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2016-06-07 18:35:00

SOUTH AFRICA UPGRADE: $2.7 BLN

SOUTH AFRICA UPGRADE: $2.7 BLN

 

SOUTH AFRICA OIL GAS MAP

 

The cost to upgrade South Africa's six crude refineries to produce lower-sulfur fuel will be about 40 billion rand ($2.7 billion) and this still may not be sufficient to supply the domestic market, Strategic Fuel Fund Chief Executive Officer Sibusiso Gamede said.

"South Africa's oil refineries are not ready and will not be ready to produce Euro 4 standard fuel, let alone Euro 6, which the world is moving to by 2017 or 2020 in preparation for the introduction of more fuel-efficient vehicles," he said in an opinion piece in Johannesburg-based Business Report newspaper Tuesday. "Our present crude-oil stocks are suitable for producing products of lower specifications, which means we need to stockpile higher-quality grades of crude oil."

The country is unlikely to meet a target for its refineries to be able to handle cleaner fuels by 2017. In 2011, the oil industry estimated it would cost the nation about $3.1 billion for all refineries to comply with Euro 4 fuel standards for gasoline, which contains no more than 50 parts per million of sulfur, or $3.7 billion to meet Euro 5 standards, with less than 10 parts.

Last month, the Central Energy Fund, which manages the country's fuel stock through the SFF, said it transferred titles of 10 million barrels of crude to companies in December as part of a stock rotation, with the contracts stipulating the fund has first right to the oil in an event of emergency. The fund undertook the rotation partly due to deterioration of the oil quality and also because the stock was relatively high-sulfur crude, which isn't as environmentally friendly, the SSF said.

bloomberg.com

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Earlier: 

NEW AFRICA'S PRIORITIES 

S.AFRICA: 9 BLN BBL OIL 

SOUTH AFRICA WANTS 20%

 

 

 

Tags: SOUTH, AFRICA, OIL, PRODUCTION, REFINERY

Chronicle:

SOUTH AFRICA UPGRADE: $2.7 BLN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

SOUTH AFRICA UPGRADE: $2.7 BLN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

SOUTH AFRICA UPGRADE: $2.7 BLN
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

SOUTH AFRICA UPGRADE: $2.7 BLN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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