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3 companies refine 12.2M tons of crude oil in 2017/18

Three companies affiliated to the Egyptian public business sector were enabled to refine about 12.2 million tons of crude oil during fiscal year 2017/2018. This step came to meet the needs of the local market of major petroleum products such as oil and gas. These companies are Cairo Oil Refining Company (CORC), Assiut Oil Refining Company (ASORC), and Amreya Petroleum Refining Company (APRC). As per Cairo Company, it refined around 4.8 million tons at its oil refineries in Mostorod and Tanta to cover some of the local market needs of ...

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UK GAS-Prices rise as colder weather, higher demand looms

Prompt British wholesale gas prices rose on Monday, despite a well-supplied market, in anticipation of a shift to lower autumnal temperatures and higher gas consumption. * Within-day gas prices were up 2.05 pence at 72.75 pence per therm by 0840 GMT. * The day-ahead gas price was 0.85 pence higher at 72.85 p/therm * Monday’s rises offset price falls on Friday after potential industrial action in some North Sea platforms was averted. * Supplies from the UK Continental Shelf were expected to be 8 million cubic metres (mcm) lower, reflecting ...

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Asian middle distillates lose steam as demand fizzles out

Asian middle distillates back-pedaled in the second week of September, tracking weaker demand which saw the gasoil and jet market giving up some of its gains from the start of the month. In the Asian gasoil market, sentiment was still buoyant for the benchmark FOB Singapore 10 ppm sulfur gasoil grade with traders saying that demand continued to be steady even as regional supply balances were still seen limited. The front-month October/November Singapore gasoil timespread remained rangebound over the same period to be assessed at plus 66 cents/b Friday, up ...

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GLOBAL LNG-Prices for November soften after earlier strong weeks

Asian spot liquefied natural gas (LNG) softened for November delivery after several weeks of strong demand and tightening supplies led buyers to wait for a correction in prices. Spot prices for November LNG-AS delivery in Asia were heard around $12.00 per million British thermal units (mmBtu) this week, down 5 cents from the week before, market sources said. The first half of November was weaker than the second, with one cargo for delivery in the first two weeks of the month offered but unsold at $12.00, traders said. The last ...

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Europe’s natural gas market continuing to grow and diversify

Since 2015, Europe’s natural gas market has shown strong demand growth driven by economic recovery, an increasingly gas-reliant power sector and unseasonable weather patterns that have increased the continent’s heating and cooling needs. The big picture Recent trends suggest the market is not only growing but also diversifying its suppliers, routes and delivery forms. There’s considerable push for further liberalization to provide greater transparency and market-based pricing, features that attract competition and increase exporter interest. The growth thus provides a way to both decarbonize Europe’s economy and fortify its energy ...

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UK GAS-Prices mostly fall on warmer weather, cancelled strike action

Prompt British wholesale gas prices mostly fell on Friday morning on warmer weather forecasts and as strike action planned for three North Sea oil and gas platforms on Monday was cancelled. * Within-day gas prices were down 0.45 pence at 70.05 pence per therm. * Traders said expectations for warmer weather, combined with the news that output would not be curbed by strike action on Monday after it was cancelled by the Unite union, led to bearish pressure on the market. * Unite said further proposals were put forward on ...

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China’s squeezed ‘teapots’ eye petchem path to riches

Several independent Chinese refineries are drawing up plans to build petrochemical complexes in east China’s Shandong province, aiming to join an investment boom in the world’s top chemicals market. China is allowing greater access by global players and independent local companies to build new plants to help narrow an import gap of plastics, rubber and polyester as middle-class consumers chase high-end goods from cars to electronics. U.S. major Exxon Mobil Corp and Germany’s BASF have announced multi-billion-dollar investments over the past two months as they look to rival local firms ...

