bp to sell interest in bp-Husky Toledo Refinery to Cenovus

bp has reached an agreement to sell its 50% interest in the bp-Husky Toledo Refinery in Ohio to Calgary-based Cenovus, its joint venture partner in the facility, said Hydrocarbonprocessing.

Under the terms of the deal, Cenovus will pay USD300 million for bp’s stake in the refinery, plus the value of inventory, and take over operations when the transaction closes, which is expected to occur later in 2022. bp and Cenovus will also enter into a multi-year product supply agreement.

The bp-operated refinery, which can process up to 160,000 barrels of crude oil per day, has been an important part of the region’s economy for more than 100 years, supporting jobs and safely supplying gasoline, diesel and other essential fuels and products.

Dave Lawler, chairman and president, bp America, said: “We are proud of the business we have built in Toledo, which has provided thousands of good-paying jobs and made significant contributions to Ohio’s economy and America’s energy security for decades. As our partner in Ohio, Cenovus is ideally placed to take this important business into the future."

Today’s announcement follows another recent deal with Cenovus that, taken together, will help reshape bp’s North American oil and gas portfolio for long-term profitable growth.

In June, bp entered into an agreement to sell its interest in the Sunrise oil sands project in Alberta, Canada, to Cenovus and agreed to acquire Cenovus’s interest in the Bay du Nord project offshore Newfoundland and Labrador. Following the close of that deal, also expected in 2022, bp will no longer have interests in oil sands production and will shift its focus to future potential offshore growth in Canada.

In the US, after divesting its stake in the bp-Husky Toledo Refinery, bp’s refining portfolio will reduce from three to two facilities. Going forward, bp will focus investment on its Whiting refinery in Indiana and Cherry Point refinery in Washington, which are strategically positioned to serve customers in the Midwest and Pacific Northwest.

As per MRC, BP hiked its dividend and accelerated share buybacks to the fastest pace yet after an “exceptional” result in oil refining and trading lifted profits above even the highest expectations. The oil and gas industry is boosting returns to shareholders as the cash rolls in, even while the energy crisis triggered by Russia’s invasion of Ukraine threatens the global economy. BP said it expects prices to remain high and highlighted its investments in additional supplies.
mrchub.com

In a win for sustainability, Kent has been awarded the Future Fuels Desulphurization Project by Ampol, where they will support the reduction of fuel emissions by 2025, said Hydrocarbonprocessing.

This landmark project, which aims to support the longevity of the Australian refinery, is a significant award for Kent, won following a competitive tendering period. Support from offices in Houston, Mumbai, UAE, London, Bogota and Calgary has allowed Kent to get to where it is today, as a connected global organization. Kent’s global hubs will also be working together on this project.

The project is critical to meeting proposed Euro 6 fuel sulfur emissions legislation, which requires that all fuels contain less than 10 ppm sulfur, in Australia by 2025.

As per MRC, the newly formed partnership, Circular Industrial Plastics, which consists of large Danish companies, commits to increase recycling of industrial plastics by at least 20% before 2025. Circular Industrial Plastics has a budget of USD5.6 MM, of which USD2.4 MM were granted by the Danish Eco-Innovation Program under the Danish Environmental Protection Agency. The ambition is to make knowledge and technology within circular plastic available for Danish companies.
mrchub.com

Versalis Dunastyr, a major petrochemical company based in Hungary, has selected Antea Web — the complete suite of Antea’s globally leading asset integrity management (AIM) software with digital twin, risk based inspection (RBI), inspection data management system (IDMS), integrity operating windows (IOW), and more — to ensure the mechanical integrity of its assets, said Digitalrefining.

. As the leading producer of intermediates, polyethylene, styrene and elastomers in Hungary, Versalis required a robust and proven AIM platform that was comprehensive and able to seamlessly manage a vast array of different petrochemical asset types.

