President says Indonesia can achieve net zero emission before 2050
Indonesian President Prabowo Subianto told the G20 that he is confident it will reach zero net emissions by 2050, 10 years earlier than originally planned. According to a Wednesday statement released by his office, Prabowo said Indonesia also planned to retire coal and fossil fuel-fired electricity plants within the next fifteen years. This is compared to an earlier target date of 2056. He added that Indonesia would build 75 gigawatts worth of renewable energy plants in the next 15-years, echoing a promise made by his envoy at the COP29 Climate Summit last week. Indonesia is the largest emitter of greenhouse gases in the world and exporter of thermal coke.
Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.
Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products, solar panels, batteries, and non-metallic minerals from 13% down to 9%. It also said that it would cancel the rebates for products made of aluminium, copper, and fatty acids and oils derived from animals, plants, or microorganisms which have been chemically altered, including used cooking fat (UCO).
US natgas exports to LNG plants are on track to reach a 9-month high
According to data provided by financial firm LSEG, the amount of gas going to seven large U.S. liquefied gas export plants is on track to reach a new nine-month record on Thursday. This was due to feedgas reaching multi-week records at a few plants. Energy market is concerned about feedgas flow to U.S. Liquefied Natural Gas plants, because in recent years exports were the largest source of growth for the gas industry. In 2023, the U.S. will be the largest LNG exporter in the world, surpassing Australia and Qatar. This is due to higher prices worldwide, which are a result of supply disruptions, and sanctions related to Russia's invasion in Ukraine in February 2022. The U.S.
Australia may lose $45 bln amid green steel rush, report says
A think tank on Friday said that Australia, the world's largest iron ore exporter, could lose up to half of its revenues from this sector if it does not produce green iron quickly enough. Other countries are now making steel with renewable energy. Australia's largest export is iron ore, but progress in developing green-iron has been slow. According to a Climate Energy Finance report, Australia could lose around A$69 Billion ($45 Billion) in revenue each year as global steelmakers, including those in China, decarbonise and restructure supply chains. If Australia were to become a leader in the green iron industry, its current revenues could be doubled to A$250 Billion per year.
Exporters group says Brazil is likely to export record volumes of soybean meal by 2024.
According to the local grain traders' lobby Anec, Brazil's soybean meals exports will likely set a record in 2024, surpassing the previous best mark recorded in history in 2023. According to the US Department of Agriculture, Brazil will once again be the world's second largest soybean meal exporter in 2023/24. It had previously been the leader in 2022/23, following a crop failure that occurred in Argentina, the traditional leading exporter. Brazil also leads the world in soybean production and exports. According to Anec, Brazil expects to export 21,12 million tons (22,35 million tonnes) of soybean meal from January to November.
Egypt reiterates its 42% renewable energy target for 2030 but calls on international assistance
The Egyptian government still aims to have renewable energy make up 42% of the mix for electricity generation by 2030. However, this goal is at risk if international support does not increase, said Prime Minister Mostafa Mdbouly on Tuesday, speaking at the COP29 Conference. According to a cabinet report from July, the current share of solar, wind and hydropower in Egypt's power generation is only 11.5%. The country relied heavily on gas in recent years, and defended it during the United Nations' COP27 Conference in 2022. It was a net gas exporter at that time.
YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.
The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation. Vaca Muerta has the second largest shale-oil reserve in the world and is also home to one of the largest shale-gas reserves. YPF has been leading the activity in this area with hopes of making it a major exporter of energy. Marin stated that we expect to increase unconventional oil production by 30 to 40%.
Cargill estimates that China's palm oil demand in 2024 will drop 30% year-on-year.
A Cargill executive said that the demand for palm products in China will drop by 30% between 2024 and 2019. This is because high prices have made it less appealing than soyoil, while vegetable oil demand stagnates. The benchmark palm oil price in Malaysia has risen over 30% this year, despite the fact that production in Indonesia's top producer is falling and there are positive sentiments about its plans to expand its biodiesel mandate. Ryan Chen, director of Cargill Investments China Ltd, said at the Indonesian Palm Oil Conference on Friday that this is the first time in many years soybean oil has been so cheap in comparison to palm oil for an extended period in China.
Venture Global gets FERC Nod for LA LNG Plant
Federal regulators on Wednesday gave Venture Global LNG permission to introduce natural gas into its Plaquemines export plant in Louisiana, documents show, moving the plant a step closer to producing the superchilled gas.The 20 million metric tons per annum (MTPA) Plaquemines LNG plant will be the second-largest U.S. export facility when fully operational. It and other projects due to start next year will help the United States retain its position as the world's largest exporter of the gas.Its commercial startup will make Venture Global the second-largest U.S.
Diamond Gas International anticipates LNG glut in the years 2027-2028
Diamond Gas International CEO Diamond Gas said that a global glut of liquefied gas will be forecast between 2027 and 2028 after new projects are completed. Takuji Knzo, at the FT Commodities Asia Summit, stated that the glut of supply will last only two to three more years, as Asia is expected to increase its demand. He said: "It could end quite quickly... Concerning fears that the Trump administration might implement tariffs and stop accepting U.S. LNG cargoes in China, Konzo stated that while cargoes might be rerouted, this would not impact LNG demand and supply. "To me it's just a question of destination." "If China somehow stops buying from the U.S.
