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WORLDWIDE REFINING BUSINESS DIGEST the Fast-Read, Comprehensive Newsletter for Busy Professionals Working in the Refining Industry

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WORLDWIDE REFINING BUSINESS DIGEST the Fast-Read, Comprehensive Newsletter for Busy Professionals Working in the Refining Industry WORLDWIDE REFINING BUSINESS DIGEST The fast-read, comprehensive newsletter for busy professionals working in the refining industry HYDROCARBON PUBLISHING COMPANY Translating Knowledge into ProfitabilitySM P.O. Box 661 Southeastern, PA 19399 (U.S.A.) Phone: (610) 408-0117/ Fax: (610) 408-0118 WORLDWIDE REFINING BUSINESS DIGEST The fast-read, comprehensive newsletter for busy professionals working in the refining industry November 2000 Top 10 News .........................................................................................................p 1 Feature of the Month ..............................................................................................p 2 Refining & Marketing News ..................................................................................p 4 Refinery-Petrochemical Business Briefs ................................................................p 18 Mergers, Joint Ventures, Acquisitions & Divestitures ............................................p 20 Technological Developments .................................................................................p 23 Industry Trends & Forecasts ..................................................................................p 25 Refiner Business, Strategy & Finance ....................................................................p 33 Supplier & Contractor News ..................................................................................p 42 Alternative Fuels News ..........................................................................................p 45 Environment & Regulatory Legislation ..................................................................p 47 Spot Market Monitor & Trends ..............................................................................p 50 Recently Announced Refinery Construction Projects .............................................p 54 List of Important Literature Articles .......................................................................p 56 Company Index ......................................................................................................p 58 httt://www.hydrocarbonpublishing.com WORLDWIDE REFINING BUSINESS DIGEST is published monthly by Hydrocarbon Publishing Co., P.O. Box 661, Southeastern, PA 19399 (U.S.A.). ISSN 1077-4831. © 2000. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or translated into any language or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior written permission of Hydrocarbon Publishing Company (HPC). HPC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. To order: call (610) 408-0117, fax (610) 408-0118, or write to P.O. Box 661, Southeastern, PA 19399, (U.S.A.). For further information, please visit our website at www.hydrocarbonpublishing.com REFERENCE SOURCES & ABBREVIATIONS Sources: ACN..........Asian Chemical News IEA...........Int’l Energy Assoc. Oil Marketing Report BW............Business Week IH..............International Hydrocarbon C&EN.......Chemical & Engineering News NW...........Newswires: Business Wire, Knight Ridder, CE.............Chemical Engineering OPECNA, PR News Wire, Reuters, UPI, etc. CEP...........Chemical Engineering Progress CMR.........Chemical Market Reporter NYT..........New York Times CW............Chemical Week OD............Oil Daily DFN..........Diesel Fuel News OGJ ..........Oil & Gas Journal ECN..........European Chemical News PE.............Pollution Engineering EP .............Environmental Protection PTQ ..........Petroleum Technology Quarterly EPCA........European Petrochemical Association SN.............Science News HA ............Hydrocarbon Asia TR.............Today’s Refinery HE.............Hydrocarbon Engineering WR ...........World Refining HP.............Hydrocarbon Processing WSJ..........Wall Street Journal Abbreviations: 1Q, 2Q, 3Q, 4Q.....