Africa
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
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.
Nigeria unions to strike unless fuel price hike is reversed
Nigerian labor unions plan to strike to demand a reversal in petrol price hikes and lower public school fees, the Nigerian Labour Congress said.
Obscure traders ship half Russia's oil exports to India, China after sanctions
A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.
- ITT to acquire SPX Flow for > $4.77 B, expanding leadership in highly engineered components and adjacent flow technologies 12/5
- MOL Group introduces eco-friendly Bag-in-Box packaging for lubricants 12/5
- Russia and India sign deal to build urea plant in Russia 12/5
- U.S. liquid fuels groups announce progress on E15, small refinery exemption reform 12/5
- Million Air and Avfuel bring SAF to Austin, Texas (U.S.) 12/5
- Chinese refiners buy oil from storage, raise output with fresh import quota 12/5
