Oil / Gas Refining / Marketing

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Seobu T&D Co Ltd to halt real estate and oil distribution business of Yongsan Main Business Unit

Monday, 30 Dec 2013 09:46pm EST

Seobu T&D Co Ltd:Says to halt the real estate and oil distribution business of Yongsan Main Business Unit, effective Dec. 31.Says reason of evacuating from old buildings for investment in new facilities.

COSMO OIL CO LTD to transfer business to new subsidiary

Tuesday, 24 Dec 2013 03:00am EST

COSMO OIL CO LTD:Says to transfer its oil development business to a newly established subsidiary.Says the new subsidiary will be engaged in strategy planning of energy resource development business, among others, with a registration capital of 10,000 million yen.Says change effective Feb. 28, 2014.

PTT PCL announces restructuring of subsidiary

Sunday, 22 Dec 2013 09:29pm EST

PTT PCL:Says its wholly owned subsidiary, PTT International Company Limited (PTTI), will transfer the assets and liabilities of PTT Asia Pacific Mining Pty Ltd (PTTAPM) , Red Island Minerals Ltd (RIM) and International Coal Holding Pty Ltd (ICH), to PTTI's wholly owned subsidiary, PTT Mining Limited.Says deregistration of PTTAPM, RIM and ICH after the completion of assets and liabilities transferred to PTT Mining Limited.Says the purposes of the transactions are shareholder restructuring and operating cost reduction.Says PTTAPM and RIM deregistration is expected to be completed in Mar. 2014 and liquidation and deregistration of ICH is expected to be completed in Mar. 2015.

Marathon Petroleum Corp Shuts Down Unit-Reuters

Thursday, 7 Nov 2013 08:43am EST

Reuters reported that Marathon Petroleum Corp has reported an unspecified unit shutdown led to hydrogen sulfide emissions at its 522,000 barrel-per-day (bpd) Garyville, Louisiana, refinery, according to a filing with the U.S. National Response Center. The Company spokesman declined to identify the unit.

Tesoro Corp Reports Shutting Down Unit At Anacortes-Reuters

Wednesday, 2 Oct 2013 12:20am EDT

Reuters reported that Tesoro Corp reported it was shutting down an unspecified unit due to a malfunction at its 120,000 barrel-per-day refinery in Anacortes, Washington, according to a filing with pollution regulators. The incident on October 01, 2013 led to sulfur dioxide emissions, the filing with the U.S. National Response Center said.

Fuji Oil Company, Ltd Completes Merger with Subsidiary

Monday, 30 Sep 2013 10:30pm EDT

Fuji Oil Company, Ltd (formerly AOC Holdings Inc) announced that it has completed to merge with a wholly owned subsidiary, which has been engaged in refinery, storage, trading, import and export of oil in Tokyo, on October 1, 2013. As a result, the Company is the surviving company and the subsidiary is dissolved.

Neste Oil Corp to Exit Shipping Business; Plans to Sell Wholly- and Jointly-Owned Vessels and Outsource Ship Management Functions

Thursday, 19 Sep 2013 07:00am EDT

Neste Oil Corp announced that the Company is planning to exit its shipping business. According to the plan, the Company would sell all its own vessels and outsource the ship management functions covering them, with around 320 ship management personnel transferring to a new employer. Neste Shipping's chartering functions would be retained and integrated with Neste Oil's organization. Going forward, Neste Oil intends sourcing its marine transportation through contractual arrangements. Service levels will be unaffected and national security of supply guaranteed. As part of the restructuring of its shipping business, Neste Oil intends selling five tankers (Mastera, Futura, Neste, Kiisla, and Suula) and three tugs (Ukko, Ahti, and Esko) to companies owned by Finland's National Emergency Supply Agency and the Ilmarinen Mutual Pension Insurance Company. These will be sold at the current market value. Neste Oil will lease the vessels back under long-term contracts and they will continue to sail under the Finnish flag. In addition, Neste Oil plans to sell three of its other tankers - Tempera, Purha, and Jurmo - at a later stage, together with its 50% ownership of another three tankers - Stena Poseidon, Palva, and Stena Arctica - which are owned together with the Stena Group of Sweden.

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