3rd June: Downstream world news
Cameron
Cameron has announced that it has completed the previously announced sale of its reciprocating compression business to GE for cash consideration of approximately US$ 550 million. Jack Moore, Cameron Chairman, President and CEO said, ‘the divesture of our reciprocating compression business is consistent with our strategy to build on strong sales and order momentum in our core markets while selectively expanding product and service offerings in strategic growth areas. On behalf of our entire organisation I’d like to thank reciprocating compression employees for their many contributions to Cameron and wish them well at GE.’
Jacobs
Jacobs Engineering Group Inc. announced today that it was honoured with three awards at the 2014 American Council of Engineering Companies (ACEC) Engineering Excellence Awards Gala. ACEC’s annual Engineering Excellence Awards recognise preeminent engineering achievements from throughout the world, using criteria such as uniqueness and originality, complexity and technical, economic and social value.
South Korea
The South Korean government has announced a new tax regime to boost the demand for coal alternative fuels for electricity generation. In July the government will lower taxes on LNG to 42 won /kg from 60 won. Propane will decrease from 14 won /kg to 20 won and kerosene will fall to 72 won /ltr from 104 won.
Uganda
It has been announced that the construction of a refinery in Kabaale village, Hoima district, Uganda will begin in 2015. Companies who will finance part of the project have signed a memorandum of understanding with the Ugandan government and are now carrying out evaluations. CNOOC is the only oil firm to so far receive a production license agreement.
USA
Marathon Petroleum Corp. following the shutdown of its Garyville, Louisiana refinery following tornado damage on 28th May, has said that it expects the crude unit to be back on line by mid June. The company has also said that it expects throughput to decline by less than 5% due to the incident and subsequent unit closure.
Wales
Three years after an explosion at the Pembroke refinery that killed four people, investigations are still ongoing. The investigation is looking to establish whether there was an offence under the Corporate Manslaughter Act 2007.
Edited from various sources by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/03062014/2_june_downstream_world_news/
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