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Orlen Unipetrol is forced to seek help from the state to meet diesel demands due to a Czech refinery shutdown
A breakdown at the largest refinery in the Czech Republic forced Orlen Unipetrol to borrow 50,000 cubic meters from its state reserves to meet demand. It said that "despite all the measures taken including the stopping of fuel exports and increasing imports, at this time it is not possible to cover the demand for Diesel fuel on the Czech Market in full." The company has been granted permission to use state diesel reserves. The Czech unit of Polish refiner Orlen reported on X that a power failure at Orlen Unipetrol’s refinery in Litvinov in the northwest of Czech Republic in July damaged the ethylene units and severely limited the operations of the site. After repairs, the refinery resumed its operations. However, during the transition from partial power to full power Unipetrol discovered a second failure in the main ethylene compressor and was forced to shut down the Steam Cracker, and again reduce fuel and petrochemical production. Unipetrol said that its second largest refinery, located in Kralupy in the middle of the Czech Republic, is still in operation. It also stated that the company's other fuel production was sufficient. (Reporting and editing by Barbara Lewis; Marek Strzelecki)
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CNBC-TV18 reports that the government is against Vedanta's demerger.
CNBC-TV18, an Indian news channel, reported Wednesday that the Indian government had objected to Vedanta’s proposed split into four new firms, claiming the demerger would make it more difficult to collect dues. CNBC reported that the Indian government claimed at a hearing held by the National Company Law Tribunal that Vedanta had modified its demerger plan after receiving a certificate of no objection from the Securities and Exchange Board of India. The NCLT is an independent quasi-judicial tribunal that decides on matters relating to companies. Could not verify the court proceedings immediately. Vedanta said in a press release that it filed a detailed reply to the government, but declined to share any specifics. The Ministry of Mining, Petroleum and Natural Gas did not reply to a comment request. They have not specified the amount claimed. Vedanta has told the tribunal it will provide a corporate guarantee in favor of the Ministry of Petroleum and Natural Gas in order to recover the debts. Oils-to-metals, a conglomerate that combines metals and oils, announced in December it would be split into four separate companies while still remaining as the main company. This plan was scrapped earlier to divide into six businesses. CNBC-TV18 reported that the government, via its legal representative alleged that key information regarding demerger was concealed and not disclosed. The report also stated that key information was not disclosed, including "inflated revenue" and "concealed liability." Vedanta said earlier in the month that it SEBI sent a letter warning them of certain non-compliances. However, the government did not respond to their allegations. News channel: NCLT postpones next hearing until September 17 Vedanta's shares dropped as much as 2.8% following the report. However, they recovered some of their losses and closed 1% lower than before at 445.50 Rupees. Reporting by Sethuraman NR, Manvi Pant and Niveditarjee; editing by Sonia Cheema & Niveditarjee
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Sinopec Shanghai Petrochemical's first-half profit falls
Sinopec Shanghai Petrochemical Co reported a net loss for the first six months of 2025 due to lower demand in refining products and chemical products. According to the report, Sinopec posted a net loss between January and June of 462.1 millions yuan (64.40million dollars). This compares to a profit of 27.9 millions yuan the previous year. Net sales fell 10.66%, to 33.498 billion Yuan, while sales of chemicals and refining products were down 16.14% and 3.21 %, respectively. The company stated that the market is still challenging with a strong supply and a weak demand. New-energy vehicles are increasing in penetration, which squeezes fuel demand. And the chemical sector remains at cyclical low. A weaker market demand led to a 6.92 percent drop in the volume of refining products sold. The company reported that as crude prices fell, average selling prices for all segments were also lower than a year ago. The refinery's throughput in the first six months was 6.33 million tons, a decrease of 4.93% on an annual basis. The production of diesel and aviation fuel fell by 13.56%, respectively, and gasoline rose by 0.14%. In the first half, output of ethylene (a building block in petrochemicals) increased by 24.34%, reaching 273,300 tonnes. In the first half 2025, capital expenditures totaled 408 million Yuan. This was primarily allocated to the construction of the Shanghai Petrochemical Cogeneration Unit Clean-Efficiency Upgrade. Sinopec Shanghai Petrochemical shares listed in Shanghai closed at 2,90 yuan, up 1.75 percent on the day. The stock has fallen 4.3% in the past year, but the SSE Composite Index is up 12.37%. $1 = 7.1757 Chinese Yuan Renminbi (Reporting and editing by Elaine Hardcastle in Beijing)
