Global downstream news update

USA

Western Refining Logistics, a recently formed subsidiary of Western Refining, has performed well in its stock market debut.

Stocks closed at 24.10 per share on Thursday on the New York Mercantile Stock Exchange, 9.5% higher than the 22 price set by the company on Wednesday night for initial public offering.

The company raised more than 302 million by selling 13.75 million shares at 22 per share before the stock hit the market on Thursday morning.

California

The Contra Costa County Zoning Administrator is to hold a compliance hearing on Monday morning regarding the 2007 Clean Fuels Expansion Project at the Phillips 66 petroleum refinery in Rodeo.

The hearing is the second of three annual post construction compliance hearings.

UK

Nearly one in five workers at the Grangemouth refinery in Scotland have signed a new contract that refinery owners say is essential for the prevention of closure.

Switzerland based privately owned Ineos has gave its 1350 employees until 6pm tonight to agree to new, less favourable terms and conditions or face redundancy.

The company commented yesterday that more than 250 people had already signed the deal, accepting cuts to their pension plans and holiday entitlement and a three year wage freeze.

Saudi Arabia

Invensys Operations Management is working with SATORP (Saudi Aramco Total Refining & Petrochemical Company) on the commissioning phase of the Jubail, Saudi Arabia refinery project. This 400 000 bpd facility has been designed and built with an integrated refinery information system (RIS) that includes an integrated InFusion enterprise control system solution encompassing total supply chain management; refinery planning and scheduling; operations management, including health, safety, and environmental management; quality control and assurance; performance and control management.

A joint venture between Saudi Aramco and Total France, the refinery will produce diesel, jet fuel, and gasoline, as well as petrochemicals like paraxylene, aromatic benzene, and propylene.

Africa

Tema Oil Refinery Ltd, Ghana’s only crude processing facility, has restarted following its third closure this year.

The refiner resumed operation on 15^th October after management were able to secure letters of credit and bought a consignment of 600 000 bbls of crude from Nigeria. 

Edited from various sources by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/22102013/global_downstream_news_771/