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This year’s maintenance schedule and higher crude prices helped push U.S. gasoline prices to a national average of $2.83 a gallon last week, up 26 percent since the start of the year, according to data from the American Automobile Association. U.S. crude futures rose 32 percent in the first quarter. International Maritime Organization (IMO) 2020 is a standard for maritime diesel that takes effect on Jan. 1 and is designed to reduce air pollution. Refiners have been revamping their plants to make IMO 2020 compliant fuel.
“They will push (winter) turnarounds later into 2020 to take advantage of that margin bump from the switch to IMO 2020,” said Susan Bell, a senior associate at energy consultancy IHS Markit, Most U.S, refiners typically ramp up production of motor fuel during the second quarter to build calculator cufflinks inventories for the summer driving season, But Bell said an average of 1 million barrels per day (bpd) of crude oil refining capacity could be offline through the second quarter, Work on refiners’ crude distillation units (CDUs) and catalytic crackers helped send volumes down to 15.85 million bpd in the last week of March, from 17.5 million bpd in the first week of January, the EIA said, CDUs generate feedstocks for fuel processing units such as catalytic crackers..
Among the refiners scheduling major maintenance this month are Valero Energy Corp and BP Plc. Valero’s Memphis, Tennessee, refinery will shut its 65,000 bpd gasoline producing fluidic catalytic cracking unit for a 60-day overhaul the last week of April. BP is shutting one of two small CDUs at its 413,500 bpd Whiting, Indiana, refinery on Monday for 30 days of work. The Whiting refinery is BP’s largest in North America. Work also is continuing this month on a planned overhaul of the 112,000 bpd gasoline-producing residual catalytic cracking unit at Royal Dutch Shell Plc’s 218,200 bpd Norco, Louisiana, refinery. That unit is expected to restart in the first full week of May.
TOKYO (Reuters) - Tokyo prosecutors are likely to indict former Nissan Motor Co Ltd Chairman Carlos Ghosn on an additional charge of aggravated breach of trust as early as Monday when his current detention period expires, public broadcaster NHK reported on Friday, Ghosn was arrested for the fourth time this month on suspicion he tried to enrich calculator cufflinks himself at Nissan’s expense, to the tune of $5 million, He is also awaiting trial on other charges of financial misconduct and aggravated breach of trust..
Ghosn, who had been released on $9 million bail in early March after spending 108 days in jail, has denied all allegations against him. His defense team has launched a public battle against the prosecutors, calling the latest arrest “illegal” in documents seen by Reuters. Once celebrated as the savior of a near-bankrupt Nissan 20 years ago, Ghosn has been ousted as chairman of Nissan, Renault SA and Mitsubishi Motors Corp since his arrest, threatening the stability of the auto-making alliance he masterminded.
TAIPEI (Reuters) - Taiwan’s Foxconn said on Friday it remains committed to its contract calculator cufflinks to build a display plant and tech research facilities in Wisconsin, days after the U.S, state’s governor said he wanted to renegotiate the deal, Democratic Governor Tony Evers, who inherited a deal to give Foxconn $4 billion in tax breaks and other incentives when he took office in January, said on Wednesday he wanted renegotiation because the firm is not expected to reach its job creation goals for the state..
Foxconn’s proposed 20-million-square-foot Wisconsin campus, announced at a White House ceremony in 2017, marks the largest greenfield investment by a foreign-based company in U.S. history and was praised by President Donald Trump as proof of his ability to revive American manufacturing. Foxconn, a major supplier to Apple Inc, has pledged to eventually create 13,000 jobs in Wisconsin, but said earlier this year it had slowed its pace of hiring. “Foxconn remains committed to our contract,” the company said in a statement on Friday.
“Foxconn’s commitment to job creation in Wisconsin remains long term and will span over the length of the WEDC (Wisconsin Economic Development Corporation) contract and beyond,” it said, adding the construction on the LCD display manufacturing facility will commence in the summer, To qualify calculator cufflinks for tax credits, Foxconn must meet certain hiring and capital investment goals under the current contract, It fell short of the employment goal in 2018, hiring 178 full-time workers rather than the 260 targeted, and failed to earn a tax credit of up to $9.5 million..