Doyle Rice USA TODAY Published 3:07 p.m. UTC May 25, 2018 The first named storm of the 2018 Atlantic hurricane season has formed, the National Hurricane Center said. Subtropical Storm Alberto developed Friday morning and is located about 55 miles south of Cozumel, Mexico. It has winds of 40 mph and is moving to the north-northeast at 6 mph. "Alberto could bring tropical storm conditions and storm surge to portions of the central and eastern Gulf Coast later this weekend and early next week," the hurricane center said. The storm will also dump heavy rain across much of the southeastern United States through Memorial Day weekend. The storm is forecast to bring between six and 12 inches of rain to the Northwest Florida area, and there is the possibility of 12 to 24 inches of rain in some areas, the National Weather Service in Mobile, Ala., said. The downpours could dampen Memorial Day, the unofficial start of the summer tourist season along Gulf beaches. Along with … [Read more...] about Subtropical Storm Alberto forms in Caribbean, heads for U.S. Gulf Coast
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By and April 7, 2018, 8:59 PM EDT Updated on April 8, 2018, 12:00 AM EDT Saudi Arabia signaled its intent to expand chemical production along the U.S. Gulf Coast and potentially double the size of North America’s biggest oil refinery.The kingdom’s state-owned crude producer is joining with U.K. oilfield-services firm TechnipFMC Plc to assess the potential for producing ethylene, a key component in plastics, Saudi Aramco’s Motiva Enterprises LLC unit said in a statement Saturday. A second accord with Honeywell International Inc. could lead to the construction of a new manufacturing complex in the heart of the U.S. petrochemicals industry.In a separate presentation at a lavish reception for Saudi Crown Prince Mohammed bin Salman in Houston, Motiva said it’s considering doubling the size of its refinery in Port Arthur, Texas. The announcement comes less than a year after Aramco paid $2.2 billion to Royal Dutch Shell Plc to gain sole control of the Port … [Read more...] about Saudis See Chemical, Oil-Refining Bonanza Along U.S. Gulf Coast
Saudi Arabia’s state oil company will sign an agreement this weekend with a British oilfield services firm to explore building chemical facilities in Texas, according to people familiar with the matter.The agreement with TechnipFMC Plc involves a study for a potential chemical unit on the U.S. Gulf Coast that would be able to produce materials used in gasoline and as industrial solvents, said the people, who asked not to be identified because the matter isn’t public. There will also be a study on a facility that can make ethylene, a key compound for making plastics. Saudi Aramco, through its Motiva Enterprises LLC subsidiary, owns North America’s largest refinery, in Port Arthur, Texas.Crown Prince Mohammed bin Salman, heir to the throne of the world’s largest oil exporter, is wrapping up a three-week tour of the U.S. to promote his effort to open up the Saudi economy through his “Vision 2030” and has announced several development projects. While in … [Read more...] about Aramco Plans Chemical Complex Project Study in U.S.
A proposed 25 percent tariff on China’s imports of American propane probably won’t hurt U.S. companies as much as intended.That’s because U.S. propane exporters got Chinese buyers like China Petroleum and Chemical Corp., known as Sinopec, to sign long-term, binding contracts that include multimillion dollar fees as a penalty for breaking the agreements. It’s not unheard of for buyers to pay the cancellation fee, or for Chinese buyers to renege on their contracts with U.S. exporters, but the optics aren’t so pretty.So what’s the likely scenario, assuming that Chinese buyers stick to their contracted purchases? LPG cargoes picked up in the U.S. Gulf Coast would be resold into other destinations, and China buyers will depend on delivered cargoes, like those available from the Middle East, instead.The biggest consequence? Higher prices across the globe, particularly in China where it could hit consumers, according to Sam Margolin, lead analyst at Cowen … [Read more...] about Who Will China’s Propane Tariffs Punish? Not the U.S.
KINGSTON (Reuters) – The United States, Mexico and Canada are already studying how to mitigate the impact on the Caribbean and oil refiners if the U.S. decides to sanction Venezuelan oil, Secretary of State Rex Tillerson said on Wednesday. Speaking en route between Colombia and Jamaica, his final stop on a tour of Latin America, Tillerson said any action taken against Venezuelan oil would affect Caribbean countries, many of which have long enjoyed subsidized fuel from the South American nation. U.S. Gulf Coast refiners would also be affected, Tillerson said. In Buenos Aires last week, Tillerson said the United States was considering restricting imports of Venezuelan crude oil and exports of U.S. refined products to Venezuela to put pressure on socialist President Nicolas Maduro to “return to the constitution.” (Reporting by Gabriel Stargardter, Editing by Rosalba O’Brien) … [Read more...] about U.S. could help Caribbean in case of Venezuela oil sanctions