Fire at Russian chemical gas complex causes three deaths and 150 injuries
The plant's press office reported that three people died and?150 were injured after a fire broke out at a complex of gas chemicals under construction in Russia’s Far East on Tuesday. Two Chinese and one Russian were among the dead, while 24 of the injured were hospitalized. The complex, which is one of the largest polyethylene and polypropylene producers in the world, was a joint project between Sinopec, a Chinese oil and gas firm, and Sibur, based in Russia. The production has not yet begun.
Japan protests when Putin visits the islands claimed by Japan for the first time
Russian media reported that Russian President Vladimir Putin had visited Iturup. It is a Japanese-claimed island near Hokkaido at the end Kuril chain. Moscow and Tokyo did not sign a formal peace treaty after World War Two because the major obstacle was an unresolved territorial dispute over the islands that Japan refers to as the Northern Territories. After overseeing the Navy drills in Russia's Far East, he visited a fish processing plant called Yasny on Iturup.
Descalzi wins record-breaking fifth term as Eni's CEO
Italy's Treasury announced late Thursday that it had proposed Claudio Descalzi be reappointed for a fifth time as CEO of the state-controlled energy company Eni. This would make him the longest-serving CEO of an oil major listed on a Western exchange. Eni's new job will begin in May, after the Italian government approves his nomination at the shareholders' meeting. Descalzi has spent his career as an expert in upstream and exploration with a special focus on Africa, at the Italian energy group.
Russian Oil Exports Curtailed By Drone Attacks, Weather
Russia has been unable to capitalize on this week's surge in global crude prices, as days of Ukrainian drone attacks and harsh winter storms have sharply curtailed its capacity to export oil, industry sources said.Russia's Sheskharis oil terminal in Novorossiysk port suspended oil loadings on Monday after a Ukrainian drone attack left a fuel terminal ablaze and damaged dozens of buildings, Russian and Ukrainian officials and three trade sources said.Crude oil benchmarks rose about 8% on Tuesday…
Aramco suspends Juaymah LPG Exports After Damage to Butane and Propane Delivery Systems
Saudi Aramco has halted exports of liquefied petroleum gas (LPG) from its Juaymah Terminal in eastern Saudi Arabia after a structurally damaged part of the delivery system that carries propane and butane. Aramco said that the incident took place on February 23. The company halted LPG deliveries as it activated their emergency response plan. The company said that the propane and butane delivery scheduled for Juaymah in the coming weeks has been cancelled.
Russian Oil Exporters Struggle to Stay Afloat as Discounts Deepen
Discounts on Russian oil at export terminals have once again approached historic highs, putting pressure on exporters' trade profits amid weak global oil prices, Reuters calculations show.Western sanctions over Russia's military action in Ukraine have forced its oil companies to sell crude at steep discounts, reaching $20 to $30 per barrel below Brent in December - the widest gap at Russian ports since early 2022, Reuters data indicates.The deeper discounts have eroded margins, pushing some suppliers into losses.
Trade sources claim that Yanchang, a Chinese refiner, buys crude oil from the UAE and Kazakhstan instead of Russia.
Several sources confirmed that Yanchang Petroleum, a Chinese refiner, has purchased 3 million barrels from the United Arab Emirates (UAE) and Kazakhstan, for arrival in January, after having suspended its Russian oil purchases due to concerns over Western sanctions. They said that the state-owned company purchased 2 million barrels Abu Dhabi Murban crude oil from Swiss trader Mercuria, and 1 million barrels CPC Blend from Vitol. Prices were not immediately available.
Trade sources report that China refiner Yanchang purchases 3 million barrels of Murban and CPC crude.
Several sources confirmed that Yanchang Petroleum, a Chinese refiner, has purchased 3 million barrels from the United Arab Emirates (UAE) and Kazakhstan, for arrival in January, after having suspended its Russian oil purchases due to concerns over Western sanctions. On Tuesday, the company said that it had purchased 2 million barrels each of Abu Dhabi Murban crude and CPC Blend from Swiss traders Mercuria as well as 1 million barrels each of CPC Blend and CPC Blende from Vitol.
