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Fossil Fuels

Oil & Gas Transportation

New Zealand and Australia discuss free trade with EU and others

New Zealand and Australia announced on Thursday that they were each working with other countries on a potential joint response to bolster free trade in the face of a barrage U.S. Tariffs. Christopher Luxon, the New Zealand Prime Minister, said that he spoke with leaders from Singapore, Vietnam, and Malaysia as well as with the head of the executive of the European Union about international trade. Luxon, in a speech he gave on Thursday, floated the idea that members of the European Union and Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) could work together. The global trade system has been...

Fossil Fuels

The fire that destroyed the Petronas pipeline in Malaysia injured 33 people

Authorities reported that a fire on a gas pipe operated by the state-owned energy company Petronas in Malaysia injured 33 people Tuesday, just outside the capital Kuala Lumpur. Astro Awani reported that Selangor Fire Department Director Wan Md Razali Wan Ismail said six of the injured had been sent to hospital. The fire is still burning and efforts are being made to put it out. Selangor Disaster Management Committee Chairman Mohd. Najwanhalimi told the state news agency Bernama that there are still people trapped in homes in Kampung Sungai baru, and rescue efforts continue. In a press release, Petronas said...

Oil Refineries

Trafigura Puma Energy's net profit and EBITDA will be higher in 2024, but lower.

Puma Energy, a Trafigura-owned refinery products company, reported a 5% increase in net profit for 2024 in financial results published on Thursday. This is the third consecutive year that the business, which was once in a state of struggle has made a profit. Trafigura, a global commodity trading company, bought Sonangol’s stake in Puma Energy (then a loss-making company) in 2021. It took full control of the company and integrated it to its company as a way to increase its downstream market share. The company announced that its net profit was $39million. The company will not be paying a dividend....

Oil & Gas

After Trump's new order, the trade of Venezuelan oil with China is halted.

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

Refined Products

The aunt of Trafigura Mongolia's boss was the main partner company

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business had engaged in...

Fossil Fuels

Jadestone Energy presents plan to develop offshore natural gas fields in Vietnam

The Singapore-based Jadestone Energy PLC, an oil and gas company that develops offshore gas fields, has submitted to the state-controlled PetroVietnam a plan for a joint development of two offshore gasfields in southwest Vietnam. Jadestone stated in a press release that the proposal included drilling two wells at the Nam Du and U Minh field to support a plateau production rate of 80 millions standard cubic feet per day. Jadestone, a separate company, said that the development of Nam Du and U Minh's gas fields will reduce Vietnam's future dependency on expensive liquefied gas imports. Gas will be transported to...

Oil & Gas Exploration

CERAWEEK-Freeport-McMoRan hopes Trump declares copper a critical mineral

Freeport-McMoRan CEO Kathleen Quirk expressed her hope that U.S. president Donald Trump will declare copper to be a critical metal. This would allow tax credits for the American production of red metal, and help offset its global competitors, she said. Trump said to the U.S. Congress that he would take "historic action" to expand production of vital minerals, but he has not yet provided details. Copper is widely used in the global economy for power generation, electronic devices and construction. The U.S. Geological Survey identifies lithium, nickel and other minerals as essential. Quirk said that adding copper to Freeport's portfolio...

Oil & Gas

Document shows that Vietnam will sign U.S. agreements as trade and energy officials meet.

According to a document from the government, Vietnam is expecting to sign pacts this week with the United States after its trade minister met U.S. energy and trade officials. This step follows weeks of conciliation messages Vietnam sent to Washington, in an attempt to avoid tariffs that the Trump administration may impose on Southeast Asian nations due its large trade deficit with the United States. The document dated March 5, from the Trade Ministry, contains the itinerary of Nguyen Hung Dien, the Minister of Commerce's visit to the United States in this week. The list also included energy companies, government...

Fossil Fuels

Trafigura announces Hallouche's departure as Puma Energy CEO

Mark Russell will replace Hadi Hallouche as the chief executive officer of Trafigura's downstream energy company Puma Energy. Trafigura, a Swiss company, said that Hallouche would work as co CEO with Russell until June's end. Hallouche, who is the CEO of Puma, has held this position since October 20, 2021. Prior to that, he was Trafigura’s Asia Head of Oil and Global Head of Liquefied Natural Gas. He was previously an LNG trader at Shell. Richard Holtum, who replaced Jeremy Weir in January as Trafigura's group CEO, is the latest Trafigura leader to leave. This was followed by a number...

