Lula assina pacote para incentivar energia verde

: Agriculture, Biofuels, Crude oil, E-fuels, Emissions, Oil products
23/09/14

O presidente Luiz Inácio Lula da Silva assinou, nesta quinta-feira (14), a mensagem de envio dos termos do projeto de lei (PL) Combustível do Futuro, em uma tentativa de acelerar a transição energética e substituir gradualmente os combustíveis fósseis.

O projeto, que foi lançado em cerimônia no Palácio do Planalto, em Brasília, ainda depende de aprovação do Congresso Nacional para se tornar lei.

Se aprovado, o Brasil adotará formalmente normativas estabelecendo metas para o uso sustentável de combustível de aviação (SAF, na sigla em inglês) e diesel verde para apoiar seu compromisso de carbono zero até 2050.

O tão discutido aumento da mistura de anidro na gasolina de 27,5pc para 30pc também foi incluído na proposta.

"O Brasil poderia se tornar tão ou mais importante para os combustíveis renováveis quanto o Oriente Médio é para o petróleo", disse Lula, repetindo declarações semelhantes que fez durante oboom de biocombustíveis do país na década de 2000. Abrir caminho para um futuro energético mais limpo é uma grande parte da sua agenda internacional, disse ele.

Lula também aludiu a reuniões oficiais com empresas do setor nos Estados Unidos, na próxima semana, e na Alemanha, ainda neste ano, para discutir assuntos relacionados aos combustíveis renováveis.

O ministro de Minas e Energia, Alexandre Silveira, disse que a iniciativa é resultado direto dos esforços do governo para a transição energética global. "O Brasil será provedor de soluções de baixo carbono para outras nações", disse ele.

Palestrantes na Cúpula do Clima no Brasil, em Nova York, esta semana, pediram um plano de eliminação progressiva dos combustíveis fósseis para que o país pudesse se posicionar como um pioneiro na implementação de políticas climáticas.

O que pode mudar?

Algumas das mudanças propostas são:

Captura e armazenamento de carbono (CCS, na sigla em inglês): propõe um marco regulatório para o exercício das atividades de captura e estocagem geológica de dióxido de carbono, cuja regulação será atribuída à Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).
Diesel verde: cria o Programa Nacional do Diesel Verde (PNDV) para incorporação gradativa do diesel verde à matriz de combustíveis do país, com um mandato ainda a ser definido pelo Conselho Nacional de Política Energética (CNPE).
E-fuels: estabelece meios legais que incentivem a produção dos chamados e-fuels, alternativas sintéticas aos combustíveis fósseis feitos a partir de hidrogênio e CO2.
Mistura de anidro na gasolina: aumenta a mistura máxima de etanol anidro na gasolina de 27,5pc para 30pc.
SAF: estabelece metas de emissões para as companhias aéreas, incentivando o aumento do uso de SAF, visando alcançar uma redução de 1pc nas emissões para as companhias aéreas até 2027 e 10pc até 2037.

Possíveis repercussões para o etanol

O pacote deve oferecer algum alívio à indústria do etanol, que tem encontrado dificuldades para defender suas margens em meio a uma maior oferta de produto e um mercado consumidor em contração.

Um eventual aumento da mistura de anidro na gasolina, de 27,5pc para 30pc, poderia ajudar a elevar a demanda por etanol no mercado interno, avalia a BP Bunge, citando um aumento potencial de 80.000 m³/mês na comercialização.

A mudança também poderia aumentar a octanagem da gasolina e potencialmente alterar as operações das refinarias brasileiras de combustíveis fósseis.

Nos termos do projeto, a via de conversão da tecnologia alcohol-to-jet (AtJ, na sigla em inglês) surge como o caminho mais viável para aumentar o uso de SAF no país.

Mandato de biodiesel

O setor de biodiesel ficou fora do PL.

A Frente Parlamentar Mista do Biodiesel (FPBio), liderada pelo deputado federal Alceu Moreira (MDB-RS), tem uma proposta para aumentar o mandato de mistura do biodiesel dos atuais 12pc para 13-14pc, disseram fontes à

Argus

Durante a cerimônia, Lula sugeriu que o Conselho Nacional de Política Energética (CNPE) se reúna para discutir o aumento do mandato, mas a data ainda não foi definida.

"Se depender de mim, reabriremos todas as usinas de biodiesel fechadas [nos últimos anos]", afirmou o presidente.

