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

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Associated sanctions on Russia—with more than 5 million b/d in crude oil processing capacity—disrupted exports of Russia’s refined products into the global market, and will likely continue to do so as import bans in the European Union and United Kingdom come into full force. million b/d in 2022 and by an additional 1.6

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

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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. Earlier post.).

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Opinion: Is Russia Plotting To Bring Down OPEC?

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Control over the transportation assets in this region together with vast gas reserves make Russia the key element of this new market.”. The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. by Dalan McEndree for Oilprice.com.

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