- Key Market Prices
- Key Market Prices
- Public Policy
- Britain Announces Grant Program to Encourage EVs, Hybrid Adoption
- CARB Honors U.S. EPA’s Oge, Corning’s Tim Johnson
- Margins & Economics
- Crude Futures Rally; WTI at Nearly US$80
- MTBE Up; Benzene Down for Week Ending Feb. 26
- Gulf Coast 3-2-1 Crack Spread Up 72% for Week Ending Feb. 19
- Sinopec Sees China Demand Rising 5% This Year
- OMV Reports Q4 Refining & Marketing Loss
- Fuels & Processing
- Venezuela Sues ConocoPhillips over 1999 JV Agreement
- Saras Profits up 17% in 2009
- Saudi Aramco Brings Two Gas Plants Online
- Report: Gas-Short Pakistan Mulls Uhde Coal Gasification
- Flowserve Wins Lukoil Refinery Deal
- Transportation & Logistics
- EU Commercial Vehicle Sales Fall 12.3% in January
- Ford Announces Fuel-Efficient V-6 Mustang Model for Spring
Fuels & Processing
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Venezuela Sues ConocoPhillips over 1999 JV Agreement
Venezuela’s Oil Minister, Rafael Ramirez said Feb. 25 that his country is suing ConocoPhillips related to a joint-venture agreement formed in 1999, according to The Wall Street Journal.
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Saras Profits up 17% in 2009
Italy-based Saras officials announced Feb. 26 that net income for the refining and power group rose 17% in 2009, to €72.6 million.
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Saudi Aramco Brings Two Gas Plants Online
Saudi Aramco brought its Juaymah and Hawiyah natural gas plants online this week after completing expansion work to help meet gas demands in Saudi Arabia, according to Arabian Business sources.
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Report: Gas-Short Pakistan Mulls Uhde Coal Gasification
Germany-based Uhde officials reportedly are now advising the Pakistan government on the potential for coal gasification to replace a severe shortage of natural gas for domestic fertilizer production.
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Flowserve Wins Lukoil Refinery Deal
Dallas-based Flowserve Corp. officials announced Feb. 25 that they won a US$31 million contract from Lukoil Neftochim Burgas AD for ebullating pumping systems and heavy-duty high-energy barrel pumps.
Feature
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SPCC Rule Revisions Affect Liquids Storage Facilities
The US Environmental Protection Agency (EPA) requires certain facilities that use, manage and store “oil” to develop and implement Spill Prevention, Control and Countermeasure (SPCC) Plans.
Key Market Prices
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Key Market Prices
Transportation & Logistics
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EU Commercial Vehicle Sales Fall 12.3% in January
Commercial vehicle sales (mostly diesel) in the European Union fell 12.3% in January 2010 versus January 2009, according to data released by ACEA (the European vehicle-makers association) last week.
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Ford Announces Fuel-Efficient V-6 Mustang Model for Spring
Ford Motor Company officials announced Feb. 26 that they are investing US$155 million and adding 60 jobs at their Cleveland operations to build a new fuel-efficient V-6 engine for the 2011 Mustang that will deliver highway fuel efficiency of 30 miles per gallon.
Margins & Economics
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Crude Futures Rally; WTI at Nearly US$80
Crude oil futures reacted positively to good economic news Feb. 26, the last trading day in February. West Texas Intermediate (WTI) crude for April delivery rose $1.49 to settle at US$79.66 per barrel (bbl), and Brent crude for April delivery rose 80¢ to close at $77.59/bbl.
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MTBE Up; Benzene Down for Week Ending Feb. 26
U.S. Gulf Coast spot prices for aromatics and like products were mixed for the week ending Feb. 26, as prices for such commodities as isobutane, MTBE and butane were up, while prices for benzene, toluene and xylene were down.
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Gulf Coast 3-2-1 Crack Spread Up 72% for Week Ending Feb. 19
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Sinopec Sees China Demand Rising 5% This Year
Sinopec economics expert Zhu He last week announced that China oil demand is expected to increase by 5% this year, to 427 million metric tons.
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OMV Reports Q4 Refining & Marketing Loss
Officials with the Austrian oil and gas group OMV, reported that fourth quarter 2009 refining margins remains under severe pressure mainly due to weak middle distillate spreads. The company reported a fourth quarter refining and marketing loss of €126 million or US$172 million (EBIT, earnings before interest and taxes) compared to €357, US$486 million (EBIT, earnings before interest and taxes) for the same quarter in 2008.
Public Policy
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Britain Announces Grant Program to Encourage EVs, Hybrid Adoption
The British Department of Transport (DOT) announced a “Plug-In Car Grant” that will provide consumers with 25% of the cost to purchase a battery electric, plug-in hybrid or fuel cell vehicle. The grant is capped at £5,000 (US$7,634) effective Jan. 1, 2011.
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CARB Honors U.S. EPA’s Oge, Corning’s Tim Johnson
California Air Resources Board (CARB) officials on Feb. 25 gave their highest honor – the Haagen-Smit Clean Air awards – to U.S. Environmental Protection Agency (EPA) air quality director Margo Oge and Corning, Inc. diesel emissions-technology and regulatory analyst Tim Johnson.