Antea was selected for its long-standing relationship with Versalis (including continuous agreements with Versalis Italy and Versalis United Kingdom), for its proven expertise in the sector, the feature-rich functionality of its software, and the value of Antea’s dedicated data management services and support.

Antea will continue to support Versalis beyond project implementation and into the future with ongoing resource deployment, either online or onsite, to provide technical support, training, subject matter expertise, and ongoing data management services to ensure optimization of the software and asset database. Versalis Dunastyr operators can expect optimized processes, reduced inspection costs, improved risk mitigation and overall benefits to maintenance and reliability.

As per MRC, Versalis, Eni's chemical company, is expanding its Revive portfolio to include a new product for food packaging made with 75% domestic post-consumer polystyrene. The product, referred to as Versalis Revive PS Air F - Series Forever, is the result of the company’s existing collaboration with Forever Plast S.p.A., and has been developed as part of a collaborative project with various players in the polystyrene industry value chain, including Corepla, ProFood and Unionplast.
mrchub.com

Toyo Engineering India Private Limited, a wholly owned subsidiary of Toyo Engineering Corporation, has been awarded a contract by Indian Oil Corporation Limited for the Engineering, Procurement, Construction and Commissioning of a new 2.5 MMTPA Vacuum Distillation Unit planned by Indian Oil Corporation Limited in Vadodara, Gujarat, Western India, said Digitalrefining.

IOCL is a largest Public Sector Undertaking governed by the Ministry of Petroleum and Natural Gas, and Gujarat Refinery is one of India's largest oil refineries. The refinery is currently planning to expand its existing refinery from 13.7 MMTPA to 18 MMTPA, the total investment in this expansion project is more than 300 billion yen, aiming for more efficient refinery operation and high-value-added product production. This project is expected to be completed in the first half of FY 2024.

Toyo-India is currently implementing projects at the Paradip and Barauni Refineries for IOCL. This is the second consecutive order for IOCL, following the Vacuum Gas Oil Hydrotreater Unit at the Panipat refinery.

In India, which has a vast population and huge middle-class population strata that continues to grow, TOYO is committed to contributing to the economic development of the country.

As per MRC, Toyo Engineering Corporation has been awarded a contract for a project to construct a 50,000-kW biomass power plant. This plant will be built in Tomakomai-shi, Hokkaido, Japan for Tomatoh Biomass Power GK.
This project is to construct a dedicated biomass-fired power plant using wood biomass fuel. This power generation facility is a highly efficient biomass-fired plant based on the reheat system. TOYO will carry out the EPC contract on a full turn-key basis that includes engineering, procurement, construction and commissioning services for a power generation unit.
mrchub.com

India's fuel demand in July rose 6.1% year-on-year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday, said Hydrocarbonprocessing.

Consumption of fuel, a proxy for oil demand, totaled 17.62 million tons in July, down 5.7% from 18.68 million tons in June. "India's fuel demand outlook is improving as the economy is poised for a strong bounce back in consumption and continued momentum for the services sector," said Edward Moya, senior analyst with OANDA.

"Fuel demand is softer than the prior month as higher prices are starting to impact demand...with the rupee at a historically low level, the country will struggle if oil prices continue to rebound." Sales of gasoline, or petrol, were 6.8% higher from a year earlier at 2.81 million tons.

Gasoline and gas oil sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and construction work while high inflation curtailed overall demand for goods, per preliminary sales data. Cooking gas or liquefied petroleum gas (LPG) sales increased 1.7% to 2.41 million tons, while naphtha sales fell 6.2% to 1.14 million tons. Sales of bitumen, used for making roads, were up 1.4%, while fuel oil use edged up 19.8% in July.

As per MRC, India has cut fuel export taxes for the second time in less than two weeks and increased a windfall tax on locally produced crude oil, a government notification said. India cut export taxes on jet fuel to zero from 4 rupees per liter and diesel to 5 rupees per liter from 11 rupees per liter, the finance ministry notification said.
mrchub.com