China's coal region will expand coal to oil output as part of energy security drive
China's coal-producing region plans to build China's largest base to convert?coal to oil, gas, and chemicals, to reduce the country's reliance on imported energy. The war with Iran has heightened China's attention to energy security. Inner Mongolia is also China's leading producer of renewable energies, which makes it a microcosm for the country's complex energy transition.
China's coal region will expand coal to oil output as part of energy security drive
China's coal-producing region is planning to build China's largest 'base' for converting coal into oil and gas, chemicals, and other products to reduce the country's reliance on imported energy. The war with Iran has heightened China's focus on energy security. Inner Mongolia is also China's leading producer of "renewable energy", making it a microcosm for the country's complex energy transition.
ADNOC executive: ADNOC is looking at Canada's upstream LNG and XRG opportunities through its XRG arm
A senior executive of the Abu Dhabi National Oil 'Company' said on Tuesday at the Global Energy Show, in Calgary, that it is exploring opportunities for its XRG international arm in Canada's liquefied gas and upstream sectors. Musabbeh Al Kaabi is the CEO of ADNOC upstream. He did not give details about what investments ADNOC may be looking at in Canada.
The European Commission promises tougher actions on trade with China
The EU's relationship with China in terms of trade and investment is "not sustainable", according to the European Commission, which pledged a stronger response. Commissioners were discussing how best to protect Europe's industries against surging Chinese imports. The EU's leaders will meet on June 18-19 to discuss ideas. Possible proposals include forcing EU companies to diversify their supply chains…
The European Commission discusses a policy shift to protect industries from China
European Commissioners met on Friday to discuss ways to shield Europe's industry from surging Chinese imports and to secure alternative supplies of critical inputs and minerals to reduce its heavy dependency on China. The European Union executive wants to present ideas before the EU leaders' summit, which will take place on June 18-19. Possible measures include…
European stocks remain steady, as gains in autos and chemicals offset the uncertainty surrounding Iran war
European shares closed little changed Wednesday, near the record levels set before the Iran War began. Gains in automobile and chemical stocks helped offset concerns about a conflict that could have a negative impact on the energy markets. The pan-European STOXX 600 closed at 628.18 after trading modestly higher in the session. It is about 1% lower than its previous high before the conflict started in late February.
Venezuelan Oil Minister tells Houston Conference that country is open to dispute resolution
The Venezuelan Oil Minister Paula Henao announced on Tuesday that the new framework for hydrocarbons in the country is open to?dispute settlement outside of the country. This was a major wish expressed by many foreign oil firms before they begin operations in the South American nation. She said this at a conference outside Houston. "We hope it never comes to that but if it does…
Zambia relaxes export ban on sulphuric acids to Congo, Minister says
Zambia's Trade Minister said that the country has eased restrictions on the mining ingredient. About 2 million metric tonnes of sulphuric acids are produced by Zambia's smelters each year. This is mainly as a by-product for local mines. The surplus is sent to the neighboring Congo. Sulphuric acid, which is needed for the "green energy transition", is used in?the central African Copperbelt to extract copper and cobalt from oxide ore.
Shell's profits beat expectations by $6.9 billion and raise dividends by 5%
Shell's first-quarter profit surpassed estimates on Thursday and reached its highest level in two years, at $6.9billion, thanks to gains related to the Middle East War. This led the company to increase the dividend by 5%. It also slowed down its quarterly share-buyback programme from $3.5 billion, to $3 billion. This was to divert more cash to the balance…
Warren Buffett is no longer with us. Berkshire has now become Greg Abel’s show.
Berkshire Hathaway's annual shareholders weekend in Omaha, Nebraska will be familiar to many Berkshire Hathaway investors. Shopping discounts The 5K race. Tens of thousands like-minded investors and Berkshire supporters. This is the largest corporate shareholder meeting in America. Warren Buffett is going to be there. For the first time since 1960, it won't be him in the spotlight.
