Oil & Gas Refining








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Oil & Gas Refining

California Attorney General Bonta: More Trump and plastics lawsuits are coming, says Bonta

California Attorney General Rob Bonta announced on Wednesday that his state will continue to sue Trump's administration for its aggressive deregulatory measures on environmental regulations. He also said he was looking into more lawsuits related to deception surrounding plastics recycling. Bonta said, "Every time they break the law, it hurts my state and my people. We will sue, we'll take them to court." "So far, that's been more than one per week." He said that "we definitely have more suits planned". California's strategy is to counteract the administration's rapid rollbacks in environmental policies and its push to expand fossil-fuels. In...

Oil & Gas

Argentina markets continue to rise ahead of Trump-Milei Meeting

Argentina's bonds and stocks soared on Tuesday, extending gains from the previous session. The expected meeting between U.S. president Donald Trump and Argentinean leader Javier Milei is expected to take place. Dollar bonds, the stock market, and the peso all rose on Monday, after U.S. Treasury secretary Scott Bessent stated that "all options" were available to Argentina. This included swap lines and direct currency purchase from Washington. MarketAxess data showed that Tuesday's bond moves lifted them up by as much as 2.3c before they began to retrace some of their gains. They were still more than one cent higher on...

Oil & Gas Refining

Sources say that the Marathon Galveston Bay Refinery, Texas, will complete repairs to its hydrotreater in October.

People familiar with the plant's operations have said that Marathon Petroleum will complete repairs on its damaged hydrotreater by mid-October at its Galveston Bay refinery, which processes 631,000 barrels per day (bpd). Jamal Kheiry, the spokesperson for Marathon, declined to comment about the operations of the Texas City refinery. It is the largest in the United States by capacity. A fire that broke out on June 14 shut down the 64,000 bpd RHU (residual hydrotreating unit). The two sources confirmed that the RHU has restarted the operation of two small hydrotreating systems. A third unit is also expected to be...

Fossil Fuels

Exxon asks for political support from the US to overturn EU climate law

Exxon Mobil has intensified its attacks on a European Union law on corporate sustainability and taken their concerns directly to U.S. president Donald Trump. They warned that the regulation would lead to more companies leaving Europe. Last year, the EU adopted its corporate sustainability due diligence (CSDD) directive. This mandates that companies fix any human rights or environmental issues in their supply chains or risk a base fine of 5% on global turnover. The European Commission, in response to the criticism of businesses and German and French leaders that the law will harm the competitiveness of the EU, proposed a...

Fossil Fuels

Exxon suspends European plastic recycling plans due to draft EU regulations

ExxonMobil has halted 100 million euros (118.4 millions) in investment in European Plastic Recycling due to draft EU rules that define the recycled content of a final product. Two projects are being developed by the U.S. energy company to recycle chemicals at its existing plants in Rotterdam, and Antwerp. The project will process 80,000 tons of plastic waste annually. In an interview, Jack Williams, Senior Vice-President of ExxonMobil, said that the two projects were now halted due to the EU draft rules which he claimed discriminated against existing petrochemicals facilities versus standalone installations. "Everything is going according to plan." He...

Crude Oil

In court, creditors scrutinize Elliott affiliate’s bid for Citgo parent

The creditors lining up to receive proceeds from an auction of Citgo Petroleum parent PDV Holding in a U.S. Court began the examination process in front of experts, advisors, and an executive of Elliott Investment Management whose subsidiary Amber Energy emerged as the winner of the bidding round. Amber Energy's bid of $5.9 billion for Citgo parent PDV Holding, recommended by a court official last month as the winner of the auction to compensate 15 creditors due to debt defaults and expropriations from Venezuela. The bid is defined by a $2.1billion payment agreement with holders a defaulted PDVSA bond that...

Fossil Fuels

India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing

The Supreme Court of India announced on Monday that a wildlife rescue center run by a philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. It cited findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profits and wildlife groups alleging mistreatment of animals at Vantara. Questions were raised about how the animals had been brought to the centre. The court ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant...

Oil & Gas

Exxon offers auto-voting as a counter to shareholder activism

Exxon Mobil has introduced a shareholder voting mechanism unique to the company. This will allow retail investors vote automatically in accordance with board recommendations at annual meetings. This could help Exxon Mobil, which is the largest oil producer in America, avoid activist campaigns. In a letter sent on Monday, the U.S. Securities and Exchange Commission stated that it wouldn't object to Exxon's plan as long as they met certain conditions. These included reminding investors who have opted in to the mechanism of their participation every year. The SEC response may encourage other companies to follow. Exxon has been fighting back...