Venture Global receives permission from federal regulators to add natural gas to LNG plant
Documents show that federal regulators granted Venture Global LNG approval on Wednesday to introduce natural gases into its Plaquemines Export Plant in Louisiana. This allows the plant to move closer to producing supercooled gas. When fully operational, the 20 million metric ton per annum (MTPA), Plaquemines LNG facility will be the second largest U.S. Export Facility. The plant and others due to begin next year will allow the United States to maintain its position as the largest gas exporter in the world. Venture Global will become the second largest U.S.
Faced with a tariff threat, Europe looks for ways to appease Trump
The European Union considers options to appease Donald Trump upon his return to the White House. It is bracing for a resumption in U.S. trade threats and tariffs, as well as a tough exchange on how to deal with China. Trump warned the 27-nation group shortly before he won the U.S. presidency that they would "pay a high price" if they did not buy enough American exports. EU officials claim that Brussels has acknowledged the credibility of threats to impose tariffs of 10% on all imports from the United States and 60% on those coming from China.
Spot prices rise due to low renewables production and increasing demand
European spot electricity prices rose to multi-month highs Monday. Renewables are expected to continue to be low, while demand is projected to increase. By 0901 GMT, the German baseload contract for Tuesday had reached its highest level since June 25, at 145 Euros ($157.99 per megawatt-hour (MWh). On Friday, during the All Saints Holiday, no equivalent price was traded. LSEG data shows that the equivalent French contract is now at 117.50 Euro/MWh, after having reached a contract high of 117.50 Euros for 11 months. Naser Hashemi, LSEG analyst, says that Germany will be a net exporter on Tuesday due to a large average residual load.
Egypt's President and Eni CEO discuss gas production
Eni, an Italian energy company, said that Egypt's President met with its CEO on Monday in order to discuss measures aimed at boosting gas production. The meeting came after Egypt was forced to use the LNG market to meet domestic demand. Egypt had planned to be a major exporter of gas after Eni found the huge Zohr offshore gas field in 2015. However, domestic gas production has fallen since 2021 and reached a six-year minimum this year. In the first half of 2018, the average production of Zohr field was 1.9 billion cubic foot per day (bcf/d), well below the record set in 2019.
AG&P LNG acquires Australia's Venice Energy and develops South Australian import terminal
The Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) has agreed to acquire the Australian energy infrastructure developer Venice Energy and build its Outer Harbor Import Terminal in South Australia. AG&P LNG aims to have the LNG import terminal at Port Adelaide operational by the first quarter 2027. This was stated in a Thursday statement. The terminal will have an annual import capacity of two million metric tonnes. It will be constructed by converting a LNG carrier with a volume of 145,000 cubic metres into a floating storage unit and regasification (FSRU). The FSRU's maximum send-out capacity will be 400 million standard cubic foot of gas per day.
Bunge's takeover of Vicentin, a bankrupt soy company, is set back by court decisions in Argentina
A court in Argentina has ruled an agreement between Vicentin, the soymeal giant, and its creditors unconstitutional. This will hinder any attempt to takeover the bankrupt company that is stuck in a long legal battle. The Supreme Court of Santa Fe Province, where Vicentin's headquarters is located, has ruled that the company must negotiate a new deal with its creditors before a proposed acquisition by U.S. grains traders Bunge and Glencore-backed oilseeds crusher Viterra, as well as local group ACA, can proceed. Bunge and Viterra announced last year a mega-merger deal.
A group of armed men claims to have taken control of the rare earth mines in Myanmar
A group of rebels fighting Myanmar's ruling army has claimed control of a mine hub, a major supplier to China of rare earth oxides. This will likely disrupt shipments of materials used in clean technology and other technologies. In Kachin State, around the towns Panwa & Chipwe and adjacent to Yunnan Province in southwestern China, rare earth mining is concentrated. Naw Bu, the spokesperson for Colonel Kachin Independence Army, said on Tuesday that Panwa was under control by the Kachin Independence Army on October 19. According to the local Myanmar media, it had captured Chipwe previously. It was unable to independently verify both towns' status.
Prices of EUROPE GAS rise after Norway Outage
Dutch and British wholesale gas prices rose on Tuesday afternoon, as a planned outage in Norway offset initial losses, despite a reduced demand and well-supplied storage sites. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub increased by 0.51 euro to 40.50 Euros per Megawatt Hour (MWh) at 1259 GMT. It had traded earlier as low as 39.80 Euros/MWh. The Dutch day-ahead contracts was up by 0.50 euros to 40.38 Euro/MWh. The day-ahead contract in the British market gained 1.40 pence, to 100.50 p/therm. Meanwhile, the front month rose by 0.90 pence and now stands at 101.30 pence/therm.
Prices for gas in Europe are lower due to a revised forecast but concerns about supply persist.
The Dutch and British wholesale gas prices fell slightly on Tuesday morning due to small changes in weather forecasts. They had risen more than 2% on Monday, mainly because of colder forecasts. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 0.09 euros to 39.90 Euro per megawatt hour at 0756 GMT. The Dutch day-ahead contracts was down by 0.21 euros at 39.67 Euro/MWh. The day-ahead contract in the British market was down by 0.10 pence, at 99.00 pence/therm, and the front-month contract was also down by 0.50 pence, at 99.90 pence/therm.
Nigeria approves Exxon Seplat after two years
Nigeria has approved the sale to Seplat Energy of Exxon Mobil Corp.'s onshore assets, said the chief executive of the country's Upstream regulator on Monday. This comes more than two years since the original $1.28 billion agreement.Since it was announced in February 20, 2022, the sale has been scrutinized as it awaits regulatory approval.Bola Tinubu, the President of Nigeria, said that the ministerial approval would be granted within a few days following the clearance by the regulator.Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission NUPRC…
