Core Viewpoint - JAPEX has approved the acquisition of all shares of Verdad Resources Intermediate Holdings LLC to acquire tight oil and gas assets in the United States, marking a significant expansion of its upstream business in North America [1] Group 1: Acquisition Details - The acquisition will be executed through JAPEX's subsidiary, Peoria Resources Acquisition Company, LLC, and is expected to be completed by the end of February 2026 [1] - The acquired assets are primarily located in the northeastern part of Colorado's Denver-Julesburg Basin, with additional interests in southeastern Wyoming [1] Group 2: Operational Impact - JAPEX plans to directly operate the acquired assets, which are expected to significantly enhance its production and reserve base [1] - After the transaction is completed, Peoria Resources will lead the production and development activities, establishing an operator-centric business model in the U.S. tight oil and gas sector [1] - JAPEX intends to staff approximately 50 personnel for operations, including existing Peoria employees and an operational team transferred from the seller [1]

Core Viewpoint - The collaboration between Gasunie and Thyssengas to develop a cross-border hydrogen pipeline marks a significant step towards the integration of the hydrogen market in Northwestern Europe [1] Group 1: Project Details - The agreement involves the modification of existing natural gas pipelines to construct the cross-border hydrogen network, which will significantly reduce construction costs and shorten project timelines [1] - The pipeline will connect key nodes such as Oude Statenzijl in Groningen and Vlieghuis in Drenthe, linking the industrial areas and major ports of the Netherlands with important consumption centers in Germany's Ruhr region [1] - Future expansions of the network may extend to Denmark, enhancing regional connectivity [1] Group 2: Strategic Significance - Germany, as an industrial powerhouse, is expected to become a major importer of hydrogen due to the deep decarbonization of its heavy industries like steel and chemicals [1] - The Netherlands, with its advantageous port conditions and infrastructure, is positioned to become a crucial hydrogen import hub and production center in Europe [1] - The project aims to efficiently connect supply and demand, accelerating the regional energy transition and aligning with Germany's national hydrogen strategy [1] Group 3: Market Impact - This collaboration represents a significant milestone in the establishment of a unified hydrogen market in Europe [1] - By activating existing assets and standardizing planning, the project will provide a stable and reliable supply of green energy for industrial decarbonization across Europe [1] - The initiative is expected to reshape the regional energy landscape and industrial map of Europe, with hydrogen serving as a key link [1]

Core Viewpoint - Indonesia plans to gradually stop fuel imports over the next four years, starting with diesel in 2026, to enhance energy self-sufficiency and reduce dependence on foreign energy sources [2]. Group 1: Diesel Import Strategy - The Indonesian government will first halt diesel imports in 2026, aiming for a complete cessation of all fuel imports by 2030 [2]. - The strategy includes promoting B50 biodiesel nationwide by 2026, which will increase the blending ratio of fatty acid methyl esters (FAME) in diesel to replace imported diesel with domestic resources [2]. - In 2025, Indonesia's diesel import volume is projected to reach 4.9 million kiloliters, accounting for approximately 10.6% of the total national demand [2]. Group 2: Ethanol and Biofuel Development - The government plans to mandate a 10% ethanol blend in gasoline by 2030 to further reduce fuel imports [2]. - Indonesia's ethanol production capacity is expected to be 303,325 kiloliters in 2024, with an actual output of only 160,946 kiloliters, indicating a need for an 8.7-fold increase to meet the E10 standard [2]. Group 3: Economic Impact - Indonesia currently spends around 520 trillion Indonesian Rupiah annually on fuel imports, and reducing these imports could save hundreds of trillions of Rupiah each year, which will be redirected to support local development [3]. - The government's long-term energy plan includes utilizing domestic agricultural products to develop biofuels, aiming for dual self-sufficiency in energy and food within five years [3].

中化新网讯 12月19日，出光兴产与三井化学宣布，双方此前公布的千叶蒸汽裂解装置整合优化乙烯产 能计划已顺利推进至前端工程设计(FEED)阶段。经过对整合影响尤其是原料采购、生产及供应体系等 方面的深入研讨，两家企业最终确认此前决议：将千叶地区的乙烯生产业务集中至三井化学千叶乙烯工 厂，同时关停出光兴产旗下千叶裂解装置。 本次整合工作预计在2027年完成。出光兴产千叶裂解装置的乙烯产能37万吨/年，整合完成后，三井化 学旗下55万吨/年千叶乙烯工厂将成为当地唯一运营的裂解生产基地。 出光兴产与三井化学还宣布将深化合作，共同推进新一代绿色产业综合体的建设，助力实现资源循环利 用。自2010年起，两家企业便通过合资设立的千叶化学制造有限责任合伙公司，对各自位于千叶的乙烯 生产设施进行协同运营，以实现产能优化。 此次整合，亦是日本石化行业整合趋势的缩影。今年9月，三菱化学、旭化成与三井化学曾联合宣布成 立濑户内乙烯有限责任合伙公司，旨在优化日本西部的乙烯生产布局。 ...

