EnergyAustralia to shore up last two oil refineries with up to $1.8 bln
Renju JoseSonali Paul
3 minute read
Australia has reached a deal to keep its last two oil refineries open with up to A$2.3 billion ($1.8 billion) in support until 2030 to ensure the country s long-term fuel security amid tough competition from Asian refineries.
The package will help Ampol Ltd (ALD.AX) and Viva Energy Group (VEA.AX) keep their refineries open until at least 2027 and save 1,250 jobs across the two plants, Prime Minister Scott Morrison said.
Investors applauded the big subsidies, sending Ampol s shares up nearly 10% and Viva s shares up as much as 9%.
EnergyJapan refiners to sell assets, rush reform as pandemic dents demand
Yuka Obayashi
4 minute read
JX Nippon Oil & Energy Corp s refinery is pictured in Yokohama, Japan February 7, 2017. REUTERS/Kim Kyung-Hoon
Japanese refiners plan to sell assets and speed structural reform and overseas expansion as fuel demand is expected to fall at a faster pace due to a prolonged impact from the COVID-19 pandemic and an accelerating global decarbonisation trend.
The dual headwinds of the pandemic and stronger pressure to cut carbon dioxide have forced Japan s top refiner Eneos Holdings (5020.T) and second-ranked Idemitsu Kosan (5019.T) to downgrade their profit goals for the three years to March 2023.
United KingdomFTSE 100 slips as energy, industrial stocks weigh; Diploma jumps
Devik Jain
2 minute read
A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. REUTERS/Suzanne Plunkett
Londonâs FTSE 100 edged lower on Monday, dragged by heavyweight energy and industrial stocks, while shares of Diploma Plc jumped after the company gave an upbeat earnings update.
The blue-chip index (.FTSE) fell 0.4% as oil majors BP (BP.L) and Royal Dutch Shell (RDSa.L) slipped after crude prices declined.
Banks (.FTNMX301010) and aero stocks (.FTNMX502010) were among the biggest losers on the index.
The domestically focused FTSE 250 index (.FTMC) traded flat. Shares of technical products and services provider Diploma (DPLM.L) jumped 7.3% to the top of index after it forecast annual results ahead of expectations.
EnergySOCAR, Rosneft tie-up on fuel supplies to Ukraine, other countries
Reuters
2 minute read
Azerbaijan s state energy company SOCAR and Russia s oil and gas giant Rosneft (ROSN.MM) have signed a deal to supply oil products and liquefied petroleum gas (LPG) to Ukraine and other countries, a SOCAR spokesman said on Monday.
The deal is likely to pave way for the resumption of Rosneft s exports of fuel to Ukraine, which has faced with the prospects of diesel shortages.
Rosneft has been looking for an agent to facilitate its deliveries of fuel to Ukraine after Swiss trader Proton Energy, its former exclusive supplier of diesel and LPG to Ukraine, suspended shipments of Russian diesel to the country in April.