Cop 27: Chile to trim methane emissions by 2025
Chile is focusing on trimming rising methane emissions and expanding land protections in its updated national determined contribution (NDC), or emissions pledge, at the COP 27 UN climate summit in Egypt today, the environment ministry said.
The new NDC vows to revert the growing trend of methane gas emissions by 2025 and to expand by at least 1mn hectares of land and aquatic ecosystems under protection by 2030.
The strengthened NDC contains Chile's updated climate policies, including the obligations imposed by the climate change law, which came into force in June, and the long-term climate strategy that extends to 2050.
Under the Paris Agreement, parties are not required to update their NDCs until 2025, but the Glasgow Climate Pact agreed at Cop 26 last year requested countries to revise and increase their 2030 targets.
Chile was also the second country worldwide to present its fifth biannual update report on greenhouse gas (GHG) emissions, the environment ministry said.
The country's GHG emissions fell by 4pc in 2020 to 105,552kt CO2 equivalent (CO2e), excluding carbon offsets, compared to 2018. When the absorption of gases by forests is considered, 2020 GHG emissions totalled 55,825kt CO2e.
The global COVID-19 pandemic — which reduced land and air transport emissions due to lockdowns — and an increase in power generation from renewables were behind the improvement, it said.
Of total emissions, 75pc were produced by the energy sector, followed by agriculture (11pc), waste (7pc) and industrial processes and product use (7pc). Carbon dioxide represents 76pc of emissions, followed by methane gas with 14pc and nitrous oxides with 6pc.
The country also presented its first adaption report, detailing the main threats, vulnerabilities and risks it faces with regard to climate change and adaption priorities.
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Egypt’s Egas seeks LNG over October-December
Egypt’s Egas seeks LNG over October-December
Singapore, 6 September (Argus) — Egypt's state-owned gas firm Egas is seeking 20 spot LNG cargoes for delivery over October-December through a tender that will close on 12 September. The firm is seeking 17 deliveries to Ain Sukhna, and three deliveries to Jordan's 3.8mn t/yr Aqaba import terminal, through a tender that closes on 12 September. This tender may create additional competition for spot LNG for European buyers. News of the tender may have contributed to a rise in European gas prices, with the front-month contract at the Dutch TTF trading at over €37.50/MWh in the morning, against an Argus assessment of €36.13/MWh on Thursday. But the TTF lost most of its gains later in the day. Egas was last in the market to seek up to five cargoes for delivery over August-September , through a tender that closed on 29 July. This tender was likely to have been fully awarded at an average of a $1.50/mn Btu premium to the TTF, possibly to TotalEnergies, Gunvor and BP, traders said. Traders in mid-August estimated that Egypt would seek about eight to 15 spot cargoes for winter. Its latest requirement for 20 cargoes may indicate that the country's demand for imports is leaning towards the higher end. At the same time Egas executive managing director Magdy Galal had told Argus this February that Egypt would be able to export in winter 2024-25, "as usual". Europe was the main destination for Egyptian LNG exports in recent years. Egypt shipped 84 cargoes to Europe in the past two years, while only 35 vessels were exported elsewhere. Croatia, Greece, Italy, Poland, France, the Netherlands, Spain and the UK were among the recipients of Egyptian cargoes. Egypt last exported LNG in April, when it delivered 209mn m³ of equivalent pipeline gas, data from the Joint Organisations Data Initiative (Jodi) show. But Egypt's appetite for spot cargoes is likely to remain, particularly as domestic gas production in the country has been falling. Gas production in Egypt fell to its lowest for seven years in June , the latest Jodi data show. At the same time, its pipeline gas deliveries from Israel have been hit with uncertainty since the start of the Israel-Hamas conflict in Gaza. Pipeline deliveries from Israel to Egypt fell to 731mn m³ in June from 851mn m³ in May, having reached record highs earlier this year. LNG exports from Egypt this winter are "not very likely" , Italy's Eni said