Colombia: Venezuela's PDVSA intends to terminate pipeline contract with Ecopetrol
Edwin Palma, Colombia's Energy?Minister, said Venezuela's PDVSA state oil?company intends to terminate a contract with Colombia Ecopetrol?over?the Antonio Ricaurte?pipeline. He claimed that there was not enough?investment in its repair. Palma, in a Saturday post on X, said that the government planned to meet the U.S. Government on Monday to discuss the lifting of sanctions against Venezuela and normalizing commercial relationships. The announcement comes a day following a high level meeting between two countries held in Caracas.
Palm oil gains over 4% on the back of higher crude oil prices
Malaysian palm futures gained on Friday and posted a second week of gains. This was due to a rise in crude oil prices as a result of the Middle East conflict, which boosted demand for feedstocks used to make biodiesel. The benchmark May palm oil contract on the Bursa Derivatives Exchange rose 23 ringgit or 0.51% to 4,564 Ringgit ($1,159.26), and was up 4.69% over the week. The biggest daily increase in three years was a surge of more than 9% on Monday. Dalian's most active soyoil contract grew by 0.53% while its palm oil contract grew by 0.62%. Chicago Board of Trade Soyoil lost 0.55%.
Palm oil is set to record a weekly gain as it rises against strong Dalian competitors
The price of Malaysian palm oils rose on Friday and was set to gain for a?second week in a row, as the prices of rival edible oils were also rising at 'Dalian. By Friday's midday, the benchmark palm oil contract for?May delivery at the Bursa Derivatives Exchange had gained 56 ringgit or 1.23% to 4,597 Ringgit ($1,169.42). The weekly gain is 5.27%. Dalian's palm oil contract increased 1.34% on Friday while the most active soyoil contract gained 1.27 %. Soyoil traded on the Chicago Board of Trade fell 0.04%.
South Korea is considering energy vouchers and boosting coal, nuclear power
The government of South Korea said that it is looking at providing energy vouchers for vulnerable households to help'subsidise' them if global fuel prices rise in the wake the Middle East Crisis, which will increase electricity costs. In the event of high oil prices and disruptions in LNG supplies, Asia's 4th largest?economy? is also planning to increase nuclear and coal-fired energy generation. Kim Jung-kwan, Minister of Industry, said that the government would take "all necessary measures" to reduce the burden on people.
As the Middle East conflict increases costs, Bangladesh secures LNG spot cargoes
Energy officials reported that Bangladesh purchased three LNG cargoes at higher prices on the spot markets, as it scrambled to maintain supplies in the face of disruptions caused by the escalating conflict between Iran and Israel. Energy officials in South Asia said that Petrobangla, the state-run energy company, has increasingly turned to the volatile market to fill the gap after certain suppliers had to stop shipments. An anonymous official from the energy ministry said that if the disruption continues, we will have to rely more on expensive spot?LNG.
Bangladesh closes early its universities to save energy amid energy crisis
Bangladesh will close its universities on Monday as part of an emergency measure to conserve fuel and electricity amid a worsening energy crisis related to the conflict in the Middle East. The authorities said that the decision would apply to all private and public universities in the country. They also stated that the move will reduce electricity consumption as well as traffic congestion which results in fuel waste. Officials stated that university campuses "consume large quantities of electricity for residence halls…
carried Ukrainian and Russian oil before attack
The Druzhba pipeline exported some Ukrainian oil, as well as much higher volumes of Russian crude, before it was damaged a month ago by a Russian strike that has led to a halt in supply, three industry sources familiar with the matter said.Oil shipments to Hungary and Slovakia through the pipeline primarily operated by Russia have been suspended since January 27 following what Kyiv says was a Russian attack on pumping installations in western Ukraine, prompting a dispute within…
Recent developments in Asia's ethanol targets
As they try to reduce their dependence on imported fuels and meet carbon emission targets, more countries in Asia Pacific are blending ethanol with gasoline. Indonesia, Asia's biggest gasoline importer plans to impose an mandatory bioethanol content level of 10% in?gasoline by 2028, according to energy ministry official,?Tri?Winarno. Check out the latest news on the use of blended fuels containing ethanol in the region. Indonesia has delayed its goal to mandate a 10% ethanol blend for gasoline (E10) from 2027 to 2028, citing supply constraints.
