- Key Market Prices
- WTI Gained US$1.33 on Worries that Flooding in the U.S. Midwest Could Impact Refinery Operations
- Public Policy
- Eliminating Tax Breaks for Big Oil Companies to Take Center Stage in Washington
- Europe Imposes Dumping, Circumvention Penalties on U.S. Biodiesel Exporters
- Margins & Economics
- U.S. Crude Futures Gain on Weak Dollar, Flooding Concerns
- U.S. Crude, Distillate Stocks Expected to Rise
- Fuels & Processing
- Chevron Inks Gorgon LNG-Supply Deal with Japanese Refiner
- IMF Urges Indonesia to Scrap Fuel-Price Subsidies
- CORE Biofuel Signs MoU to Develop Four Biorefineries in W. Hemisphere
- Oman Producer Taps Chevron Lummus Technology for Sohar Refinery Expansion
- Essar Terminating Fuel Oil Sales – Report
Fuels & Processing
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Chevron Inks Gorgon LNG-Supply Deal with Japanese Refiner
Global oil and gas major Chevron Corp. has signed an agreement with Japan’s JX Nippon Oil and Energy Corp. for the sale of liquefied natural gas (LNG) from Chevron’s Gorgon Project in Australia.
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IMF Urges Indonesia to Scrap Fuel-Price Subsidies
The International Monetary Fund (IMF) on May 3 urged the Indonesian government to scrap wasteful fuel subsidies and instead focus on health facilities for the poor, pension packages and unemployment benefits.
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CORE Biofuel Signs MoU to Develop Four Biorefineries in W. Hemisphere
Toronto-based CORE BioFuel, Inc. May 10 announced that it has signed a memorandum of understanding (MoU) with a renewable-energy project developer to develop four CORE-licensed biorefineries in the Western Hemisphere utilizing CORE’s patent-pending, wood-to-gasoline technology over an initial four-year period.
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Oman Producer Taps Chevron Lummus Technology for Sohar Refinery Expansion
Oman Refineries and Petrochemicals Co. (ORPC) will use isocracking technology from Chevron Lummus Global (CLG) for its Sohar refinery expansion project to boost margins and increase production, according to a CLG announcement.
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Essar Terminating Fuel Oil Sales – Report
India’s Essar Oil will terminate fuel oil sales by year-end 2011 following start-up of a delayed coking unit, according to an April 28 report by the Economic Times (India).
Feature
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Enterprise Expands Propylene Fractionator as Ethylene Producers Favor Shale-Gas Feedstocks
Enterprise Products Partners LP recently announced a 10% expansion at its Mont Belvieu, Texas, fractionation facility that makes polymer-grade propylene (PGP) from excess refinery-grade propylene (RGP) – no longer a preferred feedstock by area ethylene producers who are increasingly running abundant, lower-cost shale gas liquids.
Key Market Prices
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WTI Gained US$1.33 on Worries that Flooding in the U.S. Midwest Could Impact Refinery Operations
Electric Power
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Top ‘Green’ U.S. Utilities Ranked by NREL
The U.S. Department of Energy’s (DOE) National Renewable Energy Laboratory (NREL) on May 9 released its annual assessment of leading utility “green-” power programs.
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Altona Touts ‘Integrated’ CTL Project to Solve Diesel, Power Shortages in S. Australia
Australian-based Altona Energy executive director Peter Fagiano told an investor’s conference May 4 that the proposed “Arckaringa” 30,000 barrel-per-day, coal-to-liquids (CTL) and 560-megawatt integrated gasification combined cycle (IGCC) power project could eliminate South Australia’s dependence on diesel imports while simultaneously slashing electric power shortages.
Transportation & Logistics
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Toyota to Convert Prius to PHEV in 2014
Japanese automaker Toyota will convert its conventional hybrid “Prius” into a plug-in hybrid electric vehicle (PHEV) in 2014.
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Ultracap Evolution Could Boost EV Range, Reduce Costs
California-based Nanotune Technologies is touting ultracapacitor technology that could extend the range of electric vehicles (EVs) and eventually slash costs – both critical to widening EV consumer appeal.
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U.S. Retailer Best Buy Eyeing EV Sales
Having previously inked a deal with Ford to install electric-vehicle (EV) home recharge stations, U.S. electronic appliance mass-marketer Best Buy Co., Inc. is now mulling a new plan to sell EVs as well.
Margins & Economics
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U.S. Crude Futures Gain on Weak Dollar, Flooding Concerns
NYMEX light sweet crude for June delivery finished at US$103.88 per barrel (/bbl), up $1.33 on May 10, tracking a weak dollar and a rally in gasoline (RBOB) futures.
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U.S. Crude, Distillate Stocks Expected to Rise
Preliminary forecasts predicted an increase in U.S. crude and gasoline inventories and a decline in distillate stockpiles in the week ended May 6.
Public Policy
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Eliminating Tax Breaks for Big Oil Companies to Take Center Stage in Washington
The U.S. Senate Finance Committee set to hold a hearing on “Oil and Gas Tax Incentives and Rising Energy Prices” on May 12, with Senate Democrats aiming to eliminate tax breaks for big oil companies and divert the savings to offset the deficit.
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Europe Imposes Dumping, Circumvention Penalties on U.S. Biodiesel Exporters
The European Council on May 5 announced confirmation of anti-dumping and circumvention penalties on U.S. biodiesel exporters that have been bringing U.S. taxpayer- subsidized biodiesel into Europe.
