it will launch its first light truck to the market in 2011 and by the second half of this year, Chery will start selling its first plug-in electric car model S18.
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ECOtality Unveils EV Recharge Network
California-based ECOtality officials August 3 unveiled a proposed electric vehicle (EV) recharge station network for San Diego, Calif., part of a national program supported by the U.S. Department of Energy (DOE) “EV Project.”
Margins & Economics
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Crude Futures Fall Slightly on Stronger Dollar
Crude oil futures settled slightly lower August 4 “as a stronger dollar, encouraging economic data and rising U.S. fuel supplies offer[ed] conflicting signals to the market,” according to Dow Jones Energy Service.
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OMV Profits Improve; Distillates Key to Gain
Austria-based OMV officials announced August 4 that second quarter 2010 net income rose to €338 million (US$445 million), up from just €144 million (US$189 million) in 2Q 2009.
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Marathon Posts Higher Refining Earnings in 2Q
Marathon Oil Corp. on August 3 reported second quarter 2010 net income of US$709 million, or $1.00 per diluted share, versus net income in the second quarter 2009 of $413 million, or $0.58 per diluted share. Earnings in the company’s Refining, Marketing and Transportation segment were $421 million in the second quarter of 2010, compared to income of $165 million in the second quarter of 2009.
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Petroplus Posts US$119 Million Net Loss for 2Q 2010
Switzerland-based Petroplus officials announced August 4 second quarter 2010 net loss from continuing operations of US$119 million, compared to 2Q 2009 net income from continuing operations of $199 million.
Public Policy
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Euro-4 Fuels Expanding in Thailand
Thailand’s National Environment Board this week approved the expansion of Euro-4 (50 parts per million sulfur) fuels to the Rayong region starting in 2011, one year ahead of a nationwide Euro-4 standard in 2012, according to a Bangkok Post report.
