Economics
Egypt signs framework agreement to build $7-B petrochemical complex in New Alamein City
The Egyptian Ministry of Petroleum and Mineral Resources signed a framework agreement with the UK-based Shard Capital for the development of a $7-B petrochemical complex in New Alamein City, Egypt. The project will be developed in collaboration with Saudi Arabia's Al-Qahtani Group.
ExxonMobil's gas project in Guyana to include fertilizer plant
A large-scale gas project by ExxonMobil in Guyana set to provide natural gas and export LNG will also include fertilizer plants, the head of the U.S. oil major in Guyana, Alistair Routledge, said.
HF Sinclair posts bigger-than-expected loss as refining margins shrink
U.S. refiner HF Sinclair on Thursday posted a bigger-than-expected loss for the fourth quarter, becoming the latest energy company to take a hit from weak refining margins and rising global capacity.
Bangchak signs SAF supply deal with Shell
Bangchak Corporation Public Company Limited announced that they have entered into a sustainable aviation fuel (SAF) supply agreement with Singapore-based Shell International Eastern Trading Company. The agreement stipulates the offtake of ISCC EU/CORSIA certified SAF to be delivered to Shell.
Update: Montana Renewables receives first drawdown from $1.44-B DOE loan facility
Calumet Inc. has announced that Montana Renewables LLC (MRL), an unrestricted subsidiary of Calumet, has received its first drawdown of approximately $782 MM from its $1.44-B guaranteed loan facility with the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The loan funds the construction and expansion of the renewable fuels facility owned by Montana Renewables.
Consumption of renewable diesel continues general growth trend on the U.S. West Coast
Renewable diesel is increasingly replacing petroleum diesel on the U.S. West Coast, where state-level policies are attracting new production capacity and shipments to the region.
KKR to buy additional 5% stake in Eni biofuel business
U.S. fund KKR has signed an agreement with Italy's Eni to buy an additional 5% stake in Eni's biofuel business Enilive for €587.5 MM ($614.17 MM), bringing its total stake to 30%.
India to remain bright spot for petchem demand in 2025
India will be a bright spot for petrochemical demand in 2025 even as global consumption lags supply, industry executives said on the sidelines of India Energy Week conference.
U.S. Republican senators call for $1,000 tax on new EV sales to pay for road repairs
A group of Senate Republicans on Wednesday proposed a $1,000 tax on new electric vehicle purchases to account for the cost of federal road repairs. Most revenue for federally funded road repairs is collected through taxes on diesel and gasoline, which EVs do not pay.
Chevron to lay off up to 20% of global workforce
Chevron will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said, as it seeks to cut costs, simplify its business and complete a major acquisition.
- BPCL and National Sugar Institute collaborate to advance sweet sorghum as a sustainable biofuel source 2/21
- Resynergi secures $18 MM to accelerate plastic recycling innovation 2/21
- LiqTech receives supplier approval for water treatment system for WinGD dual-fuel engine 2/21
- Japan's Eneos shuts 141,000-bpd Sakai CDU after a fire 2/21
- Russia's idle oil refining capacity estimated 82% up in February 2/21
- U.S. refiners mull switch to alternative lighter crudes amid Trump tariff fears 2/21
