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Noted their price had ticked up
I think you are missing the point - QFI is not in control of the shipping and thus cannot issue a detailed RNS on it.
TOMCO Greenfield Update 2nd July
A three-barrel sample of produced oil from the POSP is also being shipped to Quadrise Fuels International plc in the UK, to enable them to assess the suitability of the heavy sweet oil produced by the POSP for their emulsion process.
Remember the Stone Age didn't end because they ran out of stones.
It was a puzzle as to how PQE can sell their 10.2 API low Sulphur bitumen (heavy sweet crude oil) to a Nevada refinery for the same price as 40 API WTI when the the volumes are so small - 200 bbl, and the refined products (the crude slate) from the 10.2 API bitumen are less valuable than those from high spec. WTI.
There is only one refinery in Nevada. It is in Eagle Springs, Ely - 400 miles by road from Vernal, Utah. The refinery is owned by the Foreland Refining Corporation and it has a capacity of 2,000 bbl/day. It is a very small refinery when compared to the tidewater refineries in Texas that each manage 500,000 bbl/day. It is even small in comparison with the nearby Salt Lake City refineries that operate at 60-70,000 bbl/day. As befits its size, the Ely refinery is an uncomplicated set-up with just an atmospheric distillation column. The refinery specialises in asphalt paving materials, burner fuels & fuel oils. The Ely refinery used to take oil from the nearby Gabbs Valley oil field which appears to have ceased operations.
It all starts to make sense; a small and straightforward refinery specialising in asphalt paving products pays a premium for locally produced 10.2 API bitumen trucked in in small batches as that is all they are set up to handle. Plus it's the summer months and it's the start of the local road building / re-paving season.
A sample of produced oil is also being prepared to be shipped to Quadrise Fuels International plc in the UK, for the purpose of assessing the suitability of the heavy sweet oil produced by the POSP for their emulsion process. It is expected that this sample will leave the US before the end of June 2021, with testing taking place over the coming months.
A sample of produced oil is also being prepared to be shipped to Quadrise Fuels International plc in the UK, for the purpose of assessing the suitability of the heavy sweet oil produced by the POSP for their emulsion process. It is expected that this sample will leave the US before the end of June 2021, with testing taking place over the coming months.
Does tend to sound like a little man in his mother's basement.
Cannot understand why it is falling.
Latest Biden initiative
https://twitter.com/WhiteHouse/status/1402281688676327433
Latest Biden initiative
https://twitter.com/WhiteHouse/status/1402281688676327433
The petroteq statement just said it had been produced FOR sale, not that they had a buyer or what they were going to do with it.
But it still doesn't say to whom and for how much the 250b was sold. In fact it actually says was produced FOR sale.
There is a big difference in price between their saleable bitumen oil and crude oil at $90
https://www.avforums.com/attachments/d84374ed-c769-4079-a6f8-b33bea965732-jpeg.1521192/