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Valero shuts down Texas refinery following explosion, sources claim
Valero Energy Corp completed the temporary shutdown of ?its 380,000-barrel-per-day oil refinery in ?Port Arthur, Texas, on ?Tuesday ?following a Monday night explosion and fire in a diesel hydrotreater unit, people familiar with the plant operations said. The explosion of the diesel hydrotreater unit 243, which produces 47,000 bpd, did not cause any injuries. The date for the reopening has not been announced. Jefferson County Sheriff's Office said that the cause was unknown but they did not believe it to be an intentional act intended to?damage the refinery. Donta Miller said, "No, it's not that," when asked whether there was evidence of a deliberate act aimed at damaging refinery. Since the U.S. and Israel attacked Iran, oil, gasoline and diesel have been rising. People said that the blast could be heard up to 18 km (11 miles) away. In an email response on Tuesday, Valero confirmed that a fire had broken out in a unit of the Port Arthur refinery. The company also stated that all employees were accounted for. The people believed that shutting down the refinery would be necessary to put out the fire. As firefighters tried to extinguish the fire, they cut off water and steam supply. Hydrogen is used to remove sulfur from motor fuels in diesel hydrotreaters to meet U.S. environmental regulations. Port Arthur officials issued an order to shelter in place for residents of the west side of Port Arthur "to ensure the safety of all residents within the area in light of recent explosions at the Valero refinery." Shelter-in-place orders were lifted at 6 a.m. CDT (1100 GMT). Valero Port Arthur, its largest refinery, is located 86 miles (138 kilometers) east of Houston. (Reporting from Houston by Erwin Seba; Additional reporting in Bengaluru by Ishaan arora and Swati verma; Editing by Susan Fenton & Howard Goller).
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After a power line went out of service, the Moldovan Parliament backed a state of energy emergency.
The Moldovan parliament has approved the introduction of a 60-day state of energy emergency following Russian attacks in Ukraine, which knocked off service a power line that provided most of the country's electricity. The 72-member chamber of the parliament approved the measure, which was introduced by the pro-European Moldovan government. Socialists and Communists in opposition refused to support this measure that was designed to enable authorities to work efficiently and maintain services. Isaccea - Vulcanesti is a power line that carries electricity from Romania to Moldova. It passes through Ukraine for 40 km (25 mi). The line can provide up to 70% of the electricity needed in the area between Ukraine and Romania. "The consequences of war in Ukraine cannot be ignored." Prime Minister Alexandru Munteanu urged members to support the proposal, saying that these attacks directly affected us and that the risks posed to the power grid were real. "We have resisted?this in the past, and we'll withstand it again." He said that with the line down, Moldova would face power shortages up to 400 Megawatts during peak hours. He said that Ukrainian officials hoped to restore power to the line in five to seven working days. Munteanu stated, "You'll understand that power outages are very likely." "And more attacks cannot be excluded." Igor Grosu, the Speaker of the Parliament of Ukraine, described the Russian attack on the power lines as a "war crime" that aimed to leave thousands of people without electricity. It is a "direct attack against us." Maia Sandu, the president of Moldova, said that alternative power supply routes were already in place but the situation remained grave. Sandu has repeatedly condemned Russia's four year-old war on Ukraine. The?war has wracked Moldova with missiles landing frequently on its territory. Moscow claims that her government is fomenting antipathy toward "Russians". Sandu claimed that last week Moldova held Russia responsible for a massive contamination of the Dniester river and disruptions in water supplies. (Reporting and Writing by Alexander Tanas; Editing by Christian Schmollinger and Rod Nickel).
