Recent developments
Feedstock expansion
Aramco advanced gas feedstock availability as the Jafurah and Tanajib projects began output, targeting by 2030 2 bscfd sales gas, 420 mmscf/d ethane, and ~630 kbpd liquids, reinforcing ethane/NGL supply for crackers. Eni broadened gas market optionality via the Argentina LNG project and new long-term contracts in Turkey and Thailand, with additional upstream starts supporting global feedstock flows.
Refining and output
Operationally, the Petromidia and Vega refineries will undergo a ~20‑day scheduled technological turnaround with catalyst replacements, while deliveries continue from stocks. In Kazakhstan and Romania, refining volumes at Kazakh and Romanian refineries increased year on year, and polypropylene production at the KPI plant rose, with higher domestic and export sales across Europe, Türkiye, and Russia.
Crude logistics
Regional crude supply dynamics centered on the Adria route. MOL and Janaf agreed to capacity tests on the Adria pipeline with independent monitoring. Regulatory questions persisted over MOL’s request to allow seaborne Russian crude shipments under EU and US sanctions frameworks. MOL also raised pricing and competition concerns regarding Janaf’s tariffs and potential abuse of dominance.
Projects and strategy
Investment and strategy highlighted continued petrochemical build‑out and cost control. Tecnimont S.p.A. won an EPC contract valued at approximately USD 1.3 billion for a hydrocarbon complex due by 2031. BASF started units at its new Verbund site in Zhanjiang, China and trimmed 2026 capex. Galp prioritized low-carbon projects in Sines amid stable cash generation and shareholder distributions.