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China’s National Offshore Oil Corporation (CNOOC) has expanded the construction of what will be the world’s largest liquefied natural gas (LNG) storage tanks in Yancheng Binhai Port Industrial Park in Jiangsu province. Overall, six tanks will be built at a cost of 6.1 billion yuan ($955 million), the company said. …

Oil demand is set to rise above pre-pandemic levels by the end of next year, the International Energy Agency (IEA) said yesterday, but producers have sufficient capacity rise to the challenge. In its first detailed look at next year in its regular monthly review of the oil market, the IEA …

OPEC predicted that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. Oil consumption will jump by about 5 million barrels a day — or roughly 5% — in the second half of …

Russia’s Nord Stream 2 gas project will start preparations on Friday to fill the first of two pipelines with natural gas, the Gazprom-led project said on Thursday. Nord Stream 2, which runs on the bed of the Baltic Sea from Russia to Germany, bypassing Ukraine, has faced criticism from the …

When Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Saudi Arabia was no longer an oil-producing country, he likely didn’t mean literally. “Saudi Arabia is no longer an oil country, it’s an energy-producing country,” the Energy Minister told S&P Global Platts this week. Saudi Arabia has high green …

Ethylene has shown robust and consistent growth over the period 2015 to 2019, according to GlobalData, and is expected to increase at a healthy 2.5% compound annual growth rate (CAGR) over the decade. Asia has been the largest contributor, both in terms of demand and supply, and is likely to …

The UN Secretary General’s Special Envoy for Yemen Martin Griffiths met Ali-Asghar Khaji, the Iranian Foreign Minister’s senior advisor, to discuss the latest developments in Yemen. In this meeting, the two sides conferred on the latest political and on-the-ground situation of Yemen, especially the recent visit of Mr Griffiths to …

Oil-exporting countries in the region are expected to fare better this year as higher crude prices bolster their finances Cairo, Egypt. The Arab world’s third-largest economy was one of a few economies to escape a coronavirus-induced contraction in 2020 but growth is expected to soften this year. Reuters The Middle …

China’s rising imports of liquefied natural gas (LNG) position it to surpass Japan this year as the world’s largest buyer of the superchilled fuel, pricing data and cargo tracking firm ICIS Edge said on Wednesday. The shift – which some analysts had not expected until 2022 – could happen very …

GlobalData’s latest report, ‘Global Capacity and Capital Expenditure Outlook for LNG Liquefaction Terminals, 2021–2025 – North America Dominates Global Capacity Additions and Capex Spending,’ indicates that global liquefied natural gas (LNG) liquefaction capacity is expected to grow by 70% over the next four years, from 460 million tonnes per annum …