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ExxonMobil sees 45V as 'critical' for H2 market: Update
ExxonMobil sees 45V as 'critical' for H2 market: Update
Adds details from the earnings call Houston, 31 January (Argus) — ExxonMobil chief executive officer Darren Woods said hydrogen production tax credit 45V, a key component of former President Joe Biden's efforts to curb emissions, is critical to establishing a market for the zero-emissions fuel that can stand on its own. Pointing to the company's Baytown Low-Carbon Hydrogen project in Texas as an example, Woods noted the project depends on 45V to be economically viable. "We believe these incentives are critical to establishing a fully market-based future where hydrogen competes head-to-head with traditional fuels," Woods said in a call following the company's release of fourth-quarter earnings. "The end goal is clear: a system where no energy source remains dependent on government subsidies." Woods' comments come as President Donald Trump has ordered a review of the previous administration's clean energy polices, reversing a moratorium on new LNG export facilities and pausing funding related to Biden's signature climate bill, 2022's Inflation Reduction Act, which established 45V as an incentive to kickstart US hydrogen production. Woods noted that roughly 10pc of the company's capital expenditure is earmarked for "nascent, lower-emissions markets, where market forces have yet to fully take hold." ExxonMobil expects its low-carbon business, which includes hydrogen, lithium and carbon capture and storage, to provide $2bn in earnings growth between now and 2030, chief financial officer Kathryn Mikells said on the earnings call. ExxonMobil is developing what it describes as the largest low-carbon hydrogen plant in the world in Baytown, designed to produce 1bn cf/d of hydrogen from natural gas with carbon capture. If completed as designed, the project would represent nearly 10pc of the Biden administration's goal as laid out in the US National Clean Hydrogen Strategy and Roadmap, the company says on its website. Most of the plant's production would be used to decarbonize its refinery operations at Baytown but the company recently signed an agreement to sell ammonia from the plant to European trading firm Trammo. Japanese power producer Jera has said it is considering 500,000 t/yr of ammonia offtake from the plant as part of its plans to take an equity stake in the project. Earlier in January, ExxonMobil announced a technical breakthrough that would enable it to crack hydrocarbon molecules into olefins for plastics using furnaces that operate entirely on hydrogen fuel. The company said it is the first company to demonstrate this technology at industrial scale and is a part of "getting hydrogen-ready." The company is expected to make a final investment decision on the hydrogen plant later this year. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Study calls for e-fuels bunker subsidies, GHG tax
Study calls for e-fuels bunker subsidies, GHG tax
New York, 30 January (Argus) — E-fuel subsidies and a greenhouse gas (GHG) emissions tax is needed for e-fuels to compete as a bunkering fuel before 2044, said a study by maritime consultancy University Maritime Advisory Services (Umas) and the UCL Energy Institute. The study found that adding a multiplier of the GHG intensity credit given to e-fuels could help to make e-fuel use financially competitive, but it would have to be set at high levels at the start. Using a multiplier of two, where one ship running on zero emissions e-fuel could generate credits to offset three other similar ships operating on conventional fossil fuels, was not able to make e-fuels more competitive before 2041. The multiplier would have to be set initially at 15 in 2030, falling to 10 by 2035, to enable the competitiveness of e-fuels, concludes the study. Additionally, levying a GHG tax or fee of $150-$300/t of CO2-equivalent would also make e-fuels more competitive. A tax of $30-$120/t CO2e is close to the aggregate level of subsidies, and would not create a sustained promotion of e-fuels. Under the current marine fuel standards, a combination of fossil fuels, including LNG, biofuels and carbon capture and storage systems would be most competitive up until 2036. After, blue ammonia dual fuel ships would be the lowest-cost solution until 2044. Ships that were more competitive from 2027-2035 would have at least 25pc higher operating cost from 2040 onwards. Thus, if ship owners order newbuild vessels to maximize short-term competitiveness, the sector is at a "major risk of technology lock-in" and will not be as cost-effective for reaching net zero by 2050. The study models a 2027-build, 14,000 twenty-foot equivalent unit container ship. The vessel sails between Asia and Latin America using different marine fuels such as bio-methanol, e-methanol, LNG, bio-LNG, e-LNG, bio-marine gasoil (MGO), e-MGO and very low-sulphur fuel oil. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EIB's transition, climate finance hit €50.7bn in 2024
EIB's transition, climate finance hit €50.7bn in 2024
