Russia’s Novatek to Raise Naphtha Exports to 600,000 Tons Monthly
Russian energy company Novatek is expected to boost its naphtha exports from the Ust-Luga complex on the Baltic Sea to up to 600,000 tons per month. This increase follows recent maintenance and the addition of a new processing unit, according to industry sources. Operations at Ust-Luga’s three condensate fractionation units were increased in early November, […]
Algeria Set to Resume Bitumen Imports from Spain
Algerian bitumen importers are preparing to restart imports from Spain, marking the end of a two-year halt on trade between the countries. The Algerian government recently lifted restrictions that were imposed in June 2022 after Spain publicly backed Morocco’s Western Sahara autonomy plan, leading to the suspension of a friendship treaty and halting bitumen shipments. […]
Iran and UAE Expand Gas Output as Global Demand Surges
Iran and the UAE are significantly expanding their gas production capabilities to capitalize on growing global demand. Iran has completed and launched its seventh well (Well No. 12) at Platform 11B in South Pars Phase 11, further enhancing daily gas output in one of the world’s largest gas fields. Once acid stimulation operations are complete, […]
India Becomes Europe’s Largest Fuel Supplier
India has emerged as the European Union’s largest fuel supplier, with exports rising by 58% in the first three quarters of 2024. This surge stems from India’s access to discounted Russian crude, which it refines and exports to Europe, leveraging the absence of sanctions on refined products. In October alone, India imported €2 billion in […]
UAE Invests Big in Clean Energy Shipping
In a major push to meet rising global demand for alternative energy carriers, the UAE has announced $4.4 billion in contracts with international partners to expand its logistics and shipping fleet. This investment is set to support the global energy transition and facilitate low-carbon fuel transport, aligning with global sustainability goals. Of this investment, $1.9 […]
Bitumen Import Trends Diverge in Oceania; Australia Sees Decline, New Zealand Experiences Growth
Australia’s bitumen import demand is expected to drop by 20% in 2024 due to prolonged funding challenges and a shortage of large road projects, Argus Media reports. Since the COVID-19 pandemic, road maintenance budgets have been reduced, with many local councils reallocating funds to other sectors like healthcare. As a result, bitumen consumption is forecast […]
Oil Drops 2% as Trump Win Shakes Up U.S. Election
Oil prices declined by up to 2% on Wednesday after experiencing gains in the previous two days. This drop was mainly influenced by a notable surge in the U.S. dollar following projections that Republican Donald Trump had won the U.S. presidential election, defeating Democrat Kamala Harris. This projected outcome, which implies significant potential shifts in […]
