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Third Circuit rejects Citgo rehearing

  • Market: Crude oil, Oil products
  • 21/11/19

Federal appeals court judges have denied Venezuela's request to rehear a July decision upholding the pursuit of the country's US refining subsidiary Citgo to satisfy billions of dollars of debts.

The US Third Circuit Court of Appeals denied a request to hear arguments on the case in front of a full panel of judges. A three-judge panel affirmed in July that creditors and entities seeking compensation for expropriations could pursue shares of the refiner's controlling company in the US.

Attorneys for Venezuela's opposition leaders, which represent Venezuela in US courts, could not be immediately reached for comment. But those leaders separately received other protections from the US Treasury Department, which clarified that any settlement agreements or the enforcement of liens and judgments transferring Venezuelan property in the US would be blocked unless specifically licensed by the Office of Foreign Assets Control.

Citgo's 750,000 b/d of complex US refining capacity and associated pipelines and terminals have offered the most lucrative target for Venezuelan creditors seeking more than $150bn. More than a dozen companies, bondholders and other entities have filed to have their debts, including arbitration awards for expropriated assets, recognized in US courts.

Such recognition allows the parties to pursue a trail carved by former Canadian mining firm Crystallex, now controlled by investment firm Tenor. Crystallex successfully argued that Citgo and its controlling holding companies represented an alter ego of Venezuela and its national oil company, PdV. The decision meant that Citgo could be attached to satisfy those debts.

US foreign policy over the past year has complicated those efforts. The US and most western governments recognize National Assembly leader Juan Guaido as Venezuela's interim president, issuing sanctions in January to cripple the country's oil company and loosen the grip of president Nicolas Maduro. But Maduro has held firm to most of the country's institutions, leaving US-based Citgo the only clear demonstration of Guaido control.

The Guaido government have recently entered the US court system as plaintiffs, seeking to overturn debt the opposition-controlled National Assembly says was taken on illegally. The Guaido government and the bondholders agreed to a forbearance last week that pauses execution of their claim to Citgo, with arguments over the debt scheduled in a US court for next spring.

By Elliott Blackburn


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21/02/25

Republicans target US energy rules for disapproval

Republicans target US energy rules for disapproval

Washington, 21 February (Argus) — Republican leaders in the US House of Representatives hope to disapprove at least seven energy-related measures issued under former president Joe Biden using a filibuster-proof process created under the Congressional Review Act. House majority leader Steve Scalise (R-Louisiana) on Thursday released a list of 10 rules that his party has prioritized as "potential targets" for disapproval votes, which require only a simple majority to pass in each chamber. Republicans previously used the law in 2017 to successfully unwind more than a dozen rules, and they hope to do so again to repeal Biden-era rules they say will unnecessarily raise costs on businesses and consumers. A US Environmental Protection Agency (EPA) regulation that implements a $900/t charge on oil and gas sector methane leaks is among the rules that Republicans want to disapprove. If those implementing rules are scrapped, it would provide a temporary reprieve from a 31 August deadline for operators having to pay billions of dollars in potential fees on methane emitted in 2024. Republicans hope to vote later this year to permanently end the methane charge, which was created by the Inflation Reduction Act. House Republicans also hope to disapprove an offshore oil and gas safety rule for drilling in deepwater "high pressure, high temperature" environments that Scalise's office says will increase "burdens on energy operations". Other rules that Republicans will target for disapproval are energy conservation for gas water heaters, energy efficiency labeling standards and air pollution restrictions on rubber tire manufactures. Two of the energy measures House Republicans say they plan to target might not qualify for disapproval under the Congressional Review Act, which can only be used on a "rule". The first is a waiver that would allow California to boost in-state sales of electric vehicles and plug-in hybrids, and that President Donald Trump's administration has tried to make eligible for repeal. The second is the US Commodity Futures Trading Commission's decision to release voluntary guidance for exchanges that allow trading of carbon offset futures. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Uruguay eyes oil, gas E&P within energy transition


21/02/25
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21/02/25

Uruguay eyes oil, gas E&P within energy transition

Montevideo, 21 February (Argus) — Uruguay's state-run Ancap has hopes for an offshore oil or gas discovery, even as the country gears up for its second energy transition. Uruguay has had only three exploratory wells drilled in its history, two in 1976 and one in 2017, and they all came up dry. Companies have completed 13,000 km² of 2D and 41,000 km² of 3D seismic testing this century. Today, its seven offshore blocks have contracts, plans are underway for a new round of seismic testing and one company, US-based APA, wants to spud an exploratory well in its wholly operated block 6 in late 2026 or early 2027. "For the first time in history, we have contracts in place for all the blocks and there is a great deal of interest that resources can be found" in Uruguay, Santiago Ferro, Ancap's energy transition manager, told Argus . A public hearing on seismic testing was held 13 February and the environment ministry is reviewing proposals for permits. Ferro said seismic testing will only be done in areas lacking data. "We want to take advantage of existing information and complement it with new data to encourage drilling," he said. The plan is for approximately 5,000 km² (1,930 mi²) of new seismic testing on two areas — block 1, operated by Chevron and UK-based Challenger Energy Group, and block 4, operated by Shell and APA. The work will likely happen in the final quarter of this year. Ancap's plans will unfold under the new left-wing government of president-elect Yamandu Orsi, who takes office on 1 March. The Oris administration is committed to deepening Uruguay's energy transition. It already has one of the greenest power grids, with 99pc of power coming from renewables, and the Orsi government wants to guarantee electrification of the transportation sector. He will arrive at his inauguration in an elective vehicle as a sign of the government's commitment. The administration wants to decarbonize transportation in 10 years, which will require incentives for vehicles and investment in additional renewable power, principally solar energy. It has not taken a public stand on oil and gas exploration or what it would do if recoverable resources were discovered. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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France's US crude imports at record again in December


