Economics

EIA: U.S. crude and fuel inventories climb, refining activity picks up

Crude inventories rose by 574,000 bbl to 427.5 MMbbl in the week ended November 28, the EIA said, compared with analysts' expectations in a poll for an 821,000-bbl draw.

Amber Energy plans to hold on to Citgo refineries after takeover

A Delaware court last week approved Amber's $5.9-B bid for Citgo's parent PDV Holding and ordered the sale of PDV's shares, wrapping up an auction aimed at compensating creditors for debt defaults and expropriations in Venezuela.

New plan to unlock the bioeconomy’s potential

Bio-based products derive from biological resources on land and in the sea. Bio-based chemicals, for example, can be made from algae that are used to produce pharmaceuticals, personal care products and industrial applications. Bio-based plastics are used in packaging and automotive parts. And bio-based construction productions, textile fibers and fertilizers are increasingly in demand.

Amber Energy approved as acquirer of CITGO by U.S. District Court for the District of Delaware

Amber Energy – led by Chief Executive Officer Gregory Goff – is committed to partnering with CITGO team members to build on its historic foundation and further strengthen CITGO as a leader in the refining, transportation and marketing of products vital to the U.S. economy.

ZDA issues investor license for state-of-the-art oil refinery in Zambia

The refinery will be developed under a Special Purpose Vehicle (SPV) arrangement between the Industrial Development Corporation (IDC) and Xiang Xin Holding Co. Ltd., and will be located within the Sub Sahara Gemstone Exchange Industrial Park in Ndola. This strategic investment is set to boost Zambia’s industrialization agenda.

Serbia says U.S.-sanctioned NIS oil refinery idle until Dec. 2, seeks sanctions waiver

The U.S. Treasury Department’s Office of Foreign Assets Control imposed sanctions on NIS in October, as part of wider sanctions against Russia's energy industry, after a series of waivers since January.

Canada rolls back climate rules in energy deal with Alberta

Under the agreement, the federal government will scrap a planned emissions cap on the oil and gas sector and drop rules on clean electricity, in exchange for a commitment by Canada's top oil-producing province to strengthen industrial carbon pricing and support a carbon capture-and-storage project.

Choosing the right type of APC

Insight: How sanctions made a showpiece Chinese refinery's Western partners run for the exits

Yulong's ambition to rub shoulders with global heavyweights, backed by Beijing's push to modernize its refiners, was upended on October 15, when the UK sanctioned it for dealing in Russian oil.

Russia sees scope for oil exports boost to China, urges cooperation in LNG

China and India have become the main buyers of Russian oil since the start of Russia's military campaign in Ukraine in February 2022.