Oil & Gas Refining

Indian shares closed the week on Friday lower, after U.S. President Donald Trump imposed sweeping retaliatory duties that intensified global trade wars and stoked fears of recession. Due to their exposure to U.S. economic growth and commodities, information technology and commodity stocks have led the declines. The Nifty 50 dropped 2.61% this week to 22,904.45 and the BSE Sensex fell 2.65% to $75,364.69. The indexes fell by 1.5% and 1.2% respectively on the day. Indian markets, while Trump's tariffs are higher than expected, were not as affected on Thursday. They were buoyed by the optimism surrounding a lower levy on...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The European Commission's Ursula von der Leyen said that Donald Trump's tariffs on all goods and services were a serious blow to the global economy. She also stated that the European Union would be ready to take countermeasures in the event of a failure to reach an agreement with Washington. Deloitte has cut the number of U.S. employees in its consulting division after the federal government asked it to find ways to reduce the costs of the...

Elliott Investment Management stated on Thursday that Phillips 66 stock could almost double to $200 if it sold or spun off its midstream businesses, and focused more on refining. The activist investor who owns a stake of $2.5 billion in the company has also reduced the number to four directors that it intends to nominate for the board. Previously, the number was seven. Phillips 66, in a letter to shareholders published in a regulatory filing on Thursday, wrote: "With resolute action and decisive actions, Phillips 66 will deliver much greater returns to its shareholders than they have in the past...

PBF Energy said that it is restarting several refinery units at its Martinez facility, which were closed after an fire in February. According to the announcement, the units will restart on Thursday. The process should take two weeks. The company stated that any damaged units or those involved in the fire of February, such as the catalytic hydrotreater and the catalytic fuel plant, will be shut down and the restarting process will not start until the fourth quarter. A fire broke out on February 1 at the 157,000 barrels per day (bpd), Martinez, California refinery. The fire started near the...

Sources familiar with the plant's operations on Monday said that a fluidic catalytic cracked (FCC) in Motiva Enterprises refinery Port Arthur, Texas is expected to be closed for at least two weeks following a second failed restart attempt last weekend. On January 21, the unit called FCC3 and an alkylation was shut down for a planned two-month overhaul. FCCs transform gas oil into unfinished fuel, while alkylation systems convert refinery byproducts into components that are typically added to gasoline. Motiva didn't immediately respond to a comment request. Sources said that the second attempt to restart FCC3, which is capable of...

The oil markets shrugged Monday off the threat of U.S. president Donald Trump to impose tariffs on Russian oil buyers as the shock factor of the White House's barrage of threats begins to wear out with jaded traders. Analysts and traders have questioned the seriousness of Trump's proposal. Warren Patterson, ING's director of commodities strategy, said that the U.S. government's announcements on tariffs and other sanctions have a tired feel. He said that the market would not overreact until he could provide more concrete information. The price of oil fell on Monday. Brent crude futures, the most active, were down...

Bob Pease was the independent director of Phillips 66. He defended its performance and criticized Elliott Investment Management, on Friday. The boardroom battle between Phillips 66 and Elliott Investment Management intensified. Elliott, who disclosed earlier this year a stake in Phillips 66 of over $2.5 billion, has been pressing for operational changes at the energy firm and a board revamp. Pease, who was appointed to the board of the refiner in February 2024 following an agreement reached with the activist investor, is actually a director. Pease wrote to his shareholders that Elliott was "a highly distracted shareholder". Elliott's inconsistent involvement...

According to four sources familiar with the issue, the U.S. administration of President Donald Trump has asked the oil and biofuels industry to reach an agreement on the next phase in the country's biofuels policies to avoid the political conflicts that marked his first tenure. Big Oil and Farm Belt biofuels producers are competitors who have been fighting for a share of the U.S. multi-billion dollar gasoline market. The two have fought repeatedly over the details of the U.S. Renewable Fuel Standard. This program requires that billions of gallons corn-based ethanol, and other biofuels be blended in the nation's fuel...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The Justice Department has filed a criminal fraud case against Boeing in connection with the alleged misrepresentations made by the plane maker to U.S. regulators regarding a critical system on the 737 MAX. On Tuesday, U.S. president Donald Trump signed an executive directive targeting the law firm Jenner & Block. The firm represents clients who challenge some of Trump's major policies. It also employed a former prosecutor in a special council investigation of Trump's 2016 campaign. The...

