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Trump to declare power 'emergency' in some states
Trump to declare power 'emergency' in some states
Washington, 11 March (Argus) — President Donald Trump said today he intends to declare a "National Emergency on Electricity" in states that could be affected by Ontario's imposition of a 25pc surcharge on electricity exports and further threat to cut off exports entirely. The emergency declaration will allow the US to alleviate the "abusive threat" from losing electricity imports from Canada, Trump wrote in a post on social media. Trump said in response to the surcharge, he would double existing tariffs on Canadian steel and aluminum , and warned Canada that it would pay a high cost if Ontario cuts off the flow of electricity to the US. "Can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat?" Trump wrote. "They will pay a financial price for this so big that it will be read about in History Books for many years to come!" On Monday, Ontario put a 25pc fee on its electricity exports to New York, Michigan and Minnesota in response to Trump's tariffs on Canada. Ontario premier Doug Ford said he was applying "maximum pressure" on the US over its tariff war, and threatened to cut off exports entirely if Trump increased tariffs further. Ontario was the largest exporter of electricity to the US in 2023, sending 15.2 TWh to the US. Trump already declared a national energy emergency on 20 January, unlocking emergency authorities to fast-track permitting and seek to retain production of baseload power plants. Trump has yet to offer more details on the electricity emergency, but the US Department of Energy (DOE) can issue emergency orders that would allow power plants to run at maximum capacity or waive some environmental regulations. DOE did not immediately respond to a request for comment. The New York Independent System Operator, which runs the state's electric grid, said it was analyzing the effects of Ontario's orders and expects to have "adequate reserves to meet reliability criteria and forecast demand for New York." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Nigeria negotiates Dangote naira crude sales extension
Nigeria negotiates Dangote naira crude sales extension
Lagos, 11 March (Argus) — Nigeria's state-owned NNPC said it is in negotiations with the country's 650,000 b/d Dangote refinery about extending a local currency crude sales arrangement. The six-month programme, which ends this month, has seen NNPC sell Dangote almost 300,000 b/d of crude in naira since October 2024, NNPC said. The programme has also involved Dangote selling gasoline and diesel to the domestic market in naira. It has been "a good arrangement until now by reducing gasoline prices, national inflation and by stabilising the naira", according to sources familiar with the matter. Dangote has relied heavily on NNPC's crude since starting up in late 2023. NNPC said it has sold over 84mn bl to the refinery in that time, and Vortexa data show domestically sourced oil accounted for more than 80pc of total crude deliveries to Dangote between January 2024 and February 2025, albeit some of it supplied by private upstream operators. Under the six-month programme, crude prices are set in dollars and Dangote pays in the naira equivalent at a discounted exchange rate. The discounted rate partly explains why Dangote has made successive cuts to its domestic gasoline prices, according to market participants. But there is no guarantee that NNPC will be willing to continue selling at a discount, given that the company is hemmed in by commitments to finance deals used to service its crude sales, a crude trader told Argus . There may also be constraints on the amount of crude the firm has available for domestic refiners, with some sources suggesting it has secured term supply deals up to 2030. NNPC said crude sales under the programme were "subject to availability". The arrangement has evolved since it began. A source at NNPC told Argus that the programme started with Dangote being entitled to pay in naira for any of the first 10 cargoes loaded in a given month and in dollars for additional cargoes thereafter, but now NNPC offers some cargoes strictly for payment in dollars and others with the option of payment in naira. Any further changes to the terms of the extended programme may put pressure on Dangote to consider increasing the amount of foreign crude in its slate. Refinery sources told Argus in January that the refinery will look to source at least half of its crude requirements on the import market and is building eight storage tanks to facilitate this. Whatever terms are agreed, NNPC may have no choice but to continue offering crude to domestic refiners like Dangote under a right of first refusal set out in the country's Petroleum Industry Act, a crude trader said. Upstream regulator NUPRC's Domestic Crude Supply Obligation (DCSO) system came into force in May 2023 but it has been controversial, requiring the issuance of clarifying guidelines in July 2024 before changes were implemented last month. According to the new rules, NUPRC will meet with domestic refiners each month before it gets together with upstream operators to review production and loading programmes. Commercial negotiations between producers and refiners must be completed or complaints lodged with the regulator within 48 hours of the upstream meeting. In the short term, demand for Nigerian crude exports appears weak. Traders said around 12 March-loading cargoes were still searching for buyers as of 10 March and most of the April export schedule is available as well. Ample supply of more competitively priced Kazakh-origin light sour CPC Blend, US WTI and Mediterranean sweet crudes is weighing on demand for Nigerian grades in Europe, where the spring refinery maintenance season is about to get underway. This is pushing down values of April-loading Nigerian cargoes. By Adebiyi Olusolape, George Maher-Bonnett and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil ignores fossil fuel phase-out in Cop 30 letter
