Latest news with #refining
Forbes
3 days ago
- Business
- Forbes
AI Can Potentially Stem Refinery Closures In Europe, Says Startup Boss
Illustration courtesy Getty Creatives The situation in Europe's refining and petrochemical sector is nothing short of dire. On average one refinery a month has shutdown over the course of 2025, based on data from across the wider European Economic Area and U.K. Many others are staring at closures or conversions due to a combination of factors including high energy costs, increased competition from new refineries in Asia and the Middle East, and wider deindustrialization driven by continent-wide carbon neutrality regulations and policy. Artificial Intelligence can stem the tide and potentially even reverse it, according to a London, U.K.-based energy AI startup boss. 'The prevailing political and cultural narrative of carbon neutrality in Europe is going to see the continent reduce its industrial output by about 35% in the next 15 years, while the demand grows by 60% in the that time frame,' said Callum Adamson, co-founder and CEO of Applied Computing. 'If we don't change things, all that's going to happen is Europe continuing to have higher energy prices, and then – as a second order effect – place the continent at the mercy of nations that are continuing to industrialize. AI premised efficiencies can stop and potentially even reverse this decline before it is too late.' Fresh from a £9 million ($11.1 billion) seed funding round for his startup in June, Adamson admitted: 'People may label me as politically incorrect and level the charge that I am bigging up energy and industrial AI because it's where our startup's business aspirations lie. For starters, being politically correct rarely protects the future. "Secondly, the situation in Europe is visibly bleak to the point that very soon we would be left at the mercy of international markets, and are part of the way there already. Thirdly, and unashamedly, I believe the future of the energy business, whether in Europe or beyond, will be both built and secured by AI tools.' AI Can Change Things The tool Adamson and his team are actively promoting is Orbital, the startup's flagship product built using multi-foundation AI. Applied Computing claims it is powered by a 'new class of models built to optimise the physical world'. That's not just language models but also time series, physics and chemical engineering models delivering explainable AI that can be trusted in real-world applications. Orbital utilizes 100% of available data from downstream energy facilities – compared to 8% captured by traditional methods – and is outperforming previously benchmarked software by 90% in key metrics, according to Adamson. Applied Computing CEO and Co-founder Callum Anderson (center) at the startup's demo day in London, ... More U.K. on June 10, 2025. It could potentially reduce energy consumption by 10% across refineries and petrochemical sites resulting in billions saved, he added. Applied Computing demonstrated Orbital's capabilities last month, using an ABB constructed demo plant in London, U.K., to a select group of industry analysts and sector executives. 'Orbital is one of the few products, and Applied Computing probably the only company in this space that's almost entirely product led. We are completely transparent on benchmarking and product capability. 'What we are seeking to deliver is an understandable, referenceable, retainable lens through which to view AI in an energy industry specific context.' The startup was formally founded by Adamson and co-founder Sam Tukra, following a year of self-funded independent research, before even a penny of investment flowed in. 'The energy industry doesn't move fast, and we wanted to give it reasons to move fast. Orbital is now referenceable. It works and we remain open to third-party scrutiny.' The company's raise, led by and was among the largest ever for a UK-based AI firm at seed stage. For Applied Computing, this signals growing investor appetite for energy technology that goes beyond renewables to address the traditional energy legacy infrastructure that still powers the world. 'Our ambition is to become category dominant intelligence provider in the energy industry and that means upstream and downstream oil and gas, petrochemicals and liquefied natural gas as well as renewables. 'Of course, our first objective is to scale-up our refinery market penetration because that would be one of our first use cases, and then we move to upstream, LNG and renewables. The plan is to move into a good customer base in refining over the next 12 months. We're currently deployed in two refineries and look to expanding that to ten over the near-term,' Adamson said. 'Refining is where complexity, scale, and impact converge. It's not just hard – it's the apex of validation. If you can build intelligence that works here, it will work anywhere.' The Journey Ahead Bearing the challenge in mind, Applied Computing has doubled in size since January with strategic hires from Shell, Palantir, BP Launchpad and Imperial College. It is currently preparing for a Series A funding round later this year. Adamson said as much as he'd like Orbital and Applied Computing to be part of some profound shift in Europe, bulk of the interest is coming from markets far beyond the continent. 'Europe is walking around in circles because they don't know which way the wind is going to blow next. On the other hand, in Asia, Middle East and pockets of the U.S. we see clear appetite for AI solutions from refinery operators that can deliver significant financial and environmental improvements. For us, whether its a greenfield or brownfield site - we're up for it, as we embark on journey and seek partners along the way.'
Bloomberg
3 days ago
- Business
- Bloomberg
China's Oil Refining Output Rebounds to Strongest Since 2023
China refined the most crude oil in nearly two years in June, as plants returned from seasonal maintenance to seize on better margins for fuels like diesel. Refining output rose to more than 15.2 million barrels a day, the strongest pace since September 2023, according to Bloomberg calculations based on figures released by the statistics bureau on Tuesday. Compared to June last year, volumes surged by 8.5%, reversing the declines seen in April and May.