London, 30 January (Argus) — The European Investment Bank (EIB) lifted its finance for the energy transition, climate action and environmental sustainability to a record €50.7bn ($52.8bn) in 2024 — 57pc of the bank's total financing last year. The EIB lifted its "green" financing by 14pc on the year . The bank signed €88.8bn in new financing in 2024, with the majority — €68.2bn — going to EU members. The projects financed in 2024 are expected to result in 21GWh of renewable power generation, as well as 107,370km of installed or upgraded power lines, the EIB said. The bank has an existing target for more than 50pc of its total annual financing to go to climate action and environmental sustainability by 2025. It surpassed this goal in 2021, 2022 and 2023, with 51pc, 58pc and 60pc, respectively, going towards climate action in those years. The EIB also aims to support €1 trillion of climate and sustainability investment by 2030 and remains "well on track" to reach this goal, it said. The EIB is the EU's lending arm, owned by EU member states. It is classed as a multilateral development bank (MDB). Countries often call on MDBs to do more to address climate change, as the institutions have significant leveraging power. The bank expects to lift its signed financing to €95bn this year, with plans to support renewable energy, grids and interconnectors, green hydrogen and storage and reduced emissions in heavy industry. "Far-reaching technological changes, the increasing costs of climate change and demand for more investment in defence, housing and global needs are the expected focus for 2025 to 2027," the EIB said today. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Marine biodiesel sales drop in Rotterdam port 4Q 2024
Marine biodiesel sales drop in Rotterdam port 4Q 2024
London, 30 January (Argus) — Marine biodiesel demand fell in the final quarter of last year in the port of Rotterdam, while LNG sales picked up ahead of the introduction of FuelEU Maritime regulations at the turn of the new year. Sales of marine biodiesel blends in Rotterdam fell by 13.8pc on the quarter and just under 50pc on the year in October-December. This contrasts with an increase of about 62pc on the quarter for marine biodiesel blend sales in Singapore, pointing to a continued trend of voluntary demand shifting east of Suez. Participants reported this trend throughout last year, with more competitive prices for the blends in Singapore. Argus assessed B24 dob Singapore, a blend comprising very-low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome), at an average discount of $10.58/t against B30 Advanced Fatty acid methyl ester (Fame) 0 dob ARA in the final quarter of 2024. B24 dob Singapore was marked at an average discount of $119.34/t against B30 Ucome dob ARA. Consequently, shipowners seeking to deliver proof of sustainability documentation to their customers, to offset the latter's scope 3 emissions, shifted their marine biodiesel demand to Singapore when feasible. FuelEU Maritime regulations, which came into effect in January and require a reduction in greenhouse gas (GHG) emissions from vessels every year, will probably incentivise regulatory-driven demand for marine biodiesel blends. But the regional price dynamics between ARA and Singapore will probably remain relevant to regulatory-driven demand as well, as energy consumed from blends bunkered in Singapore can be mass balanced to be fully accounted for under the scope of FuelEU Maritime. The pooling mechanism within FuelEU Maritime would also allow for vessels operating on the east-west route to potentially utilise compliance generated from marine biodiesel blends bunkered in Singapore across other vessels that operate solely in Europe. LNG sales picked up by 19.5pc on the quarter and soared by 76.6pc on the year ahead of the introduction of FuelEU Maritime regulations at the start of 2025. Fossil LNG, depending on the type of engine used on board, can help shipowners with LNG-capable vessels meet their FuelEU compliance targets for 2025. The Gate LNG import terminal is planning to start operations at a second jetty for LNG bunker vessels in 2028, pointing to expectations of greater demand. Bio-LNG sales were reported for the first time in 2024 since small volumes in 2021, ahead of FuelEU Maritime regulations. Conventional bunker fuel sales comprising VLSFO, ultra-low sulphur fuel oil (ULSFO), marine gasoil (MGO), marine diesel oil (MDO), and high-sulphur fuel oil (HSFO) dipped by 4.7pc on the quarter but rose by 17.7pc on the year in October-December. VLSFO sales alone were marked higher than HSFO's for the first time at the port since the last three months of 2023. Total VLSFO volumes traded in the fourth quarter came to nearly 811,000t, down by 3pc from the previous quarter, while HSFO sales totalled 780,500t, down by 14pc. Market participants attribute this retail drop-off to considerable local HSFO supply-side constraints at the end of 2024. Thin volumes produced by CDUs at refineries in the Amsterdam-Rotterdam-Antwerp (ARA) hub meant imported volumes were needed to cover shortfalls. Refineries cut throughput runs, reducing residual byproduct output. Biomethanol sales dropped by over half on the quarter, under pressure from thin trading activity, but were 86pc higher on the year in the final quarter of 2024. Shipping giant Maersk has signed several letters of intent for the procurement of biomethanol and e-methanol from producers such as Equinor , Proman and OCI Global . But the European Commission's proposal to exclude automatic certification of biomethane and biomethane-based fuels for the Union Database for Biofuels if relying on gas that has been transported through grids outside the EU, could slow some negotiations for 2025 imports of biomethanol of US origin into the EU. By Hussein Al-Khalisy, Bob Wigin and Evelina Lungu Rotterdam bunker sales t Fuel 4Q24 3Q24 4Q23 q-o-q% y-o-y% VLSFO & ULSFO 1,004,398 1,045,774 847,862 -4 18.5 HSFO 780,437 906,737 643,218 -13.9 21.3 MGO/MDO 395,903 334,752 361,585 18.3 9.5 Conventional total 2,180,738 2,287,263 1,852,665 -4.7 17.7 Biofuel blends 118,201 137,175 233,108 -13.8 -49.3 LNG (m³) 263,068 220,120 148,933 19.5 76.6 bio-LNG (m³) 575 0 0 na na biomethanol 930 2,066 500 -55 86 Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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