Global Refining & Fuels Today

COP 16 Special Coverage: Push for CCS Technologies in Cancun

CANCUN, Mexico – The battle over the future of carbon capture and storage (CCS) technologies has become a centerpiece of the 16th session of the U.N.-sponsored Conference of the Parties (COP 16) climate change negotiations in Cancun.

API to Launch Campaign Promoting Canadian Oil Sand Imports

The American Petroleum Institute (API) announced December 8 that it s planning to counter a massive effort by environmental groups to block Canadian oil-sand imports into the U.S.

EPA Raises Stakes on Several Texas Refiners Regarding Air Permits

In the latest schism between the U.S. Environmental Protection Agency (EPA) and Texas state officials, the agency has threatened dozens of Texas refiners and chemical and plastic makers with penalties if they don’t begin taking steps to bring their air pollution permits into compliance with federal law by late December.

Chevron: US$2.9-Billion Global Downstream Capex for 2011

Chevron announced December 9 a US$2.9-billion global downstream capital budget for 2011, $1.7 billion of which is for the U.S. and $1.2 billion for “international.”

Caltex: Record 2010 Profits Thanks to Transport Fuels

Caltex announced December 9 that it’s expecting to realize record profits in transport fuels in 2010, helping boost “replacement cost operating profit” (RCOP) results to around A$300 million to A$310 million (US$296 million to US$306 million).

ExxonMobil Sells Florida Retail Stations to 7-Eleven

Japan-based Seven & I Holdings Co. announced December 9 that its 7-Eleven subsidiary in the U.S. just reached a deal to buy 183 ExxonMobil retail fuel stations in Florida.

WTI Edges Higher on Gasoline Rally

NYMEX light sweet crude for January delivery settled at US$88.37 per barrel (/bbl), up 9¢ on December 9, on the back of a rally in the refined products complex.

El Paso Corp., KKR Form New Midstream Joint Venture

El Paso Midstream Group Inc., a subsidiary of El Paso Corp., and Kohlberg Kravis Roberts & Co. (together with its affiliates, KKR) recently announced that El Paso and KKR have executed agreements to create a new midstream joint venture. El Paso Midstream will operate the new venture, and they will each own a 50 % interest. The joint venture is consistent with El Paso’s commitment to develop midstream opportunities in a balance sheet-friendly manner. The transaction is expected to close by December 31, 2010.

Asia Diesel, Gasoline Leading Global Oil Demand Rebound: WoodMac

Wood Mackenzie analysts announced December 8 that global oil demand in 2010 “is almost certain to exceed the previous all time high reached in 2007,” thanks to continuing demand growth in China and India and despite continuing declines in Organization for Economic Cooperation and Development (OECD) countries.

Enterprise Brings Fourth Mont Belvieu Fractionator Online

Enterprise Products Partners LP brought its fourth natural gas liquids (NGL) fractionator at Mont Belvieu, Texas, online last week – ahead of schedule and under budget.

Report Highlights Knowledge Gaps Surrounding Biofuels, Land-Use Changes

The development of biofuels has increased exponentially over the past decade, and will continue to do so as many countries seek to move away from dependence on fossil fuels. However, increased use of biofuels raises serious questions about changing land use – and policymakers have found it hard to keep pace with the issues involved.

EU Parliament: Options for an ‘Oil-Free Future’

The European Parliament’s Science and Technology Options Assessment (STOA) forum December 7 set out various schemes including vehicle electrification and conversion to methanol as ways to eliminate oil dependence.

Arkema to Acquire Total’s Downstream Acrylics Assets for US$728 Million

French chemical producer Arkema on December 7 announced plans to acquire Total’s photocure and coatings resins businesses for a €550 million (US$728 million).

Power Plant CO2 Emissions Feeding OriginOil Algae-to-Fuel Scheme

Australia-based electric power producer MBD Energy announced December 8 that it’s encouraged by development of a scheme to feed waste carbon-dioxide (CO2) from power plant flue gas to algae for “green” biofuels.

BPC Adds U.K. Biodiesel Refinery to Portfolio

Black Pearl Capital Partners (BPCP) announced December 7 that it has added another U.K. renewable energy site to its U.K. portfolio – in the town of Bromborough in the Municipal Borough of Wirral.