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Saudi Arabia's crude exports in June fell to their lowest level since March
According to the Joint Organizations Data Initiative's (JODI), released on Wednesday, Saudi Arabian crude oil exports fell in June to their lowest levels in three months. The world's biggest oil exporter saw its crude exports fall to 6,141 million barrels per daily, down from 6.191 millions bpd in the month of May. Saudi Arabian crude production for June increased from 9.184 millions bpd recorded in May to 9.752million bpd. The data revealed that the crude throughput of Saudi refineries was 2.703 mbpd. This is down by 18,000 bpd compared to May's figure of 2.721 mbpd. Direct crude burning, however, increased by 185,000bpd bringing it up to 674,000bpd. JODI publishes the monthly export figures of Saudi Arabia, and other OPEC members. OPEC+ - a grouping of OPEC members and their allies, including Russia - agreed this month to increase oil production by 547,000 bpd in September. This is the latest in a string of accelerated output increases to regain market shares as concerns grow over possible supply disruptions related to Russia. Eight OPEC+ member countries began increasing their output in April, with a 138,000 bpd increase. This was followed by higher-than-planned increases in May, July and June, and then 548,000 bpd during August, and now 547,000 bpd throughout September. Saudi Arabia, Russia and Iraq are the eight members. Kuwait, Kazakhstan, Algeria and Oman round out the list. Last week, the International Energy Agency stated that oil supplies would increase more quickly than expected in this year and next due to OPEC+ member countries increasing their output and as supply from outside of the group increases. Sherin Elizabeth Varighese reports from Bengaluru. Mark Potter edited the article.
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Copper falls to two-week lowest, with Powell's speech in focus
Metal traders reported that copper prices fell on Wednesday, to their lowest level in almost two weeks, as funds sold. Consumers and producers were also sidelined, awaiting the speech of U.S. Federal Reserve Chairman Jerome Powell, scheduled for later this week. The dollar could be undermined by Powell's Friday speech, as the markets are looking for hints as to whether U.S. rates will be cut 25 basis points at the Fed meeting on September 16-17. A weaker dollar could boost the demand for metals priced in dollars. Funds use this relationship to trade on a daily basis using numerical models for buy and sell signals. The benchmark copper price on the London Metal Exchange fell 0.1% to $9,676 per metric tonne at 1023 GMT after hitting $9,673.50 earlier, its lowest level since August 7. Alastair Mudro, Marex's senior base metals analyst, said: "Systematic flows dominate our space due to lack of wider participation." The outlook is still unclear, and the markets are struggling to make meaningful moves in either direction. Concerns about the demand for cash copper, especially in the top consumer China have led to a discount on the contract three months forward. The price of a ton is heading towards $100, the highest level since February. Yangshan copper premium also indicates a sluggish market. The price of copper in China has dropped to $47 per ton, down from $100 per ton at the end of May. Technically, the upside resistance lies around $9,475 per ton where the 21-day and 50-day moving averages are converging. Traders reported that funds also sold aluminium which briefly fell below the 200-day average. The current price of a ton is $2,565 The price of three-month aluminum had earlier fallen to a new low for two weeks, at $2 558 per tonne. Last seen at $2,569. It rose 0.2%. Other metals saw a 0.2% gain in zinc to $2,773, a 0.3% decline in lead to $1,967 and tin fell by 0.2% at $33,780. Nickel also dropped 0.5%, to $14,935 per ton. Reporting by Pratima Deai, Amy Lv, and Lewis Jackson. Harikrnan Nair, Mark Potter and Harikrnan Nair edited the article.
