Chemical industry news · Three minutes a day
Wednesday, November 4, 2026
Lead Story
Icahn’s CVR to Buy Marathon Refineries for $4.2 BillionCVR Energy agreed to buy two Marathon Petroleum refineries for $4.2 billion, increasing crude throughput capacity to 384,000 barrels per day. The transaction includes a marketing platform and is funded by debt, equity, and Trafigura investment, closing by year-end.
YPF CEO confirms off-take contracts for its Argentina LNG project with XRG and Eni are being signed globally. Construction may begin in February, targeting first vessel export by 2030.
Brookfield and QIA invest £2.5 billion in a Drax data center utilizing existing biomass power infrastructure to bypass grid queues. This diversifies Drax's revenue as government subsidies for its wood pellet business decline.
CVR Energy Inc., controlled by Carl Icahn, is nearing a $4 billion deal to acquire refineries from Marathon Petroleum Corp., driven by soaring refining margins amidst geopolitical tensions in the Persian Gulf and Russia.
Shell agreed to sell its 16.67% stake in Australia's North West Shelf LNG project to ADNOC's XRG for $1.45 billion, with closing expected in 2027. The deal aligns with Shell's strategy to focus capital on higher-return opportunities while continuing global LNG expansion.
Unilever plans €1 billion savings by 2029 via operating model overhaul and food business merger with McCormick, shifting reporting to beauty, home care, and other segments.
Marathon Petroleum exceeded third-quarter profit expectations driven by soaring refining margins and announced a $4.2 billion sale of two refineries to CVR Energy. The company plans to reinvest proceeds along the US Gulf Coast while expanding shareholder returns.
Johnson Matthey CEO Liam Condon targets profitability by 2028 with £250 million free cash flow goals via acquisitions like Cormetech and asset sales. Strong platinum group metal demand in automotive and data centers supports the turnaround.
Nigeria's NNPC plans to float a 5% to 10% stake via IPO primarily domestically, with potential secondary listings abroad. CEO Ojulari also noted Chinese interest in refurbishing smaller refineries like Port Harcourt and Warri.
Energy Transfer LP approved a $1.6 billion natural gas pipeline to meet soaring demand from AI data centers and LNG exports. The 215-mile South Mississippi Pipeline is expected to start operations in 2030 with a capacity of 1.2 billion cubic feet per day.
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