According to a Friday court filing, a U.S. court official overseeing the auction of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum recommends a judge select a $3.7billion offer from an affiliate of Contrarian Funds as the starting point for a second bidding round in this year. The filing stated that four potential "stalking horses" bids were received before the March 7 deadline for Citgo parent PDV Holding shares. Special master responsible for the auction recommended the offer made by Red Tree Investments, a Contrarian Funds affiliate. Judge Leonard Stark has to accept or reject the offer before...

Demand for diesel fuel is strong in the US and Europe. Margins are reduced below seasonal levels in spite of tight supply Market uncertainty over global economic outlook affects diesel prices Ron Bousso LONDON 20 March - The Atlantic Basin diesel prices have been increasingly detached from the tightening of supply and demand, reflecting the growing concern about the global economic outlook. When prices don't match the facts, then something must give. Diesel, a refined fuel that is used in heavy construction, manufacturing and transport, can be a good indicator of industrial activity. This gauge currently points to a bullish...

Alimentation Couche-Tard, a Canadian retailer, missed its third-quarter revenue estimate on Tuesday due to a sluggish fuel and convenience store business amid increasing inflationary pressures. Circle-K's owner Couche-Tard is growing increasingly concerned as consumers facing financial stress are cutting back on both expensive and non-essential items. Walmart and Target, two of the largest U.S. retailers, warned that a slowdown in demand was due to a slowed down spending. They were also preparing for the effects of import tariffs implemented and proposed by President Donald Trump. The increasing consumer prices and interest rates has led to low-to-middle-income consumers being reluctant to...

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....

Seven & i Holdings, a Japanese retailer, is expected to report a 24% decline in its quarterly profit on March 28, as the underperformance of its convenience stores hampers its ability fend off a Canadian takeover bid by Alimentation CoucheTard. Seven & i will likely book an operating profit of 94.45 trillion yen (US$639.52 millions) for the period December-February. This is according to a LSEG average of eight analyst predictions. This compares to 124.23 bn yen for the same period last year. 7-Eleven's profits have fallen in recent quarters, as its domestic convenience stores underperformed their competitors. Its North American...

U.S. banks, oil companies, and tech giants all extended their losses on Friday, after Beijing responded with an additional 34% duty on U.S. products. This heightened investor concern over a escalating trade war, which has led to fears of a global recession. Beijing's tariffs will go into effect on April 10. Beijing also announced restrictions on the export of heavy and medium rare-earths and added 11 U.S. companies to its "unreliable entities" list. Tesla and Apple, two of the companies that have the most revenue exposure to China, both saw their shares plummet by more than 6%. Alphabet and Microsoft...

Maruzen Petrochemical in Japan, a subsidiary of Cosmo Energy Holdings will close its ethylene plant in Chiba during the fiscal year 2026/27 and consolidate its production at Keiyo Ethylene - its joint venture with Sumitomo Chemical - the companies announced on Tuesday. The three companies released a joint statement saying that the move is intended to improve the utilization rate of Keiyo Ethylene. Keiyo Ethylene is owned by Maruzen and Sumitomo, respectively. Low operating rates have plagued Japanese ethylene plants due to a global oversupply caused by China's large-scale capacity expansions, as well as a declining domestic market. Energy transportation...

