Author: omc_admin
Petroineos Refining Ltd. (PRL) has permanently ended conventional processing activities at Petroineos Manufacturing Scotland Ltd.’s 150,000-b/d Grangemouth refinery complex on the Firth of Forth in Scotland (OGJ Online, Sept. 13, 2024). As of Apr. 28, Grangemouth refinery was no longer processing crude oil, PRL confirmed to OGJ in an e-mailed statement. “[PRL] has invested £50 million (US$66.4 million) in creating a modern import and distribution terminal capable of receiving finished fuels by sea for onward distribution to customers around the country,” said Iain Hardie, Petroineos’ regional head of legal and external affairs. “From 29 April, we will be importing all…
By Julianne Geiger – May 02, 2025, 12:16 PM CDT The total number of active drilling rigs for oil and gas in the United States slipped this week, according to new data that Baker Hughes published on Friday, following a 2 rig increase in each of the two weeks prior.The total rig count in the US fell by 3 to 584 rigs, according to Baker Hughes, down 21 from this same time last year.The number of oil rigs fell by 4 to 479—down by 20 compared to this time last year. The number of gas rigs rose by 2 this…
The OPEC+ members currently participating in voluntary production cuts will meet this Saturday, May 3, instead of Monday, May 5, according to Kpler’s Amena Bakr on X. The call is set for noon Vienna time, with the agenda focused on “consensus building around maintaining the sped-up increment of 411K for June.”Brent crude had slipped nearly 1% by late Friday morning, trading at $61.56. It’s a price level not seen since early 2021—and one that puts most OPEC+ budgets underwater. For producers already grappling with restricted output, prices below $65 are a growing fiscal headache.The accelerated meeting follows mounting tensions within…
Crude oil futures tumbled over the past week, falling more than 6% as concerns over weakening global demand and a resurgent supply outlook weighed on sentiment. Friday, May 02, 2025 China, preparing for a week-long lull in trading activity, has nevertheless given the oil markets a much-needed carrot after a month-long stick treatment, saying that Beijing is evaluating a Trump administration proposal to hold negotiations over tariffs. As US-Iran nuclear talks have seemingly hit a temporary impasse, ICE Brent is set to start May trading with a second consecutive weekly decline, trading slightly above $61 per barrel.Saudi Arabia Wants Lower Oil…
$800M Raised: Ara Infrastructure Fund I exceeded its $500M target, attracting global institutional capital. Strategic Focus: Targets mid-market infrastructure to drive decarbonization through both new development and repurposing of legacy assets. Active Deployment: Fund already holds 12 operational assets across North America and Europe with three completed investments and a fourth underway. Ara Partners has closed its inaugural infrastructure fund, raising over $800 million, surpassing its $500 million target. The capital supports its Ara Infrastructure strategy, aimed at transforming the industrial economy through decarbonized infrastructure investments. The fund drew backing from both existing and new institutional investors, including pension funds,…
VATICAN CITY, VATICAN – APRIL 26: The natural resource agreement between the U.S. and Ukraine comes … More after months of negotiations and changes. (Photo by Office of the President of Ukraine via Getty Images)Office of the President of Ukraine via Getty Images The United States and Ukraine signed a long-awaited deal on April 30 to give the U.S. priority access to Ukrainian critical minerals and other natural resources. After months of acrimonious disputes and negotiations over a ceasefire/peace between Russia and Ukraine, U.S. Treasury Secretary Scott Bessent is now touting the agreement as a signal to Russia that “the…
New regional benchmarks: Platts introduces Shanghai and Rotterdam low-carbon methanol marine fuel (MMF) assessments to enhance transparency for sustainable shipping fuels. Strategic alignment with regulation: Launch follows global and EU regulatory pressure to decarbonize shipping, including IMO’s GHG penalties and FuelEU Maritime targets. Market growth catalyst: Expected rise in biomethanol and eMethanol capacity, especially in China, positions these hubs as critical players in the low-carbon fuel economy. S&P Global Commodity Insights has expanded its coverage of alternative marine fuels with the launch of low-carbon methanol marine fuel price assessments for Shanghai and Rotterdam, effective May 2. These assessments aim to…
Significant Growth: BBVA increased sustainable business funding by 55% in Q1 2025, reaching €29 billion. Climate-Focused Investment: 78% of funds supported climate and natural capital projects, reinforcing BBVA’s environmental priority. Ambitious New Target: The bank raised its sustainable financing goal to €700 billion by 2029—more than double its previous plan. BBVA mobilized approximately €29 billion for sustainable business initiatives in Q1 2025, reflecting a 55% year-over-year increase as the bank accelerates its ESG strategy. This surge supports BBVA’s new, more ambitious goal of channeling €700 billion by 2029, compressing the timeline from eight years to five and more than doubling…
Cold plate cooling reduces emissions by up to 21%, energy use by 20%, and water consumption by 52% over its full lifecycle. Switching to 100% renewable energy could cut greenhouse gas emissions by 85–90%, regardless of cooling method. Microsoft releases open-source tool to help the cloud industry adopt lifecycle assessments for sustainability planning. Microsoft is reshaping how the cloud industry evaluates sustainability by publishing the first comprehensive life cycle assessment (LCA) of datacenter cooling methods in Nature. The study goes beyond operational metrics to quantify the total environmental cost — from raw material extraction to end-of-life disposal — of four…
Regulatory Delay: FCA halts plan to extend Sustainability Disclosure Requirements (SDR) to portfolio managers, despite strong industry backing. Operational Concerns: Feedback highlights complexity in applying rules to diverse portfolio types and alignment with other reporting regimes. Market Clarity Needed: The FCA seeks more time to address compliance challenges and ensure readiness across the sector. The UK’s Financial Conduct Authority (FCA) has paused its plan to broaden its Sustainability Disclosure Requirements (SDR) and sustainable investment labelling regime to include portfolio managers. This decision comes despite “broad support” from industry stakeholders. The proposed extension, announced in April 2024, aimed to bring wealth…