Hengyi plans $13.65bn expansion of petrochemical complex in Brunei
China’s chemical fibre products manufacturer Hengyi Petrochemical reportedly planned to spend $13.65bn to build the second phase of a refinery and petrochemical complex in Brunei.
Hengyi plans to add a 14Mpta (equivalent to 280,000 barrels per day) crude oil refinery and a 2Mtpa paraxylene unit at its Palau Muara Besar complex.
It also intends to build a 1.65Mtpa ethylene plant and a 2.5Mtpa purified terephthalic acid (PTA) facility, Reuters reported.
Blackstone sells stake in Cheniere Energy Partners for $7bn
US-based private equity firm Blackstone Group announced that it has completed the sale of its 42% stake in Cheniere Energy Partners to Brookfield Infrastructure and funds managed by Blackstone Infrastructure Partners.
The deal is valued at $7bn.
Cheniere Energy Partners is a limited partnership formed by US-based liquefied natural gas (LNG) producer Cheniere Energy.
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By GlobalDataUganda and Tanzania sign agreement for oil pipeline construction
Tanzania and Uganda signed an agreement allowing for the construction of a 1,445km crude oil pipeline.
The $3.5bn project will connect Uganda’s oil fields to the Tanzanian port of Tanga, Reuters reported.
The news agency cited Tanzania’s government spokesman Hassan Abassi as saying that 80% of the crude oil pipeline will pass through the country.
Australia to invest $1.4bn in new technologies to lower emissions
The Government of Australia unveiled plans to invest A$1.9bn ($1.4bn) in new technologies to reduce emissions.
The financing package includes A$1.62bn ($877m), which will be directed towards the Australian federal government agency Australian Renewable Energy Agency (ARENA) for investment.
A portion of the financing will also be used to expand the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to support new technologies that will cut emissions in the agriculture, manufacturing, and transport sectors.
Shell to cut up to 9,000 jobs as part of major transition plan
Royal Dutch Shell announced that it plans to cut 7,000 to 9,000 jobs, which accounts for over 10% of its workforce, by the end of 2022.
According to the company, the total job cuts also include 1,500 people who have opted to take ‘voluntary redundancy’ this year.
The latest move comes as part of a major transition to shift the oil and gas major to low-carbon energy, Reuters reported.
India opens 400 petrol pumps and 1,200 LPG distributors in Bihar
Indian Union Petroleum Minister Dharmendra Pradhan reported that 400 petrol pumps have become operational in the state of Bihar.
A further 1,200 liquefied petroleum gas (LPG) distributors were also opened in the Indian state, generating employment for 20,000 people, ANI reported.
The news agency quoted Pradhan as stating: “LPG connections in Bihar have increased recently. In the last six years, 400 petrol pumps became operational in Bihar, while 1,200 LPG distributors opened.”
Finland’s Neste sells stake in Swedish refiner Nynas to Bitumina
Finnish biofuel producer and oil refiner Neste announced that it has sold its 49.99% stake in Swedish oil refiner Nynas to Bitumina Industries for an undisclosed sum.
Nynas is a manufacturer of naphthenic specialty oils and bitumen products. It has refineries in Harburg, Germany, Nynäshamn and Gothenburg, Sweden and Eastham, England.
With this transaction, Bitumina Industries is now the largest shareholder in Nynas, holding nearly 50% of the shares.
Inter Pipeline to sell majority of European storage assets
Inter Pipeline signed a definitive agreement to sell a significant portion of its European bulk energy storage assets to Spanish company CLH Group for £420m (around $715m).
Under the terms of the agreement, the Spanish firm will acquire Inter Pipeline’s 15 storage terminals in the UK, Ireland, Netherlands and Germany.
These assets have a storage capacity of 18 million barrels.
