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Asia Oil Refining Margins Climb, But a Peak Looms

Aug 24, 2023

The profit from turning a barrel of crude oil into refined fuels has hit a 13-month in Asia but there are signs that the rally may be starting to lose momentum.The profit margin, or crack, for processing a barrel of Dubai crude at a typical Singapore refinery DUB-SIN-REF climbed to $15.05 on Wednesday, the highest since July 5, 2022.The margin has rallied an astonishing 1,758% from the low in 2023 of $0…

Shell Taps Goldman Sachs to Explore Singapore Refinery Sale

Aug 23, 2023

Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter.The global energy major's new CEO…

China's Shandong Starts Releasing Oil Stranded at Ports after Inspections, Sources Say

Jun 28, 2023

China's Shandong refining hub has begun releasing millions of barrels of oil that were stuck at ports after inspections curbed imports into the province, trading sources said following a meeting this week between officials and refiners.The easing…

Asian Refiners Eager to Resume Iranian Oil Imports as High Prices Bite

Feb 17, 2022

Asian refiners, traditionally big buyers of Iranian oil, are keen to resume imports from Iran if there is an agreement to revive a 2015 nuclear deal, which could pave the way for more supply on global markets and soften prices.Most Asian buyers halted Iranian oil imports in 2019 after former U…

India's Top Oil Refiner Plans 10,000 Electric Car Charging Stations

Nov 03, 2021

Indian Oil Corp (IOC) will set up 10,000 electric vehicle charging stations in the next three years and is drawing up plans to cut greenhouse gas emissions from its operations to aid the country's net-zero carbon target by 2070, its chairman said on Wednesday…

Powerful Earthquake Shuts Down Fifth of Japan's Oil Refining Capacity

Feb 15, 2021

Japanese refiners led by the biggest, Eneos Corp, shut down a fifth of the country's crude oil refining capacity after a powerful earthquake struck northeastern Japan knocking out power, bullet train lines and injuring more than 150 people.The…

Shell to Shut Down Philippine Refinery and Turn It into Import Terminal

Aug 13, 2020

The Philippine unit of Royal Dutch Shell said on Tuesday it will permanently shut one of the country's two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts.Pilipinas Shell Petroleum Corp said its 110…

S.Korean Refiners Post Record H1 Losses

Jul 29, 2020

Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand.SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy…

New Zealand Refiner to Shrink. May Turn into Fuel Import Terminal

Jun 25, 2020

Refining NZ said on Thursday it is considering shutting New Zealand's only oil refinery and turning it into a fuel import terminal in the long run, but first will reduce its operations to cut costs and breakeven into 2021.Refining NZ's Marsden…

Refineries around Asia Join Chinese Peers in Increasing Production

Jun 10, 2020

Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating rate for refineries in Asia is expected to rise to 75…

Japan's Refiners Facing Stagnant Market May Cut Capacity

May 26, 2020

Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic. They've been hit by declining use for fuel at home, competition from newer refineries in China and South Korea dominating in other markets…

India's April Crude Processing in Biggest Drop Since 2003

May 25, 2020

India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production.Refiners processed about 14.75 million tonnes or 3…

Lightning Sparks Fire at Hengyuan's Malaysian Refinery

May 22, 2020

Hengyuan Refining Company Bhd said on Friday that a tank storing crude oil had caught fire at its refinery on the Malaysian west coast.Preliminary investigations show the fire at the Port Dickson refinery was due to a lightning strike, the company said in a statement…

Japan's Oil Refiners Keep Running Even as Coronavirus Curbs Fuel Sales

Mar 06, 2020

Sales of petroleum products are slumping in Japan as the coronavirus outbreak worsens in the world's fourth-biggest importer of crude, but the country's biggest refiners say they are not planning to cut production.Oil product sales, including gasoline and jet fuel…

PetroChina Resumes Guangdong Refinery Construction

Feb 19, 2020

Asia'a largest oil and gas firm PetroChina resumed construction of its oil refinery and petrochemical project in southern Chinese province of Guangdong, as the number of new coronavirus cases fell for a second straight day.In an attempt to curb the spread of the virus…

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