Erasmo Battistella, presidente da Be8, também defendeu o aumento da mescla em discurso no evento, argumentando que o Brasil deveria trabalhar para elevar o mandato a 15pc em 2024.

"A Embrapa [Empresa Brasileira de Pesquisa Agropecuária] tem 19 variedades de oleaginosas mapeadas que podem ser usadas na produção de biodiesel", disse Battistella, sobre a disponibilidade de insumos.

Além disso, Heloisa Borges Esteves, diretora de petróleo, gás e biocombustíveis na Empresa de Pesquisa Energética (EPE), afirmou que as novas regulamentações para o setor de hidrogênio estão "caminhando em ritmo acelerado".

Por Vinicius Damazio, Laura Guedes e Alexandre Melo

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24/12/26

Viewpoint: US tariffs may push more Canadian crude east

Singapore, 26 December (Argus) — Canada may divert crude supplies from the US to Asia-Pacific via the Trans Mountain Expansion (TMX) pipeline in 2025, should president-elect Donald Trump impose tariffs on Canadian imports. Trump has declared that he will implement a 25pc tax on all imports originating from Canada after he is sworn into office on 20 January. This will effectively add around $16/bl to the cost of sending Canadian crude to the US, based on current prices, and impel US refiners to cut their purchases. The US imported 4.57mn b/d of Canadian crude in September, according to data from the EIA. Canadian crude producers are expected to turn to Asian refiners in their search for new export outlets. This is especially after Asian refiners gained easier access to such cargoes following the start-up of the 590,000 b/d TMX pipeline in May. The new route significantly shortens the journey to ship crude from Canada to Asia. It takes about 17 days for a voyage from Vancouver to China, compared with 54 days from the US Gulf coast to the same destination. China has become the main outlet for Asia-bound shipments from Vancouver, accounting for about 87pc of the 200,000 b/d exported over June-November, according to data from oil analytics firms Vortexa and Kpler (see chart). But even if the full capacity of the TMX pipeline is utilised to export crude to Asia from Vancouver, it will still only represent a fraction of current Canadian crude exports to the US. Vancouver sent just 154,000 b/d via the TMX pipeline to US west coast refiners over June-November, Vortexa and Kpler data show. Meanwhile, latest EIA figures show more than 2.63mn b/d of Canadian crude was piped into the US midcontinent in September, while US Gulf coast refiners imported 469,000 b/d. This means Canadian crude prices will likely come under downward pressure from higher costs for its key US market, should Trump's proposed tariffs come to pass. This will further incentivise additional buying from Chinese customers, as well as other refiners based elsewhere in Asia-Pacific. India, South Korea, Japan, and Brunei have already imported small volumes of Canadian TMX crude in 2024. A question of acidity But other Asian refiners have so far been reluctant to step up their heavy sour TMX crude imports because of concerns over the high acidity content. China has been mainly taking Access Western Blend (AWB), which has a total acid number (TAN) as high as 1.6mg KOH/g. Acid from high-TAN crude collects in the residue at the bottom of refinery distillation columns where it can corrode units, which deters many refineries from processing such grades. But Chinese refiners have been able to dilute the acidity level by blending their AWB cargoes with light sweet Russian ESPO Blend, allowing them to save costs compared to buying medium sour crude from the Mideast Gulf. Cold Lake, the other grade coming out of the TMX pipeline, has a lower TAN and is currently popular with refiners on the US west coast. But higher costs from potential tariffs could prompt Cold Lake exports to be redirected from the US to buyers in South Korea, Japan, and Brunei — which had all bought the grade previously. Canadian crude appears to have so far displaced medium sour grades in Asia-Pacific, and this trend is expected to continue should TMX crude flows to the region climb higher in 2025. More Canadian crude heading to Asia may displace and free up more Mideast Gulf medium sour supplies to buyers in other regions, including US refiners looking for replacements to their Canadian crude imports. This will also limit the flows of other arbitrage grades like US medium sour Mars crude to Asia-Pacific, which has already seen exports to Asia dwindle in 2024. Opec+ is also due to begin unwinding voluntary production cuts in April 2025, which means Canadian producers will likely have to lower prices sufficiently to attract buyers from further afield. By Fabian Ng TMX exports from Vancouver (b/d) Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Viewpoint: California dairy fight spills into 2025

