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Middle East Oil Pricing Systems in Flux Introduction
May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE .................................................................................................................................. -
Vitol-Brochure-2019 FINAL-1.Pdf
02 VITOL | Contents Vitol 04 VLC Renewables 14 Vitol at a glance 05 Our investments 16 Operating Globally 08 VTTI 17 Trading portfolio 10 Vitol Aviation 17 Crude oil 10 Viva Energy 18 Middle distillates 10 Vivo Energy 18 Gasoline 10 Petrol Ofisi 19 Biofuel 11 OVH Energy 19 Fuel oil 11 VARO 20 Naphtha 12 Rodoil 20 Bitumen 12 Hascol 20 Coal 13 Cockett Marine Oil 20 Liquid petroleum gas (LPG) 13 VPI Immingham 21 Liquefied natural gas (LNG) 13 VLC Renewables 21 Natural gas 13 Exploration and production 24 Power 14 Vitol Foundation 25 Renewables 14 Our worldwide capabilities 26 Shipping 14 VITOL VITOL | 03 Vitol Vitol is at the For over 50 years Vitol has served the Responsibility heart of the world’s world’s energy markets, trading over We are mindful of the risks associated seven million barrels of crude oil and with handling energy. Our assets energy flows. Every products a day and delivering energy operate to international HSE standards day we use our products to countries worldwide. and we expect the same of our partners expertise and throughout the energy chain. We seek logistical networks Our customers include national oil to conduct our business in line with to distribute energy companies, multinationals, leading the ten principles of the UN Global industrial and chemical companies and Compact and to work with partners around the world, the world’s largest airlines. We deliver who share our commitment to high efficiently and the products they need on time and to standards of operation. responsibly. specification by sourcing and managing the movement of energy through the relevant infrastructures. -
US Foreign-Trade Zones: Trade Agreement Parity
Order Code RL34688 U.S. Foreign-Trade Zones: Trade Agreement Parity (TAP) Proposal September 29, 2008 Mary Jane Bolle Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division U.S. Foreign-Trade Zones: Trade Agreement Parity (TAP)Proposal Summary The National Association of Foreign Trade Zones (NAFTZ) has developed the Trade Agreement Parity (TAP) proposal, introduced as H.R. 6415 (Pascrell) to address what NAFTZ claims as the “unintended consequences” of free trade agreements. These are that free trade agreements (FTAs), in granting tariff advantages to businesses that import components or products from FTA countries, put companies that import components from third countries (not a party to an FTA) at a tariff disadvantage. Critics, however, say the effects the bill generally seeks to address are the exact intended consequences of FTAs: the United States extends preferential tariff treatment to components from an FTA partner country in exchange for that country’s lowering of its tariff rates on U.S. products. The TAP proposal would permit certain businesses to permanently “borrow”U.S. free trade agreements (FTAs) in order to import components at rates below those they would normally be charged under U.S. tariff law. There would be two stipulations: (1) the products using third-country components would have to be produced in a U.S. foreign-trade zone; and (2) the product would have to meet the rules-of-origin (domestic content) requirements of any FTA – which could be satisfied by using entirely third country parts and U.S. labor, without input from any other FTA partner country. -
Corporate-Brochure 2020.Pdf
02 VITOL | Contents Vitol 04 VLC Renewables 14 Vitol at a glance 05 Our investments 16 Operating Globally 08 VTTI 17 Trading portfolio 10 Vitol Aviation 17 Crude oil 10 Viva Energy 18 Middle distillates 10 Vivo Energy 18 Gasoline 10 Petrol Ofisi 19 Biofuel 11 OVH Energy 19 Fuel oil 11 VARO 20 Naphtha 12 Rodoil 20 Bitumen 12 Hascol 20 Coal 13 Cockett Marine Oil 20 Liquid petroleum gas (LPG) 13 VPI Immingham 21 Liquefied natural gas (LNG) 13 VLC Renewables 21 Natural gas 13 Exploration and production 24 Power 14 Vitol Foundation 25 Renewables 14 Our worldwide capabilities 26 Shipping 14 VITOL VITOL | 03 Vitol Vitol is at the For over 50 years Vitol has served the Responsibility world’s energy markets, trading over We are mindful of the risks associated heart of the world’s eight million barrels of crude oil and with handling energy. Our assets energy flows. Every products a day and delivering energy operate to international HSE standards day we use our products to countries worldwide. and we expect the same of our partners expertise and throughout the energy chain. We seek logistical networks Our customers include national oil to conduct our business in line with to distribute energy companies, multinationals, leading the ten principles of the UN Global industrial and chemical companies and Compact and to work with partners around the world, the world’s largest airlines. We deliver who share our commitment to high efficiently and the products they need on time and to standards of operation. responsibly. specification by sourcing and managing the movement of energy through the relevant infrastructures. -
