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Latest market news

Dangote suspends refined product sales in naira

  • Market: LPG, Oil products
  • 19/03/25

Nigeria's independently-owned 650,000 b/d Dangote refinery has "temporarily halted" the sale of petroleum products in the country's naira currency, according to a statement seen by Argus today.

The decision was taken to "avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars", the statement read.

Dangote said refined product sales in naira "have exceeded the value of naira-denominated crude" the refinery has received, and it will resume naria-denominated product sales as soon as it receives a naira-denominated crude cargo.

Nigeria's state-owned NNPC recently said it is in negotiations with Dangote refinery about extending a local currency crude sales arrangement.

By George Maher-Bonnett

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20/03/25

Phillips 66 weighs Louisiana refinery expansion

Phillips 66 weighs Louisiana refinery expansion

Houston, 20 March (Argus) — US independent refiner Phillips 66 is seeking state tax incentives for a possible expansion of its 264,000 b/d refinery in Lake Charles, Louisiana. The expansion would increase production capacity and improve operational efficiency through upgrades and new specialized equipment, according to a summary of the project posted by the Louisiana Department of Economic Development. The agency, which administers state incentives, said that the Phillips 66 project is in review. Phillips 66 said today that it does not typically comment on refinery operations, regulatory filings or commercial activities. According to the Louisiana Department of Economic Development posting, the $99mn upgrade would include adding a 5MW steam turbine power generator, a boiler feedwater chemical system, LCR kerosene product rundown system upgrades, a reactor, a naptha fractionator, and other pieces of equipment. The budget includes $40mn for machinery and $59mn for labor and engineering. The project is estimated to be completed at the end of 2027. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Upper Mississippi River reopens for transit

20/03/25
News
20/03/25

Upper Mississippi River reopens for transit

Houston, 20 March (Argus) — The first towboat arrived at St Paul, Minnesota, today, marking the start of the 2025 navigation season on the upper Mississippi River, according to the US Army Corps of Engineers (Corps). The Neil N. Diehl passed through Lock 2 at Hastings, Minnesota, with nine barges, crossing into St Paul on 19 March. Tows reaching St Paul signify the unofficial start of the navigation season, as St Paul is the last port to open on the Mississippi River after winter ice thaws each year. This is considered an average start time for the navigation season, which typically opens the third week of March. The first tow to reach St Paul in 2024 arrived on 17 March. The Corps released the final Lake Pepin ice measurements of 17in on 12 March and was unable to take new measurements this week since the ice had melted significantly. Lake Pepin measurements help determine when the ice will be thin enough for barges to transit up river. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Brazil central bank raises target rate to 14.25pc

20/03/25
News
20/03/25

Brazil central bank raises target rate to 14.25pc

Sao Paulo, 20 March (Argus) — Brazil's central bank raised its target interest rate by 1 percentage point to 14.25pc amid accelerating inflation in a decelerating — but still heated — economy. The hike in the target rate, announced Wednesday, was the fifth in a row from a cyclical low of 10.5pc at the end of September last year, partly prompted by accelerating depreciation of the currency, the real, to the US dollar. Brazil's annualized inflation hit 5.06pc in February and is poised to keep accelerating. The bank's Focus economic report increased its inflation forecast to 5.7pc for the end-of-year 2025 from 5.5pc in January, when the bank's policy-making committee last met. Brazil's current government has an inflation ceiling goal of 3pc with tolerance of 1.5 percentage point above or below. The bank has recently changed the way it tracks the inflation goal. Instead of tracking inflation on a calendar year basis, it now monitors the goal on a rolling 12-month basis. The bank cited heated economic activity and a strong labor market as factors that have contributed to rising inflation. But the bank forecasts "modest GDP growth" for Brazil of almost 2pc in 2025, down from 3.4pc growth last year. Further tightening will also be linked to global economic uncertainty prompted by US president Donald Trump's aggressive trade and other policies and the monetary policies of the US Federal Reserve , according to the bank. Brazil's target interest rate is expected to keep rising at the bank's next meeting in 6-7 May, albeit to "a lesser extent" as the contributing factors are set to moderate, according to the committee. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US ethane cracking margins at 10-month low

20/03/25
News
20/03/25

US ethane cracking margins at 10-month low

Houston, 20 March (Argus) — US ethane cracking margins have fallen to the lowest in 10 months on rising ethane cash costs and falling spot ethylene prices at Mont Belvieu, Texas, according to an Argus generic model. Ethane cracking margins on Wednesday fell to 10.5¢/lb, the lowest level since May 2024. Margins have steadily narrowed from a peak of 24.75¢/lb two months ago, when a freeze took several US Gulf coast crackers off line and spiked ethylene prices to 35.25¢/lb in a trade at the Enterprise Products Partners (EPC) system at Mont Belvieu. The decline in cash margins largely follows falling domestic ethylene spot prices as US crackers have incrementally restarted and ramped up production since mid-January. US spot EPC ethylene traded Wednesday at 24.75¢/lb, the first trade below 25¢/lb since late November. The more than 10¢/lb decline in ethylene spot prices does not fully account for eroding ethane cracking margins. Ethane costs have risen by more than a third through February and into March, hitting an 18-month high last week of 31.1875¢/USG. Higher ethane costs have largely followed higher natural gas prices at the benchmark Henry Hub, which hit a two-year high at $4.491/mmBtu on 10 March stemming from tightening US gas inventories. Natural gas prices serve as a price floor for ethane because it is separated from raw natural gas during processing. The 60pc drop in ethane cracking margins over the past two months is unlikely to affect ethane-based ethylene production, as margins of at least 4-5¢/lb are generally still profitable for cracker operators. US ethane cracking margins in 2024 averaged 14-15¢/lb, according to Argus data. Ethane structurally remains the most advantaged feedstock on the US Gulf coast and was last surpassed briefly by a competing feedstock more than 18 months ago. Propane cracking margins are currently negative and the butane cracking margin has ranged from 3.5-8¢/lb this month. By Michael Camarda Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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TotalEnergies delays, cuts size of Grandpuits HVO

20/03/25
News
20/03/25

TotalEnergies delays, cuts size of Grandpuits HVO

Barcelona, 20 March (Argus) — TotalEnergies is delaying the start up of its Grandpuits hydrotreated vegetable oil (HVO) plant, and is planning to reduce the plant's proposed capacity. TotalEnergies confirmed the planned 400,000 t/yr HVO and HVO jet fuel (SAF) plant, near Paris, will not start in 2025 as previously outlined. Instead, a first phase of 210,000t of SAF output is slated to begin operations "early in 2026." TotalEnergies said there will then be a second phase of 75,000t, which will start at an unspecified point in 2027, giving 285,000 t/yr. If all production is SAF this would be equivalent to around 6,155 b/d. The CGT union said its members at Grandpuits downed tools for 24 hours yesterday, 19 March, as a result of the company's announcement. Workers say they have been promised a meeting with management in mid-April, and there does not appear to be industrial action at the site today. TotalEnergies halted crude distillation at the 93,000 b/d Grandpuits four years ago . The transformation includes a 10,000 t/yr plastics recycling unit. It said 1,200 workers are on site to undertake the conversion and this will result in 250 full time posts on completion. This is consistent with previous plans . The delay and reduction in size at Grandpuits does appear to confound targets for TotalEnergies' HVO and SAF output previously laid out by chief executive Patrick Pouyanne . The company operates a 500,000 t/yr HVO and SAF plant at La Mede, near the port of Fos-Lavera. A Grandpuits worker said management has indicated the company will look to purchase HVO and SAF, in order to honour contractual obligations. By Adam Porter Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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