on 26 July. By Rou Urn Lee and Alexandra Vladimirova Egas tender delivery windows Delivery to Ain Sukhna, Egypt Delivery to Aqaba, Jordan 4-5 October 2024 16-17 October 2024 9-10 October 2024 21-22 November 2024 14-15 October 2024 23-24 December 2024 19-20 October 2024 24-25 October 2024 29-30 October 2024 8-9 November 2024 13-14 November 2024 18-19 November 2024 23-24 November 2024 28-29 November 2024 3-4 December 2024 9-10 December 2024 15-16 December 2024 21-22 December 2024 27-28 December 2024 31 December 2024 - 1 Jan 2025 Source: Egas Egas tender delivery windows Delivery to Ain Sukhna, Egypt Delivery to Aqaba, Jordan 4-5 Oct 2024 16-17 Oct 2024 9-10 Oct 2024 21-22 Nov 2024 14-15 Oct 2024 23-24 Dec 2024 19-20 Oct 2024 24-25 Oct 2024 29-30 Oct 2024 8-9 Nov 2024 13-14 Nov 2024 18-19 Nov 2024 23-24 Nov 2024 28-29 Nov 2024 3-4 Dec 2024 9-10 Dec 2024 15-16 Dec 2024 21-22 Dec 2024 27-28 Dec 2024 31 Dec 2024 - 1 Jan 2025 — Egas Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Plaza Marine alleges Ankora used company secrets
Plaza Marine alleges Ankora used company secrets
New York, 6 September (Argus) — New Jersey-based marine fuel supplier Plaza Marine is suing another supplier, Ankora Fuels, alleging that two former Plaza Marine employees used company trade secrets to benefit a rival company and to compete in the same market. Plaza Marine alleges that the two ex-employees, John and Zachary Barbarise, used its trade secrets, confidential information, customer, and supplier relationships to conduct business that is virtually identical to Plaza Marine, according to the suit filed last month in US District Court for the District of New Jersey. John Barbarise was vice president of sales and trading at Plaza Marine until May 2023 and Zachary Barbarise was an operations manager until July 2024. Both individuals are listed as defendants in the suit in addition to Ankora Fuels. According to the lawsuit, John and Zachary's positions at Plaza Marine gave them access to proprietary information about Plaza Marine's business including contracts with its customers, supplier lists and long-term planning like price strategies for its customers. Plaza Marine alleges that John and Zachary used this information to attempt to "clone" Plaza Marine including chartering a vessel that is a long-term vendor of the company and creating a pricing methodology that is like Plaza Marine. This has created confusion in the marine fuel market, according to Plaza Marine. "By creating a competing company engaged in virtually the same activities as Plaza Marine, it is inevitable that John and Zachary will necessarily use and disclose Plaza Marine's trade secrets for their own personal gain and to create an unfair competitive advantage for Ankora," the company said in the suit. According to the lawsuit, prior to resigning from Plaza Marine, Zachary allegedly contacted John on multiple occasions and accessed files related to Plaza Marine's customers, including once after an internal meeting that discussed confidential information related to its customers and suppliers. Zachary also allegedly created Google document files on a personal device and copied and pasted Plaza Marine's trade secrets into that file prior to departing from the company. Plaza Marine alleges that Zachary was passing along this confidential information to John for use at Ankora. Ankora said the allegations are "completely baseless" and that John and Zachary have never taken any information from Plaza Marine. The company said that Zachary has never worked for Ankora and the Google sheets Plaza Marine allegedly found in Zachary's computer were files "for a fantasy football draft and an ultimate fighting championship contest." "The simple truth is Plaza Marine does not want to face competition from a new player in its space. Plaza Marine wants to continue to mistreat customers and other business partners by blocking Ankora Fuels' entry into the market. That's why Plaza Marine has filed this baseless lawsuit. Plain and simple. We are confident that our customers will see the same, and that they will realize – if they haven't already – that Plaza Marine is not a good partner for their businesses," Ankora said. By Luis Gronda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
East-west marine biodiesel spread near six-month low
East-west marine biodiesel spread near six-month low
