Iranians boarded Gulf of Oman tanker: Recording

Market: Oil products
04/08/21

Clarifies that the communication was with Omani coastguards, not UAE as stated in earlier story

A group of Iranians boarded a tanker that was subject to a potential hijack situation in the Gulf of Oman yesterday, according to a recording of communications between the ship and the Omani coastguard heard by Argus.

In the recording, a crew member identified the tanker as the Asphalt Princess, said that there were "5-6 Iranians" on board "with ammunition" and that the ship was drifting. Asked what the Iranians wanted, the crew member said he did not understand and suggested the coastguards talk directly to them.

The crew member said that the Asphalt Princess had departed Bandar Abbas, an Iranian port in the strait of Hormuz. Vortexa said that it was destined for Sohar, Oman.

The incident has now concluded, the UK Maritime Trade Operations (UKMTO) said today. "Boarders have left the vessel. Vessel is safe. Incident complete," the UK navy-linked organisation said. Yesterday it had said that the incident was not related to piracy.

As of around five hours ago the Asphalt Princess was about 75 miles (120km) off the coast of Fujairah, UAE.

Yesterday the Iranian foreign ministry said reports of security incidents involving ships in the region were "suspicious" and warned against "false propagation". Spokesman Saeed Khatibzadeh said that Iran's policy is to establish stability and security in the region, according to state-run news agency Irna.

Yesterday's incident follows a deadly attack on a products tanker in the Indian Ocean off the coast of Oman last week, which the US, the UK and Israel blamed on Iran. Tehran denied involvement.

By Elshan Aliyev

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24/12/24

Viewpoint: US Gulf high-octane component prices to rise

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Viewpoint: European HSFO supply to stay short

24/12/24

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24/12/24

Viewpoint: European HSFO supply to stay short

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Trump-Panama tiff highlights rising transit cost

24/12/24

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24/12/24

Trump-Panama tiff highlights rising transit cost

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Viewpoint: US east coast diesel oversupply to linger

23/12/24

News

23/12/24

Viewpoint: US east coast diesel oversupply to linger

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Viewpoint: US tax fight next year crucial for 45Z

23/12/24

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23/12/24

Viewpoint: US tax fight next year crucial for 45Z

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Biofuels support is a less likely target for repeal than other climate policies, energy lobbyists say. But Republicans have already requested input on 45Z, signaling openness to changes. Republicans plan to use the reconciliation process, which enables them to avoid a Democratic filibuster in the Senate, to extend tax breaks that are scheduled to expire in 2025. "I want to place our industry in a place to make sure that the biofuels tax credit is part of reconciliation," said Kailee Tkacz Buller, president of the National Oilseed Processors Association. But lawmakers "could punt the biofuels discussion if stakeholders aren't aligned." A decade ago, biofuel policy was a simple tug-of-war between the oil and agriculture industries. Now many refiners formerly critical of the Renewable Fuel Standard produce ethanol and advanced biofuels themselves. And the increasingly diverse biofuels industry could complicate efforts to present a united front to Congress. 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The industry, frustrated by the Biden administration's delays in clarifying 45Z's rules, might welcome legislative changes that limit regulatory discretion regardless of what agency guidance eventually says. And lobbyists have floated various ways to appease agriculture groups without kneecapping biorefineries reliant on imports, including adding domestic content bonuses, imposing stricter requirements for Chinese-origin used cooking oil, and giving preference to close trading partners. Granted, unanimity among lobbyists is hardly a priority for Republican tax-writers. Reaching any consensus in the restive caucus, with just a handful of votes to spare in the House, will be difficult enough. "These types of bills always come to down to what's the most you can do before you start losing enough votes to pass it," said Jeff Navin, cofounder of the clean energy advocacy firm Boundary Stone Partners and a former House and Senate staffer. "Because they can only lose a couple of votes, there's not much more beyond that." And the caucus's goal of cutting spending makes an industry-wide goal — extending the 45Z credit into the 2030s — even more challenging. "It is a hard sell to get the extension right away," said Paul Winters, director of public affairs at Clean Fuels Alliance America. Climate costs Cost concerns also make less likely a simple return to the long-running blenders credit, which offered $1/USG across the board to biomass-based diesel. The US Joint Committee on Taxation in 2022 scored the two-year blenders extension at $5.5bn, while pegging three years of 45Z at less than $3bn. An inconvenient reality for Republicans skeptical of climate change is that 45Z's throttling of subsidies based on carbon intensity makes it more budget-friendly. Lawmakers have other reasons to not ignore emissions. Policies elsewhere, including California's low-carbon fuel standard and Europe's alternative jet fuel mandates, increasingly prioritize sustainability. The US deviating from that focus federally could leave producers with contradictory incentives, making it harder to turn a profit. And companies that have already sunk funds into reducing emissions — such as ethanol producers with heavy investments in carbon capture — want their reward. Incentives with bipartisan buy-in are likely more durable over the long run too. Next time Democrats control Washington, liberals may be more willing to scrap a credit they see as padding the profits of agribusiness — but less so if they see it as helping the US decarbonize. By Cole Martin Tax credit changes 40A Blenders Tax Credit 45Z Producers Tax Credit $1/USG Up to $1/USG for road fuels and up to $1.75/USG for aviation fuels depending on carbon intensity For domestic fuel blenders For domestic fuel producers Imported fuel eligible Imported fuel not eligible Exclusively for biomass-based diesel Fuels that produce no more than 50kg CO2e/mmBTU are eligible Feedstock-agnostic Carbon intensity scoring incentivizes waste over crop feedstocks Co-processed fuels ineligible Co-processed fuels ineligible Administratively simple Requires federal guidance on how to calculate carbon intensities for different feedstocks and fuel pathways Expiring after 2024 Lasts from 2025 through 2027 Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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