Sinopec, a Chinese refiner, will increase oil imports outside of the Gulf
Sinopec, the Chinese oil refiner, will source more of its 'oil' from Brazil, Africa, and other countries to combat supply disruptions caused by Middle East conflict. This was announced on Monday after announcing Sunday's interim results. Sinopec's first-half profit rose 19% despite the disruptions in oil supplies and the government's restrictions on passing on higher oil prices to consumers. It said that the company would continue to strengthen its relationships with "stable" producers such as Saudi Arabia and United Arab Emirates.
Japan's Cosmo energy to continue focusing on Middle East crude despite Iran War
The CEO of Japan's Cosmo Holdings said that despite the Iran War, the company will continue to focus on crude procurement in the Middle East and upstream investment, citing its cost-competitiveness, and the suitability of the crude produced there for Cosmo's refineries. As with its larger counterparts, the country's third largest oil refiner had sourced around 95% of crude from the area before the war began on February 28. This left it vulnerable to disruptions and prompted a search for alternatives.
Energean, a gas producer, has cut its output and dividends due to the Mideast conflict.
?Eastern ?Mediterranean-focused gas producer Energean cut its 2026 production forecast and dividend on Wednesday after a 41-day shutdown of its Israeli operations hammered its first-quarter results. After Israel's Ministry of Energy lifted the directive that had halted production since late February, the company's floating power production vessel resumed its operations on 9 April. The output returned to full capacity in 48 hours. Energean is a major natural gas producer in Israel.
Idemitsu's new medium-term plan focuses on fossil fuels
Idemitsu Kosan, a Japanese oil refiner, announced on Tuesday a new medium-term fossil fuel-focused plan. The company plans to invest in a total of 1.8 trillion yen (11,4 billion dollars), with 830 billion yen going to existing businesses. This move is a major departure from the previous plan of Idemitsu, which was to reduce fossil fuel assets by fiscal 2030 and generate more profit from non-fossil businesses. Noriaki Sakai, president of Japan, said that the previous plan was based upon an assumption that fossil fuel use would decrease.
CEO of Energean Energy hopes to make a major discovery in the western Greek waters
Energean, an oil and gas producer in Greece, will be aiming for a large discovery of hydrocarbons near western Greece. The first test drilling could begin as early as next year. ExxonMobil joined Energean, Greece's largest oil refiner Helleniq Energy and other companies to explore for gas in the Ionian Sea last year as the United States?seeks?to play a greater role in Europe's efforts to replace much of the Russian gas after Moscow's invasion in Ukraine.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them.
US considers swapping heavy Venezuelan crude oil for U.S. Medium Crude to fill emergency reserves, sources say
The U.S. Energy Department is exploring the possibility of exchanging heavy Venezuelan crude oil for U.S. Two sources told Reuters on Friday that medium-sour crude oil would be used to replenish the Strategic Petroleum Reserve. The Trump administration wants to ship the Venezuelan crude?to refineries from the Louisiana Offshore Oil?Port. Two sources claim that companies will exchange Venezuelan crude for U.S. medium sour crude which can be 'directly' stored in SPR storage. In the past, the government has used exchanges to acquire and release oil.
Bloomberg News reports that Eneos, a Japanese company, is the leading bidder for Chevron Singapore's oil refinery stake.
Bloomberg News reported that Eneos, Japan's largest oil refiner, is leading rival bidders to acquire Chevron's stake in a Singapore refinery. The deal, however, could still be delayed, according to people familiar with the matter. The value of the refinery as a whole is estimated at $1 billion. Global commodities traders Vitol & Glencore will be making formal bids to buy Chevron's half stake. PetroChina, the state-owned oil giant in China, owns the remaining 50% through its Singapore Petroleum subsidiary.
Official: Serbia is preparing an amendment that will allow it to take over a Russian-owned refinery.
The parliament speaker, who spoke to Euronews Serbia Tuesday, said that Serbia was preparing a change to the draft budget bill to allow it to own its Russian-owned and U.S. sanctioned oil refiner NIS. In January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions on Russia's energy sector, including NIS. This company is owned in majority by Russia's Gazprom and Gazprom. The U.S. granted NIS multiple waivers until the sanctions came into effect finally in October.
Eneos, a Japanese company, warns of rising costs in developing offshore wind businesses
Eneos Holdings - Japan's largest oil refiner that has expanded into renewable energy - warned on Wednesday of the rising cost of developing their offshore wind project. Their CEO said returns were difficult. Eneos' Japan Renewable Energy unit won the government auction in March 2024 to develop a 375 megawatt offshore wind farm in northern Akita Prefecture, Japan, with Spain's Iberdrola, and Tohoku Electric Power Co. Construction will begin in 2020, and operations are expected to begin in 2029.
