tag

It’s a great time to be an oil refiner — but a less great time to be filling up at the pump.In Europe, the US and Asia, giant plants are making money by doing what they’ve always done: converting crude oil into vital fuels and selling them at a profit.What’s different today is the scale of the threat to global supplies: Relentless attacks on Russia’s energy infrastructure, outages at key plants in Asia and Africa and permanent closures across Europe and the US have removed millions of barrels of diesel and gasoline from the world market.On top of these real-world impacts are traders’ fears of what’s yet to come: imminent US sanctions on Lukoil PJSC and Rosneft PJSC and fresh European Union curbs on fuels made from Russian crude threaten already squeezed supply-chains.The result is ongoing pressure on costs at the pump despite a fall in global oil prices — something that’s unlikely to sit well with a US administration that sees “affordable energy” as essential.“Global refinery margins are astronomical,” said Eugene Lindell, head of refined products at consultancy FGE NexantECA. “The signal you’re giving the global refining system, no matter where the refinery is located, is to just run flat out.”In the US, Europe and Asia, margins are the highest they’ve been at this time of year since at least 2018, according to fair value data compiled by Bloomberg. The profits are so good that refiners’ stock prices are also surging: Processors including Valero Energy Corp and Turkiye Petrol Rafinerileri AS have seen stellar rises, while Orlen SA gained more than 100% year-to-date.While expectations of a glut are dragging on crude prices, disruption to the global refining system is limiting how much oil can be turned into products like gasoline, diesel and jet fuel. While that benefits the processors still running, it also means the slump in headline oil prices isn’t being felt at the pump.A constant stream of attacks on Russia’s refineries — just this month, Ukraine claimed strikes on the Saratov, Orsk and Volgograd plants — is hampering fuel production. Last month, Russia’s huge oil product exports were on course to hit a multi-year low, and that was before drone attacks damaged key loading facilities in the port city of Tuapse.Product supplies are being further squeezed by outages elsewhere. In Kuwait, the giant 615,000 barrel-a-day Al-Zour refinery recently had only one of its three crude processing units operating, while a key gasoline-production unit at Nigeria’s huge Dangote refinery is reportedly scheduled to halt for about 50 days of maintenance in coming weeks, having only recently begun restarting.Meanwhile, US crude runs in recent weeks have been more than a million barrels a day lower than the same time last year, a huge drop from the peak summer demand months, when processing was at its highest seasonal level since 2019. The country has seen multiple refinery closures in recent years, as has western Europe, further pressuring fuel supplies.“Global refining activity has been challenged by a series of unplanned outages in October, further constraining product markets and pushing margins even higher,” the International Energy Agency said Thursday. Increased profits have prompted the watchdog to raise its estimates for runs at margin-sensitive refining assets in Europe and Asia this month and next.In the US, the upshot is a rise in the average price of diesel since President Trump took office, and little change in the cost of gasoline, which on Thursday stood at $3.08 a gallon. Benchmark crude futures have meanwhile come off about 20% since his second inauguration, amid forecasts of a large surplus.Supercharging these ongoing real-world supply pressures are traders’ fears over what’s on the horizon.“The current strength in refining margins is at least partially being driven by uncertainty around the upcoming US sanctions on Rosneft and Lukoil, as well as the EU’s January prohibitions on Russian products,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.FGE’s Lindell estimates Lukoil and Rosneft’s combined Russia oil product exports are more than 800,000 barrels a day. The global seaborne trade in oil products is about 22mn barrels a day, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker.Any major disruption to those exports would be a shock to the global fuels market, though the extent to which those barrels would really disappear is unclear. Russia has shown that it often manages to work around sanctions.There are also questions about what comes next for refineries outside Russia in which Lukoil is involved, including Bulgaria’s Burgas facility, the Netherlands’ Zeeland plant and Romania’s Petrotel.Then there are the EU restrictions, coming into force January 21, which restrict the delivery of petroleum products made from Russian crude into the bloc. Precisely how these will end up impacting Europe’s diesel supplies from India and Turkey — both of which have also been key importers of Russian crude — remains to be seen.“The sanctions against Rosneft and Lukoil, on top of the recent sanctions package out of the EU, tightened the noose around Russia’s neck,” said Carolyn Kissane, an associate dean at the Center for Global Affairs at New York University, where she teaches about energy and climate change. “At the same time, you’re seeing more attacks driven by Ukraine against Russian infrastructure, which is a hit to the products market.”

