Recent developments
Upstream portfolio shifts
Upstream portfolios shifted, affecting future cracker feedstock availability. TotalEnergies sold 40% while remaining operator of the PPL 2000 and PPL 2001 exploration licenses to Chevron offshore Nigeria, pending approvals. In the UK, Shell and Equinor formed the largest independent producer in the UK North Sea, consolidating 12 assets under Adura.
Gas supply advances
Gas supply expanded in Angola with the NGC Gas Treatment Plant in Soyo entering commissioning. Non-associated gas from Quiluma and Maboqueiro will feed Angola LNG for export and domestic uses, supporting potential downstream ammonia, urea, and methanol projects as regional gas reliability improves.
Refining and polymers
Refining run rates stayed high in Romania, with the Petromidia and Vega refineries processing 4.61 Mt in Q1–Q3 2025 at 96.8% utilization. Despite EBITDA of $175 million, net loss reflected market volatility and taxes. Polymer output reached 62 kt, aided by the LDPE plant restart and stronger wholesale channeling.
Capacity and logistics plans
Africa and Asia signaled capacity and logistics shifts. Dangote Group has partnered with Honeywell to target 1.4 Mb/d refining by 2028, expand polypropylene to 2.4 Mt/y via Oleflex, and triple urea to 9 Mt/y. Braskem and Katoen Natie launched a warehouse project in Singapore to streamline bio-PE/EVA distribution, alongside the BraskemSiam bio-ethylene venture nearing FID.