Latest news with #refinery
Reuters
15 hours ago
- Business
- Reuters
US became net exporter of crude to Nigeria for the first time, EIA says
July 22 (Reuters) - The United States became a net exporter of crude oil to Nigeria in February and March, as crude demand on the U.S. East Coast slowed due to refinery maintenance and the Dangote refinery drove up Nigeria's demand for inputs, the U.S. Energy Information Administration said in a note on Tuesday. This is the first time that the U.S. has exported more crude oil to Nigeria than it imported. Nigeria is generally considered a source for U.S. crude oil imports, ranking ninth last year. Nigeria's Dangote oil refinery – the largest in Africa, located on the outskirts of Lagos – began processing crude in January 2024 after years of delays. The refinery is set to reach full capacity of 650,000 b/d this year, according to the EIA. Gross U.S. exports of crude to Nigeria touched 111,000 b/d in February and 169,000 b/d in March. Imports, which were at 133,000 b/d in January, dropped to 54,000 b/d and 72,000 b/d in February and March respectively. The decline in imports is largely due to maintenance at the Phillips 66 Bayway refinery New Jersey, per the EIA. However, imports increased later in the year as the Bayway refinery resumed normal operations in April, and Dangote underwent some unplanned maintenance. This trend seems more a snapshot of a very fluid market, rather than a permanent realignment, according to Eli Tesfaye, senior market strategist at RJO Futures. "The new refinery in Nigeria and some issues in securing domestic supplies played a role for those unique flows earlier this year. But going forward, with the refinery now aiming to secure domestic flows, and probably looking at other crude grades, it is difficult to forecast if the volume flowing from the U.S. to Nigeria will persist," agreed Giovanni Staunovo, an analyst at UBS.
Reuters
20 hours ago
- Business
- Reuters
Indian refiners' June crude processing drops 4.2% from a month earlier
July 22 (Reuters) - Indian refiners' crude throughput declined by 4.2% month-on-month in June to 5.41 million barrels per day (22.13 million metric tons), according to provisional government data released on Tuesday. Refinery throughput in May was at 5.47 million barrels per day (23.11 million metric tons). On a year-on-year basis, refinery throughput fell 0.3%. India's fuel consumption fell 4.7% in June from the previous month to 20.31 million metric tons, oil ministry data showed. India is the world's third-biggest oil importer and consumer. "Looking at the last years, refinery runs every year declined from May into June, likely driven by seasonally declining domestic oil demand due to the monsoon," said Giovanni Staunovo, an analyst at UBS. Meanwhile, Oil Minister Hardeep Singh Puri said India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions. U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China, India and Turkey. India's monthly oil imports from Russia in June surged 17.4% to about 2 million barrels per day, data provided by trade sources showed. India's state-run Oil and Natural Gas Corporation ( opens new tab is exploring building a 200,000-240,000 barrel-per-day refinery at Jamnagar in the western Indian state of Gujarat, a company source said last week. REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons): Source: Ministry of Petroleum and Natural Gas IOC: Indian Oil Corp ( opens new tab BPCL: Bharat Petroleum Corp Ltd ( opens new tab HPCL: Hindustan Petroleum Corp Ltd ( opens new tab CPCL: Chennai Petroleum Corp Ltd ( opens new tab MRPL: Mangalore Refinery and Petrochemicals Ltd ( opens new tab Reliance Industries Ltd ( opens new tab Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.
Reuters
2 days ago
- Business
- Reuters
Zambia plans 60,000 barrels per day oil refinery in copperbelt
LUSAKA, July 21 (Reuters) - Zambia's government has signed an agreement that paves the way for the development of a $1.1 billion crude oil refinery and energy complex in Ndola in the country's copperbelt, it said on Monday. The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nation's entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said. It will save the nation millions of dollars annually in fuel imports once complete, the statement added. Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026. The agreement was between Zambia's Industrial Development Corporation and Fujian Xiang Xin Corporation of China. An IDC spokesperson told Reuters the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam. As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambia's government said.
Reuters
2 days ago
- Business
- Reuters
India's Nayara tweaks payment terms for product export tender after EU sanctions
NEW DELHI, July 21 (Reuters) - Nayara Energy, an Indian refiner part-owned by Russia's Rosneft ( opens new tab and newly sanctioned by the European Union, has revised payment terms to sell a spot naphtha cargo in a tender issued on Monday, according to a document seen by Reuters. The tweak in payment terms comes after the European bloc released on Friday its 18th package of sanctions which included Nayara Energy. Rosneft, Russia's biggest oil producer, said on Sunday the sanctions were unjustified and illegal. Nayara sought advance payment or a letter of credit from the potential buyer for the 33,000-35,000-metric ton naphtha cargo to load during August 14 to 18, the document showed. The tender will close on Monday with bids valid on the same day. The company also issued a jet fuel sale tender on Friday, but it remains unclear if it was awarded as the company was looking to change payment terms, a trader familiar with the matter said. Nayara has yet to reissue the tender, the source added. Nayara did not immediately respond to a Reuters email seeking comment. Rosneft holds a 49.13% stake in Nayara Energy and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners.
Bloomberg
2 days ago
- Business
- Bloomberg
Russia-Linked Refinery in India Seeks Early Payment After Curbs
A refinery in India that's part-owned by a Russian energy producer tightened conditions for selling products after the European Union imposed sanctions on the company, highlighting the fallout for the processor, its customers, and the wider market from the tougher restrictions. Nayara Energy Ltd., part-owned by Rosneft PJSC, said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month, according to a revised tender document seen by Bloomberg. An earlier tender asked for no such requirements.
