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Eni asks for seizure order to be lifted to avoid refinery shutdown

Italy’s Eni has asked a judge to lift a court order seizing measurement devices that is threatening to shut down its refineries in Italy, a spokesman for the oil major said. Measurement devices at Eni’s refineries and oil-product storage facilities across Italy were seized by tax police earlier this week as part of a tax evasion probe. “We presented a request on Thursday … We are waiting for a reply,” an Eni spokesman said in an emailed comment on the effort to have the seizure order lifted. Prosecutors allege the ...

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‘China tensions could spark fuel shortage’

A dire warning for the Australian economy that tensions in the South China Sea could spark fuel shortages. Analysts fear growing tension in the region could leave Australia with a sudden fuel shortfall. A representative from the United States Air Force, John Blackburn, says a fuel levy is needed to increase our domestic reserves. ‘If we had a diesel fuel interruption we would be running out of food within a week,’ Mr Blackburn said. Much of Australia’s food distribution comes via trucks which use diesel fuel, 50 per cent of ...

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Gazprom expects natural gas export price to average $190/1,000 cu m through year-end

Russia’s Gazprom expects its European export price to average $190/1,000 cu m ($5.25/MMBtu) through the end of 2017, a price that its deputy CEO Alexander Medvedev says demonstrates the competitiveness of Russian gas especially versus US LNG deliveries. In an interview with Gazprom’s in-house magazine this week, Medvedev also said Gazprom had begun supplying gas to countries in Europe it does not reach via pipeline — such as Spain — through LNG deliveries. Gazprom is set to hit a new record export level for its pipeline gas to Europe and ...

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Shanghai exchange says it mulls natgas, refined products contracts

The Shanghai Futures Exchange (ShFE) is considering launching natural gas and refined oil products futures contracts as it continues to prepare for its long-awaited crude oil contract, Jiang Yan, chairman of the exchange, told Reuters on Thursday. He declined to give a timeline for the crude launch. The Shanghai International Energy Exchange (INE), a subsidiary of ShFE, which will operate the crude contract, had said in July it aimed to launch the contract this year but has not set a date as yet. “We are looking at designing natgas futures ...

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Eni’s Italian refineries at risk of shutdown after tax evasion probe

Italy’s Eni said its refineries in Italy were at risk of shutdown after Italian tax police seized assets as part of a probe into alleged tax evasion. The state-controlled oil major said in a statement a judge had ordered the seizure of devices used to measure oil products at its refineries and storage facilities across the country. Eni denied any wrongdoing. “Considering the consequences that might derive… from a total stop of the refining and fuel supply activities, Eni will request the possibility to continue using the measurement devices,” it ...

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Argentina reduces November price cut on ethanol for refiners

Argentina’s energy ministry on Tuesday partially backtracked on a price cut on ethanol introduced earlier this month for refiners who mix the biofuel into gasoline at a 12% ratio. The price cut has been shaved to 7.5% from 15% for sugarcane-derived ethanol, and to 10.5% from 21.1% for supplies made from corn, the ministry said in a resolution in the Official Bulletin, the government’s newspaper of record. It said the move came after ethanol producers provided information about production costs that “had not been contemplated” in the original price calculation. ...

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Hellenic Petroleum sees adjusted EBITDA above 800 mln euros this year-chairman

Greece’s largest oil refiner Hellenic Petroleum expects its core profit to exceed 800 million euros ($947.84 million) this year, Chairman Efstathios Tsotsoros said on Thursday. Tsotsoros made the forecast at an energy conference in Athens, according to prepared remarks. In 2016, underlying earnings before interest, tax, depreciation and amortisation (EBITDA), which strips out oil inventory holdings, came in at 731 million euros. Earlier this month, the company reported an 8 percent rise in third-quarter core profit, which came in at 206 million euros, as strong refining margins more than offset ...

