October 29, 2010
Volume: 2
Issue: 209

Fuels & Processing

Global Oil Majors Interested in Uganda Refinery: Official

Several Asian and European oil majors have expressed interest in building Uganda’s first petroleum refinery – with an expected capacity of 200,000 barrels per day – according to an October 28 Dow Jones (DJ) report citing the country’s minister of state for energy.

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Florida City Tapped for US$25 Million Ethanol Plant

Construction on a new US$25-million corn-ethanol plant in Lake Wales, Fla., could begin in 60 days, according to an October 27 report citing the city’s economic development director.

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DME Fuel System Developer Wins US$715,000 Army Contract

Alternative Fuel Technology, LLC, a wholly owned subsidiary of Alternative Fuel Technologies, Inc. (AFT), announced October 27 that it has won a U.S. Army Phase 2 Small Business Innovation Research (SBIR) project valued at US$715,000.

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Reliance to Idle CDU, Coker at Jamnagar for Maintenance

India’s Reliance Industries Ltd. (RIL) on October 22 said it will shut two units at its 660,000 barrels per day (b/d) Jamnagar refinery in the Gujarat state for maintenance.

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S-Oil Profits Triple on Diesel Boost

Korea-based refiner S-Oil announced October 28 that net profit tripled in third quarter 2010 compared to 3Q2009.

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Cuban Port to Expand to Handle Oil Supertankers

Cuban News Agency reported this month that Cuba will expand its Cienfuegos port facilities in a venture with Venezuela. The port expansion will add facilities to allow large supertankers to berth and offload crude to the island nation, according to the report.

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Audi Touts Rentech BTL-FT Diesel

Audi officials on October 19 touted the environmental benefits of U.S. diesel cars running on Rentech biomass-to-liquids Fischer-Tropsch diesel, at publicity events including one with California Gov. Arnold Schwarzenegger (R).

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Feature

Kinder Morgan’s Fayetteville Express Pipeline Ahead of Schedule, Under Budget

Kinder Morgan updated the status of its Fayetteville Express Pipeline during its recent conference call to discuss its third quarter 2010 earnings, stating that the 185-mile pipeline is now complete and in-service.
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Key Market Prices

WTI Settles Higher While U.S. Dollar is Down

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Transportation & Logistics

Mitsubishi Sees High Demand for CNG Vehicles

Japanese automaker Mitsubishi Motors Corp. said sales of natural gas vehicles (NGV) reached 3,334 units or 14.5% of the company’s total domestic sales during the first eight months of 2010.

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J.D. Power: EV Demand ‘May be Over-Hyped’

Automotive analysts at J.D. Power on October 27 unveiled a report indicating that 2020 sales of hybrid electric vehicles (HEVs) and pure electric vehicles (EVs) would total about 5.2 million units, or 7.3% of total new-car sales in 2020.

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Singapore’s MPA to Assess LNG as Potential Marine Fuel

At a time when the shipping industry is trolling for affordable green alternatives to bunker fuel oil, Singapore maritime officials will explore using liquefied natural gas (LNG) as marine fuel, a government official said October 27.

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Cummins 3Q 2010 Net Income Triples; Non-U.S. Sales Shine

U.S.-based diesel engine maker Cummins reported October 26 that third quarter 2010 net income tripled to US$283 million versus $95 million in third-quarter 2009.

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Margins & Economics

WTI Advances as Dollar Slumps

NYMEX light sweet crude for December delivery settled at US$82.18 per barrel (/bbl), up 24¢ on October 28, as the U.S. dollar tumbled against most major currencies.

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Buckeye Partners Adds to Terminal Dealflow in Puerto Rico

On October 28, Buckeye Partners, L.P. announced an accretive deal to purchase a Puerto Rican refined petroleum products terminal from an affiliate of Royal Dutch Shell plc.

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Sinopec Profits Rise 11.5% for Nine-Months 2010

Sinopec announced October 28 that profits through the first nine months of 2010 rose 11.5% compared to the same period in 2009.

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