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New York found itself choking with ash from burning forests in Canada, and the desert state of Texas faces repeated floods. This is not the dream West of green card aspirants & package tourists
The country is a net exporter of petroleum products thanks to its refining capacity of 250 million tonnes per annum, or around 5 million bpd, which is higher than its domestic demand.
Energy Transition: The investments illustrate China's drive to reduce its import dependence and further cement its dominance of renewable energy and electric vehicle supply chains. The move pits the Chinese companies against Dow Chemical, Exxon Mobil and BASF in making key materials.
The drive also aligns with Beijing's push for companies to break through technological bottlenecks
Diesel and petrol profits of oil refiners are dropping following record highs after Russia's invasion of the Ukraine in 2014, as global cracks decreased in the April-June quarter. Refiner earnings will appear small compared to this period last year, when rising demand, low inventory and the oil market disruption boosted cracks between barrels of crude oil and petroleum products.