RUSSIA CUTS PRODUCTION BY 2.5%
REUTERS - Russia's output of oil products is expected to fall by about 2.5 percent in 2017 due to further work on a massive refinery modernisation programme aimed at boosting fuel quality, a deputy energy minister said.
In 2011, the government and oil producers agreed on the $50 billion initiative to update Russia's refineries, most of which were built in the 1940s and 1970s.
Russia's gasoline supplies almost ran dry in 2011 due to a lack of modern refining capacity, angering many voters in the run-up to Vladimir Putin's election to a third presidential term.
Deputy Energy Minister Kirill Molodtsov told a briefing in comments cleared for publication on Monday that the country would produce 277 million tonnes of oil products in 2016, falling to an estimated 270 million tonnes of higher quality fuels in 2017.
"This is mainly related to the rise in refinery yield," he said, adding that he did not expect fuel shortages next year despite extensive plans for refinery maintenance.
He said gasoline production was estimated at 39.8 million tonnes in 2017, with diesel output seen at more than 70 million tonnes.
Production of fuel oil could decline by more than two million tonnes due to an increase in export duty from Jan. 1 2017.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.