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Guaido expands shadow Venezuelan government

  • Market: Crude oil, Electricity, Fertilizers, Oil products
  • 28/08/19

Venezuelan opposition leader Juan Guaido has created an official shadow government coordinated by his prominent mentor Leopoldo Lopez to manage foreign affairs, economic development, debt restructuring, assets recovery and humanitarian aid to Venezuelan refugees.

Guaido, recognized by most Western governments as Venezuela's interim president, said his new "Government Center" will coordinate the activities of all officials named so far this year to ad hoc diplomatic and state-owned company posts worldwide.

Among the appointments is Julio Borges as presidential commissioner for foreign relations. Borges had been serving as Guaido's intermediary with the Lima Group of Latin American nations and Canada that coordinate actions in support of Venezuela's opposition. Borges' new diplomatic mandate is worldwide and elevates him above current ad hoc ambassadors in the US, UK, and other capitals in Europe and Latin America.

Alejandro Plaz, an electrical engineer, was named presidential commissioner for economic development. Javier Troconis is Guaido's presidential commissioner for assets recovery.

Humberto Prado was named commissioner for human rights and aid to victims; Miguel Pizarro and Manuela Bolivar for humanitarian assistance; Juan Andres Mejia and Jose Guerra for implementation of a national recovery strategy called the Country Plan; and political consultants Sergio Vergara and Juan Jose Rendon for strategy.

Guerra, a National Assembly deputy and former central bank economist who resides in Caracas, was stripped of his parliamentary immunity earlier this month. Guerra could not be reached and it is unclear if he remains in Venezuela where he faces possible arrest. The other presidential commissioners named by Guaido currently reside in Colombia and the US, mainly in the Miami area.

The appointments are the latest challenge to President Nicolas Maduro, whom most Western countries no longer recognize as Venezuela's legitimate head of state. Guaido, who heads the opposition-controlled National Assembly, is recognized as interim president by Washington and more than 50 other countries. China, Russia, Turkey and Cuba continue to support Maduro.

State-owned companies whose ad hoc boards will be coordinated by the new Government Center led by Lopez include Houston-based oil refiner Citgo and its state-owned parent company PdV, petrochemicals producer Pequiven, CVG International's [aluminum and steel industries])https://www2.argusmedia.com/en/news/1963507-venezuelan-opposition-names-symbolic-metals-board?backToResults=true) and fertilizers company Monomeros Colombo-Venezolanos in Colombia.

Lopez, who had been jailed for five years in Venezuela until his escape into the Spanish diplomatic compound in late April, has long been seen as the strategic architect of Guaido's interim presidency, which is mostly directed from abroad. Lopez surfaced unexpectedly from his long imprisonment at dawn on 30 April to help lead a military uprising that was snuffed out within hours. Most of the new appointments unveiled today come from Lopez's Voluntad Popular and closely aligned Primero Justicia opposition parties. Other opposition groups, such as Maria Corina Machado's Vente Venezuela, are notably excluded.

It is unclear how Lopez would coordinate the parallel government from the Spanish diplomatic residence where he remains holed up. Lopez faces immediate arrest by Maduro's security forces if he leaves the compound.

Spanish oil company Repsol is one of PdV's leading partners in oil and natural gas development.

The Spanish government has warned Lopez at least once since he fled to the embassy last April not to engage in any Venezuelan political activities while he resides in its diplomatic territory.

An official at Spain's embassy in Caracas declined to comment, referring all questions to the foreign ministry in Madrid.


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22/11/24

Cop: Brazil eyes $300bn/yr for climate finance goal

Cop: Brazil eyes $300bn/yr for climate finance goal

Baku, 22 November (Argus) — Brazil has set out a suggestion of "at least" $300bn/yr in climate finance to be provided by developed countries to developing nations. Brazilian representatives set out their proposal today, in response to a draft text on a new climate finance goal. Brazil's proposal of $300bn/yr in climate finance by 2030 and $390bn/yr by 2035 are in line with the recommendations of a UN-mandated expert group. Negotiations at Cop are continuing late into the evening of the official last day of the conference, with no final texts in sight. Discussions centre around the new collective quantified goal (NCQG) — the climate financing that will be made available to developing countries in the coming years to help them reduce emissions and adapt to the effects of climate change. The presidency draft text released this morning put the figure at $250bn/yr by 2035, with a call for "all actors" to work towards a stretch goal of $1.3tn/yr. Representatives of developing countries have reacted angrily to the figure put forward in the text, saying it is far too low. Brazil's proposal appears to call for all of the $300bn-$390bn to be made up of direct public financing, which could then mobilise further funding to reach the $1.3tn/yr. It was inspired by the findings of a UN report, Brazil said. The UN-backed independent high-level group on climate finance today said that the $250bn/yr figure was "too low," and recommended the higher $300bn-390bn/yr goal. Brazil's ask would be a significant step up in the required public financing. The $250bn/yr target includes direct public financing and mobilised private financing, and potentially includes contributions from both developed and developing countries. Wealthier developing countries have been hesitant to see their climate financing fall in this category, which they say should be made up exclusively of developed country money, in line with the Paris Agreement. But $300bn/yr would represent an increase in ambition, Brazil said, while the $250bn/yr called for in the draft text would be very similar to the $100bn/yr goal set in 2009, after taking into account inflation. Delegates at Cop look set to continue discussions into the night. A plenary session planned for late in the evening, which would have allowed parties to express their positions in public, has been cancelled, suggesting groups still have differences to hammer out. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Cop: Drafts point to trade-off on finance, fossil fuels


