The profit from turning a barrel of crude oil into refined fuels has hit a 13-month in Asia but there are signs that the rally may be starting to lose momentum.The profit margin, or crack, for processing a barrel of Dubai crude at a typical Singapore refinery DUB-SIN-REF climbed to $15.05 on Wednesday, the highest since July 5, 2022.The margin has rallied an astonishing 1,758% from the low in 2023 of $0…
Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter.The global energy major's new CEO…
China's Shandong refining hub has begun releasing millions of barrels of oil that were stuck at ports after inspections curbed imports into the province, trading sources said following a meeting this week between officials and refiners.The easing…
Asian refiners, traditionally big buyers of Iranian oil, are keen to resume imports from Iran if there is an agreement to revive a 2015 nuclear deal, which could pave the way for more supply on global markets and soften prices.Most Asian buyers halted Iranian oil imports in 2019 after former U…
Indian Oil Corp (IOC) will set up 10,000 electric vehicle charging stations in the next three years and is drawing up plans to cut greenhouse gas emissions from its operations to aid the country's net-zero carbon target by 2070, its chairman said on Wednesday…
Japanese refiners led by the biggest, Eneos Corp, shut down a fifth of the country's crude oil refining capacity after a powerful earthquake struck northeastern Japan knocking out power, bullet train lines and injuring more than 150 people.The…
The Philippine unit of Royal Dutch Shell said on Tuesday it will permanently shut one of the country's two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts.Pilipinas Shell Petroleum Corp said its 110…
Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand.SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy…
Refining NZ said on Thursday it is considering shutting New Zealand's only oil refinery and turning it into a fuel import terminal in the long run, but first will reduce its operations to cut costs and breakeven into 2021.Refining NZ's Marsden…
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating rate for refineries in Asia is expected to rise to 75…
Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic. They've been hit by declining use for fuel at home, competition from newer refineries in China and South Korea dominating in other markets…
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production.Refiners processed about 14.75 million tonnes or 3…
Hengyuan Refining Company Bhd said on Friday that a tank storing crude oil had caught fire at its refinery on the Malaysian west coast.Preliminary investigations show the fire at the Port Dickson refinery was due to a lightning strike, the company said in a statement…
Sales of petroleum products are slumping in Japan as the coronavirus outbreak worsens in the world's fourth-biggest importer of crude, but the country's biggest refiners say they are not planning to cut production.Oil product sales, including gasoline and jet fuel…
Asia'a largest oil and gas firm PetroChina resumed construction of its oil refinery and petrochemical project in southern Chinese province of Guangdong, as the number of new coronavirus cases fell for a second straight day.In an attempt to curb the spread of the virus…
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