EU Chemical Agency backs PFAS ban
The European 'Chemicals Agency' on Thursday recommended a wide EU-wide prohibition on PFAS or "forever chemicals" with some?"exemptions," as policymakers prepare legally binding limits on substances posing a health risk that lingers in the environment. The PFAS (perfluoroalkyl- and polyfluoroalkyl-substances) do not degrade in the environment. This raises concerns about the accumulation of these substances in drinking water…
China's coal-chemicals sector reaps the benefits as Iran war crushes its petrochemical rivals
China's coal-to-chemicals stock has risen by up to 30% since the Iran War began, as the industry?capitalizes on its ability to?turn domestic coal into petroleum and?other chemicals without relying upon shipments through Strait of Hormuz. The rise in oil prices due to Iran's close-to-closing of the Strait of Hormuz has been a boon to the coal-to chemicals sector. This industry has its roots in Germany during World War II and is almost unique.
Shell Board proposes to raise CEO pay package
Shell's annual reports shows that the board will ask shareholders at its May 19 meeting to "increase the maximum compensation package for the CEO" in order to align incentives with peers who operate in similar industries and geographies. Shell's annual report revealed that CEO Wael Sawan will receive a pay package of 13.8 million pounds (18.47 million dollars) in 2025, compared to 8.6 million pounds the previous year.
Shell Board proposes to raise CEO pay package
Shell's annual reports revealed that the board will ask shareholders to increase the maximum pay package for the CEO during its annual meeting on May 19, in order to align incentives with other companies operating in similar industries and geographies. Shell spokesperson said that Wael Sawan, CEO of Shell, received a pay package worth 13.8 million pounds ($18.47million) in 2025, compared to 8.6 million pounds the previous year.
Shell sells Jiffy Lube for $1.3 Billion to Monomoy Capital
Shell announced on Monday that it would sell its Jiffy Lube chain of lubricant shops to an affiliate of private equity firm Monomoy Capital Partners for $1.3 billion. The oil major is continuing to divest non-core assets as part CEO Wael sawan's strategy. Premium Velocity Auto is also included in the sale, which is the second largest Jiffy Lube franchise.
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies…
SABIC, the Saudi chemical giant, will lose $6.9 billion in 2025 due to asset sales
SABIC, the Saudi chemical giant, reported on Wednesday that it would suffer a "massive" net loss by 2025. This was mainly because of impairments and losses relating to divestment assets in Europe and America. Chemicals industry is struggling with overcapacity. This has led to squeezed margins, and a decline in utilization rates. In a filing to the bourse, it said that its 2025 loss would be 25.78 billion (or $6.87 billion).
Spain's Moeve joins forces with Masdar to launch a $1.2 billion green hydrogen project
The Spanish energy company Moeve approved a major green hydrogen investment project that involved more than one billion euros ($1.2 billion) of investments. Masdar, an Abu Dhabi renewable energy company, was a minority partner. Moeve announced on Monday that it had made the final investment decision for the first part in the Andalusian Green Hydrogen Valley, Spain.
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil Company' and…
Raychaudhuri: Indian equities are a bright spot in the market.
Indian stocks, once the darlings of global investors have been underperforming other emerging markets in the past year due to?trade tensions and falling earnings estimates, while high valuations also dulled their shine. Changing domestic and geopolitical tendencies may attract global investors again. Last year, the main problem for Indian shares was that earnings expectations declined even though valuations remained high.
New York Times Business News - February 26, 2019
These are the most popular?stories from the New York Times business pages. The New York Times has not verified the accuracy of these stories. Aston Martin, a British luxury automaker, will reduce 20 percent of the global workforce as tariffs are 'eating into its profits. The carmaker didn't?give an estimated timeline for job cuts but stated that it would save $54 million annually.
Technip Energies, France's Technip Energys, misses its Q4 profit target and announces a buyback
The French energy infrastructure company, Technip?Energies, reported a quarterly adjusted core profit that was below the market expectations. However, it announced a higher dividend and a 150 million euro share buyback program. The company's adjusted recurring earnings (EBITDA), which is a measure of earnings before interest, tax, depreciation, and amortization, reached 159.9 millions euros ($188.8million) during the third quarter.
South Korea approves its first petrochemical restructured deal as glut of supply weighs
The South Korean industry ministry announced on Wednesday that it had 'approved' the first petrochemical sector restructuring project in the country. It offered a package of support worth over 2 trillion won ($1,39 billion) for companies to help them weather a prolonged downturn. The ministry has approved the plan that HD Hyundai Oilbank and Lotte Chemical…
Europe's STOXX 600 closes on record high due to earnings boost. ECB shifts focus
Investors assessed corporate earnings and reports about a possible leadership change at the European Central Bank. All major regional benchmarks finished in positive territory. The pan-European Index closed 1.2% higher at 628.69. The defence sector rose 2.9%. BAE Systems added about 4%, after reporting an increase in operating profit that was better than expected…
TotalEnergies CEO: TotalEnergies did not pay French taxes last year because of a loss in the refining business
TotalEnergies, the French oil giant, did not pay corporate tax in France in 2017 because its operations there generated a loss in excess of 300 million euros (about 356.07 million dollars), said CEO Patrick Pouyanne on Friday. Pouyanne, in an interview, was asked how Total, who on Wednesday reported a 2025 adjusted net profit of $15.6 billion escaped France's surtax on large corporations -- a measure which was supposed to be temporary…
YPF's XRG and ADNOC XRG sign agreement to advance Argentina LNG Project
Argentine's state oil company YPF, Italy’s?Eni, and Abu Dhabi National Oil Company’s international investments arm XRG'signed a binding 'joint 'development 'agreement' to advance Argentina LNG. The project is expected to achieve a liquefied gas capacity of 12,000,000 tons per year, XRG stated in a Thursday statement. In a statement, YPF's CEO Horacio Martin said that the deal marked XRG’s formal inclusion.
Low oil and gas prices affect TotalEnergies' profits, so the company has cut back on buybacks but maintained its growth plans.
TotalEnergies said on Wednesday that it would halve its share buybacks in the first quarter, but was committed to increasing its oil and gas reserve. Low oil and 'gas prices have negated the soaring profit of the fourth-quarter from refining fuels and proceeds from stake sales for renewable assets. The French oil giant's adjusted fourth-quarter net income dropped to $3.8 billion from $4.4 billion one year ago.
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft, made an "urgent appeal" to economy…
The EU's new sanctions plan is designed to target Russian crude exports more severely
The European Commission proposed on Friday a ban on all services that "support" Russia's crude oil exports by sea. This is a far more comprehensive measure than previous EU sanctions, and goes beyond the piecemeal approach in an effort to "stunt" Moscow's main source of revenue for its war against Ukraine. With the assistance of Western shipping, Russia exports more than a third its oil on Western tankers. These are mainly from Greece.
Shell misses profit expectations, but keeps buyback pace
Shell's fourth-quarter profits missed expectations on Thursday, with an 11% decline to the lowest levels since early 2021 due to lower oil prices. However, it kept its massive share buyback program. Oil majors are used to large buybacks. However, lower gas and oil prices, ahead of a crude and liquefied gas glut, have led some to speculate that they may be reduced. This is especially true for European companies.