South Korea’s S-Oil Corp is to invest 8 trillion won (US$ 7.49 billion) to build heavy oil upgrading and petrochemical production units.
S-Oil plans to spend 5 trillion won through to 2017 to build heavy oil upgrading and petrochemical units, and then 3 trillion won later in order to build additional petrochemical units.
Bharat Petroleum Corporation Ltd (BPCL) has decided to opt for a module wise capacity expansion of the Bina refinery, on account of cash constraints and less than expected returns from the refinery.
Under the new plan, Bharat Oman Refineries Ltd (BORL), which owns a 26% stake in the venture, will invest smaller amounts to set up smaller modules of 2 million tpy, stabilize the new capacity, generate sufficient returns and invest the returns in setting up a new module.
The Joint Task Force (JTF), Operation Pulo Shield has said it destroyed approximately 17 illegal refineries in Edo, Delta and Bayelsa states and arrested eight suspected oil thieves during routine anti oil theft patrols.
The media coordinator of JTF additionally indicated that five of the illegal refineries were demolished in Edo and Delta states.
The Samir oil refinery has obtained a US$ 300 million loan via an agreement with Glencore energy, which includes exporting part of its production to Glencore Energy.
It is the second agreement of its kind, after Samir obtained a 24 month loan of US$ 200 million from Glencore Energy in 2012 with the same conditions.
‘Funds related to the deal were received on 11th February by Samir. The deal will strengthen the company’s finance and improve its rating, which will allow it to get local and international funding with good conditions’, the company said in a statement.
Edited from various sources by Emma McAleavey.
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