Yanchang Seeks Non-Russian Oil in Tender
Chinese refiner Yanchang Petroleum is seeking non-Russian oil in its latest crude tender, trade sources told Reuters on Tuesday, while others said Sinopec subsidiary Luoyang Petrochemical has shut for maintenance as an indirect result of Western sanctions.China's state oil companies and some Indian refiners are avoiding buying Russian oil due to concerns about falling foul of secondary sanctions after recent western sanctions on Russian oil shipments, including last month's U.S.
Russia expects the new Sakhalin-3 project to begin operations in 2028
Russian news agencies reported on Thursday that the country is expecting to begin natural gas production in 2028 at the new Sakhalin-3 Project in the Pacific Ocean to supply gas to China as well as for domestic use. Valery Limarenko said that Gazprom, the Russian energy giant, and regional authorities were working together on a plan for a refinery to be built in southern Sakhalin, to produce jet-fuel, diesel, and naphtha using gas condensate.
US-Sanctioned Tanker Carries Fuel Along North Sea Route
A tanker under U.S.
The second known tanker to carry Russian Arctic LNG in China
Ship-tracking data revealed that another tanker carrying liquefied gas from Russia’s sanctioned Arctic LNG 2 Project docked at a Chinese port days after Russian president Vladimir Putin met China’s leader Xi Jinping. The LSEG data showed that the Russian LNG tanker Voskhod was anchored in the port Tieshan, in China's southwest province of Guangxi. LSEG data revealed that the Russian flagged LNG tanker with a cargo of 150 000 cubic metres was loaded at Arctic LNG 2 in Gydan, northern Siberia, on July 19.
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for Washington to relax sanctions against Russia and to encourage the Kremlin into peace in Ukraine. Due to sanctions imposed after the Ukraine invasion in February 2022, Russia is no longer able to attract international investment into its energy sector or make major deals.
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for the Kremlin, to encourage it to accept peace in Ukraine and Washington to ease sanctions against Russia. Due to sanctions imposed after the Ukraine invasion in February 2022…
Chinese Refiners Purchase 15 Cargoes of Russian Oil, Indian Demand Falls
Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Moscow's exports falls away, two analysts and one trader said on Tuesday.India has emerged as the leading buyer of Russian seaborne oil, which has sold at a discount since some Western nations shunned purchases and imposed restrictions on Russian exports over Moscow's 2022 invasion of Ukraine.Indian state refiners paused Russian oil purchases last month, however, as those discounts narrowed. And U.S.
Russian ESPO Oil Tanker Waits Near China As Demand Weakens
The Big Star, a huge tanker with 2.1 million barrels of Russia's ESPO Blend oil onboard, has been waiting near China in a potential sign of weaker demand for the crude in the region, LSEG data showed and two traders said on Friday.Many state oil companies in China are wary of potential secondary sanctions from the United States if they buy the sanctions-hit Russian oil, traders said.China's seaborne oil imports from Russia dropped to the lowest in 26 months in February…
China's petchem plants could be closed as US LPG tariffs loom
Industry insiders say that Chinese petrochemical manufacturers who buy US LPG worth $11 billion annually will cut production or close for maintenance as Beijing's tariffs on U.S. imported products drive up prices. Over 30 PDH plants rely heavily on U.S. LPG or propane for the production of propylene, a plastics intermediate. Armaan Ashraf is the global head of natural gases liquids for consultancy FGE. He said that tariffs…
Chinese Companies Shy Away From Russian Oil
Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow, multiple trade sources said.Russian oil supplies to top buyers India and China fell sharply following the January 10 sanctions by the former Biden administration targeting Russian producers Gazprom Neft and…
British Business – February 26
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. BP, the oil major in Iraq, and the Iraqi government have agreed to allow the energy group work on the redevelopment and exploitation of four large gas and oil fields in Kirkuk. Unilever's board of directors has decided to part ways with Hein Schumacher, Chief Executive Officer. They have chosen a new leader they feel will operate at a quicker pace.
Treasury: US sanctions against North Korea and Russia include new sanctions
New sanctions imposed by the United States on Monday targeted Pyongyang’s financial activities as well as its military support for Moscow, according to the Treasury Department. The sanctions list North Korean generals, banks and officials, as well as Russian oil companies. They are the latest U.S. measures aimed at disrupting North Korea’s support for Russia’s war in Ukraine. Treasury Department released a statement naming Golden Triangle Bank and Korea Mandal Credit Bank as the North Korean banks that were targeted.