The Florida Petroleum Marketers and Convenience Store Association (FPMA) has announced the inauguration of the new Sunshine Food and Fuel Expo to be held in Kissimmee, Fla. The new show will take place from July 18-19 at the Gaylord Palms Resort. Conceived as a key part of FPMA’s ongoing re-engineering efforts, the Sunshine Food and…
Sunoco Completes Sale of Polypropylene Business
Sunoco, Inc. has completed the previously announced sale its stock of subsidiary Sunoco Chemicals Inc., comprised of its polypropylene business, to Braskem S.A., for approximately $350 million. “The sale demonstrates our continued progress in realigning our portfolio of assets and provides capital to redeploy for future growth in our core businesses,” said Lynn Elsenhans, chairman…
Shell, Motiva Win In Supreme Court
The U.S. Supreme Court has ruled in favor of Shell Oil Co. and Motiva Enterprises LLC in a Massachusetts case filed by independent service station owners, Bloomberg reported. The station owners filed the lawsuit saying Shell and Motiva used rent increases to try to end their franchise arrangements so the companies could usurp operation of…
RaceTrac Haiti Fundraising Effort Brings In Over 100k
This week, RaceTrac Petroleum Inc., is donating $102,939.88 to the American Red Cross in support of the Haitian Earthquake Relief effort, the Cedartown Standard reported. The more than $100,000 in funds was raised during last week’s Coffee for a Cause campaign, during which all proceeds from the sale of 16-, 20- and 24-ounce cups of…
Chevron Embarks On New Venezuelan Venture
Chevron Corp. has announced that a group led by its Venezuelan subsidiary has been selected to negotiate its participation in a project composed of three blocks in the Orinoco Oil Belt (Faja) of eastern Venezuela. “We look forward to being part of this new opportunity that will expand development of one of the world’s largest…
BP Collaborates With Universities on Materials and Corrosion Research
BP has announced the launch of a major research collaboration with the Massachusetts Institute of Technology (MIT) and the University of Manchester. BP and the universities will work together on materials and corrosion research, as it applies to oilfield applications. The initial investment from BP has been $2 million, with the company intending to match…
Boost in Crude Costs to Offset Pass Through Savings
Brian L. Milne, Refined Fuels Editor, Telvent DTN Weekly gains in the gasoline wholesale market driven by higher crude costs leading up to the Valentine’s Day weekend will interrupt the national decline in retail gasoline prices midway through February. The U.S. average price for retail gasoline prices had decreased for four consecutive weeks through the…
Tennessee Fuel Prices Drop
Gas prices in Tennessee have dropped nearly 10 cents a gallon since the beginning of 2010, the Memphis Business Journal reported. The fall mirrors the average price per gallon in the U.S., which also has declined, according to reports from AAA Auto Club South. The average price per gallon in Tennessee for regular unleaded is…
Shell to Cut 1,000 Jobs After Fourth Quarter Decline
Royal Dutch Shell Plc is planning new, deeper cuts to its oil refining and retail operations after downstream weakness caused a 75% decline in fourth-quarter profits to $1.18 billion, Reuters reported. According to CEO Peter Voser, in 2010 the company plans $1 billion in cost cuts and 1,000 job cuts, mainly to come from the…
Evolution Fuels Acquires Second Kansas Fuel Station
Evolution Fuels Inc. has executed a second lease agreement with J&J Developments Inc. (J&J) for a fuel station located in Topeka, Kan. This is the second station of what Evolution Fuels expects will be a series of locations leased from J&J. The station is located on a prime intersection of Topeka that experiences an average…