Downstream news: Europe, Asia and Australia

UK

The Milford Haven refinery in Wales is at risk of shutdown, its American owner having slashed its value and hinted at closure.

Murphy Oil put the plant up for sale three years ago but has failed to find a buyer. The site employs more than 400 workers.

India

Indian oil refineries processed 4.5% less oil in January than a year earlier.

The refiners processed approximately 4.43 million bpd of crude last month. Reliance Industries, owner of the world’s biggest refining complex, processed 22.6% less oil at its 660 000 bpd plant.

The country’s crude oil output during January rose 3% to approximately 771 000 bpd.

Natural gas output fell 5.2% to approximately 3.07 billion m³ in January.

Malaysia

Petroliam Nasional Bhd is experiencing another delay in its 60 billion ringgit refinery and petrochemicals integrated development (RAPID) project, as its final investment decision cannot be made before the deadline by the first quarter of this year.

The projects will be further delayed as RAPID’s FID will most likely not be approved by the timeline stipulated, which is in March and Petronas will incur a sunk cost of 4 billion ringgit.

Australia

Vitol SA is buying Royal Dutch Shell’s Australian refinery and petrol stations for approximately US$ 2.6 billion in its biggest ever acquisition.

The sale puts Shell on track to hit its target of US$ 15 billion in asset sales over the next two years, set by new Chief Executive, Ben van Beurden, as part of an austerity drive following a profit warning in January.

Edited from various sources by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/24022014/downstream_news_194/