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Venezuela promotes mining campaign, power fix

  • : Crude oil, Electricity, Natural gas, Oil products
  • 19/06/06

Venezuelan president Nicolas Maduro has made another push to promote mining investment and named a new electricity minister tasked with repairing the power grid.

Speaking from the presidential palace yesterday, Maduro announced a 2019-24 national mining plan aimed at establishing "win-win" joint ventures offering foreign investors "legal and constitutional" guarantees to develop some 13 minerals, including coltan, nickel, gold, diamonds, phosphates, iron ore and coal.

"Mining is the future alternative to oil," Maduro said during the national broadcast. He was flanked by executive vice president Delcy Rodriguez and ecological mining minister Victor Cano.

"These minerals belong to Venezuela, not to the coup-mongering opposition. We are going to develop this with a concept of sovereignty and wealth generation," Maduro said, alluding to the political opposition led by national assembly president Juan Guaido.

During the broadcast, Maduro patched in live reports from small mining and minerals processing projects. He announced the launch of operations of a small coltan processing plant dubbed Las Bendiciones in Cedeno municipality in Bolivar state. The €2.8mn ($3.2mn) project is a joint venture between state-owned heavy industries company CVG, the military´s oil, gas and mining company Camimpeg and the private company Minverca. It will process 20 t per year of pre-concentrated coltan to supply a metals separation plant in Ciudad Piar, according to mining vice minister Franklin Ramirez, who addressed Maduro from the construction site.

"We are going to be the world´s top supplier of coltan," Cano said, pledging that Venezuela will produce 35,000 t/yr of the strategic metal.

Maduro also showcased a new coal mine dubbed Las Lajitas in Aragua state. According to private Venezuelan executives speaking from the site, the €71mn project is in the exploration phase but the mine is expected to produce 1mn t/yr of coal, first to supply the Dutch-led Lomas de Niquel slag-to-nickel project, with the rest to be exported at market prices.

Maduro next touted the €18.9mn Monte Fresco phosphates mine in the western state of Tachira. According to Nicolas Varela, representative of the private company Venezolana de Fosfato (Venfoca), the project will produce 70,000 t of phosphates in the first year, with 30,000 t of that to be allocated to state-owned petrochemicals company Pequiven. He did not say when production would begin.

Maduro has so far defied a US-led campaign to unseat him in favor of Guaido, whom more than 50 countries recognize as Venezuela´s interim president. During the broadcast, he referred to US sanctions that have targeted the country´s oil industry since January, and vowed to prevent them from blocking future minerals exports.

In a separate announcement this morning, Maduro named Freddy Brito as the country´s new electricity minister and chief executive of state-owned power utility Corpoelec.

Most of Venezuela still lacks steady power supply in the wake of a string of nationwide blackouts in March and early April, and the oil-based economy has mostly collapsed.

Brito replaces Igor Gavidia who served as a minister for a brief period after the blackouts.

He previously served as minister of science and technology.


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25/03/18

State of emergency after Nigeria pipeline attack:Update

State of emergency after Nigeria pipeline attack:Update

Updates with state of emergency declared London, 18 March (Argus) — The Nigerian government has declared a state of emergency in Rivers State, after an apparent attack on the Trans-Niger Pipeline (TNP) halted crude movements to Nigeria's Bonny Light export terminal. A fire occurred on the pipeline at the border of the Kpor and Bodo communities, and the pipeline's management has shut down the affected section, the Rivers State police said. Operator Renaissance Africa said it is responding to an incident. The 180,000 b/d, 60km TNP carries crude to the Bonny terminal, from where the Bonny Light grade is exported. TNP was operated until 14 March by Shell subsidiary SPDC . The pipeline has been the target of repeated oil theft, vandalism and sabotage in the past, and Shell shut the TNP entirely between April and October 2022. Nigerian President Bola Tinubu today said the resumption of "disturbing incidents" had happened "without the [state] governor taking any action to curtail them". Tinubu suspended the Rivers State governor and his deputy and said the region will be under federal control, effective immediately. It is unclear what if any effect this will have on the region's oil production, a source within state-owned oil firm NNPC told Argus . But it appears the pipeline attack has halted loadings at the Bonny terminal. The Almi Voyager was the most recent tanker to load there, with around 550,000 bl of crude on 14 March. Loading operations are seemingly halted as the pumping of 475,000 bl to NNPC's 210,000 b/d Port Harcourt refinery was the next scheduled operation before the explosion. Market sources said they are monitoring the situation and awaiting a possible declaration of force majeure by Renaissance Africa. Sources added that loading operations at the export terminal were already running up to two weeks behind schedule. By Elena Mataro, Adebiyi Olusolape and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Groups to sue Alliant over Iowa coal ash discharge


