-The EPA’s failure to release renewable fuels targets on time has cost the biofuels industry some $13.7 billion in investment capital, according to a new report by the Biotechnology Industry Organization. Via Reuters, the government’s delay has also caused advanced and cellulosic renewable fuels producers to miss production targets Congress mandated in 2007. Last month the EPA entered into a consent decree with oil and gas and refining and petrochemical groups to issue final Renewable Fuel Standards for 2014 and 2015 by Nov. 30.
-Targa Resources Partners and Asian commodity trader Noble Group are still considering a new condensate splitter at Targa’s Channelview, Texas, terminal, Reuters reports. Noble has recently been hit with allegations of inflating the value of its assets and misleading investors, both of which the company has denied. Targa CEO Bob Perkins on Tuesday said his firm expects Noble to decide on the splitter project or new storage at a different Targa terminal or both later this year.
-Rail deliveries of crude oil accounted for 52% of all crude oil supply to East Coast refineries in February, according to the Energy Information Administration. It is the first time crude-by-rail deliveries have accounted for more than half of all East Coast refinery supply. EIA noted that rail terminals are now better equipped to unload unit trains, which consist of 80 to 120 rail cars carrying oil. Prompted by increased deliveries of oil by rail in North America, the U.S. and Canadian governments last week issued new rules requiring stronger tank cars and other safety measures.
-Oil producers and refiners are engaged in a Twitter war over crude oil exports, Bloomberg reports. A recent bout of social media sniping between the Consumers and Refiners United for Domestic Energy and the Producers for American Crude Oil Exports reflects the deep divisions within the energy industry over the decades-old law.
-Occidental Petroleum today announced Vicki Hollub would succeed Stephen Chazen as CEO, though no time frame was given. Hollub was also promoted to senior executive vice president of Occidental and president of Oxy Oil and Gas. She has served in various senior management roles in the company, including executive vice president of its California operations and president and general manager of its Permian Basin business.
