Economics
PetroChina posts record interim profit, but fuel sales decline
China's largest oil and gas company PetroChina's first-half net income hit a new high, up 3.9% compared with a year ago, as higher oil and gas prices outweighed the impact of reduced refining profits.
Sinopec's H1 profit up on record output despite lower product demand
China's Sinopec posted a 2.6% rise in net profit for the first half of the year as record oil and gas output compensated for falling domestic demand for refined fuel and petrochemicals.
EIA: U.S. Midwest refinery outages boost summer gasoline prices
A series of refinery outages in the U.S. Midwest caused regional gasoline prices to spike to more than 20% above the national average from July 22–August 5 during the high-demand summer driving season.
Nigeria to start selling oil in local currency to Dangote refinery from October
Nigeria will start selling crude oil in its naira currency to the Dangote refinery from Oct. 1 in a move aimed at easing foreign exchange pressure on the country's main oil refinery.
Neste expands chemical recycling logistics infrastructure at its refinery in Porvoo, Finland
Neste is expanding its logistics infrastructure for liquefied recycled raw materials at its refinery in Porvoo, Finland, including materials such as liquefied waste plastic and liquefied rubber tires. Neste aims to advance chemical recycling and transform the Porvoo refinery into a renewable and circular solutions hub.
U.S. FAA awards nearly $300 MM to SAF projects and technologies
The Federal Aviation Administration (FAA) announced that $291 MM in funding was awarded from the Inflation Reduction Act for projects that will help achieve the goal of net-zero greenhouse gas emissions from aviation by 2050.
Sasol to act on underperforming assets after $3-B writedown
Sasol will take "decisive action" following a review of its underperforming chemicals units, CEO Simon Baloyi said on Tuesday after the South African petrochemicals company announced a $3-B asset writedown due to depressed prices.
U.S. West Coast refiners still waiting for TMX margin boost
Canada's expanded Trans Mountain (TMX) oil pipeline, which commenced commercial operations in May, so far has had little impact on crude costs at refineries on the U.S. West Coast.
California aims to tackle pump spikes by requiring gas reserves
California Governor Gavin Newsom proposed a plan on Thursday requiring oil refiners to maintain minimum reserves of gasoline in an effort to prevent price spikes.
Brazil's fossil push undermines Lula's green ambitions
Brazil is positioning itself as a leader in the global transition towards clean energy, with hydropower as its top source of electricity, wind and solar growing rapidly, and renewables fueling a quarter of its transport. But Brazil has also invested heavily in fossil fuels, and the government plans to turn the country from world's seventh biggest oil producer into its fourth by 2030.
- 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
- Addis Energy secures $8.3 MM to scale its transformative approach to low-cost ammonia production 12/5
- World Fuel Services supplies cruise line with waste-based biofuels 12/5
- Chevron announced $18 B-$19-B CAPEX budget for 2026 12/5
- Russia and India sign deal to build urea plant in Russia 12/5
