Economics
Global diesel prices to rely on refinery closures for support in 2025
The global diesel market will likely find price support in 2025 from the closure of about 1% of refining capacity, traders and analysts said, offsetting current weakness and structural downward pressure as the world shifts to cleaner fuels.
Orlen halts Olefins III project due to ballooning costs
The ORLEN Management Board has decided to halt the Olefins III project after determining that the actual implementation costs would have exceeded the initial estimates by sixfold. The project's cost has ballooned to more than $12 B.
Chevron upgrades Pasadena refinery to increase capacity, feedstock and product flexibility
Chevron U.S.A. has completed a retrofit of its refinery in Pasadena, Texas (U.S.), which is expected to increase product flexibility and expand the processing capacity of lighter crudes by nearly 15% to 125,000 bpd.
California law and refinery closure reflect ongoing challenges for state’s fuel market
On October 14, California (U.S.) Governor Gavin Newsom signed bill Abx2-1 into law, empowering California regulators to set and adjust minimum petroleum product inventory levels for refiners in the state, in part to address the state’s fuel price volatility. Shortly after, refiner Phillips 66 announced plans to close its Wilmington refinery in Los Angeles by the end of 2025, citing uncertainty surrounding the long-term sustainability of the refinery.
Braya Renewable Fuels considering 'economic shutdown' of California refinery less than one year after reboot
Braya Renewable Fuels, confirmed Monday that it's considering an 'economic shutdown' of the Placentia Bay, California (U.S.) facility, less than one year after it began producing renewable fuels.
U.S. diesel exports to ARA set to rise on scarce European supply, firm US production
Diesel shipments from the U.S. Gulf Coast to Europe's main trading and refining hub, the Amsterdam-Rotterdam-Antwerp (ARA) region, are set to rise owing to improving export margins on the back of scarce supply in Europe and rising U.S. refinery production.
Russian petrochemicals giant Sibur plans IPO in coming months
Russian petrochemicals giant Sibur plans to list about 2% of its shares in an initial public offering on Russia's Eastern Exchange in the coming months. Russian listings have been thin on the ground since the exodus of Western capital after Moscow sent troops into Ukraine in February 2022, but a handful of small capital raises dominated by local retail investors has breathed some life into moribund equity capital markets.
Phillips 66 and United Airlines sign SAF supply agreement
Phillips 66 and United Airlines have signed an agreement under which Phillips 66 will supply sustainable aviation fuel to United Airlines at Chicago O’Hare International Airport and Los Angeles International Airport, helping advance lower-carbon fuels in Illinois and California.
Biden administration will not finalize clean fuel tax credit guidance
Biden administration officials will not finalize highly anticipated guidelines on new clean fuel production tax credits aimed at the airline and biofuel industries before they leave in January, casting doubt on the future of a key piece of the U.S. president’s climate agenda.
Solvay to utilize biomethane to replace a portion of natural gas used at its plant in Mexico
Solvay inaugurated an advanced biodigester at its Ciudad Juarez production site in Mexico. This energy transition project will generate biomethane from organic waste processed locally, replacing part of the natural gas needed to power the site’s boiler and kiln operations.
- Chiyoda, AVEVA forge strategic partnership to power plantOS with AVEVA CONNECT 6/27
- SABIC announces closure of Olefins 6 facility in Teesside, UK 6/27
- LyondellBasell's polyolefin technologies selected by SHCCIG Yulin for petrochemicals complex in China 6/27
- Damaged unit of Iran's South Pars refinery back operating 6/27
- hte conducts research for JGC to advance decarbonization by identifying suitable catalysts for ammonia cracking 6/26
- TES and CPC Finland to develop 500-MW e-NG project in Finland 6/26
