Middle East
Business Trends: A 2024 and beyond outlook for the GCC chemical industry
The global chemical industry faced a challenging year in 2023. Various factors contributed to sluggish demand growth for chemicals globally, including the European recession, U.S. inflation and a lower-than-expected chemical demand rebound in China. These factors resulted in global chemical market growth of < 1% in 2023, with many producers experiencing lower output.
Global Project Data: Spotlight on petrochemicals
Gulf Energy Information’s Global Energy Infrastructure (GEI) database is tracking more than 1,100 active projects in the hydrocarbon processing industry (HPI).
Global refinery capacity totaling 3.6 MM bpd at high-risk of closure
As much as 3.6 MM bpd of global refinery capacity has been assessed as being under high-risk of closure, according to Wood Mackenzie’s latest refinery closure threat analysis.
More than 20% of global oil refining capacity at risk, analysis finds
More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published, as gasoline margins weaken and the pressure to reduce carbon emissions mounts.
Emirates adds SAF on flights from Amsterdam Schiphol Airport
Emirates has commenced the activation of its fuel agreement with Neste at Amsterdam Schiphol Airport, with over 2 million gallons of blended SAF to be supplied into the fueling system throughout 2024.
SAF costs must be lower, ExxonMobil VP says
Costs are the main obstacle to increasing the use of SAF said ExxonMobil Senior Vice President Jack Williams.
ITT invests $11 MM to enhance pump testing in Germany, India, and Saudi Arabia, aiding growth and large project ventures
ITT Inc. announced an approximately $11-MM investment to expand testing capabilities at three of its industrial process sites to enhance capacity for large project awards in its flow business, reinforcing the company’s commitment to an exceptional customer experience.
Iraq to curb oil exports to compensate for overproduction
Iraq will reduce its crude exports to 3.3 MM bpd in the coming months to compensate for any rise above its OPEC+ quota in January and February.
Technip Energies, JGC, and NPCC got limited approval for ADNOC’s Ruwais LNG Project in the UAE
Technip Energies, leader of a joint venture with JGC and NPCC, have received a Limited Notice To Proceed from ADNOC to commence early engineering, procurement and construction activities at the Ruwais low-carbon LNG project, located in Al Ruwais Industrial City, Abu Dhabi.
Trafigura, Mercuria switch bunkering to Mauritius amid attacks, tax dispute
With more ships heading around the Cape of Good Hope due to attacks in the Red Sea region and a shutdown in their main South African bunkering operations, Mercuria and Trafigura have started refueling services in Mauritius.
- Clean Hydrogen Works awards McDermott FEED contract for Ascension Clean Energy (ACE) project 11/21
- Day 2 of WGLC 2024 begins with Chevron speaker’s inspiring, relatable message 11/21
- MOL Group, KazMunayGas partner on exploring petrochemical production 11/21
- WGLC: Innovating AI adoption 11/21
- Solvay uses waste wood to power soda ash and bicarbonate plant in Germany 11/21
- Syensqo expands U.S. production capacity for advanced polymers 11/21
