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...The company chosen by Italy’s government to take over the country’s largest oil refinery from its Russian owner has links to mining executive Beny Steinmetz, who was convicted of corruption....
...still comes from oil and gas....
...Among companies taking advantage is London-based oil supply company Prax Group, which in December agreed to buy a 37.5 per cent stake in the PCK refinery in Schwedt, north-east Germany, from Shell....
...Much of his firepower derives from a humble source: a small oil refining and nitrogen fertiliser company in the US heartland....
...Weakness there bodes ill for the integrated oil companies — and for the global economy....
...Shell’s oil division also performed well, generating profits of $3bn underpinned by higher production than the previous quarter, but its refining operations suffered....
...Phillips 66 was formed in 2012 through a spin-off of oil producer ConocoPhillips’ downstream assets. It is one of the biggest western refining companies, with 12 plants spread across the US and Europe....
...That compares with the average of 100,000 a day that were offline because of maintenance work in December, and is about a tenth of the US’s total refining capacity of about 10mn barrels a day....
...Shell said the sale was part of the company’s strategy to cut down its global refining portfolio and focus on large sites integrated with its chemicals and trading businesses....
...Russia’s Rosneft warned that any move to nationalise its assets in Germany would “damage the safety of investment forever”, after Berlin told the oil company it was considering the step to bolster its energy...
...Petrobras intends to be one of the last remaining oil producers on the planet, the Brazilian energy company’s chief executive said as he outlined a $100bn-plus investment plan concentrated on offshore oil...
...(Lukanyo Mnyanda) Results season shows primacy of returns over potential Meanwhile in the corporate world, the annual reporting season for Europe’s oil and gas companies showed, once again, that investors...
...Scientists are now refining chemical fingerprinting techniques to gauge which PFAS chemicals come from which source....
...Nigeria is Africa’s largest oil producer but has had to import fuels due to a lack of refining capacity....
...Instead, Charm has developed a method to store bio-oil underground, where it will stay sequestered for at least 10,000 years, according to the company....
...Ambani’s long-running strategy is to diversify Reliance, one of India’s largest conglomerates, beyond its core assets in oil and gas refining into consumer-facing digital businesses....
...The disclosures relate to its oil production and refining operations there, where the company can trace its history back more than 140 years....
...The Finnish company Neste said in December it would begin converting its oil refinery east of Helsinki into a biofuels refining hub....
...This program would facilitate the production and refining of commodities that create risk in the currency markets, including but not limited to oil, natural gas, wheat, fertiliser inputs (eg potash), palladium...
...“We think for the rest of this decade the global [refining] industry’s OK,” said Alan Gelder, vice-president for refining at Wood Mackenzie, which expects oil demand to peak at 108mn barrels a day in 2032...
...They focus more on refining margins when forecasting energy prices and no longer assume gas and oil prices will move in parallel, after they diverged massively last year....
...Exxon says its integrated model of oil extraction and refining uniquely gives it the scale to squeeze out costs....
...“It is fair to assume that virtually every company focused on oil and gas exploration, production and refining is continuously looking to expand its oil and gas activities,” said Hortense Bioy, global director...
...The International Energy Agency said in its last oil market report that refiners were enjoying “near-record profits”....
...Scotland’s only remaining oil refinery at Grangemouth will cease operations in 2025, its owner said on Wednesday, putting about 400 jobs at risk as the company grapples with lower demand and tightening margins...
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