Fuel Oil

Refining executives in Europe said that European refineries have to invest in energy conversion projects because of the modern, complex competitors from Asia, Middle East, and Africa. Tony Fountain, Essar's managing partner, said at the Argus global markets conference in London: "I guess we're all playing a game of last man standing to ensure we don't shut down." European refineries are under pressure from environmental regulations and modern plants to increase production of cleaner fuels such as biofuels and sustainable aviation fuel to meet the regulatory demand. The regulatory environment does not just tell us what we can do. This...

Indonesia's chief trade negotiator announced on Tuesday that the United States had agreed in principle to exclude Indonesian exports such as cocoa, rubber and palm oil from the tariff of 19% imposed by Donald Trump since August 7. Airlangga hartarto, chief economic minister and also the U.S. ambassador to Indonesia, said that the exemption would take effect when both parties reached a final agreement. However, no time frame has been established because the U.S. was busy with tariff negotiations with other countries. Airlangga told an interview that the two countries discussed possible U.S. investments in fuel storage in Indonesia, in...

Roberto Ardenghy of the oil lobby group IBP told reporters on Wednesday that energy companies in Brazil have suspended oil exports to the United States following President Donald Trump's announcement of 50% tariffs against Brazil. The U.S. is Brazil's largest export market. Oil was exempted from the 10% tariff on Brazilian exports in April, but it remains unclear if the commodity will be exempted under the new tariff of 50% that is set to take effect on Friday. Ardenghy said, "This time there is no way to know." IBP represents Brazilian oil companies such as Petrobras, Shell, TotalEnergies ExxonMobil, Equinor,...

The original version of this article was published in On The Money, a newsletter that shares personal finance insights and tips from the United States every two weeks. Subscribe here to get it free. It's time to get rid of capital gains tax on your house. My humble opinion: The most important personal finance story! This week, President Donald Trump has announced that he is considering eliminating capital gains taxes from home sales. Trump told reporters at the Oval Office that if the Fed lowered the rates, then we wouldn't have to do anything. "But we're thinking of no tax...

Ford has recalled 694,271 cars in the United States because of a fuel leak that could increase fire risk, according to the U.S. National Highway Traffic Safety Administration. According to the NHTSA report, in vehicles that may be affected, a fuel injection system could crack, causing fuel to leak into the engine compartment and possibly cause a fire under the hood. Ford's internal committee first reviewed the problem in March 2024. They suggested an update to engine control software and installation of drains as a solution. Ford said that the affected vehicles had a 1.5L motor. The committee didn't recommend...

Three trading sources have confirmed that Nigeria's Dangote refinery will import five million barrels (or more) of U.S. WTI Crude Oil in July. This is a continuation of its purchasing spree following a possible record tally for June. Sources said that the giant new 650,000 barrel-per-day (bpd), oil refinery will import 161,000 barrels of WTI per day in July, after recent tenders were awarded. This is on the back of the record 300,000 barrels per day booked in June's tenders. The final totals of the month may change if the refinery makes more purchases. Traders said that the buying spree...

Energy Secretary Chris Wright of the United States issued an order Friday allowing Puerto Rico's government-owned utility to fill in chronic electricity shortages on the island using electricity generated by oil-burning plants, without violating environmental laws. Why it Matters Puerto Rico has been plagued by frequent and widespread power outages for years due to the island’s crumbling infrastructure and the bankruptcy of Puerto Rico Electric Power Authority in 2017. This was followed by a series of devastating hurricanes. A month ago the island was blacked out, and this week 134,000 customers were affected by the power failure. CONTEXT In January,...

Marathon will begin planned maintenance activities on units at its 255,000-barrel-per-day refinery in Robinson, Illinois on March 18, research company IIR and a source familiar with plant operations said on Thursday. IIR announced that the refinery's primary unit which processes sweet and sour oil will be shut down for maintenance. This includes heat exchanger repairs. The plant's 85,000-barrel-per-day diesel hydrotreater unit, 65,000-bpd vacuum distillation unit and 28,000-bpd hydrocracker unit will also undergo turnaround. IIR stated that the crude unit will be shut down for 7-10 days, and then restarted at a reduced capacity estimated at 75 percent until the remainder...

