Recent developments
Refining and policy
Repsol underscored Spain's refining amid Middle East risks, citing the strength of Spain's refining system and years of European rationalization. It called for investment‑friendly regulation and renewable‑fuel parity while advancing industrial projects in Iberia and Portugal to bolster supply resilience.
Upstream gas expansion
Upstream access expanded in Asia and North Africa. Sinopec confirmed 2,356.87 bcm at the ultra‑deep Ziyang Dongfeng shale gas field. TotalEnergies and EGAS signed an offshore MoU in Egypt. bp took 40% of the Ustyurt PSA in Uzbekistan.
Eastern Med exploration
Eastern Mediterranean interest broadened as TotalEnergies, with QatarEnergy and ConocoPhillips, signed an MoU with the Syrian Petroleum Company to review offshore Block 3.
Fertilizers and ammonia
Petrobras restarted the Fafen‑BA complex after R$100 million in work, running near 90% capacity and supplying ~5% of Brazil’s fertilizer demand, producing ammonia, urea and ARLA 32.
Ethylene capacity consolidation
Japan is rationalizing olefins. Asahi Kasei will realign derivative supply by FY2030 after ceasing AMEC ethylene, while partners advanced a western Japan ethylene JV with a 45/45/10 structure, consolidating at Osaka Petrochemical Industries for decarbonization and competitiveness.
Catalysts and electrification
Catalyst metals and process electrification featured. Johnson Matthey reported 2026 PGM deficits in platinum, ruthenium and iridium, alongside policy and Strait of Hormuz risks; and Coolbrook appointed a CTO to scale RotoDynamic high‑temperature electric process heat.