At a Beijing business forum on Sunday, Chinese Premier Li Qiang called for countries to expand their markets in order to combat the "rising uncertainty and instability" as China prepares to face further U.S. trade tariffs. State media reported that Li said, "In an increasingly fragmented and uncertain world, with rising instabilities and uncertainties, it's more important for countries to open their markets and enterprise... to resist challenges and risks." He was speaking to dozens of visiting U.S. Republican senator Steve Daines and dozens other foreign CEOs at the China Development Forum. Sources previously said that foreign CEOs, including Tim...

Trade sources reported on Thursday that Saudi Arabia's crude shipments to China, its largest customer, will drop to the lowest level for more than a full year in April. This is partly due to maintenance programs at Sinopec-owned Chinese refineries. Data shows that the OPEC producer, Saudi Arabia, allocated 34 million barrels to its Chinese clients in April, down from 41 millions barrels the previous month. China's drop in demand for Saudi crude oil is despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreeing to continue with their plan to increase production in April. Sinopec intends...

Alimentation Couche-Tard wants to convince the Japanese people to accept its $47 billion offer for Seven & i. It also wants to address the antitrust concerns which have become a major stumbling-block in its bid to purchase the 7-Eleven owners. Canada's Couche-Tard which owns Circle-K has been pursuing Seven & i since months despite the cold reception it received from the Japanese retailer. If the deal goes through, this would be the largest foreign acquisition in Japan's history. On Thursday, executives from Couche-Tard held their first press conference at Tokyo. This was months after announcing a takeover bid for Seven...

Alimentation Couche-Tard's management will address the antitrust concerns raised by Japan's Seven & i during a visit to Tokyo to advance talks on its $47 billion offer for 7-Eleven's convenience store operator. Circle-K's owner has been pursuing Seven & i since months, despite the cold reception it received from the Japanese retailer giant. If the deal goes through, this would be the largest foreign acquisition in Japan's history. Couche-Tard is holding its first press conference on Thursday in Tokyo since it announced a purchase bid for Seven & i back in August. This was part of their efforts to convince...

Trading sources familiar with the operation of the plant said that Shandong Yulong Petrochemical, China's newest refinedr, is expected to test operate its second crude oil-processing unit by the end of this month. The $20 billion complex will begin full operation in 2025. This will help China increase its crude imports as well as its production of refined products. It would also offset some of the declines caused by a waning Chinese fuel demand, but put pressure on the already thin refinery profits. The refinery is located on an artificial island in Longkou County of the city Yantai. It's the...

JX Advanced Metals (a unit wholly owned by Japan's Eneos Holdings) raised $438.6 billion through its initial public offering, after the shares were priced above their market range. The company valued its initial public offering (IPO) at 761.3 billion Japanese yen, or 820 yen each share. The Tokyo Stock Exchange will debut the shares on March 19. According to LSEG data, the offering is larger than Tokyo Metro's IPO from October and is Japan's largest listing since SoftBank's Telecoms Unit in 2018. JX Advanced Metals, a leader in the manufacture of sputtering target materials that are used to produce thin...

Japan's Seven & i Holdings announced on Monday that it has begun talks with Canada's Alimentation Couche-Tard about a plan to sell stores that will set the stage for ACT's $47 Billion takeover bid. Stephen Dacus was named as the new CEO of 7-Eleven last week to help lead the company's recovery and to respond to Couche-Tard's takeover bid. Seven & i said that U.S. Antitrust Law would be a barrier for any deal. Both companies have about 20,000 convenience stores between them. Seven & i wrote to its shareholders Monday that it was proposing the two companies map out...

Artisan Partners is a U.S. investor in Seven & i Holdings. According to a board letter, the American company opposed the Japanese retailer’s succession plan for the CEO and urged it to reconsider a possible takeover. 7-Eleven named Stephen Dacus CEO last week to help lead the company's recovery and to respond to Alimentation Couche-Tard's $47 billion offer to take over. Artisan Partners' letter urged Seven & i, in order to maximize shareholder value, to contact Couche-Tard and discuss its buyout offer. Seven & i was not available to comment immediately outside of business hours. Couche-Tard also did not respond...