Downstream news update: 19th March 2014

UK

Murphy Oil is in advanced talks to sell its Milford Haven refinery in Wales to a private equity fund that is to continue operating the plant.

A deal is now moving closer with London-based Greybull Capital after it had agreed to fund a major planned maintenance within the next 18 months.

Also in the UK, Hydrodec Group PLC has filed a provisional patent application to protect operating and design intellectual property innovation in its original re-refining technology developed over eight years of commercial operation.

The company said the submission of this provisional patent reinforces the ongoing commercial protection of proprietary technology leadership in the production of sustainable and high quality transformer oil products at competitive market prices.

Meanwhile, Zeeco Europe Ltd, is to sponsor the new Stanford AFC Borderville ground from the 2014/15 season. The agreement will initially last for two years.

USA

Four refiners have teamed up to battle oil companies’ bid to export American crude. The move highlights the deep divisions in the oil industry over the 39 year old ban on selling US crude overseas.

The new effort, Consumers and Refiners United for Domestic Energy (CRUDE), aims to preserve the current dynamic, which favours refiners.

California

The draft environmental impact report for the Chevron Richmond refinery modernization plan is now available for public review and comment.

The project includes replacing the 1960s hydrogen plant with modern technology that is safer, cleaner and 20% more energy efficient. The company has indicated that the project will also give the refiner greater flexibility to process crude oil blends and gas oils containing higher levels of sulfur, while meeting environmental regulations.

The report can be reached at www.chevronmodernization.com.

New Jersey

PBF Energy Inc. has announced three executive promotions that will take effect on 1^st April, 2014.

Matthew Lucey, currently chief financial officer, has been named executive vice president; Erik Young, currently director of strategic planning, has been named senior vice president and chief financial officer; Herman Seedorf, currently senior vice president of Eastern Region Refining, has been named senior vice president of Refining.

Turkey

SOCAR has secured financing for its Turkish oil refinery project after two lenders dropped out.

The World Bank’s International Finance Corporation (IFC) and the European Bank of Reconstruction and Development (EBRD) have withdrawn from a consortium financing the refinery.

However, SOCAR Turkey’s chief executive, Kenan Yavuz, has announced that a commercial bank has agreed to supply fresh financing of US$ 500 million to replace the EBRD and IFC share. The funding agreement, worth a total of US$ 3.5 billion, is expected to be signed by the end of March.

Edited from various sources by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/19032014/downstream_news_283/