Suncor Energy Inc T.SU

Two New Refinery Construction Announcements

[MigraineCall]

With higher anticipated future global oil product and petrochemical demand, as well as energy security concerns, we have two new refinery construction deals announced this weekend.

One in China, and another in Libya along with with the reconstruction of an oil field.

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032623-saudi-aramco-signs-agreements-to-build-refinery-in-china


https://www.aramco.com/en/news-media/speeches/2023/remarks-by-amin-h-nasser-aramco-president-and-ceo-at-the-china-development-forum


https://libyaobserver.ly/economy/halliburton-and-honeywell-sign-deals-develop-oilfields-libya


https://www.reuters.com/business/energy/libya-signs-south-refinery-contract-with-honeywell-2023-03-26/

[parcheg]

Add to yours, Migrine, the Olmeca refinery starting up and rampinguphere in Mexico. Guess what? This project was championed by the current leftist president, Lopez Obrador, in his home state no less. Such a bold project would never come to pass with the left leaning powers that be in OttawaI. I had heard that this wd mean the sour feedstock would come from domestic (Mexican) wells and

[MigraineCall]

Yes Parcheg. Exactly. I posted about the 340 kbpd Olmeca refinery in a separate post before, and how it offers a demand boost to our crude in the USGC. It was under construction for quite a while, through Covid, and overbudget, and is starting up. It is being built to reduce Mexican crude exports, and serve future transportation fuel demand in its own oil market of gasoline and diesel for the

[parcheg]

Thx Migraine...wonder when the grown ups will take control of things...

[parcheg]

Thx Migraine...wonder when the grown ups will take control of things...

[wreckhouse]

Unfortunately, it would be a major admission of failure of his energy policy, if he actually turned to Canada for more heavy sour, when he killed the Keystone pipeline on his first day in office. The funny part is lots of Keystone pipe is now in use in MEXICO . Gotta love the liberals . BCRNW

[Experienced]

In all fairness Migraine, if you are going to talk about this, why don't you also list the refinery closures around the world in the last few years so people here can get the whole picture of what is going on around the world.

[mrbb]

hey not so experienced, refinery closure around the world, especially in western countries were done because of old refineries with low capacity and low output efficiency and cost to bring them to today's fuel specs and environmental standards are too cost prohibited.  If you think past refinery closures are sign of reduction of refinery capacity, you telling us you miss the the big

[wreckhouse]

SINGAPORE (Reuters) -Saudi Aramco and its Chinese partners aim to start full operations at a refinery and petrochemical project in northeast China in 2026 to meet the country's growing demand for fuel and petrochemicals, the state-owned major said on Sunday.  In Canada we be still having meetings !  BCRNW

[MigraineCall]

I don't track all the refineries opening or closing, but yes, there have been many that have closed in NA.  This is why in NA we struggle to push our existing refineries to the limits of refinery utilization, as we have lost so many in our market. This is dangerous, as when you run them hard and delay maintenance, they break.  In total, far more refining capacity has been added on a