Economics
Asia oil refining margins climb, but a peak looms
The profit from turning a barrel of crude oil into refined fuels has hit a 13-month in Asia but there are signs that the rally may be starting to lose momentum.
Total spending on fuel subsidies topped $7 T in 2022, IMF says
Global subsidies for fossil fuels rose by $2 T over the past two years to reach a record $7 T in 2022, according to new estimates from the International Monetary Fund.
U.S. expands sanctions on Myanamar jet fuel, cites junta airstrikes
The United States expanded its sanctions against Myanmar to include foreign companies or individuals helping the country’s military junta to procure jet fuel that it uses to launch airstrikes on its own people, the U.S. Treasury Department said in a statement.
Oil down 1% as weak U.S. gasoline demand offsets big draw in crude stocks
Oil prices were down 1% as a build in US gasoline stocks fed worries about demand after Japan and Europe posted gloomy manufacturing data.
Shell taps Goldman Sachs to explore Singapore refinery and petchem plant sale
Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter.
Oil slides on grim manufacturing data
Oil prices slid almost 2% as gloomy global manufacturing data grabbed attention ahead of an annual meeting of central bankers at Jackson Hole in the United States, with interest rates high on the agenda.
Hengli Oilchem to begin voluntary liquidation
Privately controlled Chinese refining and petrochemical manufacturer Hengli Group said that Sinochem Group and itself were winding up their Singapore-based JV, Hengli Oilchem, due to business and strategic considerations.
Reliance increased oil imports in July by 6% to nearly 1.1 MMbpd
India's Reliance Industries Ltd, the operator of the world's biggest refining complex at Jamnagar in western Gujarat state, increased oil imports in July by about 6% to 1.09 MMbpd.
Brazil's Unigel restarts fertilizer plant to boost domestic supply
Unigel, the largest Brazilian manufacturer of nitrogen fertilizers, announced the resumption of activities at a unit called Unigel Agro Sergipe, which produces urea and ammonia.
Shell, Pemex face fines for Texas chemical plant fire in May
Shell Plc and Pemex each could face more than $1 MM in fines over a Deer Park, Texas, chemical plant fire in May under a lawsuit filed by the state's attorney general.
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