China Petrochemical Corporation is investing $1.5 billion in the construction of an oil refinery in the Sri Lankan port of Hambantota.
CNOOC has announced the start of operation of the Lufeng 12-3 oil field.
Sinopec Corp purchased over 30 liquefied gas cargoes in a tender from October 2023 to late 2024.
Due to the depletion of old oil deposits, the region produces less and less oil every year.
It is intended for the new FLNG, which is being built by order of the Italian Eni.
Brazilian oil will replace Saudi oil in the Chinese market, as the Saudis have raised prices for their raw materials.
The merger of the Austrian Borealis and the Emirati Borouge, a joint venture between ADNOC and OMV, is being discussed.
It is also reported that Indian companies make part of the payments for Russian oil in dirhams.
Saudi Arabia’s national oil company Saudi Aramco and France’s Total Energies have signed an agreement for $11 billion, which includes the construction of a new petrochemical complex.
It now stands at 4.43 million b/s.
The M350 vessel is capable of processing up to 220 thousand barrels of crude oil per day.