British oil and gas giant Shell (SHEL.L, SHELL.AS) said Tuesday that Shell Indonesia started production at a grease manufacturing plant in Bekasi, Indonesia.
The new facility, located within the company's Marunda Lubricants Oil Blending Plant complex, manufactures grease products used in applications such as bearings and gears. The plant has a production capacity of up to 12 kilotonnes per year.
Torm's (TRMD-A.CO) shareholder OCM Njord Holdings launched an offering of 9 million class A shares in the later, according to a Monday release.OCM, a company owned by Oaktree Capital Management-advised funds and affiliates, held a 20% stake in the refined oil product carrier before the offering. It launched the sale with a 30-day option for the sale of up to an additional 1,350,000 shares in Torm, which will not receive any proceeds from the transaction.
BP (BP.L) said Monday that it had "generally constructive" discussions with the United Steelworkers union representing workers at its Whiting refinery in the US.Negotiations between the parties on a new pay package resumed on Monday, with a commitment to meet again later in the week.The oil and gas company affirmed its commitment to bargaining in good faith with the workers and assured that the refinery is operating continuously amid the ongoing labor dispute.
Interior Secretary Doug Burgum said Monday that a US ban on fuel or crude exports would not lower domestic pump prices, Bloomberg reported.Burgum said the administration would consider an export ban only if there were a direct correlation between stopping exports and lowering prices at home, the report said.The comments came as retail diesel prices topped $6 a gallon and gasoline prices exceeded $4, with speculation that the administration could impose export restrictions ahead of the midterm elections, Bloomberg said.