Economics
China's smaller independent refiners to curb output on rising oil prices
The so-called teapot refiners had benefited in recent months from cheap stocks of Russian and Iranian crude, but temporary U.S. waivers allowing purchases of Russian and Iranian oil stranded at sea for 30 days have driven prices for those barrels sharply higher as buyers, especially Indian refiners, rush to secure supply.
Nigeria's giant oil refinery fails to prevent record gasoline prices
The 650,000-bpd refinery, Africa's largest, became fully operational early this year. It was designed to transform Nigeria into a major exporter of refined products after decades of inadequate refinery capacity.
Iran war chokes petrochemical supply, sends plastic prices soaring
About $20 B–$25 B worth of petrochemical products pass through the Strait annually, underscoring the fact that continued disruptions to this flow would push producers to pass the higher costs on to consumers.
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Construction Boxscore: Project Spotlight
Project:
Long Son Petrochemicals Complex
Location:
Long Son, Vietnam
Operator:
Siam Cement Group
Cost:
$5.4 B
Capacity:
1.65 MMtpy
Completion date:
2023
Status:
Under Construction
