Economics
India eyes $87 B investment in petrochemicals sector over next decade
India is expected to receive investments worth $87 B in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said.
Egypt raises gasoline, diesel prices for third time this year
Egypt raised fuel product prices on Friday for the third time this year as it continues to cut back on diesel and gasoline subsidies, but said it would cover the additional energy costs for bakers of subsidized bread.
Phillips 66 hit with $604.9-MM U.S. verdict in fuel trade-secrets case
Energy company Phillips 66 owes biofuel maker Propel Fuels $604.9 MM in damages for stealing Propel's trade secrets to build up its renewable-fuel capabilities.
U.S. offers conditional loan guarantees worth $3 B for two SAF projects
The U.S. Department of Energy (DOE) has approved conditional loan guarantee commitments totaling nearly $3 B for two sustainable aviation fuel (SAF) projects.
Fertiglobe becomes ADNOC’s platform for low-carbon ammonia growth globally
ADNOC announced the completion of its acquisition of OCI Global’s 50% + 1 shareholding in Fertiglobe, increasing its share in the Company to 86.2%, with 13.8% remaining in free float on the Abu Dhabi Securities Exchange (ADX).
Phillips 66 agrees to sell interest in Switzerland-based joint venture
Phillips 66 has announced that its subsidiary, Phillips 66 Ltd., has entered into a definitive agreement to sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner.
Singapore marine fuel sales down for second month in Sept., though biofuels climb
Sales of marine bunker fuel at Singapore eased for a second consecutive month in September, though marine biofuel sales surged to a fresh record high.
Trader Vitol sells Venezuelan oil to Indian refiners
Two Indian state refiners have bought 2 MMbbl of Venezuelan crude from trading house Vitol for November delivery, as shipments to what previously was Venezuela's second largest oil market continue to grow.
Nigeria ends state oil firm's role as Dangote refinery's sole buyer
Nigeria's local fuel traders can now buy petrol directly from the Dangote oil refinery, ending state-oil firm NNPC's exclusive buying rights as the country moves to fully deregulate its processing sector.
Fewer tankers transit the Red Sea in 2024
The amount of crude oil and oil products flowing through the Bab el-Mandeb, the southern chokepoint at the mouth of the Red Sea, decreased by more than 50% in the first eight months of 2024.
- JERA signs time charter agreements with NYK and MOL for fuel ammonia carriers 6/23
- Coperion receives LNO from U.S. FDA for HDPE/PP recycling technology 6/23
- Sky Quarry announces Foreland refinery's entrance into the production phase 6/23
- AGPC awards Baker Hughes long-term service contract for Nigerian gas plant 6/23
- S&B receives AFPM Contractor Safety Achievement Award 6/23
- Asian refiners see little room for Iranian oil, leaving China as key buyer after U.S. waiver 6/23