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Qatar well-placed to meet rise in demand for LNG: Al-Sada

He the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada has said natural gas is the ideal solution to the climate change issue, resulting from the race to meet rising economic standards of living and industrial need of the growing population of this planet. Al-Sada was speaking at the First International Gas Seminar of the Gas Exporting Countries Forum on the sidelines of the 4th GECF Summit in Santa Cruz, Bolivia. Addressing the seminar, held under the theme “Natural Gas: The Fuel of Choice for Sustainable Development,” the ...

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Kinder Morgan gets US FERC go-ahead for project to supply Sabine Pass

The US Federal Energy Regulatory Commission late Monday approved a Kinder Morgan pipeline expansion that will deliver feedgas to a fifth liquefaction train at Cheniere Energy’s Sabine Pass LNG export terminal in Louisiana. The $151 million Sabine Pass Expansion Project will add 600,000 Dt/d of north-to-south firm service. It will replace a meter station in Acadia Parish, add a tap and lateral to connect to the export terminal in Cameron Parish, make changes to three delivery interconnects to allow receipts of gas as well as delivery, and add 15,900 hp ...

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German Q1-Q3 gas-fired power output up 13% on year: BDEW data

Production from German gas-fired power plants in the first nine months of 2017 was 13% higher than the same period last year, according to data from German energy lobby group BDEW, which is more comprehensive than daily aggregated TSO data which underreports smaller units. Comprehensive BDEW data shows 62 TWh vs 23 TWh in TSO data September shows second on-year decline in row for gas Power demand up 0.7% on year at 412.1 TWh for first nine months In September, the most recent month for which the BDEW data is ...

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Venezuela leans on foreign partners for oil to feed its refineries – sources

Venezuela’s state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close to the matter told Reuters, at a time when late debt payments have triggered defaults. PDVSA asked its Petropiar joint venture with Chevron Corp (CVX.N) to turn over as much as 45 percent of the oil it planned to export in November with no immediate reimbursement, one of the sources said this month. PDVSA did not respond to a request for comment. Chevron declined to comment. The joint ...

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U.S. average gasoline prices this Thanksgiving are higher than the previous two years

Heading into the Thanksgiving holiday weekend, U.S. retail regular-grade gasoline averaged $2.57 per gallon (gal), up 41 cents/gal from the same time last year. Although gasoline prices are higher than in both 2015 and 2016, the Thanksgiving 2017 gasoline price is still the third-lowest since 2008. The Thanksgiving holiday weekend is one of the heaviest travel times of the year. AAA forecasts 50.9 million people will be traveling 50 miles or more for the holiday this year, 1.6 million more travelers than last year and the most since 2005. Of ...

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Keystone XL Resurrection has Challenges

The final approval for 830,000 b/d Keystone XL was obtained today as the Nebraska Public Service Commission voted in favor of the pipeline. However, due to environmental concerns, the preferred route proposed by TransCanada was rejected, leaving the company to reevaluate its options. If shipper interest is strong enough to outweigh the cost associated with the inevitable legal challenges, the project will likely go forward, delivering more Canadian crude to the USGC in 2021. The controversial Keystone XL pipeline has been resurrected after years of dispute and reviews, presidential permit ...

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Natural gas inventories end October just below the previous five-year average

Working natural gas in storage in the Lower 48 states as of October 31, 2017, totaled 3,784 billion cubic feet (Bcf), as interpolated from EIA’s Weekly Natural Gas Storage Report data. Natural gas storage levels typically increase from April through October, although net injections sometimes occur in November. Inventories at the end of October 2017 were 2% lower than the previous five-year end-of-October average and 5% lower than the record-setting end-of-October level of 3,977 Bcf last year. Injection levels during refill season level can vary considerably, depending in part on ...

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Gazprom’s 2018 investments seen at 1.2 trillion rbls

The investment programme of Russian gas giant Gazprom is seen at 1.2 trillion roubles ($20.3 billion) in 2018, Interfax said on Tuesday, citing a source familiar with the company’s plans. Gazprom usually increases the funds it plans to spend in the course of the year. Gazprom said last month it had increased its investment programme for 2017 to 1.13 trillion roubles, or by 217.3 billion roubles, from the initial plan. Source: Reuters (Writing by Denis Pinchuk, editing by David Evans)

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