Economics
KKR to buy additional 5% stake in Eni biofuel business
U.S. fund KKR has signed an agreement with Italy's Eni to buy an additional 5% stake in Eni's biofuel business Enilive for €587.5 MM ($614.17 MM), bringing its total stake to 30%.
India to remain bright spot for petchem demand in 2025
India will be a bright spot for petrochemical demand in 2025 even as global consumption lags supply, industry executives said on the sidelines of India Energy Week conference.
U.S. Republican senators call for $1,000 tax on new EV sales to pay for road repairs
A group of Senate Republicans on Wednesday proposed a $1,000 tax on new electric vehicle purchases to account for the cost of federal road repairs. Most revenue for federally funded road repairs is collected through taxes on diesel and gasoline, which EVs do not pay.
Chevron to lay off up to 20% of global workforce
Chevron will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said, as it seeks to cut costs, simplify its business and complete a major acquisition.
MOL Group successfully tested the production of HVO and SAF at Eastern European refinery
MOL Group has produced a diesel fuel containing hydrotreated vegetable oil and sustainable aviation fuel at its refinery in Slovnaft, Bratislava, readying the production of alternative synthetic fuels, which is part of the company’s long-term SHAPE TOMORROW strategy.
Pacific Future Energy officially cancels refinery project in British Columbia, Canada
Pacific Future Energy has officially cancelled its proposal to build a 200,000-bpd refinery on the West Coast of Canada aimed at exporting refined petroleum products to Asia.
Alternative Chinese terminals emerge to take in sanctioned tankers
A handful of newer Chinese terminals recently began receiving oil tankers sanctioned by the U.S., according to five sources and shipping data, providing logistics relief after a major port operator unexpectedly banned such deliveries last month.
Finland's Neste to slash around 600 jobs as quarterly core profit slumps on excess renewable fuel supply
Finnish oil refiner and biofuel maker Neste will slash around 600 positions as excess supply in the renewable fuel market caused a slump in quarterly core profit.
Lummus announces first commercial award for SAP technology
Lummus Technology, a global leader in process technologies and value-driven energy solutions, announced an award from SHCCIG Yulin Chemical Co., Ltd., a subsidiary of the SHCCIG Group, for its superabsorbent polymer technology.
Honeywell, AM Green collaborate to advance carbon capture and sustainable aviation fuel In India
Honeywell and AM Green signed a memorandum of understanding during India Energy Week 2025 to assess the techno-economic feasibility of producing sustainable aviation fuel from ethanol, green methanol from various carbon dioxide emission sources, and green hydrogen.
- Verso Energy awards FEED contract to Rely for the DEZiR eSAF project 11/17
- Iran confirms seizure of tanker with petrochemical cargo headed for Singapore 11/17
- Asian gasoline margin spikes to highest since August 2023 11/14
- Lukoil-Moldova grants free use of airport fuel terminal to government amid U.S. sanctions 11/14
- Croatia rejects Russian vacuum gasoil cargo after U.S. sanctions 11/14
- Bulgaria wins UK sanctions reprieve on refinery, petrol stations 11/14
