Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035
XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035. XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year.
XRG Aims For Gas and LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.On Tuesday…
XRG aims to achieve a gas and LNG capacity of 20-25 millions tons per annum by 2035
XRG (the international investment arm) of Abu Dhabi National Oil Company said on Tuesday that it aims to be a gas and Liquefied Natural Gas business with a capacity between 20 and 25 millions metric tons annually by 2035. XRG, which is led by former BP CEO Bernard Looney, and Blackstone's Jon Gray approved a business plan for five years that aims to build an integrated LNG and gas business…
US terminal operator warns that its ethane and butane exports could fall
Enterprise Products Partners said on Thursday that the U.S. Department of Commerce's requirement for it to apply for a licence to export to China could hurt its ethane-and-butane exports. Reports on Wednesday said that the United States had ordered a wide range of companies to cease shipping products, such as ethane or butane, without a permit to China and revoked permits already granted to some suppliers.
Even after Trump's reprieved, the EU is still trying to reach a trade agreement with Trump
It is unclear how the European Union will reconcile its desire for a trade agreement that benefits both sides with Washington's demand for large concessions. After a phone call with European Commission president Ursula von der Leyen on June 1, Trump decided to back away from the imposition of levies against EU imports. This restored a deadline of July 9 to allow negotiations between the U.S.
Mitsui Chemicals studies use of ethanol in the production of petrochemicals
Mitsui Chemicals, whose CEO spoke on Friday, is looking into the use of ethanol in its naphtha crinklers to increase their competitiveness in the face of an oversupply within the global petrochemical industry. Hashimoto Osamu is the president and CEO of Mitsui Chemicals. He spoke on the sidelines at the Asia Petrochemical Industry Conference. Mitsui, one of several producers in the area…
SP Chemicals to increase ethane usage at Eastern China plant
Chan Hian Siang, CEO of SP Chemicals, said on Thursday that the company is looking at ways to increase ethane usage as a feedstock in its petrochemical plant in Jiangsu Province (east China) to 90%. He said that Technip was still studying the possibility of using up to 90% more ethane. Chan stated that the company plans to invest between 400 and 500 million yuan (between 56 million and $69 million) into the project in Taixing City.
ADNOC's XRG acquires stake in Turkmenistan Gas Block
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), announced on Wednesday that it had acquired a stake in a Turkmenistan offshore natural gas block as part of its ambitious expansion plans. XRG was set up in late 2018 and ADNOC reported that it has assets worth $80 billion. Its mandate is to pursue global deals for chemicals, natural gases and renewables.
Eneos Japan to increase investment in LNG and SAF, but slow down hydrogen
Eneos Holdings' CEO announced on Monday that the company plans to invest more in low-carbon fuels such as liquefied gas and sustainable aviation gasoline, but will slow down efforts for cleaner alternatives, like hydrogen. Eneos has announced a new business plan that will run through March 2028. The plan includes a 1.56 trillion-yen investment, including 740-billion-yen of strategic expenditures aimed at low-carbon…
Shell Q1 profit drops 28%, but beats expectations
Shell reported Friday a 28% decline in its first-quarter profit, to $5.58billion, exceeding analyst expectations. It also kept pace with its share buyback program despite falling oil prices and lower refinery margins than the previous year. It announced that it would purchase $3.5 billion in shares over the next three-month period, marking the 14th consecutive quarter with a minimum $3 billion buyback program.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago.
Sinopec's quarterly net income falls 28% on slower fuel sales
Sinopec Corp. reported on Monday that its first-quarter profits fell 27.6% from a year ago, due to lower oil prices, and to the fact that its refinery operations were struggling with falling fuel sales and thin profit margins. Sinopec, formerly known as China Petroleum & Chemical Corp., reported a net income of 13.26 billion yuan (1.82 billion dollars) between January-March, based on Chinese accounting principles.
As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66, has dropped by more than 20 billion dollars since Trump announced new tariffs Wednesday afternoon.
Shell sells Singapore refinery assets to Chandra Asri Glencore group
Shell announced the deal in January last year and has now closed the sale. The deadline for the completion of the deal was slightly delayed from its original end-of-last-year date. The deal's value is still unknown. Shell stated that the transaction was completed through the sale shares of Aster Chemicals and Energy Pte Ltd., a Singapore-based company and SSPL's fully-owned subsidiary.
Bosch plans to generate billions of dollars in revenue from hydrogen by starting production of electrolyser components
Bosch announced on Wednesday that it will start producing electrolyser parts for hydrogen production and expects its hydrogen business revenue to reach billions of Euros by 2030. Germany is looking to increase its reliance on hydrogen for future energy sources to reduce greenhouse gas emissions from highly polluting industries that can't be electrified, such as steel or chemicals.
Germany's green employment doubles but lack of staff threatens growth
A study released on Thursday showed that the number of German jobs related to energy transition has increased by more than two-thirds since 2019. However, the shortage of skilled workers is threatening a sector which has so far managed to resist the recession in the country. Berlin's drive for solar and wind energy expansion has helped the sector. It is helping Berlin meet its climate goals…
US Senate confirms Trump's trade chief Greer before Canada and Mexico tariffs
The U.S. Senate voted overwhelmingly on Wednesday to confirm Jamieson Grer as U.S. trade representative, giving the veteran of Donald Trump's first term of trade wars the full authority of his new position just days before the March 4 deadline that will punish imports from Canada or Mexico with 25% tariffs. Greer's nomination was confirmed by a majority of senators, even though voting is still ongoing.
Chevron restructures its business and reshuffles the leadership
Chevron announced on Monday that it will reorganize its business structures, and reshuffle its leadership team. This is the latest step taken by the U.S. oil major to streamline its operations. As it deals with cost overruns, delays and delays on a major Kazakhstan project, the company said that it could lay off as much as 20% of its worldwide workforce by 2026.
Vopak's profits are unlikely to change much by 2025 as one-offs have a negative impact on the 4th quarter results
Dutch tank storage company Vopak said that it expects to see little difference in its earnings by 2025, despite the fact that strong demand for energy-storage infrastructure is boosting its results. Analysts cited a missed quarterly core profit and a cautious outlook as the reason for the 7% drop in shares of this company that operates terminals and stores fuels and chemicals around world.
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power.
