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Opec sec gen invites Ecuador to rejoin producer group

  • : Crude oil, Natural gas
  • 23/05/16

Opec secretary general Haitham al-Ghais has invited Ecuador to rejoin the producer group, three and a half years after it left.

In a letter to Ecuadorean energy minister Fernando Santos, dated 12 May and made public by the ministry today, al-Ghais said Opec saw Ecuador's return "as a top priority" that would "greatly benefit" the South American nation.

"Ecuador is an important oil producer and exporter, and the secretariat believes that your esteemed country would greatly benefit from the information and knowledge that Opec shares with its member countries, as well as the possibility of strengthening diplomatic ties with like-minded oil producing countries," the letter said.

Al-Ghais said he was prepared to visit Ecuador "to personally explain the multiple advantages of joining Opec" to Santos and President Guillermo Lasso.

The country joined Opec in 1973, and suspended its membership in 1992. It reactivated that in 2007, only to leave again at the end of 2019 as part of a government belt-tightening programme.

"The decision is based on the internal affairs and challenges that the country has to assume, related to fiscal sustainability," the ministry said at the time, adding that it aligned with the government's plan to cut spending and generate new revenues.

At that time, Ecuador's crude production was around 550,000 b/d, making it the Opec group's fourth smallest producer behind Congo (Brazzaville), Equatorial Guinea and Gabon. Its output has been edging down ever since, with latest figures from the Ecuadorean central bank putting production at 461,000 b/d in the first quarter of this year.

The energy ministry in March revised down its production target for the year, by 6pc to 490,000 b/d from 521,000 b/d, because of indigenous communities' strikes, power outages and the shutdown of main pipelines at the start of the year.


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24/07/30

India's Chhara LNG terminal again delays commissioning

India's Chhara LNG terminal again delays commissioning

Mumbai, 30 July (Argus) — Indian state-run HPCL has further delayed the commissioning of its 5mn t/yr Chhara LNG import terminal to November-December, depending on weather conditions, a company official said during an investor call on 30 July. This is the second delay this year after the firm failed to unload a 160,000m³ commissioning cargo from the Maran Gas Mystras carrier in April because of sea swells above the permissible limit, the company said in its May call. The vessel was left stranded for over a week as it could not moor because of rough weather and the lack of a breakwater at the terminal, a source close to the matter told Argus . The distressed cargo was later bought by Indian state-controlled refiner IOC . The latest delay at Chhara could be extended further, considering the troubles that HPCL has faced, traders said. HPCL had said in May that the terminal was expected to be commissioned in October . The facility is currently closed owing to the monsoon and HPCL is also building the breakwater, which is required to ensure safe tanker berthing during the rainy season. The firm expects to complete the work by the next fiscal year starting in April 2025, it said today. Once commissioned, regasified LNG from the terminal will be transported along a 40km pipeline to Gundala village in Gujarat, which connects to gas transport firm Gujarat State Petronet's distribution network. The firm aims to sign long-term LNG contracts with international suppliers as it aims to feed regasified LNG to its own refineries, the firm said, adding that its captive gas use is around 1.5mn t. This would be beyond the LNG requirements of other firms booking import vessels to be unloaded at the terminal. Chhara LNG was initially expected to be commissioned in September 2022 . The terminal is the country's eighth LNG import facility, and will lift total regasification capacity to 52.7mn t/yr from 47.7mn t/yr once operational. By Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Marine biodiesel demand slips in Rotterdam 2Q sales


24/07/30
24/07/30

Marine biodiesel demand slips in Rotterdam 2Q sales

London, 30 July (Argus) — Sales of fossil bunker fuels and marine biodiesel blends at the port of Rotterdam inched higher in the second quarter of the year, but were below levels of a year earlier, according to official port data. Marine biodiesel blend sales retracted by about 10.5pc quarter-on-quarter ( see table ). Market participants pointed to muted spot demand as a consequence of limited regulatory incentives and cheaper marine biodiesel prices east of Suez. The premium held by B30 used cooking oil methyl ester (Ucome) dob ARA to B24 Ucome dob Singapore averaged $93.17/t in the April-June period, compared with $40.98/t in the two months prior to April. But blend sales were 26.5pc above April-June 2023, with stable voluntary demand from cargo owners seeking scope 3 emissions rights and shipowners conducting trials ahead of the introduction of FuelEU Maritime regulations next year. High-sulphur fuel oil (HSFO) sales rose slightly on the quarter and fell from the second quarter of last year. Chronic traffic disruption in the Red Sea has continued to redirect vessels on a longer journey around the Cape of Good Hope. Market participants told Argus this has lent support to HSFO demand in Rotterdam, with the high-sulphur product a lucrative option for scrubber-fitted vessels embarking on the east-west route. Sales of very-low sulphur fuel oil (VLSFO) and ultra-low sulphur fuel oil (ULSFO) rose by 7pc compared with the first three months of the year, but tumbled from the second quarter of 2023. Market participants reported limited VLSFO demand and steady production during the quarter. Combined sales for marine gasoil (MGO) and marine diesel oil (MDO) fell on the quarter and on the year in April-June with mostly lacklustre demand. LNG bunker fuel sales continued to rise, further complimented by 2,200m³ of bio-LNG sold, the highest since official records for bio-LNG sales began. By Hussein Al-Khalisy Rotterdam bunker sales t Fuel 2Q24 1Q24 2Q23 q-o-q% y-o-y% VLSFO & ULSFO 917,253 857,579 1,127,145 7 -18.6 HSFO 825,125 818,028 847,189 0.9 -2.6 MGO & MDO 369,267 383,409 404,872 -3.7 -8.8 Biofuel blends 235,043 262,634 185,824 -10.5 26.5 Total 2,346,688 2,321,650 2,565,030 1.1 -8.5 LNG (m³) 148,932 131,960 110,231 12.9 35.1 bio-LNG (m³) 2,200 0 0 - - Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Protests build in Venezuela on Maduro's claim: Update3


