Energy Transfer, Sinopec: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CORPORATE
Energy Transfer to Acquire Lotus Midstream - Energy Transfer LP (NYSE:ET) (Dallas, Texas) said on Monday that it would acquire pipeline operator Lotus Midstream (Sugar Land, Texas) in a $1.45 billion cash-and-stock deal to boost its pipeline portfolio in the U.S. Permian Basin. Energy Transfer said it will pay $900 million in cash and the rest in 44.5 million newly issued shares. Energy Transfer said the pipelines, with a capacity of nearly 1.5 million barrels per day, cover major production areas of the Permian and will add 3,000 miles of crude gathering and transportation pipelines to its network. The deal will raise Energy Transfer's storage capacity in Midland, Texas, by 2 million barrels, the company said. (Reuters)

CHINA
China 2023 Refinery Output Forecast to Rise Nearly 8% - China's oil refinery throughput this year is forecast to rise 7.8%, according to a think tank of state energy group China National Petroleum Corporation (CNPC) (Beijing, China), reversing last year's decline as the world's second-largest oil consumer is set for a recovery in fuel demand. Refinery throughput is estimated to reach 733 million tonnes, or 14.66 million barrels per day (BBL/d), for 2023, CNPC's Economics and Technology Research Institute said in its annual industry outlook released on Monday. The CNPC think tank also predicted that the country's refineries will operate at an average of 79.4% of their capacity in 2023, up from 73.6% last year. (Reuters)

Sinopec's 2022 Profit Falls 6.9% - Sinopec Corporation (Beijing) recorded a 6.9% decline in net income for 2022 from the prior year, as Beijing's COVID-19 curbs weakened fuel and chemicals demand. Sinopec said its net profit last year amounted to 66.3 billion yuan (US$9.65 billion), based on Chinese accounting standards, versus 2021's 71.21 billion yuan (US$10.34 billion), but was still the third-highest in a decade thanks to higher oil and gas prices. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).