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Saudi Aramco, the world's largest oil-exporting company, will start construction this year of a major integrated refinery and petrochemical complex in northeast China. Construction of the complex located in Panjin City, Liaoning Province, will begin in Q2 following completion of administrative approvals, the company said in a March 26 statement following CEO Amin Nasser's visit to Beijing. The complex, which... [...]
European feedstock volatility has stalled the supply growth of biofuels and resulted in high prices that have dampened demand for bio-diesel and bio-propane, according to fuel distributors in Europe. Platts, a part of S&P Global Commodity Insights assessed the bio-propane market at $2,610.50/mt or a $2,082/mt premium to the conventional CIF NWE large cargo assessment on March 23. This was... [...]
EU institutions have agreed on what is set to be the world's first greenhouse gas emissions regulator for marine fuels, with stricter targets from 2035 than initially purposed, they said March 23. Following months of negotiations, EU lawmakers and member states reached a provisional agreement to regulate the GHG intensity of fuels used by ships above 5,000 gross tons involved... [...]
FOB soybean oil cash prices in South American markets have broken the $1,000/mt mark and plunged to a more than two-year low amid falling Chicago Board of Trade futures, thin demand and weakening port differentials. Platts, part of S&P Global Commodity Insights, assessed both Argentinian FOB Up River and Brazilian FOB Paranaguá outright prices at $988.55/mt for May dates on... [...]
Saudi Arabia is moving forward with a plan to completely seal off its border with Yemen by building a 900 km fence, after years of attacks on energy infrastructure in the kingdom and a bitter war with Iranian-backed Houthi insurgents. According to official documents seen by S&P Global Commodity Insights, the kingdom is seeking a company to manage the gigantic... [...]
Japan's largest refiner ENEOS has agreed with Australian refiner Ampol to explore producing up to 500,000 kl/year (3.14 million barrels/year) of sustainable aviation fuel and renewable diesel at the 110,000 b/d Lytton refinery in Brisbane by the late 2020s, it said March 23. The move marks ENEOS' first initiative to develop SAF and renewable diesel supply chains abroad, as it... [...]
The latest ship attack around the Arabian Sea shows that even with a reopening of diplomatic relations between Saudi Arabia and Iran, there is no guarantee of safety in one of the world's most important sea lanes for crude oil and natural gas supplies. For the US Navy's 5th Fleet, headquartered in Bahrain, surveillance of the waters surrounding the Arabian... [...]
South Korea recently received 2 million barrels of crude oil produced in the UAE, with another batch of Abu Dhabi crude expected to arrive in the coming days, as the two nations launched a joint storage project, enhancing Seoul's energy security, officials at state-run Korea National Oil Corp. said March 22-23. The 2 million-barrel cargo, which arrived in South Korea's... [...]
Brazilian state-owned oil company Petrobras slashed diesel prices at the refinery gate by 4.5%, effective March 23, in the latest move to reduce fuel prices in Latin America's largest economy, the company said March 22. Wholesale diesel prices will fall to 72.87 cents/liter, down from 76.28 cents/l, Petrobras said in a statement. Petrobras last adjusted diesel prices on Feb. 28,... [...]
The shipping industry will need to significantly increase its uptake of bio- and hydrogen-based marine fuels by 2040 to help the world achieve net-zero emissions by midcentury, Shell said in its energy security scenarios report. In the report published March 21, the UK major explored how the energy mix will evolve in two scenarios -- Archipelagos, where net-zero will be... [...]
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