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Air passenger traffic up at Australia’s Sydney, Perth

  • : Oil products
  • 24/07/24

Australia's Perth airport logged its highest ever passenger numbers in the 2023-24 fiscal year to 30 June, breaking a record set in 2013-14, while Sydney remained behind pre-Covid-19 pandemic levels.

About 16.1mn passengers used Perth airport topping the previous 14.9mn high a decade earlier. Perth's regional passenger numbers for 2023-24 edged over 6mn, outstripping interstate passengers of 5.7mn and international at 4.3mn, likely showing an increase in mining and resources activity in the state's minerals and gas provinces. Fly-in, fly-out passengers comprise a major part of Perth's total because of the remote location of many of the state's resources projects.

Sydney airport, Australia's largest, reported 9.74mn passengers for April-June, led by increased international traffic and representing a 94pc recovery rate on international passengers recorded in pre-pandemic April-June 2019. Sydney's passenger numbers for this year's first half remained 7pc below 2019 but 10pc higher than the same time last year.

Australia's second-largest airport Melbourne reported 35.13mn passengers for 2023-24.

Australian jet fuel sales averaged 158,000 b/d for January-May, behind the 161,000 b/d in 2019 but 8pc above 2023's average of 146,000 b/d, according to Australian Petroleum Statistics. Imports were also up by 11pc on a year earlier for the same period.

Sydney air passenger traffic (mn)
Apr-Jun '24Jan-Mar '24Apr-Jun '23Jan-Jun '24Jan-Jun '23Jan-Jun '19q-o-q % ±y-o-y % ±
Total9.7410.309.1620.0618.1721.60-56
International3.774.163.367.936.698.30-912
Domestic5.976.165.8012.1311.4913.30-33

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24/07/24

Repsol 2Q profit doubles but cash flow turns negative

Repsol 2Q profit doubles but cash flow turns negative

Madrid, 24 July (Argus) — Spanish integrated Repsol's profit more than doubled on the year in the second quarter, as lower one-time losses and better results in the upstream and customer divisions more than offset a weaker refining performance. But its cash flow turned negative as it completed the buyout of its UK joint venture with China's state-controlled Sinopec, raised investments and experienced weaker refining margins. Net debt was sharply higher, largely reflecting share buy-backs. Repsol has said it will acquire and cancel a further 20mn of its own shares before the end of the year, which will probably further increase its debt. It completed a 40mn buy-back in the first half of the year. Repsol's profit climbed to €657mn ($714mn) in April-June from €308mn a year earlier, when earnings were hit by a large provision against an arbitration ruling that obliged it to acquire Sinopec's stake in their UK joint venture. Excluding this and other special items, such as a near threefold reduction in the negative inventory effect to €85mn, Repsol's adjusted profit increased by 4pc on the year to €859mn. Repsol confirmed the fall in refining margins and upstream production reported earlier in July . Liquids output increased by 3pc on the year to 214,000 b/d, and gas production fell by 4pc to 2.1bn ft³/d. Adjusted upstream profit increased by 4pc on the year to €427mn. The higher crude production and a 13pc rise in realised prices to $78.6/bl more than offset lower gas production and prices, which fell by 6pc to $3.1/'000 ft³ over the same period. Adjusted profit at Repsol's industrial division — which includes 1mn b/d of Spanish and Peruvian refining capacity, an olefins-focused petrochemicals division, and a gas and oil product trading business — was down by 16pc on the year at €288mn. Profit fell at the 117,000 b/d Pampilla refinery in Peru after a turnaround and weak refining margins, and there was lower income from gas trading. Spanish refining profit rose on a higher utilisation rate and gains in oil product trading. Repsol's customer-focused division reported adjusted profit of €158mn in April-June, 7pc higher on the year thanks to higher retail electricity margins, a jump in sales from an expanded customer base, higher margins in aviation fuels and higher sales volumes in lubricants. Repsol swung to a negative free cash flow, before shareholder remuneration and buy-backs, of €574mn in the second quarter, from a positive €392mn a year earlier. After shareholder remuneration, including the share buy-backs and dividends, Repsol had a negative cash position of €1.12bn compared with a positive €133mn a year earlier. Repsol's net debt more than doubled to €4.595bn at the end of June from €2.096bn on 31 December 2023, reflecting the share buy-backs and new leases of equipment. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US House passes waterways bill


24/07/23
24/07/23

US House passes waterways bill

Houston, 23 July (Argus) — The US House of Representatives overwhelmingly approved a bill on Monday authorizing the US Army Corps of Engineers (Corps) to tackle a dozen port, inland waterway and other water infrastructure projects. The Republican-led House voted 359-13 to pass the Waterways Resources Development Act (WRDA), which authorizes the Corps to proceed with plans to upgrade the Seagirt Loop Channel near Baltimore Harbor in Maryland. The bill also will enable the Corps to move forward with 160 feasibility studies, including a $314mn resiliency study of the Gulf Intracoastal Waterway, which connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. Water project authorization bills typically are passed every two years and generally garner strong bipartisan support because they affect numerous congressional districts. The Senate Environment and Public Works Committee unanimously passed its own version of the bill on 22 May. That bill does not include an adjustment to the cost-sharing structure for lock and dam construction and other rehabilitation projects. The Senate's version is expected to reach the floor before 2 August, before lawmakers break for their August recess. The Senate is not scheduled to reconvene until 9 September. If the Senate does not pass an identical version of the bill, lawmakers will have to meet in a conference committee to work out the differences. WRDA is "our legislative commitment to investing in and protecting our communities from flooding and droughts, restoring our environment and ecosystems and keeping our nation's competitiveness by supporting out ports and harbors", representative Grace Napolitano (D-California) said. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US House to vote on waterways bill


