Petroleum industry
China's oil giants, Sinopec and PetroChina, are working to alleviate diesel shortages in the domestic market by halting exports and seeking imports. Sinopec has suspended diesel exports while PetroChina plans to import 200,000 tons of diesel, with 35,000 tons already arriving. Insiders attribute the shortage to
Petroleum industry
As the National Incident Commander for the response to the Deepwater Horizon (BP) oil spill, Adm. Thad Allen played a crucial role in coordinating the efforts of various federal, state, and local organizations, as well as BP, to mitigate the effects of the disaster. His expertise in disaster management and
Petroleum industry
The Department of Energy reported a 3.4 million barrel drop in oil inventories, marking the biggest week-to-week decline since July, while gasoline and distillate stocks also fell below expectations. This increased demand and tightening supplies in the oil market led to a 35-cent, or 0.4%, rise in light,
Petroleum industry
Solutia Inc., a leading specialty chemicals company, has sold its Perkalink business and entered into a definitive agreement to sell select Primary Accelerators assets to LANXESS, a Germany-based specialty chemicals company. The sale is a strategic step forward for Solutia's Flexsys portfolio, which focuses on the manufacture and
Petroleum industry
Modest economic growth in the US led to a decline in oil prices on the New York Mercantile Exchange (NYMEX) and the ICE futures exchange on Friday. The decline follows the US Commerce Department's report of 2% growth in third-quarter gross domestic product, slightly below the 2.1%
Petroleum industry
Crude oil futures rose marginally higher on Thursday as the dollar slipped against other currencies, creating a favorable environment for oil priced in US dollars to rise. However, uncertainty surrounding the Federal Reserve's plan to stimulate the economy and upcoming economic data kept traders cautious, resulting in a
Petroleum industry
The Indian Oil Corporation (IOC) announced a price hike for petrol, increasing the price by 72 paise per litre, effective midnight. The new price of petrol in Delhi will be Rs 52.55 a litre, with prices varying in other cities depending on local taxes and levies. This move comes
Petroleum industry
The government of Shandong province in eastern China is working to consolidate its independent oil refineries by introducing a unified brand for local product oil and encouraging them to establish their own oil service stations within and beyond the province. This initiative aims to strengthen the province's presence
Petroleum industry
SPB Software, a leading mobile applications and games developer, has announced the latest version of its best-selling mobile user interface, SPB Mobile Shell 5.0, for device manufacturers and carriers. This revolutionary upgrade provides a uniform user interface across most mobile operating systems, including Android, Symbian, and Windows Mobile. SPB
Petroleum industry
Kampala, the capital city of Uganda, has been grappling with high fuel costs, with prices increasing from Shs2,850 ($1.25) to Shs3,500 ($1.50) for petrol over the past three weeks. The Kenya Ports Authority (KPA) has attributed the escalating fuel prices to hoarding by private oil companies,
Petroleum industry
Researchers from the University of New Hampshire's Hubbard Center for Genome Studies, in collaboration with Auburn University and the University of Texas at San Antonio, have received a $200,000 grant from the National Science Foundation to study the effects of the Deepwater Horizon oil spill on the
Petroleum industry
A new research study published by the Baker Institute for Public Policy at Rice University has found that electric cars hold a greater promise for reducing emissions and lowering US oil imports than a national renewable portfolio standard. According to the study, mandating that 30% of all vehicles be electric
