East African neighbors Kenya and Uganda have reached an agreement to end a bitter dispute about oil imports via the Kenyan port of Mombasa to landlocked Uganda.For years, Uganda has imported fuels from Kenya via Kenyan companies and middlemen. Kenya h…
Russia Boosts Shelf Exploration for Oil and Gas Resources
Thursday 28th of March 2024
Russia is boosting exploration for oil, gas, and minerals on its continental shelf as it has launched the first comprehensive geological and drilling studies in 30 years, according to its Federal Agency for Mineral Resources.The agency, also known as …
The amount of Russian oil refining capacity that has been taken offline due to Ukrainian drone strikes is 14% of Russia’s total refining capacity, according to Reuters calculations.Calculations show that 900,000 barrels per day of refining capacity h…
Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell
Tuesday 26th of March 2024
China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan ($8 billion) compared with 66.…