It has been announced that during 2010 Azerbaijan invested some US$ 32.31 million in oil refining. During the first three quarters of 2011 the country has invested US$ 42.62 million in the industry. The country expects total investments in refining for 2011 to make up 0.4% of total investments made within the Azerbaijani economy this year.
Sinope is in talks with Galp Energia SGPS SA’s Latin American division to buy a stake in its Brazil unit. Sinopec has already invested in Brazilian oil with a US$ 7.1 billion investment in Repsol YPF SA, which was the largest overseas oil deal by a Chinese company in over 2 years.
Gail has set aside US$ 400 million for a new trading office to be built in Singapore. The office will be used to secure LNG and petrochemical deliveries in to India during 2012. The office is now open but will not begin operations until December 2011.
The new country of South Sudan has announced that it is looking for investors to help construct a refinery. The country currently produces 380 000 bpd but needs to produce more in order to keep up with regional demand.
CVR Energy Inc. has announced intentions to purchase Gary-Williams Energy Corp’ Wynnewood refinery in Oklahoma. The facility has a processing capacity of 70 000 bpd and will be sold for US$ 525 million and a working capital of approximately US$ 100 million. This will become CVR’s second refinery.
Marathon Petroleum has offered to buy all 500 residential homes surrounding its refinery in Southwest Detroit. The company is offering residents a comprehensive package to cover moving expenses, legal expenses and future mortgage payment assistance as well as a lump sum for their home, however many residents are not sure that this is enough.
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