Refining
Refiner Phillips 66 to boost investor returns by up to $12 B
Refiner Phillips 66 said it plans to return up to $12 B more to shareholders by end-2024 through dividends and stock buybacks, sending its shares up as much as 3%.
Indian petrochemical demand could rise threefold by 2040
India's annual petrochemical consumption could nearly triple to 80 MMt by 2040 forcing the country to either raise imports or invest into building new facilities, said an executive at the nation's top refiner Indian Oil Corp.
Citgo Petroleum reports $477 MM third quarter profit
Results for the Venezuelan-owned company and other U.S. refiners have touch records this year as prices for motor fuels climbed sharply on the U.S. economic recovery and on global shortages caused by Russia's invasion of Ukraine.
Vietnam's largest refinery to import 2.52 MMt of crude oil in Q4
Vietnam's largest refinery will import 2.52 MMt of crude oil in the fourth quarter to boost operations, state oil firm PetroVietnam said, as authorities try to avert a fuel supply crunch.
Saudi Aramco to ship full oil contract volumes to Asia in December
Saudi Aramco has told at least four refinery customers in North Asia they will receive full contract volumes of crude oil in December.
Chinese refiners boost diesel output to profit from robust export margins
China's refined oil product exports in November are set to hit the highest since April 2020 as refiners ramp up output to multi-month highs to boost diesel supply and profit, offsetting the impact of slower domestic demand from COVID-19 restrictions.
Fire breaks out at Chevron's El Segundo, California refinery
Chevron said fire crews responded to an isolated fire inside its 269,000-barrel-per-day El Segundo refinery in California on Tuesday, with no injuries due to the incident.
South Korea's LG Chem may extend maintenance at Yeosu naphtha cracker
South Korean petrochemical operator LG Chem may extend maintenance at its naphtha cracker for a month into December, a company official said on Wednesday, to deal with unattractive cracking margins.
Phillips 66 plans to lay off 1,100 workers by end-2022
Refiner Phillips 66 said on Wednesday, it plans to reduce its employee headcount by 1,100 to help cut costs and meet its savings target of $500 MM by end-2022.
Italy's plans to secure financing for Lukoil refinery face obstacles, sources say
Italy's efforts to secure financing to keep an Italian oil refinery owned by Lukoil up and running despite new sanctions on Russia kicking in next month have hit obstacles.
- China's Wanhua Chemical starts operation at new east China cracker 4/4
- Brookfield Infrastructure announces the acquisition of Colonial Enterprises for $9 B 4/4
- PBF restarts some units at Martinez refinery after February fire; fire-damaged units remain shut 4/4
- Japan to curb gasoline prices from June to cushion U.S. tariff blow 4/4
- Evonik presents innovative "Debonding on Demand" concept for more sustainable bonding 4/3
- Oil, gas and refined product imports exempted from Trump’s sweeping tariffs 4/3
