Economics

Insight: How sanctions made a showpiece Chinese refinery's Western partners run for the exits

Yulong's ambition to rub shoulders with global heavyweights, backed by Beijing's push to modernize its refiners, was upended on October 15, when the UK sanctioned it for dealing in Russian oil.

Russia sees scope for oil exports boost to China, urges cooperation in LNG

China and India have become the main buyers of Russian oil since the start of Russia's military campaign in Ukraine in February 2022.

Lukoil's Finnish fuel chain Teboil files for corporate restructuring

The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business.

Lukoil trading arm shrinks fast under Western sanctions

The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.

Hungary's MOL and refiner Slovnaft accuse Croatia's JANAF of breach of contract

MOL said it and Slovnaft told the European Commission in a letter that JANAF would only deliver crude oil already purchased and scheduled for delivery if the two companies agreed to purchase additional volumes as technical amounts to inject into JANAF's system.

Reliance buys 1 MMbbl of crude from Kuwait's KPC, trade sources say

Last week, KPC issued a tender to sell crude oil that the Al-Zour refinery is unable to process because of unplanned maintenance after a fire.

Chevron joins race to explore potential purchase of Lukoil assets

The U.S. Treasury gave clearance last week to potential buyers to talk to Lukoil about foreign assets. Chevron would join Carlyle and other firms in the race for the Lukoil portfolio worth at least $20 B.

Global oil refining profits surge and may stay strong

The strength in margins contrasts with crude oil markets coming under pressure from an expected oversupply, and has defied expectations earlier this year that the rally could prove to be a short-term blip due to the impact of tariffs.

ExxonMobil to close Scottish chemicals plant in 2026 amid market uncertainty

European chemicals producers, the European Union's fourth-biggest exporting sector after machinery, automotive and pharmaceuticals, have come under pressure from soaring energy costs following Russia's invasion of Ukraine and aging infrastructure, deepening their reliance on imports of key feedstocks such as ethylene and propylene.

Chevron joins race to explore potential purchase of Lukoil assets, including refineries