近期，受供应过剩预期加剧与俄乌和谈重启双重影响，国际油价持续走低，油市年终收官疲软。不过， 国际石油巨头凭借降本举措，仍取得了良好的业绩。 雪佛龙业绩同样惊艳。其三季度全球日产量达409万桶油当量，同比增长21%，其中美国本土日产量达 204万桶油当量，同比增幅27%，两项数据均创历史新高。业绩方面，其三季度净利润降至35.4亿美 元，每股收益从2.48美元降至1.82美元，但营收仅小幅下滑至481.7亿美元，增产效应有效抵消了油价下 跌的负面影响。 对于2026年走势，油企高管普遍预判油市仍将低迷：预计西得克萨斯中质油(WTI)年末价格为62美元/ 桶，低于美国能源信息署(EIA)预测的2025年均价65.32美元。据EIA展望，2026年布伦特原油均价或为 55.08美元/桶，WTI均价则降至51.42美元/桶。市场供需格局则存在明显变数：若特朗普政府推动俄乌冲 突落幕并取消对俄制裁，2026年油市或将陷入严重的供过于求状态；若制裁延续，叠加伊朗、委内瑞拉 减产，市场有望趋近平衡。不过油企高管对原油市场长期走势看法更为乐观，预计2027年WTI均价将回 升至69美元/桶，2029至2030年进一步升至75 ...

分析人士称，本届墨西哥总统辛鲍姆选择对外国企业开放本国石油上游领域，不过合资项目的控股权仍 牢牢掌握在墨国油手中。为推进合作，墨西哥政府于今年推出全新的"混合合同"合作框架。据路透社援 引知情人士及相关文件报道，墨国油计划在年内签署11份合资合同，首批敲定的5份陆上开发区块合 同，合作方却均为墨西哥本土小型企业，国际石油巨头集体缺席。这些本土小企业的实力有限，难以帮 助墨国油有效遏制产量下滑与资金流失的双重压力。如今，即便辛鲍姆政府放宽了外资准入限制，但墨 国油债务高企、长期拖欠合作方款项等积弊，仍让国际石油巨头望而却步。意大利埃尼集团、斯伦贝谢 等业内知名油服巨头，均被墨国油拖欠账款。 相关数据显示，2025年墨国油的产量起色甚微，第三季度日均产量环比仅增加1.76万桶。惠誉评级虽因 墨西哥政府的注资行为上调了墨国油的信用评级，但同时也发出警告，强调其财务状况仍处于高危状 态：该公司债务规模已高达988亿美元，利息支出吞噬了超过一半的季度息税折旧摊销前利润;下游业务 亏损状态持续，勘探开发环节的投入更是伴随着高企的风险。 中化新网讯 近日，分析人士指出，墨西哥国家石油公司以近千亿美元的负债高居全球能源企业负 ...

此外，截至2025年11月30日，A股136家上市公司（含主产业链31家、辅材33家、设备28家、逆变器14 家、光伏发电30家）与2家港股上市企业总市值逐步提升至29679.6亿元，较4月增幅39.57%。其中，多 晶硅企业市值增长尤为明显，达到283.99亿元，相较4月增长52.1%。整个三季度行业市值环比提升 24.4%，多晶硅企业市值环比提升39.3%。 光伏行业的短期企稳并非终点，而是高质量发展的新起点。协会在文中表示，光伏行业同仁在展望2026 年时，也一定寄望于企业竞争回归到价值本源，从"价格战"转向"价值战"。这一转型的核心动力是创新 驱动。正如中央经济工作会议所部署的，要"坚持创新驱动，加紧培育壮大新动能"，并强化企业创新主 体地位，以差异化技术构建护城河。 问题的根源在于供需的失衡，需要从需求侧加大提振力度，推动供需在更高水平实现动态平衡。过去一 年，光伏行业为破解困局，展开了一场触及根本的自救与革新。由中国光伏行业协会牵头，建立起了覆 盖全产业链的信息监测与拉通机制，通过建立产业链信息透明化机制，让企业的自主决策对市场的反馈 更迅速、更科学，将行业从无序竞争的"纳什均衡"拉向互利合作的" ...