24/12/24

Viewpoint: California dairy fight spills into 2025

Houston, 24 December (Argus) — California must begin crafting dairy methane limits next year as pressure grows for regulators to change course. The California Air Resources Board (CARB) has committed to begin crafting regulations that could mandate the reduction of dairy methane as it locked in incentives for harvesting gas to fuel vehicles in the state. The combination has frustrated environmental groups and other opponents of a methane capture strategy they accuse of collateral damage. Now, tough new targets pitched to help balance the program's incentives could become the fall-out in a new lawsuit. State regulators have repeatedly said that the Low Carbon Fuel Standard (LCFS) is ill-suited to consider mostly off-road emissions from a sector that could pack up and move to another state to escape regulation. California's LCFS requires yearly reductions of transportation fuel carbon intensity. Higher-carbon fuels that exceed the annual limits incur deficits that suppliers must offset with credits generated from the distribution to the state of approved, lower-carbon alternatives. Regulators extended participation in the program to dairy methane in 2017. Dairies may register to use manure digesters to capture methane that suppliers may process into pipeline-quality natural gas. This gas may then be attributed to compressed natural gas vehicles in California, so long as participants can show a path for approved supplies between the dairy and the customer. California only issues credits for methane cuts beyond other existing requirements. Regulators began mandating methane reductions from landfills more than a decade ago and in 2016 set similar requirements for wastewater treatment plants. But while lawmakers set a goal for in-state dairies to reduce methane emissions by 40pc from 2030 levels, regulators could not even consider rulemakings mandating such reductions until 2024. CARB made no move to directly regulate those emissions at their first opportunity, as staff grappled with amendments to the agency's LCFS and cap-and-trade programs. That has meant that dairies continue to receive credit for all of the methane they capture, generating deep, carbon-reducing scores under the LCFS and outsized credit production relative to the fuel they replace. Dairy methane harvesting generated 16pc of all new credits generated in 2023, compared with biodiesel's 6pc. Dairy methane replaced just 38pc of the diesel equivalent gallons that biodiesel did over the same period. The incentive has exasperated environmental and community groups, who see LCFS credits as encouraging larger operations with more consequences for local air and water quality. Dairies warn that costly methane capture systems could not be affordable otherwise. Adding to the expense of operating in California would cause more operations to leave the state. California dairies make up about two thirds of suppliers registered under the program. Dairy supporters successfully delayed proposed legislative requirements in 2023. CARB staff in May 2024 declined a petition seeking a faster approach to dairy regulation . Staff committed to take up a rulemaking considering the best way to address dairy methane reduction in 2025. Before that, final revisions to the LCFS approved in November included guarantees for dairy methane crediting. Projects that break ground by the end of this decade would remain eligible for up to 30 years of LCFS credit generation, compared with just 10 years for projects after 2029. Limits on the scope of book-and-claim participation for out-of-state projects would wait until well into the next decade. Staff said it was necessary to ensure continued investment in methane reduction. The inclusion immediately frustrated critics of the renewable natural gas policy, including board member Diane Tarkvarian, who sought to have the changes struck and was one of two votes ultimately against the LCFS revisions. Environmental groups have now sued , invoking violations that effectively froze the LCFS for years of court review. Regulators and lawmakers working to transition the state to cleaner air and lower-emissions vehicles will have to tread carefully in 2025. By Elliott Blackburn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Viewpoint: US Gulf high-octane component prices to rise