Brazil ignores fossil fuel phase-out in Cop 30 letter
Sao Paulo, 10 March (Argus) — Climate activists welcomed Brazil's stance of making the UN Cop 30 summit a "turning point" for real climate change commitments but criticized the presidency's letter for turning a blind eye to fossil fuels' leading role in global warming. The summit's president Andre Correa do Lago released on Monday a letter addressing the event's goals and outlooks, which includes boosting climate financing to $1.3 trillion/yr from the target stipulated at Cop 29 of $300bn/yr. "Lago calls on foreign countries — especially the US — to leave individuality and irresponsibility behind in exchange for cooperation and our planet's future," scientist Karin Bruning — a graduate of the University of Heidelberg and the Massachusetts Institute of Technology — said. "However, the letter has no use if Brazil does not pull its own weight." Bruning recalled Brazilian president Luiz Inacio Lula da Silva's public feud with the country's environmentalist watchdog Ibama regarding the exploration in Brazil's equatorial margin region. "A country with so much renewable energy available cannot look at past solutions such as exploring and pushing for fossil fuels," Bruning said. She also highlighted the importance of respecting technical and scientific decisions on matters such as oil exploration. Environmental concerns have always been at the center of the equatorial margin debate, as it stands near a freshwater barrier reef. State-controlled Petrobras has long been trying to explore the area's Foz do Amazonas basin — which holds an estimated 10bn bl of crude, according to energy research bureau Epe — but has struggled to receive the environment licenses to do so. Ibama last denied the company a request to drill in the area in May 2023. Brazilian climate think tank Observatorio do Clima called the letter "inspiring," but added that it "excludes the elephant in the room." It recognized the letter as a "relief for giving the Paris Agreement negotiations to professionals who understand the gravity of the moment" but bashed it for keeping fossil fuels' gradual stoppage out of Cop 30's priorities list. Still, Correa do Lago's letter recognized "the scale of the challenge and the urgency of response," according to climate change think-tank E3G's associate director Kaysie Brown. Holding on to past pledges Correa do Lago's letter focused on progressing previous decisions regarding developing countries and increasing financing for them, which has long been one of the Brazilian government's priorities. This includes working on a roadmap to reach $1.3 trillion/yr in climate finance from all sources by 2035, as agreed at Cop 29 in Baku. But previous Cop agreements and the conclusions of the first global stocktake in Dubai (GST) — a five-yearly checkpoint agreed upon in the 2015 Paris accord — on energy were ignored and pushed back against in Baku's final text. "We do have pending issues to solve at Cop 30, notably the UAE dialogue on implementing the GST outcomes and the just transition work programme," Correa do Lago said. "The GST is an invaluable legacy that unites us. We must all continue to subscribe to it as the ultimate benchmark for climate implementation." By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Vitol's Sarroch refinery crude receipts at 6-year high
Vitol's Sarroch refinery crude receipts at 6-year high
Barcelona, 10 March (Argus) — Crude receipts at refiner Saras' 300,000 b/d Sarroch refinery in Italy rose to a six-year high in February, with the plant receiving a trio of new grades in February-March. Receipts were close to 320,000 b/d last month compared with 205,000 b/d in January, according to Argus tracking. Receipts averaged 245,000 b/d in 2024, slightly lower than around 250,000 b/d in 2023. Saras had aimed for 265,000-270,000 b/d last year, without success. In the past decade the unit has consistently underperformed targets, not achieving much more than 260,000 b/d in a year. Former workers said the plant is unable to distill crude in excess of 285,000 b/d. After repeated issues and "technical hiccups" it was unable to run at that pace for extended periods, a problem shared with the large majority of its Mediterranean peers. But Saras appears to have been making efforts to improve availability with a string of planned maintenance programmes in the past 18 months. New owners, trading firm Vitol, may be keen to test the unit's capabilities. Vitol purchased the unit last year in a €1.7bn ($1.84bn) deal and appear to be introducing new grades. Sarroch took receipt of a first cargo of 28°API Guyanese grade Payara Gold in February, having in December sampled Senegal's Sangomar crude for the first time. Receipts in February comprised 125,000 b/d of Libyan crude, split between Amna, Bouri and Zueitina grades, 70,000 b/d of Angolan crude split between Palanca and Pazflor, 50,000 b/d of Azeri BTC Blend, 30,000 b/d of US WTI, 25,000 b/d of Caspian CPC Blend and 20,000 b/d of the Payara Gold. Argus assessed these at a weighted average gravity of 35.4°API and 0.5pc sulphur content, compared with 32.2°API and 0.7pc sulphur in January. The slate averaged an estimated 33.3°API and 0.8pc sulphur last year, almost identical to 2023. The pace of delivery in March appears good, with around 600,000 bl of BTC Blend unloaded. Twi further new grades for Sarroch were received in the form of 1mn bl of heavy sweet Meleck from Niger, and 735,000 bl of the re-branded Kazakh Urals grade, Kebco. Sarroch was not a major buyer of Urals, prior to the imposition of sanctions following the Russia-Ukraine conflict, and received its last Baltic-loaded Urals in April 2022 . A further 1mn bl each of Brazilian Frade and Libyan Attifel are on route. By Adam Porter Sarroch crude receipts mn bl Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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