Oil rebounded in Asian trade Tuesday, buoyed by Saudi Arabia’s decision to cut output more than it had pledged as the virus-hit world economy cautiously emerges from lockdown. United States benchmark West Texas Intermediate for June delivery was up 1.37 percent at US$24.47 a barrel in morning trade. Global benchmark …
Read More »Norway Plans €37.6bn Investment to Weather Covid-19 Downturn
Norway plans to spend a record 420 billion kroner (€37.6 billion) of its oil wealth to weather the brutal Covid-19 downturn. The richest Nordic economy and western Europe’s biggest oil and gas producer has been hit on two fronts as the coronavirus pandemic shut down mainland activity and led to …
Read More »Saudi Aramco Says Acquisition of SABIC Stake on Track to Close in Second Quarter
Saudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters …
Read More »Oil Crisis Is Litmus Test for Industry’s Resolve on Climate
The April oil market crash will test the determination of majors like Shell and BP, which have recently announced goals to reach net-zero emissions by 2050, according to the International Energy Agency (IEA). “Whether or not their position will change” in the aftermath of the oil market crash “will be …
Read More »China’s Largest Petrochemical Port is Now Operational
The 338,371 cbm tanker was welcomed at the new 300,000-tonne crude oil terminal of Sinopec Zhongke Refinery Port, which forms part of the company’s “front terminal, rear plant” production model. Housed 1,100 metres from Sinopec’s refinery plant, the petrochemical port features eight terminals including a 300,000-tonne crude oil berth, 100,000-tonne …
Read More »Aramco Seeks to Restructure $69.1 Billion Sabic Deal
Saudi Aramco is in early talks about further staggering payments for a controlling stake in local petrochemical giant Saudi Basic Industries Corp. as the collapse in oil prices puts pressure on its finances. State-owned Aramco is weighing pushing out payments for the 70% holding in the petrochemicals maker and reducing …
Read More »Oil Slips on Fears of Second Covid19 Wave, Supply Glut
Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers. Brent crude futures were down 73 cents, or 2.4%, at $30.24 a …
Read More »Oil Slips on Fears of Second Covid19 Wave, Supply Glut
Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers. Brent crude futures were down 73 cents, or 2.4%, at $30.24 a …
Read More »Oil to Become Accidental Natgas Savior
Oil markets are driving a sense of optimism in the natural gas market “not seen in years,” according to analysts at the Bank of America Global Research. That’s because the collapse in oil prices accelerated the timeline for associated gas declines as many oil producers look to shut-in production or …
Read More »Recycling Tackles the Polyurethane Foam Problem
In its flexible form, polyurethane foam is commonly used in large-scale applications including automobile interiors, carpet underlay, mattresses, acoustic foam and many other types of cushions. Rigid forms of the foam are also popular in the construction industry, with building insulation a primary use. Though many of these items are …
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