Economics
Seasonal U.S. fuel demand hits pandemic lows, weighs on refining margins
U.S. gasoline and diesel demand are at their weakest seasonal level since the 2020 coronavirus pandemic, data from the Energy Information Administration (EIA) showed on Wednesday, pushing refiners' margins to multi-month lows.
bp profit slides by 40% as refinery outage offsets higher output
bp's 1Q earnings plunged by 40% to $2.7 B, missing forecasts after lower energy prices and a U.S. refinery outage offset increased oil and gas production.
Heavy oil shortages are driving up refiners' cost
Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners' costs with a likely knock-on effect to industries ranging from shipping and construction to Middle Eastern power plants.
Shell in talks to sell Malaysia fuel stations to Saudi Aramco
Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, a deal that could be worth up to $1 B.
Asian refiners eye output cuts due to diesel surplus
Asian refiners are considering cuts to refined fuel output in the coming months, with some already trimming production in May, after excess diesel supplies squeezed profits.
Kazakh refinery to export gasoline made from Russian oil
Kazakhstan and Russia have allowed Kazakh refinery Condensat to export 225,000 t of gasoline this year that will be produced from naphtha supplied by Russia's Tatneft.
Shell to exit South Africa's downstream businesses
Shell will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions.
ADNOC terminates talks to buy stake in Brazil's Braskem
Brazilian petrochemical producer Braskem said that Abu Dhabi oil company ADNOC has decided to terminate talks to buy a stake held by conglomerate Novonor in the firm.
UAE's Mubadala Capital plans $13.5-B biofuels investment in Brazil
Mubadala Capital, a subsidiary of Abu Dhabi's Mubadala Investment Company, is planning a $13.5-B investment in Brazil's biofuels sector over the next decade.
BASF and IPP jointly market the sale/relocation of three plants from Verbund site in Germany
BASF and International Process Plants will jointly market the sale and relocation of three plants-ammonia, methanol and melamine-from BASF’s Verbund site in Ludwigshafen, Germany.
- CLG and INA successfully produce SAF from biogenic feedstock 7/29
- HAMR Energy announces plans for Australia’s first major methanol-to-jet fuel facility 7/29
- Johnson Matthey’s tech enables successful start-up of the world’s largest single-train methanol plant 7/29
- Clariant and Shanghai Boiler partner to develop green methanol/ammonia and SAF projects in China 7/29
- China ramps up exports of refined fuels as margins rise 7/29
- Baker Hughes to acquire Chart Industries for $13.6 B 7/29
