Petroleum industry
China Petroleum and Chemical Corporation (Sinopec), the largest refiner in Asia, has signed a landmark agreement with Brazil's state-owned oil and gas giant Petrobras to import large quantities of crude oil. The deal, announced in February 2009, is part of a broader cooperation between the two companies in
Petroleum industry
Foster Wheeler AG has announced that its UK-headquartered subsidiary, Foster Wheeler Energy Limited, has been awarded a contract by the South Oil Company for the basic engineering of new oil export facilities in Iraq. The project aims to supplement the existing Al-Basra terminal, with the new facilities featuring single point
Petroleum industry
SK Energy, a top South Korean refiner, remains in negotiations with the Iraqi government to resume oil imports after a one-year suspension. The ban on SK Energy's crude exports was imposed by Iraq's central government in January 2022 in retaliation for signing a deal with the
Petroleum industry
Tokyo-based Nippon Oil Corp., Mitsubishi Heavy Industries Ltd., and four other leading Japanese companies have announced their plans to conduct joint research on developing an efficient technology for bioethanol production. The six firms aim to reduce carbon emissions from petroleum products by growing bioethanol-producing plants on non-arable lands, thereby preserving
Petroleum industry
Brazil's state-run energy giant Petroleo Brasileiro, or Petrobras, has discovered oil traces in test wells drilled at two exploration blocks in the Potiguar Basin. The finds were made in the BT-POT-8 and POT-T-520 blocks, where Petrobras holds a 100% stake. This is the latest in a string of
Petroleum industry
Oil prices rose Wednesday on evidence of high OPEC compliance with production cuts, but an expected surge in U.S. oil inventories put the brakes on any rally. Crude oil futures rose as OPEC members reduced production by about 75% of the 4.2 million barrels a day promised in
Petroleum industry
U.S. economic data released on January 28, 2009, highlighted a worsening recession, leading to lower crude futures prices. New jobless claims soared, and orders for durable goods fell, casting doubt on a quick recovery in oil demand. The U.S. Commerce Department was expected to report a significant contraction
Petroleum industry
Crude oil futures rose in New York on January 28, 2009, as gasoline inventories unexpectedly fell, sparking concerns about summer supply levels. Despite falling demand, the market received support from a decline in fuel inventories. Gasoline stocks dropped 100,000 barrels in the week ended January 23, contrary to analysts&
Petroleum industry
Stock markets around the world slumped sharply yesterday in response to a surprising announcement from Microsoft Corp. that it will cut 5,000 jobs and its quarterly earnings missed estimates. The tech giant also stopped providing sales and profit forecasts due to economic uncertainty, citing clouded visibility and a difficult
Petroleum industry
China Petrochemical Corp, the parent company of listed China Petroleum & Chemical Corp (Sinopec), has announced output figures that fell short of its targets, particularly in the petrochemical segment, which has been adversely affected by the global economic downturn. The company's total crude oil output stood at 41.
Petroleum industry
The 2008 OSIsoft User Group conference brought together over 650 professionals from diverse industries, including water, chemicals, oil and gas, and pharmaceuticals, to discuss the integration of legacy control systems with information technology and the business network. The conference highlighted the importance of a unified data infrastructure in optimizing plant
Petroleum industry
Oil prices continued to slide, with crude futures settling 1.3% lower at $37.28 a barrel on the New York Mercantile Exchange, as rising oil and product inventories highlighted weak demand. The decline follows a brief resurgence at the start of the year, with oil prices plummeting from above
