PdV to restart CRP refining by 10 July

Spanish Market: Crude oil, Oil products
08/07/19

Venezuela´s state-owned PdV plans to restart crude processing at the 940,000 b/d CRP refining complex by 10 July after electricity supply was restored on the Paraguana peninsula, the oil ministry said.

The oil ministry said the CRP complex remained off line as of 6pm ET today, but electricity has been restored to about 80pc of the peninsula, including PdV's Amuay and Cardon sea terminals. Tanker operations are expected to resume on 9 July, the ministry added.

Safely restoring refinery operations could take three to five days, the ministry added.

The CRP complex, which includes the 635,000 b/d Amuay refinery and 305,000 b/d Cardon refinery, shut down at 11:30pm ET on 7 July when a transformer exploded at the Judibana sub-station. The blast damaged at least two thermoelectric turbines at the 450MW Josefa Camejo and 315MW Genevapca power plants in Falcon state, an electricity ministry official said.

The transformer explosion damaged several generation and transformer components that state-owned utility Corpoelec is now replacing, Falcon state governor Victor Clark said this afternoon while inspecting the affected substation that links Genevapca and Josefa Camejo to the national power grid.

Two oil union officials who work at the CRP said PdV repair crews are inspecting the Amuay and Cardon refineries to determine if any units sustained structural damage that would hinder restart protocols.

A senior oil union official said the CRP was operating at less than 20pc of its nameplate capacity immediately before the weekend blackout.

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19/11/24

Cop: Countries join fossil fuel subsidy phase-out group

Baku, 19 November (Argus) — Colombia, New Zealand and the UK today joined a Netherlands-led international coalition focused on phasing out incentives and subsidies for fossil fuels. They made the announcement at the UN Cop 29 climate summit in Baku, Azerbaijan. The coalition was first formed at Cop 28 in December last year. Member countries that sign up to the coalition commit to publish an inventory of their fossil fuel subsidies a year after joining, and to develop a plan to phase them out. Countries agreed at Cop 26, in 2021, to phase out inefficient fossil fuel subsidies, and reaffirmed this a year later at Cop 27. G20 members first pledged in 2009 to do the same. But global fossil fuel consumption subsidies hit over $1.2 trillion in 2022 and more than $600bn in 2023, IEA data show. "We truly feel that this is something we should tackle at a European level as well", EU energy commissioner Wopke Hoekstra said today. "This is something the next Commission will push; this is something I will personally push", he added. New Dutch climate and green growth minister Sophie Hermans admitted that phasing out fossil fuel subsidies is a "sensitive topic", but that the country is working on a plan. The first step is to make transparent which fossil fuels subsidies are in countries' systems, she said. The coalition now has 16 members — Austria, Antigua and Barbuda, Belgium, Canada, Costa Rica, Denmark, Finland, France, Ireland, Luxembourg, the Netherlands, Spain and Switzerland, as well as the three countries that joined today. Four members have made their national inventory of fossil fuel subsidies transparent — Belgium, France, Ireland and the Netherlands. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

G20 mayors call for $800bn/yr to address climate change

19/11/24

G20 mayors call for $800bn/yr to address climate change

Rio de Janeiro, 19 November (Argus) — Mayors from G20 countries are asking for at least $800bn/yr in investments by 2030 to tackle the effects of climate change. "We need better and faster access to international financing to ensure infrastructure that supports the socioeconomic security of our communities," Rio de Janeiro's mayor Eduardo Paes said. The joint statement from nearly 60 mayors and urban leaders was drafted during the Urban20, a G20 forum that includes leaders from major cities worldwide, and was delivered to Brazilian president Luiz Inacio Lula da Silva. The statement will also be delivered to other G20 members during the ongoing G20 summit in Rio de Janeiro. Climate change is one of the main topics being debated at the G20 summit. Brazil, which holds the G20 presidency this year, has set the energy transition as one of its goals for the year. The group reaffirmed its support for the Paris Agreement climate goals , saying it "fully subscribes" to the Cop 28 deal struck last year, which included language on transitioning away from fossil fuels. Urban investments such as low-emission transport, clean energy, and climate-resilient infrastructure can "significantly reduce emissions" and boost economic growth, according to the statement. The funding could unlock around $23.9 trillion in returns by 2050, it said. The $800bn/yr would cover around 20pc of urban climate finance needs and "serve as a catalyst for additional private sector funding," according to the Global Covenant of Mayors for Climate and Energy, a non-government organization for climate leadership that comprises over 13,000 cities worldwide. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Progress on actions to cut emissions uncertain

