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 29th 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/
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