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Indian trade officials: India and the United States are committed to advancing and finalizing the framework agreement reached in February.On August 13th, Xu Bijiu, Vice Minister of Ecology and Environment, stated that my country is expediting the formulation of a new round of action plans for continuous improvement of air quality, which is also the fourth "Ten Measures for Air Pollution Prevention and Control." He made this announcement at a press conference held by the State Council Information Office on the 13th, themed "Starting the 15th Five-Year Plan." Xu Bijiu explained that since the 18th National Congress of the Communist Party of China, my country has successively issued and implemented three "Ten Measures for Air Pollution Prevention and Control": the 2013 "Action Plan for Air Pollution Prevention and Control," the 2018 "Three-Year Action Plan for Winning the Battle Against Air Pollution," and the 2023 "Action Plan for Continuous Improvement of Air Quality," which have significantly improved my countrys air quality. Data shows that by 2025, the national PM2.5 concentration will drop to 28 micrograms per cubic meter, a 59% decrease compared to 2013, and the proportion of heavily polluted days will drop to 0.9%, the best level since monitoring began.The Ukrainian military reported that it attacked a Russian oil refinery in Bashkortostan, about 1,300 kilometers from the border.Indian trade officials say they are working to reach a bilateral trade agreement with the US as soon as possible.Russian Ministry of Defense: Russian troops have taken control of Petrivka in the Donetsk region.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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