Kazakhstan is considering a plan to process Russian crude at its refineries, a step Astana says could support plant utilization and domestic fuel supplies but

France's Finance Minister Roland Lescure revealed on Wednesday that between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage...

Kazakhstan mini-refineries have regained access to some rail export routes as Russia seeks additional fuel supplies amid refinery outages and shortages.

Istanbul-listed refiner Tupras (IST: TUPRS) has commissioned the building in South Korea of four Suezmax-class crude oil tankers for more than $370mn, the company said on July 31. The four vessels, each featuring a deadweight tonnage (DWT) of approximately 157,000 tonnes, are scheduled for delivery during 2029. Two from Daehan for $185mn On July 27, Daehan Shipbuilding (Seoul/439260) said that it had secured a contract to build two 157,000-DWT Suezmax tankers worth about $184.6mn from an unnamed European owner, with deliveries scheduled by December 2029. Industry publication Riviera Maritime quoted unnamed shipbroking and market sources as saying that Ditas was behind the order. Ditas Denizcilik is the maritime shipping unit of Turkey’s largest conglomerate Koc Holding (KCHOL.IS). Tupras is also a unit of the holding. Having already achieved its annual order target ahead of schedule within 1Q, Daehan has secured around $1.53bn worth of contracts on an annual basis, including the latest deal, marking the highest order volume since its establishment. With the latest agreement, the shipbuilder’s cumulative orders for the year have increased to 17 vessels, while its order backlog has grown to 36 vessels. Second-hand Chinese Aframax for $90mn The latest four-vessel investment follows Ditas’ recent addition of the Aframax-class T. Riva tanker, built in China with 115,000 tonnes of capacity, to its fleet. That delivery established Ditas as the owner of the largest Turkish-flagged tanker fleet. Riviera reported that the second-hand T. Riva was subject to construction work at a CSSC subsidiary and was scheduled for delivery later this year. Unnamed shipbrokers reported that the resale transaction was agreed at about $90mn. Two from Samsung for $186mn On August 3, Samsung Heavy Industries (Seoul/010140) disclosed a contract from an unnamed European owner for the construction of two crude oil tankers valued at around $186mn, with deliveries scheduled through August 2029. Riviera reported shipbroking and market sources identified Ditas as the owner behind the deal. Another second-hand vessel for $40mn In 2025, Ditas acquired the 2020-built MR2 tanker T Kilyos, formerly known as Eden, for a price reported to be in excess of $40mn. Oil refining in Turkey Ditas has five crude oil tankers with a combined capacity of 520,000 tonnes. In all, it has 19 vessels in its fleet with a combined capacity of 839,000 tonnes. With an aggregate annual processing capacity of 30mn tonnes of crude oil across its four refineries in Izmit, Izmir, Kirikkale and Batman, Tupras stands as Europe’s seventh-largest refining operator and Turkey’s largest industrial producer by sales volume. Turkey has two oil refiners. The second, STAR Refinery, launched in 2018 by Azerbaijan-owned Socar Turkey, has a capacity of 13mn tonnes/year. Tupras sourced 31 distinct grades of crude oil from 16 different countries across North America, West Africa, the Middle East and the North Sea basin in 2025. The company exports refined products across Europe, North Africa and the Atlantic basin. Owning dedicated high-capacity vessels will bolster its export competitiveness against Gulf and Asian refining majors over the coming decade. LPG vessel purchases by Aygaz In April, Aygaz (AYGAZ), another Koc unit, signed a shipbuilding contract with South Korea’s HD Hyundai Samho for the construction of two liquefied petroleum gas (LPG) transportation vessels. It will pay up to $117mn for each vessel, meaning up to $234mn in total. Each vessel will have a capacity of 90,000 cubic metres. In January, Aygaz signed an earlier contract with HD Hyundai for the construction of a VLGC with a capacity of 52,000 tonnes (93,000 cubic metres). It will pay $119mn for the vessel in instalments. In 2024, Aygaz acquired an MGC (medium-size gas carrier) LPG vessel from UK-based Spires Marine for a consideration of $59mn.

France's Finance Minister Roland Lescure revealed on Wednesday that between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage...

The EU's ban on petroleum products refined from Russian crude oil in third countries has sharply reduced the flow of Russian-linked fuel into Europe, but significant loopholes remain and products derived from Russian oil continue to reach the EU.

Singapore’s reclaimed oil refining region, the 32-square-kilometre Jurong Island, has become the primary driver of record-high petrol prices in Australia as Middle East supply shocks ripple through the Asia-Pacific energy corridor.

