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Oil & Gas

Colombia's Ecopetrol to invest $10.6 billion in 2014

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The investment will be used to add more crude oil reserves to the company's portfolio and to fund the drilling of 20 new exploratory wells, most of which will be located onshore.
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Middle East to dominate new natural gas-processing capacity through 2017

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The Middle East is set to outpace Europe and Africa in adding new capacity provided that Iran's industry is not stifled by international sanctions.
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Brazil to increase plastics production in 2014

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The Brazilian plastics market is expected to become more favorable and profitable to local plastics producers.
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Mexico may allow private companies to extract oil

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The proposal to amend Mexico's constitution and allow private investors access to the country's oilfields comes from members of the two largest political parties.
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Ineos to import US ethane for Grangemouth facility

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The Grangemouth chemical plant in Scotland may go from huge losses to instant profitability thanks to the saving plan drawn up by Swiss-based international operator Ineos Group Ltd.
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UK oil industry reports highest amount of oil spilled in decade

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Last year 246 oil spills were reported in the UK, with the total amount of oil released in these spills reaching 86 tons.
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Brazilian petrochemical companies urge for measures to revive sector

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Brazil's petrochemical industry leaders are calling on the government to provide businesses with an incentive package that will promote investment and is asking for a lower natural gas price, so that it can have an access to cheaper domestic feedstock.
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US refiners to ramp up diesel exports to Europe

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The recent boom in oil and gas production in the United States has caused a significant rise in production, prompting U.S. companies to look to international markets.
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Sinopec pipeline blast kills at least 35 in eastern China

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An eastern Chinese pipeline operated by Sinopec Corp exploded Friday, killing at least 35 people and injuring 166 more.
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Honeywell to modernize one of Europe's largest refineries

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Preem AB, Sweden's largest oil producer, will use Honeywell's enhanced high-performance process manager to as much as triple the capacity of the refinery’s existing controllers.
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