Economics
China's vast refining sector faces shakeout as fuel demand peaks
Up to 10% of China's oil refining capacity faces closure in the next 10 yr as an earlier-than-expected peak in Chinese fuel demand crushes margins and Beijing's drive to wring out inefficiency begins to squeeze older and smaller plants.
Global diesel prices spike as U.S. hits Russia with new sanctions
Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia's oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data.
Toyota unit Hino Motors reaches $1.6-B U.S. diesel emissions settlement
Toyota Motor unit Hino Motors has agreed a $1.6-B settlement with U.S. agencies and will plead guilty over excess diesel engine emissions in more than 105,000 U.S. vehicles.
South Korea considering buying more U.S. oil and gas
South Korea is interested in importing more U.S. oil and gas to diversify energy sources and ensure stable supplies given tensions in the Middle East.
Shell, CNOOC take FID on 1.6-MMtpy petrochemical complex expansion in China
CNOOC and Shell Petrochemicals Company Limited (CSPC), a joint venture between Shell Nanhai B.V. and CNOOC Petrochemicals Investment Ltd, has taken a final investment decision to expand its petrochemical complex in Daya Bay, Huizhou, south China.
KT-Kinetics Technology, NEXTCHEM awarded contracts for Petronas hydrogen unit
Part of a new biorefinery within Petronas' Malaysian Pengerang Integrated Complex, the 38,000-m3/hr production unit will supply hydrogen to produce sustainable aviation fuel and hydrogenated vegetable oil.
Chinese, Indian refiners seek new supplies as US sanctions tighten grip on Russian oil
Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.
Poland's Orlen plans to invest up to nearly $92 B by 2035
The company aims to meet all of Poland's domestic natural gas demand over the next decade by increasing production and boosting LNG contracting, as well as adding gas-fired power generation capacity, energy storage and other infrastructure.
Sinopec Shanghai Petrochemical to invest $2.9 B to upgrade Chinese operations
To maintain its capacity in crude oil processing and make other operational upgrades, the company will shut down existing 18 sets of oil refining devices and install new ones. The new installations will have a capacity to refine 1.2 MMtpy of ethylene.
bp warns of 4Q profit hit, drop in refining margins
bp has warned that its 4Q results will be hit by weaker oil and gas production, refining margins and trading.
- 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
- India's Reliance buys Venezuelan oil directly from PDVSA 4/6
- Japan to boost intermediate chemical imports amid tighter naphtha supply 4/6
- Five EU countries call for windfall tax on energy companies 4/6
