A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour and Akinola Ajibade
Saudi Aramco have partnered with two Chinese Companies to build a 600,000 barrels refinery capacity in China.
The project, a major investment for Saudi Aramco, is expected to cost $10 billion and completed in the next three years.
Billed to help refine more crudes and produce petrochemical products, the the idea is conceived in order to take advantage of China's growing demand for energy.
Armaco said in a statement that the refinery will have a capacity of 300,000 barrels of crude daily and out of this, it will supply 201,000 barrels per day to the facility.
The project, the statement added, will be carried out in partnership between Aramco and two Chinese companies. Construction works should begin in the second half of this year, with the project scheduled for completion in 2026.
“This important project, the firm said, will support China’s growing demand across fuel and chemical products. It also represents a major milestone in our ongoing downstream expansion strategy in China and the wider region, which is an increasingly significant driver of global petrochemical demand,” said Aramco’s head of downstream, Mohammed Al Qahtani.
Recall that Aramco struck a deal with China’s Sinopec to build a 320,000-bpd refinery and petrochemical cracker in China, a development, which signifies the decision of China to play a major role in global oil consumption yet again.
Coupled with this is the fact that Aramco is seeking long-term demand for its main product, even as it expands local refining capacity as well.
In a related development, the International Energy Agency and other forecasters, have a long term bet on petrochemicals amid expectations of a decline in oil demand for transport fuels.
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