24/07/29
24/07/29

Protests build in Venezuela on Maduro's claim: Update3

Adds details from protests. Caracas, 29 July (Argus) — Protests have grown steadily today after Venezuela's election authority declared that President Nicolas Maduro won a third six-year term in a vote questioned by allied countries as well as the opposition. Protestors blocked traffic through the capital of Caracas late on Monday, with many approaching the presidential palace in Miraflores. Fiery barricades, groups of protestors on motorcycles seeking out Maduro supporters and the banging of pots in cacerolazo protests continued all day. Venezuela broke diplomatic ties with seven Latin American countries who had called for the government to respect the vote. Maduro won with 51.2pc of the vote on Sunday which was tallied "after resolving an attack against the results transmission system," said CNE president Elvis Amoroso, president of Venezuela's administration-aligned national electoral council (CNE). CNE data indicated 44.2pc of the vote for his main rival Edmundo Gonzalez, who ran in the place of main opposition coalition leader Maria Corina Machado after Maduro's government blocked her from running. The council said 80pc of the votes were counted, indicating an "irreversible" trend that would allow another six years in office for the party that has ruled the country since 1999. The first data shown by CNE on live television late Sunday indicated voting shares that totaled 132pc, with eight opposition candidates other than Gonzalez each getting an identical 4.6pc of the vote. CNE's final results contrasts with independent opinion polls and data from opposition observers that forecast a victory for Gonzalez. Machado said her team's review of voting data indicated a win for Gonzalez with 70pc of the vote compared with 30pc for Maduro, in line with results from independent opinion polls. The US, which already has an extensive set of sanctions against oil and mining industries in Venezuela, questioned the election result but indicated that no specific action by Washington was imminent. The US is asking Caracas to make public the detailed, precinct-level election data to prove the Maduro victory claim, a senior US official said, who added that the US was working with regional allies and the EU to coordinate a response. "We're going to reserve any judgment until we have a better sense of what happened on the ground," the White House said. About the only remaining effective lever of US sanctions left to apply would involve taking away authorization to Chevron, granted in 2022, to import into the US oil produced in a joint venture with state-owned PdV. But another US official said today that option is not under consideration. Machado's team denounced that it was denied access to the council's center to scrutinise data. Opposition leader Delsa Solorzano also said that witnesses had been kicked out of polling stations and denied required copies of vote tallies . Violence hit polling stations and at least two people were killed overnight after a relatively calm election day. "All the international community, all, even those who once were [government] allies, they know what happened in Venezuela and how the people voted for a change," Machado said. Breaking ties Brazilian president Luiz Inacio Lula da Silva said his government would not recognise the outcome until the government investigates opposition claims. Leftist Chilean president Gabriel Boric said the CNE's results were "difficult to believe." In a joint statement , the governments of Argentina, Costa Rica, Ecuador, Guatemala, Panama, Paraguay, Peru, the Dominican Republic and Uruguay also called on Venezuela to respect its citizens' decision. Venezuela's government accused these and other Latin American governments of "interfering" in the electoral process under direction from the US, and said it is withdrawing Venezuelan missions from Argentina, Chile, Costa Rica, Peru, Panama, the Dominican Republic and Uruguay. It is also expelling these countries' diplomatic missions from Venezuela. Ties had already been severed during previous disputes with Ecuador and Guatemala and ties were only being recently reestablished with Paraguay. Maduro would continue the legacy of late former president Hugo Chavez, who died in office in 2013 after ushering in massive changes that have contributed to reducing the country's oil output to about 900,000 b/d to more than 3mn b/d at its peak. By Isabella Reimi, Carlos Camacho and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

CN rail shipments resume through Alberta: Update


24/07/29
24/07/29

CN rail shipments resume through Alberta: Update

Adds CN comment on start date in second paragraph. Houston, 29 July (Argus) — Canadian National (CN) said it has resumed rail shipments through Jasper, Alberta, after wildfires last week forced the company to halt shipments through the area. Rail operations were restarted on 26 July, CN said on Monday. CN's rail line through the Jasper area moves sulfur and other goods from Alberta into British Columbia for export from Vancouver. The number of wildfires fell to 129 on Monday, down by 46 from last week, according to the government of Alberta. Four communities in Alberta have been under evacuation notice since 25 July. Fort McMurray, a major sulfur, crude and bitumen production site, was put under evacuation notice on 14 July. All fires at Fort McMurray are "being held", the provincial government said, meaning the fires are not anticipated to grow. Jasper was put under evacuation notice on 22 July. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

CN rail shipments resume through Jasper, Alberta


24/07/29
24/07/29

CN rail shipments resume through Jasper, Alberta

Houston, 29 July (Argus) — Canadian National (CN) said today it has resumed rail shipments through Jasper, Alberta, after wildfires last week forced the company to halt shipments through the area. CN's rail line through the Jasper area moves sulfur and other goods from Alberta into British Columbia for export from Vancouver. The number of wildfires fell to 129 on Monday, down by 46 from last week, according to the government of Alberta. Four communities in Alberta have been under evacuation notice since 25 July. Fort McMurray, a major sulfur, crude and bitumen production site, was put under evacuation notice on 14 July. All fires at Fort McMurray are "being held", the provincial government said, meaning the fires are not anticipated to grow. Jasper was put under evacuation notice on 22 July. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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