Yahoo
08-07-2025
- Business
- Yahoo
Petrobras Plans $6B Investment in Rio de Janeiro Refining Projects
Petróleo Brasileiro – Petrobras (NYSE:PBR) is one of the most undervalued large cap stocks to buy according to analysts. It was announced on July 4 that Petrobras is set to invest ~33 billion reais (~$6 billion) in refining and petrochemical projects in Rio de Janeiro, as part of its 2025-2029 Business Plan. Of this total, 29 billion reais will come directly from Petrobras's CapEx, with an additional 4 billion reais allocated to a synergistic project with its assets. Service packages for these initiatives are currently in the bidding phase. An estimated 26 billion reais from this investment is dedicated to integrating the Boaventura Energy Complex and the Reduc refinery in Rio de Janeiro. A worker in a hard hat looking up at an offshore drilling rig at sunset. The integration will boost production capacities, which include an increase of 76,000 barrels per day (bpd) in S-10 diesel output, with 56,000 bpd from quality improvements and 20,000 bpd from additional capacity. Furthermore, jet fuel production capacity is expected to rise by 20,000 bpd, and Group II lubricating oil production by 12,000 bpd. Petróleo Brasileiro – Petrobras (NYSE:PBR) explores, produces, and sells oil & gas in Brazil and internationally. While we acknowledge the potential of PBR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
04-07-2025
- Business
- Yahoo
Brazil's Petrobras unveils plans for $6bn refinery improvements
Brazilian oil and gas company Petrobras is set to invest 33bn reais ($6bn) for refining and petrochemical projects in Rio de Janeiro to enhance production capacities and embrace decarbonisation initiatives. The planned investments include 29bn reais in Petrobras capital expenditure (CapEx) and an additional 4bn reais in a project that operates in synergy with Petrobras assets. The company is estimated to invest 26bn reais in the integration of the Boaventura Energy Complex and the Reduc refinery in the state of Rio de Janeiro, as outlined in the 2025-2029 Business Plan. Service packages for these projects are currently in the bidding phase. The new structure will boost S-10 diesel production by 76,000 barrels per day (bpd), with 56,000bpd from quality improvements and 20,000bpd from additional capacity. Additionally, there will be a 20,000bpd increase in jet fuel production capacity and a 12,000bpd rise in Group II lubricating oil production. A dedicated bio-jet fuel plant at the Boaventura Complex is also part of the project, with a capacity to produce 19,000bpd of renewable fuels, including hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF). Furthermore, two gas-fired power plants at the Boaventura Complex are set to participate in capacity reserve auctions, with the engineering project for the power plants already approved. At Reduc, a lubricant oil re-refining project with a capacity of 30,000m³/month (6,300bpd) is under evaluation. With the Boaventura Complex's Group II lubricant oil production, Reduc may repurpose existing units to re-refine used oil, aligning with the circular economy principles to create high-value products from waste. The co-processing test has been authorised by the Brazilian National Agency for Petroleum, Natural Gas and Biofuels (ANP) and is expected to occur this year. Reduc has also completed a test for producing the first jet fuel with renewable content through co-processing, achieving up to 1.2% corn oil in jet fuel production. Commercial production at Reduc is set to begin in the coming months, with a capacity of up to 50,000m³/month (10,000bpd). In line with its commitment to modernisation and energy efficiency, Petrobras is planning to construct a new thermal power plant at Reduc, replacing outdated steam and power generation equipment, with investments of 860m reais. For maintenance shutdowns at Reduc, investments of up to 2.4bn reais are planned from 2025 to 2029. Major shutdowns are slated for 2026 in the delayed coking and hydrotreatment units of the refinery. In the petrochemical segment, a study for the production of acetic acid and monoethylene glycol (MEG) is being evaluated at the Boaventura Complex. Petrobras affiliate Braskem is also planning to expand its polyethylene plant, with the project budgeted at around 4bn reais and subject to necessary approvals. Last month, Petrobras awarded contracts for AHTS and RSV vessels to DOF Group. "Brazil's Petrobras unveils plans for $6bn refinery improvements" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
03-07-2025
- Business
- Bloomberg
US Refiners Rely on Shale More Than Ever as Heavy Oil Supplies Dwindle
American refiners are relying on oil supplies from the country's biggest shale basins more than ever as flows of denser varieties from places like Mexico ebb. US fuelmakers are consuming the lightest oil diet on record, according to recent government data, leaning heavily on shale formations in Texas, New Mexico and North Dakota. The shift comes as heavy crude supplies are strained by falling production from Mexico and a de facto US ban on imports of Venezuelan oil.
