"Iran is increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of U.S. sanctions," U.S. Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson said.
Though ruled out for now given the Russia-Ukraine war, BASF still plans to pursue IPO plans for Wintershall Dea.
Russia has already supplied Turkey with approximately 450,000 tones of diesel since the beginning of the year.
According to Wintershall Dea, maintaining its Russian operations and business is "not tenable" given the political climate.
Russia expects Western sanctions to have a significant impact on its oil products exports and therefore its production, but that will likely leave more crude oil to sell, a senior Russian source with detailed knowledge of the outlook told Reuters.
QatarEnergy and an affiliate of U.S.-based Chevron announced an FID to construct the Ras Laffan Petrochemicals Complex, a $6 billion integrated olefins and polyethylene facility in Ras Laffan Industrial City.
While it is unknown if the bill to expand nationwide sales of E15, a gasoline with a higher blend of ethanol, has the support it needs to pass both the House and Senate to become law, the backing of the oil industry has lifted a notable political obstacle.
The decline in U.S. crude oil inventories last week was tempered by another release of barrels from the country’s strategic petroleum reserve (SPR).
"The Shaheen project will increase chemical yields while reducing operating costs, thus making it more competitive especially in a low-margin environment," a Refinitiv analyst said of Saudi Arabia's investment.
Shell's Pennsylvania-based polyethylene manufacturing plant will help accelerate its net-zero emissions targets while providing at least 600 jobs to the northeastern U.S. area.