Lindsey Oil Refinery, UK insolvency proceedings
The government's insolvency services announced on Monday that Britain's Lindsey refinery had begun insolvency procedures, raising the possibility of it closing weeks after Grangemouth stopped processing oil. According to the U.S. Energy Information Administration (EIA), Lindsey, one of Britain's six remaining oil refineries, is set to close, increasing Britain's dependence on fuel imports.
In administration is the parent company of Prax, which owns UK's Lindsey refinery.
Teneo Management Consulting said that State Oil Limited (parent company of Lindsey Oil Refinery) has been placed under administration and insolvency proceedings by the British High Court. State Oil is owned by Prax Group, which also owns the Lindsey Refinery. Teneo announced on Monday that it has been appointed administrator of State Oil. Separate proceedings have also been initiated to pay the Lindsey Refinery's staff…
ADNOC, the UAE's oil company, boosts US investment and says AI is a once in a lifetime opportunity to invest.
ADNOC Chief Sultan al-Jaber stated on Tuesday that the state oil company in the United Arab Emirates aims to increase its U.S. investments by six-fold, to $440 billion over the next ten years. Jaber, speaking at an event in Washington, told the audience that AI was a rare investment opportunity. Jaber cited the UAE's recent anchor investments in the largest liquefied gas plant in Texas and in petrochemicals across the U.S.…
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil.
Spain's oil imports from Venezuela dry up before US sanctions deadline
Spain did not import crude oil in Venezuela during April. This was ahead of the key deadline for sanctions set by President Donald Trump’s administration. The United States has revoked the permits of foreign companies operating in Venezuela to export oil. This includes Repsol, the largest Spanish oil company. Repsol has been given until May 27 to cease operations in Venezuela. Repsol received the oil as payment from PDVSA, the state oil company.
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…
Saudi Aramco may soon issue Islamic bonds as a prospectus suggests
Saudi Aramco published a prospectus for a programme to issue Islamic bonds, or sukuk. This indicates that the state oil giant may tap debt markets soon after raising $5 billion in a three-part sale of bonds this week. The prospectus submitted to the London Stock Exchange, where the sukuk will be listed, dates May 30. Aramco is allowed to issue sukuk for a period of one year under the terms.
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…
Statkraft, a Norwegian company, will sell 10 renewable energy companies to Colombian Ecopetrol
Ecopetrol, Colombia's state oil company, announced on Tuesday that it has signed an agreement with Statkraft of Norway to purchase 10 wind and solar project development companies. Ecopetrol's Chief Executive Ricardo Roa stated that the portfolio of projects may total up to 1.3 Gigawatts, which would be used to meet the group's energy needs at home. He didn't disclose the amount of the transaction.
Legal advisor: Interra Resources did not violate foreign sanctions in Myanmar
Interra Resources, a Singapore-listed oil explorer, said that it appointed a legal adviser who found that Interra Resources had not violated U.S. sanctions or EU sanctions against Myanmar. The report comes after the activist group Justice for Myanmar made allegations that Interra supplied oil to the ruling military and committed war crimes. In a press release…
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.
Mexico's Pemex increased crude exports to Cuba in 2024 according to filings
According to a filing by the company, Pemex, the Mexican state oil company, increased crude shipments to Cuba last year by nearly 20% as Cuba's energy crisis worsened. Gasolinas de Bienestar, a Pemex affiliate, exported 20,100 barrels of crude oil per day and 2,700 bpd in oil products by 2024. This equates to a total of $600 million. Pemex will send the Caribbean island in 2023 16,800 bpd crude oil and 3,300bpd oil products worth $400 million.
Oman's sovereign wealth fund signs preliminary agreement with Algeria to invest in a fund
The Oman Investment Authority has signed a preliminary deal with the Algerian Finance Ministry for establishing an investment fund in the amount of 115 million Omani Riyals ($298.79 Million). According to an OIA statement, the fund announced by the sovereign wealth fund of the sultanate will focus on the mining, food and pharmaceutical industries. The agreement…
The former head of Pemex exploration, production and production returns to his position after the surprise departure of his predecessor
Three sources confirmed on Friday that the former head of Mexico's state oil company Pemex, the exploration and production division, has returned to his position after the departure of the previous boss earlier this week. Nestor Martinez replaced Angel Cid Munguia, the former head of Pemex Exploration and Production during the administration of Andres Manuel López Obrador.
Buildings damaged in Ecuador by earthquake of magnitude 6.3
The European Mediterranean Seismological Centre reported that a magnitude 6.3 earthquake hit near the coast in Ecuador on Friday. It damaged buildings in Esmeraldas, and some oil infrastructure was temporarily shut down. EMSC reported that the quake occurred at a depth between 23 km and 14.29 miles. The authorities of Ecuador have ruled out issuing a warning for a tsunami.
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.
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.
Bloomberg News reports that Abu Dhabi's ADNOC is considering a bid for Aethon US natgas assets.
Bloomberg News, citing sources familiar with the situation, reported Friday that Abu Dhabi's state oil company ADNOC was considering a bid to acquire natural gas assets from investment firm Aethon Energy Management, which could be worth up to $9 billion. ADNOC is acquiring a number of companies in the gas and chemical industries, which it sees as important pillars to its future growth.
Sources say that the price of Saudi crude in China will surge after a fall in May.
Saudi Arabian crude oil supplies to China are expected to increase in May compared with the previous month, as the sharp price reduction by the Kingdom has attracted increased demand. A tally of the allocations made to Chinese refiners in May showed that Saudi Aramco, the state oil company, will ship 48 million barrels. This is up from 35.5 million barrels in April.
Masdar, a UAE renewable energy company, has completed the purchase of Terna Energy in Greece
Masdar, the renewable energy company of the United Arab Emirates, announced on Thursday that it had acquired a 100% stake in Terna Energy Greece, following its purchase of a majority share last year. This is a step further in their international expansion strategy. Masdar has increased its presence on European markets over the past few months, in an effort to…
