Paz Oil Company Ltd. has reported NIS 3.74 billion revenue for the second quarter. This figure is over 20% higher than second quarter 2009. The company are also reporting a net profit attributable to shareholders of NIS 127 million.
Oil Refineries (Bazan) has also reported second quarter profits. The company reported a net profit of US$ 32 million which is a very sharp contrast to the loss of US$ 8 million that was reported for second quarter 2009.
The Kuwaiti government is about to begin a four year development plan which involves spending US$ 35 billion on oil projects. A fourth refinery will be built in the country and existing facilities will be upgraded to comply with the Clean Fuels Project. The new facility will add 615 000 bpd of processing capacity to Kuwait and the upgrades to existing facilities will increase processing capacity by a further 70 000 bpd.
Saudi Aramco and ExxonMobil Corp. have scheduled a maintenance shutdown of the Yanbu refinery. This will take place in 2013 and the facility will be closed for approximately 45 days from February that year.
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