The largest-ever expansion of Middle Eastern oil-refining is poised to curb the region’s imports of gasoline, reducing dependence on shipments from India and Singapore and sapping margins for European and Asian processors.
Escalating costs to build liquefied natural gas plants on land in Australia, where energy workers earn the highest salaries in the world, are driving developers out to sea in search of billions of dollars in savings.
China, the world’s second-biggest oil consumer, changed its system for setting gasoline and diesel prices to more closely track refiners’ crude costs. Shares in China Petroleum & Chemical Corp. and PetroChina Co. rose.
Australia, defeated by Qatar in a bid to host the 2022 World Cup soccer tournament, may overtake the Persian Gulf nation in liquefied natural gas production in 10 years, Sanford C. Bernstein & Co. analyst Neil Beveridge said.
Sojitz Corp., Japan’s top trader of rare earths, plans to tap into the nation’s shift from nuclear power by setting up its own liquefied natural gas business and building solar plants, said Chief Executive Officer Yoji Sato.