Middle East
Aramco completes $3.4 B purchase of Rongsheng Petrochemical stake
Aramco has successfully closed a landmark transaction to acquire a 10% interest in Rongsheng Petrochemical Co. Ltd. for $3.4 B through its subsidiary Aramco Overseas Company BV, based in the Netherlands.
Iraq and Lebanon sign MoU on Iraq providing Lebanon with fuel oil and crude oil
Iraq and Lebanon signed a memorandum of understanding (MoU) on Iraq providing Lebanon with fuel oil and crude oil, the Iraqi state news agency INA reported
Iraq's massive Total oil deal heralds new revenue-sharing formula
Iraq secured its $27-B oil deal with France's TotalEnergies by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors.
UN could start removing oil this week from decaying Yemen tanker
An operation to start removing some 1.1 million barrels of oil from a decaying tanker moored off Yemen's coast could start by the end of the week, the United Nations said.
Saudi Arabia and Turkey sign petroleum and petchem cooperation MoU
Saudi Arabia and Turkey have signed a memorandum of understanding to cooperate in the production, marketing and distribution of refined petroleum products and in petrochemicals production.
Riyadh, Tokyo to cooperate on energy security, recycled carbon fuels and ammonia
Saudi Arabia said it remains committed to securing oil supplies for Japan and will continue cooperating with Tokyo on clean hydrogen, ammonia and recycled carbon fuels.
ADNOC statement on potential Borouge-Borealis merger
Abu Dhabi National Oil Company P.J.S.C. is excited to confirm that, following initial exploratory discussions, it has entered into formal negotiations with OMV AG, about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge plc and Borealis AG.
Turkey increases fuel tax as it bolsters stretched budget
Turkey raised tax on petrol to help to fund a $42.2-B increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring.
Iraq-Iran gas-for-oil barter would likely violate U.S. sanctions
A barter of Iranian natural gas for Iraqi oil as described by the Iraqi prime minister this week would likely violate U.S. sanctions on Tehran unless the U.S. issued a waiver permitting it, three former U.S. officials said.
Oil supply disruptions boost prices
A series of oil supply disruptions across the globe has helped push Brent crude prices above $81 a barrel for the first time since April.
- Equinor selects Aker for Mongstad refinery upgrade project 5/1
- Australian researchers testing SAF production from landfill gases 5/1
- Topsoe awarded contract to support FEED study for new low-carbon ammonia plant in Louisiana (U.S.) 5/1
- ClearSign Technologies receives burner contract for California (U.S.) refinery 5/1
- Traders scramble for U.S. storage as distillates demand disappoints 5/1
- Emerson Software helps Covestro increase operational efficiency and sustainability 5/1
