LONDON (Reuters) – A lack of clear and effective policy for UK refiners may be jeopardising their viability, and deterring buyers, the UK’s oil industry body said on Thursday, threatening the sector with further closures and reduced national fuel supplies.
The number of refineries in the UK has slumped to eight from 18 in the late 1970s as refiners have seen margins tumble, due in part to regulatory requirements, and others could be at risk of closure if they do not find buyers soon.
LONDON, Dec 8 (Reuters) – A lack of clear and
effective policy for UK refiners may be jeopardising their
viability, and deterring buyers, the UK’s oil industry body said
on Thursday, threatening the sector with further closures and
reduced national fuel supplies.
The number of refineries in the UK has slumped to eight from
18 in the late 1970s as refiners have seen margins tumble, due
in part to regulatory requirements, and others could be at risk
of closure if they do not find buyers soon.
LONDON/BRUSSELS (Reuters) – The European Union plans to add Syria’s General Petroleum Corporation (GPC) to its list of sanctioned companies, diplomatic sources told Reuters on Wednesday, in a move designed to starve the government of President Bashar al-Assad of vital oil revenues.
World powers are imposing tough economic sanctions on the Syrian government over a violent crackdown on anti-government protests.
LONDON (Reuters) – Britain will support an embargo on Iranian oil imports following the deterioration of relations between the two countries, a diplomatic source told Reuters Wednesday, in an apparent reversal of its former position.
Britain shut down the Iranian embassy in London and expelled all its staff Wednesday, saying the storming of the British diplomatic mission in Tehran could not have taken place without some degree of consent from Iranian authorities.
LONDON, Nov 28 (Reuters) – Portuguese oil company Galp
Energia plans to move its oil traders from Lisbon to
Geneva in the next few months, oil industry sources told
Reuters, as it seeks to build a bigger client base for its
future Brazilian crude volumes.
Low corporate taxes and a culture of secrecy have made
Geneva a magnet for oil trading firms such as Trafigura and
Gunvor and around a third of the world’s oil is now traded
LONDON, Nov 28 (Reuters) – Asian imports of West
African crude oil are set to fall sharply in December to 1.26
million bpd, oil traders said on Monday, despite the relatively
inexpensive price of Brent compared to Asian grades.
About 41 cargoes of West African crude are set to sail to
Asia from West Africa in December compared with a planned 53
cargoes in November, according to traders.
LONDON, Nov 25 (Reuters) – Nigeria is set to load
around 1.93 million barrels per day (bpd) of crude oil in
January, according to provisional loading programmes, up
slightly from planned levels last month due to higher supplies
of the benchmark Qua Iboe grade.
Planned exports were 1.9 million bpd in December, although
traders said actual exports will likely be higher because of
three late additions to the Bonny Light loading programme.
LONDON/ISTANBUL, Nov 24 (Reuters) – Trading giants
Vitol and Glencore have won tenders to supply oil
products to Libya’s government until the end of the year in a
move that rivals said was increasing their chances of snapping
up lucrative deals to export Libyan oil next year.
Libya’s National Oil Corporation (NOC) was seeking to buy up
to 450,000 tonnes of gasoline, 360,000 tonnes of gasoil and
180,000 tonnes of fuel oil in November-December and five trading
sources told Reuters on Thursday Glencore and Vitol have won the
ISTANBUL, Nov 22 (Reuters) – Libya’s National Oil
Corporation (NOC) will inform the winners for its 2012 crude oil
contracts within the next two weeks, a senior NOC official told
Reuters on Tuesday, as a handful of top officials meet with
around 50 hopeful clients from oil majors and top trading houses
The process will determine who wins the best access to the
OPEC member’s prized light, sweet oil with daily exports worth a
nominal $141 million a day once exports return to full flows
following wartime disruptions.
ISTANBUL, Nov 23 (Reuters) – Libya may award long term
oil contracts to trading houses, departing from a custom of
keeping those deals for oil firms and refiners as it looks to
maximize revenues and reward traders’ support of new leaders
during the civil war.
Trading houses are meeting with top officials in Libya’s
National Oil Corporation (NOC) this week in Istanbul in a rare
chance to gain access to the OPEC member’s prized annual supply
contracts, potentially leaving a smaller share for refiners.