Tuesday, 14 July 2026

Bangchak Corp Public Co Ltd has completed its purchase of Chevron Corp's fueling business in Hong Kong, with the acquired stations continuing to serve the Caltex brand for two years, according to Rigzone.

Bangchak bought 100 percent of Chevron Hong Kong's shares from Chevron Companies (Greater China) Ltd, and the entity has been renamed Bangchak Hong Kong, Rigzone reported.

The acquired business operates 31 service stations offering industrial and marine fuels, according to Bangchak's February 13 announcement of the agreement. The stations will keep the Caltex brand for two years.

Bangchak chief executive Chaiwat Kovavisarach said Bangchak Hong Kong will serve as the group's trading and commercial hub in North Asia, connecting its retail, trading, and marine fuels businesses with the wider group network.

Bangchak has earmarked THB 35 billion (USD 1.05 billion) in investment across the group's operations for 2026-28, Rigzone reported.

The deal extends Bangchak's downstream expansion. In 2023 the group took over ExxonMobil's refining and service station assets in Thailand by acquiring Esso (Thailand) Public Co Ltd from ExxonMobil Asia Holdings Pte Ltd.

For Chevron, the sale falls under a five-year divestment plan of USD 10-15 billion through 2028 to refocus investment on assets that offer long-term value, according to Rigzone. From 2024 through January 2026, Chevron generated approximately USD 9 billion of asset sales proceeds and expects USD 1-2 billion in annual asset sale proceeds through 2030.

ADNOC Distribution, the retail arm of the Abu Dhabi state oil company, has bought Shell's downstream business in South Africa for USD 1 billion, according to Semafor Net Zero.

The United Arab Emirates is already one of the top fuel suppliers to South Africa, Semafor Net Zero reported.

The South Africa purchase adds to a run of larger acquisitions. ADNOC completed a USD 16.9 billion takeover of German chemicals firm Covestro, according to Semafor Net Zero.

On Monday, ADNOC launched a global liquefied natural gas (LNG) trading platform, merging three existing divisions, Semafor Net Zero reported.

The company is targeting 47 million tonnes of annual LNG trading by 2035, equivalent to around 11% of the current global market, according to Semafor Net Zero.

Rivian opened an underwritten public share sale of 75 million common shares that could bring in about USD 1.5 billion at recent trading levels, according to Electrek. The automaker put the offering forward on July 6, 2026, selling the full block itself, with underwriters holding a 30-day option on a further 11.25 million shares, Electrek reported.

Joint book-running managers on the deal are Goldman Sachs, Allen & Company, Barclays, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities, according to Electrek.

Net proceeds are earmarked for general corporate purposes, including equity contributions tied to the company's amended loan agreement with the US Department of Energy.

Shares slid 11% in pre-market trading after the announcement, Electrek reported.

Second-quarter deliveries reached 12,194 vehicles, clearing the 9,000-to-11,000 guidance range, and the company raised its full-year target to 65,000-70,000 units from 62,000-67,000, according to Electrek.

Customer deliveries of the more affordable midsize R2 SUV started on June 9 from the existing Normal, Illinois plant, and scaling that program is a primary focus for the company, Electrek reported.

Rivian lifted planned output at its Georgia factory by 50% to 300,000 vehicles a year, a site set to eventually produce both the R2 and R3.

Shell PLC guided on Tuesday to stronger trading results in its Integrated Gas segment for the second quarter than in the first, according to Rigzone.

The segment's April to June output is pegged at 610,000 to 650,000 barrels of oil equivalent a day, well below the 909,000 boed booked in Q1, Rigzone reported. Liquefaction is set to land between 7.4 million and 7.8 million metric tons, against 7.9 million metric tons a quarter earlier.

The lower volumes trace to war-damaged assets in Qatar, the same drag that weighed on Q1. Production halted at Shell's Pearl gas-to-liquids plant in Ras Laffan, Qatar after one of its two trains was hit in an attack that started a fire, the company said on March 19.

A force majeure declared over the outage carries a hit of 2.4 million metric tons a year for Shell, tied to its 30 percent holding in QatarEnergy LNG N(4), per Rigzone.

In its chemicals arm, Shell sees the indicative margin climbing to about USD 240 per metric ton from USD 139 per metric ton in Q1.

A contract for subsea construction and pre-commissioning support work in the APAC region has gone to DOF Group ASA, Offshore Engineer OEDigital reported.

Work under the deal will run on the Skandi Inventor, with offshore operations set to start in Q4 2026 off North Australian waters, according to Offshore Engineer OEDigital.

DOF will handle project management, engineering, procurement and logistics support in-house, Offshore Engineer OEDigital reported.

The offshore campaign is estimated at 160 to 250 days, according to Offshore Engineer OEDigital.

Marubeni Corporation has closed its purchase of EagleRidge Energy, a natural gas producer that expands the buyer's North American holdings, World Oil reported.

EagleRidge, based in Dallas, runs more than 3,500 wells spread over roughly 450,000 gross acres in North Texas, according to World Oil.

The producer keeps its operations intact as a wholly owned Marubeni subsidiary, World Oil reported.

The new ownership brought leadership changes. Tom Ashton and Sam Miller take the co-president roles, Hiroki Shima becomes chairman, and Michael Ronca steps in as vice chairman, according to World Oil.

Cheaper energy should pull broad inflation lower in the months ahead, New York Fed President John Williams said, according to Rigzone.

Williams put current monetary policy on track to meet the Fed's mandate, according to Rigzone.

That read sits against firmer price data. The Fed's preferred inflation gauge climbed to 4.1% in May from a year earlier, and core prices, stripping out food and energy, rose 3.4%, according to Rigzone.

Nine Fed officials marked at least a quarter-point rate hike in 2026 in their most recent economic projections, according to Rigzone.