Oil and Gas News Briefs, December 3, 2018
Oil and Gas News Briefs Compiled by Larry Persily December 3, 2018 First Nation approves benefits agreements for LNG project in B.C. (Vancouver Sun; Nov. 29) - It wasn’t an easy decision for the Squamish First Nation to approve the C$1.6 billion Woodfibre LNG project 35 miles north of Vancouver, B.C., according to a spokesman, but it came with potential benefits of cash and land. The First Nation council approved three economic benefits agreements last week — one each with Woodfibre LNG, pipeline company FortisBC and the province, “contingent on the environmental conditions being met,” according to a news release Nov. 29. The 40-year agreements include cash totaling C$225.65 million, 1,600 short-term and 330 long-term jobs, business opportunities, and land transfers of almost 1,100 acres. “Communities are sometimes faced with difficult decisions and it is recognized that this was a difficult decision for many,” said Squamish Councillor Khelsilem, whose English name is Dustin Rivers. “As agreed by the proponents, we will be co-developing management plans for the project and will have our own monitors on the ground to report on any non-compliance with cultural, employment, and training conditions.” Work is expected to start next fall at the former pulp mill site. At full operation, the plant will be capable of making 2.1 million tonnes of LNG per year. The money will be paid to the First Nation at project milestones, including the start of construction and start of operations. Other payments will go toward a cultural fund for the Indigenous community and training and education programs. -
Background and Rationale Document Proposed Petroleum Refining Industry Standard
BACKGROUND AND RATIONALE DOCUMENT PROPOSED PETROLEUM REFINING INDUSTRY STANDARD (for selected contaminants) UNDER ONTARIO’S LOCAL AIR QUALITY REGULATION February 2016 Ontario Ministry of the Environment and Climate Change Environmental Sciences and Standards Division Standards Development Branch The information contained in this document is confidential and proprietary to the Government of Ontario. Unauthorized distribution or use of this document or the information contained herein is strictly prohibited. Copyright & Disclaimer The Government of Ontario reserves the right to make changes in the information contained in this publication without prior notice. 2016 Government of Ontario. All rights reserved. Other product or brand names are trademarks or registered trademarks of their respective holders. This document contains proprietary and confidential information about Government of Ontario, disclosure or reproduction is prohibited without the prior express written permission from Government of Ontario. Cette publication hautement spécialisée Background and Rationale Document Proposed Petroleum Refining Industry Standard February 2016 n'est disponible qu'en anglais conformément au Règlement 671/92, selon lequel il n’est pas obligatoire de la traduire en vertu de la Loi sur les services en français. Pour obtenir des renseignements en français, veuillez communiquer avec le ministère de l'Environnement et de l’Action en matière de changement climatique au 327-5519 ou par courriel à [email protected]. Translation: This highly specialized publication Background and Rationale Document Proposed Petroleum Refining Industry Standard under Ontario's Local Air Quality Regulation February 2016 is available in English only in accordance with Regulation 671/92, which exempts it from translation under the French Language Services Act. -
Vitol Pays $164 Mln to Resolve U.S. Allegations of Oil Bribes in Latin
