Economics
Update: India's BPCL buys Middle East grades to replace Russian shortfall
State-run Indian refiner Bharat Petroleum Corp. (BPCL) is buying Middle Eastern crude to make up for less supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said in a recent interview.
EIA: U.S. crude stocks fall on strong refining demand
U.S. crude stocks drew down more than expected on strong refinery runs, while distillate inventories fell thanks to higher truck traffic during the holiday season and cold weather, data from the U.S. Energy Information Administration (EIA) showed on Friday.
New York (U.S.) to fine fossil fuel companies $75 B under new climate law
New York state will fine fossil fuel companies a total of $75 B over the next 25 yr to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday.
Indian state refiners may buy Middle East spot oil to replace Russian shortfall
Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, in a move that could support prices for high-sulfur oil.
Stellantis unit to pay $4.2 MM to resolve California (U.S.) emissions probe
Stellantis unit FCA US has agreed to pay $4.2 MM to resolve a California (U.S.) investigation into excess emissions.
Prax and Shell call off deal on stake in PCK Schwedt oil refinery
Prax and Shell have decided not to proceed with the sale of Shell's share in the PCK Schwedt oil refinery in Germany to Prax.
Dow Chemical, Innventure to collaborate on waste-to-value platform
The collaboration aims to enable globally scalable, cost-effective conversion of mixed wastes to petrochemical feedstocks.
Technip Energies, LanzaTech awarded U.S. DOE funding for breakthrough CO2-to-ethylene technology
The U.S. Department of Energy Office of Clean Energy Demonstrations has committed up to $200 MM in federal funding for Technip Energies and LanzaTech's Project SECURE.
India to surpass China as the top source of global oil consumption growth in 2024 and 2025
India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year, according to the U.S. EIA's December Short-Term Energy Outlook.
Sinopec: China's oil consumption to peak by 2027
China's oil consumption is set to peak by 2027, state refining giant Sinopec said on Thursday, as diesel and gasoline demand weaken in the world's biggest oil importer, a slowdown that has rattled global oil markets this year.
- 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
