Latest news and articles about oil refineries from NEX English
The Dangote Group has unveiled ambitious plans requiring an investment of up to $40 billion over the next five years. These plans aim to quadruple fertilizer production and expand oil refining capacity by over 100%.
China's government has announced the allocation of additional crude oil import quotas to independent refineries in a bid to address supply shortages from the Gulf region. This decision comes at a critical time as Beijing seeks to maintain necessary fuel production levels amid changing global economic conditions.
Gulf Cooperation Council oil refineries face uncertainty regarding potential damage assessments. This situation raises concerns among investors and analysts as these refineries play a crucial role in the regional economy.
South Korea has announced a new policy allowing local refineries to exchange crude oil supplies from its national reserves. This initiative aims to ensure the continuity of oil supplies in the country until June.
The Thai government announced a series of measures to alleviate the impact of rising global oil prices on consumers, but excluded proposals to intervene in oil refinery costs and profits. This decision comes as families and businesses face increasing financial pressures due to soaring fuel prices.
The Chinese government has urged private oil refineries to continue production without reductions, despite a decline in cheap oil purchases due to sanctions and the ongoing war in Iran. This move is part of the government's efforts to maintain market stability.
Chinese officials have instructed private oil refineries to sustain fuel production levels until 2025, even if it incurs economic losses. This decision comes amid significant disruptions in the global oil market due to ongoing conflicts in the Middle East.
The Thai Fiscal Policy Office is exploring the possibility of imposing an unexpected tax on oil refining companies. This initiative aims to achieve tax equity and enhance government revenues amid global oil price volatility.
The Indian government has announced a reduction in fuel taxes, including diesel and gasoline, to mitigate the impact of rising crude oil prices on its refineries amid escalating conflicts in the Middle East that disrupt global supplies.
India's state-owned oil refineries are facing significant challenges in buying Iranian oil sanctioned by the US, citing payment, shipping, and insurance issues. This comes as India seeks to secure rapid oil supplies. Despite its desire for quick oil deliveries, these obstacles have forced India to delay purchase operations.