Crude Processing

Oman's recently inaugurated $9B Duqm Refinery, a joint venture between Oman's state energy firm OQ Group and Kuwait Petroleum International, is set to undergo feasibility studies for processing heavier crude grades by the year-end, according to CEO David Bird.

Recent mergers and acquisitions (M&A) in the shale business are exerting a profound impact on US refineries, introducing shifts in the competitive landscape and operational strategies within the industry.

German Economy Minister Robert Habeck recently conveyed Poland's commitment to ensuring a stable crude oil supply for the Schwedt refinery in the event of potential nationalization of Rosneft's German activities, including its majority stake.

Investor sentiment took a hit as bp's Whiting refinery, the largest in the US Midwest, suffered a sudden shutdown on Feb. 1 due to a site-wide electricity failure.

ExxonMobil's recent completion of the Baton Rouge Refinery Integrated Competitiveness (BRRIC) project, a $240MM initiative, reflects a calculated move to modernize the century-old Louisiana facility by prioritizing the processing of a diverse range of crude oils.

According to the latest news on Jan. 26, UK energy major Shell plans to transform its Wesseling refinery in Germany into a Group III base oil production unit.

In Dec., crude deliveries to GOI Energy's Priolo refinery complex in Sicily reached 185K b/d, showcasing a notable increase from November's 170K b/d, with an average of 195K b/d throughout 2023.

Commencing in the second week of Jan. 2024, Italian independent refiner API has initiated planned work at its Falconara refinery, an annual tradition lasting approximately a month.

The world’s No. 1 oil importer has significantly increased its crude oil import quotas for 2024, surprising the market by front-loading allocations to private refiners and traders.

In a bid to ensure a stable supply for local refining, Nigerian oil producers will be required to allocate 483K b/d to domestic refineries in the first half of 2024, as per newly introduced regulations.