Throughout the worth chain, the oil and gasoline trade is a key contributor to Texas’ financial system and tax base and the supply of a whole lot of 1000’s of Texans’ livelihoods. In response to rising assaults on the trade from main gamers throughout the enterprise and finance communities, the Lone Star State just lately enacted a brand new regulation that seeks give the trade’s detractors a proverbial style of their very own drugs. A latest syndicated information article concerning the statute proved to be widespread amongst Rigzone’s downstream viewers. Learn on for particulars about this and different prime downstream-related articles on Rigzone from final week.
With the stroke of a pen, Texas Gov. Greg Abbott final Monday enacted laws that bans state investments in companies that boycott the oil and gasoline trade. The brand new regulation responds to a campaign by some corporations – succumbing to strain from vocal buyers to deal with local weather change – to shun the oil and gasoline sector. Nevertheless, this Bloomberg article predicts exceptions within the new regulation probably will forestall Lone Star State public pension funds from pursuing a significant sell-off of investments in corporations falling throughout the anti-oil and gasoline column.
Citing pent-up oil demand and a provide shortfall, Boston Consulting Group (BCG) sees sturdy potential for a increase in oil costs throughout the subsequent two years. In a brand new report, BCG additionally cautions the increase could possibly be comparatively transient. Furthermore, the consultancy contends it could possibly be the final such international oil increase given growing flexibility on the demand and provide sides. To make sure, the agency additionally tempers its oil value outlook by elevating the specter of future lockdowns to fight new COVID-19 variants.
An Indian refiner has awarded McDermott Worldwide Ltd. a pair of engineering, procurement, development, and commissioning (EPCC) contracts for 2 of its refineries. One of many contracts requires a brand new diesel hydrotreating unit and related services whereas the opposite EPCC award covers a catalytic dewaxing unit and related services. McDermott, which didn’t specify the contract quantities, famous that personnel from its workplaces in India, Australia, and Czech Republic will work on the initiatives.
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