Chemical news · Three minutes a day
Sunday, August 30, 2026
Lead Story
Eni Works with Venezuela to Revive Energy Sector Amid US PushEni SpA is partnering with Venezuelan authorities to revive the energy sector via new oil project contracts. CEO Claudio Descalzi highlighted progress on assets with 5.5 billion barrels of recoverable resources amid US geopolitical interests.
POSCO Holdings secured a $700 million loan from IDB Invest to accelerate its brine lithium project in Argentina. This funding supports working capital for upcoming plant completions and strengthens the South Korea-Argentina critical minerals supply chain.
Asda reported its first trading growth in over two years, driven by lower prices and improved online services. Executive Chair Allan Leighton highlighted IT stability and effective management of food and fuel price inflation despite crop challenges.
Lithium prices surged nearly 30% in the first half, driving significant profit growth for leading producers like Ganfeng Lithium. The company reported a 175.8% revenue increase and turned profitable, attributing gains to higher lithium product prices and sales volumes.
According to the Association of American Railroads, North American chemical rail traffic dropped 0.5% weekly to 48,835 carloads, though year-over-year volumes increased by 3.8% amid regional softening.
Albemarle Corp. shares rose 1.17% to $137.36, outperforming the broader market indices for the third consecutive day.
Bai Yong has been appointed Chairman of China Huaneng, succeeding Wen Shugang, after serving as GM of COFCO. His background includes senior roles in the Three Gorges Group and Yangtze Power.
EU gas storage levels hit a 13-year low, sparking winter panic and pushing benchmark prices to three-year highs amid fears of supply shortages. Analysts predict prices could surge above €100/MWh if Middle East exports do not resume soon.
Following failed negotiations, the US imposed 50% tariffs on Canadian goods, prompting retaliatory levies on US steel, aluminum, and consumer products. While exempting key resources like oil and potash, the dispute threatens supply chains for basic materials and food sectors.
Russia extended its diesel export ban until September 30 to support domestic supply amid Ukrainian refinery attacks, tightening global fuel markets and causing shortages in the US and Europe.
ChemBrief