An increase in new oil refining capacity and a rise in production of fuel not processed at refineries will lead to more plant closures in 2014, the International Energy Agency (IEA) said in its latest monthly report.
Refineries in the Middle East are under enormous pressure to cut operating costs while maximising throughput and minimising inventories, a key official of a software and services firm said.
According to AspenTech senior vice-presi
Brent crude oil fell below $109 a barrel on Monday as refineries along the US East Coast wound down operations ahead of the approach of Hurricane Sandy, reducing crude use in the world's largest oil consumer.
Iraq is looking to gradually privatise its oil refineries and to attract investment in new plants around the country to meet the fast rising domestic demand for fuel, its deputy oil minister said on Tuesday.
Baghdad, which is boosting its
Embattled oil refiner Petroplus yesterday said it will begin a temporary shutdown of three of its plants in January after lenders froze a $1 billion credit facility.
The Swiss firm will suspend operations at its Petit Couronne refinery in
Egypt's parliament has agreed to restore free zone status to oil refineries, newspapers reported on Wednesday, potentially removing a hurdle that had deterred foreign investment in the country's energy sector.
Iran plans to privatise all its refineries and petrochemical units, Oil Minister Massoud Mirkazemi was quoted as saying.
It is seeking to speed up the sale of state assets to encourage private investment and boost the economy, which is und
Iran is exploring several untraditional ways to produce gasoline, including using petrochemical plants and natural gas liquids, to cope with any UN sanctions.
It also plans to boost gasoline production by using petrochemical refineries, bu
China's Sinopec has signed a tentative deal to provide financing of $6.5 billion for the construction and development of oil refineries in Iran, Iran's semi-official Mehr News Agency reported on Wednesday.
Mehr, giving no source fo
Iraq’s Ministry of Oil has signed two contracts with US-based Shaw Group’s Energy and Chemicals Group to provide feasibility studies and front end engineering and design (FEED) for two grassroots refineries.
The two refineries with a capac