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Middle East

Proman and Bahri Chemicals to time-charter two methanol-powered ships

Proman and Bahri have announced a five-year agreement for Bahri Chemicals, a Bahri business unit, to time-charter two methanol-powered ships, Stena Provident and Stena Progressive, to transport various products globally.

Naphtha markets brace for margin squeeze amid supply glut in 2024

Global naphtha markets will likely suffer from lower profit margins in 2024 as refining and petrochemical capacity expansions in China and the Middle East outpace plastics demand growth globally.

Marine fuel sales fall at UAE's Fujairah in 2023, third largest bunker hub

Sales of marine fuel at the United Arab Emirates' Fujairah dropped by 7.1% in 2023, data showed, though the port retained its position as the world's third largest bunker hub.

LYB enters into agreement to acquire 35% of Saudi Arabia-based NATPET; expands core PP business

LyondellBasell announced it entered into an agreement to acquire a 35% interest in Saudi Arabia–based National Petrochemical Industrial Company from Alujain Corporation for approximately $500 MM.

Drawn by low prices, Chinese refiners hunt for oil to replenish stocks

Chinese refiners are actively booking crude oil cargoes for delivery in March and April to replenish stocks, locking-in relatively low prices and in anticipation of stronger demand in the second half of 2024.

Bayegan Group unveils $1.9-B petrochemical plant project in Turkey

Turkish petrochemicals company Bayegan Group is set to enhance domestic polypropylene production with a planned $1.9-B plant in Hatay province.

Borouge launches new infrastructure and advanced packaging solutions

Borouge Plc launched five new grades to meet the growing demand in the infrastructure and advanced packaging industries in the Middle East, Africa and Asia.

More oil tankers shun southern Red Sea after U.S.-led strikes in Yemen

At least six more oil tankers were steering clear of the southern Red Sea, as disruptions on the vital route for energy shipping increase in the wake of U.S.-led strikes against Houthi targets in Yemen.

Bulgaria replacing Russian crude with oil from Kazakhstan, Iraq, Tunisia

Bulgaria is replacing Russian oil imports with crude from Kazakhstan, Iraq and Tunisia in January, according to traders and LSEG data.

Oil tankers divert from Red Sea after U.S., UK strikes in Yemen

At least four oil tankers have diverted course from the Red Sea since overnight strikes by the U.S. and Britain on Houthi targets in Yemen, shipping data from LSEG and Kpler showed.