December 4, 2020 Vitol pays $164 mln to resolve U.S. allegations of according to the DOJ statement. oil bribes in Latin America Prosecutors said the bribes went to employees at Mexico's Vitol Group's U.S. subsidiary agreed to pay $164 state-run Pemex and Ecuadorian state oil company million to resolve probes by the U.S. government that Petroecuador. the energy trader paid bribes in Brazil and other Petroecuador and Pemex did not respond to requests for countries to boost its oil trading business, the U.S. comment. Department of Justice said on Thursday. Brazilian prosecutors announced in late 2018 that they Under a three-year deferred prosecution agreement, were investigating Petrobras' oil deals with trading houses, the Swiss trading firm admitted guilt and agreed to including the world's biggest oil traders - Vitol, Trafigura improve internal reporting and compliance functions. and Glencore. Vitol, run out of London, is the world's largest In early 2019, the DOJ opened its own probe into the three independent oil trader, trading some 8 million barrels company's dealings in Brazil. The FBI investigated two key of oil a day. Vitol executives who were overseeing the region during "Vitol paid bribes to government officials in Brazil, those years, including the head of Vitol's U.S. arm, Michael Ecuador and Mexico to win lucrative business "Mike" Loya, who retired earlier this year. contracts and obtain competitive advantages to which Loya did not immediately respond to a message sent to his they were not fairly entitled," Acting U.S. Attorney LinkedIn account. -
The International Journal of Science & Technoledge
The International Journal Of Science & Technoledge (ISSN 2321 – 919X) www.theijst.com THE INTERNATIONAL JOURNAL OF SCIENCE & TECHNOLEDGE Monetizing the Flared Associated Natural Gas in Real-Time Via Synthetic Fuels Production Dr. Azunna I. B. Ekejiuba Senior Lecturer, Petroleum Engineering Department, Federal University of Technology Owerri/ Principle Researcher, Azuberth’s Research Complex, Owerri, Nigeria Abstract: The basic organic compound which serve as raw materials for the preparation of the many specific synthetic compounds are obtained from four sources: plant live, wastes, coal tar, petroleum (crude oil and natural gas). Wood was the first of man’s fuel and is still the primary energy source in most parts of the world. At the onset of the industrial revolution, charcoal from wood was replaced by coke from coal. Subsequently, the development of the internal-combustion engine and the automobile created a vast new market for gasoline product made from crude oil; kerosene use for lighting and heating oil began to replace coal in many energy markets. Thus, the industrial revolution lead to the change from the use of hand tools, using human mechanical energy to machine and power tools, which allowed the conversion of energy in falling water to mechanical energy (water wheels) or conversion of chemical energy in wood or coal to mechanical energy (steam engine) for industrial processes. Synthetic fuels are liquid or gaseous fuels extracted or fabricated from solid earth materials that are rich in hydrocarbons, such asbiomass (plants and plant-derived substance e.g., waste), coal, oil shale, tar sands, natural gas instead of refining crude oil. This paper reviewed the development of the GTL process technology from its recognition in 1902, to the evolving micro-channel technology. -
2017 Greenhouse Gas Inventory Tables and Figures
2017 Greenhouse Inventory June 2018 Prepared by: Puget Sound Energy Prepared by: Puget Sound Energy 2017 Greenhouse Inventory TABLE OF CONTENTS EXECUTIVE SUMMARY ................................................................................................. 3 1.0 INTRODUCTION ............................................................................. 4 1.1 Purpose ........................................................................................... 4 1.2 Inventory Organization .................................................................... 4 2.0 BACKGROUND .............................................................................. 5 2.1 Regulatory Actions .......................................................................... 5 2.2 Inventory and GHG Reporting Compliance ..................................... 6 3.0 MAJOR ACCOUNTING ISSUES .................................................... 7 4.0 BOUNDARIES AND SOURCES ..................................................... 8 4.1 Organizational Boundaries .............................................................. 8 4.1.1 Electrical Operations .............................................................................................. 8 4.1.2 Natural Gas Operations ......................................................................................... 8 4.2 Operational Boundaries .................................................................. 9 4.2.1 Scope I (Direct Emissions) .................................................................................... -
Environmental, Health, and Safety Guidelines for Petroleum Refining