Petromidia Refinery to Shut Down for Scheduled Revision in March
Romania's Black Sea crude oil refinery Petromidia, the largest in the country, will shut down for a scheduled revision in March, its owner said on Tuesday, potentially squeezing fuel supply and putting upward pressure on prices.The refinery is owned by Rompetrol Rafinare, which is majority-controlled by KMG International (KMGI), part of Kazakh state oil firm KazMunayGaz. The Romanian state holds a 45% stake.The refinery sources crude oil from Kazakhstan. It will be shut down for 20 days in March…
During Erdogan's visit, Turkey and Ethiopia signed an energy cooperation agreement
The Turkish Energy Ministry announced that Turkey and Ethiopia signed an agreement on 'energy cooperation' during the visit of President Tayyip Erdogan to Addis Ababa on Tuesday. Erdogan visited Addis Ababa for a day on Tuesday, at the invitation of Prime Minister Abiy Ahmed. It was his first visit to Ethiopia in eleven years. After talks between the two leaders, an agreement was signed in a ceremony. Alparslan Bayraktar, the Turkish Energy Minister, said that it would be used as a 'roadmap to enhance?cooperation.
Turkey, Ethiopia to Cooperate on Energy Projects
Turkey and Ethiopia signed a memorandum of understanding on energy cooperation during a visit by President Tayyip Erdogan to Addis Ababa on Tuesday, the Turkish Energy Ministry said, adding the accord would lead to joint production and projects.Erdogan held a one-day visit to Addis Ababa on Tuesday upon Prime Minister Abiy Ahmed's invitation, his first to Ethiopia in 11 years.The accord was signed at a ceremony after talks between the two leaders. Turkish Energy Minister Alparslan…
Modi's rooftop Solar push is slowed down by unwilling lenders, states
Vendors and analysts claim that despite the heavy subsidies, I ndian Prime Minister Narendra Modi is not able to achieve his targets due to loan delays and limited state support. These shortfalls are the latest "challenge" to India's efforts at nearly doubling clean energy capacity by 2030 to 500 gigawatts. The government is planning to suspend the clean energy tendering target amid an increasing backlog of projects that have been awarded but not yet built. India may continue to rely on coal because of challenges to its plans to increase the use of solar power.
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft, made an "urgent appeal" to economy and energy minister Katherina Reiche to resolve a standoff with the United States over the refinery's future.The letter outlines escalating problems at the refinery…
Draft law shows that Germany wants renewable energy firms to pay for grid connections.
According to a draft of a law, the German government intends to charge renewables companies for connecting to the electric grid in order to meet 'the rapid?demand? for expansion. The move, which was first reported by Spiegel magazine, would replace the current ?system where companies are allowed to connect to the ?grid on a first-come-first-served basis. This is due to the sheer volume of grid connection requests facing grid operators in Germany. Germany is one of the European countries that are pushing forward with a green agenda despite increasing criticism from U.S. president Donald Trump.
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that they each acquired a 42.5% share in an offshore Namibia exploration license. The firms are looking to develop oil at one of the last frontiers in exploration. Maravilla Oil and Gas and Eight Offshore Investments Holdings acquired the stakes of the PEL104 license.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. One claim?involves a field operated by the Karachaganak Petroleum Operating Consortium…
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfield and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion.
Tengiz Oilfield Power Facility Fires Damage Kazakhstan's CPC Oil Exports
Kazakhstan's planned oil exports could fall by as much as 35% this month via its main route through Russia, four trading sources have told Reuters, as the giant Tengiz oilfield slowly recovers from fires at power facilities in January.U.S. oil major Chevron leads the Tengizchevroil (TCO) consortium that operates the field.Oil exports through the Caspian Pipeline Consortium system, which crosses into Russia en route to the Black Sea, could drop from the preliminary schedule of…
Officials say that Indonesia will increase the mandatory bioethanol content in gasoline from 5% to 10% by 2028.
Tri Winarno, a senior official in the energy ministry, said that Indonesia will impose a 10% bioethanol content requirement for gasoline by 2028. Indonesia aims to increase the use of biofuels produced from palm oil or sugar cane in order to reduce imports, and to become more energy independent. Despite the ethanol shortage, it has decided to delay its plans to increase the bioethanol content in gasoline. The energy ministry had previously said that the 10% mandatory bioethanol level would be implemented in 2027, but this has now been pushed back a year.
Moroccan Energy Ministry Pauses Gas Pipeline Project
Morocco's energy ministry said on Monday it has paused a tender launched last month for a gas pipeline project, without giving details on the reasons for the suspension.The tender sought bids to build a pipeline linking a future gas terminal at the Nador West Med port on the Mediterranean to an existing pipeline that allows Morocco to import LNG through Spanish terminals and supply two power plants.It also covered a section that would connect the existing pipeline to industrial zones on the Atlantic in Mohammedia and Kenitra."Due to new parameters and assumptions related to this project...