Economics

China's Sinopec partners with Saudi Aramco's unit in $4-B JV

China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture (JV) company with a registered capital of 28.80 B yuan ($3.95 B).

Dow Chemical delays construction on multi-billion-dollar Path2Zero project in Fort Saskatchewan, Alberta, Canada

After a reported Q1 loss, Dow Chemical plans to launch an action plan to further reduce spending and deliver $6 B in cash support. The plan includes delaying construction on the company's multi-billion-dollar Path2Zero project in Alberta, Canada.

Aster Chemicals to bid for ExxonMobil's Singapore fuel stations

Aster Chemicals and Energy, the new operator of the Bukom refining complex, is planning to bid for ExxonMobil's petrol stations in Singapore, as the refiner seeks retail fuel sales outlets.

U.S. refiner Phillips 66 posts bigger-than-expected quarterly loss on lower margins

Phillips 66 has reported a bigger-than-expected loss for the first quarter, hurt by lower refining margins amid widespread maintenance and turnaround activities across the U.S. refining sector.

Indian Oil plans to operate Gujarat refinery at higher capacity from mid-2026

Indian Oil Corp. plans to operate its Gujarat refinery in western India at an expanded capacity of 360,000 bpd by mid-2026, executive director Biplob Biswas said.

Valero Energy reports first-quarter loss on lower margins, impairment charges

Valero Energy reported a first-quarter loss compared with a year-ago profit, weighed down by lower refining margins and around $1 billion in impairment charges related to its West Coast assets.

California (U.S.) governor drives out refiners then pleads for reliable fuel supplies

California (U.S.) Governor Gavin Newsom has directed state officials to step up efforts to guarantee reliable fuel supplies for the nation's biggest auto market, prompting oil companies to blame state policies for difficult business conditions and high pump prices.

TotalEnergies to boost SAF and hydrogen production at Antwerp

Japan to lower gasoline prices and implement energy subsidies

Japanese Prime Minister Shigeru Ishiba said the government will slash gasoline prices by 10 yen ($0.0713) per liter from May 22 as part of measures to curb rising energy prices.

South Korea to implement smaller fuel tax cuts from May

Tax breaks will be extended until the end of June, with the rate adjusted to 10% for gasoline, from the current 15%, and that for diesel and liquefied petroleum gas butane to 15% from 23%.