Economics

Serbia says U.S.-sanctioned NIS oil refinery idle until Dec. 2, seeks sanctions waiver

The U.S. Treasury Department’s Office of Foreign Assets Control imposed sanctions on NIS in October, as part of wider sanctions against Russia's energy industry, after a series of waivers since January.

Canada rolls back climate rules in energy deal with Alberta

Under the agreement, the federal government will scrap a planned emissions cap on the oil and gas sector and drop rules on clean electricity, in exchange for a commitment by Canada's top oil-producing province to strengthen industrial carbon pricing and support a carbon capture-and-storage project.

Choosing the right type of APC

Insight: How sanctions made a showpiece Chinese refinery's Western partners run for the exits

Yulong's ambition to rub shoulders with global heavyweights, backed by Beijing's push to modernize its refiners, was upended on October 15, when the UK sanctioned it for dealing in Russian oil.

Russia sees scope for oil exports boost to China, urges cooperation in LNG

China and India have become the main buyers of Russian oil since the start of Russia's military campaign in Ukraine in February 2022.

Lukoil's Finnish fuel chain Teboil files for corporate restructuring

The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business.

Lukoil trading arm shrinks fast under Western sanctions

The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.

Hungary's MOL and refiner Slovnaft accuse Croatia's JANAF of breach of contract

MOL said it and Slovnaft told the European Commission in a letter that JANAF would only deliver crude oil already purchased and scheduled for delivery if the two companies agreed to purchase additional volumes as technical amounts to inject into JANAF's system.

Reliance buys 1 MMbbl of crude from Kuwait's KPC, trade sources say

Last week, KPC issued a tender to sell crude oil that the Al-Zour refinery is unable to process because of unplanned maintenance after a fire.

Chevron joins race to explore potential purchase of Lukoil assets

The U.S. Treasury gave clearance last week to potential buyers to talk to Lukoil about foreign assets. Chevron would join Carlyle and other firms in the race for the Lukoil portfolio worth at least $20 B.