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Africa

Nigeria seeks to restart four state oil refineries by end 2024

Nigeria expects its four oil refineries to be operational by the end of next year, its new oil minister said, with the southern Port Harcourt plant seen starting as early as December.

EU infrastructure fund eyes African clean jet fuel projects

The European Union is scouting Africa to back clean jet fuel projects under its Global Gateway infrastructure fund, an EU official said, ahead of an anticipated boom in demand for environmentally sustainable air travel.

Ethylene copolymers market is anticipated to reach $90 B by 2033

The global market is anticipated to have a steady CAGR of 4.2% during the period from 2023 to 2033. The overall market size is predicted to expand from $59.4 B in 2023 to $89.6 B by 2033.

Total spending on fuel subsidies topped $7 T in 2022, IMF says

Global subsidies for fossil fuels rose by $2 T over the past two years to reach a record $7 T in 2022, according to new estimates from the International Monetary Fund.

Decarbonization group's biofuel bunkering trial finds 20% drop in emissions

The Global Center for Maritime Decarbonization found net carbon emissions fell 20% using a vegetable oil biofuel blend compared with very low sulfur fuel oil in a trial for a dual-fuel LPG carrier, the center said

Guyana oil legislation will grant broad powers to energy minister

Guyana’s parliament passed long-awaited oil legislation that grants the natural resources minister extensive power over its multi-billion-dollar oil industry.

IEA lowers forecast for oil demand growth in 2024

The International Energy Agency said demand growth for oil next year will be slower than previously forecast, citing lackluster macroeconomic conditions, post-pandemic recovery running out of steam and burgeoning use of electric vehicles.

Global Project Data

Hydrocarbon Processing Staff: Nichols, Lee

Gulf Energy Information’s Global Energy Infrastructure database is tracking nearly 1,050 active projects in the HPI.

End of Nigerian fuel subsidy set to squeeze Europe's refiners

One of Europe's main markets for gasoline has shrunk, threatening to squeeze European refiners, after Nigeria removed fuel subsidies, which destroyed much of the country's domestic demand and a regional market for smuggled fuel.

Egypt to import more mazut fuel oil to manage power cuts

Egypt will import $250 MM up to $300 MM worth of mazut fuel oil to manage power cuts, Egyptian Prime Minister Moustafa Madbouly said.