China’s dominance in clean energy has put the country on a singularly strong footing when it comes to competing with the rest of the world — particularly the US — in building artificial intelligence.That’s according to Julian Wentzel, chief sustainability officer at HSBC Holdings, who says an economy built on renewable energy brings with it advantages that can’t be replicated by fossil fuels.“China has put themselves in a very unique position in terms of the energy requirement to fuel their economy and ultimately their AI architecture,” Wentzel said in an interview.The vast build-out of clean energy in China — the country is on track to once again break its own record in installing renewable power this year — “enhances their cost of capital,” he said.Once renewable energy infrastructure is built and the upfront investment has been paid off, producing extra energy carries effectively no incremental cost; fossil fuels, in contrast, require ongoing costs for extraction, transport, refining and distribution, he said.“Once you’ve got the architecture in place, as the demand grows, you can deliver that demand at zero cost,” Wentzel said. As the “percentage cost of every incremental kilojoule of power relative to total GDP declines over time,” it becomes “a very powerful lever to the underlying growth of an economy.”The comments stand in contrast to the policy position of the government in the US, where Energy Secretary Chris Wright has argued that a rapid transition to clean energy will raise energy costs and hurt economic growth. And for now, fossil fuels continue to provide a major share of the energy powering AI data centres.Microsoft Corp Chief Executive Officer Satya Nadella said recently the supply of power, rather than the availability of semiconductors, accounted for the biggest bottleneck in data centre capacity. And by some estimates, the energy needs of existing and planned AI infrastructure in the US can’t be met with current supply.That dynamic has created an opportunity for oil majors to cash in on the enormous demand for energy that will be needed to power data centres. Chevron Corp said on Wednesday it will provide natural gas-fired power to a data centre in West Texas, the beginning of a new line of business for the company to capitalise on the AI boom.The global race to dominate AI depends on an array of factors that includes chips and supply chains as well as rare earths and key metals such as copper. But energy supply is key, and because renewables are low-cost to run once infrastructure is built, countries that have greater access to them have an advantage, Wentzel said.China is challenging developments in the West not just due to its dominance in cheap renewable energy, but also due to its approach to building artificial intelligence. That became apparent earlier this year, when startup DeepSeek indicated the country is capable of producing AI at a much lower cost and greater energy efficiency than US rivals.China’s growing dominance is also shaping talks at the COP30 summit in Belem, Brazil, where California Governor Gavin Newsom took several opportunities to warn that the US risks losing out on numerous fronts.One of the great abdications of the climate fight is “the own goal of the president of the US who simply doesn’t understand how enthusiastic President Xi is that the Trump administration is nowhere at COP30,” Newsom said.The US and legacy automakers “better wake up to that,” Newsom said at a press conference. “This is about economic power.”China manufactures about 80% of the world’s solar panels, supplies some 60% of the planet’s wind turbines, 70% of its electric vehicles and 75% of batteries, all at a lower financial cost than the West.To be sure, though China is adding unprecedented amounts of wind and solar, it’s still investing heavily in fossil fuels. That includes coal, which is one of the reasons the country produces almost 30% of global emissions.Wentzel said economies that rely more on clean energy are also more likely to reduce volatility in inflation.“Removing dependence on fuel commodities reduces capital account fluctuations, exposure to inflation and price swings,” he said. “As renewable systems scale, energy costs as a share of GDP can fall, strengthening the financial efficiency of the system and supporting higher economic growth.”

His Excellency the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, held talks with Choi Yeon-hye, President and CEO of Korea Gas Corporation (KOGAS) during a visit to South Korea. Discussions during the meeting centred on enhancing bilateral co-operation and expanding business relations with one of the important buyers of Qatari LNG.

His Excellency the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi met with Kim Min-seok, Prime Minister of South Korea in Seoul Wednesday. Discussions during the meeting dealt with energy relations and co-operation between Qatar and Korea and means to enhance them.