London, 6 September (Argus) — The east-west marine biodiesel spread narrowed amid firm demand for the B24 blend in Singapore and lacklustre spot marine biodiesel demand in northwest Europe in recent sessions. The east-west marine biodiesel spread — the premium held by B30 used cooking oil methyl ester (Ucome) dob ARA to B24 Ucome dob Singapore — was marked at $47.50/t on 5 September, its narrowest since 19 March. The spread narrowed amid a noted increase in demand from Asian-based shipowners who embark on voyages to Europe ahead of the implementation of FuelEU Maritime regulations in Europe next year — according to market participants. The latter had also reported an increase in B24 demand in Singapore from containerships seeking scope 3 emissions rights that can then be passed on to cargo owners. Scope 3 emissions rights can be obtained on a mass-balance system, allowing shipowners flexibility with regards to the port at which a blend can be bunkered. Argus assessed B24 dob Singapore prices at an average of $720.70/t on 1 July–5 September this year, compared with $757.70/t on 8 February–28 June following the launch of the B30 Ucome dob ARA price on 8 February. Consequently, the east-west marine biodiesel spread was marked at an average of $95.34/t on 1 July–5 September, compared with $74.57/t on 8 February–28 June. A wider east-west spread would incentivise shipowners to opt for the B24 blend in Singapore rather than ARA, when operationally viable, to meet the voluntary scope 3 demand from their customers. Rising demand in the Singapore bunkering hub was further supplemented by higher sales of marine biodiesel blends at the port. According to official data released by the Maritime and Port Authority of Singapore, sales of marine biodiesel blends in the second quarter of the year were marked at about 161,400t — higher by 34,500t from the previous quarter. This was also higher by 52,600t from the second quarter of last year. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Canada’s west coast crude exports up ten-fold on TMX
Canada’s west coast crude exports up ten-fold on TMX
Calgary, 6 September (Argus) — Crude exports from Canada's west coast rose sharply in June as shippers were eager to take advantage of enhanced access to Pacific Rim markets, according to Trans Mountain Corporation (TMC). The 590,000 b/d Trans Mountain Expansion (TMX) pipeline nearly tripled the capacity of the original 300,000 b/d system connecting oil-rich Alberta to Burnaby, British Columbia, with new volumes reaching the Westridge Marine Terminal (WMT) midway through May. Throughputs made a step change in June, the first full month of service, highlighting the pent-up demand among shippers who had waited years for the expansion to be built. Volumes on the Trans Mountain Mainline averaged 704,000 b/d in June, up from 412,000 b/d in May and 300,000 b/d in April, TMC said in its quarterly update. Of those flows, more than half went to the WMT for export in June at 361,000 b/d, ten times the 36,000 b/d sent to the terminal in April. The WMT handled 76,000 b/d of volume in May. Levels at the WMT have held steady in July and August above 350,000 b/d, according to more recent data from Kpler. Most of the volume has gone to China and the US west coast, but cargoes have also been aimed at new markets like Brunei this week . On a quarterly basis, the Mainline handled 471,000 b/d from April-June, up from 349,000 b/d from a year earlier. The WMT handled 157,000 b/d in the second quarter, up from 39,000 b/d across the same period. The Trans Mountain system also has a terminal at the Canada-US border near Sumas, Washington, that diverts crude to refineries in Washington state via the company's 111 kilometre (69 mile) Puget Sound Pipeline. Movements on Puget Sound rose to 246,000 b/d in June, up from 241,000 b/d in May and 199,000 b/d in April. Across the quarter, Puget Sound moved 229,000 b/d, up from 233,000 b/d in the same quarter 2023. Carrying costs for the highly-leveraged C$34bn ($25bn) TMX project weighed on the company's earnings despite an increase in toll-related revenues. Trans Mountain ended the second quarter with C$26.2bn of total debt, up from C$20.1bn a year earlier. Trans Mountain posted a loss of C$48mn in the second quarter, down from a C$172mn profit during the same quarter of 2023. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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