22/11/24
News
22/11/24

Cop: Drafts point to trade-off on finance, fossil fuels

Baku, 22 November (Argus) — The new draft on the climate finance goal from the UN Cop 29 climate summit presidency has developed nations contributing $250bn/yr by 2035, while language on fossil fuels has been dropped, indicating work towards a compromise on these two central issues. There is no mention of fossil fuels in either the new draft text on the global stocktake — which follows up the outcome of Cop 28 last year, including "transitioning away" from fossil fuels — or in the new draft for the climate finance goal. Developed countries wanted a reference to moving away from fossil fuels included, indicating that not having one would be a red line. The new draft text on the climate finance goal would mark a substantial compromise for developing countries, with non-profit WRI noting that this is "the bridging text". Parties are negotiating the next iteration of the $100bn/yr that developed countries agreed to deliver to developing nations over 2020-25 — known as the new collective quantified goal (NCQG). The new draft sets out a figure of $250bn/yr by 2035, "from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources". It also notes that developed countries will "take the lead". It sets out that the finance could come from multilateral development banks (MDBs) too. "It has been a significant lift over the past decade to meet the prior, smaller goal... $250bn will require even more ambition and extraordinary reach," a US official said. "This goal will need to be supported by ambitious bilateral action, MDB contributions and efforts to better mobilise private finance, among other critical factors," the official added. India had indicated earlier this week that the country was seeking around $600bn/yr for a public finance layer from developed countries. Developing countries had been asking for $1.3 trillion/yr in climate finance from developed countries, a sum which the new text instead calls for "all actors" to work toward. The draft text acknowledges the need to "enable the scaling up of financing… from all public and private sources" to that figure. On the contributor base — which developed countries have long pushed to expand — the text indicates that climate finance contributions from developing countries could supplement the finance goal. It is unclear how this language will land with developing nations. China yesterday reiterated that "the voluntary support" of the global south is not part of the goal. The global stocktake draft largely focuses on the initiatives set out by the Cop 29 presidency, on enhancing power grids and energy storage, though it does stress the "urgent need for accelerated implementation of domestic mitigation measures". It dropped a previous option, opposed by Saudi Arabia, that mentioned actions aimed at "transitioning away from fossil fuels". Mitigation, or cutting emissions, and climate finance have been the overriding issues at Cop 29. Developing countries have long said they cannot decarbonise or implement an energy transition without adequate finance. Developed countries are calling for substantially stronger global action on emissions reduction. By Georgia Gratton and Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Bangladesh issues new phosphate tenders


22/11/24
News
22/11/24

Bangladesh issues new phosphate tenders

London, 22 November (Argus) — Bangladesh's ministry of agriculture has issued a new private-sector tender to buy DAP and TSP, closing on 27 November. The ministry did not specify the total quantities sought but specified that each private importer can offer a maximum of 30,000t of TSP and 40,000t of DAP in the tender. The cargoes offered under the tender are to be shipped by 30 December, and nominated importers must issue letters of credit within seven working days of receiving the work order. The ministry closed a private-sector tender to buy DAP and TSP on 18 November and has probably awarded at least 40,000t of Moroccan DAP at $678.40/t cfr in the tender. It had received offers for 120,000t of DAP at prices ranging from $678.40-711.00/t cfr and 113,000t of TSP at prices ranging from $561.90-585.00/t cfr. BCIC seeks 10,000t of phosphoric acid in tender Bangladeshi state-owned importer BCIC has issued a fresh tender to buy 10,000t of phosphoric acid containing 52-54pc P2O5, closing on 8 January. It wants the cargo to be shipped within 30 days of issuing the letter of credit for delivery to Chattogram. Trading firm Sun International submitted the only offer in BCIC's 20 November tender for 20,000t of the same grade of acid. It offered South African or Chinese acid at $620.87/t cfr (equivalent to $1,150-1,194/t P2O5 cfr), or $530.87/t fob. In its 18 November tender to buy 10,000t of 52-54pc P2O5 acid, BCIC received offers of $1,163-1,213/t P2O5 cfr equivalent. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Japan’s Taketoyo to resume biomass co-firing in 2027