India and Bhutan Tuesday expanded their energy ties during Prime Minister Narendra Modi’s visit to the Himalayan nation where he extended a Rs40bn ($455mn) line of credit and inaugurated a hydroelectric power project.India’s outreach to Bhutan is seen as an effort to grow its influence in the region and draw the country wedged between China and India closer to New Delhi as Beijing steps up its engagement to resolve a long-running border dispute with Bhutan and establish diplomatic relations.Modi is on a two-day visit to the country and Tuesday addressed a gathering to mark the birthday celebrations of Bhutan’s King Jigme Khesar Namgyel Wangchuck’s father. “The partnership of trust and development between India and Bhutan stands as a model for the entire region,” he said. “As both our countries progress rapidly, our energy partnership is further accelerating this growth.”Modi said his visit would deepen ties and that their partnership was a “key pillar” of India’s “neighbourhood first” policy.Later in the day, he inaugurated the India-funded 1,020-megawatt Punatsangchhu-II hydroelectric power project, which he said would increase Bhutan’s hydropower generating capacity by nearly 40%.It is the fifth Indian-backed hydropower project in the country which altogether generate a total of nearly 3,000 megawatts of power. The line of credit extended by India Tuesday is also aimed at funding energy projects, the Indian government said.Lok Nath Sharma, a former minister for energy in Bhutan, said the excess energy will be exported to India after meeting local demand which is about 1,000 megawatts.

His Excellency Minister of State for Energy Affairs Saad bin Sherida Al Kaabi met on Tuesday in Tokyo with the Minister of Economy, Trade and Industry of Japan Akazawa Ryosei.During the meeting, they discussed bilateral and cooperation relations between the two countries in the energy field, and ways to enhance them.HE Minister of State for Energy Affairs also met with senior Japanese energy industry leaders, including Chairman of the Board of Maruben, Masumi Kakinoki, and Managing Executive Officer of Tohoku Electric, Kaoru Hijikata.During the meetings, discussions focused on existing and future cooperation and further strengthening bilateral relations in the energy sector.

His Excellency the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, held meetings with senior Japanese energy industry leaders on co-operation in the energy sector in Tokyo Monday. Al-Kaabi met with senior executives of major energy and electric power companies including Yukio Kani, Chairman and Global CEO of JERA; Kenichi Hori, President and CEO of Mitsui; Akiya Kotani, Executive Vice-President of Kansai Electric; Shunichi Kito, Representative Director, and President and CEO of Idemitsu; Shigeru Yamada, Representative Director and Group CEO of Cosmo Energy Holdings; and Fujita Masahiro, Representative Director and Chairman of JAPEX. Discussions during the meetings focused on existing and future co-operation and further strengthening bilateral relations in the energy sector.

Around 100,000 people were still without power in the northeastern Ukrainian region of Kharkiv, Kyiv authorities said Sunday, a day after Russia's latest attacks on energy infrastructure.Moscow, which has escalated attacks on Ukraine's infrastructure in recent months, launched hundreds of drones at energy facilities across the country overnight into Saturday.Some of these strikes affected the Kharkiv region, home to Ukraine's second biggest city, Restoration Minister Oleksiy Kuleba said."Time is needed to restart the equipment. Currently, around 100,000 consumers remain without electricity, water, and heating," Kuleba said.Ukraine's energy minister Svitlana Grynchuk said the wave of attacks, which killed four people, marked "one of the most difficult nights" for Ukrainian energy since the Russian invasion began.In the Poltava region, one of the most affected, power was mostly restored Sunday. But damaged equipment left parts of its main city still in the dark, local authorities said.State energy operator Ukrenergo implemented scheduled power cuts, allowing to balance the system, in most Ukrainian regions.Russia has targeted the power and heating grid throughout its almost four-year invasion, destroying a large part of the key civilian infrastructure.Moscow has switched tactics, striking simultaneously generation facilities, as well as power transmission and distribution systems, said deputy Minister of Energy Artem Nekrasov."This complicates the prompt restoration of normal power supply and the normal operation of the energy system," he said.As with previous waves of attacks, Russia's defence ministry said it struck "enterprises of the Ukrainian military-industrial complex and gas and energy facilities that support their operation."Ukraine has been responding with strikes on Russia's energy and oil facilities.Ukrainian strikes on energy infrastructure have left more than 20,000 people without power in several Russian border regions, local authorities said.Belgorod Governor Vyacheslav Gladkov said the "electricity and heating supply network has suffered severe damage" in the regional capital of the same name."Several streets are affected by power issues... More than 20,000 residents are without electricity," he said on Telegram.In the western Kursk region, "a fire broke out at one of the power plants in the village of Korenevo," cutting power to 10 localities, Governor Alexander Khinshtein said on Telegram.A fire also broke out at a heating facility in the southern Voronezh region, according to Governor Alexander Gusev.Russia's defence ministry, for its part, reported having shot down 44 drones over the border Bryansk region.Moscow launched 69 drones at energy facilities across the country overnight into Sunday, of which 34 were shot down, according to the Ukrainian air force.

