South Korea
Takreer moves on with $10 billion Ruwais Refinery expansion The Abu Dhabi Oil Refinery Company (Takreer) is moving on with its Ruwais refinery expansion in UAE. This refinery expansion will add a capacity of 400,000 b/d crude oil to the actual 417,000 b/d. The Capital expenditure is estimated around $10 billion The refining units should have the following capacities: – 59,800 b/d Unsaturated LPG treatment unit […]
Statoil, ExxonMobil and ConocoPhillips rename Luva project into Aasta Hansteen During the concept selection Statoil estimated the development capital expenditure in the Aasta Hansteen field (formerly named Luva) at some $5.6 billion (NOK 34 billion). With a total hull weight of 45,000 ton, a length of 193 meters and a draught of 170 meters, the Aasta […]
Total lowers Carbon Footprint with Power from Shore Previously called Hild, the Martin Linge development belongs to Total E&P Norge AS (51%), the operator, Petoro AS (30%) and Statoil Petroleum AS (19%). End of March, the Norwegian Government approved the development plan for the Martin Linge oil and gas field. Total capital expenditure is estimated to $4.2 […]
The $3.6 billion ERC Refinery to move on again The Mostorod Refinery project had been left on hold for more than one year because of the political context in Egypt while Egyptian Refining Company (Takrir) S.A.E. (ERC), a special purpose company established by Citadel Capital, has awarded the engineering, procurement and construction (ECP) contracts to a consortium of […]
Lukoil awarded $1West Qurna Phase 2 to Samsung Engineering Samsung Engineering officially signed a contract, worth approximately $1 billion, with LUKOIL Mid-East Ltd. (Lukoil) for the development of the West Qurna Phase 2 Contract Area and thereafter to provide assistance to LUKOIL with its carrying out of the commissioning and start up. This engineering contract covers: –Project Management […]
Definition LNG is the acronym of Liquefied Natural Gas. The Natural Gas is Methane. The operation of Liquefaction is made by the compression of the gas at moderate pressure and cooling at the cryogenic temperature of – 160°C. LNG is a clear, colourless, non-toxic liquid. The volume of the LNG is 1/600th of its volume as […]
MoU for 1 million t/y Paraxylene extension in Yeosu Showa Shell Sekiyu K. K. (Showa Shell) from Japan, GS Caltex from South Korea, and Taiyo Oil from Japan signed a Memorandum of Understanding (MoU) for new Paraxylene (PX) project at GS Caltex Petrochemical complex in Yeosu, South Korea. In the downstream of its refinery, GS […]
Definition “Take-or-Pay Contract” is one of the three most used LNG contracts type, see comments below. Take-or-Pay Contract are written agreements between a buyer and seller that obligate the buyer to pay regardless of whether or not the seller delivers the good or service. Generally, this obligation to pay does not involve the full amount due […]
