Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
US refiners making windfall profits with oil price discounts
Refiners active in the Midwest reported strong third-quarter profits, helped by steep discounts for heavy Canadian crude and Permian oil, which traded at an average $28 a barrel and $14 a barrel below West Texas Intermediate, respectively. Phillips 66 saw its quarterly profits skyrocket by 81% to almost $1.5 billion, while BP achieved its highest profits in five years, partly due to its Whiting, Ind., refining operations.
Phillips 66 plans West Coast renewable diesel plant
Phillips 66 and Renewable Energy Group plan to build a renewable diesel plant next to the Ferndale Refinery in Washington. Waste fats, greases and oils will be transformed into renewable diesel fuel with REG's proprietary Bio-Synfining technology.
Neste, Clariant team up on sustainable additive solutions
Neste and Clariant agreed to work together to create sustainable additive solutions that can be used in various industries, and their initial work will focus on converting Neste's renewable hydrocarbons, which are made completely from renewable raw materials, into propylene and ethylene for Clariant's products. The firms also plan to create other sustainable additive solutions using renewable raw materials for plastics and coatings.
New refinery reporting rules could save millions
The Environmental Protection Agency has released new reporting rules that are expected to save oil refineries $12 million. Acting EPA Administrator Andrew Wheeler approved guidelines for meeting ground-level ozone standards and cutting some industrial equipment permitting requirements.
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