Economics
OCI Global completes $2.35-B sale of clean ammonia to Woodside
OCI Global announced the completion of the sale of 100% of its equity interests in its 1.1 MMtpy Clean Ammonia project under construction in Beaumont, Texas to Woodside Energy Group Ltd for $2.35 B.
Big U.S. oil companies reveal massive payments to foreign governments
The three largest U.S. energy exploration companies paid more than $42 B to foreign governments last year, about eight times more than what they paid in the U.S.
Exxon director joins Elliott group seeking to acquire Citgo Petroleum
ExxonMobil board director Gregory Goff recently joined a newly formed Elliott Investment Management-backed company seeking to acquire control of Venezuela-owned oil refiner Citgo Petroleum.
Funds approach Eni for second biofuel stake sale as it readies deal with KKR
Suitors have approached Eni over the potential sale of a second stake in its biofuel unit Enilive as the Italian group discusses the final details of a deal to sell a stake in the unit to KKR.
Russian ESPO Blend oil jumps to premium on higher demand from Chinese refiners
Russia's Far East ESPO Blend oil grade has firmed to premium against the Brent benchmark on delivery basis for the first time since November 2023 on higher demand from Chinese refiners cooling India's buying.
Vertex Energy files for bankruptcy, explores sale
Vertex Energy has filed for bankruptcy in a Texas (U.S.) court, just months after it paused renewable diesel output at an Alabama refinery over macroeconomic woes.
Marathon, Teamsters negotiations remain at standstill as strike enters third week
Marathon Petroleum and the Teamsters union, which represents refinery workers in Detroit, Michigan (U.S.), are at a standstill as negotiations for a new labor agreement stagnate and the strike at the plant enters its third week.
Chinese court declares another Sinochem refinery bankrupt
A Chinese court has declared bankrupt a third refinery owned by state oil and chemical group Sinochem, a court document showed. The Changyi city court also ended reorganization procedures at the refinery, Shandong Changyi Petrochemical.
Global refiners face profit slump as new plants come online
Oil refiners in Asia, Europe and the U.S. are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.
Indian refiners jointly negotiating for 2025 Russian oil supplies
Indian refiners are jointly negotiating to purchase Russian oil for next year, with suppliers mostly using Russian insurance for crude priced above a $60 per barrel (bbl) cap.
- EU warns of prolonged energy shock, forced cuts if Iran war continues 4/15
- Europe's summer flights at risk as Iran war exposes refining decline 4/15
- Slovak refiner says no deal yet on Adria pipeline tests 4/15
- Japan's weekly gasoline prices largely flat as subsidies offset price spikes 4/15
- Botswana has not requested stake in Lobito refinery, Angola's Sonangol says 4/15
- Tasnee announced delay to SEPC's ethylene/polyethylene plant expansion project 4/15