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Scientists in Serbia experiment with mealworms for the degradation of polystyrene
Scientists in Serbia have been using mealworms to break down polystyrene. Larisa Ilizin, principal researcher at the Institute for Biology in Belgrade, told reporters that scientists discovered mealworms could digest plastics including polystyrene which is used for packaging, insulation, and food containers. The project, endorsed by both the UNDP and the United Nations agency for international Development, the Government, included polystyrene as a regular ingredient in the food that the larvae of yellow mealworm beetles, or Tenebrio Molitor, eat. They eat anything and everything, but they need to be trained on how to eat plastic. Ilijin said, "We have developed larvae which have been optimized to degrade plastic as efficiently as possible." She said that the bacteria in their guts breaks down the plastic into water and carbon dioxide, and there was no evidence left in their faeces or innards of microplastic residue. This work is based on similar research in the U.S.A. and Africa. Serbia, which is hoping to join the EU in the near future, recycles less than 2% household waste and only 15% of its municipal waste. This is far below the EU target of 55%. About 3,000 landfills are home to over 84% of all waste. These sites are often unregulated, and they contain plastic, cardboard and paper, as well as organic waste. It is seeking ways to meet EU standards for waste treatment. Ilijin stated that "styrofoam decomposes in nature over 500 years... it would be a good way to solve the problem of plastic waste." Belinda Animals, based in Belgrade, received several containers of mealworms from the institute. The institute is breeding the mealworms and hopes to attract other farms. When breaking down one kilogram of Styrofoam larvae emit between 1 and 2 grams of CO2. Boris Vasiljev, owner of the company, said that if we incinerate (Styrofoam), it emits more than 4,000 times as much carbon dioxide. If the commercial production of larvae reaches a large scale, he also envisions them being used for animal feed. Ilijin stated that the use of mealworms for animal feed is in its infancy. Serbia has yet to adopt regulations allowing the sale and use of insect products. (Reporting and editing by Alison Williams; Aleksandar Vasovic)
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Kenmare, a titanium miner from Mozambique, urges a decision on the renewal of Mozambique's rights
Kenmare Resources, a titanium miner in Mozambique, said Wednesday that it may seek arbitration for delays in extending its mining rights. Moma Titanium Minerals, with its headquarters in Dublin, is a mine located on the north-east coastline of Mozambique that produces ilmenite. This mineral is used to produce titanium dioxide, which is mainly used in paints, coatings, electronic equipment, packaging and cosmetics. Kenmare has said that it has held inconclusive discussions with the Mozambican government since 2022 about renewing a 20-year agreement on mining and exports which expired in December 2024. Tom Hickey, Kenmare's managing director, said that he was concerned about the extension of this procedure. If an agreement is not reached, "we remain hopeful that negotiations will be successful, but we reserve the rights to protect Kenmare's contract entitlements up to and including arbitrage," he said. Hickey said in an interview that the rate of royalty was a major obstacle in agreeing to new terms. Hickey stated that the main sticking point was the royalty when the agreement was presented to the Council of Ministers in March. He added, "We've made a proposal we hope will be viewed as satisfactory in order to address this issue. But we just want a resolution." The Mozambican Government was not available for immediate comment. Kenmare’s proposals include an increase in royalty rates from 2.5% to 3.5% by 2025, as well as a withholding on payments made to non-Mozambican vendors. They also propose additional capital investments and contributions towards community development. Kenmare announced Wednesday that it had sold minerals worth $160 million in the six-month period ending June 30. This is a 3% rise on the same time last year. A weak market and oversupply slashed the company's half-year profits by 71%, to $6.1million. Reporting by Nelson Banya. Mark Potter (Editing)
