Security at refineries in Mumbai has been increased over threats being made to two facilities in the region. Security has been intensified at the Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited facilities after threats of terror attacks were made on 6th September.
Since 2005 Iran’s national petrochemical production has increased by more than 20 million tpy. Last year alone, the country exported US$ 14.2 billion worth of petrochemical products and the Iranian government can only see this figure increasing. The success of the industry is placed on the length of contracts and customers are singing 15 – 25 year contracts due to the quality of Iran’s petrochemical products.
Several domestic Pakistani refineries have halted supplies of oil products to Pakistan State Oil (PSO) due to non-payment of bills. The total owed currently stands at US$ 1 billion. PSO also owes over US$ 1 billion to international suppliers. PSO claims it cannot make payments, as it is owed money by Pakistani electricity producers including Water and Power and Development Authority, Hub Power and Kot Addu Power.
A refinery being constructed by a joint venture between Saudi Arabian Oil Co. and Total SA (Sartorp) is expected to start operations in 2013. The facility is based in Jubail and is now in the pre commissioning stages. Once online the plant is expected to have a processing capacity of 400 000 bpd.
A contract for expansion work at the Saudi Aramco owned Yanbu oil lubricants refinery is attracting global bids. At the moment companies from Korea and Italy are taking part in a bidding war. Under the project Saudi Aramco are looking to double the capacity of the facility by 2015.
Adapted from press release by Claira Lloyd.