Oil & Gas Refining

The Italian tyremaker Pirelli has said that it opposes any spin-off of its 'cyber tyre' activities. This was in response to a proposal put forward by Sinochem, a Chinese shareholder, to settle a governance issue. Directors are against "any project or initiative that might lead to any form of compartmentalization, separation and/or segregation, even only partially, and of any nature," ?Pirelli said in a statement. It added that the board supported the position by a vote of 9-5, with five directors appointed in China voting against. Sinochem, a Beijing-controlled company, is the largest shareholder in Pirelli with a stake of...

Ivanhoe Mines is in advanced discussions with Congo's Gecamines state miner and Swiss commodities trader Mercuria about channeling zinc-rich concentrates from its giant Kipushi mining to the United States, under Washington's newly developed strategic stockpiling program Project Vault. The deal is part of a larger agreement between the U.S., and the Democratic Republic of Congo in the area of minerals. Washington is intensifying its battle with China for control of Africa's vast mineral deposits. Project Vault, a $12 billion supply chain security programme launched by the U.S. on Monday and backed by private capital of $1.67 billion and a U.S....

Investors say that the U.S. India trade deal will likely be enough to stop foreign stock selling. However, they insist that earnings growth and fundamentals must improve before sustained?buying can occur. The long-awaited agreement sparked an increase in the stock markets and rupee's strongest rally in seven year on?Tuesday as it?signalled improved diplomatic and trade relationships with the U.S. This was only one of many factors that hung over the currency and stock market, which has underperformed by a large margin regional and global counterparts since the start of last year, and seen the foreign allocations shrink to a 2-decade-low....

ARKO Petroleum wants to raise as much as $910,000,000 in its U.S. IPO, according to the company's announcement on Tuesday. It is the latest to test the waters? in a booming listings market. As the IPO market gains momentum into 2026 due to pent-up demand following a government shut down last fall, and?strong investors appetite for more companies to go public. SOLV Energy, a solar and battery storage company, said it is aiming for a $4.99 billion valuation in its IPO. Investors have been 'throwing money at new listings in 2018 with Brazilian fintech company PicPay and satellite company York...

Reliance, heavyweight financials and export-oriented stocks fueled a broad rally following the India-U.S. trade deal. Trade deal removes a major market overhang. Both benchmarks jumped about?5% in early trading. The Nifty 50 closed 2.55% higher than its previous close of 25,727.55 while the BSE Sensex rose 2.54% to 83739.13. This was the highest single-session gain since May 2025. Donald Trump, the U.S. president announced on Monday a deal with India in which U.S. tariffs will be reduced from 50% to 18% on Indian products. In exchange for New Delhi ceasing its Russian oil purchases and lowering barriers to trade. The...

Wall Street's major indexes rose on Monday, as memory chipmakers and heavyweight stocks?led a recovery from losses caused by the sharp drop in precious metals prices. The 'S&P 500' ended three consecutive daily losses. This was after a session in which gold and silver prices fell so much that investors were forced to unwind their leveraged bets. Sandisk, a memory-related stock, soared by 16%. Seagate rose by 5.8%. Western Digital rose 7.8%. This is a continuation of the strong momentum that began in January and continued through late-2025. Market participants stated that the focus of the market was on positioning...

According to an announcement posted on the website of the Treasury Department on Monday, "the United States has extended through March 20 a license protecting Venezuelan-owned refiner Citgo Petroleum against creditors." Houston-based refiner will be taken over an affiliate of Elliott Investment Management following a court-ordered sale of its parent company PDV Holding last year to pay billions to Venezuelan-linked creditors. The auction winner will still need the Treasury's Office of Foreign Assets Control to sign off, and for the protection license to be lifted before the sale order can be fully implemented. OFAC hasn't issued an opinion in this...

S&P 500 and Nasdaq sawsawed back and forth between gains and losses Monday as the markets took in a sharp drop in precious metals. This was at the beginning of a busy week that would include corporate earnings and important?economic? data. Silver and gold both fell by up to 10%, before recovering some of their losses. The CME Group increased margin requirements after a historic drop on Friday. U.S. listed gold and silver miner companies pared losses to trade higher. Jim Baird is the chief investment officer at Plante Moran Financial Advisors. Last week, the metals market plunged after U.S....

People familiar with the discussions said that the United Steelworkers union, or USW, has neither accepted nor rejected Marathon Petroleum's last offer for a four-year labor contract for U.S. chemical and refineries plants. Sources said that the offer made on Sunday would provide 30,000 USW workers with a 15% increase in pay over the duration of the contract. Marathon is the lead negotiator of 26 companies, including Exxon Mobil and Valero Energy. Marathon is the biggest refiner in the U.S. Marathon is the largest refiner in the U.S. USW-represented employees operate sites that represent nearly two thirds of the U.S....

Wall Street's major indexes were set to open lower on Monday as investors became uneasy due to a violent drop in precious metals at the beginning of a week that will be filled with earnings reports and important economic data. As a result of the CME Group increasing margin requirements, gold and silver fell as much as 10%. This was after a historic drop on Friday. Leveraged investors were forced to unwind their positions in order to meet margin requirements. Jim Baird is the chief investment officer of Plante Moran Financial Advisors. Premarket trading saw a drop in the U.S....

