ADNOC sells stakes in listed companies to XRG, the international arm of ADNOC
Abu Dhabi National Oil Company announced on Thursday that it had transferred its shares in a number of its listed subsidiaries, to XRG International Investments, its international investment division for which it has ambitious plans for growth. The state-owned oil giant stated that the transfers of stakes, which include ADNOC Distribution and ADNOC Drilling as well as ADNOC Gas and ADNOC Logistics & Services will not impact the operations…
Sources: Swiss gold refining plans add sparkle to Trump's trade deal
Two people with knowledge of the situation say that Switzerland wants to build a gold refinery or increase its processing capacity in the United States as part a plan to lower U.S. tariffs. Donald Trump imposed 39% tariffs on Swiss imports as a result of the U.S.-Swiss trade deficit on August 7, 2018. Switzerland had scrapped its industrial tariffs in January.
Technip Energys purchases Ecovyst’s Advanced Materials & Catalysts for $556 Million
Technip Energies, a French energy infrastructure firm, announced on Thursday that it had reached an agreement to purchase the Advanced Materials & Catalysts division of U.S. chemicals group Ecovyst for $556m. The shares rose over 4% at first trading. The agreement will see the company, which specializes in technology for energy, acquire two entities, Advanced Silicas and Zeolyst International…
Executives warn that US tariffs are worsening challenges for the petrochemical sector.
TotalEnergies' executive said that U.S. Tariffs could cause a 15% decline in global petrochemicals trade. This was revealed at the APPEC Conference in Singapore, held on Tuesday. Ganesh Gopalakrishnan's, TotalEnergies head of petrochemicals, said on the sidelines APPEC that if tariffs are kept in place the petrochemicals trade will drop another 15% on top of the previous 34% decline it has experienced in the last five year.
ExxonMobil is considering selling European chemical plants to FT, reports
The Financial Times reported that ExxonMobil was looking to sell its European chemical plants located in the UK, and Belgium, as the industry struggles with the impact of U.S. Tariffs and the competition from China. In recent weeks, the U.S. energy company has been in early discussions with advisors about possible sales that could bring up to $1 billion. The newspaper cited two sources.
VCI: German chemical industry runs at its lowest capacity for more than 30 Years
The German Chemical Industry Association said Wednesday that its capacity utilization in the second quarter was at its lowest level for more than 30 year as sales and prices fell due to uncertainty surrounding U.S. Tariffs. VCI reported that the German chemical industry only operated at 72% of full capacity in the period April-June, which is the lowest level seen since 1991 and far below the level needed to break even.
Shell cancels plans to build a biofuels plant in Rotterdam
Shell announced on Wednesday that it will not continue construction of the biofuels plant at its Shell Energy and Chemicals Park Rotterdam, after an extensive evaluation revealed that it was not competitive. Construction of the project was suspended in July 2024 because of weak market conditions. Shell approved in September 2021 the development of the facility to produce 820,000 tons per year, and planned to bring it on line in 2025.
German chemical lobby VCI reports quarterly sales and production decline amid tariff uncertainty
The German chemical industry association reported on Wednesday that the second-quarter production, sales and prices had declined, citing uncertainty regarding U.S. tariff policies. VCI said that pull-forward effects on business with the United States decreased throughout the period of April-June, because exports were brought forward to prepare for tariffs on European goods.
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year. Revenues fell 6.7%, to 1.45trillion yuan.
The major South Korean petrochemical companies and their production
The South Korean government announced on Wednesday a plan for 10 petrochemical firms to restructure operations. This included a large reduction in their naphtha cracking capacity. According to the Korea Chemical Industry Association, South Korea is home to some of the world's largest petrochemical companies. South Korean producers suffered losses because of oversupply in China…
The plastic pollution talks are pushed into overtime by countries pushing for a late breakthrough
The talks to create the first legally-binding treaty in the world to combat plastic pollution ran overtime on Thursday. They were adjourned for the next day. The extent of future restrictions on what was supposed to be the last day of the United Nations negotiations in Geneva. Luis Vayas Valdivieso told the delegates that the meeting would continue into Friday. The United Nations Environment Assembly established the INC in 2022.
Mozambique’s illegal miners make money but the land suffers
Farmers say mining activities pollute rivers, soil and water. The risks may be high, but for barefoot miners in Mozambique’s Manica Province, they are well worth it. Manica, which borders Zimbabwe on the west, is a magnet for men desperate to find gold or precious stones. They use picks and shovels to dig. Fernando Massada is one of hundreds of men who are mining in the Mucurumadze area.
The major South Korean petrochemical companies and their production
Kim Jung-kwan, the Minister of Industry in South Korea, said that a plan will be announced this month for restructuring its ailing petrochemical industry. According to the Korea Chemical Industry Association, South Korea is home to some of the world's largest petrochemical companies. South Korean producers suffered losses because of oversupply in China, which is the largest petrochemicals market, as well as a sluggish consumer demand.
Trump tariffs threaten India’s export advantage; key sectors prepare for impact
U.S. president Donald Trump imposed 25% tariffs on Indian products on Wednesday, as well as an unspecified fine tied to energy and defense purchases from Russia. If enforced, this move could undermine India's competitiveness in exports and impact investor sentiment. India's surplus in trade with the U.S., its biggest export market, was 1.2% of GDP by 2024.
French farm bill sparks record-breaking petition signatures
The petition, which was against a French Farm Bill that relaxed environmental regulations for farming and included the use of pesticides accused of harming honeybees, set a new record in terms of signatures. This increased pressure on the French government to review the law. The petition, launched by a student aged 23 this month, is a new challenge to President Emmanuel Macron who has been under pressure over his budget-cutting efforts.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package approved by the European Union on Friday against Russia for its war in Ukraine. This package is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine were approved by the European Union on Friday. It is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine are listed below. This package was approved by the European Union on Friday, and is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without disrupting the global markets.
What is in the EU's 18th package of sanctions against Russia?
The European Union approved a new package of sanctions against Russia on Friday, in response to its conflict in Ukraine. This is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply.
Malaysian exports in June record a surprise drop of 3.5% on an annual basis
Malaysian exports dropped unexpectedly by 3.5% from a year ago to the lowest level since December 2023. This was due to a drop in shipments of liquefied gas, chemicals and iron and steel, as well as other metals. According to the median forecast of economists interviewed, June's exports were expected to increase by 5.5% annually. The Trade Ministry released a statement that stated exports to the United States…