The US pricing system for rare earths is set to challenge China’s dominance
Washington's plan to create an independent, higher-priced pricing system has stepped up U.S. efforts in breaking China's dominant position on the rare earths markets and driving investment into its own industry. Low prices in China have made it difficult for the West to compete with China in the rare earths market. The West has long demanded a different pricing…
India's Inox Clean Energy files IPO via confidential route
A newspaper advertisement revealed that India's Inox clean energy filed IPO draft documents with the country’s markets regulator on Friday via the confidential route. Mint, citing PTI news agency, reported that the offering could be worth up to 60 billion rupees. Inox Clean Energy, the latest renewable energy producer, is planning to go public. This follows NTPC Green Energy’s $1.2 billion IPO, which took place in September 2024.
BP reports gas and oil price hits; increased upstream production in the second quarter
BP said that its second-quarter results will be affected by lower gas and oil prices, but the upstream production is expected to be higher than originally forecast. The company announced this in a trading report on Friday, ahead of the results scheduled for August 5. Crude oil fell in the first quarter of the year as OPEC+ (the Organization of Petroleum Exporting Countries plus its allies…
Shell reduces LNG production outlook and flags weaker trade
Shell has lowered its outlook for the second quarter for both its integrated gas division and liquefied gas production. It also guided for weaker results in trading, according to a quarterly report published on Monday before full results. Shell's integrated gas division gave a production range of 900,000.0-940.000 barrels of oil-equivalent per day (boed), as opposed to the 890,000.0-950.000 boed given in its first quarter results.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Pernod Ricard has streamlined its business by dividing brands into two divisions. This was revealed in internal presentation slides that were seen on Wednesday. The company has announced that it is part of a group of companies which won a contract worth EUR326m to build a tramway in Italy.
Aster Chemicals will increase Singapore's refining capacity following the acquisition of a splitter stake
Aster Chemicals & Energy plans to increase the crude processing capacity of its Singapore refinery to more than 300.000 barrels per day after purchasing a stake in excess of 50% in a unit that splits condensate, according to a statement released on Monday. The Chandra Asri led joint venture with Glencore, which has taken over the stake of PCS Pte Ltd - one…
Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035
XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035. XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year.
XRG Aims For Gas and LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.On Tuesday…
XRG aims to achieve a gas and LNG capacity of 20-25 millions tons per annum by 2035
XRG (the international investment arm) of Abu Dhabi National Oil Company said on Tuesday that it aims to be a gas and Liquefied Natural Gas business with a capacity between 20 and 25 millions metric tons annually by 2035. XRG, which is led by former BP CEO Bernard Looney, and Blackstone's Jon Gray approved a business plan for five years that aims to build an integrated LNG and gas business…
US terminal operator warns that its ethane and butane exports could fall
Enterprise Products Partners said on Thursday that the U.S. Department of Commerce's requirement for it to apply for a licence to export to China could hurt its ethane-and-butane exports. Reports on Wednesday said that the United States had ordered a wide range of companies to cease shipping products, such as ethane or butane, without a permit to China and revoked permits already granted to some suppliers.
Even after Trump's reprieved, the EU is still trying to reach a trade agreement with Trump
It is unclear how the European Union will reconcile its desire for a trade agreement that benefits both sides with Washington's demand for large concessions. After a phone call with European Commission president Ursula von der Leyen on June 1, Trump decided to back away from the imposition of levies against EU imports. This restored a deadline of July 9 to allow negotiations between the U.S.
Mitsui Chemicals studies use of ethanol in the production of petrochemicals
Mitsui Chemicals, whose CEO spoke on Friday, is looking into the use of ethanol in its naphtha crinklers to increase their competitiveness in the face of an oversupply within the global petrochemical industry. Hashimoto Osamu is the president and CEO of Mitsui Chemicals. He spoke on the sidelines at the Asia Petrochemical Industry Conference. Mitsui, one of several producers in the area…
SP Chemicals to increase ethane usage at Eastern China plant
Chan Hian Siang, CEO of SP Chemicals, said on Thursday that the company is looking at ways to increase ethane usage as a feedstock in its petrochemical plant in Jiangsu Province (east China) to 90%. He said that Technip was still studying the possibility of using up to 90% more ethane. Chan stated that the company plans to invest between 400 and 500 million yuan (between 56 million and $69 million) into the project in Taixing City.
ADNOC's XRG acquires stake in Turkmenistan Gas Block
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), announced on Wednesday that it had acquired a stake in a Turkmenistan offshore natural gas block as part of its ambitious expansion plans. XRG was set up in late 2018 and ADNOC reported that it has assets worth $80 billion. Its mandate is to pursue global deals for chemicals, natural gases and renewables.
Eneos Japan to increase investment in LNG and SAF, but slow down hydrogen
Eneos Holdings' CEO announced on Monday that the company plans to invest more in low-carbon fuels such as liquefied gas and sustainable aviation gasoline, but will slow down efforts for cleaner alternatives, like hydrogen. Eneos has announced a new business plan that will run through March 2028. The plan includes a 1.56 trillion-yen investment, including 740-billion-yen of strategic expenditures aimed at low-carbon…
Shell Q1 profit drops 28%, but beats expectations
Shell reported Friday a 28% decline in its first-quarter profit, to $5.58billion, exceeding analyst expectations. It also kept pace with its share buyback program despite falling oil prices and lower refinery margins than the previous year. It announced that it would purchase $3.5 billion in shares over the next three-month period, marking the 14th consecutive quarter with a minimum $3 billion buyback program.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago.
Sinopec's quarterly net income falls 28% on slower fuel sales
Sinopec Corp. reported on Monday that its first-quarter profits fell 27.6% from a year ago, due to lower oil prices, and to the fact that its refinery operations were struggling with falling fuel sales and thin profit margins. Sinopec, formerly known as China Petroleum & Chemical Corp., reported a net income of 13.26 billion yuan (1.82 billion dollars) between January-March, based on Chinese accounting principles.
Shell sells Singapore refinery assets to Chandra Asri Glencore group
Shell announced the deal in January last year and has now closed the sale. The deadline for the completion of the deal was slightly delayed from its original end-of-last-year date. The deal's value is still unknown. Shell stated that the transaction was completed through the sale shares of Aster Chemicals and Energy Pte Ltd., a Singapore-based company and SSPL's fully-owned subsidiary.
As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66, has dropped by more than 20 billion dollars since Trump announced new tariffs Wednesday afternoon.
