China's oil consumption is expected to keep growing for a decade on robust chemical demand, reaching a peak of about 780 million tonnes per year by 2030, a research institute affiliated with China National Petroleum Corp (CNPC) said on Sunday.Last year, the research group, called the CNPC Economics & Technology Research Institute (ETRI), said that China's oil demand would peak at 730 million tonnes per year by around 2025…
Finland-based marine technology company Wärtsilä has signed a five-year vessel maintenance deal with Abu Dhabi-based firm National Petroleum Construction Company (NPCC).Wärtsilä said that the agreement covered seven vessels in the NPCC fleet and was designed to maximize operational uptime…
Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% shareholding in Austrian oil and gas group OMV from Abu Dhabi state fund Mubadala Investment Company, the two companies said on Wednesday. Upon closing of the transaction,…
Qatar Energy has reduced the term price for December-loading al-Shaheen crude oil to a premium of $4.19 a barrel above Dubai quotes after receiving lower bids in its tender, several trade sources said on Wednesday. This was down from a premium of $5…
Oil rose on Friday, supported by supply tightness and new sanctions on Iran, but prices were on track for a weekly decline amid interest rate hikes from major central banks that fuelled worries about a sharp economic slowdown.Brent crude was up $1…
Gennady Timchenko, a long-time ally of Russian President Vladimir Putin, resigned from the board at gas producer Novatek on Monday after he was targeted by sanctions over Russia's military campaign in Ukraine.Novatek, Russia's largest private natural gas producer…
Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, earlier this week inaugurated the Barzan Gas Plant in a special ceremony held today at Ras Laffan Industrial City.The Barzan Gas Plant will produce and process natural gas from the giant North Field offshore Qatar…
Thailand mobilized its navy and other agencies on Wednesday to contain an oil spill after an estimated 160,000 liters (35,195 gallons) leaked from an undersea pipeline about 20 km (12.4 miles) off its industrialized eastern seaboard.The leak…
A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year…
- INEOS, Europe's largest Hydrogen producer, said on Monday it would invest more than 2 billion euros ($2.3 billion) on electrolysis plants to make zero-carbon green hydrogen across Europe.The first plants will be built in Norway, Germany and Belgium over the next 10 years…
Petrochemicals giant Saudi Basic Industries Corp (SABIC) swung to a $2 billion quarterly profit and said it expects solid performance to continue in the second half of 2021, backed by healthy demand and rising oil prices.SABIC, the world's fourth…
Chemicals giant INEOS said on Friday it will work with the Acorn carbon capture and storage project to help develop Scotland's first carbon capture storage system.Some scientists say the technology to capture and store carbon dioxide (CO2) emissions…
As Iran gears up to resume oil exports once the United States lifts trade sanctions, former key clients in Japan, South Korea and Taiwan say they'll wait for the U.S. green light before investigating terms under which they might buy Iran's oil again…
Spain's Repsol beat first-quarter net profit expectations on Thursday as higher oil and gas prices offset thinner refining margins.Stronger upstream earnings from extracting oil and gas balanced much weaker downstream results as the pandemic sapped demand for fuel…
Austrian oil and gas group OMV said it sees strong improvement in the second half of 2021 as it reported a better-than-expected quarterly core profit on Thursday thanks to higher oil prices and gains from the acquisition of plastics maker Borealis…
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