Finland's Neste Q3 core profit beats estimates
Neste, the Finnish biofuel and oil refiner, posted an improved core profit than expected for the third quarter 2025. It cited higher distillate prices in Europe as well as a stronger demand. The company's operating profit before depreciation, amortization and other costs (EBITDA), which is comparable to the company's annual results, jumped by 81% and reached 531 million euro ($619m) in comparison with last year. This was above the 471.5m expected on average by analyst respondents who were surveyed.
Minister: Greece wants to complete the Chevron gas exploration agreement this year
The Greek energy minister announced on Friday that the country is working to complete a contract by the end the year with U.S. major oil company Chevron, and its Greek partner Helleniq Energy. This agreement will cover energy exploration off the coast of Greece. Chevron, Greece's largest oil refiner Helleniq and other companies submitted a joint offer in an annual Greek tender to search for gas in deep sea blocks near the Peloponnese Peninsula and Crete. Stavros papastavrou, Energy Minister at Greek Television Action24 said: "We are working with the U.S.
Head of industry association says that Canada's oil supply is not as reliable as Japan's, but the Canadian market is still tough.
The head of an industry association in Japan said that Japanese refiners need to diversify their supply sources, as 95% its crude oil imports are from the Middle East. However, importing Canadian oil may be difficult due to its heavy nature. According to two sources who are familiar with the issue, Canada's largest oil-producing province, Alberta, is considering investing in Japan's refinery sector as a way to reduce its dependence on the United States for oil exports.
SOCAR is close to acquiring oil refiner Italiana Petroli according to sources
Three sources claim that the founding family of Italiana Petroli is close to selling the oil refinery to State Oil Company of Azerbaijan. This would give the group control of Italy's biggest petrol station network. Two people have said that a deal could be signed with SOCAR as soon as Monday, barring any last minute postponement. Sources did not reveal the financial terms of this agreement. According to sources close to the situation, Brachetti-Peretti's family in Italy is seeking a value of 2,5 billion euros ($2,9 billion) for its company.
Sources say that Italy is seeking guarantees for a potential sale of IP refiners to Azerbaijan SOCAR.
Two sources confirmed on Thursday that Italy wants guarantees from Azerbaijan on the security of fuel supplies if the founding families of Italiana Petroli accept a sale to Azerbaijan’s state energy company SOCAR. Separate sources have previously stated that IP's private owners, the Brachetti peretti family, are currently in negotiations with SOCAR and seeking an enterprise valuation of approximately 2.5 billion euros (2.93 billion dollars) for the refiner. According to the same sources, an Abu Dhabi investor also expressed interest in purchasing the refinery.
Sources: SOCAR, Gunvor and Bin Butti will bid for refiner Italiana Petroli
Two sources familiar with the matter said that next week, State Oil Company of Azerbaijan SOCAR, global commodity trader Gunvor as well as Abu Dhabi's Bin Butti Group will be expected to make binding offers to acquire Italian oil refiner Italiana Petroli. UniCredit is advising IP, or API Group as it's also called, on the sale. IP, owned by the wealthy Brachetti-Peretti family in Italy, has a refining capacity totaling around 200,000 barrels a day. It also has a network consisting of 4,600 fuel station. IP declined to comment.
Sources say that commodity traders will submit bids by May for Italy's IP.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore, Gunvor, and IP have declined to comment. SOCAR did not respond to a request for comment. IP, owned by Brachetti Peretti, an Italian family, has a refining capacity totaling around 200,000 barrels a day. It also owns a network consisting of 4,600 fuel station.
Sources say that commodity traders are expected to bid for Italy's IP in May.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore and Gunvor have declined to comment. SOCAR and IP did not respond to requests for comment. IP, which UniCredit advises on the possible sale, is owned and operated by the Italian Brachetti Peretti family. It has a total refinery capacity of about 200,000 barrels a day.
Sinopec's net profit for 2024 plunges 16.8% because of falling oil prices
China Petroleum & Chemical Corp, also known as Sinopec reported a 16.8% drop in net profit for 2024 on Sunday. The company cited lower crude oil prices, and the accelerated growth of the new energy vehicles (NEV) sector. This decline in net income is comparable to a drop of 9.9%, which also occurred in 2023 due to falling oil prices. Diesel sales dropped 4.8% and gasoline fell 0.7%. Aviation fuel sales rose 7.3%. Both domestic and export sales were included in the figures.