Shell increases shareholder distributions and cuts spending
Shell raised its shareholder distribution policy to 40-50% from 30-40% on Tuesday, focusing on share buybacks. It also lowered its outlook for spending to $20-$22 billion through 2028. The world's largest LNG trader has…
Sinopec's net profit for 2024 plunges 16.8% because of falling oil prices
China Petroleum & Chemical Corp, also known as Sinopec reported a 16.8% drop in net profit for 2024 on Sunday. The company cited lower crude oil prices, and the accelerated growth of the new energy vehicles (NEV) sector.
Vopak will invest an additional 1 billion Euros in industrial and gas terminals before 2030
Vopak, the Dutch tank storage company, doubled its investment goal for expanding its industrial and gas footprint. The company has committed another 1 billion euro ($1.1 billion) to it until 2030. Vopak, a company that…
Ukraine's gas imports are still low despite Russian attacks on gas production
The operator of the state-run transmission system for gas reported that despite the massive Russian missile strike on Ukrainian gas production over night, Ukrainian gas imports remained relatively low on Friday. Naftogaz…
India reviews tariff surcharges on luxury goods, renewables and chemicals amid US pressure
India will review the import tariffs for over 30 items, including luxury cars and photovoltaic cells. This could lead to a rise in imports from America, according to a senior official at the finance ministry. To counteract…
Russians warned not to panic about a 'gas cloud" in a city near a plant that was struck by Ukraine
The Governor of Russia's Astrakhan Region told its residents to not panic after the main city was covered in a natural gas cloud on Wednesday. Its main city is located near a large gas chemical complex which was attacked this week by Ukrainian drones.
Samsung E&A awarded a $1.7 billion contract by TA'ZIZ for the UAE's first methanol facility
Abu Dhabi's TA'ZIZ announced on Monday that it had awarded a $1.7billion contract to Samsung E&A for the construction of the UAE's 1st methanol facility. The plant is expected to produce 1.8m tons of methanol annually upon completion in 2028.
Shell warns about weaker LNG and oil sales in the fourth quarter
Shell cut its forecast for liquefied gas production in the fourth quarter of the year on Wednesday. It also said that oil and gas trading is expected to be lower than the results from the previous three-month period.
Sekisui Chem will begin mass production perovskite cells in 2027
Sekisui Chemical, a Japanese company, announced on Thursday its intention to mass produce next-generation Perovskite Solar Cells (PSCs) by 2027. Scientists consider PSCs to be an alternative low-cost option to silicon cells.
Arcius Energy, a joint venture between BP and ADNOC’s XRG, will supply Egypt's gas.
BP and Abu Dhabi National Oil Company’s international investment arm XRG announced on Monday that they had closed a deal to create a natural gas joint-venture in Egypt. ADNOC is expanding its efforts abroad. Arcius Energy is a joint venture owned by BP (51%)…
ADNOC, the state oil company of UAE, has established an international investment arm XRG
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Wednesday that it had launched XRG. This investment firm focuses on low-carbon energy sources and chemicals. It is valued at over $80 billion.
SQM's net profits drop due to lower lithium prices
SQM, world's second largest lithium producer, reported on Wednesday a 73% decline in its third-quarter profit, as increased sales volumes did not offset a sharp drop in prices due to an oversupply. The lithium mining…
German chemical lobby VCI reduces its 2024 forecast amid political turmoil
The German chemicals industry association VCI lowered their annual forecasts on Wednesday, citing the economic stagnation in Germany and political turmoil. The association, which represents 1,900 companies within Germany's third largest industrial sector…
Occidental Petroleum exceeds profit expectations for the third quarter on higher production
Occidental Petroleum, a U.S. oil-and-gas firm, beat Wall Street expectations for the third quarter profit on Tuesday. However, overall earnings dropped 14% due to losses on asset sales and a decline in chemical results.
Germany's chemical lobby calls for regulatory reform and growth agenda
VCI, the industry lobby group in Germany, said that to achieve climate neutrality while remaining competitive and improving its performance it is necessary for regulation changes. VCI, which published two of its own studies…
Shell's $6 billion profit beats expectations as LNG offsets a weak refining sector
Shell announced on Thursday that it had exceeded the forecasted profits for the third quarter by 12%. This was due to higher LNG sales, which offset lower oil refining results and weaker trading results. Oil prices dropped by 17% during the third quarter…
Vopak lowers its profit forecast for 2024 on the basis of sustained demand
Vopak, a Dutch tank storage company, raised its core profit forecast for 2024 on Wednesday following the release of its third-quarter results that were slightly better than analysts' expectations. The Rotterdam based company now expects earnings before interest…
Phillips 66, the refiner, reports a Q3 profit increase on the strength of midstream and chemicals
Phillips 66 surpassed quarterly profit expectations on Tuesday, as its chemical and midstream segments were able to more than compensate for a decline in refinery margins due to a lackluster fuel demand. This year, the…
China's coal production in September rose 4.4% due to safety improvements and chemical industry demand
Data from the Statistics Bureau showed that China's coal production rose by 4.4% in September compared to the same period last year, following safety inspections completed earlier this year and increased coal-tochemicals capacity.
Germany allocates $3 billion to decarbonisation subsidies
According to the German economy ministry, the German government has allocated up to 2.8 billion euro ($3.1 billion) for 15 industrial companies to help them decarbonise their operations under its first "climate protection contract" round.
