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Saudi Aramco purchases $1.2 billion for Hyundai Oilbank

Korean Hyundai Heavy Industries (HHI) Group officially informed that successfully completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Aramco. Specifically, Saudi Aramco purchased about $1.2 billion to buy the oil refiner, as the deal was first unveiled several months ago before the final decision.

Norway’s new crude may jeopardize Asian oil market

Norway is playing an active role in the oil sector as more Norwegian oil from Johan Sverdrup is arriving in Asia, being a challenge to similar crudes coming from Africa and South America. If Johan Sverdrup continues attracting refiners, there is a high possibility that it will jeopardise exports of its rival grades to the world’s top crude-consuming region. 

EU’s refineries to be affected by 2020 sulphur cap

Over the next 5 years, the global refinery landscape will continue developing, with the IEA forecasting the addition of over 9 million b/d of new capacity; almost twice the level of refined products demand growth over the same period.

Indian Government increases new refinery’s cost estimates

According to New York Times, India increased the cost estimate of a refinery and petrochemical project, that will be jointly constructed by Saudi Aramco and Abu Dhabi National Oil Co, by more than 36%, following farmers’ protests on relocating the plant. The project is to be commissioned in 2025. 

Korean refiner to increase LSFO production by four times

SKTI informed that it will increase its offshore oil blending business by four times, reaching from the current 23,000 barrels a day, to 90,000 barrels next year. The company charters a large oil tanker and adds semi-finished products to produce LSFO. What is more, SKTI also plans to retrofit scrubbers on 19 ships.

2020 sulphur cap could reduce Middle East crude prices

The worldwide demand for cleaner shipping fuel could drive the value of Middle East crude to its lowest ever levels, despite fact that supplies are squeezed. This highlights the fact that the 2020 sulphur cap will hurt countries like Saudi Arabia and Iraq that produce high sulphur fuel.

Mississippi Floodway might open for third time in history

Because of the alarming rising levels seen on Mississippi River, Bloomberg informs that the Morganza Floodway may be opened for the third time in the history, increasing the possibilities of flooding a large part of rural Louisiana and affecting refineries in the region.

Rotterdam industry cuts its CO2 emissions in 2018

For the second year in a row, industry in the Port of Rotterdam has released less CO2 into the atmosphere. This becomes clear from new figures presented by the Dutch Emissions Authority. The sector has reduced its emissions by 13.6%, namely 4.2 million tonnes over the course of the past two years. The key driver of this decrease is the closure of several outdated coal-fired plants in mid-2017.

Storage tanks at Deer Park Complex catch fire

Six petrochemical storage tanks caught fire at the International Terminal Co. storage farm at Houston’s sprawling Deer Park refining complex, on March 17. The fire spread quickly, and managed to affect a total of seven filled. These tanks include gasoline, xylene, naphtha and lubricant base oil. All employees are accounted for, and no injuries have been reported.

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