Economics
Rosneft, Reliance agree to biggest ever India-Russia oil supply deal
Russia's state oil firm Rosneft has agreed to supply nearly 500,000 bpd of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries.
Global diesel prices to rely on refinery closures for support in 2025
The global diesel market will likely find price support in 2025 from the closure of about 1% of refining capacity, traders and analysts said, offsetting current weakness and structural downward pressure as the world shifts to cleaner fuels.
Orlen halts Olefins III project due to ballooning costs
The ORLEN Management Board has decided to halt the Olefins III project after determining that the actual implementation costs would have exceeded the initial estimates by sixfold. The project's cost has ballooned to more than $12 B.
Chevron upgrades Pasadena refinery to increase capacity, feedstock and product flexibility
Chevron U.S.A. has completed a retrofit of its refinery in Pasadena, Texas (U.S.), which is expected to increase product flexibility and expand the processing capacity of lighter crudes by nearly 15% to 125,000 bpd.
California law and refinery closure reflect ongoing challenges for state’s fuel market
On October 14, California (U.S.) Governor Gavin Newsom signed bill Abx2-1 into law, empowering California regulators to set and adjust minimum petroleum product inventory levels for refiners in the state, in part to address the state’s fuel price volatility. Shortly after, refiner Phillips 66 announced plans to close its Wilmington refinery in Los Angeles by the end of 2025, citing uncertainty surrounding the long-term sustainability of the refinery.
Braya Renewable Fuels considering 'economic shutdown' of California refinery less than one year after reboot
Braya Renewable Fuels, confirmed Monday that it's considering an 'economic shutdown' of the Placentia Bay, California (U.S.) facility, less than one year after it began producing renewable fuels.
U.S. diesel exports to ARA set to rise on scarce European supply, firm US production
Diesel shipments from the U.S. Gulf Coast to Europe's main trading and refining hub, the Amsterdam-Rotterdam-Antwerp (ARA) region, are set to rise owing to improving export margins on the back of scarce supply in Europe and rising U.S. refinery production.
Russian petrochemicals giant Sibur plans IPO in coming months
Russian petrochemicals giant Sibur plans to list about 2% of its shares in an initial public offering on Russia's Eastern Exchange in the coming months. Russian listings have been thin on the ground since the exodus of Western capital after Moscow sent troops into Ukraine in February 2022, but a handful of small capital raises dominated by local retail investors has breathed some life into moribund equity capital markets.
Phillips 66 and United Airlines sign SAF supply agreement
Phillips 66 and United Airlines have signed an agreement under which Phillips 66 will supply sustainable aviation fuel to United Airlines at Chicago O’Hare International Airport and Los Angeles International Airport, helping advance lower-carbon fuels in Illinois and California.
Biden administration will not finalize clean fuel tax credit guidance
Biden administration officials will not finalize highly anticipated guidelines on new clean fuel production tax credits aimed at the airline and biofuel industries before they leave in January, casting doubt on the future of a key piece of the U.S. president’s climate agenda.
- Valero Energy Q4 profit beats estimates; shares surge 1/30
- Dow launches "Transform to Outperform" to raise the competitive industry benchmark for productivity and growth to enable improved returns 1/30
- Russian oil refineries' peak maintenance expected in January and September 1/30
- U.S. lifts some Venezuela sanctions to ease oil sales 1/30
- Keppel, Aster plan sustainable aviation fuel project in Singapore 1/30
- Boeing, Israel's Technion to develop sustainable aviation fuel, as sector grapples with 2050 goal 1/30