Chinese independent refiners have purchased discounted Iranian heavy oil to replace Venezuelan shipments which were halted after the U.S. Two people familiar with the matter said that last month, the U.S. claimed control over the OPEC producer. They said that the withdrawal of Iranian crude oil from storage makes up for the fall in Venezuelan supplies to the world’s largest crude buyer. Venezuelan shipments into China have dropped sharply since the middle of December after U.S. president Donald Trump imposed an embargo on ships sanctioned, as part of a larger campaign against President Nicolas Maduro that culminated with his capture...

?U.S. Stock index futures dropped on Monday as investors were unnerved by a violent sale of precious metals at the beginning of a week that will be filled with major economic data and corporate earnings. As a result of the CME Group increasing margin requirements, gold and silver fell as much as 10%. This was after a historic drop on Friday. Leveraged investors were forced to unwind their positions in order to meet margin requirements. Premarket trading saw a drop in the U.S. listings of gold and silver miners. Newmont fell 2.2% while Barrick Mining, Kinross Gold, and Barrick Mining...

Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet basic needs, such as electricity and transportation, without provoking Washington's retaliation. Washington has threatened to impose tariffs on countries supplying fuel to the Caribbean Island. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to...

Marathon Petroleum bought two cargoes Venezuelan crude oil at the end of January, and executives expect their refineries to process more heavy grades. Refiners in the United States are expected to gain from President Donald Trump’s efforts to increase output in Venezuela, and to rebuild the country's deteriorating oil sector after the capture of Nicolas Maduro last month. Since Washington and Caracas met, Venezuelan crude oil exports have risen. Deal worth $2 Billion Last month, U.S. Gulf Coast Complex Refineries The U.S. produces heavy sour oil, but Venezuela's is more suitable for processing. Maryann Mannen, CEO of Marathon Oil, said:...

Two sources in the refining industry said that Indian refiners were not told by the government to stop purchasing Russian oil. They would require a period of wind-down to complete any purchases already in progress. The U.S. president?Donald? Trump announced on Monday a trade deal with Indian Prime Minister Narendra Modi, which included the halting of oil purchases by India from Russia. However, there were no details as to how or when these purchases would cease. Sources said that while India has slowed its Russian oil purchases refineries have already reserved cargoes for February loading and arrival in March. They...

Exxon 'Mobil 'CEO Darren Woods said to analysts on Friday that his company has the technology needed to produce barrels at higher prices from Venezuela. Woods, who had earlier in the month called the South American nation "uninvestable," made remarks at a White House event that drew a criticism from President Donald Trump. He said now he believes the U.S. government is committed to making changes to 'attract and ensure investment. Woods said that he believed the U.S. administration was committed to making changes needed to?attract and secure investment. "If you look at the current focus, it is stabilizing a...

U.S. refining company Valero Energy kicked off earnings season in the U.S. on Thursday with strong profits for the?fourth quarter,? thanks to a rebound of margins and a higher volume. Fuel manufacturers have made unexpected profits in the third quarter. Product margins, largely driven by the ongoing Russia-Ukraine conflict, recovered from multi-year lows that were seen in 2024, when earnings dipped from their post-pandemic peak. The San Antonio-based company reported that its refining margin increased by over?61% compared to a quarter ago, reaching $13.61 per barrel. Its average throughput volume also rose, from 2.9 million barrels per days a few...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...

Indian Oil Corp, the nation's largest refining company, has committed to purchasing more Brazilian crude during the fiscal year that begins in April after reducing its?Russian?oil imports. IOC intends to buy at least 24 millions barrels of Brazilian crude between April 2026 and March 2027. This is up from 18 million barrels the previous year. The executive said this to reporters on the sidelines of Indian Energy Week. He said that the'refiner', who has just bought its first crude cargoes in Colombia and Ecuador, plans to purchase 50% of its 'crude through term contracts? in the next fiscal year. However,...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

Petroperu workers in Peru launched a 72 hour strike on Monday to protest the plan to privatize a part of the firm. The company claimed that operations were normal and the government declared the walkout illegal. Jose Luis Saavedra is the general secretary of the union of administrative workers. He said that at least 30% of their 2,200 unionized employees had taken part in the strike on Monday. Saavedra said by phone that "the speed at which the government wants privatize Petroperu" is shocking. Petroperu, however, said that its facilities were all operating normally. It also guaranteed that fuel supplies...

The Venezuelan parties in the?court ordered auction of Citgo Petroleum's parent company have asked a U.S. The board of supervisors of the refinery said that a court of appeals should vacate the ruling of a 'judge' who ordered the sale to an affiliate of Elliott Investment Management. After?two years? of bidding, Delaware Judge Leonard Stark has approved a bid for $5.9bn from Elliott's Amber Energy to purchase Citgo Holding's parent company, PDV Holding. This was after?two rounds?of bidding in a sale that was organized to pay creditors up to $19bn?for debt defaults?and expropriations?in Venezuela. The sale order triggered opposition by...

Exxon Mobil is still interested in visiting Venezuela, and it's prepared to send a team of assessors there, according to a source who knows the company strategy. This was reported on Monday, just a day after?U.S. Donald Trump has said that he may keep Exxon Mobil out of Venezuela. Darren Woods, Exxon's CEO, said that Venezuela had to change its laws and protect investment before Exxon was willing to operate in the country. Days later, Trump said to reporters aboard Air Force One that "he didn't like Exxon’s response," and that he would prefer to keep the oil major out....