22/11/24
News
22/11/24

Japan’s Taketoyo to resume biomass co-firing in 2027

Tokyo, 22 November (Argus) — Japan's largest electricity producer Jera aims to resume coal and biomass co-firing at the 1.1GW Taketoyo plant in 2027's first quarter, after a fire halted plant operations in January. Jera announced on 22 November that the thermal power plant in central Japan's Aichi prefecture would resume co-firing wood pellets with coal at a rate of 8pc, around the end of the 2026-27 fiscal year ending in March. This will come after its safety measures are completed. The plant's co-firing rate was 17pc before the serious fire, which was caused by an explosion of dust from wood pellets. The company will consider increasing the co-firing rate again in the future, provided safety can be ensured. But the plant will restart coal-only combustion in early January 2025, operating mainly during the summer and winter seasons, when electricity demand is high. Jera will keep operation rates low at Taketoyo and other coal-fired plants when electricity demand is low and rely more on gas-fired generation, to achieve its initial plan to cut CO2 emissions through co-firing at Taketoyo. Taketoyo started co-firing operations in August 2022 and burned around 500,000 t/yr of wood pellets imported from the US and Vietnam. It will burn 200,000 t/yr after it resumes co-firing at 8pc. The plant will slow down the speed of wood pellet conveyors to reduce friction as a part of safety measures, which means it must also reduce its coal and biomass co-firing rate. It is also currently working on other safety measures, such as installing air pressure conveying facilities dedicated to wood pellets and explosion suppressor systems to inject fire extinguishing agents. The outage at Taketoyo has encouraged Jera to boost replacement gas-fired generation, with the extra gas-fired costs accounting for most of the estimated cost resulting from the shutdown, which could be tens of billion yen in the 2024-25 fiscal year ending in March. By Takeshi Maeda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Singapore light distillate stocks hit seven-week high


22/11/24
News
22/11/24

Singapore light distillate stocks hit seven-week high

Singapore, 22 November (Argus) — Singapore light distillate and middle distillate inventories rose to multi-week highs while residual fuel stocks fell to a three-week low for the week ending 20 November, according to Enterprise Singapore. Singapore's light distillates stocks rose to a seven-week high, boosted by increased naphtha imports and an onslaught of gasoline cargoes from Saudi Arabia into the city-state. Naphtha imports rose by 21pc on the week to 1.98mn bl. Kuwait, India, and the UAE were the top three suppliers to Singapore this week. Kuwait likely exported more naphtha to Asia this month, as an issue at its reformer resulted in more spare naphtha on hand for exports. More Saudi Arabian gasoline cargoes entered Singapore, adding to stocks. Singapore received another 800,000 bl of gasoline from the Mideast Gulf nation after already receiving similar volumes last week. Middle distillates stocks rose further to a six-week high, as jet fuel exports fell while imports rose. Swing supplies of jet fuel continued to arrive from India, with a 494,000 bl India jet fuel cargo imported into Singapore in the past week. Singapore's onshore fuel oil inventories retreated to a three-week low after climbing for two consecutive weeks, as imports fell sharply this week. But total inventories for November remained marginally higher at 17.78 mn bl,compared to 17.55 mn bl last month. Brazil, Indonesia, and Iraq were the top origin countries for fuel oil arrivals, while the majority of exports were bound for the Philippines and Hong Kong. No exports were recorded to China this week. By Aldric Chew, Asill Bardh, Cara Wong and Lu Yawen Singapore onshore stocks (week to 20 November '24) Volume ± w-o-w ± w-o-w (%) Light distillates Stocks 15.16 1.04 7.37 Naphtha imports 1.98 0.35 21.36 Naphtha exports 0.61 0.60 8,689.57 Gasoline imports 3.04 -0.53 -14.91 Gasoline exports 4.74 -0.35 -6.91 Middle distillates Stocks 10.27 0.63 6.56 Gasoil imports 0.61 -1.12 -64.79 Gasoil exports 3.48 1.36 63.82 Jet fuel imports 0.5 0.1 39.34 Jet fuel exports 0.20 -0.28 -58.34 Residual fuels Stocks 16.98 -1.37 -7.45 Fuel oil imports 2.19 -4.36 -66.61 Fuel oil exports 1.23 -2.04 -62.53 Source: Enterprise Singapore Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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