Economics

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

Serbia has a week to resolve NIS refinery crisis, President Vucic says

Washington is seeking complete Russian divestment from NIS, which operates Serbia's only refinery, and on Saturday gave the company's owners three months to find a buyer.

Bulgaria wins UK sanctions reprieve on refinery, petrol stations

The UK last month announced sanctions on Russia's two biggest oil companies, Rosneft and Lukoil, and a week later the U.S. followed suit in a bid to squeeze the financing of Moscow’s war effort in Ukraine.

Bulgaria's president vetoes law to seize Lukoil refinery amid U.S. sanctions

Bulgaria's President Rumen Radev returned the legislation to parliament for further discussion, saying the changes failed to provide protection against future financial claims against the state, violated Bulgaria's constitution and posed a risk to public finances.

INEOS prepares 10 anti-dumping cases to EU commission in unprecedented move

Europe’s chemical sector, the foundation of modern manufacturing, is being drowned by a tidal wave of low-cost imports from Asia, the Middle East and the United States. These products are undercutting European producers who face the world’s highest energy prices and escalating, unilateral carbon costs.