Global refinery expansion is coming just as product demand struggles, Bank of America Securities (BofA) analysts have warned.
Nigerian National Petroleum Corp. (NNPC) will continue swap deals to secure products until the domestic refining sector is fully functioning, in 2023.
Oil majors Chevron and Shell are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices.
Oil and gas producer MOL posted a big jump in first-quarter profit, despite a big drop in its E&P (exploration and production) business performance.
Vitol and Seplat Petroleum are among nine companies bidding to construct new oil refineries in Nigeria as Africa’s top crude producer seeks to boost output of refined fuel and end its dependence on imports, an official said.
China's Sinopec is offering its subsidiary refineries big incentives to export their diesel fuel, sources said, in a rare move that reflects the top Asian refiner's deepening concerns about a growing domestic glut.
A global decline in the oil price since last year may have hindered upstream business in regions such as the UKCS. But for Hungary's MOL Group, the lower oil price has prompted an unexpected boost in its downstream operations. David Pullan, group downstream development senior vice president for the company, told delegates at the Central Eastern Europe and Turkey Refinery Summit in Budapest his side of the business had seen "very good" results. In the third part of our week long series from MOL's headquarters in Hungary, we look to its successes in its downstream business.