21/02/25
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21/02/25

France's US crude imports at record again in December

Barcelona, 21 February (Argus) — French crude imports in December included a record amount from the US for a third consecutive month, and the US was France's largest crude supplier in 2024. Customs data show imports at 4.2mn t (990,000 b/d) in December, down by 2pc on the year and down from 4.3mn t a month earlier. Deliveries in 2024 were 47.1mn t, lower by 2.4pc on the year. Deliveries of US crude were 1.34mn t in December, up from slightly more than 1.25mn t in November and just over 1.2mn t in October. US crude has continued to arrive in January and February. The US was the largest supplier to the Mediterranean port of Fos-Lavera in January , with more cargoes arriving there and at the Atlantic Le Havre terminal this month, according to Argus tracking. The US is now by far the biggest supplier to France. It provided 11.5mn t of crude in 2024, up from 9mn t in 2023, with the large majority being light sweet WTI. The US supplied no crude to France 10 year ago. The growth since has significantly altered the French crude slate, pushing it lighter and less sulphurous. As recently as 2019, when 4.4mn t of US crude arrived, medium sour grades Saudi Arab Light and Russian Urals accounted for more than 15mn t between them, split 2:1 in favour of Saudi Arabia. Sanctioned Urals was absent in 2024 for a second year in a row and Saudi Arabia supplied just 1.3mn t, down from 3.5mn t in 2023. There has not been a major shift in other suppliers (see chart) . Last year Nigeria supplied 6.4mn t, down marginally on 2023, Kazakhstan shipped 5.3mn t down from 5.6mn t and Algeria 4.2mn t, down from 4.6mn t. While French refinery availability has been plagued by problems since the fourth quarter of 2019 , the lighter sweeter crude slate has resulted in higher production of light products naphtha and gasoline . This increase has occurred even after TotalEnergies definitively closed its 93,000 b/d Grandpuits refinery at the start of 2021. There is the possibility of continued support for US shipments this year. Alternative light sweet Libyan crude can be prone to political disruption, Nigerian domestic crude consumption is growing as the 600,000 b/d Dangote refinery ramps up , and Kazakhstan is under pressure to compensate for exceeding its Opec+ output target and could limit deliveries of CPC Blend. By Adam Porter French crude imports mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Atoba to offtake SAF from Haffner Energy in France


21/02/25
News
21/02/25

Atoba to offtake SAF from Haffner Energy in France

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Oil, biofuel lobbies unite for ‘robust’ RFS: Update


20/02/25
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20/02/25

Oil, biofuel lobbies unite for ‘robust’ RFS: Update

Updates with comments from trade groups, details throughout. New York, 20 February (Argus) — Oil and biofuel groups, at loggerheads years ago over the federal Renewable Fuel Standard (RFS), have united around a call for US regulators to set "robust" biofuel blend mandates for future years. A diverse coalition of 11 trade associations — including the American Petroleum Institute, Clean Fuels Alliance America, farm groups, and fuel marketers — said in a Wednesday letter to the Environmental Protection Agency (EPA) that the RFS is a way to "advance liquid fuels" and "ensure consumers have a choice of how they fuel their vehicles". They want EPA, which is behind schedule on setting volume mandates for 2026, to set multiyear standards that better reflect recent growth in feedstock availability and production capacity than past RFS regulations. "We're trying to send a signal to the administration: hey, we're in more agreement than we used to be," American Petroleum Institute vice president of downstream policy Will Hupman told Argus . "We want to work constructively with you on this. We understand we're going to need all energy sources and supplies." The letter reflects the increasingly aligning interests of groups that formerly split over biofuels. Many oil companies that opposed the RFS in its early years have since invested heavily in fuels like renewable diesel, making strong government biofuel mandates crucial for their businesses, too. And producers of petroleum and biofuel products alike fear that rising electric vehicle adoption, aided by policies during the administration of President Joe Biden, could curb liquid fuel demand. It is unclear how durable any coalition of oil, biofuel, and farm groups will prove, especially for more divisive issues like RFS exemptions for small refineries. The oil industry is not united either, since small merchant refiners with less ability to blend biofuels have generally been more hostile to the RFS than larger integrated companies. The American Fuel and Petrochemical Manufacturers, which did not sign the letter, said that it looks forward "to engaging with EPA and other stakeholders to set realistic and achievable RFS standards anchored in the law". Still, the letter reflects some attempt among the signatories to downplay disagreements that surfaced around past RFS rules, signaling to President Donald Trump's administration that it need not delay program updates. The groups say they support, for instance, "strong, steady volumes" of not just biomass-based diesel and advanced biofuels but conventional biofuels too. While refiners can meet conventional obligations by blending excess amounts of lower-carbon fuels from other program categories, oil interests have previously criticized EPA for setting conventional requirements above expected corn ethanol consumption. The prior US administration set a plan for proposing new RFS volumes next month and finalizing them by the end of 2025 , though it is unclear whether Trump officials plan to meet that timeline. Two biofuel groups have sued EPA over its delays setting new mandates, a process which in the past has resulted in the government and industry coming to a negotiated agreement around a new timeline. Under the RFS program, EPA sets annual mandates for blending different types of biofuels into the conventional fuel supply. Refiners comply by blending biofuels themselves or buying credits from those who do. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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