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Economics

Colombia police seize $329 MM in property, bank accounts tied to stolen oil

Colombian police have seized property and bank accounts worth $329 MM, proceeds from the sale and export of stolen crude oil, officials said.

Egypt to import more mazut fuel oil to manage power cuts

Egypt will import $250 MM up to $300 MM worth of mazut fuel oil to manage power cuts, Egyptian Prime Minister Moustafa Madbouly said.

Nigeria unions to strike unless fuel price hike is reversed

Nigerian labor unions plan to strike to demand a reversal in petrol price hikes and lower public school fees, the Nigerian Labour Congress said.

Saudi Arabia expected to extend voluntary oil cut for September, analysts say

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market.

Obscure traders ship half Russia's oil exports to India, China after sanctions

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.

Gasoil net exports reduce Singapore inventories despite jet fuel from China

Middle distillates stock levels at key trading hub Singapore slipped to their lowest in over four months as robust net exports of gasoil more than offset a surge in jet fuel imports from China, official data showed.

Varo Energy secures $3.3 B in boost to biofuel goals

Refiner and trader Varo Energy secured $3.33 B in its latest financing round, which will help to fund its sustainable energy projects, including its purchase of a stake in northern Europe’s biggest biogas facility.

Repsol to invest more than $130 MM to retrofit plant to produce biofuels

Spanish oil company Repsol will invest more than $132.95 MM to retrofit a decades-old diesel plant to produce second-generation biofuels.

Calumet takes top reign as NA's largest SAF producer

Topsoe delivers its HydroFlex technology. Calumet serves markets in Canada and the US West Coast with low emission fuels.

ENGIE teams up with CMA CGM and Air France-KLM for an industrial-scale renewable fuel platform in Le Havre

As part of the "Grand Canal du Havre" call for projects, through the conclusion of state titles, HAROPA PORT has awarded ENGIE 24 ha of land for the development of a benchmark platform for alternative new industrial fuels embodied by the Salamandre and France KerEAUzen projects.

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