Middle East
Naphtha markets brace for margin squeeze amid supply glut in 2024
Global naphtha markets will likely suffer from lower profit margins in 2024 as refining and petrochemical capacity expansions in China and the Middle East outpace plastics demand growth globally.
Marine fuel sales fall at UAE's Fujairah in 2023, third largest bunker hub
Sales of marine fuel at the United Arab Emirates' Fujairah dropped by 7.1% in 2023, data showed, though the port retained its position as the world's third largest bunker hub.
LYB enters into agreement to acquire 35% of Saudi Arabia-based NATPET; expands core PP business
LyondellBasell announced it entered into an agreement to acquire a 35% interest in Saudi Arabia–based National Petrochemical Industrial Company from Alujain Corporation for approximately $500 MM.
Drawn by low prices, Chinese refiners hunt for oil to replenish stocks
Chinese refiners are actively booking crude oil cargoes for delivery in March and April to replenish stocks, locking-in relatively low prices and in anticipation of stronger demand in the second half of 2024.
Bayegan Group unveils $1.9-B petrochemical plant project in Turkey
Turkish petrochemicals company Bayegan Group is set to enhance domestic polypropylene production with a planned $1.9-B plant in Hatay province.
Borouge launches new infrastructure and advanced packaging solutions
Borouge Plc launched five new grades to meet the growing demand in the infrastructure and advanced packaging industries in the Middle East, Africa and Asia.
More oil tankers shun southern Red Sea after U.S.-led strikes in Yemen
At least six more oil tankers were steering clear of the southern Red Sea, as disruptions on the vital route for energy shipping increase in the wake of U.S.-led strikes against Houthi targets in Yemen.
Bulgaria replacing Russian crude with oil from Kazakhstan, Iraq, Tunisia
Bulgaria is replacing Russian oil imports with crude from Kazakhstan, Iraq and Tunisia in January, according to traders and LSEG data.
Oil tankers divert from Red Sea after U.S., UK strikes in Yemen
At least four oil tankers have diverted course from the Red Sea since overnight strikes by the U.S. and Britain on Houthi targets in Yemen, shipping data from LSEG and Kpler showed.
Kuwait's KPC offers high sulfur fuel oil for Feb-Apr
Kuwait Petroleum Corp has issued a semi-term tender offering high sulfur fuel oil for loading between February and April.
- 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