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Teenager arrested after two dead in shooting at school in western Mexico
Local authorities reported on Tuesday that a 15-year old 'boy' allegedly killed two female staff members at a private school in the western Mexican state of Michoacan. One of them was reportedly a?teacher. The local Department of Public Safety reported that a student from the Makarenko School in Lazaro Cardenas used a "high-powered assault weapon" during the attack. Local authorities posted on X that two victims had multiple gunshot injuries and the suspect was arrested. A second state government source said? Another state?government source told?ajungi copilului etajzeughrenwingtésprachscheinphen anderen "The victims are The office of the state prosecutor did not specify the positions that the two victims held in the school. The alleged attacker was a student in high school preparing to go to college. I tried to contact the school but did not receive a reply to my request for a comment. Michoacan is one of Mexico's violentest states. It has a long history of extortion and other criminal activity. The state is a major recruiting ground for criminal groups fighting over drug trafficking routes. Mexico has a low number of school shootings despite a high level of violence associated with organized crime. (Reporting and editing by Paul Simao; Lizbeth Diaz)
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Trump claims Iran gave the US a significant energy gift
Donald Trump, the president of the United States, said that Iran had made major concessions to 'the United States in energy matters. He described this as a positive development but did not provide any details. Trump said the gift had something to do with the Strait of Hormuz - the waterway for oil transit that the United States have struggled to maintain open. "They gave us an?present, and the present arrived this morning, and it was worth a huge amount of money," Trump said to reporters in the Oval Office. "It was not nuclear. It was oil and gas related, and it was very nice of them to do." Trump's reiteration that the "United States has already won the war" indicated that Defense Secretary Pete Hegseth is disappointed at how quickly the campaign has gone. "Pete did not want it settled," he stated, without giving details. Trump said that the United States is negotiating with "the right people in Iran" to achieve a ceasefire, and added that the Iranians are'very eager to do so. He said that "we're in a?negotiation right?now" about Iran but refused to provide any details. This included whether U.S.?envoys Steve Witkoff or Jared Kushner were planning talks this week. He said that Witkoff and Kushner were in the 'negotiations, as well as Vice President JD?Vance, Secretary of State Marco Rubio, and Vice President JD?Vance. Pakistan said that it is willing to host talks between Iran and the United States. Reporting by Bo Erickson and Doina Chiacu; Editing edited by David Ljunggren
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Gold continues to decline due to expectations of higher interest rate
The gold price continued to fall on Tuesday due to persistent Middle East tensions, which fueled fears of inflation and higher interest rates around the world. By 2:11 pm, spot gold had fallen 0.4% to $4389.26 an ounce. ET (1811 GMT), after reaching its lowest level since November on Monday. U.S. gold futures for April delivery settled 0.1% lower at $4,402.00. Bart Melek is global head of commodity strategies at TD Securities. He said: "If energy prices continue to rise and the war continues, then it's bad news for gold." He added, "Gold will be under pressure in the second quarter but by the end of the year, I think the outlook for gold should look good again, because we hope that central banks, like the Fed, will have more freedom by then and we can'see the dollar ease off and rates fall." Bullion is no longer a good inflation hedge or a safe place to store money in a high rate environment. The Pakistani prime minister stated on Tuesday that he would be willing to host talks to end the war between the U.S. The war has effectively stopped shipments of about a fifth of the world's oil and natural gas liquefied through the Strait of Hormuz. This has pushed up energy prices, and increased inflation fears. The major central banks have also stated that they are prepared to take action if prices rise due to the war. "The recent price drop is likely to be as much an overreaction, as the massive increase at the beginning of the year. The pendulum for gold has moved from one extreme to the next, according to analysts at Commerzbank. Spot gold has fallen by nearly 17% from its peak on January 29, when it was $5,594.82 and is down 21% since the U.S./Israeli war against Iran began. Silver spot rose 0.4%, to $69.43. Platinum gained 1%, to $1.900.13. Palladium fell 2.1%, to $1.403.75. (Reporting and editing by Sahal Muhammad, Diti Pjara and Maju Sam in Bengaluru)