A Russian attack hit Ukraine’s energy infrastructure, killing four people and prompting power cuts in several regions, Ukrainian authorities said Saturday.Moscow has in recent months escalated attacks on energy infrastructure in Ukraine, damaging natural gas facilities which produce the main fuel for heating in the country.Experts have said Ukraine risks heating outages ahead of the winter months.“Russian strikes once again targeted people’s everyday life. They deprived communities of power, water, and heating, destroyed critical infrastructure, and damaged railway networks,” Foreign Minister Andriy Sybiga said.Russia launched 458 drones and 45 missiles at Ukraine overnight, said the Ukrainian air force, adding that it had downed 406 drones and nine missiles.“In Dnipro, a Russian drone struck directly at a residential building; as of now, it is known that three people have died in the city. Sadly, there is also a fatality in Kharkiv,” President Volodymyr Zelensky said.Attacks forced emergency power cuts in the capital Kyiv and in the northern city of Kharkiv, authorities and energy company DTEK said.They also interrupted water supplies in Kharkiv, where the mayor said there was a “noticeable shortage of electricity.”There was no electricity, water, and partial heating in Kremenchuk, in the eastern Poltava region, the administration said.There were also significant train delays, Restoration Minister Oleksiy Kuleba said, accusing Russia of stepping up its attacks on locomotive depots.“We are working to eliminate the consequences throughout the country. The focus is on the rapid restoration of heat, light and water,” Prime Minister Yulia Svyrydenko said.The attack was the ninth massive attack on gas infrastructure since early October, energy company Naftogaz said.Russia has targeted Ukraine’s power and heating grid throughout its almost four-year invasion, destroying a large part of the key civilian infrastructure.As with previous waves of attacks, Russia’s defence ministry said it struck “enterprises of the Ukrainian military-industrial complex and gas and energy facilities that support their operation.”The attacks on energy infrastructure have raised concerns of heating outages in Ukraine as the war enters its fourth winter.Kyiv’s School of Economics estimated in a report that the attacks shut down half of Ukraine’s natural gas production. Ukraine’s top energy expert, Oleksandr Kharchenko, told a media briefing Wednesday that if Kyiv’s two power and heating plants went offline for more than three days when temperatures fall below minus 10 degrees Celsius, the capital would face a “technological disaster”.Ukraine has in turn stepped up strikes on Russian oil depots and refineries in recent months, seeking to cut off Moscow’s vital energy exports and trigger fuel shortages across the country.On Friday evening, drone attacks on energy infrastructure in southern Russia’s Volgograd region caused power cuts there too, governor Andrei Botcharov said on Telegram.

The Ministry of Energy in the Syrian Arab Republic today signed the final concession agreements to build and operate eight new power generation stations with a total capacity of 5,000 megawatts, with the international consortium led by Urbacon Holding, through its subsidiary Urbacon Concessions Investment, and in partnership with Kalyon G.I.S. Energy, Cengiz Energy, and Power International (USA). This signing comes as part of the Qatari project package in Syria, and as an extension of the Memorandum of Understanding signed on 29 May 2025, which laid the general framework for strategic cooperation in the energy sector and set the practical foundations for initiating the rehabilitation and development of the country’s electrical infrastructure. Following the signing of the MoU, preparatory engineering and technical works were completed, including field surveys for the plant sites and the necessary technical studies, to enable immediate commencement of implementation.The agreements were signed at the Ministry of Energy headquarters in Damascus between Eng. Mohammad Al-Bashir, Minister of Energy of the Syrian Arab Republic, and Ramez Al-Khayyat, President of UCC Holding, in the presence of representatives of the consortium companies, and officials from the Ministry, the Syrian Energy Company, and the Syrian Electricity Company. This step reflects the transition from contractual, technical, and financial preparation to direct on-ground execution.The final contracts include the construction and operation of four high-efficiency, natural-gas-fired combined-cycle power plants, namely the North Aleppo Power Plant (1,200 MW), the Deir Ezzor Power Plant (1,000 MW), the Zayzoun Power Plant (1,000 MW), and the Mhardeh Power Plant (800 MW). In addition, the agreements include the implementation of solar renewable energy projects with a total capacity of 1,000 MW distributed across four locations: Widian Al-Rabee (200 MW), Deir Ezzor (300 MW), Aleppo (300 MW), and Homs (200 MW).These projects will be executed using the latest advanced technologies in performance, efficiency, and reliability, in accordance with the highest global standards for environmental and public safety considerations, and based on an accelerated implementation schedule that ensures phased commissioning and timely entry into service.This project represents a pivotal stage in rehabilitating Syria’s energy system and driving economic growth, as the availability of stable electricity is essential for restoring factories and production lines to full operational capacity, and for launching new industrial, agricultural, and commercial ventures. It will contribute to reducing operational costs, improving the investment climate, and enhancing the competitiveness of local production and exports, thereby encouraging domestic and international investment and supporting long-term economic diversification.The projects are expected to generate tens of thousands of direct and indirect job opportunities during both the construction and operational phases. Furthermore, the adoption of modern technologies will enable the training and upskilling of national technical personnel, supporting sector sustainability and the localization of expertise in the field of energy.Eng. Mohammad Al-Bashir, Minister of Energy, stated:“This project represents a qualitative leap in the development of Syria’s energy infrastructure. It enhances generation capacity and supports the stability of the electrical grid, aligned with national economic development objectives. These projects aim to close the generation gap, meet the growing demand for electricity, and enhance energy supply security, forming a fundamental base for sustainable economic and social growth, strengthening the performance of productive and service sectors, and enabling stable economic development in the coming years.”Moutaz Al-Khayyat, Chairman of UCC Holding, said:“The strategic partnership between the public and private sectors in this project constitutes an essential step toward building a sustainable development model in Syria, and reflects the confidence of international partners in the prospects of Syria’s economic recovery. We are committed to executing these projects according to the set timelines and the highest global standards, ensuring a tangible economic impact that extends beyond the energy sector to supply chains, industry, and investment flows. Enhancing Syria’s energy security will contribute to the revival of industrial activity, support economic stability, and open broader pathways for regional cooperation in the coming stage.”It is noteworthy that this project represents the first and most prominent integrated public-private partnership model in the Syrian energy sector, reflecting the attractiveness of the national investment environment and its ability to draw international partners. The project is expected to pave the way for further major investments in other key economic and service sectors in the near future.