Fossil Fuels

Indonesia plans to use the sovereign wealth fund to boost coal-gasification projects

Energy Minister Danantara Indonesia said that Indonesia is looking to increase coal gasification through its newly established sovereign wealth fund Danantara Indonesia. Indonesia, which is the world's largest thermal coal producer has been trying to process low-ranking coal into dimethyl ether in order to reduce LPG imports. However, previous projects have failed due to investors pulling out. Energy Minister Bahlil stated late Tuesday that the government will provide the capital investment, and the local investors will cover the rest. "Danantara will be one of them." Bahlil stated that four coal gasification project will be implemented in South Sumatra, East Kalimantan...

Oil & Gas

US Commerce chief: Trump to set tariff levels for Mexico and Canada on Tuesday

Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on...

Oil & Gas

The core profit of Vallourec drops due to lower tube prices in North America

France's Vallourec announced a 24% decline in its core profit for the fourth quarter on Thursday. It cited lower average selling prices for its steel tubes, its primary market, in North America. Vallourec makes tubings for oil and gas markets, low-carbon energies and industrial markets. Its operating earnings before interest taxes, depreciation, and amortization (EBITDA), fell to 214 millions euros ($224) in the fourth quarter of 2024. This was due to a 27% decline in North American tubes. In the fourth quarter, around 92% (globally) of Vallourec’s total revenues came from the tubes business. In a conference call with journalists,...

Crude Oil

Crude Oil

Stocks rally in relief after Trump's tariff pause

On Thursday, global shares surged after U.S. president Donald Trump announced he would temporarily reduce the heavy duties he just imposed on several countries. In a shocking reversal, Trump announced on Wednesday that he would pause many of his new tariffs for 90 days following a market crash which erased trillions from global stocks. George Lagarias is the chief economist of Forvis Mazars. He said, "You have had a relief rally since realising that the market pressure resonates with President Obama." Lagarias said, "The main takeaway is that there will be limits and thresholds which he (Trump), will probably respect."...

Crude Oil

US assets left behind at relief rally after Trump's tariffs pause

On Thursday, Asian shares rose and a manic sell-off of bonds stabilised after U.S. president Donald Trump announced he would temporarily reduce the heavy duties he just imposed on several countries. After a market crash that wiped trillions from global stocks, and sent U.S. Treasury Bonds and the dollar tumbling, Trump announced on Wednesday a 90-day suspension of many of his new duties in an unexpected reversal. The dollar and U.S. stocks futures were not included in Thursday's relief rally, despite a surge overnight on Wall Street. Investors' confidence is eroding and "sell America" trading has intensified. The world's political...

Crude Oil

Stocks rally in relief after Trump suspends tariffs

On Thursday, global stocks rose, the dollar recovered its footing and the manic bond saleoff stabilized after U.S. president Donald Trump announced he would temporarily reduce the heavy duties he just imposed on several countries. After a market crash that wiped trillions from global stocks, and sent U.S. Treasury Bonds and the dollar tumbling, Trump announced on Wednesday a 90-day suspension of many of his new duties in an unexpected reversal. Overnight, Wall Street's "Magnificent 7" stocks soared again. Their market value grew by more than $1.5 trillion. S&P 500 Index and Nasdaq Composite Index posted their largest daily percentage...

Mining

Mineral Resources

Mineral Resources

Sources say that Singapore's SC Capital is in talks with Global Switch to purchase the British data center group.

S ingapore-headquartered real estate investment manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told . One of the sources said that the firm, which is backed by the global real estate manager CapitaLand Investment is working with advisors to purchase the London-based Jiangsu Shagang Group. The matter is a private one, so both sources requested anonymity. The people cautioned that the talks are still ongoing and will depend on market conditions. The first person who spoke said that the transaction could be valued between $4...

Coal

Minister says that the increase in Indonesian mining royalties will take effect shortly

The mining minister announced on Wednesday that an Indonesian regulation will increase the royalties mine companies pay on commodities like coal, nickel and copper as well as gold, tin, and gold. The regulation aims to improve industry governance by increasing royalties for metal products, such as nickel ore and nickel matte, based on prices. The Miners Group has urged the Government to reconsider this hike as they already struggle with increasing operational costs. Minister Bahlil Lahadalia said to reporters, "We are appreciating all the inputs, but we see the greater interest for our nation." He said that the regulation would...

Mineral Resources

Trump's tariffs are forcing trading partners into a corner

The only option for U.S. trade partners in the current trade war with Donald Trump is to sue. Most countries that are hit by tariffs of 10%-50% on their exports, to the dominant economic superpower in the world, lack the firepower or political will to fight back, according to government officials, economists, and trade experts. The vast majority of Trump's trading partners didn't immediately respond and instead indicated their willingness to negotiate with him a compromise that would save face. Even those who have counter-measured left the door open to negotiations. China, who on Friday imposed an additional 34% tariff...

