Economics

Nigeria's NNPC says it will end monopoly on petrol supplies

Nigeria's state owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television, a day after it nearly tripled prices at its fuel stations countrywide.

Indorama Ventures and Carbios reaffirm partnership to build first-of-a-kind PET biorecycling plant in France

Indorama Ventures Public Company Limited and Carbios announce the signing of a non-binding Memorandum of Understanding to form a Joint Venture for the construction of the world’s first PET biorecycling plant in France .

Neste to use lower-emission marine fuel in two vessels transporting renewable diesel to Sweden

Emerson helps optimize innovative recycling process

Global software and technology leader Emerson is helping the Swedish cleantech company HaloSep to optimize their unique process that turns hazardous incinerator flue gas residue from waste-to-energy plants into usable materials.

Future refineries in India may be smaller capacity

India will look at building smaller oil refineries because of problems in acquiring land as it aims to raise its annual refining capacity to 9 million bpd.

Nigerians rush to buy fuel to beat impending price hikes

Long fuel queues returned to Nigeria's cities as motorists rushed to fill their tanks while some retailers hiked prices amid uncertainty on the timing of the removal of a fuel subsidy that new President Bola Tinubu said would be scrapped.

bp to use Honeywell’s Ecofining technology to increase SAF production worldwide

Honeywell announced that bp selected its Ecofining technology to help support the production of SAF at five facilities.

Nigeria to triple petrol prices after president says subsidy to end

Nigeria's state oil firm NNPC Ltd is proposing hiking petrol prices to as high as 557 naira ($1.21) per liter from 189 naira, according to a circular it sent to fuel stations.

Oil slips as economic jitters offset U.S. debt deal

Oil prices slipped as economic worries over further interest rate hikes trumped a tentative debt ceiling deal reached in the U.S., possibly averting a default in the world's largest economy and oil consumer.

Turkey's Urals oil purchases hit seven-month high in May

Turkey's purchases of Russian Urals oil hit a seven-month high in May as Turkish refiners took advantage of low prices for the grade.