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Real estate developer in $240 million deal to buy Philadelphia refinery

Reuters
NEW YORK (Reuters) – Real estate developer Hilco Redevelopment Partners has entered into a $240 million agreement to purchase the Philadelphia Energy Solutions oil refinery, which was the largest and oldest on the East Coast, according to court documents on Wednesday. FILE PHOTO: The Philadelphia Energy Solutions oil refinery is......
Reuters - Business

Exclusive: Philadelphia refinery expected to be sold to real estate developer – sources

Reuters
FILE PHOTO: The Philadelphia Energy Solutions oil refinery is seen at sunset in front of the Philadelphia skyline March 24, 2014. REUTERS/David M. Parrott/File Photo NEW YORK (Reuters) – The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, three......
Reuters - Business

U.S. energy exports to climb as China pledges ramp-up in purchases

Reuters
NEW YORK/SINGAPORE (Reuters) – U.S. energy exports to China, mostly crude oil and natural gas, will climb as the world’s two largest economies struck a trade agreement after a more than year-long tariff war, executives and traders said on Wednesday. FILE PHOTO: A liquified natural gas (LNG) tanker leaves the......
Reuters - Business

Phase 1 commodity targets likely more than China can chew: analysts

Reuters
BEIJING/SINGAPORE (Reuters) – Commodity traders and analysts are struggling to map out how China will reach the eye-popping amounts it is committing to buy from the United States under Phase 1 of their trade deal. FILE PHOTO: Soybeans fall into a bin as a trailer is filled at a farm......
Reuters - Business

China’s 2019 annual crude imports set record for 17th year

Reuters
SINGAPORE (Reuters) – China’s crude oil imports in 2019 surged 9.5% from a year earlier, setting a record for a 17th straight year, as demand growth from new refineries built last year propelled purchases by the world’s biggest importer, data showed on Tuesday. FILE PHOTO: A VLCC oil tanker is......
Reuters - Business

U.S. refinery sales hit the brakes, with 5% of capacity on block

Reuters
NEW YORK (Reuters) – From coast to coast, U.S. refineries are available for the taking, but nobody is buying. FILE PHOTO: The Philadelphia Energy Solutions plant refinery is seen in Philadelphia, Pennsylvania, U.S., August 21, 2019. REUTERS/Mark Makela/File Photo With the news that Royal Dutch Shell Plc is looking to......
Reuters - Business

Tanker owners face insurance headache as Mideast war risk haunts shipping trade

Reuters
SINGAPORE (Reuters) – Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week – higher insurance bills. FILE......
Reuters - Business

Exclusive: Weakened by sanctions, Venezuela’s PDVSA cedes oilfield operations to foreign firms

Reuters
(Reuters) – Venezuelan state company PDVSA is letting some joint venture partners take over the day-to-day operation of oilfields as its own capacity dwindles due to sanctions and a lack of cash and staff, according to a former oil minister, an opposition lawmaker and industry sources. Former Venezuela’s Oil and......
Reuters - Business

Bankrupt Philadelphia refinery expects second insurance payment

Reuters
FILE PHOTO: The Philadelphia Energy Solutions plant refinery is seen in Philadelphia, Pennsylvania, U.S., August 21, 2019. REUTERS/Mark Makela/File Photo (Reuters) – Insurers of Philadelphia Energy Solutions (PES) have indicated they will make a second payment of $15 million from its property policy in connection to the June fire and......
Reuters - Business

How ethanol plant shutdowns deepen pain for U.S. corn farmers

Reuters
RACCOON TOWNSHIP, Ind./NEW YORK (Reuters) – When the U.S. ethanol industry was booming, Indiana farmer Paul Hodgen made good money selling about a quarter of his crop to a local facility that produced the corn-based fuel. FILE PHOTO: Corn rests on the ground on Hodgen Farm in Roachdale, Indiana, U.S.......
Reuters - Business

Saudi delivers deeper cuts as OPEC+ oil producers back new pact

Reuters
VIENNA (Reuters) – Saudi Arabia spearheaded a deal on Friday that will see the OPEC+ group of oil producers commit to some of the sector’s deepest output cuts in a decade aiming to avert oversupply and support prices. The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits......
Reuters - Business

What deeper OPEC+ oil output cuts mean for the market

Reuters
(Reuters) – Saudi Arabia and Russia led a deal on Friday in which OPEC and its allies committed to deeper oil output cuts in the first quarter of 2020 aiming to avert oversupply and support prices. The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its......
Reuters - Business

Saudi, Russia look to seal deeper output cuts with oil producers

Reuters
(Reuters) – Top oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and head off a new glut building in 2020. The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside......
Reuters - Business

OPEC gearing up for deeper oil cuts, Russia yet to agree

Reuters
VIENNA (Reuters) – OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year. FILE PHOTO: The logo of the Organization of......
Reuters - Business

OPEC, Russia debate deeper oil cuts as new glut looms

Reuters
MOSCOW/VIENNA (Reuters) – Russia expects a constructive meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen output cuts to avoid a new glut next year. FILE PHOTO: Saudi Energy Minister Abdulaziz Bin Salman......

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