Cruise operator Carnival Corp anticipated strong reservations for 2025 ahead of the hectic summer season as Americans stayed eager to invest in experiences even as ticket prices increased, sending its shares up about 3% on Friday. The resistant need for cruise getaways also helped Carnival post better-than-expected profit and sales for the fourth quarter, however the business anticipated annual revenue below estimates due to rising input expenses and advertising costs. Changed cruise costs, omitting fuel, increased 7.4%. from 2023 but were much better than the company's forecasts of about. 8%, revealed in September. 2025 is shaping up to be another...

Top U.S. refiners kept concentrated on investor returns with significant stock buybacks and dividends in the third quarter despite the fact that earnings fell due to damaging fuel need and refining margins. Margins for fuel, diesel and other products narrowed greatly from record levels struck after Russia invaded Ukraine in 2022. Fuel demand has actually softened ever since, and new refining capacity has come online. In the 3rd quarter, the average earnings per share for U.S. oil refiners fell to 25 cents from $4.75 in the same quarter a year earlier and $4.85 in 2022, according to Reuters estimations. Integrated,...

U.S. refiner margins for gasoline and diesel will be reasonably the same next year, the U.S. Energy Details Administration said on Wednesday, indicating relief for fuel manufacturers who saw profits slump dramatically since 2022 on slowing demand development. Refiners worldwide reaped record profits in 2021 and 2022 from the post-pandemic surge in travel need and recovering financial activity. Nevertheless, margins then dropped dramatically as mammoth brand-new plants opened around the world and need growth slowed, partly due to efforts to shift away from fossil fuels. The prepared closures of 2 U.S. refineries next year - LyondellBasell Industries' 263,776 barrel-per-day Houston...

South African petrochemicals business Sasol reported a 66% fall in fullyear earnings on Tuesday, mainly due to weaker chemical rates, and skipped a. last dividend. Sasol published 11.5 billion rand ($ 648.47 million) headline. earnings in the year to June 30, compared to 33.8 billion rand. throughout the very same duration last year. It did not declare a final dividend, leaving the interim 2. rand per share stated at half-year as the full-year payout for. the 2024 fiscal year. Sasol stated it altered its dividend policy, which was. formerly based upon 2.5-2.8 times core headline earnings per. share, to 30%...

Sumitomo Corp, a Japanese trading company, announced on Monday that it had been granted a grant by the Singapore government to develop ammonia to be used as a marine fuel alternative to decarbonise shipping. Sumitomo stated in a press release that this exclusive funding would support research and development efforts to enhance the safety and efficiency of ammonia supply, or ammonia bunkering, at Singapore's Port. The Maritime Innovation and Technology Fund of Singapore (MINT Fund) was used to award the grant. However, the MPA did not reveal the details of the grant. MPA didn't immediately respond to an 'ask for...

Anwar Ibrahim, the Prime Minister, announced on Monday that Malaysia would lower the price for its citizens of the popular RON95 fuel. The government is pushing ahead with a long-awaited plan Adjust fuel subsidies to provide relief on the cost of living. Anwar announced at a regular press briefing held at the Prime Minister's Department that, as of September 30, the price of subsidised RON95 will drop to 1,99 ringgit ($0.47) a litre. Anwar explained that the new subsidised price of fuel will be only available to Malaysians who have a valid driving license. Non-citizens are expected to pay 2,60...

