Economics
Angola hikes diesel price again to bolster public finances
Angola hiked the diesel price by one-third from Friday as part of the government's drive to curb costly subsidies and shore up public finances.
Diesel East-West price spread nears 1.5-yr high amid supply concerns West, stable East
The front-month diesel East-West price spread hit its widest in 1.5 yr of slightly more than $73 per tonne (t) at Asia market close, LSEG data showed on Monday, underscoring supply concerns in the West and steady Asian fundamentals.
U.S. Gulf Coast fuel oil imports at record low as refiners opt for heavier crude
Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude.
Shell flags profit hit from weakness in gas trading and chemicals business
Shell expects quarterly earnings to be hit by weaker trading in its integrated gas division and losses at its chemicals and products operations, it said on Monday ahead of second-quarter results due on July 31.
Air Liquide to invest up to $200 MM in Louisiana, U.S. to support industrial growth
Air Liquide will invest up to $200 MM in Louisiana, U.S., to modernize and connect an air separation unit (ASU) to its existing network.
China's Shandong raises fuel oil import tax rebates for some refineries
The provincial government of Shandong, China's refining hub, has increased fuel oil import tax rebates for six independent refineries to improve their profitability as they struggle with low margins and fuel demand.
Vitol group submits bid above $10 B for Citgo's parent
A group led by commodities trading house Vitol submitted a bid exceeding $10 B in the final hours of a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum.
OCI Global completes $1.9-B sale of OCI Methanol to Methanex Corporation
OCI Global announced the successful closing of the divestment of 100% of its equity interests in its Global Methanol Business (OCI Methanol) to Methanex Corporation (Methanex) for $1.9 B.
UK's Lindsey oil refinery insolvent, 420 jobs at risk
Britain's Lindsey oil refinery has begun insolvency proceedings, putting hundreds of jobs at risk and potentially increasing the country's reliance on fuel imports just weeks after its Grangemouth refinery stopped processing oil.
California (U.S.) should raise fuel imports, pause margin cap, regulator says
California's energy regulator on Friday recommended new rules to encourage more private investment in fuel imports and a pause on refiner profit limits, hoping to stop gasoline prices from skyrocketing in the state as it braces for the closure of two of its major refineries.
- Phillips 66 greenlights new gas plant and fractionator projects, advancing integrated wellhead-to-market strategy 5/18
- OXEA and Air Liquide renew syngas and hydrogen supply agreement for Oberhausen site 5/18
- BASF boosts refinery catalyst innovation with new R&D center in Attapulgus, Georgia (U.S.) 5/18
- Aster and Puraglobe sign MoU to bring world-leading re-refining technology to Asia 5/18
- U.S. oil refiners finally profit from biofuels due to mandates, high fuel prices 5/18
- China's April oil throughput hits lowest since August 2022, inventories rise 5/18