MOSCOW, April 14 (Bernama-Sputnik/RIA Novosti) — The International Energy Agency (IEA) expects a decrease in global oil production of 1.54 million barrels per day to 104.67 million barrels per day instead of an increase in 2026, according to its fresh report on Tuesday, reported Sputnik/RIA Novosti. According to the March report, the agency expected the 2026 production to increase by 1.11 million barrels per day to 107.23 million barrels per day. The IEA also expects oil refining to decrease by 1 million barrels per day to 82.9 million barrels per day in 2026 due to the situation in West Asia. […]

Podcast Episode · Political Views TV · 11/04/2025 · 29m

By Vallari Srivastava and Nicole Jao (Reuters) -Phillips 66 reported a bigger-than-expected loss for the first quarter on Friday, hurt by lower refining margins amid heavy turnaround activities across the U.S. refining sector. U.S. refineries typically undergo seasonal maintenance and turnaround activities in preparation for the summer driving season, when fuel demand significantly increases. The scheduled downtime temporarily reduces refinery utilization, and the ability to capture revenue from margins. "Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs," said CEO Mark Lashier. Phillips 66 (NYSE:PSX)’s refining unit posted a net loss of $937 million for the first quarter, compared with a year-ago profit of $216 million. Shares of the company fell 1.4% to $103.27 in mid-day trade. Realized refining margins fell 38% to $6.81 per barrel during the quarter, with turnaround costs rising more than two-fold to $270 million. Crude capacity utilization stood at 80% compared with 92% last year. Phillips 66’s results echo those of rival Valero Energy (NYSE:VLO), which on Thursday reported a quarterly loss due to lower refining margins. However, with the bulk of the planned turnarounds completed and margins improving its refineries are well set to run at high utilization for the remainder of the year, Chief Financial Officer Kevin Mitchell said on Friday during a conference call with analysts. "As you look into April, we’re seeing margins that are $3 to $4 per barrel higher than where we were on average in the first quarter." The results come amid a heated boardroom battle between Phillips and Elliott Investment Management, an activist investor that is pushing for changes in the refiner’s organization structure, operations and board. The U.S. energy sector is also bracing for the impact of President Donald Trump’s tariffs and a rapidly intensifying trade war with China. The company posted an adjusted loss of 90 cents per share for the first quarter, compared with analysts’ estimates of 72 cents apiece, according to data compiled by LSEG.

Investing.com -- Russia’s primary oil refining capacity that is offline in April has been adjusted upwards by a third from the earlier plan for the month, reaching 2.84 million metric tons. This change is based on calculations using data from industry insiders, and it comes in the wake of prolonged stoppages. In contrast, the idle capacity last month was at 3.79 million tons. The increase in idle refining capacity from the previous plan is due to the extended stoppages at Komsomolsk, Ufaneftekhim, and Krasnodar refineries. Maintenance at the Ryazan refinery, which was targeted by Ukrainian drones in February, has also been prolonged. The increase in idle capacity implies that refineries are using less feedstock to produce fuel. This could potentially make more crude available for export. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Tại sao phải chế biến dầu mỏ? Khám phá cách dầu thô được tách thành xăng, dầu diesel và các sản phẩm hóa dầu thiết yếu.

Istnieje powszechne złudzenie, że ropa to paliwo. Coś, co wlewa się do baku samochodu, tankuje samolot, ogrzewa dom. W rzeczywistości ropa naftowa jest czymś znacznie bardziej fundamentalnym – to ogra...

