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1. China oil hub urges refiners to make payments to government risk
fund
MOSCOW (MRC) -- The tax office in China�s Shandong province has
urged refiners in the oil hub to make payments to a government risk reserve fund
to cover periods when oil prices fell below USD40 a barrel this year, in line
with government policy, said Hydrocarbonprocesing. Global oil prices held below
that level for more than three months and the payments due are estimated to be
in the billions of yuan. Beijing set a policy in 2016 that required refiners to
pay their profit margins to the central government fund whenever crude fell
below USD40 a barrel, which is the floor price for retail gasoline and
diesel.
http://www.mrcplast.com/news-news_open-377040.html
2.
U.S. refiners bringing diesel stocks under control
MOSCOW (MRC) -- U.S.
oil refiners are starting to make progress towards eliminating excess stocks of
middle distillates by restraining crude processing and switching equipment to
maximize gasoline production, said Hydrocarbonprocessing. U.S. distillate fuel
oil inventories stood at 176 MM barrels at the end of last week, which was 37
million barrels or 21% above the five-year seasonal average. In absolute terms,
stocks are unchanged from early June, when they were also 176 MM barrels. But
the surplus over the five-year average has shrunk from 42 MM barrels, or 29%.
Refiners have stabilized bloated distillate stocks over the summer and into
early autumn, a time when they would normally be rising, accumulated as a
by-product of driving-season gasoline production plans.
http://www.mrcplast.com/news-news_open-377041.html
3.
Shell to cut 9,000 jobs in restructuring, plans to grow chemicals
business
MOSCOW (MRC) -- Shell says it will cut up to 9,000 jobs
worldwide as part of a major restructuring that will enable cost savings of
USD2.0�2.5 billion per year by 2022, while outlining plans to grow its chemicals
business and further integrate it with a more streamlined downstream refining
business, said Chemweek. Shell�s CEO Ben van Beurden outlined the restructuring
today as part of the company�s ongoing response to the challenge of dealing with
the impact of COVID-19 and the slump in oil demand, as well as its longer-term
stated goal of achieving net-zero carbon emissions by 2050. Shell says it will
reduce its refining footprint to less than 10 sites, keeping those that have
�flexibility to adapt and further integrate with the growing chemicals and
trading businesses."
http://www.mrcplast.com/news-news_open-377129.html
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