Economics
India's IOC buys 7 MMbbl of U.S., Middle East crude after Russian oil pause
IOC's large spot crude purchase comes after the arbitrage window for U.S. crude to Asia opened and as Indian state refiners paused buying of Russian crude oil on narrowing discounts.
HF Sinclair (U.S.) beats profit estimates as refining margins soar
Top U.S. refiners are posting improved results in 2Q, rebounding from 1Q losses as stronger-than-expected diesel margins lift earnings.
Phillips 66 hit with $800-MM penalty in biofuel trade secrets case
A state court in Alameda, California, on Wednesday ordered Phillips 66 to pay $195 MM in punitive damages, in addition to $604.9 MM in compensation the refiner was ordered to pay following a separate verdict.
Key Asian fuel exporters boost jet fuel sales to Europe in July
Jet fuel exports from South Korea, China and Southeast Asia to Europe likely hit a multi-year high in July as traders shipped out excess regional supply to cash in on higher European prices.
China ramps up exports of refined fuels as margins rise
China's exports of key refined fuels are on track to jump to the highest in 16 months as refiners take advantage of rising profit margins.
Baker Hughes to acquire Chart Industries for $13.6 B
Baker Hughes said it would buy Chart Industries in a $13.6 billion all-cash deal, including debt, outbidding rival Flowserve to expand in the LNG, data centers and decarbonization segments.
Dangote Refinery drops lawsuit against Nigerian fuel importers
Africa's largest refinery had sought to nullify fuel import licenses issued to NNPC Ltd., AYM Shafa Ltd., A.A. Rano Ltd., T. Time Petroleum Ltd., 2015 Petroleum Ltd., and Matrix Petroleum Services Ltd.
Trump threatens secondary sanctions on Russian oil exports, tariffs to reach as high as 100%
U.S. President Donald Trump unexpectedly shortened his deadline for hitting Russia with the most severe sanctions on its oil exports to date. While the market has called the president’s bluff thus far, the sheer scale of the threat may force investors to start pricing in this meaningful tail risk.
India's top gas importer Petronet seeks loan to expand petchem plant
The company is building a petrochemical plant in India's western state of Gujarat at the cost of 206.85 B rupees.
U.S. Gulf refiners seek Middle East, S. American oil to offset Venezuela, Mexico losses
The shake-up in trade flows reflects a shortage of medium and heavy crude grades at the key Gulf Coast refining hub, which has struggled in recent months to secure adequate supplies amid Mexican production and quality challenges, and Washington's pressure strategy on Venezuela's sanctioned energy industry.
- SIBUR develops new polyethylene grade for FMCG packaging 8/13
- L&T Energy GreenTech partners with Japan’s ITOCHU for 300,000-tpy green ammonia project 8/13
- VINCI wins major contract for innovative biofuels plant in Spain 8/13
- Orlen Unipetrol to shut ethylene unit at Litvinov plant for several days 8/13
- Dangote Refinery cuts fuel price before planned sales to local Nigerian market 8/13
- Chevron Phillips Chemical completes low-viscosity PAO expansion in Belgium 8/12
