Recent developments
Earnings and margins
Amid uneven demand, LyondellBasell reported a net loss, while OMV posted a 20% rise in clean CCS operating result on stronger refining and olefin margins. Galp delivered solid Q3 performance at Sines as Repsol's third-quarter results improved despite lower YTD income. Port of Rotterdam throughput fell 2.6%, with mineral oil products down and LNG up 14.9%.
Gas and feedstocks
An $11 billion lease–leaseback for Jafurah gas processing underpins future ethane and liquids. A significant Bumerangue pre‑salt discovery was confirmed; appraisal is slated for 2027. OMV’s Neptun Deep gas development remains on track for 2027, while KazMunayGas increased hydrocarbon processing and boosted Tengiz output via the Third Generation Plant.
Circular technologies scale
A master cooperation agreement between Lummus Technology and InnoVent Renewables will jointly license continuous tire pyrolysis with downstream upgrading. A €300 million mixed‑plastic recycling plant at the Port of Antwerp‑Bruges will produce circular naphtha via TCP. Axens plans to acquire Ketjen’s shares in Eurecat, expanding catalyst regeneration and metals recycling.
Operations and portfolios
A two‑month turnaround at the La Porte acetyls unit began. The sale of four European assets is progressing. A 140 MW green hydrogen plant for Schwechat entered construction. The formation of Borouge Group International advanced. An In‑Country Value Development Program at Tengizchevroil aims to expand qualified local suppliers.