Shell to Link Directors' Pay to Climate Performance
Royal Dutch Shell has proposed linking its directors' pay more closely to the group's climate performance and severing the link between bonuses and liquefied natural gas (LNG) production volumes, it said on Monday.The weighting of Shell's energy transition performance on its targeted path to net zero emissions by 2050 would double to 20% of the directors' long-term incentive plan calculation if shareholders vote for the plan at a meeting on May 18.This places Shell's efforts to curb its planet-warming emissions…
Lebanon Postpones Offshore Licensing Round Again
Lebanon has again postponed the deadline for the submissions of applications for its second offshore licensing round, citing the effects of the COVID-19 pandemic and the decline in oil prices.Lebanon had in January postponed the deadline from January 31 to April 30 to allow international firms more time to pursue administrative, technical and financial preparations for the round. I then in April said the deadline would be put off for June 1, however, the government on Sunday announced the deadline will be postponed again."As this pandemic continues to spread around the world…
Oryx Acquires South African Marine Fuels
Oryx Energies, a provider of oil and gas products and services, has acquired the majority stake in South African Marine Fuels (SAMF), a bunkering company in Algoa Bay, Eastern cape, South Africa.Founded in 2016, SAMF is a woman-run enterprise with 100% South African staff operating at the only port in South Africa that has licensed offshore bunkering and ship service operations targeting both port calling ships and general passing traffic in this strategic location on the busy East-West routes."Thanks to its integration into Oryx Energies…
Asia: Pertamina, Petronas Join Forces
Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business – upstream and downstream, not only in Indonesia or Malaysia but also in other countries.As per MoU, Pertamina will swap crude produced in its Malaysian fields of Kikeh, Kimanis and Kidurong with crude from Petronas' Indonesian fields of Jabung and Ketapang, said a Reuters report quoting Pertamina sources.Meanwhile, Pertamina…
Sonatrach in Talks with 14 Foreign Firms on Trading Venture -CEO
Algerian state energy firm Sonatrach is in talks with 14 international firms for a joint venture to trade oil and gas products after agreeing to buy its first overseas refinery, its CEO said on Thursday."I am happy to say that 14 firms are on the list to do a JV on trading with us," Abdelmoumen Ould Kaddour told reporters during a visit to the port city of Bejaia, without giving details or names.The trading JV will also include gas sales.Potential partners, which have held talks with Sonatrach in recent weeks, include BP, Total, Royal Dutch Shell, Chevron, Repsol and Vitol, the world's biggest independent oil trader, sources to
Egyptian Oil Company Takes $200 Mln Loan for Electricity Generation
Egypt's state oil company signed a $200 million loan agreement on Tuesday with the African Export-Import Bank to help expand electricity generation and distribution, an Afreximbank statement said. The government announced in August that it was raising household electricity prices by 40 percent as part of plans to eliminate power subsidies in the next few years. Consumption of cheaper electricity has exacerbated energy shortages and power cuts in summer months. Afreximbank president Benedict Oramah said the…
GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'
As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.S. Maritime Trade -- are gaining steam. A new report from the Government Accounting Office (GAO) will surely add fuel to the "export oil" fire now, as GAO reports that U.S. consumers could save on gasoline if the ban on crude oil exports were lifted, even if such a move creates uncertain environmental risks. Allowing more domestic fuel to reach the global energy market would probably boost the national economy and ease the U.S.
CEVA launches City of Energy in Middle East
CEVA Logistics, one of the world’s leading global supply chain management companies, today announced the official opening of the City of Energy in the United Arab Emirates. The hub, which covers an area of 27,000 sqm of warehouse space and 10,000 sqm of yard space, is strategically located in Jebel Ali Free Zone in Dubai and is fully dedicated to the warehousing and handling of oil and gas products for the Energy sector. The cutting-edge logistics platform is unique in the Middle East, being the first logistics company with a facility dedicated solely to the oil and gas market.