Group 1 - The chairman of INEOS, Sir Jim Ratcliffe, warned that the European chemical industry is facing a "catastrophic recession" unless the EU takes immediate action to lower costs and implement tariff barriers [1] - Ratcliffe criticized current EU policies for leading to a wave of closures of major chemical facilities across Europe, with 90 chemical facilities set to close or already closed from 2022 to 2027, resulting in a loss of nearly 25 million tons of capacity and an asset value loss of nearly €1 trillion [1] - The crisis is attributed to two main factors: energy prices in Europe being four times higher than in the US and "absurd carbon taxes," along with a surge in imported products [1] Group 2 - Despite the crisis, INEOS announced an investment of £150 million to secure the future of its Grangemouth ethylene cracker facility, supported by £12.5 million from the UK government, making it the only facility of its kind in the UK after ExxonMobil's facility closes in February 2026 [2]

Core Viewpoint - The successful launch of the Shanghai Jinshan Baling New Materials Company's 250,000-ton SBC project marks a significant breakthrough in high-end new materials supply capabilities for Sinopec [1][4]. Group 1: Company Overview - Hunan Petrochemical is one of the earliest companies in China to achieve industrial production of SBC elastomers, establishing a leading SBS production facility in the 1980s and SEBS in 2006, breaking foreign technology monopolies [4]. - The company has a total SBC elastomer production capacity of 800,000 tons, with 380,000 tons from its headquarters, 170,000 tons from Hainan Baling New Materials Company, and 250,000 tons from Shanghai Jinshan Baling New Materials Company [1][4]. Group 2: Production and Capacity - The Shanghai Jinshan Baling New Materials Company, which began production in November, has a capacity of 140,000 tons for SBS, 50,000 tons for SEBS, and 60,000 tons for SIS [5]. - Hunan Petrochemical's rubber department achieved a cumulative SBC elastomer production of over 300,000 tons in the first eleven months of the year, with a 19% year-on-year increase in sales of new specialty products [8]. Group 3: Technological Advancements - The projects in collaboration with Hainan Refining and Shanghai Petrochemical utilize Sinopec's proprietary technology, significantly improving environmental protection, energy consumption control, and production efficiency compared to traditional methods [4]. - The company’s self-developed SBS and SEBS technologies have won national science and technology awards, enhancing China's core competitiveness in high-end synthetic rubber [4]. Group 4: Market Applications - SBC elastomers are versatile materials combining the processing ease of plastics with the high elasticity of rubber, suitable for high-value applications such as infant products, medical devices, 5G cables, and eco-friendly synthetic leather [8].

Core Viewpoint - Shandong Energy New Materials Company aims for high-quality development by 2025 through a strategy focused on "five integrations" and enhancing efficiency while maintaining stability and quality [1] Group 1: Industry Foundation and Development - The company emphasizes its core business in new materials, focusing on industrial cultivation and upgrading as the foundation for its growth, resulting in a distinctive and synergistic industrial layout [2] - Key products include acetone and butanone, with production and sales ranking first globally, while nylon elastomers rank third in global capacity [2] - The company has successfully developed high-modulus wind power yarn, contributing to the localization of large wind turbine blades, with a total sales of 30,000 tons of high-modulus and ultra-high-modulus wind power yarn this year [2][3] Group 2: Green and Low-Carbon Initiatives - The company is constructing a complete industrial chain from ore mining to high-end nano-calcium carbonate, establishing a green low-carbon demonstration park in Shandong, generating over 50 million yuan annually [3] - The research team has achieved significant advancements in perovskite solar cell efficiency, reaching industry-leading levels within eight months of development [3] Group 3: Management and Efficiency Improvement - The company implements a "six precision and six enhancement" strategy across its operations, focusing on cost reduction, efficiency improvement, and value addition [4] - Cost control measures have led to significant reductions in variable costs and expenses, with over 50 million yuan saved in labor costs [4] - The company has successfully revitalized idle assets, achieving 220 million yuan in asset activation and clearing 2.96 million yuan in inventory [4] Group 4: Cultural and Organizational Development - The company promotes a "Party building + integration" model to enhance organizational effectiveness and employee engagement [5] - Various educational activities have been conducted to foster a culture of unity and development, reaching nearly 9,800 participants [6] - The company has established a support fund and conducted outreach to assist 69 families in need, enhancing employee satisfaction and sense of belonging [6]