MOSCOW (MRC) — MOGAS Industries, Inc. recently received contracts to supply severe service isolation valves to Hengli Petrochemical (Dalian) Refinery Co., Ltd for a new heavy oils construction project on ChangXing Island in Dalian City Liaoning, China, said Hydrocarbonprocessing.
MOGAS will provide Hengli Petrochemical (Dalian) Refinery Co., Ltd, China, a subsidiary of Hengli Group, with over 950 valves that will be used in a variety of severe service applications in the ebullating bed unit including high pressure letdown isolation, catalyst isolation and many high cycle, thermal shock applications. Delivery of these valves is scheduled for early 2018 to meet a very demanding construction schedule.
MOGAS has a track record of over 8,200 installed valves in heavy oil applications over the last 30 yr in 24 active operations around the globe.
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MOSCOW (MRC) — Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States, said Hydrocarbonprocessing.
Benchmark Brent crude was up 30 cents at $51.96/bbl by 1345 GMT. US light, sweet crude was also 30 cents higher at USD47.67. "US crude oil stocks have been falling consistently in recent weeks," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
"If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia," he added.
US commercial crude inventories have fallen by almost 13% from their March peaks, to 466.5 MMbbl.
The Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia have pledged to hold back about 1.8 MMbpd of output between January this year and March 2018 in order to tighten supplies and prop up prices.
Oil prices found extra support from news that Libya's Sharara oilfield, the country's largest, shut on Tuesday just hours after reopening following a three-day pipeline blockade.
But oil production elsewhere has been rising. US crude production has broken through 9.5 MMbpd, its highest since July 2015. Some analysts say US oil output growth will slow as energy firms cut the number of rigs drilling for oil.
So far, however, the increase in US production has been relentless with increasing volumes from shale, particularly from the giant Permian basin in Texas and New Mexico.
"With US shale oil production proving more than resilient, the autumn period presents a lot of downside risk to oil prices," Harry Tchilinguirian, chief oil market strategist at French bank BNP Paribas, told Reuters Global Oil Forum.
The weekly rollout of data on US inventories starts later on Tuesday. Industry group the American Petroleum Institute will publish statistics on crude inventories and refinery operations for last week at 4:30 p.m. EDT (2030 GMT).
On Wednesday, it will be the turn of the US government's Energy Information Administration. US crude inventories are expected to have fallen for an eighth straight week and drop by 3.4 MMbbl, a Reuters poll shows.
MRC
MOSCOW (MRC) -- Wak Group and Guangdong Electrical Design Institute (Gedi), have signed an engineering, procurement and construction (EPC) agreement to engineer, design and construct a Falcon Oil refinery at KP Pakistan, said Hydrocarbonprocessing.
The deep conversion oil refinery has a capacity of producing up to 100,000 bpd. The total contract value amounts to approximately USD3.58 B. The project is expected to be completed in 30 months after commencement of work.
The infrastructure development on the site will commence soon and the Falcon Oil project will further strengthen the emerging trade and economic cooperation between the two countries.
The agreement was signed by Waqar Ahmed Khan, chairman of Wak Group and Qiao Xubin, vice president of Gedi
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