Infineum, a UK-based chemicals group backed by Shell, is exploring an $8 billion sale, the Financial Times reported on Thursday, as the energy major tries to refocus on its core oil and gas operations. The chemicals group, which is owned by Shell and ExxonMobil as a 50:50 joint venture, has tapped advisers at Bank of America to run a sale of the business, the report said, citing people familiar with the matter. The companies are aiming for a roughly $8 billion valuation from a sale that [Read more]
Cheniere signs long-term LNG supply deals with QatarEnergy through 2054
Cheniere Energy said on Thursday it has signed long-term agreements to supply QatarEnergy with 4 million metric tons of liquefied natural gas (LNG) annually from the early 2030s through 2054, as it plans to expand production capacity. Here are more details: * Agreements cover 2 million metric tons per year each from Cheniere’s Sabine Pass terminal in Louisiana and Corpus Christi terminal in Texas * LNG prices are indexed to Henry Hub natural gas prices plus a fixed fee * 1 million [Read more]
Asia buys more LNG despite surging prices, El Nino clouds outlook: Russell
Asia's imports of liquefied natural gas are likely to rise to a three-month high in October despite the surge in spot prices to the most in almost four years. October arrivals in the top-importing region are estimated at 23.31 million metric tons, the strongest since July's 23.38 million, according to data compiled by commodity analysts Kpler. October will also be the second-highest monthly total since the outbreak of the conflict in the Middle East, which started on February 28 when the [Read more]
Saudi Aramco seeks to partner with countries to expand its oil stockpile, CEO says
Saudi Arabia and its oil giant Aramco are seeking to partner with other countries to expand their strategic stockpile as it sees oil demand increasing to 3 million barrels per day after the Iran war, CEO Amin Nasser told Al Arabiya Business TV on Thursday. Nasser has previously said Aramco's incident response is now more than six times faster than the industry average, with Saudi output recovering to about 8 million barrels a day in September. • Saudi daily oil output dropped below 7 [Read more]
Valero kicks off refiner results with record quarterly profit on higher margins
Refiner Valero Energy posted its highest-ever quarterly profit on Thursday, beating Wall Street expectations, as disruptions caused by the Middle East conflict sent refining margins soaring during the third quarter. Shares of the company rose 2.6% in premarket trading. The US refining industry has been reaping bumper profits since the start of the war in Iran, with benchmark margins for converting crude into transportation fuels rising over two-fold. The 3-2-1 crack spread, which measures [Read more]
BHP chair points to Canada tax incentives in call for investment reforms
Australia must pay close attention to tax incentives and business-friendly measures offered by countries such as Canada if it wants to compete more effectively for global investment, BHP Chair Ross McEwan said on Thursday. Speaking at BHP's annual general meeting, McEwan said, "Make no mistake, Australia must compete for capital if it wants to win – nationally, and in every state." Canada had recently announced a "Productivity Mega Deduction", allowing businesses to immediately deduct the [Read more]
Don’t mistake Mideast oil rebound for normality: Bousso
Crude oil prices remain near five-month highs despite a recent surge in Middle East crude exports above pre-war levels and intensifying Iranian attacks on tankers in the Strait of Hormuz. This suggests investors may already be bracing for another round of regional escalation. The rebound in crude flows from the Gulf is striking. Middle East oil exports have averaged 17.3 million barrels per day (bpd) so far in October, up from 16.4 million bpd in September and above the 16.9 million bpd [Read more]
Oil climbs over $1 on more Houthi attacks in Saudi Arabia
Oil prices rose more than $1 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to supplies from the Middle East. Brent crude futures rose $1.93, or 1.77%, to $110.75 a barrel at 0442 GMT, while US West Texas Intermediate crude gained $1.43, or 1.47%, to $98.58. Brent had settled largely unchanged on Wednesday, while WTI had eased 67 cents. "Oil prices remain well bid, with ICE Brent back above $110 [Read more]
From groceries to home loans, high oil prices permeate daily life
The shock of oil prices at a five-month high of $110 a barrel and gas prices in Asia and Europe hitting their highest levels since December 2022 is making its mark on household budgets. As well as raising the costs of transport and heating, it adds to pressure on food, clothing and packaging prices and contributes to elevated levels of inflation and borrowing costs. The following graphics illustrate some of the ways in which the rally is having an impact on daily life around the [Read more]
Kinder Morgan to invest $4.7 billion in two gas pipeline projects as demand surges
US pipeline operator Kinder Morgan said on Wednesday it has approved a total of $4.7 billion as its share of investments in two major natural gas pipeline joint ventures, citing rising demand from power plants, data centers and LNG exporters. The projects helped lift Kinder Morgan's natural-gas project backlog to a record level, underscoring the industry's efforts to expand infrastructure to serve the new demand. Shares of the company rose 2.7% in extended trading after it also beat [Read more]
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