Economics
PetroChina set to shut top north China refinery in 2025
PetroChina is set to shut its largest domestic oil refinery around mid-2025, the country's first major closure at a state-run plant and part of a long-mooted project to replace it with a smaller facility at a new site.
Sinopec's 3Q earnings fall 52.1% on lower oil prices, refining margins
Chinese refiner Sinopec posted a 52.1% year-on-year decline in net profit to 8.54 B yuan ($1.2 B) for the third quarter because of lower oil prices and weak refining margins.
India's BPCL says Russia oil intake share falls to 34% in September quarter
Indian refiner Bharat Petroleum Corp's use of Russian oil fell to 34% of the total intake for crude processing in the July–September quarter due to a maintenance shutdown of units at its Bina and Kochi refineries.
Valero CEO says 'all options are on the table' for two California refineries
U.S. crude oil refiner Valero Energy Corp said it is considering a range of options that could include selling its two California refineries due to growing regulatory pressure in the state.
BASF invests in increasing production capacity of Neopor® at Ludwigshafen site
BASF is strengthening its styrene value chain at its Ludwigshafen site by expanding the production capacity of Neopor® by 50,000 tpy. This increase is aimed at meeting the growing market demand for the grey insulation material. The start-up of the new production facilities is scheduled for early 2027.
Vopak Energy Park Antwerp starts market consultation for ammonia storage
Vopak is launching a market consultation for the storage of ammonia at its Vopak Energy Park Antwerp site in Belgium. The market consultation aims to gauge market interest and to gather detailed insight into customer demand. Vopak Energy Park Antwerp intends to finish the currently ongoing pre-FEED study by the end of 2024. Subject to market interest and a positive FID the start of operations is currently foreseen in 2029.
KKR to take 25% stake in Eni biofuel unit, valuing it at $13 B
U.S. fund KKR is buying a 25% stake in Italian energy group Eni's biofuel business Enilive, in a deal that values the unit at €11.75 B ($12.7 B) including debt.
U.S. crude, gasoline inventories rise, distillates draw down
U.S. crude oil and gasoline inventories rose while distillate inventories fell last week, the U.S. Energy Information Administration (EIA) said on Wednesday.
U.S. fuelmakers to report lower 3Q profits on weaker margins, fuel demand
U.S. oil refiners' third quarter profits are expected to fall from last year on weakening margins as fuel demand softened and new refining capacity came online.
BGEN signs five-year contract with INEOS O&P UK
BGEN has announced that it has signed a five-year contract with the petrochemical manufacturer INEOS O&P UK. BGEN will provide a range of services to help INEOS optimize plant efficiency at its site in Grangemouth, Stirlingshire.
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