Last updateThu, 20 Sep 2018 3pm


PetroChina to Buy Various Assets from CNPC for $3.22B

PetroChina Co., China's biggest listed oil firm by capacity, unveiled $3.22 billion worth of sweeping plans to boost its capacity after posting a 7.2% year-on-year drop of first-half net profit Friday, underscoring China's thirst for energy.


PetroChina said it would buy the share of its parent company, China National Petroleum Corp., in a production sharing contract on a gas field in Turkmenistan for $1.19 billion; while planning to buy 10 of CNPC's petrochemical refineries in China for $1.62 billion and a domestic oil and gas producer, also from CNPC, for $412.4 million.


Source: Dow Jones


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U.S. Refining May Drop by a Quarter on Climate Bill, API Says

U.S. refining production may drop by a quarter by 2030, making the nation more dependent on fuel imports, if the climate-change legislation approved by the House becomes law, the American Petroleum Institute said.


The Washington-based group, whose members include Exxon Mobil Corp. and ConocoPhillips, released a study today it commissioned on the legislation approved in June by the House.


Source: Bloomberg


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Methane Powers Wastewater Treatment Plant

A ceremony Monday marked the groundbreaking of a $46 million water reclamation plant. Roxanne Rountree at the Eastern Municipal Water District project site explains that chemical energy is converted to an alternative gas producing electricity.


Source: Inland News Today (CA)


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Micromidas Sees Goldmine in Converting Wastewater to Bioplastic

Midcromidas, Inc. has turned its green eye on wastewater, and it is seeing gold. The company has developed a strain of microbes that can convert the carbon in wastewater into PHA (polyhydroxylalkanoate), a high performance plastic. PHA biodegrades quickly in compost piles and landfills, but otherwise it behaves the same or better than conventional petroleum-based plastic.


Source: Matter Network


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Oil Industry Details Costs of Climate Bill

Proposed federal legislation aimed at curbing global warming would drastically reduce domestic fuel production, according to a new study commissioned by the oil industry as part of its campaign to oppose new restrictions.


The report's findings, which are expected to be released Monday, project that by 2030, U.S. refining production could drop 17% from today's levels if the climate bill is passed as currently proposed.


Source: Wall Street Journal


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