ADNOC has confirmed that it has entered into formal talks with Austria’s OMV AG regarding a new combined petrochemicals holding entity through a possible merger of its respective stakes in Borouge plc and Borealis AG, according to press releases from the two companies. Borouge, a petrochemical company that provides polyolefin solutions, is 54% owned by ADNOC and 36% by Borealis, with the remainder listed on the Abu Dhabi Stock Exchange, including ten percent held by investors retail and institutional. Borealis, a provider of advanced and sustainable polyolefin solutions and a European leader in polyolefin recycling, is 75 percent owned by…
Author: Automotivedealernews.com
Australia’s Prominence Energy Ltd, through its new wholly-owned subsidiary PRM Energy Texas LLC (PRM Texas), has been awarded two exploration blocks adjacent to the US Outer Continental Shelf (OCS) near Texas, the company said in a press release. The two leases OCS-G-37341 and OCS-G-37342 cover an area of 11,520 acres and are in approximately 250 feet (75 meters) of water, with the main prospect of the blocks called the Big Apple. The leases have an initial exploration term of five years from July 1 and the blocks can be held for production for 25 years. There is no minimum work…
Michigan’s DTE Energy made official its plans to lean heavily on renewable energy and move away from coal by 2032, the company said in a news release. DTE Energy recently filed a settlement agreement with the Michigan Public Service Commission (PSC) that outlines a 20-year plan to transition to renewable energy by investing in solar and wind power and developing new energy storage. The settlement agreement, which has been developed over the past two years in consultation with stakeholders and customers, still needs to be approved by the commission, according to the press release. The company said it has accelerated…
Shale oil production, which has revolutionized the energy industry and transformed the US economy, will stop growing in August, according to a government report. After hitting record highs in June and July, US crude output will fall in August for the first time this year to 9.4 million barrels per day, led by a decline in the Permian Basin rich in oil Combined with production cuts by the OPEC+ alliance, the U.S. slump is expected to push global oil supplies into deficit by the end of the year. U.S. onshore output has slowed as oil companies curb capital spending in…
Kenya, Uganda and Zimbabwe have agreed to buy petrochemicals from Iran in exchange for the US-sanctioned country importing other goods from the three African nations, the Iranian presidency has said. In a diplomatic blitz on the continent last week, President Ebrahim Raisi signed several pacts with the three countries focused on trade but also for cooperation in agriculture, education and technology, among others, according to his office. He also used the opportunity to attack the West for “putting pressure on independent countries”, the office said. On trade, Iran and the three nations “agreed that essential goods that Iran needs will…
Bonds of Mexico’s state oil giant were the biggest losers in Latin America on Monday after Fitch Ratings downgraded the company to junk and maintained a negative debt outlook. Petroleos Mexicanos notes due 2025 fell 1.6 cents to about 95 cents on the U.S. dollar at 11 a.m. New York time, according to Trace data. The extra yield that investors demand to hold Pemex bonds over the sovereign also rose on Monday. Fitch on Friday cut the oil driller’s credit rating by one notch to B+, four notches from junk, saying the company’s oil production will not grow and that…
The investment arm of HSBC Holdings Plc is ahead of its peers in backing shareholder resolutions designed to force major oil companies to adjust their business in response to climate change. According to a report by Follow This, the fund management unit of HSBC, which is Europe’s biggest bank, was the only major British investor to back climate resolutions at all major oil companies during the last proxy season. “HSBC is the only true steward of the global economy in the UK’s top 10,” Mark van Baal, founder of Follow This, said in a statement released on Monday. “Their peers…
A wide range of ever-changing economic and other forces, domestic and international, are constantly affecting the US refinery complex, for better and for worse. Fluctuations in crude supply and prices. Ups and downs in demand for refined products. Closures and expansions of refineries. And don’t forget this: the pace of the much talked about transition to low carbon energy sources. There’s a lot at stake in the world of gasoline, middle distillates and waste (renewable fuels, too), and while industry players can’t quite anticipate what’s to come on the rollercoaster of refined products, it is very important to keep up…
Japan plans to propose a global natural gas reserve, similar to the oil sector’s emergency reserve, to help prevent future shortages and stabilize prices. The nation’s government will suggest that the International Energy Agency should create a gas storage framework for member countries, according to people familiar with the details. The proposal will be presented at a conference in Tokyo on Tuesday, said one of the people, who asked not to be named because the details are private. Japan’s trade ministry, which co-hosts the LNG producers and consumers conference with the IEA, did not immediately respond to a request for…
TotalEnergies SE and its partners have made the final investment decision to develop the first phase of the Rio Grande LNG natural gas liquefaction project in South Texas, the company said in a press release. The first phase of the Rio Grande LNG project includes three liquefaction trains with a total capacity of 17.5 million tonnes per annum (mtpa) and a capital expenditure of $14.8 billion, according to the press release. Commissioning of the plant is scheduled for 2027 and TotalEnergies will take 5.4 Mtpa of LNG from the production of this phase over 20 years. The French energy company…