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Latest oil products news
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Italy's Ravenna bitumen plant in unplanned shutdown
Italy's Ravenna bitumen plant in unplanned shutdown
London, 17 July (Argus) — Alma Petroli, one of Italy's main bitumen producers, has shut its 550,000t/yr refinery in Ravenna, northeast Italy, because of an unexpected problem, halting bitumen production. Market participants said an issue with the refinery's crude distillation unit had caused the bitumen output halt, hitting production and supply of all grades. The likely duration of the shutdown is not yet known, although Italian market participants said Alma Petroli does not have high levels of bitumen storage capacity at Ravenna. Alma Petroli company officials declined to comment on the refinery's operational status. The firm has in recent years pushed up Ravenna's technical capacity for all oil products to 550,000 t/yr. Bitumen typically comprises of around 70pc of its total production, with the rest mainly comprised of middle distillates and small volumes of virgin naphtha. The refinery receives bitumen-rich Italian and regional crudes centered around the Adriatic. It is specifically designed to produce distilled bitumen in a straight-run refining process fed by asphaltene and naphthenic rich crude oils, according to the company. By Fenella Rhodes and Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
South Korea’s SK exports first 2025 HVO cargo in June
South Korea’s SK exports first 2025 HVO cargo in June
Singapore, 17 July (Argus) — South Korean refiner SK Energy exported what is likely its first hydrotreated vegetable oil (HVO) cargo this year in June, which due to reach Europe in August. SK Energy exported around 5,000-6,000t of co-processed HVO in early June, said a source close to the company and traders. This was confirmed by Kpler data. The cargo loaded from SK Energy's Ulsan refinery on the vessel Solar Susie on 8 June. The refiner's last HVO export was 5,000t in December 2024, making this the first HVO cargo in 2025, according to Kpler . The Solar Susie subsequently loaded 27,700t of HVO from Incheon around 15-16 June, which is due to reach Europe in mid-August, vessel lineups and Kpler data also show. The cargo's price could not be confirmed. But European HVO prices have been rising since end-May. The fob Amsterdam-Rotterdam-Antwerp (ARA) Class II HVO price reached a seven-month high of $2,216/t on 20 June, before easing to $2,124/t on 16 July. HVO consumption in northwest Europe could even reach record-highs in 2026 , given stricter biofuel mandates and as suppliers shift away from conventional biodiesel to meet EU targets. SK Energy started sustainable aviation fuel (SAF) production at Ulsan in 2024 and exported its first SAF cargo to Europe in January . It also has an agreement with Hong Kong-based airline Cathay Pacific to supply at least 20,000t of SAF by 2027. By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Singapore holds safety drill for methanol bunkering
Singapore holds safety drill for methanol bunkering
Shanghai, 17 July (Argus) — Singapore's Maritime and Port Authority (MPA) conducted a large-scale chemical spill drill simulating a methanol leak on 15 July, ahead of the upcoming issuance of the first batch of methanol bunkering licences. This exercise tested safety protocols and emerging technologies, MPA said in a release on 15 July. The drill involved 11 vessels and over 150 personnel from more than 10 government agencies and industry stakeholders. The simulation was conducted off Singapore's southern coast and aimed to validate operational readiness ahead of commercial-scale methanol bunkering activity. The MPA is currently evaluating 13 applications for its first methanol bunkering licences following an open call in March, it said in the release. The five-year licence, valid over 1 January 2026-31 December 2030, will be issued to firms meeting stringent criteria, particularly on bunkering safety and operational readiness. MPA also plans to issue the licences in the fourth quarter of 2025, it said in the release. Only three to four bunker suppliers may be awarded, and prospective applicants are actively preparing for bunkering trials to increase their success rate, market sources said. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
New tariff threat could disrupt Mexico GDP outlook
New tariff threat could disrupt Mexico GDP outlook
Mexico City, 16 July (Argus) — Mexico's association of finance executives IMEF held its 2025 GDP growth forecast steady at 0.1pc in its July survey but warned the outlook could deteriorate if the US raises tariffs to 30pc. The survey of 43 analysts maintained projections for year-end inflation at 4pc and for the central bank's benchmark interest rate to fall from 8pc to 7.5pc by the end of 2025. The sharpest variation came in formal employment, after Mexico's social security administration IMSS reported a net loss of 139,444 formal jobs in the second quarter. IMEF cut its 2025 job creation forecast to 160,000 from 190,000 in June — the seventh and largest downgrade this year. Job losses increased in April, May and June, "a situation not seen since the pandemic in 2020," IMEF said. "If this trend is not reversed, the net number of formal jobs could fall to zero by year-end." "It is still too early to call it a recession, but the rise in job losses is worrying," said Victor Herrera, head of economic studies at IMEF. "The next risk we face is in auto plants. Some halted production after the 25pc US tariff was imposed in April. They did not lay off workers right away — they sent them home with half pay. But if this is not resolved in the next 60-90 days, layoffs will follow." The July survey was conducted before US president Donald Trump said on 12 July he would raise tariffs on Mexican goods from 25pc to 30pc starting 1 August. "What we have seen in the past is that when the deadline comes, the tariffs are postponed or canceled," Herrera said. "Hopefully, that happens again. If not, you can expect GDP forecasts to shift into contraction territory." While the full impact would vary by sector, Herrera said the effective average tariff rate would rise from 4pc to 15pc, with most exports either exempt or subject to reduced rates under regional content rules. But 8–10pc of auto exports would face the full 30pc duty. IMEF expects the peso to end 2025 at Ps20.1/$1, stronger than the Ps20.45/$1 estimate in June. But the group warned that rising Japanese rates — which influence currency carry trades — and falling Mexican rates could put renewed pressure on the peso once the dollar rebounds. For 2026, the GDP growth forecast dropped to 1.3pc from 1.5pc, while the peso is seen ending that year at Ps20.75/$1, slightly stronger than the previous Ps20.90/$1 forecast. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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