Fossil Fuels

Exxon offers auto-voting as a counter to shareholder activism

Exxon Mobil has introduced a new shareholder voting system that allows retail investors to vote automatically in accordance with the board's recommendations at annual meetings. This could help Exxon Mobil, which is the largest oil producer in America, avoid activist campaigns. The U.S. Securities and Exchange Commission announced in a Monday filing that it had no objections to Exxon's plan, which may encourage other companies to follow. Exxon has been fighting back against activists aggressively in recent years. It could gain more support by its large retail shareholder base, who vote for the board despite their lower participation rates. Currently,...

Oil & Gas

NATO launches "Eastern Sentry" to strengthen eastern flank following Russian drone incursion

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Oil Refineries

Sources say Valero is overhauling the FCCU at Tennessee refinery.

Valero Energy Corporation is overhauling its gasoline-producing Fluidic Catalytic Cracking Unit (FCCU) in Memphis, Tennessee, according to people familiar with the plant's operations. Valero's spokesperson was unavailable to comment on the refinery operation Thursday. Sources said that the 65,000 bpd FCCU and the 12,000 bpd unit of alkylation were shut down over the weekend for an overhaul. Sources said that the overhaul should be completed by November 1. Sources claim that the refinery's flaring gas recovery unit and hydrotreater were also taken off production to change a catalyst. The FCCU converts gas oil to unfinished gasoline using a fine powder...

Fossil Fuels

RaceTrac, a convenience store operator, will buy Potbelly sandwich chain for $566 Million

RaceTrac has agreed to purchase sandwich chain Potbelly Corp. for $566 million. This is a rare decision for a convenience-store operator to acquire a restaurant. According to a press release, RaceTrac family-owned convenience stores, RaceTrac RaceWay, and Gulf, will launch a tender to purchase all outstanding shares of Potbelly at $17.12 each. Potbelly directors and executives have all agreed to tender their shares. This represents around 11% Potbelly common stock. Potbelly's shares rose more than 30% to $17 per share on Wednesday following the announcement of the deal. The deal represents a 47% premium over the 90-day average volume-weighted price...

Europe

Fossil Fuels

Russian Crimea chief says that refinery closures have affected fuel supplies in several Russian regions

Sergei Aksyonov said that the fuel shortages were caused by the closing of some oil refineries in Russia as the gasoline crisis spread across the country. The traders and retailers reported that there were shortages in certain Russian regions due to the reduction of refinery operations caused by drone attacks from Ukraine. High borrowing costs also mean that private filling stations cannot afford to stockpile gasoline. Aksyonov, in a video on his Telegram page, said that fuel problems have been experienced due to some plants not being operational. He did not say the drones had attacked the plants. Fuel stations...

Oil & Gas

Cosan, Brazil's largest steel producer, says it will raise 10 billion reais to pay off debt and not for Raizen

A top executive of Brazilian conglomerate Cosan said that the money raised through its public offering will only be used to reduce the company's debt. He added that none of the money would go towards helping the joint venture between the oil giant Shell and the Brazilian conglomerate. Rodrigo Araujo, Cosan's CFO, said in an investor call that followed the announcement late Sunday of the capital increase: "The capital will only be used to de-leverage Cosan." Raizen is a joint venture between Shell and one of Latin America's biggest energy companies. It produces sugar as well as ethanol. Low sugarcane...

Energy Markets

Blue Water has been denied the right to extend Citgo's parent sale hearing by a US judge

A Delaware judge denied a request by Blue Water Acquisition Corp, a special purpose acquisition firm, to extend the final sale hearing at a U.S. court ordered auction of Citgo Petroleum’s parent company. Blue Water, a Venezuelan refiner owned by Blue Water, submitted last week a bid worth $10 billion. This included a $3.2-billion settlement proposal for holders of Venezuelan bonds that had defaulted. The company requested that the hearing be extended to allow its part to be taken into consideration by the court. Blue Water representatives informed the court that funding for the offer was not yet committed. The...

Western Europe

North Asia

Energy Markets

Serbia will sign a gas import agreement with Russia in October

The head of Serbia's state gas company, RTS, told the public broadcaster on Tuesday that Serbia will sign a deal for a three-year supply of gas with Russia. Dusan Bajatovic, Srbijagas, said that Serbia already has daily gas supplies of 2.5 millions cubic metres from Azerbaijan. It also receives 9.5 million cubic meters daily from Russia. Bajatovic said that Serbia has a single gas storage facility which holds 780 millions cubic metres of gas. If needed, an additional 200,000,000 cubic metres can be obtained from a storage in Hungary. Serbia is one of the few European countries that still buys...

Energy Markets

Iraq's state oil marketer claims that Iraq has increased its oil exports and is generating extra revenue.

Iraq's oil exports have increased following the gradual unwinding voluntary production cuts made under the OPEC+ Agreement, said the country's official oil marketing SOMO on Sunday. Eight members of OPEC+ have agreed to increase production by 137,000 barrels a day from October. OPEC+ increased production in April, after years of cutting to support the oil markets. Ali Nizar Al-Shatari, director general of SOMO and Iraqi state media agency, said that the increase in Iraqi exports will generate additional revenues of hundreds of millions at current prices. He did not specify how much the government's exports would increase, but he said...

