Economics

TotalEnergies and Air France-KLM sign a 10-year MoU for SAF

TotalEnergies and Air France-KLM have today signed an MoU for the delivery of more than 1 MMcm3/800,000 tons of SAF by TotalEnergies to Air France-KLM Group airlines over the 10-year period from 2023.

Shell Lubricants and Blue Tide Environmental to work together to progress circular economy

Pennzoil-Quaker State Company, a subsidiary of Shell plc, has acquired a 49% interest in Blue Tide Environmental LLC, a company focused on building a global network of lubricant recycling facilities.

U.S. oil refiner Valero, rivals pursue Chevron for Venezuelan crude

U.S. oil refiners that once were regular buyers of Venezuelan crude are jockeying to win access to coming cargoes chartered by Chevron Corp under a newly issued U.S. license, two people familiar with the matter said.

Chevron unlikely to invest more in Venezuela in short term, says CEO

Chevron Corp is unlikely to add investment in Venezuela in the next six months despite a recent U.S. license to allow it to expand its operations in the South American country, Chief Executive Michael Wirth said.

China and India easing away from Russian crude oil may be temporary

There are signs that China and India are pulling back from buying Russian crude oil ahead of the Group of Seven nations' proposed price cap and a European Union ban on imports.

Neste and CIM enable the supply of SAF to France to support meeting local SAF blending obligations

Neste and CIM, part of NOVEN Group in France, the leading independent French group of companies providing oil storage and supply services, are pleased to announce their collaboration to enable the supply of Neste MY Sustainable Aviation Fuel into France.

South Korea warns of supply disruptions, economic damage if truckers strike

South Korea's prime minister urged unionized truckers to scrap plans to go on strike this week to spare the economy what he called paralysis and irreversible damage, fueling fears for the post-pandemic recovery of global supply chains.

U.S. grants $1.1 B to keep Diablo Canyon nuclear plant open

The Biden administration said it has approved conditional funding of up to $1.1 B to prevent the closure of the Diablo Canyon nuclear power plant in California, as part of its effort to fight climate change.

LUKOIL's Bulgarian refinery may shut down if it cannot export

LUKOIL Neftochim Burgas , Bulgaria's only oil refinery, may have to shut down if the government does not follow through on plans to allow the Russian-owned business to continue exporting, Chief Executive Ilshat Sharafutdinov said.

Workers at bp refinery will not help with restart unless wage demands met

Workers at bp's Rotterdam refinery, which is currently offline, will not help restart operations unless their wage demands are met, union leaders said on Monday.