Oil Refining News

Russia's seaborne oil product exports fell 4.2% in March from the previous month to 10.178 million metric tons due to unplanned maintenance at refineries and a uel export ban, data from industry sources and Reuters calculations showed.Russia's daily offline primary oil refining capacity has jumped by around a third in March to 4.079 million metric tons from February due to drone attacks, Reuters calculations based on data from industry sources showed.Last month, a fire broke out after a Ukrainian drone attack at the Norsi refinery…

Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.Brent futures for June delivery were up $1.35, or 1.5%, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.U.S. West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5%, to $84.98 after touching a peak of $85.46…

Russia cut its seaborne diesel and gasoil exports by nearly 30% to about 1.7 million metric tons in the first 20 days of September from the same time in August, as local refineries went into seasonal maintenance and the domestic market faces a fuel shortage and rising prices, traders said and LSEG data showed.Idle primary oil refining capacity for September is estimated at 4.657 million tons, up 45% from August, according to Reuters calculations.Due to the domestic fuel shortage…

Russia's seaborne diesel and gasoil exports in August rose by 2% from a month earlier to about 3.85 million metric tons on healthy fuel production, data from traders and LSEG showed.Idle primary oil refining capacity for August was estimated at 3.1 million metric tons versus 2.458 million metric tons in July, Refinitiv Eikon data and Reuters calculations showed.After the full EU embargo on Russian oil products took effect on Feb. 5, Turkey remains the main destination for Russian diesel and gasoil seaborne exports…

Russia's seaborne diesel and gasoil exports in June rose by 13% from a month earlier to about 3.6 million tonnes as seasonal refineries maintenance eased, data from traders and Refinitiv Eikon showed. Idle primary oil refining capacity for June was estimated at 4.029 million tonnes, down from May, and may fall to 1.683 million tonnes in July, Refinitiv data and Reuters calculations showed. In August, Russia will also cut its oil exports by 500,000 barrels per day (bpd), potentially yielding more supply for domestic refining and fuel production. Since the full EU embargo on Russian oil products took effect on Feb. 5, Turkey remains the main destination for Russian diesel and gasoil seaborne exports…

-Monthly sales of marine fuel, also known as bunker fuel, hit over five-year highs at the world's largest refuelling hub Singapore in May as vessel arrivals spiked amid firm container throughput, official data showed on Wednesday.Singapore's bunker sales are an indicator of sentiment at one of the world's major ports and demand also affects fuel oil refining margins in Asia. Sales extended gains for a third consecutive month to 4.52 million tonnes, up 6.2% month-on-month, Singapore's Maritime and Port Authority data showed.

Premiums of marine fuel, also known as bunkers, are set for a bumpy recovery in March in Singapore, the world's largest bunkering port, as refuelling demand from the shipping sector has recently waned, multiple trade sources said.A weaker Singapore bunker market reflects slowing activity at one of the world's most major ports that sits on a crucial shipping lane, while lower demand will also weigh on Asia's fuel oil refining margins.Bunker premiums for the most actively traded very low sulphur fuel oil (VLSFO) grade…

There will likely be normal levels of tropical storm activity over the next two weeks as the Atlantic Ocean hurricane season hits its peak, forecasters at Colorado State University said on Thursday.An upper-level trough in the atmosphere is expected to continue bringing near-normal to above-normal wind shear over the tropical Atlantic and Caribbean, the forecasters said.“This increased shear is likely due to a vigorous tropical upper-tropospheric trough which has been one of the primary reasons why the Atlantic hurricane season has not been as active as projected…

A tanker built by an Iranian shipyard for Venezuela plans to depart next month from the Middle Eastern country with a cargo of fuel components for the gasoline-thirsty nation, three sources with knowledge of the deal told Reuters.The new vessel is the latest sign of the growing energy collaboration between the two nations under U.S. sanctions. Iran and Venezuela are increasingly swapping crude for diluents and for fuel the South American country desperately needs due to the poor condition of its refining network.The deals have given a boost to Venezuelan President Nicolas Maduro…

China National Offshore Oil Company (CNOOC) has awarded 16 billion yuan ($2.42 billion) worth of contracts to build 12 liquefied natural gas tankers, the largest of their kind in the country, the company said on Thursday.China is the world's largest buyer of the super-chilled gas, while CNOOC is the country's largest importer of the fuel and among the state majors leading a drive to expand their LNG fleet to meet rising import needs and facilitate fast-growing global trade.