24/12/24

Viewpoint: US Gulf high-octane component prices to rise

Houston, 24 December (Argus) — Cash prices of high-octane gasoline blending components in the US Gulf coast are likely to rise in 2025 after a year of declines as lower refining capacity starts to thin stocks. Alkylate and reformate cash prices and differentials have been lower over the course of 2024, in part from weaker refining margins. The lower margins are reflected in the region's crack spreads, which narrowed to $12.94/USG on 19 December from $18.67/USG a year earlier, as abundant supply in the region met weak demand . Inventories in the region have also been lower over the course of the year. Stocks in the region fell in November by 2pc from a year earlier to an average 29.75mn bl. US Gulf coast crack spreads have been declining steadily since 2022, according to the Energy Information Administration's (EIA) November Short-Term Energy Outlook, brought on by lower overall product demand, especially for gasolin e . But the EIA expects spreads to hold steady next year, even with a decrease in refining capacity, potentially supporting prices for high-octane components. The upcoming year will also bring a significant refinery closure to the region, which should reduce production and raise cash prices of components such as alkylate and reformate. LyondellBasell's closure of its 264,000 b/d Houston, Texas, refinery is scheduled to start in January. The refinery's fluid catalytic cracking unit (FCC), which converts vacuum gasoil primarily into gasoline blendstocks, is expected to be shut in February, followed by a complete end to crude refining by the end of the first quarter. US total refining capacity should fall to 17.9mn b/d by the end of 2025, according to the EIA, 400,000 b/d less than at the end of 2024, with the lower production leading to price increases. Although the LyondellBasell closing should eventually give crack spreads in the region a boost, some in the industry do not expect a return to pre-pandemic levels of refining margins in the immediate future. CVR Energy chief executive David Lamp said in November the company needed "to see additional refining capacity rationalization in both the US and globally" for crack spreads to gain ground. An increase in consumer demand for gasoline would also support a rise in cash prices and differentials for high-octane components. But the EIA in December forecast consumption nationwide would rise in 2025 by only 10,000 b/d, or 0.1pc, to 8.95mn b/d. By Jason Metko Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Viewpoint: Ethanol producers face higher costs in 2025

24/12/24

Viewpoint: Ethanol producers face higher costs in 2025

London, 24 December (Argus) — European ethanol producers may face rising output costs in 2025 as a poorer harvest season will push feedstock prices up, while other factors such as greenhouse gas (GHG) emission values could affect the price of finished products. Unfavourable weather conditions have led to a poor 2024-25 harvest, particularly for wheat. In Ukraine, Europe's largest wheat exporter excluding Russia, Argus forecasts wheat production will drop to 22.3mn t during 2024-25 , down from a five-year average of 24.7mn t. Corn supply from the country for 2024-25 is projected to fall to 22.9mn t, down from 31.5mn t in the previous season, according to Argus data. France — Europe's largest producer of ethanol — has cut its wheat production outlook for 2024-25 because of wet weather. And rainfall in other parts of Europe has affected corn toxin levels, potentially leading to poorer quality ethanol. This will likely weigh on ethanol output in 2025 as it will strain feedstock supplies, push production costs up and squeeze margins for producers. Nuts 2 It comes as markets are still waiting for an update on level 2 in the nomenclature of territorial units for statistics greenhouse gas (GHG) emission values — the so called Nuts 2 values. To determine the GHG emissions from growing crops in the EU, the bloc's Renewable Energy Directive (RED) allows the use of typical units that represent the average GHG value in a specific area. On the back of the implementation of the recast of RED (RED II), the European Commission requested an update of the Nuts 2 GHG values. Member states have to prepare new crop reports to be assessed by the commission. But reports have been slow to emerge, while those that have been submitted face a lengthy review. Producers rely on GHG values to calculate the GHG savings of end-products, but default RED values currently in place are significantly lower than the typical GHG values from Nuts 2. While this is unlikely to have long-term effects beyond 2025, in the current context finding values that meet market participants' criteria has been difficult for some, which may support prices. Rising demand Demand for waste-based and ethanol with higher GHG savings should increase in 2025 as a result of policy changes, after lower renewable fuel ticket prices in key European markets kept buying interest in check in 2024. Tickets are generated by companies supplying biofuels for transport. They are tradeable and can help obligated parties meet renewables mandates. The decline in prices for GHG tickets in Germany — the main demand centre for minimum 90pc GHG savings ethanol — weighed on ethanol consumption in 2024, squeezing the differential to product with lower GHG savings. The premium averaged around €17/m³ ($17.7/m³) from 1 January-1 December 2024, down from around €43/m³ during the same period in 2023. But an increase in Germany's GHG quota in 2025, coupled with Germany's decision to pause the use of GHG certificates carried forward from previous compliance years towards the 2025 and 2026 blending mandate, should increase physical blending and lift premiums for ethanol with high GHG savings, according to market participants. Meanwhile, the Netherlands' ministry of infrastructure and water management's plan to reduce the amount of Dutch tickets that obligated companies will be able to carry forward to 2025 to 10pc from 25pc may have little effect on Dutch double-counting ethanol premiums in 2025. Participants expect steady premiums, despite slightly higher overall blending targets. The Argus double-counting ethanol fob ARA premium to crop-based ethanol fob ARA averaged €193/m³ from 1 February-1 December 2024. Biomethanol slows Lower ticket prices in the UK have kept a lid on demand for alternative waste-based gasoline blendstock biomethanol. The Argus cif UK biomethanol price averaged $1,089/t from 1 Jauary-1 December, compared with $1,229/t during the same period of 2023. The European Commission's proposal to exclude automatic certification of biomethane and biomethane-based fuels, if relying on gas that has been transported through grids outside the EU, continues to slow negotiations for 2025 imports of biomethanol of US origin into the EU. But demand for biomethanol and e-methanol could be supported by growing interest from the maritime sector as shipowners seek to reduce emissions after the EU's FuelEU maritime regulation comes into effect. 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 . By Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Viewpoint: European HSFO supply to stay short

