Bitumen / Asphalt
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Global bitumen and asphalt spot prices are influenced by changing supply and demand fundamentals, VGO and crude prices. Argus is the only provider of global bitumen and asphalt spot prices assessed by a global team of reporters, based on market trade. Spot price coverage includes regional truck, rail and seaborne prices.
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Sweden's Peab seeks suppliers under 2026 bitumen tender
Sweden's Peab seeks suppliers under 2026 bitumen tender
London, 14 October (Argus) — Swedish construction company Peab Asfalt has sought bids in its tender for 2026 bitumen supply to its Nordic terminals of around 300,000t, a figure market participants said is broadly in line with the firm's 2025 term requirements. The move is one of a series of 2026 term requirements issued this autumn by Nordic and northwest European construction sector bitumen buyers. Close to 170,000t of the product is being sought to meet Peab's requirements during the 2026 peak paving season, which runs from April or May through to October or November, depending on the weather. Peab is also seeking 130,000-140,000t as "winter-fill" supply to place into stocks. Nordic firms often do this at what are usually lower prices and premiums than during the peak paving season, for use at the start of the new season. Peab is seeking sizeable seasonal amounts into its biggest import terminal at Pori, Finland, and into Malmo, Sweden. It is seeking around 30,000t of 70/100 pen grade bitumen into Pori, and 34,000t of pen 160,220 into Malmo and 20,000t of pen 100/150 into Oulu, Finland, market participants said. The largest single winter requirement is for 30,000t of pen 70/100 bitumen into Pori. Deliveries of a variety of grades are being sought into terminals at Oxelosund, Sundsvall and Vasteras in Sweden, Tromso in Norway, Kotka in Finland, and Vandel, Uldum, Tinglev, Provostenen, Koge and Voborg in Denmark. Peab, like many other major buyers, is also likely to seek spot supply during 2026 rather than committing to rising contractual volumes at pre-agreed price formulas. Peab's steady requirements are despite rising government spending on road projects, a trend likely to continue in the coming years. Sweden is driving regional demand most , with a major government spending push to bring about extensive infrastructure upgrades. Some however said the extent and scope of highway upgrades could range from a complete revamp of some of the country's network to adding layers to existing surfaces. Swedish imports in 2025 are at 187,000t compared with 143,500t in the same period in 2024, Vortexa data show. The Swedish government's request for quotations from constructors on their planned bitumen use during 2026 is likely by the end of November, an indicator that should provide further clarity on demand next year. By Navneet Vyasan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Phillips 66 to diversify crude slate after Cenovus deal
Phillips 66 to diversify crude slate after Cenovus deal
Houston, 9 October (Argus) — US independent refiner Phillips 66 plans to diversify its crude slate at two midcontinent refineries once it closes on a deal to buy out its joint venture (JV) partner Cenovus Energy and takes full ownership of the facilities. Cenovus under the JV had a keen interest in processing heavy crude at the 345,000 b/d Wood River refinery in Roxana, Illinois, and the 149,000 b/d facility in Borger, Texas. The buyout, which is expected to close in the fourth quarter, allows Phillips 66 to "open up that aperture" and optimize different crudes, including lighter grades, the company's executive vice president of refining Richard Harbison told Argus this week in an interview at the company's headquarters. Harbison said the transaction also provides commercial flexibility on the products side. Phillips 66, which operated the JV's refineries, was obligated to produce certain products at certain prices, Harbison said. Now the refineries are "opened up to the market", Harbison said. Phillips 66 can get feedback directly from its commercial and marketing organizations on which products to produce based on which are valued the highest in the market, he said. Phillips 66 last month announced the $1.4bn deal to buy Cenovus' 50pc interest in the JV, WRB Refining. The Wood River refinery produces transportation fuels as well as petrochemical feedstocks, asphalt and fuel-grade petroleum coke. The Borger refinery produces transportation fuels, fuel-grade petroleum coke, NGLs and solvents. Phillips 66 has also added crude flexibility at its 265,000 b/d Sweeny refinery in Old Ocean, Texas. The company made some relatively small modifications to the overhead systems and to the gas processing capability of the facility that allowed it to expand the processing capacity of light crude from about 20,000 b/d to 60,000 b/d, Harbison said. This allows Phillips 66 to process more Permian crude which is readily available and connected by pipeline to the refinery, so it has lowered the crude cost for the facility as well, he said. For Ontario-based Cenovus, the deal to sell its share of the JV comes during an intense competition with Strathcona Resources to buy fellow Canadian oil sands producer MEG Energy. Cenovus on 8 October increased its offer to buy MEG in an effort to deter shareholders from accepting a competing bid from Strathcona. Cenovus is now offering C$29.80 ($21.36) for each MEG share, up by C$2.35/share from its initial 21 August offer. This values MEG at about C$8.6bn, including assumption of MEG's debt. MEG shareholders will consider the revised bid on 22 October. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Pakistan NRL boosts bitumen exports, awards Oct cargoes
