The war in Ukraine is strengthening the role of Asia and the Middle East as the world’s main providers of fuels like diesel and gasoline that are crucial to the global economy.
Shell (LON: SHEL) said soaring margins from fuel production may have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries.
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%, Rystad Energy research shows.
As the world’s economies fire up for revival it has become clear that downstream, and the products we produce, are critical to global recovery.
The Australian government has stepped in to rescue the country’s two remaining refineries with a A$2 billion ($1.6 billion) package it said will safeguard fuel security.
The rise of China’s mega-refineries was always going to make life tougher for their competitors across Asia. But the fallout from Covid-19 is hastening the impact and accelerating consolidation across the region.
The Petrochemical & Refining Congress, co-hosted by Neste, celebrates its 5th Anniversary on 17-19th of May.
An interview with W. Brent Robinson ahead of the 11th Annual Chem, Petrochem & Refining Asset Reliability Conference
Prior to the 11th Annual Chem, Petrochem & Refining Asset Reliability Conference in January 2021, marcus evans group held an interview with one of their key speakers, W. Brent Robinson. Brent currently holds the position of Manager, Asset Management Reliability & Integrity at BASF.
Extraordinary times call for extraordinary solutions. In response to the travel constraints in Europe, BGS Group, the organizer of PRC Europe 2020, has announced the launch of a new virtual platform - BGS online.
Shell has warned it will take impairments of up to £17.8billon ahead of its second quarter results due to the impact of the Covid-19 pandemic.
When Indian Oil Corp. (IOC) was launched it focused on the downstream and has subsequently expanded into the upstream, while also moving into petrochemicals.
Nigeria is set to make a fresh push into rehabilitating its poorly performing refineries, Nigerian National Petroleum Corp. (NNPC) head Mele Kyari said on the weekend.
The Abu Dhabi National Oil Company (Adnoc) said today that it had completed one of the world's largest-ever refinery deals.
Iran and China plan to sign a $3billion contract as they upgrade Iran's oil refining capacity.
Shell today confirmed it sold one of its refining companies for $66.3million.
Phillips 66 said it has reported a sharp fall in quarterly profit due to lower refining margins.
Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries.
Royal Dutch Shell Plc and Saudi Arabian Oil Co. are ending an 18-year refining partnership as the Anglo- Dutch crude titan prepares to sell billions of dollars of assets and as Saudi Arabia’s national oil company eyes a possible initial public offering.
Rosneft has obtained approval to dissolve the Ruhr Oel GmbH Joint Venture from the German Federal Ministry of the Economy and Energy.
Shell has reached a conditional agreement with Malaysian Hengyuan International Limited (MHIL) for the sale of its shareholding in the Shell Refining Company for $66.3million.