Valero contract worker dies after flash fire at Memphis refinery

(hydrocarbonprocessing) -- Nicolas Cuevas, one of three contract workers injured in a flash fire last week at Valero Energy Corp.'s oil refinery in Memphis, Tenn., died Saturday afternoon, a Valero spokesman said. The men were working at the flare platform as part of the crude unit turnaround that got under way March 2.

Nicolas Cuevas, one of three contract workers injured in a flash fire last week at Valero Energy Corp.'s oil refinery in Memphis, Tenn., died Saturday afternoon, Valero spokesman Bill Day said.

The March 6 fire at a flare platform also injured Cuevas' brother, Daniel, and a third contractor working for JVIC. All three were transported to the Regional Medical Center.

The men were working at the flare platform as part of the crude unit turnaround that got under way March 2. That work is expected to conclude on or about April 6.

"We have learned that Mr. Nicholas Cuevas passed away today (Saturday) at the Regional Medical Center. Valero extends its thoughts and prayers to the Cuevas family and the JVIC organization. We continue to pray for the full recovery of the other injured contractors," Day said.

Valero and JVIC, in full cooperation with governmental authorities, are investigating the cause of the incident.

The Memphis refinery is able to process up to 195,000 bpd of crude oil.
MRC

(hydrocarbonprocessing) -- As they prepare to meet with consumers at an energy summit in Kuwait, some of the world's top oil producers voiced concern that rising oil prices may backfire by jeopardizing a global economic recovery. The UK's Brent contract has risen by 17% since the start of the year amid tensions with Iran.

Saudi pipeline had been blown up pushed Brent prices to their highest level in about four years, leading to concerns they could return to levels not reached since 2008, when a record high of USD147/bbl was blamed for worsening a global recession.

Asked if an increase in oil prices to 2008 could endanger a global economic recovery, Angola's de Vasconcelos, whose country is the second largest crude-producer in Africa, said "I think so." A current price of USD125 a barrel for the Brent is already "a little bit high," he said.

Even Saudi Arabia, the world's largest oil exporter, is "slightly worried about recent oil price hikes as it's not based on market fundamentals". Indeed, while buoyant oil prices are boosting revenue for oil producers, they are also starting to realize further spikes could sharply hit demand for their crude and ultimately push prices into a downward spiral. Though producers have yet to hit the panic button, there are fears prices may be getting closer to the danger zone.

In its monthly report last week, OPEC said US oil consumption data for December showed the worst contraction observed since July 2009 and preliminary data for January and February 2012 has displayed similar drops.

For now, the decline in the west has been offset by Chinese purchases on international oil markets. But the Asian nation has been filling up its crude oil and products storage in January. That means it could draw into its stockpiles and cuts its imports if its finds global oil too pricey.

MRC

(chevron) -- Chevron said Tuesday its oil and gas production will inch up this year but it expects output to jump 20% in five years as massive liquefied natural gas (LNG) projects in Australia commence operations. Chevron officials noted that annual production could vary depending on oil prices.

During the company's annual meeting with analysts in New York, Chevron executives said production will rise 0.26% to 2.68 million bpd of oil equivalent this year, and to 3.3 million bpd of oil equivalent by the end of 2017.

Those estimates are up from 2.67 million bpd of oil equivalent it produced in 2011. The 2017 projection is based on an oil price average of USD79/bbl, the company said.

Chevron, based in San Ramon, Calif. and the second largest US oil company by market value after ExxonMobil, said annual production could vary depending on oil prices. The company has in place several share production sharing contracts with foreign governments that give more production to national oil companies - and less to international oil companies - when oil prices rise.

Light, sweet crude oil for April delivery on the New York Mercantile Exchange was 30 cents lower, at USD106.04/bbl, in a range of USD105.85 to USD107.13/bbl. Chevron's future growth will be driven by a handful of large oil and gas projects worldwide. The liquefied-natural-gas Gorgon project in Australia is on track to start production in 2014 and still expected to cost USD37 billion, the company said.

Construction of development wells is expected to start this year.
MRC

(DuPont) -- With effect from April 1, 2012, DuPont Packaging & Industrial Polymers has announced a price increase of Euro 0.20/kg on all grades of Ethylene Copolymer resins in the region Europe, Middle East and Africa.

This increase is effective from April 1, or as contracts allow. This increase is excluding DuPont Elvax EVA copolymer, which has been increased effective March 1st, 2012 as previously communicated.

Operating in approximately 90 countries, DuPont offers a wide range of innovative products and services for markets including agriculture, nutrition, electronics, communications, safety and protection, home and construction, transportation and apparel.
MRC

(plastemart) -- Technip has been awarded a front-end engineering design (FEED) contract by PETRONAS for its proposed refinery and petrochemical integrated development (RAPID) project located in the state of Johor, Malaysia. The contract is scheduled for completion in H2-2013. The contract is scheduled for completion in H2-2013. Financial terms have not been disclosed.

RAPID aims at building a world-scale integrated refinery and petrochemical complex by 2016 to answer the growing need for specialty chemicals and to meet demand for petroleum and commodity petrochemical products in the Asia-Pacific region. The proposed refinery will have a capacity of 300,000 bpd and will supply naphtha and liquid petroleum gas feedstock for the RAPID petrochemical complex, as well as produce gasoline and diesel that meet European specifications.

The petrochemical units, on the other hand, will enhance the value of the olefinic streams coming from the RAPID steam cracker by producing various merchant grade petrochemicals products such as polyethylene, polypropylene, synthetic rubbers and other petrochemicals products.

"This award builds on our long-term presence in Asia Pacific and confirms our leadership in the refining and petrochemical sectors," said Thierry Pilenko, CEO of Technip. "By combining the expertise and the teams of our operating centers in Kuala Lumpur (Malaysia), Paris and Lyon (France), we will be able to provide PETRONAS with the best technological solution and execution scheme."

MRC