25/03/18
25/03/18

Groups to sue Alliant over Iowa coal ash discharge

New York, 18 March (Argus) — Three environmental groups intend to sue Alliant Energy subsidiary Interstate Power and Light, alleging that groundwater discharges from the Ottumwa coal plant's coal ash impoundment in Iowa violate the Clean Water Act. The groups — the Iowa Environmental Council, Sierra Club, and Environmental Law & Policy Center — filed a formal notice to sue the utility on 12 March, initiating a 60-day period for the company to respond and comply with the Clean Water Act. The environmental groups claim Ottumwa has continued to release groundwater with arsenic and other toxic pollutants into the Des Moines River through a drain under the plant's lined coal ash pond despite being told by Iowa regulators in 2023 that such releases were not allowed under the plant's stormwater permit. The utility also has not applied for a new permit since the Iowa Department of Natural Resources mentioned the issue, the groups claim. "We want the unpermitted pollution to stop," said Environmental Law & Policy Center senior attorney Josh Mandelbaum. "We will evaluate any response by the utility, but if there continues to be unpermitted pollution, we intend to act." Alliant said that it is abiding by all regulated and required groundwater monitoring processes. The company "proactively" reached out to the Iowa Department of Natural Resources about the permit and has been "actively communicating" with the department while "systematically working" toward a solution for the groundwater discharge. "The system under the landfill is engineered so the groundwater does not come into contact with the contents of the landfill," the coal plant operator said in its statement. Still, environmental groups insist that "a solution has not been implemented and Alliant continues its unpermitted discharge". The Ottumwa coal plant received 1.27mn short tons (1.15mn metric tonnes) of coal from four Wyoming mines in 2024, according to the most recent US Energy Information Administration data. By Elena Vasilyeva Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Norway's Equinor sells first Johan Castberg crude cargo


25/03/18
25/03/18

Norway's Equinor sells first Johan Castberg crude cargo

London, 18 March (Argus) — Norway's state-controlled Equinor has sold its first cargo of crude from the new Johan Castberg field in the Barents Sea to Spanish firm Repsol ahead of first oil next month, according to market sources. Repsol will probably run the crude at its 220,000 b/d Bilbao refinery, the sources said. The Johan Castberg field had been expected to come on stream in the final quarter of 2024, but start-up was delayed, first to January-February this year because of bad weather, and more recently to April. Equinor delayed the first loading of Johan Castberg crude to 14-17 April from 21-24 February. The April export programme comprises four 700,000 bl cargoes, with Equinor loading three and Johan Castberg partner Var Energi loading the fourth. Three of the April cargoes are unsold, and Equinor is planning to issue separate tenders for them. It is not immediately clear what price the first cargo fetched. Traders have said previously that the grade could be priced at a premium to sweet middle distillate-rich Norwegian grades such as Troll or Alvheim. Johan Castberg crude will also be rich in middle distillates and have have a gravity of 34.7°API with a sulphur content of just 0.16pc when the field starts production, according to an assay. The field is expected to produce 220,000 b/d at plateau and has estimated recoverable reserves of 450mn-650mn bl. Equinor operates Johan Castberg with a 50pc stake, Var Energi has 30pc and Norwegian state-owned Petoro has 20pc. By Lina Bulyk and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trans-Niger Pipeline fire halts crude to Bonny terminal


25/03/18
25/03/18

Trans-Niger Pipeline fire halts crude to Bonny terminal

London, 18 March (Argus) — A fire on the Trans-Niger Pipeline (TNP) appears to have halted crude movements to Nigeria's Bonny Light export terminal. The Rivers State police said a fire occurred on the pipeline at the border of Kpor and Bodo communities. It said the pipeline's management shut down the affected section. Operator Renaissance Africa said it is responding to an incident. The 180,000 b/d, 60km TNP carries crude to the Bonny terminal, from where the Bonny Light grade is exported. TNP was operated until 14 March by Shell subsidiary SPDC . The pipeline has been the target of repeated oil theft, vandalism and sabotage in the past, and Shell shut the TNP entirely between April and October 2022. A source within state-owned NNPC told Argus the Almi Voyager was the most recent crude tanker to load at the Bonny terminal, with around 550,000 bl of crude on 14 March. Loading operations are seemingly halted as the pumping of 475,000 bl to NNPC's 210,000 b/d Port Harcourt refinery was the next scheduled operation before the explosion. Market sources said they are monitoring the situation and awaiting a possible declaration of force majeure by Renaissance Africa. Sources added loading operations at the export terminal were already running up to two weeks behind schedule. By Elena Mataro, Adebiyi Olusolape and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India's base oil imports rise in 2024


25/03/18
25/03/18

India's base oil imports rise in 2024

Singapore, 18 March (Argus) — India's base oil imports rose by 15pc on the year to 2.71mn t in 2024, data from GTT show. Lower domestic production, because of plant maintenance, and higher finished lubricant consumption boosted imports in 2024. Consumption of lubricant and grease increased by 8pc on the year to 4.44mn t in 2024, oil ministry data show. India's base oil imports fell by 19pc on the year to 201,734t in December 2024. Lower-than-expected demand at the end of the year, owing to slowing economic growth in India, likely caused the decline. Base oil imports in December were largely stable as compared with the previous month. South Korea remains the top supplier to India, with imports exceeding 1.15mn t in 2024, a 27pc increase from the previous year. But imports from South Korea dropped by 28pc on the year to 82,989t in December because of reduced supply, with a key refiner having maintenance in the fourth quarter of 2024. Imports from Singapore and Taiwan increased by 25pc and 28pc respectively in 2024. Asian suppliers are diverting supply to other markets with falling demand from China. The Mideast Gulf remains a key supply region, supplying close to a quarter of India's imports in 2024. Saudi Arabia and the UAE are among top suppliers. By Chng Li Li India base oils imports unit Dec'24 m-o-m ± % y-o-y ± % Jan-Dec 24 y-o-y ± % South Korea 82,989 -9.7 -27.5 1,150,234 27.1 Singapore 41,656 129.7 69.4 399,599 25.1 Saudi Arabia 25,738 18.7 20.1 251,387 -9.0 UAE 17,198 -38.2 -30.3 266,178 18.1 Taiwan 14,221 9.4 213.7 115,877 28.0 Monthly total 201,734 -0.4 -18.8 2,713,623 14.6 Source: GTT Total includes all countries, not just those listed Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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