Oil & Gas Refining

Sources: Russian Kirishi oil refinery shuts down a key unit following a drone attack by Ukraine

Two industry sources reported on Monday that one of Russia's biggest oil refineries in the town of Kirishi (northwest) had halted an important processing unit after a Ukrainian drone attacked over the weekend. Ukraine intensified its attacks on Russia's infrastructure to damage Moscow's war effort, as the talks to end the conflict have stagnated. Russian officials have said Surgutneftegaz's Kirishinefteorgsintez plant, one of Russia's top two refineries, was among the targets attacked by Ukrainian drones last Sunday. Alexander Drozdenko is the Governor of Leningrad Region. He said that three drones had been destroyed in the Kirishi region and that a...

Oil & Gas Refining

Sources say that sanctions-hit Nayara is seeking the help of the Indian government to repair its refinery.

Three people with knowledge of the situation said that Russian-backed Indian refiner Nayara Energy was seeking Indian government assistance to obtain equipment and materials for maintenance, as European Union sanctions are making it difficult to procure key items. Sources said that the private refiner had approached the Centre for High Technology (a advisory body within the Indian oil ministry) to seek assistance in locating specialised equipment, catalysers, and other raw material. Nayara, and the Centre for High Technology, did not respond immediately to comments. Sources said that Nayara, which is majority owned by Russian companies, including Rosneft oil giant, operates...

Oil Refineries

Analysts say that Chinese refiners are sweeping up Russian oil as Indian demand drops

Two analysts and a trader reported on Tuesday that Chinese refineries had purchased 15 cargoes for delivery in October and November as Indian demand for Moscow’s exports has declined. India is the largest buyer of Russian oil by sea. It has been sold at a discounted price since Western nations have shunned purchasing and placed restrictions on Russian exports due to Moscow's invasion of Ukraine in 2022. Indian state refiners stopped buying Russian oil last month as the discounts shrank. Donald Trump, the U.S. president, has also threatened to punish countries that buy Russian crude. Richard Jones, an Energy Aspects...

Oil & Gas

Hungarian opposition leader asks Russia to refrain from interfering

Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador...

Oil & Gas

Reliance is likely to return to Middle East oil in the event that Russian supplies dry up

Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with...

Refined Products

New EU Russia curbs could increase Indian oil refiners’ reliance on traders

After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...

Fossil Fuels

Why one Eastern European nation was slow to give up its Russian oil addiction: Vladimirov

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic has continued to delay a strategic shift despite viable alternatives. According to a Center for the Study of Democracy analysis, Czechia imported Russian crude oil worth 1.5 billion euros in 2024. The volume was down 30% compared to 2023. However, this wasn't due to a proactive strategy to phase out Russian crude. It was mainly the result of 3 major disruptions in...

Energy Markets

Sources say that the top Turkish refiner Tupras has resumed buying Urals crude from Russia.

According to three trading sources, and shipping data, Turkey's biggest oil refiner Tupras is now buying Russian Urals crude after stopping earlier this year because of stronger U.S. Sanctions against Moscow. Tupras didn't immediately respond to a comment request. Three sources confirmed that Tupras had resumed purchases following the price of Urals crude falling to its lowest level since 2023 earlier this month. The price was comfortably below the $60 per barrel G7 cap. The price cap imposed on Russian oil by the Group of Seven, the European Union, and Australia prohibits the use of Western services like insurance, flagging,...

Crude Oil

First time ESPO blend oil from Russia dips below the $60/bbl Western cap

On Monday, the price of Russia's ESPO blend oil fell below $60 per barrel Western cap for the first ever time as Brent international benchmark dropped to its lowest levels in many years. Calculations based on data from three trading sources showed this on Tuesday. Brent futures dropped $1.37 or 2.1%, to settle at $64.21 a barrel on Monday. This is the lowest price since April 2021. According to three traders who were involved in the market for ESPO blend oil, the price of the grade was a few dollars below $60 per barrel at the Kozmino port loading basis....

Energy Markets

Russian seaborne diesel exports fell in March, data shows

LSEG data and market sources showed that the decline in Russian seaborne diesel and gasoline exports was due to unplanned maintenance at local refineries. In January and February, drone attacks targeted Russian refineries owned and operated by Rosneft in Ryazan, Syzran, and Saratov as well as Lukoil Volgograd. The traders said that the fall in oil processing in March was due to the resultant decline in processing. Calculations based on LSEG data and other market sources showed that the total diesel and gasoil exported from Russian ports dropped to 3.8 million metric tonnes, a 5% drop from February. According to...