3rd March downstream news: Europe, USA, Canada and NZ

Ukraine

Lukoil, a Russia based oil company, has ceased supply of oil to the Odessa refinery in Ukraine.

The company said that the last tanker had been sent on 29^th December 2013.

New Zealand

New Zealand Refining raised US$ 48 million in a placement of new shares at a 4% discount.

The company sold the shares to institutions after the close of trading on Friday at US$ 1.68 each. The stock ended trading last week at US$ 1.75 and has declined 15% this year.

Canada

WorleyParsons has added an C$ 130 million engineering and procurement services contract to its projected pipeline for work on a Canadian bitumen refinery.

The work is scheduled to begin immediately and the project is a joint venture between North West Upgrading Limited and a wholly owned subsidiary of Canadian Natural Resources Limited. Phase 1 of the US$ 8.5 billion refinery  is designed to process 50 000 bbls of bitumen/day.

USA

Alaska

The impending closure of the Flint Hills Resources North Pole refinery could cut US$ 11 million in annual revenue to the Alaska Railroad.

Alaska Railroad President and CEO, Bill O’Leary, has said that the US$ 11 million loss in freight is expected despite a likely increase in northbound fuel trains to meet interior demand for multiple fuels now provided by Flint Hills.

To compensate, the Alaska Railroad has cut what was once a daily freight service between Anchorage and Fairbanks to five days per week.

Edited from various sources by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/03032014/downstream_news_222/