ENVIRONMENTAL, HEALTH, AND SAFETY GUIDELINES PETROLEUM REFINING November 17, 2016 ENVIRONMENTAL, HEALTH, AND SAFETY GUIDELINES FOR PETROLEUM REFINING INTRODUCTION 1. The Environmental, Health, and Safety (EHS) Guidelines are technical reference documents with general and industry-specific examples of Good International Industry Practice (GIIP).1 When one or more members of the World Bank Group are involved in a project, these EHS Guidelines are applied as required by their respective policies and standards. These industry sector EHS Guidelines are designed to be used together with the General EHS Guidelines document, which provides guidance to users on common EHS issues potentially applicable to all industry sectors. For complex projects, use of multiple industry sector guidelines may be necessary. A complete list of industry sector guidelines can be found at: www.ifc.org/ehsguidelines. 2. The EHS Guidelines contain the performance levels and measures that are generally considered to be achievable in new facilities by existing technology at reasonable costs. Application of the EHS Guidelines to existing facilities may involve the establishment of site-specific targets, with an appropriate timetable for achieving them. 3. The applicability of the EHS Guidelines should be tailored to the hazards and risks established for each project on the basis of the results of an environmental assessment in which site-specific variables— such as host country context, assimilative capacity of the environment, and other project factors—are taken into account. The applicability of specific technical recommendations should be based on the professional opinion of qualified and experienced persons. 4. When host country regulations differ from the levels and measures presented in the EHS Guidelines, projects are expected to achieve whichever is more stringent. -
The Endgame for Commodity Traders Why Only the Biggest and Digitally Advanced Traders Will Thrive
THE ENDGAME FOR COMMODITY TRADERS WHY ONLY THE BIGGEST AND DIGITALLY ADVANCED TRADERS WILL THRIVE Alexander Franke • Roland Rechtsteiner • Graham Sharp he commodity trading industry is a critical mass in one or more commodities confronting a new, less profitable reality. and the rest of the pack is widening. Within TAfter flatlining for several years, the a few years, the industry will have a different industry’s gross margins in 2016 dipped 4.5 profile – one that is even more dominated by percent to $42 billion, our research shows. the biggest players. (See Exhibit 1.) This decline is setting off a torrent of deal-making and speculation that is transforming the face of commodity WHY BIG MATTERS trading – with examples like Hong Kong-based Noble Group selling part of its business to the The beginning of the endgame started last global energy trader, Vitol; oil trader Gunvor in year with the decline in margins and took off talks with potential acquirers; and Swiss trading in earnest in 2017, as we predicted in our 2016 giant Glencore circling US grain trader Bunge. report, “Reimagining Commodity Trading.” As companies tried to adjust to the industry’s The industry’s endgame has started. From new economics, the clear edge for larger oil to agriculture, building scale is proving operations started to become evident. It didn’t to be the key competitive advantage for the matter if commodity traders had sprawling future. The largest trading companies – both global businesses diversified across various diversified firms and those concentrating commodities or if they specialized in one or two. -
Cyprus Deems Second Bid Round a Success
www.poten.com May 31, 2012 Cyprus Deems Second Bid Round A Success Despite saber-rattling from Turkey, a host of bidders responded to the recent offshore licensing round held in Cyprus. Nicosia said offers exceeded expectations, with the blocks attracting some big name players including Total, Eni, Petronas and Woodside Petroleum. Even Gazprom, a major gas supplier to Turkey, made an appearance through Gazprom Bank in a link-up with fellow Russian firm Novatek and Total. Noble Energy’s Aphrodite find in block 12 has already yielded between 5 and 8 Tcf of estimated recoverable reserves, and this discovery was the principal reason for the heightened interest. Nearly Cyprus Offshore Bid Round (2012) 30 firms, some on their own but most banded together in Company / Consortium Country Petra Petroleum Inc Canada consortia, put their names in ATP East Med No 2 / Naphtha US/Israel/Israel the hat for the country’s 12 Israel Petroleum / DOR /Israel remaining marine blocks. Chemicals / Modiin Energy Total France Blocks 9 and 2 were the most France/Russia/ Total / Novatek / GazpromBank popular – bidders hope the Russia same gas structure in block Premier Oil / Vitol UK/UK UK/UK/ Premier Oil / Vitol / Petronas 12 will extend into these two Malaysia permits. Only blocks 1, 4 and Italy/Israel/ Edison / Delek Drilling / Avner Israel/Italy/ 13 failed to attract bids. Oil / Enel / Woodside Australia Allowing for time to examine Eni / Kogas Italy/Korea the bids, the winners are AGR Energy / CO Cyprus Norway/Israel likely to be announced late Opportunity Energy Oak Delta NG Exploration US/Israel this year or early next.