Economics
China petchem plants face shutdown as tariffs on U.S. LPG loom
Chinese petrochemical makers that buy $11 B worth of U.S. liquefied petroleum gas (LPG) annually are poised to cut output or shut for maintenance in coming weeks as Beijing's retaliatory tariffs on U.S. imports drive up costs.
Angola's Sonangol seeks $4.8 B to bridge Lobito refinery funding gap
Angola's Sonangol is in talks with Chinese and European banks to overcome a $4.8-B funding shortfall for its planned 200,000-bpd Lobito refinery.
Indian Oil Corp to build $7.1-B dual-feed cracker in Odisha state
Indian Oil Corp will build a $7.1-B, 1.5-MMtpy dual-feed naphtha cracker near its Paradip refinery in Eastern Odisha state,
bp halts plans to make clean jet fuel at Spain plant
bp has decided to halt plans to produce clean jet fuel at its Castellon oil refinery in Spain. The decision to pause the biofuel investment was driven by weaker-than-anticipated growth in the market.
China teapot oil refiners improve run rates but demand woes, sanctions weigh
Run rates for China's struggling independent oil refiners have nudged up recently, but still face near-term pressure over tepid domestic fuel demand and supply risks from U.S. sanctions and tariffs.
U.S. refiners' shares hit near 2-yr lows as Trump tariffs spur fuel demand fears
Shares of U.S. refiners fell to near 2-yr lows on Friday in the wake of U.S. President Trump's announcement of new tariffs, as fears of slower fuel demand and weakening refining margins rattled investors.
Oil and gas investor Afreximbank earmarks $3 B to support locally-refined products
The African Export–Import Bank (Afreximbank), a key investor in oil and gas projects, has earmarked $3 B to finance the purchase of refined products within Africa as part of broader plans to boost refining capacity.
Brookfield Infrastructure announces the acquisition of Colonial Enterprises for $9 B
Brookfield Infrastructure Partners L.P. and its institutional partners reached a definitive agreement to acquire 100% of Colonial Enterprises, which includes the Colonial Pipeline, for an enterprise value of approximately $9 B. Colonial is comprised of the largest refined products system in the U.S., spanning approximately 5,500 miles between Texas and New York.
Japan to curb gasoline prices from June to cushion U.S. tariff blow
Japan's ruling coalition agreed to curb gasoline prices to help cushion households against wider economic pain stemming from U.S. tariffs
Oil, gas and refined product imports exempted from Trump’s sweeping tariffs
The exemption will come as a relief to the U.S. oil industry, which had expressed concerns that new levies could disrupt flows and raise costs on everything from Canadian crude oil serving Midwest refineries to European cargoes of gasoline and diesel to the eastern seaboard.
- ITT to acquire SPX Flow for > $4.77 B, expanding leadership in highly engineered components and adjacent flow technologies 12/5
- MOL Group introduces eco-friendly Bag-in-Box packaging for lubricants 12/5
- Honeywell to supply integrated automation systems for flagship UK carbon capture projects 12/4
- Aduro Clean Technologies collaborates with ECOCE to advance plastics recycling in Mexico 12/4
- FincoEnergies launches GoodFuels B15: A reliable and compliant drop-in biofuel for inland shipping 12/4
- DevvStream, Southern Energy Renewables target low-cost, carbon-negative SAF and green methanol 12/4