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UK GAS-Prices slide as storage compensates for lower Norway flows

British wholesale gas prices fell on Thursday as nominations from storage boosted supplies that were depleted by lower flows from Norway. * Day-ahead gas fell by 0.8 pence to 71.75 pence per therm by 0830 GMT * Within-day gas price down 1.25 pence at 72.25 pence per therm * Flows from Norway, which had been boosted by diverted supplies due to an issue with a pipeline going to France, were lower on Thursday as the problem was resolved * Supplies on the Langeled pipeline from Norway were at 24 million ...

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UK GAS-Prices fall on supply surplus from higher flows from Norway

British wholesale gas prices fell on Wednesday as flows through Norway’s largest pipeline Langeled rose, creating a supply surplus. * Day-ahead gas fell by 2.65 pence to 73.00 pence per therm by 0837 GMT * Within-day gas price down 3.70 pence at 72.30 pence per therm * A rise in flows through Norway’s Langeled pipeline created a long system and caused prices to decline amid the gas oversupply, said a British gas trader * The market is oversupplied, with demand forecast at 176.9 million cubic metres (mcm) and flows at ...

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Russia says getting closer to deal on new gas route to China

Russia is getting closer to concluding a deal on a new route for transporting gas to China, its energy minister said on Wednesday. That comes as the Chinese government has been pushing to switch businesses and households to gas and away from coal for heating as part of its war on pollution. “Yesterday, during the talks with China’s Xi (Jinping), the Chinese head set the task of concluding the agreement of a contract on gas supplies via the western route in the nearest future,” Alexander Novak, Russia’s energy minister, told ...

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Norway Poised to Battle With Global Giants in German Gas Market

After supplying Europe’s biggest economy with natural gas for more than four decades, Norway is preparing to defend its share as the world’s biggest producers all vie for a larger slice of the $21 billion market. Russia last week began building a second giant pipeline to Germany and U.S. President Donald Trump is turning up the rhetoric in an attempt to secure sales of liquefied natural gas. And Qatar, the biggest LNG producer, is discussing supply deals with the nation’s utilities in what’s gearing up to be the biggest battle ...

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Rosneft CEO: no grounds for share buyback now – Ifax

Igor Sechin, chief executive of Russia’s top oil producer Rosneft, said that current market conditions did not favour a share buyback, Russian news agencies quoted him as saying on Wednesday. “It (a buyback) will depend on fluctuations in the share price. For now I don’t see any forecasts for such fluctuations which would allow (us) to begin,” Interfax quoted Sechin as saying. Last month, Rosneft’s board of directors had approved the structure and outline of a share buyback programme amounting to up to $2 billion. The programme will run until ...

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Russia’s Gazprom, Japan’s Mitsui sign MOU on Baltic LNG project

Russia’s Gazprom and Japan’s Mitsui and Co. signed a memorandum of understanding on the Baltic LNG project, which will include building an LNG plant on the Baltic Sea coast, the two companies’ second joint LNG project, the Russian company said Wednesday. The MOU was signed during a meeting between Gazpom CEO Alexei Miller and Mitsui Chairman Masami Iijima during the Eastern Economic Forum being held in Vladivostok, Russia. Japan’s Prime Minister Shinzo Abe and Russia’s President Vladimir Putin also met during the three-day forum. Underlining Japan’s role as Russia’s key ...

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Bulgaria-Greece gas pipeline project receives initial bids

Italy’s Saipem, a consortium including Azeri state firm SOCAR and nine other groups or firms have submitted initial bids to build a gas pipeline between Bulgaria and Greece, the company overseeing delivery of the project said. ICGB launched a tender in April for design, procurement and construction of the 182-km (113-mile) pipeline that is estimated to cost 145 million euros ($168 million). The contract winner will have 18 months to complete the project. Other firms which have filed initial bids also include Italy’s Sicim, Greek company J&P Avax, Turkey’s Fernas, ...

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Is LNG poised for a new growth cycle?

Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an extended period of oversupply. Things haven’t played out quite like that, and prices have staged a strong recovery. The market may not be out of the woods yet, as supply builds up next year potentially putting some downward pressure on prices. But the outlook beyond is bullish, with 65 mmtpa of new supply needed to meet growing demand by 2025 – that’s 20 mmtpa more ...

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