Chemical news · Three minutes a day
Tuesday, September 1, 2026
Lead Story
Energy Insider: CNPC First-Half Net Profit Breaks 100 Billion Yuan; COFCO GM Bai Yong Transferred to China Huaneng ChairmanChina National Petroleum Corp reported a record first-half net profit exceeding 100 billion yuan driven by high oil prices, while COFCO Group General Manager Bai Yong was appointed chairman of China Huaneng.
Chevron, ONGC, and other firms are poised to sign final energy pacts in Venezuela following months of negotiations, distinct from a separate US-Venezuela reserve agreement.
TAP posted a €99 million first-half loss driven by a 19% surge in jet-fuel costs, ahead of a government decision on selling a minority stake to either Lufthansa or Air France-KLM.
ONEOK agreed to acquire Brazos Midstream's Permian Basin natural gas assets for $4.43 billion, doubling its regional processing capacity. Funded by a $9 billion Apollo investment, the deal is expected to close in Q4 2026.
ICIS Europe reports rising petrochemical prices across key markets like PX, OX, and nylon 6 due to upstream volatility and geopolitical tensions affecting crude oil and feedstock costs.
LG Energy Solution agreed to buy 8,000 tons of battery-grade lithium carbonate annually from Smackover Lithium starting in 2029. The agreement aims to secure domestic supply chains for EV and AI data center energy storage needs.
SLB Ltd. agreed to acquire German cooling equipment maker Kelvion for $3.4 billion to expand its data center solutions business driven by AI demand. The deal includes assuming $700 million in debt and is expected to close in H1 2027.
A 104-year-old farmer sold a tractor for $183,750, signaling improved demand in the US agricultural equipment market. Rising corn and wheat prices are boosting farmer sentiment despite high costs, suggesting a potential recovery for Deere and CNH Industrial.
Odfjell and Ardmore Shipping report chemical tanker rates remain near historical highs despite recent pullbacks, driven by tight supply and geopolitical disruptions. Supply constraints are expected to sustain elevated logistics costs for the chemical industry.
SK On signed a five-year deal to supply 9 GWh of lithium iron phosphate cells to U.S. firm NeoVolta Power for energy storage systems. Total cooperation volume could reach 18 GWh as SK On expands its energy storage business amid weaker EV demand.
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