Refining

U.S. to sell additional 20 MM barrels of oil from strategic reserve

The United States has already sold 125 MM barrels from the reserve with nearly 70 MM barrels already delivered to purchasers.

Galp posts 90% profit leap on soaring oil prices and refining margin

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit, citing soaring oil prices and a sharp increase in its refining margin.

Global gasoline cracks collapse, blow to refiners' profits

A sudden crash in global gasoline prices in the past two weeks has dented refiners' profits, pushing up inventories in key trading hubs around the world while looming exports from China and India also add to pressure on growing stockpiles.

LyondellBasell helps close the loop on polypropylene by joining NEXTLOOPP initiative

LyondellBasell, one of the largest plastic and chemical companies in the world, has recently joined the initiative that brings more than 40 major industry players together.

Nigeria petrol subsidy seen nearly 70% higher at $16.2 B next year

Nigeria could spend up to 6.72 T naira ($16.2 B) next year if it keeps a fuel subsidy in place, a nearly 70% jump from this year's budget.

U.S. refined coal production and consumption declines with the expiration of a tax credit

Refined coal production in the United States dropped to nearly zero during the first quarter of 2022 as refined coal consumers used their remaining small stockpiles.

Production at Brazil's Petrobras falls; refinery utilization nears 100%

Oil production at Brazil's Petrobras fell in the second quarter as asset divestments and increased work stoppages took their toll, while the company's refinery utilization rate hit a whopping 97%.

Technip Energies wins contract with Neste for renewable products refinery expansion in Rotterdam

Technip Energies has been awarded a significant contract by Neste for the expansion of their renewable products production capacity in Rotterdam, the Netherlands, as part of the existing Partnership Agreement between Technip Energies and Neste.

Pemex to upgrade its six refineries after completing 340,000 bpd new plant construction

Octavio Romero, director of Mexican state oil Pemex, said the company will work in the second half of Mexican President Andres Manuel Lopez Obrad´s term on improving its six refineries after completing during the first half of the six-year period the construction of a new 340,000 barrels-per-day (bpd) refinery with a $10-B investment.

Iran boosts crude supply to Venezuela for refining, freeing up exportable oil

Iran is increasing supplies of a key crude grade that Venezuela is using to boost its aging refineries' productivity and free domestic oil for exports.