Oil Refining Complex News

Far Eastern Petrochemical Company and Far Eastern Russian Academy of Sciences division have signed an agreement on scientific and technical collaboration. As part of the agreement Far Eastern Petrochemical Company (FEPCO) and Far Eastern branch of Russian Academy of Sciences (FEBRAS) are going to realize a number of research programs relating to high-performance energy- and resource-saving technologies in the sphere of complex hydrocarbons processing. Moreover, the base of FEBRAS will be used as a site for training FEPCO specialists in the course of their doctorate studies at Academy of Sciences regional branches institutes. The term of the contract is up to 2022.

A report from Bloomberg said that Reliance Industries Ltd., owner of the world’s largest oil refining complex, was the eighth-biggest charterer of Aframax vessels used to transport petroleum products last year, according to New York-based ship broker Poten & Partners. Charters by Reliance, controlled by billionaire Mukesh Ambani, represented about 3% of the market for Aframax- size “clean” tankers last year, each with the capacity to carry about 830,000 barrels of gasoline, according to a report released by. (Source: Bloomberg)