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Sheriff's Office: No evidence Valero Texas refinery explosion caused by intentional act
The spokesperson for the Jefferson County Sheriff's office said on Tuesday that no 'evidence' has been found to indicate a deliberate act as the cause of the explosion which occurred at Valero Energy Corp's Port Arthur refinery in Texas. Donta Miller is the chief deputy of?the sheriff’s office. On Monday night, 'people familiar with the plant operations' said that they could feel an explosion from a diesel-hydrotreater 11 miles away (18 km). Valero closed down the refinery in order to prevent the fire from being fueled by hydrogen or hydrocarbons. Hydrotreaters remove sulfur from motor fuels using hydrogen in accordance with U.S. Environmental Rules. Valero said on Tuesday that no injuries were reported and that all personnel had been accounted for. The refinery can be found 86 miles (139km) east of Houston. Messages started appearing?in forums online on Monday night, and continued into?Tuesday. They suggested that the explosion 'at the refinery? was a retaliation?for the U.S./Israeli attacks against Iran. (Reporting and editing by Franklin Paul, Nick Zieminski, and Erwin Seba)
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Maria Corina Machado, Venezuela's opposition leader, calls for transparency and security in energy investments
Maria Corina Machado, Venezuela opposition leader, believes that early interest in Venezuela's oil industry is positive. However she has called for greater transparency and contract security. She said in an interview, before her afternoon address at the CERAWeek conference in Houston: "I am here to draw attention to Venezuela and not to delay it." Machado stated that the country could produce up to 5 million barrels a day with an investment of $150 billion. The country currently produces around 1 million barrels of oil a day. She believes that Venezuela's PDVSA, the state-run oil company, will eventually be reduced in size and then transferred to the private sector. Citgo Petroleum, a Houston-based refiner owned by PDVSA, is something she would like to keep in Venezuela as a "strategic asset". Losing Citgo to Venezuela would be detrimental and a mistake for the U.S. "energy security," she said. Machado said, "Until the?last out, in?the final inning, there is a possibility," referring to court proceedings to sell Citgo's parent to creditors. (Reporting and editing by Nathan Crooks, in Houston.)
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Zimbabwe Central Bank tightens policy to limit fuel price increases
Zimbabwe's central banks decided on Tuesday to maintain a?tight?monetary policy?stance, keeping its main lending rate of 35% in order to limit the inflationary effect of fuel prices increases due to the Middle East conflict. In recent months, the annual inflation rate in Southern?Africa has dropped to single digits - for the first time in more than three decades. The central bank was expected to ease its policy soon after the U.S. and Israel war against 'Iran. But now, economists believe it will try to maintain stability following the recent fuel price increases by the energy'regulator. In a press release, it stated that "to limit the second-round effect of fuel price increases...the MPC (Monetary Policy Committee) decided to 'Stay The Course'?of the current monetary policy position." Since September 2024, the bank's policy rate is at?35%. This is part of an effort to?reduce price pressures and boost confidence in a new currency that was launched two years earlier.
Brazil announces a new plan to subsidise diesel prices as they rise
Dario Durigan, Brazil's Finance Minister, announced a new plan to help the states subsidize diesel imports on?Tuesday. This comes amid?concerns...over fuel supplies and high prices due...to the U.S./Israel war against Iran. The government proposed earlier this month that states eliminate the state ICMS taxes on diesel imports. The?minister said that the plan announced Tuesday would be quicker to implement because importers would receive direct payments from both the state and federal governments.
Durigan stated that the state-level ICMS taxes on?imported Diesel are 1.20?reais (US$0.2280) per liter. This means both the federal and state governments would cover 0.60 reais through a subsidy. He said the subsidy would last until May, and that states had until Friday to respond.
Durigan stated that the impact of this measure would be the same as a direct tax exemption, initially estimated at 3 billion reais per month.
The high diesel prices are a major concern for Brazilian president Luiz Inacio Lula da Silva who is seeking reelection in this year. In 'March, the Brazilian government abolished federal?taxes for diesel and imposed a 12% levy on oil exports.
(source: Reuters)