What is the difference between a driller and a trader? Iran War exposes Big Oil’s transatlantic division: Bousso
The first-quarter profits of European oil majors were boosted by a bumper trading gain as the Iran Warupended supply chains. This highlights how sometimes the ability to move barrels around can trump the ability to pump them out of ground. BP, Shell, and TotalEnergies 'have spent years creating vast oil trading machines which now sit at their core of their business – setting them apart from their U.S. counterparts, for better or worse.
Source: Eni hires JPMorgan to advise on potential cracking plant sales
Sources familiar with the matter claim that Eni, an Italian company, has hired JPMorgan to?advise on the sale of a cracking facility in the southern part of the country. Eni declined comment. JPMorgan did not respond to a request for comment. Last year, Eni's Brindisi cracking operation was mothballed as part of an overhaul of its loss making chemicals business.
As contracts are re-examined, companies dust off oil rigs that have been stored in Venezuela
Four sources said that oilfield service companies have started removing equipment and rigs from Venezuelan warehouses to be assembled and repaired. This is because the government has begun reviewing contracts for oil and gas that could result in new?activity. Since the January approval of a sweeping reform to Venezuela's oil law, foreign and local producers…
Governor of Vologda, Russia says that a drone attack by Ukraine damaged a fertiliser plant in the region.
The local governor, Georgy Filimonov, said that a fertiliser plant located in the 'Vologda' region of Russia was damaged by a Ukrainian drone on Sunday. Filimonov stated that a high pressure sulphuric pipeline had been damaged at the Apatit Complex, a subsidiary company of PhosAgro. PhosAgro is one of?the largest producers of fertilisers based on phosphates in the world.
Zambia's copper-smelters are planning extended shutdowns to squeeze output and chemical supply
Two?industry? sources said that two of Zambia's biggest copper smelters and sulphuric acids producers would?shut down for extended maintenance this year. This will further squeeze copper output and supply of the chemical needed to process copper and coal. Two industry sources said that the Iran war had disrupted the global supply of critical chemicals and acid, which are used to process copper and cobalt.
Sources say that Congo copper and cobalt miners have reduced their chemical usage as the Iran war has disrupted supplies.
Sources with knowledge of the situation say that some key leaching chemicals have been withdrawn or cancelled by suppliers in Congo this month. This has forced'miners' to reduce their usage and look at reducing output as Middle East-related supply disruptions intensify. The Democratic Republic of Congo, Africa's biggest copper supplier and world's leading cobalt producer…
Asia increases US LPG imports in order to replace Middle East LPG supply
Analysts and traders said that Asia's largest liquefied gas (LPG), including India and China are racing to replace Middle East supply disruptions with cargoes coming from the Americas. This is driving spot premiums up to record levels. Since the U.S. and Israel's war against Iran began in late February, LPG exports to Asia, Asia's largest?supplier?" of the fuel used for heating and as feedstock for petrochemical factories, have plummeted.
Asia increases US LPG imports in order to replace Middle East LPG supply
Analysts and traders said that Asia's largest liquefied petrol gas (LPG), including India and China are racing to replace Middle East supply disruptions with cargoes coming from the Americas. This is driving spot premiums up to record levels. Since the U.S. and Israel's war against Iran began in late February, LPG exports to Asia, Asia's top supplier? of fuel for cooking, as well as feedstock... for...
Shell reduces Q1 production forecast after Qatar disruptions citing conflict with Iran
Shell cut its first-quarter outlook for its integrated gas production on Wednesday to reflect the impact of the 'Middle East conflict' on Qatar. Shell said that its trading results, which include its oil trading desk in its chemicals and products division, will be "significantly" higher than the previous quarter. This is similar to the adjusted earnings of its marketing arm.
India reduces import taxes on petrochemicals in order to support local industry
India has abolished import taxes on petrochemicals that are used to make plastics, pharmaceuticals and other goods. This is after the government invoked emergency powers and diverted local chemicals for the production of cooking gases due to the shortages caused by war in Iran. According to a statement released by the government on Thursday, the import tax exemption for 40 products will be valid until June 30.
