Companies

US energy giant ExxonMobil has made a final investment decision on a multi-billion-dollar chemical complex in Guangdong province in southern China. The greenfield project includes a 1.6m tonne/year flexible feed steam cracker, three performance polyethylene (PE) lines, and two differentiated performance polypropylene (PP) lines, ExxonMobil said late on Monday. Construction …

QatarEnergy has placed the first batch of LNG shipbuilding orders with Korean shipyards consisting of four vessels from Daewoo Shipbuilding & Marine Engineering (DSME) and two vessels from Samsung Heavy Industries (SHI). The orders came in the form of QatarEnergy’s declaration of its ship construction options with the two Korean …

Saudi Arabia’s state-run energy giant, Saudi Aramco, has increased the official selling price of the Kingdom’s crude to Asian and US buyers. Global oil prices reportedly saw a smaller weekly loss as a result. In particular, Aramco increased pricing for its key Arab Light grade of crude for Asian customers …

China’s Sinopec has signed a contract with U.S. Venture Global LNG to buy 4 million tonnes of liquefied natural gas (LNG) annually for 20 years. The deal is the largest LNG long-term contract signed between Chinese and U.S. companies, Venture Global said in a statement. The LNG will be supplied …

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc. Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of …

Russian state oil major Rosneft is developing a new strategy centred on the transition to renewable energy resources. The move was announced by CEO Igor Sechin at the Eurasian Economic Forum in Verona, Vedomosti reports. “We are currently developing a new company strategy, with the central priority of adapting to …

Saudi Aramco’s earnings soared as oil prices and production climbed, allowing the company to easily cover its quarterly dividend of $18.75 billion with free cash flow. The world’s biggest crude producer’s third-quarter profit climbed to 114.1 billion riyals ($30.4 billion) from 44.2 billion riyals year ago. Free cash flow was …

European consumers’ applications for supplies of Russian gas are being fulfilled in full, Russia’s energy giant Gazprom said in a statement amid reports that pumping via the Yamal-Europe pipeline had been stopped. “Fluctuations in demand for Russian gas depends on the buyers’ existing needs,” Gazprom said. Gas pumping to Europe …

TotalEnergies SE’s third-quarter profit rose by more than expected, making the French oil and gas producer the latest beneficiary of high energy prices. While an energy supply crunch is wreaking havoc on Europe’s economy, it’s lifting the earnings of major producers to multiyear highs. Norway’s Equinor ASA reported a tenfold …

Oil and gas group Shell wants to reduce emissions from its activities by 50 percent by 2030 compared to 2016 levels. With this, Shell is further increasing its efforts to reduce emissions. At the end of May, the court in The Hague ruled that the company is obliged to reduce …