Economics
illimity, Trafigura lend money to Italian refinery for energy transition
illimity and commodity trader Trafigura have teamed up to lend more than €400 MM ($434 MM) to Italian refinery ISAB, which will invest €1.4 B in the next decade to strengthen its business and make it greener.
Update: Ukraine PM says Lukoil sanctions do not threaten Slovakia's energy security
Kyiv's sanctions prohibiting the transit of oil from Russian producer Lukoil do not pose a threat to Slovakia's energy security, Ukraine's prime minister said on Wednesday.
Phillips 66 beats 2Q results estimates on midstream unit strength
Refiner Phillips 66 reported quarterly results that beat analysts' estimates, helped in part by strength at its midstream unit, even as it grappled with lower margins due to a tepid summer driving season.
The illusion of accuracy in analyzing plant failures
This article highlights the challenges faced by plant engineers in accurately determining damage mechanisms, discussing three common illusions of accuracy including temperature limits, reliance on single references, and confirmation bias during failure investigations.
Cepsa swings back to profit in 2Q on higher prices, wider refinery margins
Spain's second largest oil company Cepsa said on Monday it returned to profit in the second quarter thanks to higher oil and gas prices, lower costs and wider refining margins.
Petrobras wrapping up due diligence to buy back refinery from Mubadala
Brazil's state-run oil company Petrobras is wrapping up due diligence for a bid on the Mataripe refinery it sold to Abu Dhabi sovereign fund Mubadala for $1.65 B in 2021.
Mexico seeks more 2025 fuel import deals after refinery delays
Mexico is seeking to import more motor fuel for next year than it had previously planned, to compensate for delays in the startup of its new Olmeca refinery.
WoodMac: LNG truck sales impacting Chinese road diesel demand
China’s sales of LNG-powered heavy-duty trucks rose from below 10% to reach as much as 30% of the market in the latter months of 2023, resulting in the displacement of over 8% of road diesel demand in the country.
European refiners' golden era draws to end as demand sags
European oil refiners TotalEnergies and Neste warned of further weakness in profit margins amid sagging demand, signaling an end to a brief era of stellar profits that followed Russia's invasion of Ukraine.
German government signs off on hydrogen import strategy
Germany's government adopted a strategy for the import of hydrogen to help secure sustainable energy supply as it embarks on creating fossil fuel alternatives for large parts of its industry.
- 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
