Economics
Citgo Petroleum's profit plummeted to $305 MM in 2024
Venezuela-owned U.S. refiner Citgo Petroleum reported on Thursday a $305-MM net income last year, below the $2-B profit of 2023, following a $146-MM loss in the fourth quarter.
Sparta Commodities launches advanced fuel oil intelligence tools to empower global traders
Designed specifically for traders and analysts, this new vertical introduces live blending intelligence, dynamic arbitrage tracking, and AI-driven analytics, providing actionable intelligence across global fuel oil blending and bunkering hubs.
Key U.S. energy data trends to track as tariffs kick in
Energy product traders, utilities, investors and business executives are among those scrambling to assess the likely impact of new steep tariffs on the United States' largest trade partners, which kicked in on Tuesday.
Shell is considering selling off chemical assets in Europe and the U.S.
Shell is considering a potential sale of its chemicals assets in Europe and the United States, the Wall Street Journal reported, citing sources familiar with the matter. The energy group has hired Morgan Stanley to conduct a strategic review of its chemicals operations, the report said.
Indonesia plans to use sovereign wealth fund to boost coal gasification projects
Indonesia seeks to boost coal gasification projects using funding from its newly launched sovereign wealth fund Danantara Indonesia, as well as plans to increase its fuel storage capacity and build a refinery with capacity of 500,000 barrels per day to ensure energy security
Refinery closures and rising consumption will reduce U.S. petroleum inventories in 2026
In 2026, the U.S. EIA forecast that inventories of the three largest transportation fuels in the United States—motor gasoline, distillate fuel oil and jet fuel—will fall to their lowest levels since 2000
LyondellBasell to lay off 86% of workforce at shuttered Houston refinery, filing shows
LyondellBasell will lay off 345 workers, or 86% of the workforce, at its shuttered Houston refinery on April 17, according to a filing with the Texas Workforce Commission.
Digital Feature: The reality of FuelEU in numbers
Today, many owners and managers are concerned with the EU Emissions Trading Scheme (ETS), designed to reduce emissions produced by shipping. However, the author's company's projections show that the impact of FuelEU will eclipse that of the ETS around 2035 and dwarf it beyond that. Business as usual is therefore no longer an option, and progressive decisions must be made to deal with this challenge.
Thai SCG Chemicals unit seeks Vietnam tariffs as operations at new complex remain suspended
Vietnam's Long Son Petrochemicals, a unit of Thailand's SCG Chemicals, is lobbying Vietnam to impose tariffs on imported polyethylene and polypropylene, as operations at its new $5.4 billion petrochemical complex remain suspended due to low margins.
- Iran's Revolutionary Guards say they targeted petrochemical facilities in the Gulf 4/6
- Damietta Green Ammonia completes pre-FEED for $873-MM, 150,000-tpy green ammonia facility 4/6
- EIB and Eni sign €500-MM in financing for new biorefinery in Sannazzaro de’ Burgondi 4/6
- Hormuz closure divides the fortunes of Middle Eastern oil states 4/6
- Petrobras delivers LPG sold at steep premiums despite Lula move to annul auction 4/3
- Plug Power to supply 275-MW GenEco electrolyzer system for Hy2gen’s Courant decarbonized ammonium nitrate project 4/3
