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3 Feb 2023
24/7 CFE Could Transform Renewables Markets, but Hurdles Remain: Sources
The renewable energy procurement strategy, known by some as 24/7 carbon-free energy (24/7 CFE), remains out of reach of most businesses pursuing voluntary decarbonization pledges today. But many renewable energy analysts and experts believe it will disrupt energy markets. In…
3 Feb 2023
Average US Gas Station Wage Remains Near Record High in December: BLS
After hitting a new high in November, the average hourly wage for nonsupervisory workers at U.S. gas stations was down by just a cent to $16.50 in December, according to the latest data released from the Bureau of Labor Statistics…
3 Feb 2023
World Bank Affiliate Gives Colombia $70 Million for Renewables Integration
Climate Investment Funds, an affiliate of the World Bank, has approved $70 million to accelerate Colombia's integration of renewable energy into the power grid, the organization said late Thursday. The money, being provided at "highly concessional" rate, will help Colombia…
3 Feb 2023
OMV to Run Refineries at 95% Rate in 2023, up from 73% in 2022
Austrian energy group OMV said Thursday in its fourth quarter 2022 results release that it expects an average utilization rate of 95% for its European refineries this year, up from 73% in 2022 and 88% in 2021. 2022 run rates…
3 Feb 2023
Future of Waitsia Gas Project Assured After Webuild Buys Clough: MEPAU
Mitsui E&P Australia (MEPAU) said Friday works on its 250 terajoules (TJ) per day Waitsia Gas Project Stage 2 in Western Australia will continue after the project's collapsed engineering, procurement and construction (EPC) contractor Clough was acquired by Italian industrial…
3 Feb 2023
S Korea's GS Caltex to Shut RFCC Unit on March 2 For Two-Month Turnaround
GS Caltex, South Korea's second largest refiner, plans to shut down the residue fluid catalytic cracking (RFCC) unit at its 800,000 barrels per day (b/d) Yeosu refinery in March for a turnaround lasting two months, said a source familiar with…
3 Feb 2023
Saudi Aramco's Jazan PX Unit Expected To Start Mid-2023: CMA
Saudi Arabian Oil Company (Aramco) is expected to start up its 800,000 metric tons (mt) per year Jazan paraxylene (PX) unit in mid-2023, according to estimates from Chemical Market Analytics (CMA). The unit has been repeatedly delayed, OPIS data indicate.…
3 Feb 2023
Australian State Provides Funding to Help Four Heavy Emitters Decarbonize
The Australian state of New South Wales said Thursday it is providing $600,000 (reported as 855,000 Australian dollars) in funding to help four of the state's highest-emitting industrial sites decarbonize their operations, according to a government news release. The companies…
2 Feb 2023
Carbon Industry Braces for 'Reckoning' After Offsets Investigations: Analyst
The voluntary carbon market is bracing for a "great reckoning" following the release of a second investigative report questioning the integrity of carbon offsets, an analyst told OPIS this week. The latest report was released Friday by the investigative journalism…
2 Feb 2023
TotalEnergies, Air Liquide Set to Create Europe Hydrogen Truck Fueling JV
France's TotalEnergies and Air Liquide will establish a 50/50 joint venture to build a hydrogen fueling station network along major European road corridors for heavy duty vehicles, according to a news release Thursday.  The two companies envisage the construction of…
2 Feb 2023
US Renewable Diesel Capacity Could More Than Double by End of 2025: EIA
U.S. renewable diesel production capacity could more than double by the end of 2025 based on several projects that are either under construction or expected to start development soon, the Energy Information Administration said Thursday. EIA estimated U.S. renewable diesel…
2 Feb 2023
Cepsa Adds Hybrid Diesel-Electric Bunker Barge to Fleet
Spanish energy major Cepsa has added a hybrid diesel and electric bunker barge to its fleet that will reduce greenhouse gas (GHG) emissions by 35% compared to those from a conventional barge, it said in a news release this week.…
2 Feb 2023
EC Launches $275 Billion Green Deal Industry Plan for Net Zero Technology
The European Commission (EC) has launched a Green Deal Industrial Plan, a €250 billion ($275 billion) framework allowing industries to rapidly scale up production of net zero products and technologies, according to a news release Wednesday. The initiative comes in…
2 Feb 2023
Shell Posts Record 2022 Profit as Q4 Refining Margins, Utilization Gained
Oil and gas major Shell posted full-year 2022 earnings of $39.9 billion on Thursday, its highest annual profit in 115 years of history, amid robust refining margins and refinery utilization in the fourth quarter that are set to remain strong…
2 Feb 2023
European Imports of Russian Diesel Soar Ahead of Ban
European buyers are taking as much Russian diesel as they can ahead of the upcoming embargo on Russian oil products which comes into effect this Sunday. Scheduled diesel exports from the Russian Baltic port of Primorsk have been pegged at…