The EU's ban on petroleum products refined from Russian crude oil in third countries has sharply reduced the flow of Russian-linked fuel into Europe, but significant loopholes remain and products derived from Russian oil continue to reach other Western markets, according to a new analysis by the Kyiv School of Economics (KSE) Institute. The prohibition, which came into force on January 21, 2026, was designed to close what policymakers termed the "refining loophole" — a route that allowed Russian crude oil to enter sanctions coalition markets indirectly after being processed at refineries outside Russia. The measure represented one of the most significant tightening steps in the West's sanctions regime since the introduction of the G7 oil price cap in late 2022. While direct imports of Russian crude and petroleum products into the EU had already been largely prohibited, refiners in countries such as India and Turkey continued purchasing Russian oil, processing it and exporting the resulting products to Europe, letting Russian oil into the EU via the backdoor. KSE examined 11 refineries in India, Turkey, Brunei and Georgia that had previously exported products derived from Russian crude to the EU and other sanctions coalition countries. The report concludes that the ban has had a substantial impact on European imports. Total EU imports from the 11 refineries fell by 69%, or around 120,000 barrels per day (kb/d), during February-April 2026 compared with the second half of 2025. However, researchers found that approximately 50 kb/d of remaining imports continue to originate from refineries that do not appear to have clearly identifiable separate refining capacity for Russian and non-Russian crude oil. The report identifies Turkey's Tüpraş İzmit refinery, STAR refinery and Georgia's Kulevi facility as the principal sources of concern. These continuing flows "raise potential sanctions-compliance concerns" and warrant additional investigation, the report said. The findings suggest that the ban may also be influencing refinery purchasing decisions beyond Europe. Combined imports of Russian crude by the 11 facilities declined by 28% in February-April compared with the second half of 2025, while exports of products estimated to be derived from Russian oil fell by 45%. In absolute terms, exports of Russian-linked petroleum products declined by 324 kb/d, although researchers caution that isolating the specific impact of the EU ban is difficult. US sanctions imposed on Russian oil producers earlier this year and broader pressure on importers to reduce purchases likely played an important role as well. India appears to have adapted most rapidly. Exports of petroleum products derived from Russian crude from Indian refineries to the EU plunged by 97% after the ban took effect. According to the report, 98% of such exports were redirected to non-EU destinations. Yet Indian refiners have not abandoned access to the European market entirely. Many facilities, including the world's largest refinery complex at Jamnagar operated by Reliance Industries (RELIANCE), maintain separate crude distillation units that allow them to process Russian and non-Russian oil streams independently, preserving their eligibility to export to Europe. Turkey's response was more mixed. Tüpraş İzmir halted imports of Russian seaborne crude altogether, while STAR significantly reduced its dependence. By contrast, Tüpraş İzmit increased both imports of Russian crude and exports of products derived from Russian oil, including shipments to the EU. "These continued exports require additional analysis from a sanctions-compliance perspective," the report said. Outside Europe, the picture is even less clear. The study found that refineries in Brunei and Georgia were largely unaffected by the new rules. Hengyi in Brunei continued importing Russian crude and exporting primarily to Asia-Pacific markets, while Kulevi became fully reliant on Russian feedstock. The report also highlights broader weaknesses in the sanctions coalition's approach. While the UK imported no Russian-linked petroleum products from the refineries examined, products derived from Russian crude continued to reach other coalition members. The US remained a destination for products exported from Turkish refineries, while Australia emerged as an increasingly important market for Indian refiners and remained the principal coalition-country destination for exports from Hengyi in Brunei. The findings underscore the challenge facing Western governments more than four years after Russia's invasion of Ukraine. While successive rounds of sanctions have significantly reduced Moscow's direct access to European energy markets, global oil trading networks have proved highly adaptable. The KSE study concludes that the EU's latest measures have substantially reduced Europe's role as a destination for petroleum products linked to Russian crude. Whether the ban will ultimately alter refinery behaviour more broadly remains uncertain, particularly as US sanctions and changing market conditions continue to reshape global oil flows. For now, the report suggests that Europe has largely succeeded in closing one of the most visible loopholes in its sanctions regime, even as Russian oil continues to find indirect routes into other parts of the global economy. Beyond India, where a large amount of Russian crude is headed, the report found that the impact of the EU ban varied considerably across Turkey, Brunei and Georgia, reflecting differences in refinery configurations, export markets and dependence on Russian crude. India: India accounted for the most dramatic adjustment following the closure of the refining loophole. Exports of petroleum products derived from Russian crude from Indian refineries to the EU fell by 97% after the ban took effect, with 98% of such exports redirected to markets outside Europe. The shift was particularly significant because India has become one of the largest buyers of discounted Russian crude since 2022. However, KSE notes that many Indian refineries, including the world's largest refining complex at Jamnagar, retain separate crude distillation units that allow Russian and non-Russian feedstocks to be processed independently, preserving their ability to continue exporting products to Europe. The report suggests that a 28% decline in Russian crude imports by Indian refiners was likely driven as much by recent US sanctions on Russian producers as by the EU ban itself. Turkey: Turkey emerged as the most important remaining conduit for Russian-linked petroleum products into sanctions coalition markets, but refinery behaviour varied sharply. Tüpraş's İzmir refinery stopped importing Russian seaborne crude altogether, while the STAR refinery significantly reduced its dependence on Russian feedstock. By contrast, the Tüpraş İzmit refinery increased both its intake of Russian crude and its exports of products derived from Russian oil, including shipments to the EU. KSE identifies İzmit as one of the main sources of continuing sanctions-compliance concerns because it lacks clearly identifiable separate refining capacity for Russian and non-Russian crude streams. The report suggests Turkish refiners have adopted different adaptation strategies in response to sanctions, with some moving away from Russian oil while others continue to exploit opportunities created by price discounts and shifting trade flows. Brunei: The EU ban had little direct impact on Brunei's Hengyi refinery, which continued importing Russian crude and exporting refined products primarily to Asia-Pacific markets. Because Hengyi's sales were already concentrated outside Europe, the closure of the EU's refining loophole did little to alter its operating model. However, the report highlights that petroleum products derived from Russian crude continued reaching sanctions coalition countries through Brunei, particularly Australia, which remained Hengyi's principal coalition-market destination. The findings illustrate how Russian oil can still indirectly enter Western-aligned markets even after Europe tightened its sanctions regime. Georgia: Georgia's Kulevi refinery was among the least affected by the EU ban and became fully reliant on Russian crude feedstock during the period examined. Although most of its growing exports were redirected to non-EU destinations, some shipments continued to reach European markets despite the refinery operating with a single crude distillation unit. KSE notes that, because Kulevi lacks separate processing capacity for Russian and non-Russian oil, these exports raise questions about the documentation and certification of products claimed to be of non-Russian origin. The report identifies Kulevi as one of the facilities warranting closer scrutiny from sanctions authorities due to potential compliance risks.

MIT researchers have developed a new membrane that separates various types of fuel by molecular size, potentially eliminating the need for the energy-intensive process of crude oil distillation. Turning...