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Gold edged up, but hovered near three-week lowests before Jackson Hole Summit
Investors are looking for clues about future rate cuts in the Federal Reserve meeting minutes from July and the Jackson Hole symposium of central banks this week. As of 0832 GMT on August 1, spot gold rose 0.2% to $3,321.33 an ounce. U.S. Gold Futures for December Delivery rose by 0.2% to $3364.20. The U.S. Dollar Index was stable after reaching a high of more than a week earlier in the session. This made gold more expensive for holders of other currencies. Han Tan, Chief Market Analyst at Nemo.Money, said that spot gold will likely remain in its sideways range, until the Fed resumes its rate-cutting cycles. The dollar's resilience month-to date also makes it difficult for it to move higher. The minutes of the Fed's meeting in July, which were due later that day, would provide further insight into the central bank’s economic outlook. The markets will be watching for any further clues regarding the dissenting views from the previous FOMC meeting. If the FOMC minutes reveal that the dissenting voice at the last Fed policy meeting was louder than expected, gold could see a small lift before Jackson Hole," Nemo.Money’s Tan said. Jerome Powell, the Fed chairman, will be speaking at Jackson Hole Symposium of Kansas City Federal Reserve on Friday. Gold usually performs well when interest rates are low and there is economic and geopolitical unrest. On Tuesday, U.S. president Donald Trump said that he would not send ground troops to Ukraine but suggested that air support might be included in a deal to stop Russia's war. The Ukrainian president Volodymyr Zelenskiy described the White House discussions as a major step towards ending the conflict, and establishing a trilateral summit with Russian President Vladimir Putin. The price of palladium fell 0.8% to $1,105.98. Meanwhile, the spot price of silver dropped 1% to $36.98 an ounce. Platinum rose 0.4% to $1311.05, while platinum was up 0.4% at $1,311.05. (Reporting by Ishaan Arora in Bengaluru; Editing by Bernadette Baum)
Investors wait for next steps in Ukraine peace negotiations to see how oil prices will change
The oil prices were little altered on Wednesday, as investors awaited the next steps of the talks to end Russia’s invasion of Ukraine. Sanctions on Russian crude remained in place and there was a possibility of additional restrictions for its buyers.
Brent crude futures are at $65.90 per barrel at 0405 GMT, an increase of 11 cents. U.S. West Texas Intermediate futures for September, which expires on Wednesday, are at $62.40 per barrel, an increase of 5 cents. The more active October contract is at $61.90 per barrel, an increase of 13 cents.
Prices fell more than 1% Tuesday, as investors hoped that a peace deal was closer. This would result in a reduction of sanctions against Russia and an increase of global supply.
Emril Jamil is a senior analyst with LSEG. He said: "Crude market are in limbo... Continued protracted peace negotiations will keep the markets on their toes."
Donald Trump, the U.S. president, said on Tuesday that the U.S. could provide air support in a deal ending Russia's war against the country. However, he acknowledged that Russian President Vladimir Putin may not be interested in a deal.
Trump said on Monday that he would arrange a meeting between Russian president Vladimir Putin and Zelenskiy. This will be followed by a tripartite summit of the three presidents.
Trump said that he had discussed with Hungary's Prime Minister Viktor Orban the possibility of holding talks between Zelenskiy, Putin and Orban.
Russia has not confirmed that it will participate in the talks with Zelenskiy.
In a Wednesday note, Daniel Hynes said that the likelihood of a rapid resolution to the Russian conflict now appears unlikely.
In the U.S., BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. This site is an important fuel producer for Midwest markets.
The prices found some support after an industry inventory report showed steady crude and fuel consumption in the U.S.
Market sources reported on Tuesday that U.S. crude inventories dropped by 2,42 million barrels during the week ending August 15. They cited American Petroleum Institute data.
Sources said that gasoline inventories dropped by 956,000 barrels while distillate stocks rose by 535,000 barrels compared to last week.
(source: Reuters)