His Excellency the Minister of State for Energy Affairs, Saad Sherida al-Kaabi has asserted the need to have people at the forefront of energy policies and priorities.Speaking at the opening panel discussion at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Minister al-Kaabi said, “all our partners and colleagues in the room know that, we in Qatar, have had the same policy and view on how we see the business, how we see the transition, how we see the need for oil and gas for the future, and that has not changed.“We have announced that we cannot reach net-zero because we don’t think it is achievable.”Minister al-Kaabi stressed that energy should not be politicised, nor should be subject to changing politics.He said: “Unfortunately, a small part of this conference has changed with politics, and I think they are not looking at facts and realities. We shouldn't be following politics when we look at the lives of people for the future and how much energy we need for the future.”Speaking on regulations and trade barriers, Minister al-Kaabi reaffirmed Qatar’s opposition to Europe’s excessive regulations that will impose 5% of global turnover of companies that violate their planned Corporate Sustainability Due Diligence Directive (CSDDD).“We have announced very clearly, and I have spoken on several occasions, that if Europe does not look at how they can water down or cancel the CSDDD and still have a penalty of 5% of our total world turnover as a penalty, we will not be delivering LNG to Europe, for sure,” he noted.Minister al-Kaabi concluded his remarks by affirming that this is not just about oil and gas but rather affects any company doing business in Europe like Toyota (for example) can be impacted while delivering cars; this is why it is very important that Europe looks at this very seriously.The Minister was speaking during a session entitled: “Energy Realities: Securing the future in an uncertain world” with participation from Suhail al-Mazrouei, Minister of Energy & Industry of the United Arab Emirates, and Karim Badawi, the Minister of Petroleum and Mineral Resources of Egypt.

The Diabetes Qatar (DQ), with support from Dolphin Energy, hosted the 'Tahadi Camp' over three days with the participation of 24 diabetic children aged 12 to 16. The camp aimed to equip participants with essential skills to manage diabetes confidently and independently. Through hands-on workshops, the children learned how to monitor blood sugar levels, respond to fluctuations, and accurately calculate food and carbohydrate intake.These practical lessons were designed to strengthen their ability to maintain a healthy lifestyle and take control of their condition, a statement said. The camp also fostered a supportive environment where participants could connect with peers who share similar experiences. This helped reduce feelings of isolation and encouraged a sense of belonging and optimism. The programme featured educational sessions, sports activities, and group competitions that blended fun with valuable learning.DQ executive director Dr Abdullah al-Hamaq, said: “This camp is part of our ongoing efforts to provide children and youth living with diabetes the life skills and medical knowledge they need to manage their condition with confidence. We believe that psychological and social support is just as vital as medical care in the journey toward positive diabetes management.”