24/07/22
24/07/22

US House to vote on waterways bill

Houston, 22 July (Argus) — The US House of Representatives is expected to vote on 22 July on a waterways bill that would authorize new infrastructure projects across ports and rivers. The Water Resources Development Act (WRDA) is renewed typically every two years to authorize projects for the US Army Corps of Engineers (Corps). The bipartisan bill is sponsored by representative Rick Larsen (D-Washington) and committee chairman Sam Graves (R-Missouri). The full committee markup occurred 26 June, where amendments were added, and the bill was passed to the full House . A conference committee will need to be called to resolve the different versions of the bill. The major difference between the bills is that the House bill does not include an adjustment to the cost-sharing structure for the lock and dam construction and other rehabilitation projects. The Senate Committee on Environment Public Works passed its own version of the bill on 22 May, with all members in favor of the bill. The House version of the bill approves modifications to the Seagirt Loop Channel near the Baltimore Harbor in Maryland, along with 11 other projects and 160 feasibility studies. One of these studies is a $314.25mn resiliency study of the Gulf Intracoastal Waterway, which connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Esso bleibt Verkauf von Miro-Anteilen untersagt


24/07/22
24/07/22

Esso bleibt Verkauf von Miro-Anteilen untersagt

Hamburg, 22 July (Argus) — Der Verkauf von Essos Anteilen an der Miro in Karlsruhe bedarf der Zustimmung von Anteilseigner Shell, so das Oberlandesgericht Karlsruhe am Montag. Dem Antrag von Shell wurde somit in letzter Instanz zugestimmt, wodurch die Übernahme von Essos Anteilen durch Alcmene aktuell nicht zustande kommt. Mit dem Rechtsspruch bestätigte das Oberlandesgericht (OLG) die Entscheidung des Landgericht Karlsruhe. Dort hatte Shell Deutschland im Januar eine einstweilige Verfügung gegen Esso Deutschland und ExxonMobil Central European Holding erwirkt, mit der die Übertragung von Anteilen an der Miro (310.000 bl/Tag) auf eine andere Gesellschaft ohne Zustimmung von Shell untersagt wurde. Für eine Übertragung von Geschäftsanteilen an der Miro benötige Esso die Zustimmung von sämtlichen Anteilseignern, so das OLG. Im Oktober 2023 hatte Esso den Verkauf ihres 25 %-igen Anteils an das österreichische Unternehmen und Liwathon-Tochter Alcmene bekanntgegeben. Eine Zustimmung bei Shell hatte sich Esso für diesen Verkauf allerdings nicht eingeholt, sodass diese Verkaufsabsicht nicht rechtmäßig war. Sowohl Shell als auch Esso und ExxonMobil legten gegen die Entscheidung im Januar Berufung ein . Letztere strebten eine vollständige Abweisung der einstweiligen Verfügung an. Shell hingegen reichte Berufung an, da ihrem Antrag auf einstweilige Verfügung nicht in allen Punkten stattgegeben wurde. Die Berufungen wurden abgelehnt. Weitere Eilanträge von Shell, die unter anderem zum Ziel hatten "jegliche Erklärung oder Handlung zu untersagen, die wirtschaftlich einer Übertragung von MiRO-Anteilen gleichkomme" wurden außerdem abgewiesen, so das OLG Karlsruhe. Das Urteil ist nun rechtskräftig und eine weitere Instanz steht nicht zur Verfügung. Shell sowie Esso kommentierten das Urteil bisher auf Anfrage von Argus nicht. Von Svea Winter Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2024. Argus Media group . Alle Rechte vorbehalten.

Dangote refinery's diesel quality proves divisive


24/07/22
24/07/22

Dangote refinery's diesel quality proves divisive

London, 22 July (Argus) — Nigerian conglomerate Dangote Group has defended the quality of diesel output from its 650,000 b/d refinery near Lagos after the country's downstream regulator said it contained much higher levels of sulphur than imported product. Dangote said the sulphur content of its diesel is now as low as 88ppm, citing laboratory tests on a sample from the refinery's mild hydrocracking unit. The company issued the statement in response to claims from the head of the downstream regulator NMDPRA, Farouk Ahmed, that diesel from Dangote and some of Nigeria's small modular refineries lies between 650ppm and 1,200ppm. Dangote said it aims to achieve 10ppm diesel production this week, in line with Euro V specifications and lower than the 50ppm cap on west African imports, adding that the NMDPRA allows domestic refiners to produce up to 650ppm diesel until January next year. Since receiving its first crude feedstock cargo late last year, the refinery has exported low-sulphur straight run fuel oil, naphtha, gasoil and jet fuel via its offshore single point moorings, according to vessel trackers Vortexa and Kpler. The refinery also hosts its own truck-out gantries to load product for overland delivery. Farouk said the NMDPRA has not complied with a request from Dangote to suspend imports of middle distillates due to concerns around security of supply and market monopoly. Dangote has pushed back against the monopoly concerns, saying there are multiple players in the industry, including state-owned NNPC. Nigerian imports of diesel, jet fuel/kerosine, naphtha and fuel oil have declined since the Dangote refinery came online, falling to 8,600 t/d so far this year from 10,900 t/d across the whole of 2023, according to Vortexa data. Nigeria's gasoline imports have declined too, but at a slower pace — to 27,500 t/d from 30,200 t/d over the same period — reflecting the fact Dangote's gasoline production units have yet to start up. By George Maher-Bonnett and Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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