Economics
Crude oil processing in China hit a record high in 2023
Crude oil processing, or refinery runs, in China averaged 14.8 MM bpd in 2023, an all-time high record processing, which came as the economy and refinery capacity grew in China following the country’s COVID-19 pandemic responses in 2022.
Indorama Ventures adapts business strategy amid global chemical industry structural changes
Indorama Ventures Public Company Limited, a global sustainable chemical producer, unveiled a significant evolution in its business strategy and outlined how major structural shifts are re-shaping the chemical industry, creating opportunities for the company to emerge stronger from the current downturn and benefit from its unique global model in the longer term.
bp awards Kent a five-year global commissioning framework agreement
Kent, a global integrated energy services company, announced that it has been awarded a five-year global commissioning framework agreement by bp.
MAN Energy Solutions to offer ammonia-fueled ship engines after 2027
MAN Energy Solutions plans to deliver later this year its first-ever engine fueled by ammonia for installation on a new vessel in Japan and will be ready to offer ammonia-powered engines to its clients after 2027.
Reduced refining capacity, sanctions force Russia to cut oil output
Russia announced additional voluntary cuts in oil supply mainly in the form of production cuts rather than exports, as it faced curtailed refining capacity as well as stricter sanctions.
EU wants fossil fuel sector to help pay to combat climate change
The European Union is set to call for the fossil fuel industry to help pay for fighting climate change in poorer countries under a United Nations target, a draft document shows, as nations prepare for talks this year on a global finance goal.
IHI and ACME signed pact to supply green ammonia from India to Japan
ACME Group, a leading renewable energy company in India, and IHI Corporation, a Japanese integrated heavy industry group, signed an offtake term sheet for supply of green ammonia from Odisha, India to Japan.
IAG reaches one-third of 2030 SAF target with major e-SAF deal with Twelve
International Airlines Group announced its largest SAF purchase agreement to date, with e-SAF producer Twelve, which will supply advanced e-SAF made from made from CO2, water and renewable energy.
Azerbaijan's Aliyev says Baku supports green energy, but world needs fossil fuels for now
Azerbaijani President Ilham Aliyev, whose country is due to host the COP29 summit on climate change in October, said that his country is committed to the green energy transition, but that the world cannot abandon fossil fuels in the near future.
Brazil, Guyana, Suriname eye more cooperation in oil and gas
Brazil, Guyana and Suriname have agreed to deepen discussions on cooperation in the oil and gas sector, according to a joint statement released by the countries after a meeting between their presidents.
- Essar launches hydrogen power plant at Stanlow refinery (U.K.) 7/16
- Trelleborg partners with Airbus on hydrogen-powered air travel 7/16
- Neste, Mitsubishi Corporation agree on strategic partnership to develop supply chains for renewable chemicals and plastics 7/16
- Vale, Komatsu and Cummins announce collaboration to develop dual-fuel large trucks, powered by ethanol and diesel 7/16
- Mexico–U.S. energy trade value fell in 2023 on lower fuel prices 7/16
- Belarus' Mozyr oil refinery restoring operations after outage due to storm 7/16
- Digital Exclusive: SPECIAL FOCUS: Digital Technologies—Utilize process simulation digital twin to optimize condensate yield
- Digital Exclusive-Flare system design: Liquid pockets in flare headers
- Hydrogen-rich content gasoline: A new concept for paraffinic gasoline reformulation
- Alarm rationalization at Kuwait National Petroleum Company (KNPC) refineries