Pakistan NRL boosts bitumen exports, awards Oct cargoes
London, 8 October (Argus) — Pakistani refiner NRL has awarded two October-loading bitumen cargoes under a tender issued last week, indicating a stepping up of its export supplies after being absent from the bulk export market for much of this year. The firm awarded the first 5,000t cargoes of its usual pen 60/70 road-paving grade of bitumen to UAE-based trading firm Richmond Group for 8-10 October loading dates at a price widely indicated at $420/t fob basis Karachi. The cargo will be loaded on the 5,895dwt Richmond-operated tanker Asphalt Alliance at Port Qasim, the Karachi port that handles the country's bitumen cargo exports. The second NRL cargo award is to Vitol for 18-22 October loading. Market participants expect that cargo to be loaded on the 5,261dwt Bitumen Kosei , which was hit by an engine issue that delayed its journey taking a bitumen cargo from Singapore to Durban, South Africa, last month. An award price in the $420-425/t fob Karachi range for that cargo was indicated by sources involved in the tender process. While the Richmond cargo is expected to be shipped to Durban, the destination of the Vitol cargo has yet to be disclosed, with Durban most likely, South Africa's receivers and inland suppliers said. NRL last month sold its first bulk export cargo this year under a tender awarded to Trafigura , having refrained from tender offerings until then because of much increased Pakistani road and highway construction activity and bitumen demand. Recent devastating flooding across many parts of Pakistan sharply reduced road project work, contributing to increased export availability from NRL's Karachi refinery. Pakistani suppliers expect local demand to surge in the coming months because extensive post-flooding repair work will be needed. Pakistan, which exported 46,000t of bitumen in bulk cargoes to South Africa last year according to Kpler , is now in greater demand as a source since the country's last remaining bitumen-producing refinery — the 107,000 b/d Natref Sasol-Prax joint venture at Sasolburg — ceased production in September. Remaining stocks are expected to be sold off by 11-12 October, making South Africa entirely reliant on bulk and other imports, including drummed and bitutainer. The halt this year to bitumen cargo exports from Bahraini state-owned Bapco's 267,000 b/d refinery due to a major upgrade, and concerns that increased sanctions enforcement against Iran could limit cargo flows from Mideast Gulf storage points, have fuelled an intensified search by South African buyers and cargo suppliers for more bitumen supply sources. A bitumen tanker, the 6,920dwt Panama-flagged Xante , was forced to reverse course around 31 July-1 August on route from the Mideast Gulf to South Africa after being named in a new round of US sanctions on Iran. By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Fresh turnaround underway at Sonatrach Augusta refinery
Fresh turnaround underway at Sonatrach Augusta refinery
London, 2 October (Argus) — Algerian state-owned Sonatrach has begun a second round of planned maintenance this year at its 198,000 b/d refinery at Augusta, Sicily. According to notes issued by Sonatrach Raffineria Italiana (SRI) to local authorities at Augusta, the works are slated to run from the end of September to 30 October. The firm said there would be possible flaring from 24 September-9 October and 18 October-21 October. Bitumen traders and Algerian importers of bitumen cargoes from Augusta, one of the Mediterranean's key export points for the heavy oil product, said the maintenance shutdown began this week and will directly affect bitumen output and availability of Augusta export cargoes that are also regularly shipped to many other north African markets, especially into Libya and Tunisia. The bitumen players said they had been similarly informed the maintenance work would last for the whole of October. Works will include maintenance on the refinery's T5 atmospheric crude distillation unit (CDU), a solvent extractor, R4 and R5 catalytic reformers, deasphalting and dewaxing units and a gasoil desulphuriser. Some bitumen market participants said there would be a boost in cargo flows to north African and other Mediterranean markets from alternative supply sources, mainly in the eastern Mediterranean and most of all from the Motor Oil Hellas refinery and export terminal at Agioi Theodoroi, Greece. Traders say there has been much increased bitumen production and export supply from the refinery since one of its two CDUs restarted in late August after being badly damaged by a fire that and halted since September last year. The current Augusta work is the second bout of maintenance at the refinery this year and is set to be significantly lighter than the earlier maintenance which almost halted the refinery's crude receipts in March and lasted through to early June, longer than had initially been expected. During that turnaround, the first major work at the refinery since 2019, a fire affected the refinery's butamer unit when it was restarted . By Keyvan Hedvat and Adam Porter Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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