18/11/24

Cop: Progress on actions to cut emissions uncertain

Baku, 18 November (Argus) — Progress on mitigation — actions to cut greenhouse gas emissions — is uncertain at the UN Cop 29 climate summit, as talks on a specific text related to the issue are at risk to be pushed back to 2025, losing any progress made in the past year. Some countries had proposed using the mitigation work programme — a work stream focused on reducing emissions — to progress the commitment made at Cop 28 in 2023 to "transition away" from fossil fuels. But talks have stalled and could end without a conclusion at the summit. Developed countries as well as developing nations including some small island states and countries in Latin America — such as Brazil, Colombia, Peru, Mexico — have expressed disappointment about how mitigation talks were going. New Zealand called on countries to follow up on last year's decision on mitigation at Cop 28 and Norway added that these issues deserved "more than silence on mitigation". Switzerland complained that mitigation was "held up by a select few", and said that the discussion was critical for increased commitments for next year's 2035 Nationally Determined Contributions (NDCs). NDCs are countries' climate plans that include emissions reduction targets. Cop parties are due to submit new versions by February 2025. The US also said that Cop 29 needed to "reaffirm the historical Global Stocktake decision" taken last year. And developed nations, led by the EU, called for the discussion to continue this week — the second week of Cop 29. But countries including Bolivia, Iran and Saudi Arabia, for the Arab Group, pushed back on this. The mitigation work programme is "not… open to reinterpretation", Saudi Arabia's representative said today. The country said earlier that it did not want new targets to be imposed, complaining about the "top-down approach" taken by developed countries. India reminded developed countries that they have yet to deliver on their new finance commitment — a crucial step for more ambitious NDCs in developing nations. But "Cop 29 cannot and will not be silent on mitigation", the summit's president, Mukhtar Babayev said today. "On mitigation we have been clear that we must make progress, "he said, adding that he has asked ministers from Norway and South Africa to consult on what an outcome on mitigation could look like. EU climate commissioner Wopke Hoekstra today said that it is "imperative that we send a strong signal this week for the next round of NDCs", he said. Points related to mitigation — including transitioning away from fossil fuels and phasing out inefficient fossil fuels subsidies — are currently mentioned in the draft text for the new finance goal, known as the new collective quantified goal (NCQG). It is the key issue at Cop 29. Developed countries agreed to deliver $100bn/yr in climate finance to developing nations over 2020-25, and Cop parties must decide on the next stage — including the amount. Developed countries are likely push for the fossil fuel language to stay in the finance goal text, especially if mitigation talks stall elsewhere. But countries such as Saudi Arabia have long opposed this, while developed countries have received some criticism for still not having given an amount for the new finance target. By Georgia Gratton, Prethika Nair and Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: G20 momentum key to Cop climate finance outcome

18/11/24

Cop: G20 momentum key to Cop climate finance outcome

Baku, 18 November (Argus) — The outcome of the G20 leaders' summit in Brazil taking place on Monday and Tuesday on climate financing will be key to the success of the UN Cop 29 climate conference in Baku, Azerbaijan, summit president Mukhtar Babayev said today. "We cannot succeed without [the G20], and the world is waiting to hear from them," Babayev said. The leaders' summit takes place at the beginning of the second week of the Cop 29 conference. Progress at Cop 29 last week towards agreeing a new climate finance target for developing countries — the so-called NCQG — was not sufficient, Babayev said. He is concerned that parties are not moving towards each other fast enough. Little progress was made in the first week on three main areas of disagreement: the amount of climate finance which should be provided, how it should be structured, and which countries should contribute. Babayev urged G20 leaders, including US president Joe Biden who will be present in Brazil, to send a "positive signal of commitment to solving the climate crisis," and deliver clear mandates for Cop 29. The talks in Baku move from the technical to the political phase this week. Ministers typically have more authority to move red lines. But parties should focus on wrapping up less contentious issues early in the week so as to leave time for major political decisions, according to Simon Stiell, executive secretary of UN climate body the UNFCCC. Babayev expects talks on the amount of climate financing which will be on the table to continue until the last day of the summit at the end of this week, he said. The Cop presidency has invited former and upcoming Cop hosts the UK and Brazil to advise and "ensure an ambitious and balanced package of negotiated outcomes." Both countries have in the past week communicated more ambitious emissions reduction targets, which have been broadly welcomed. The EU today called for the Cop presidency to step up its role in the process. "We do need a presidency to lead, to steer us in the direction of a safe landing ground," European commissioner for climate action Wopke Hoekstra said. Hoekstra declined to be drawn on the amount of climate financing that the EU would like to see. Developing countries have pushed for a high goal of $1.3 trillion/yr, well above the previous target of $100bn/yr. The EU today reiterated instead its desire for the base of contributor countries to be enlarged beyond the current roster of countries defined as developed under the UNFCCC, and for as much private finance to be mobilised as possible to add to public finance. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

German diesel demand at year-high with winter shift

18/11/24

German diesel demand at year-high with winter shift

Hamburg, 18 November (Argus) — Traders in Germany noted a significant increase in diesel demand at the start of the past week because of lower prices and the transition to winter-grade fuel. Spot sales of heating oil and gasoline rose, particularly in the south and southwest. Middle distillates in Germany traded on 11-12 November at lower prices than in the week prior, pressured by declining Ice gasoil futures. But these rose in the following days. There is uncertainty in the market around the potential impact of US President-elect Donald Trump's trade policy from January. The upcoming switch to winter diesel in Germany could be leading to increased demand. Most tank storage and refinery operators have, since 1 November, been offering diesel and gasoline in winter quality. Only winter-grade fuel can be dispensed from 16 November. Consumers in recent weeks have been ordering smaller amounts of diesel, waiting for the switch to winter specification before replenishing stocks, traders told Argus . Consequently, diesel spot volumes reported to Argus increased to the highest this year on 11 November. Traded quantities of heating oil and gasoline also rose. But buying interest for middle distillates and gasoline weakened as the week went on. This month has seen high imports into northern Germany and elevated refinery production. On the Rhine river, falling water levels at the Kaub bottleneck has led to increased freight rates from Amsterdam-Rotterdam-Antwerp (ARA) to destinations on the Upper Rhine. But demand for shipping space from importers in mid-November is so weak that the effect of low water levels on the rates was dampened, shipowners said. Water levels are forecast to rise in the coming days. TotalEnergies' 240,000 b/d Leuna refinery in eastern Germany, close to the border with Czech Republic, ended a maintenance shutdown in the past week. The shutdown had only minor effects on product availability but lasted longer than expected because of technical problems when ramping up. Leuna producing again marks the end of this year's maintenance season in Germany. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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