Europe
BASF braces for lower operating profit as Chinese chemical sales slump
Slight profit gains in farming pesticides, and specialty chemicals and plastics, will be overshadowed by considerable declines at its basic petrochemical businesses and at its Wintershall oil and gas division.
Finland to offer financial aid package for biofuels
"Finland will stop using coal in energy production and halve the use of imported oil for domestic needs during the 2020s," the Ministry of Employment and the Economy said.
Bulgaria investigates possible fixing of fuel prices
The Commission for Protection of Competition is investigating the Bulgarian units of Royal Dutch Shell, OMV, Hellenic Petrolleum, Nis Petrol, Lukoil, Rompetrol and Bulgarian Petrol.
AkzoNobel to buy BASF’s industrial coatings unit
The business generated revenue of about €300 million in 2015 and supplies products for a number of end uses, including coil, wind energy and general industry, and commercial transport.
Small diesel cars seen as vulnerable to European emissions test reforms
Industry officials estimate that 5% of planned diesel auto models might be withdrawn or changed during a first phase of implementation, and more later.
Genomatica, Eni’s Versalis make bio-butadiene via renewable feedstocks
The success of this innovative undertaking results from a newly-developed process for the on-purpose production of butadiene which uses various types of sugars as feedstock.
Shell completes $53-billion acquisition of global LNG leader BG Group
The complex merger is based on a desire to transform Shell into a more specialized group, focused on the rapidly growing LNG market and deepwater oil production.
Libya seizes foreign tanker, alleges fuel smuggling
The vessel, the Captain Khayyam, was stopped in Libyan waters on Friday night 25 miles northwest of Zuwarah city, and was carrying 1.6 million liters of gasoline.
Iran begins ramping up crude oil shipments to Mediterranean refiners
Iran has lowered its prices to refineries along the Mediterranean Sea in an effort to compete with rivals, which had moved to grab Iran's market share when it was driven out of Europe.
Downstream strength enables France’s Total to exceed expectations
The company saw high margins in refining and chemicals and a strong performance in its retail and lubricant businesses. Total fared better than many peers in the quarter, as its extensive downstream business benefited from weak oil prices.
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