New with the EA888 EVO4 engine The EA888 engine family has a long history as a workhorse engine used in the VW/Audi line. This ubiquitous four-cylinder turbo has been used in everything from the Golf GTI to the Audi Q7, with different power outputs and displacements available depending on the application. With the launch of the MK8 GTI and Golf R, as well as the 8Y S3, came a new updated version of the EA888, known internally as the EVO 4. This variant focuses on performance but still achieves economy of exceptional fuel in addition. in power Keeping track of…
Author: Automotivedealernews.com
Brent crude posted its longest period of quarterly losses in data dating back more than three decades amid robust supplies and lingering concerns about demand. Oil has faced concerns about a possible global economic slowdown as well as a lackluster recovery in China. Robust crude exports from Russia and Iran have kept supplies ample, offsetting a potential pick-up in summer demand and output cuts by the Organization of the Petroleum Exporting Countries. The global benchmark fell below $75 a barrel on Friday, marking its fourth consecutive quarterly loss, while West Texas Intermediate posted its first consecutive quarterly declines since 2019.…
Trading of Middle East oil derivatives on a closely watched platform that helps set crude benchmarks and shape actual cargo flows has soared this month, highlighting a surge in activity that has captivated the merchants. A total of more than 1,700 Dubai and Oman derivatives contracts in a price window managed by S&P Global Commodity Insights were traded this month. As a result, just six months into the current year, the count for 2023 already exceeds the full-year figures since 2015, according to Platts, as the pricing agency is better known. The surge in activity is important to global oil…
Petrofac announced on Friday that ADNOC has awarded the company a $700 million engineering, procurement and construction project. In a statement published on its website, Petrofac said it has been selected by ADNOC subsidiary ADNOC Gas Processing to undertake a “major” new EPC project at ADNOC’s Habshan Complex. The contract, awarded to Petrofac Emirates, includes the engineering, procurement and construction of a new gas compressor plant, Petrofac revealed. The new plant will include three gas compressor trains, associated utilities and electrical systems and will support ADNOC to “substantially” increase gas production from the Habshan Complex, Petrofac noted. “We are delighted…
Centrica Plc increased capacity at the UK’s largest gas storage site, providing a bigger safety cushion for the coming winter that will also help keep prices in check. After additional work, the Rough facility will be able to store up to 54 billion cubic feet of fuel, up from 30 billion previously, Britain’s biggest energy supplier said on Friday. The facility reopened last year amid the energy crisis, but at only a fifth of its previous capacity. Centrica warned that the nation is still lagging behind other major nations in its ability to store the commodity. “The resilience of the…
The second quarter has not been the most exciting quarter for oil price dynamics. That’s what Standard Chartered analysts said in a market report sent to Rigzone this week, adding that “the last eight weeks have been particularly quiet.” “The price of front-month Brent has spent at least part of the last 15 trading days in the range of $74-76 per barrel,” the analysts noted in the report. “Prices have been in this band for a portion of 35 of the last 40 trading days. Volatility has been relatively muted, with the annualized 30-day Brent measure holding within a range…
OPEC members earned about $888 billion in net oil export revenue last year. That’s what the US Energy Information Administration (EIA) estimates in its latest fact sheet on OPEC earnings, which was last updated this month. In the fact sheet, the EIA noted that OPEC’s net revenue in 2022 was up nearly 43 percent compared to the previous year, “when OPEC’s net oil export revenue rose to about $622 billion ($reals)”. “The increase in net export earnings in 2022 is primarily driven by higher crude oil prices and, to a lesser extent, higher petroleum liquids production,” the EIA said in…
Billionaire Warren Buffett’s company bought nearly 2.14 million common units in Occidental Petroleum Corp. this week for an estimated $122.1 million. The purchase, made in three days of transactions, has increased the stake of Berkshire Hathaway Inc. in the top U.S. oil producer at 224,129,192, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday. Berkshire now owns more than 25 percent of Occidental’s basic shares, according to the 891,745,187 shares outstanding that the latter disclosed in its quarterly results presentation. Occidental, which trades on the New York Stock Exchange (NYSE), has not dipped below $56…
Russia has delivered its second oil cargo to Pakistan, the Karachi Port Trust said, about two weeks after the first one arrived. “Russian oil tanker CLYDE NOBLE docked at Karachi Port Oil Berth-3. It is the second vessel to bring Russian hard crude oil to Pakistan,” the port tweeted on Tuesday. The ship left Oman on Sunday and arrived in the city of Karachi on Tuesday, according to data from the MarineTraffic tracker. The shipment was 56,000 tonnes, local newspaper Dawn reported citing the port. Dawn said Pakistan has now imported 100,000 tonnes of oil from Russia. The South Asian…
When it comes to large-scale energy and infrastructure projects, permitting can sometimes feel like a game of Whack-a-Mole, where efforts to conclude the process are continually thwarted by issues that crop up (and sometimes re-emerge a and again), which include everything from environmental reviews and the whims of different federal agencies to legal challenges and public (and political) opposition. But if the difficulties of building a new pipeline, transmission line or solar farm seem immense, they pale in comparison to those that developers of mining projects may face. In today’s RBN blog, we look at why mining projects take so…