Oil refinery news

With record high margins in 2022 pushing toward increasing market tightness, volatility, and potential long-term challenges, players can use this time as an opportunity to become more resilient. Cherry Ding, Tim Fitzgibbon, Hari Govindahari and Brian Roth, McKinsey, discuss.

In the Nigerian oil and gas sector, fields and refineries are set to lead upcoming project starts, accounting for about 57% of the total project starts between 2023 – 2027, says GlobalData.

These works are part of the Refinery Development Master Plans (RDMP) launched by PT Pertamina to revitalise the Cilacap, Balongan, Dumai, and Balikpapan refineries to improve their production capacity and competitiveness.

Westwood’s intelligence solution for energy transition stakeholders, Atlas New Energies has recently launched, and revealed that blue hydrogen is the key to driving development of hydrogen and CCS clusters.

According to a new report by the IEF and S&P Global, global oil refining capacity dropped for the first time in 20 years in 2020 and again in 2021, exacerbating tight markets and volatile prices for fuels such as gasoline and diesel.

Petrobras has restarted the sale processes of the Abreu e Lima refinery, Presidente Getúlio Refinery Vargas, and Alberto Pasqualini refinery, all located in Brazil.

Numaligarh Refinery Ltd. is expanding its refining capacity from its current 3 million tpy to 9 million by installing a new 6 million tpy capacity Crude Oil Distillation Unit / Vacuum Distillation Unit and associated downstream process units as part of the NREP.

The furnace has been commissioned by Essar Oil UK as it transitions to run its operations on hydrogen as part of HyNet, the UK’s leading decarbonisation cluster and will be the UK’s first refinery-based hydrogen-powered furnace.

The Phillips 66 Humber Refinery in the UK is on track to become the first refinery in the world to reduce its carbon dioxide emissions using a technology pioneered by Shell Catalysts & Technologies.

The companies have signed an MoU aimed at strengthening cooperation across crude oil sourcing and the marketing of refining and petrochemical products and LNG in Thailand.