Marathon 'not interested' in Citgo auction

Market: Oil products
31/10/23

Independent refiner Marathon Petroleum said it is "not interested" in the ongoing auction of Citgo's US refining assets, and prefers to instead invest in the company's own 13 refineries.

"We're not interested in the auction process," chief executive Michael Hennigan said on an earnings call today.

Mergers and acquisitions in the refining sector is a more challenging way to create value compared to upgrading existing operations, said vice president David Heppner. "You shouldn't anticipate us participating in the current auction process for the Citgo assets," Heppner said in response to an analyst question during the call.

A US federal court began the auction process for Citgo's parent PdV Holding (PdVH) on 23 October. The first round of bidding is scheduled to take place on 22 January 2024, with bidding expected to conclude on 20 May. If the sale process goes as planned, Citgo could have new owners as early as July 2024.

Citgo, with 805,000 b/d in capacity at three US refineries, has become a target of takeover by dozens of creditors looking to satisfy claims both against Venezuelan state-owned PdV — Citgo's ultimate owner — and the Venezuelan government.

By Nathan Risser

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03/04/25

CMA CGM LNG bunker demand up 78pc in 2024

New York, 3 April (Argus) — France-based shipping company CMA CGM increased its consumption of LNG for bunkering by 78pc in 2024 compared with 2023 as part of its efforts to reduce greenhouse gas emissions. The company consumed a total of 9.2mn tonnes (t) of marine fuel last year. LNG accounted for 10pc of total demand, or 962,200t of very low sulphur fuel oil equivalent (VLSFOe) up from 539,200t VLSFOe, or 7pc, in 2023. CMA CGM attributed the overall rise in marine fuel consumption to disruptions in the Red Sea, where geopolitical tensions forced its vessels to reroute around Africa via the Cape of Good Hope. The company has established LNG bunker supply partnerships with TotalEnergies and Shell, securing fuel at key ports including Singapore, Rotterdam in the Netherlands, Fos-sur-Mer in France, and Shanghai in China. CMA CGM has also invested in French firm Waga Energy, which produces biomethane from landfill gas. The company acknowledges methane slip — unburned methane emissions during combustion — is a key challenge with LNG. To mitigate this, CMA CGM has outfitted select vessels with systems that recirculate and combust leaked gas. It is also implementing high-pressure gas injection and is modifying engine intake valves to ensure more complete combustion. Looking ahead, CMA CGM plans to expand its dual-fuel fleet significantly by 2029. It will add 153 such vessels, including 129 that can run on LNG and 24 powered on methanol. In addition to LNG and methanol, CMA CGM is increasing its use of shore power. The number of its vessels equipped with shore-side electric power connections rose to 116 in 2024, representing 38pc of its owned fleet, up from 67 vessels (26pc) in 2023. CMA CGM also utilizes biofuels for bunkering, though demand declined to 50,900t in 2024, from 76,800t in 2023 and 99,800t in 2022, representing just 1pc of its total marine fuel use. In northwest Europe, LNG carried a $144/t premium over VLSFO, in March, with VLSFO averaging $485/t, according to Argus data. Bio-LNG and B30 biofuel there were priced at premiums of $396/t and $338/t, respectively. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Trump to 'stand firm' on tariffs as markets crash

03/04/25

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03/04/25

Trump to 'stand firm' on tariffs as markets crash

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Crude, equity markets tumble on US tariffs: Update

03/04/25

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03/04/25

Crude, equity markets tumble on US tariffs: Update

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Crude, equity markets tumble on US tariffs

03/04/25

News

03/04/25

Crude, equity markets tumble on US tariffs

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US tariff exemptions spare some commodity trade

03/04/25

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03/04/25

US tariff exemptions spare some commodity trade

Singapore, 3 April (Argus) — US president Donald Trump has exempted many energy and mineral products from his new import tariffs, potentially reducing the immediate impact on commodity trade. But the threat of global economic disruption nevertheless sent commodity futures sharply lower today. The tariffs, announced by Trump on 2 April, include carve-outs for "copper… semiconductors… certain critical minerals, and energy and energy products," the White House said. The full list of exempted products includes many non-ferrous metals, oil products, base oils, coal and some fertilizer and chemical products. The 2 April tariffs will not apply to steel and aluminum, cars, trucks and auto parts, which already are subject to separate tariffs. A 25pc tariff on all imported cars and trucks came into force on 3 April, while a 25pc tax on auto parts will take effect on 3 May. Oil futures fell by over 3pc early in Asian trading hours, despite the exemptions, on concerns about the impact of the new tariffs on the global economy. The June Brent contract on the Ice exchange fell by as much as 3.2pc to a low of $72.52/bl in Asian trading, while May Nymex WTI dropped by 3.4pc to $69.27/bl. Both contracts remained close to their daily lows at 3:15pm Singapore time (07:15 GMT). Exchange-traded metals prices also fell. The declines came despite a drop in the value of the dollar, which would typically support prices of commodities by making them cheaper for buyers using other currencies. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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