2 Feb 2023
Indian Oil New PTA Unit Start-up Expected In 2025
Indian Oil Corporation Limited is expected to start up a new 1.2 million metric tons (mt) per year purified terephthalic acid (PTA) unit in 2025, two market sources said on Thursday. "Indian Oil is planning for a PTA start up…
2 Feb 2023
Taiwan's CPDC Restarts Acrylonitrile Plant in Stages, to Cap Runs at 80%-90%
China Petrochemical Development Corp. (CPDC), one of Taiwan's two acrylonitrile (AN) producers, on Wednesday began the process of restarting its plant from 17 days of shutdown, said a source familiar with the matter. Its 230,000 metric tons (mt) per year…
2 Feb 2023
Western Australia Inks Renewable Energy Cooperation Pacts With Korea, Japan
The state government of Western Australia (WA) said it has signed agreements with South Korea and Japan to promote investments in the state's renewable energy industry, with particular focus on green hydrogen and ammonia exports, according to government news releases.…
1 Feb 2023
Limetree Bay Refinery Owners File Court Challenge to EPA Permit Finding
The new owners of the troubled Limetree Bay refinery in St. Croix have asked a federal appeals court to review EPA's November finding that the company must receive new permits before it can restart the facility. In its filing with…
1 Feb 2023
In Volatile REC and Energy Markets, Economic Calculus of PPAs Has Shifted
Renewable power purchase agreements have long been seen as one of the most impactful -- and most arduous -- Scope 2 decarbonization strategies. But companies and organizations outside of the Fortune 500 have recently begun to prove that PPAs are…
1 Feb 2023
U.K. North Sea Transition Authority Creates Carbon Storage Team
The British oil and natural gas regulator for the U.K.'s North Sea territories has created a team of engineers and geoscientists who will help to manage the growth of the country's carbon capture and storage (CCS) industry. The North Sea…
1 Feb 2023
Analysts Bullish on Valero-Darling SAF Project, Cite Strong Jet Fuel Outlook
Valero Energy Corp. and Darling Ingredients Inc.'s announcement Tuesday that they intend to begin producing sustainable aviation fuel at their joint-venture Diamond Green Diesel plant in Port Arthur, Texas, has won support from two financial analysts. The companies said they…
1 Feb 2023
New Diesel Car Sales in European Union Drop by 20% on Year in 2022: ACEA
Registrations of new diesel fuel cars in the European Union (EU) in 2022 fell by 19.7% year to year, while new gasoline car registrations fell by 12.8%, according to the European Automobile Manufacturers' Association (Association des Constructeurs Européens d'Automobiles, or…
1 Feb 2023
Europe, U.K. Retail Gasoline Tracks Rising Spot Physical Market: OPIS NAVX
Retail gasoline prices across the four largest European Union economies of France, Spain, Italy and Germany, as well as the U.K., followed physically traded spot prices higher in the seven days to Jan. 30, a 2cts/liter week to week gain,…
1 Feb 2023
India's Supreme Petrochem Plans to Start Up First ABS Line in 2025
Supreme Petrochem Ltd., India's largest styrenics producer, plans to start up the first stage of its planned acrylonitrile-butadiene-styrene (ABS) plant in 2025, said a source familiar with the matter. It plans to start up a 70,000 metric tons (mt) per…
1 Feb 2023
Japan's ENEOS Opens Green Hydrogen Test Plant in Queensland, Australia
Japan's biggest refiner ENEOS Corp. on Monday opened a demonstration green hydrogen plant on Bulwer Island in the Australian state of Queensland, according to a government news release Wednesday. Powered by a 250-kilowatt solar system onsite, the facility will have…
1 Feb 2023
Taiwan's CPC to Operate No.3 Naphtha Cracker at 80% On Restart
Taiwan's CPC Corp. plans to run the larger of its two naphtha-fed crackers in Linyuan, Kaohsiung at 80% capacity when it restarts the unit next week from a 22-day shutdown, said a source familiar with the matter. At its Linyuan,…
31 Jan 2023
JV Aims to Develop, Commercialize SAF Technology Using Ethanol as Feedstock
A trio of companies Tuesday announced a joint venture to develop and then commercialize a sustainable aviation fuel technology that uses ethanol as its feedstock. United Airlines inc., Green Plains Inc. and Tallgrass Energy will invest up to a combined…
31 Jan 2023
Marathon Expects EU Embargo Will Provide Near-Term Support for US Refiners
With the official European Union ban on Russian refined products to begin Sunday, Marathon Petroleum Corp. executives said Tuesday that they believe the embargo will provide support for U.S. refiners until the second quarter. That assessment came during a company…
31 Jan 2023
Offset Stakeholders Defend Carbon Credits Amid Negative Media Coverage
A group of more than 50 entities involved in the voluntary carbon market issued an open letter Monday defending carbon credits after recent negative media coverage about the offset industry. The group includes project developers, consultancies, nonprofits, industry bodies, rating…
 

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