Chemical news · Three minutes a day
Thursday, September 3, 2026
Lead Story
Chevron, ENI, KEO Capital, Primavera Set to Sign Energy Pacts in VenezuelaChevron, ENI, and investors plan to sign energy agreements in Venezuela under new reforms, with Chevron investing over $7 billion to double crude production to 600,000 barrels per day within five years.
Uganda officially named its blended crude oil "Pearl Sweet" ahead of planned commercial production by year-end, featuring 1.65 billion barrels in recoverable reserves. The project, led by TotalEnergies and CNOOC, will utilize the East African Crude Oil Pipeline for exports.
LAM Trade Finance Group II, backed by Jefferies, filed a lawsuit against iron ore trader Radiant World in London over alleged invalid invoices. Other creditors including Mizuho Bank and Incomlend have also initiated legal actions against the firm.
Sasol CEO Simon Baloyi urged higher jet-fuel inventory levels after a Natref refinery outage, citing Iran war risks. The Department of Mineral and Petroleum Resources proposed mandatory reserves, while Vitol Group expands storage capacity in Durban.
Eneos Holdings expands globally by acquiring Chevron's Asian downstream assets and U.S. butadiene maker TPC Holdings. The strategy targets 50% overseas revenue by 2030, strengthening its energy and chemical raw material positions.
AI-driven data centre expansion is surging demand for power transformers and liquid cooling systems, straining global energy grids and boosting orders for equipment makers like HD Hyundai Electric and Delta Electronics.
PCBL Chemical secured approval for a ₹3.29 billion acetylene black project under India's Electronics Components Manufacturing Scheme. The conductive material supports lithium-ion batteries and aims to reduce import reliance via technology transfer.
Mexican Economy Minister Marcelo Ebrard met U.S. Commerce Secretary Howard Lutnick to address U.S. tariffs on cars and steel. Mexico contends these measures violate the spirit of integrated North American manufacturing supply chains during USMCA reviews.
Sinopec Corp is ramping up Russian oil imports to secure refining margins, causing ESPO premiums to surge and squeezing supplies for independent Chinese refiners facing dwindling Iranian shipments.
Iraq boosted oil exports to 2.17 million bpd in August thanks to deep discounts and Iranian clearance for tankers in the Strait of Hormuz. Major refiners including PetroChina and Reliance secured cargoes as supply recovers from wartime curtailments.
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