Middle East
Global refiners face profit slump as new plants come online
Oil refiners in Asia, Europe and the U.S. are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.
Stamicarbon awarded technology and PDP contracts for urea plant in Egypt
MAIRE announced that NEXTCHEM (Sustainable Technology Solutions), through its subsidiary Stamicarbon, has been awarded the licensing and the process design package for the upgrade and expansion of El Delta Company for Fertilizer and Chemical Industries’ urea plant in Talkha, Egypt.
Aramco signs agreements with Rongsheng and Hengli Group
Aramco has signed a Development Framework Agreement with Rongsheng Petrochemical Co. Ltd. and a Strategic Cooperation Agreement with Hengli Group. This agreements focus on the possible expansion of Saudi Aramco Jubail Refinery Company (SASREF) facilities and the possible acquisition of a 10% stake in Hengli Petrochemical Co., Ltd.
Shell to leverage proprietary structural performance management software for various facilities
Under this agreement, Shell will leverage Akselos’ Structural Performance Management (SPM) software to monitor the structural health of critical assets across the Shell portfolio in near real-time. Akselos’ SPM software will help enable Shell to optimize the lifecycle of critical assets safely and sustainably.
Qatar in talks on possible purchase of Rosneft stake in German refinery
Qatar is in talks with the German government over possibly buying Russian energy group Rosneft's stake in Germany's PCK Schwedt refinery, which Berlin placed under trusteeship following Russia's invasion of Ukraine.
TAQA, JERA collaborate on cogen plant for power to Jubail petrochemical complex (Saudi Arabia)
Abu Dhabi National Energy Company PJSC (TAQA) and JERA Co., Inc announced the successful financial closing of Najim Cogeneration Company Limited, a new industrial steam and electricity cogeneration plant that will produce electricity and steam for a petrochemical complex located in Jubail in the Eastern Province of the Kingdom of Saudi Arabia.
ADNOC deploys pioneering AI-enabled process optimization technology
Following successful initial operations, ADNOC announced the deployment of an industry leading artificial intelligence (AI)-enabled process optimization technology--Neuron 5--across all ADNOC facilities across thousands of critical pieces of equipment essential for production, including compressors, valves and generators.
Iran's president says subsidized fuel prices are irrational
President Masoud Pezeshkian said in a video published on Tuesday that fuel subsidies made no sense in Iran, a major oil producer with a struggling economy that has faced protests in the past over price hikes.
KBR awarded advisory consulting contract for Kuwait Oil Company's renewables and hydrogen masterplan project
KBR has announced it has been awarded an advisory consulting contract by Kuwait Oil Company for the development of a countrywide masterplan for the production of 17 GW of renewables and 25 GW of green hydrogen by 2050.
Aramco to buy stake in JV Petro Rabigh from Sumitomo Chem
Saudi Aramco will buy from Japan's Sumitomo Chemical a 22.5% stake in their petrochemical JV Petro Rabigh for $702 MM, as part of a turnaround plan for the loss-making venture. Under the deal, Aramco and Sumitomo Chemical will each provide $702 MM in funding to Petro Rabigh and waive loans worth a total $1.5 B.
- Indian Oil buys first Colombian oil under Ecopetrol contract 12/31
- Ukrainian drone attack sparks fire, damages equipment at Tuapse refinery 12/31
- Chile's $2.5-B Volta green ammonia project wins environmental permit 12/31
- China begins issuing second batch of 2026 crude import quotas to refiners 12/31
- EIA: U.S. crude, fuel inventories rose in the week ended December 19 12/30
- Ghana's Tema oil refinery restarts after 9-yr shutdown 12/30
