Oil and gas industry announcements: 23 June 2015

American Trucking Association

Leaders at the American Trucking Association (ATA) have offered statements of support for the Obama Administration’s second round of GHG and fuel efficiency rules for commercial trucks, but remains concerned the rule may result in the use of certain technologies on vehicles before they cam be fully tested. ATA President and CEO, Bill Graves said, “fuel is an enormous expense for our industry, and carbon emissions carry an enormous cost for our planet. That’s why our industry supported the Obama Administration’s historic first round of greenhouse gas and fuel efficiency standards for medium and large trucks and why we support the aims of this second round of standards.”

Intertek

Intertek has expanded its oil condition monitoring (OCM) capability to Melbourne, Australia. OCM is a proven loss prevention technique and forms part of an effective predictive condition passed maintenance program. Intertek’s OCM service provides a full site of oil analysis services to assist owners and operators in identifying potential component failures before they occur, helping to keep systems up and running, reducing the risk of expensive damage, downtime and repairs.

McDermott

McDermott International, Inc. has announced that its joint venture Qingdao McDermott Wuchuan (QMW) has been awarded a module fabrication contract for Yamal LNG, a LNG plant being built northeast of the Yamal Peninsula, Russia. The large contract is being performed in the QMW fabrication facility in Qingdao, China and commenced in the second quarter of 2015. The full scope of work includes fabrication, engineering, procurement, construction including mechanical completion, precommissioning, weighing, and load out. The scope of work also includes the sea fastening of six units of onshore LNG fractionation preassembled unit modules of approximately 13 200 t. Two of the modules weigh in at approximately 4630 t each.

PBF Energy

PBF Energy Inc. has announced that its subsidiary has signed a definitive agreement to purchase Chalmette Refining LLC, consisting of the 189 000 bpd Chalmette refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC. With the acquisition PBF will increase its total throughput capacity to over 725 000 bpd. The purchase price for the assets is US$322 million, plus working capital including inventory to be valued at closing. PBF Energy does not expect to issue equity to finance any portion of this transaction. The transaction is expected to be approximately 20% accretive to 2016 consensus earnings in the first year of operation and is expected to close prior to year end 2015, subject to customary closing conditions and regulatory approvals.

Edited from press releases by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/23062015/oil-gas-ind-announce/