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Reliance Industries, India’s biggest buyer of Russian oil, has in recent weeks made rare fuel oil purchases from state-run Hindustan Petroleum Corp, seven industry sources said.The purchases suggest the operator of the world’s largest refining complex is diversifying its fuel oil sources as India comes under heavy pressure from Washington over its energy ties with Russia. Reliance and HPCL did not respond to emails seeking comments.Reliance has in recent years snapped up cheap supplies of Russian crude and fuel oil, which have been sold at a discount after Western entities shunned purchases and imposed sanctions against Moscow since the Ukraine…
Copenhagen-based bank Danske Bank Group announced that it has divested from the vast majority of its investments in fossil fuel companies through its Danske Invest fund management unit and Danica pension and insurance business, following the implementation of a new policy that assesses companies’ low-carbon transition plans. Danske Bank introduced its new methodology for investment in companies in the fossil fuel sector early last year, aimed at increasing focus on companies that have credible transition plans. The bank said that the methodology was designed to align with its customers’ investment preferences. Erik Eliasson, Head of Responsible Investment at Danske Bank,…
More details on Trump-Putin talks emerge, with plans for joint press conferenceWe are getting a bit more details about the Trump-Putin summit in Alaska, coming from the Russian side, via Reuters.A stuffed bear greets visitors at a shop along 4th Avenue in downtown Anchorage, Alaska. Photograph: Richard Ellis/AlamyThe meeting will begin 11:30am local time in Alaska, so 20:30 BST, 21:30 CEST.Yuri Ushakov, the Kremlin’s foreign policy adviser and former Russian ambassador to the US, briefed the media that the two presidents will have a “one on one meeting” with translators, but also hold a “wider meeting” with delegations and a…
Chevron Phillips Chemical Company LLC has completed the expansion of its low-viscosity polyalphaolefins (LV PAO) production unit in Beringen, Belgium. The company said in a media release that this significantly boosts its manufacturing capacity in Europe. The project has doubled the site’s LV PAO production capacity to 120,000 metric tons per year, establishing it as the largest decene-based LV PAO facility in Europe by volume, CPChem said. “Beringen has a proud legacy of operational excellence and innovation in PAO production”, Antoine Janssens, general manager for Europe, the Middle East, and Africa, said. “This expansion strengthens that legacy, enhances integration with…
Vietnam has bought its first cargo of U.S. crude oil for 2025, Reuters reported on Thursday, citing sources.Vietnam, which is estimated to have made its previous purchase of U.S. crude at the end of last year, has now bought 1 million barrels of West Texas Intermediate crude for November delivery, according to Reuters’ sources. Vietnamese refinery Binh Son Refining and Petrochemical (BSR) purchased the American crude from commodity trading giant Mercuria, the sources added. Earlier this year, Vietnam and the United States signed an energy and minerals deal worth $4.15 billion. The U.S.-Vietnamese agreements included PetroVietnam Gas Corporation signing long-term…
Tamboran Resource Corporation has completed further flow tests at the Shenandoah South 2H Sidetrack (SS-2H ST1) well in the Beetaloo Basin. In its latest report, the company said the well achieved a record average 90-day initial production (IP90) flow rate of 6.7 million cubic feet per day (MMcfd). The company said that over the last 30 days, flow rates from the SS-2H ST1 well increased by 2 percent without any downhole intervention and maintaining a 44/64” choke. “The performance and character of the SS-2H ST1 well is unique compared to hundreds of wells I have seen in my career. With…
Absent greater military involvement, the Trump administration has limited leverage over Russia without risking a spike in oil prices. That’s what J.P. Morgan analysts, including Natasha Kaneva, head of global commodities strategy at the company, said in a J.P. Morgan research note sent to Rigzone by Kaneva on August 8. “At the same time, low oil prices will negatively affect the Russian economy,” the analysts said in the note. The analysts went on to state that Russia can expand its shadow fleet to bypass sanctions but added that opportunities are becoming more limited . “The country needs around 240 Aframax…
Elon Musk has a Rolodex of feuds: US President Donald Trump, “212” rapper Azealia Banks, and even a British diver who helped save a Thai soccer team stuck in a flooded cave.In 2024, he set his sights on Delaware.Although Delaware is generally considered a business-friendly state with a robust corporate legal system, Musk tried to shatter that reputation after a judge at Delaware’s Court of Chancery denied his multi-billion-dollar pay package, which was approved by Tesla’s board. In typical Musk fashion, he used his X account as a megaphone to blast the court and urged others to incorporate their business…
UK firefighters have warned that 2025 is on track to beat the national record for wildfires, with frontline staff “pushed to their limits”.On Wednesday, a major incident was declared in the North York Moors national park, with 20 fire engines deployed to tackle at least 5 sq km of moorland that has been burning since Monday.Video of fire on Langdale MoorIt follows a similar major incident over the weekend tackled by Dorset and Wiltshire fire service and a blaze at Arthur’s Seat in Edinburgh.In England and Wales alone, crews have already tackled 856 wildfires this year, the National Fire Chiefs…
One of the first cargoes shipped by Nayara Energy Ltd. after it was hit by EU sanctions has been transferred to another tanker at sea, evidence the Indian refiner is trying to keep exporting fuel.The Tempest Dream completed a ship-to-ship transfer on Thursday in the waters off Oman to move the gasoline shipment to Wu Tai, a larger tanker, according to a Bloomberg News review of ship-tracking data and satellite images. Tempest Dream then indicated that it would head back to Vadinar, Nayara’s terminal in western India.The embattled refiner, which is 49%-owned by Russia’s Rosneft PJSC, has found itself being…