The European Commission has proposed new sanctions against Russia over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports. Yet the EU faces an uphill slog to wean itself of energy imports from its Eastern neighbor.Following is a summary of key facts about the EU's use of Russian oil:How much Russian oil does the EU import?Europe is the destination for nearly half of Russia's crude and petroleum product exports, according to the International Energy Agency (IEA)…

Japan's Kawasaki Heavy Industries is aiming to replicate its success as a major liquefied natural gas (LNG) tanker producer with hydrogen, a key element that may help decarbonize industries and aid the global energy transition.A A$500 million ($385 million) pilot project, led by Kawasaki and backed by the Japanese and Australian governments, plans to ship its first cargo of liquefied hydrogen from Australia to Japan this spring, which the firm hopes will mark the dawn of a new…

Hydrogen has taken off this year as the future green fuel of choice, with governments and businesses betting big that the universe's most abundant element can help fight climate change.More than $150 billion worth of green hydrogen projects have been announced globally in the past nine months. In total, more than 70 gigawatts of such projects are in development, which could require $250 billion worth of investment by 2040, research firm Rystad Energy estimates.Why now?China, Japan…

The new coronavirus caused barely a blip in China's imports of major commodities, but this likely underscores the ways China differs from the rest of the world, rather than providing a template for the globe's recovery from the pandemic.China's crude oil imports in March, the month when much of the world's second-largest economy was in lockdown, were equivalent to 9.68 million barrels per day (bpd), according to official customs data released on Tuesday.That's 4.5% higher than…

South Korea’s Hyundai Heavy Industries Group said that its its consolidated operating income shrink 38.3%  to 219.6 billion won ($187.7 million)  in the July-September quarter against a year-ago period.Its net profit plunged 72% on year amid weak demand for ships and oil rigs.The business ranging from shipbuilding to oil refining took a hit from a slowdown in global economy, HHI said.The group, however, managed to show improvement in the bottom-line against the previous quarter. Its operating profit grew 8.8 percent against the second quarter despite a 4.3 percent fall in sales.In June, HHI was split into two entities — KSOE and a reorganized…

Stockpiles of low-sulphur marine fuels held in floating storage around the Singapore trading and pricing hub are steadily growing ahead of a 2020 global deadline for rules that have shaken the global oil refining and shipping industries.A total of 32 ships, mostly supertankers capable of carrying 300,000 tonnes or more of oil, are currently anchored in Malaysian waters near Singapore accumulating stores of IMO-compliant fuels on board, according to data released by intelligence…

Japan’s third-largest oil refining company, Cosmo Oil, , has started building stocks of very-low-sulfur fuel oil (VLSFO) for supply to domestic marine fuel markets from next month (October 2019) ahead of the IMO 2020 mandate requiring ships globally to reduce their bunker fuel sulfur content to 0.5% from the current 3.5% from January 2020.Cosmo Oil is using VLSFO produced at its residue desulfurizer (RDS) unit at its Chiba refinery near Tokyo to build the stocks, Cosmo Oil’sPresident Shunichi Tanaka said on Sunday…

India and Russia have agreed on a five-year roadmap to step up cooperation in the hydrocarbon sector, including investment, not only in exploration and production in each other's oil and gas fields but also in downstream projects.India invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas fields.According to a joint statement issued after India Prime Minister Narendra Modi's annual bilateral summit with Russian President Vladimir Putin in Vladivostok, Indian state-owned firms, which already have stakes in four sets of oil and gas fields in Russia…

Oil product inventories in the Singapore storage and trading hub fell to an eight-month low in the week ended July 17, official data showed, in one of the latest signs that suppliers are gearing up for rule changes to make marine fuel cleaner.Singapore onshore stocks of petroleum products, which include gasoline, diesel, jet fuel and residual fuel oil, came in at 38.372 million barrels, down from 41.725 million barrels in the previous week and their lowest since the week ended Nov.

China's Ministry of Transport has raised its security recommendation for Chinese vessels in the Malacca Strait, a major potential bottleneck for global oil, to the highest level, according to a notice dated July 2 sent to shipping companies.The level for Chinese vessels passing through and going to the strait was raised to "3" as of 10 p.m. on July 2 (1400 GMT), according to the notice, whose authenticity was confirmed by an official at the ministry.It said shipping firms "should…

International Maritime Organization (IMO) has been preparing ahead of the implementation date. From 1 January 2020, under IMO's MARPOL convention for the prevention of pollution from ships.Accordingly, the sulfur content of fuel oil used by ships operating outside designated emission control areas shall not exceed 0.50% - representing an 80% cut from the current 3.50% limit. New requirements for ships to cut sulfur oxide emissions enter into effect on 1 January 2020, marking a sea change in fuel used by ships, globally, which will significantly reduce air pollution from ships with positive benefits for human health and the environment.At a roundtable industry meeting hosted by IMO at its London Headquarters (21 June)…

China Petroleum & Chemical Corporation (Sinopec ), China's first large-scale production of greener low-sulfur marine fuel oil (LSFO), announced the production capability of 10 million and 15 million tons of low-sulfur marine fuel oil in 2020 and 2023.The Beijing-based Chinese oil and gas enterprise said in a press release that by January 1, 2020, Zhoushan and other China major ports will be fully covered with Sinopec product availability, and more than 50 key overseas ports, including Singapore, will be covered with Sinopec supply ability.The commitment will contribute 600,000 tons of sulfur oxide emissions reduction, equivalent to shutting…

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea.Abdulaziz Al-Judaimi, Saudi Aramco’s Senior Vice President of Downstream, said: “Saudi Aramco continues to strengthen its position in the downstream sector.