A plunge in Japanese crude imports last month and weekly refining rates just over 70 percent show that demand in the world’s third-leading oil consumer is still weak and any pick-up promises to be slight. For full story, click here
Flagship explorer Oil and Natural Gas Corporation on Thursday declared a 27% dip in its net profit for the first quarter of the ongoing fiscal as its sales realisation declined on account of lower crude prices and discounts given to state-run refiners. For full story, click here
China’s top oil firm, PetroChina, has commenced building 1 million cubic metres, or about 6.3 million barrels, of crude oil storage tanks in southwestern Sichuan, company-run China Petroleum Daily reported on Thursday. For full story, click here
Mangalore Refinery and Petrochemicals Ltd., a unit of India’s Oil and Natural Gas Corp., declared that it plans to invest INR18 billion to set up a 440,000-ton-per-annum polypropylene plant. For full story, click here
Japan’s Nippon Oil Corp declared that it had filed a lawsuit with the Tokyo District Court, asking for a rejection of the National Tax Tribunal’s findings in January that imposed extra taxes on the refiner on gains from energy derivatives trading. For full story, click here
China Metallurgical News declared that China National Petroleum Corporation has signed Chad pipeline transportation agreement with Shanghai based Baosteel days ago. For full story, click here
A plunge in Japanese crude imports last month and weekly refining rates just over 70 percent show that demand in the world’s third-largest oil consumer is still weak and any pick-up promises to be slight. For full story, click here
India’s Mangalore Refinery and Petrochemical Ltd has aimed to process at least 12.4 million tonnes of crude oil in the fiscal year ending March 2010, Managing Director U.K. Basu told reporters on Thursday. For full story, click here
Indian Oil Corporation Ltd will purchase oil from Cairn India’s Rajasthan field at a discounted price to Nigerian Bonny Light crude. For full story, click here
The following table lists unplanned and planned output outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and doesn’t purport to be a comprehensive list. For full story, click here
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