Mineral Resources

China responds to global trade war by imposing sweeping tariffs on U.S. products

China announced an additional 34% tariff on U.S. products on Friday. This is the most significant escalation of a trade conflict with President Donald Trump, which has fueled fears of a worldwide recession and caused a stock market crash. Beijing announced that it had added several U.S. companies to an export control listing and classified others as "unreliable". From Canada to China, nations have prepared retaliation as a trade war escalates after Trump raised U.S. Tariff Barriers to their highest levels in over a century. This led to a drop in the world financial markets. Shigeru Shiba, the Prime Minister...

Mineral Resources

Vietnam will impose temporary antidumping tariffs on steel imported from China and South Korea

A statement from the trade ministry dated April 1 revealed that Vietnam would impose a temporary antidumping levy up to 37,13 % on certain galvanised products from China and up to 15,67 % for some South Korean products. Statement: The tariffs are effective from 16 April and will be in effect for 120 days. The rate of 37.13% will apply to all Chinese steel producers, including the industry leader Baoshan Iron & Steel. According to a statement, however, Yieh Phui and Boxing Hengrui New Material will be exempted. The statement stated that South Korea's Hyundai Steel would face a tariff...

Mineral Resources

Pandora's annual U.S. Tariff Impact is $178 Mln

Danish jeweller Pandora estimated on Thursday that the total impact of U.S. Tariffs on its company would be around 1.2 billion Danish Crowns ($178.34 millions) per year. This is before any mitigation actions taken by the company. Pandora's shares fell 12% to a low of 15 months on Thursday after U.S. president Donald Trump raised duties on imports of goods from many countries. This included a 37% duty on Thailand where the company has two factories that produce most of its charms bracelets and other jewelry. Pandora's biggest market, the U.S.A., which accounted for 31% in revenue last year, estimated...

Mineral Resources

India launches antidumping investigation against met coke imports

A government notification states that India launched an anti-dumping investigation at the request of an industry group over imports from Australia, China and Russia of met coke (low-ash metallurgical or met coal). In a March 29 notice, the Commerce Ministry said that the Indian Metallurgical Coke Manufacturers Association requested an investigation into the imports. These imports have more than doubled in the last four years due to concerns about local companies. According to the notification, the trade body said that there was no difference between the quality of met coke imported from abroad and the domestically produced version, which is...

Mineral Resources

Sources: Mercuria's former Beijing head joins China's Rongsheng

According to internal memos and sources, the former head of Mercuria's Beijing office will join China's largest oil refining group Rongsheng Holdings as a senior executive. Li Xinhua will assist Xiang Jingjiong as president of Rongsheng Holdings. Li will be responsible for Rongsheng’s coal, petrochemical and oil trading businesses in Singapore, according to sources who declined to name themselves as the move had not yet been announced. Rongsheng has not yet commented. Li has been with Mercuria in Geneva for 17 years, one of the top four commodities and energy traders on the planet. Li's new role is to grow...

Mineral Resources

Sources say that the Myanmar rebel group permits export of rare earth inventories from China

Two sources and an official statement have confirmed that a rebel group in Myanmar, which controls one of the largest rare earth zones on earth, has informed its miners it will permit shipments of rare earth to China starting Thursday. The Kachin Independence Army (KIA), which controls the town of Panwa, and Chipwe in Kachin State is the main mining company in Myanmar. Chinese customs data show that since the group's takeover, China has seen a sharp decline in its imports of rare-earth oxides and compounds, which have driven up prices. In a letter sent to the miners of the...

Mineral Resources

Andy Home: Congo conflict double trouble for the global tin industry

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Mineral Resources

Andy Home: Congo conflict double trouble for the global tin industry

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Mineral Resources

US agency reduces its estimate of Vietnam’s rare earth reserves by a major amount

The U.S. Geological Survey revised down its estimate for Vietnam's rare-earth reserves from 22 million to 3.5 millions metric tons. If confirmed, this could have an impact on the country's ambitions of becoming a rare-earths powerhouse. Rare earths have multiple applications, including in electric vehicles, autobatteries and renewables. They are also used in electronic and military product. In a report published in January, the revision has dropped Vietnam to sixth place on the USGS list of the countries with the biggest reserves, behind China, Brazil and India. Australia, Australia, Russia, and Australia are also included. USGS stated in an email...