Global downstream news: 14 November 2014

UK

Striking workers at a North Lincolnshire refinery have now returned to work following three days of industrial action.

Approximately 450 contract employees walked out of the Humber refinery on Monday claiming safety concerns following a gas leak the week previously in which two people were taken to hospital.

The plant’s owners, Phillips 66, has said it will hold meetings with staff and the managers of contract companies.

USA

Dow Chemical has decided to reduce its stake in two petrochemical joint ventures with Kuwait.

The company’s website indicated that ‘Dow will reconfigure and reduce its equity base in the MEGlobal and Greater Equate joint ventures’.

Brazil

Excessive payments on contracts for refineries and other projects by state controlled Petrobras may have amounted to nearly 3 billion relas (US$ 1.17 billion), according to the head of the office investigating the irregularities.

This total includes alleged overpayments for construction of the Comperj petrochemical complex in Rio de Janeiro and the Abreu e Lima, Duqye de Cazias and Getulio Vargas refieneries, as well as the purportedly high cost of acquiring a refinery in the US city of Pasadena, Texas.

India

Indian Oil Corp. has deferred a planned shutdown of key units of its Koyali refinery in Gujarat to March – April 2015 from around October this year to capitalise on sliding crude prices.

IOC had initially planned maintenance shutdowns of a cooling tower, the fluid catalytic cracker and other facilities in Koyali.

Thailand

Thailand’s largest energy firm, PTT PCL, has said that it will accelerate its plan to sell its 27% stake in Bangchak Petroleum PCL, as it looks to reduce criticism about its monopoly.

Several investors, including oil retailers SUSCO PCL and PTG Energy PCL are keen to buy the stake.

Pakistan

A Chinese firm is planning to invest US$ 1 billion in setting up the country’s first deep conversion oil refinery in Balochistan.

The refinery would have an annual production capacity of 5 million t in the first phase. This would be enhanced to 10 million t in the next stage.

Edited from various sources by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/refining/14112014/downstream-news-1624/