24/12/24

Viewpoint: European HSFO supply to stay short

London, 24 December (Argus) — A sustained reduction in global supply should keep European higher-sulphur fuel oil (HSFO) prices and margins elevated in 2025. European HSFO differentials against the front-month Ice Brent crude futures contract briefly moved to a premium in October 2024, when a fall in production coincided with strengthening demand for high-sulphur marine fuel. A fire at a crude distillation unit in September severely cut output at Motor Oil Hellas' 180,000 b/d Corinth refinery in Greece, a key HSFO bunker producer in the Mediterranean region. The possibility of sudden drops in output at refineries will underpin HSFO margins in 2025, assuming Europe maintains its ban on imports of Russian oil products. Europe imported sour fuel oil from a variety of other countries in 2024 — Iraq emerged as the largest single supplier of high-sulphur residual product, according to Kpler , accounting for about a third of the region's 5.7mn t of imports. Europe's HSFO stocks will come under indirect pressure next year from falling fuel oil output in Russia. Additional upgrading capacity at Russian refineries means output from the world's top fuel oil supplier has been dropping year-on-year. Vortexa data show nearly 37mn t of Russian fuel oil has arrived at non-Russian ports this year, 12pc lower than in 2023. Although Europe cannot take any of this, the fall means less to go around globally and this has a knock-on effect on European supply. If middle-distillate crack spreads stay relatively lacklustre in 2025, appetite for higher-sulphur straight run feedstocks will probably be subdued. This could allow for excess sour fuel oil to find its way into the marine fuels market, where demand for HSFO has been strong. Tankers opting to avoid the risk of being attacked by Yemen-based Houthi militants in the Red Sea are adding weeks to their journey times, and have been looking to HSFO rather than very-low sulphur fuel oil (VLSFO) to keep their bunker costs down. If longer shipping routes remain popular in 2025, demand for HSFO should stay strong. The Emissions Control Area (ECA) that will cover the Mediterranean Sea from 1 May 2025 could dampen buying interest for 3.5pc sulphur marine fuels. A sulphur scrubber can undergo more wear and tear if it is made to reduce a vessel's HSFO emission level to 0.1pc, in line with the ECA, rather than to the current limit of 0.5pc. This increases rates at which the scrubber needs to be replaced, making it uneconomical to install one. Mid-range sulphur fuel oils are now garnering interest from Mediterranean-based bunker buyers as a workaround. LSSR As the ECA comes into force, demand for the sweetest grades of low-sulphur straight-run (LSSR) fuel oil is likely to intensify from those who buy marine fuels for vessels not fitted with scrubbers. Demand for 0.1-0.2pc sulphur straight-run fuel oil has been high in 2024, reinforcing competition between blenders and refiners for Algerian LSSR. Exports of Algerian LSSR were 1.28mn t in the year to 20 December 2024, lower by 38pc from year-earlier levels and by 65pc from the same period in 2022, but global supply was somewhat balanced by output from Nigeria's new 650,000 b/d Dangote refinery. It exported 870,000t of LSSR in 2024, of a reportedly similar grade to the Algerian product according to data from Vortexa. Most Nigerian cargoes exported in 2024 were used for blending, according to information gathered by Argus . LSSR export availability from Dangote will depend on the refinery's ability to run feedstocks through residue fluid catalytic cracking units for gasoline production. Potentially adding to west African LSSR, at the start of December Nigeria's 210,000 b/d Port Harcourt refinery sold its first cargo since its long-awaited restart on 27 November. Port Harcourt's LSSR contains 0.26pc sulphur, according to Kpler. By Bob Wigin and Isabella Reimi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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