Caltex, Australia’s largest refiner, has reported profits of AUS$ 318 million, a small fall compared to the previous year. Nevertheless, the company bettered its own forecasts and remains optimistic regarding the medium term outlook for refiner margins.
China plans to set up a joint venture with Myanmar to build a new refinery near Mandalay, Myanmar’s second city. The new refinery, with a planned daily crude oil processing capacity of 56 000 barrels, will refine crude oil from the Middle East. An oil pipeline is under construction to transport the crude oil. The capacity of the refinery will exceed the total capacity of the top three refineries in Myanmar. China will assume 51% of the construction cost of the project, which is expected to be completed within three to five years.
Reliance Industries has plans for major investment totaling US$ 30 billion within the energy and telecoms sectors in the next five years. As outlined in the proposed capital expenditure investment plan, Reliance would invest US$ 10 to 12 billion in petrochemicals and US$ 10 billion on exploration and development of oil and gas discoveries made in India and US.
Essar Energy in engaged in negotiations to buy Shell’s UK based Stanlow refinery. The proposed move would help Essar substantially improve its refining capacity globally. The deal, estimated at US$ 350 to 400 million, could take two months to finalise.
SPIC directors have divested the company’s shares in Manali Petrochemical Limited, as part of moves to focus on the company’s main business. The non-core assets are being sold to repay debts under ARCIL.
Osaka International Refining Company, a group company of JX Nippon Oil and Energy Corp, is planning to conduct yearly maintenance between March 7 and April 18.
New Zealand Refining Company is planning a NZ$ 500 million expansion project on its Marsden Pt complex. There are hopes that the work could employ up to 300 people at the peak of construction.
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