Aster Chemicals & Energy, a Singaporean company, has declared force majeure for petrochemicals from its naphtha cracked on Bukom Island. This was revealed in a letter that sources who were directly involved with the matter saw on Thursday. The letter attributed force majeure to "unexpected events" at the ethylene cracker plant, which had been scheduled for maintenance since August 1. In the letter sent to customers, it was not stated which products were affected. The company didn't immediately respond to our request for a comment. It remains unclear how long the 1.1-million-ton-per-year (tpy) unit will be shut, though sources with...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

According to internal memos and sources, the former head of Mercuria's Beijing office will join China's largest oil refining group Rongsheng Holdings as a senior executive. Li Xinhua will assist Xiang Jingjiong as president of Rongsheng Holdings. Li will be responsible for Rongsheng’s coal, petrochemical and oil trading businesses in Singapore, according to sources who declined to name themselves as the move had not yet been announced. Rongsheng has not yet commented. Li has been with Mercuria in Geneva for 17 years, one of the top four commodities and energy traders on the planet. Li's new role is to grow...

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

Analysts and traders said that Asia's demand for sour crude is expected to rise from the end of the second quarter, as refiners are returning from maintenance. Exxon Mobil has also completed an upgrade to its Singapore refinery which is likely to lead to a higher use of heavy oil. Dubai and Oman will benefit from the increased demand for oil from OPEC+, despite the fact that the group has agreed to increase its production starting in April. Harry Tchilligurian is the head of research for Onyx Capital. He said that after a weaker than expected start to the year,...

Mark Russell will replace Hadi Hallouche as the chief executive officer of Trafigura's downstream energy company Puma Energy. Trafigura, a Swiss company, said that Hallouche would work as co CEO with Russell until June's end. Hallouche, who is the CEO of Puma, has held this position since October 20, 2021. Prior to that, he was Trafigura’s Asia Head of Oil and Global Head of Liquefied Natural Gas. He was previously an LNG trader at Shell. Richard Holtum, who replaced Jeremy Weir in January as Trafigura's group CEO, is the latest Trafigura leader to leave. This was followed by a number...

Asian refiners' margins plunged to their least expensive seasonal levels given that 2020 this week as materials of diesel and gas rose after peak summer season travel demand ended, market officials and experts said on Friday. Consistent weak margins might prompt refiners to trim their output, curbing crude demand in Asia, the region that contributes most to international oil need development. Asia has actually been cutting runs considering that May, 400,000-500,000. barrels per day, including China, stated Amrita Sen, founder and. director of Research study at consultancy Energy Aspects. We've already consisted of 300,000 bpd of run cuts for Q4....

Indonesian state energy firm Pertamina is expected to complete a revamp of its biggest refinery at Balikpapan on the island of Borneo in September next year to be able to produce cleaner fuels, the company's refining subsidiary stated. Pertamina earlier this year completed an upgrade of the Balikpapan center's processing capacity to 360,000 barrels per day (bpd) from 260,000 bpd previously, but it is still ending up other elements of the revamp that are running behind the initial schedule. We have two staying milestones, completion of the RFCC and fuel block, Hermansyah Nasroen, spokesperson at Pertamina subsidiary PT Kilang Pertamina...

Singapore Airlines on Wednesday posted a record yearly profit and raised its dividend, reflecting strong travel demand in North Asia, but flagged geopolitical problems, supply chain snags and strong competition as difficulties dealing with the sector. The city-state's flag carrier likewise highlighted strength in freight need towards the end of the fiscal year amid a shift to air freight by various carriers due to security concerns in the Red Sea region. Cargo need enhanced towards the end of FY2023/24 on the back of healthy e-commerce demand, durable and growing sectors such as perishables and concerts, the company stated. Singapore Airlines...

An evacuation was bought for communities near a fire at a chemical tank terminal that killed a single person in Thailand's eastern Rayong province, as the blaze was most likely to spread out, the industry ministry said on Thursday. Someone was verified dead and 3 hospitalised according to a declaration from Siam Cement Group, whose subsidiary owns the center. It said all activities had actually been suspended and the firm had right away controlled the situation. The storage terminal is located in the vast Map Ta Phut industrial zone on Thailand's eastern coast. The blaze started late morning, volunteer firefighters...