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Economics

Contentious COP29 deal shows climate cooperation fraying at edges

When COP29 President Mukhtar Babayev stepped to the podium at the closing meeting of the Baku climate summit on Sunday morning, hoping to clinch a hard-fought agreement on global climate finance, he carried with him two speeches. One was crafted around a hoped-for deal being struck, while the other for the possibility of a summit-collapsing impasse.

Nigeria's local currency crude sales fall short of target, Dangote refinery says

The Nigerian government's plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote oil refinery, saying they are still unable to secure adequate supplies.

U.S. October gasoline imports hit post-pandemic low on slump in European shipments

U.S. waterborne gasoline imports fell in October to their lowest since the COVID-19 pandemic, with European shipments to the U.S. Northeast hitting a record low and Asian cargoes more than halved from a year ago.

Asia's jet fuel imports from India to hit multi-year highs in November

Asia's imports of jet fuel from India are set to hit multi-year highs in November ahead of peak winter demand after refinery outages and lower exports from China crimped supplies.

INEOS, GNFC sign MoU to build a new world scale acetic acid unit in India

INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) signed a Memorandum of Understanding to explore the feasibility to build a new world scale, 600,000-tpy acetic acid plant at GNFC's site in Bharuch, Gujarat, India.

Sinochem may keep bankrupt refineries as auctions draw little interest

Sinochem Group may keep three bankrupt oil refineries located in eastern China after auctions to sell them drew little interest from other companies, sources familiar with the matter said.

Copernic Catalysts to scale its catalyst for sustainable ammonia production

Copernic Catalysts, a developer of novel catalysts for sustainable chemicals and e-fuels, has raised an oversubscribed $8 MM Series Seed Prime round.

Clariant EnviCat N2O-S catalyst to cut CO2eq by 690,000 tpy at Hengli’s nitric acid plant in China

Clariant announced the successful installation of its EnviCat N2O-S catalyst at Hengli Petrochemical's 300,000-tpy nitric acid plant in Dalian, China. With the successful installation of the catalyst in June 2024, the plant is projected to reduce its N2O emissions by 690,000 tpy of CO2eq.

China's oil refinery output falls from a year ago for a seventh month

China's refinery throughput in October fell 4.6% from last year, down from year earlier for a seventh month, as plant closures offset the ramp up of a newly started complex and demand from holiday travel.

European oil giants step back from renewables path

Almost five years ago, bp embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.