(the) first, second, third, and fourth j.v. ........................joint venture quarters, respectively LPG ......................liquefied petroleum gas AAA .....................American Automobile Association K...........................thousand AGA .....................American Gas Association MITI .....................Ministry of International Trade and ANS......................Alaskan North Slope crude Industry (Japan) API .......................American Petroleum Institute (U.S.) mm, mil. ..............million ASTM...................American Society for Testing & MOU.....................memorandum of understanding Materials mpg.......................miles per gallon b, bbl, Bbl..............barrel(s) mt .........................metric ton bn..........................billion MW ......................megawatt boe ........................barrel(s) of oil equivalent N.A. .....................not applicable or not available CA ........................California NAAQS ................national ambient air quality standards CAA......................Clean Air Act (U.S.) NESCAUM...........Northeast States for Coordinated Air CARB ...................CA Air Resources Board Use Management cf...........................cubic feet NG........................natural gas Concawe................Conservation of Clean Air and Water NGL......................natural gas liquid Europe NPRA ...................National Petrochemical & Refiners C.I.S. ....................Commonwealth of Independent States Association (U.S.) CNG......................compressed natural gas NYMEX ...............New York Mercantile Exchange (U.S.) d............................day OECD...................Organization for Economic D.O.E....................Department of Energy Cooperation & Development EC (or EEC)..........European Economic Community OPEC....................Organization of Petroleum Exporting EIA .......................Energy Information Countries Administration (U.S.) OSHA ...................Occupational, Safety and Health EPA ......................Environmental Protection Administration (U.S.) Agency (U.S.) PC.........................petrochemical(s) EPC.......................engineering, procurement, PM........................particulate matter and construction RFG ......................reformulated gasoline EUROPIA .............European Petroleum Industry RMT .....................refining, marketing, and Association (Brussels) transportation FCV ......................fuel cell vehicle RVP ......................Reid vapor pressure f.o.b.......................freight on board SCAQMD .............South Coast Air Quality Management gal, g.....................gallon District GTL ......................gas to liquid(s) WTI ......................West Texas Intermediate h............................hour y............................year H1 or H2 ...............first or second half of the year ¢ ...........................U.S. cent(s) IEA .......................Int’l Energy Agency (Paris-based) DM .......................Deutsche Mark(s) IPAA.....................Independent Petr. Assoc.of America £ ...........................U.K. pound(s) IPE........................International Petroleum $ ...........................U.S. dollar(s) Exchange (U.K.) ¥ ............................. Japanese yen IPO .......................initial public offering TOP 10 NEWS (1) The U.S. is buzzing over heating oil. p 6 (2) The Unocal patent verdict will get a federal p 11 review in the U.S. (3) The José upgrading complex (Venezuela) nears p 12 completion. (4) Total Fina Elf will sell 10 ppmw sulfur p 14 gasoline in France. (5) Iran and Venezuela will consider an oil swap. p 14 (6) Japanese refiners are asked to add 6mm bbl to p 15 the international heating oil market. (7) Phillips Petroleum’s S Zorb sulfur removal p 23 technology proves good for diesel. (8) Global diesel/gasoline trading patterns emerge. p 29 (9) Irving Oil’s $1bn “King of Cats” Refinery p 33 Upgrade Project in Canada is near completion. (10) EU ministers have set an ozone limit. p 49 November 2000 1 Back to Table of Contents Hydrocarbon Publishing Co./Copyright Protected FEATURE OF THE MONTH Chevron and Texaco, Two Long-time Partners, Decide to Merge On Oct. 15, Chevron agreed to purchase Texaco. The two companies have operated Asian R&M j.v. Caltex since 1936. The price tag of the acquisition is $45.4bn, paying $35bn in stock, and the assumption of 1) Texaco’s debt and preferred stock of $7.4bn and 2) $2.7bn debts carried by their Caltex j.v. Chevron will own 61% of the new company called Chevron Texaco, which will be the world’s fifth-largest and U.S.’s second-largest publicly-traded oil company. The firms had total combined sales of $66.5bn in 1999 ($31.5bn from Chevron and $35bn from Texaco), compared to ExxonMobil’s $160.9bn. Chevron’s Chairman Dave O’Reilly will be the chairman/CEO of the company and Texaco’s chairman/CEO, Peter Bijur, will become a vice-chairman. Mr. Bijur will be responsible for downstream, power, and chemicals operations. Mr. Richard Matzke, Chevron’s current vice chairman for upstream will retain his current functions. Texaco shareholders will receive 0.77 share of Chevron for each Texaco share, i.e. $64. 87 share or an 18% premium over Oct. 13’s closing price of $55.25. The merger will eliminate 7% (or 4,000 jobs) of their combined 57,000 workers, leading to savings of at least $1.2bn within six to nine months of completion. This latest attempt by both companies is expected to boost the share price and achieve high price-to- earnings ratios, similar to the other
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