“Processing biogenic feedstock within existing infrastructure is one of the most efficient ways to decarbonize refinery operations and increase the share of renewables in the transport sector. Thanks to the commitment of our internal team and the collaboration with partners from MOL Group and CLG, we have successfully created the necessary preconditions to meet the future needs of the market and our customers,” Ivica Jerbić, INA Director of Development, said.
State-owned GAIL (India) Limited has signed a long-term liquefied natural gas (LNG) sales and purchase agreement with Vitol Asia Pte. Ltd. GAIL said in a media release that the deal for the supply of approximately 1 million tonnes per annum of LNG for 10 years resulted from a binding Term Sheet signed in January 2024.
EU states earlier approved a fresh sanctions package on Russia that included new banking restrictions and curbs on fuels made from the nation’s petroleum. The package – the bloc’s 18th since Moscow’s full-scale invasion of Ukraine – will also cut off 20 more Russian banks from the international payments system SWIFT and impose restrictions on Russian petroleum refined in other countries. A large oil refinery in India, part-owned by Russia’s state-run oil company, Rosneft PJSC, was also blacklisted.
Saudi energy developer and investor ACWA Power has signed multiple agreements and MoUs with European companies to establish a green hydrogen and renewable energy export corridor from Saudi Arabia to Europe, the company announced on Sunday.
Addressing the staff, the Minister encouraged continued professionalism and dedication, revealing that plans are in motion for the establishment of a new gas processing plant – a move he described as key to securing a sustainable and prosperous energy future for Ghana.
In the energy sector, U.S. power utilities have announced billions of dollars in capital plans for the next few years and are getting a lot of requests from commercial users, most notably Big Tech, for new power capacity in many areas next to planned data centers.
With global growth already showing signs of slowing, the possibility of another round of tit-for-tat trade measures has weighed more heavily on oil sentiment than localized supply shocks. Reuters cited analysts on Friday as saying that the muted price response to the Kurdistan outages suggests markets are increasingly discounting temporary disruptions unless they escalate or coincide with broader geopolitical risk.
The 2022 explosion was caused by overpressurized piping and resulted in a fire that shut down all liquefaction operations. Freeport remained offline for more than six months while conducting a root-cause investigation and implementing FERC- and PHMSA-mandated safety upgrades. Partial service resumed in early 2023 under revised regulatory conditions.
Last March, OMV and ADNOC signed an agreement to consolidate their polyolefin businesses, with ADNOC also agreeing to acquire NOVA Chemicals Corp. to be transferred to the new joint venture (JV). Under the agreement Borealis AG and Borouge PLC will merge to form Borouge Group International.
The EU’s move to restrict fuels such as diesel made from Russian crude could have some market impact, as Europe imports the fuel from India, which in turn buys large amounts of Russian crude. Diesel markets have been showing signs of tightness for several weeks, and prices strengthened in early European trading relative to crude.