article thumbnail

Chevron sells 30% stake in Canadian Duvernay shale play to Kuwait Foreign Petroleum for $1.5B

Green Car Congress

Chevron Corporation’s indirect, wholly-owned subsidiary, Chevron Canada Limited, has reached an agreement to sell a 30% interest in its Duvernay shale play to Kuwait Foreign Petroleum Exploration Company’s wholly-owned subsidiary, KUFPEC Canada Inc., million cubic feet of natural gas and 1,300 barrels of condensate per day.

Kuwait 210
article thumbnail

Kuwait Petroleum, Sinopec in $9B refinery joint venture in China

Green Car Congress

The Chinese government recently granted final approval for a joint venture project between Kuwait Petroleum Corporation (KPC) and China Petroleum and Chemical Corporation (Sinopec), one of the world’s largest refiners, to build a world-class refinery and petrochemical complex in south China.

Kuwait 186
article thumbnail

EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

Green Car Congress

The new refinery projects would increase production of refined products, such as gasoline and diesel, and in turn, they might reduce the current high prices for these products. The 400,000 b/d Jizan refinery in Saudi Arabia reportedly came online in late 2021 and began exporting petroleum products earlier this year.

Asia 418
article thumbnail

EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

Green Car Congress

Global demand for refined products dropped substantially in 2020 as a result of the COVID-19 pandemic. Less petroleum demand and the associated lower petroleum product prices encouraged refinery closures, reducing global refining capacity, particularly in the United States, Europe, and Japan.

Global 448
article thumbnail

Consortium developing green hydrogen megaproject in Oman

Green Car Congress

An international consortium comprising OQ, which is the Sultanate of Oman’s global integrated energy company, InterContinental Energy, the leading dedicated green fuels developer, and EnerTech, a Kuwait government-backed clean energy investor and developer, is developing an integrated green fuels mega project in Oman.

Oman 284
article thumbnail

Fusion Fuel Green partners with CCC to develop green hydrogen demonstrator plants in Middle East

Green Car Congress

CCC and Fusion Fuel have agreed to cooperate on projects involving the production of green hydrogen for potential clients in the refining and petrochemical industries in order to reduce their carbon footprint. The companies plan to develop demonstrator plants in several countries in the region, namely Oman, Kuwait, and Qatar.

Fusion 170
article thumbnail

Borgward expanding to the Middle East; westwards from China

Green Car Congress

Borgward will systematically continue to globalize its activities by entering the markets of Middle Eastern countries such as Bahrain, Kuwait, Qatar, the United Arab Emirates (UAE), and Iran. In accordance with this roadmap, the company will expand westwards from China before entering the European market.