Benchmark European Gas at its highest level in 10 Months due to geopolitical risk
The Benchmark front month contract at the Dutch TTF Gas Hub hit its highest intraday levels in more than ten months Thursday as the Middle East Conflict and reports that North Korean troops were ready to assist Russia in Ukraine kept the traders on edge before the U.S. Presidential election. According to LSEG, the contract for November deliveries reached 42.57 euros per Megawatt Hour (EUR/MWh), its highest intraday value since December 1, at 0945 GMT. Gas prices are still lower than their all-time peak in August 2022, which was 306.00 EUR/Mwh.
Qatar writes off loans to boost the private sector
State media reported late Wednesday that Qatar plans initiatives to boost the private sector in the Gulf state. This includes writing off some of the loans made to Qatari businesses during the COVID-19 Pandemic. Qatar News Agency reported that the Cabinet had called for a package to be prepared and implemented in order to increase the participation of the private sector in the economy. This was based on the directives of Emir Sheikh Tamim Bin Hamad Al Thani. These initiatives aim to support private companies that are struggling to recover after the pandemic…
Spanish PM calls on EU to reconsider tariffs against Chinese EVs
The Spanish Prime Minister Pedro Sanchez stated on Wednesday that the European Union should reconsider its proposed import tariffs for Chinese-made electric cars, and urged Brussels to avoid a trade conflict. Sanchez's remarks during a trip to China indicate a shift in Spain's stance, which had previously supported the tariffs. He also expressed concern over the potential impact of the EU-China Trade Spat on Spanish industry. "I must be honest, we all have to rethink our position. Sanchez, speaking at an event held in an industrial park of the Chinese city Kunshan…
Vietnam will select an investor for the $2.5 billion Nghi Son LNG Power Plant by October
A provincial official in Vietnam's Thanh Hoa Province said that authorities plan to select a developer for a $2.5billion LNG-fired energy plant by October through a competitive bidding process. The Nghi Son LNG Power Plant, located in the Nghi Son Economic zone of the province, would have a capacity of 1.5 gigawatts. It would begin commercial operations in 2030. Nguyen Tuan, the deputy director for the zone, said that the bids would be opened on 30 September and the investor's name would be announced in mid-October or at the end of October.
Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.Trump did not specify barrels per day (bpd), though the market expresses demand and supply in those terms.
Sinopec Resumes Production at Sichuan Gas Processing Unit
China's Sinopec Corp last month resumed production at a key natural gas processing plant in southwestern Sichuan province after a planned maintenance, the parent company of the state oil and gas group said on Tuesday.By August-end, Sinopec had completed maintenance at a desulphurising facility at Puguang gas field - the firm's largest gas-producing asset in China - ahead of the heating season, which normally begins at mid-November.There will be a surge in the consumption of natural gas surge during the…
Two Tankers Attacked in Gulf of Oman
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.
Bahrain LNG Terminal to Start Commercial Operations in May
Bahrain's liquefied natural gas (LNG) terminal will start commercial operations in May, with the first LNG shipment to be imported mostly from the UAE's ADNOC, state media quoted the CEO of Bahrain’s National Oil and Gas Authority (NOGA) as saying.Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd, Bahrain, Bahrain LNG's website says.The terminal also houses an offshore LNG receiving jetty and breakwater, a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production
Guangzhou Launches World's First Icebreaking LNG Tanker
The world's first liquid natural gas (LNG) carrier tanker was named 'Boris Sokolov' and delivered by Guangzhou Shipyard International in Guangzhou City.According to Chinese state media, the Arctic condensate tanker carrier designed to traverse the world's icy northern polar region.With a load capacity of 44,550 tons, the vessel, which is built for for Dynacom of Greece, can sail in the Arctic region without icebreaker-piloting, it said. The vessel is mainly used for transporting condensate oil for the Yamal LNG project in northwest Siberia…
CNOOC to Expand Jiangsu Binhai LNG Project
China's CNOOC plans to expand its LNG project in eastern Jiangsu province to meet rising demand from more regions, state-media China News reported citing a project manager from CNOOC.CNOOC will lift the storage tank facility of each of the four tanks linked to the Jiangsu Binhai LNG receiving terminal to 220,000 cubic meters, up from 160,000 cubic meters, China News said.Total investment in the project rose to 17 billion yuan ($2.46 billion), up from 14.4 billion yuan, China News said.The terminal and its storage tanks will be able to serve a broader region including the provinces of Jiangsu, Anhui, Henan and Shandong, whe
China's New Shenzhen Terminal Receives First LNG Cargo
China National Offshore Oil Company (CNOOC) started operating a new import facility in southern China for liquefied natural gas (LNG), state media reported on Wednesday.The terminal in the city of Shenzhen, near Hong Kong, on Wednesday received a 93,000-tonne LNG cargo from Qatar, Securities Daily reported, making it the state firm's ninth LNG terminal in operation.The new facility has four tanks each sized 160,000 cubic meters and a berth able to dock 266,000 cubic-meter tankers, with annual handling capacity of 4 million tonnes, according China Environment News.CNOOC's press office was not available for immediate comment
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea…
Asian Refiners Rush to Secure Feedstock as Trade War Looms
U.S. tariffs on Chinese goods came into effect Friday; China retaliates, duty on U.S. crude possible. Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's U.S. tariffs, China has threatened a 25 percent duty on imports of U.S. crude. Meanwhile, Washington's new sanctions against Tehran are due to kick in from November.
Saudi Intercepted Missiles Launched at Aramco Facility
Yemen's Houthis fired two ballistic missiles at a Saudi Aramco facility in the southern city of Jazan on Monday, but Saudi state media said the rockets were destroyed.The Houthis' al-Masirah TV said they had targeted a port belonging to the Saudi state oil giant, but there were no reports of damage or casualties, and no immediate comment from Aramco.Reporting by Marwa Rashaad
Iran to Build Oil Refinery in Syria
Iran will build an oil refinery in Syria, the head of downstream technologies at Iran’s Research Institute of the Petroleum Industry was quoted by Fars news agency as saying on Tuesday. The refinery, to be built near the city of Homs, will have a production capacity of 140,000 barrels per day, Akbar Zamanian reportedly said. The refinery project is one of a series of business deals the Islamic Republic has announced that point to a deepening economic role after years of fighting in the Syrian conflict. Syrian light and heavy crude will be processed at the plant.
Fire Out at Dalian PetroChina Refinery
A fire that broke out on Thursday at state oil major PetroChina's plant in northeastern China, one of the country's largest refineries, has been put out with no reported casualties, state media reported. The fire came just two months after the Dalian refinery finished a planned major maintenance. More than 600 firefighters extinguished the blaze at the plant's 1.4 million-tonnes-per-annum catalytic cracker just after 9:00 p.m. (1300 GMT), and stayed on the scene to make sure equipment at the refinery remained cool, state broadcaster CCTV said on Friday.
Harsh Jail Sentence for Former Sinopec President
Found guilty of taking about $4.9 mln in bribes, Wang Tianpu gets 15-1/2 years. A Chinese court has jailed Wang Tianpu, the former president of energy giant Sinopec Group, for 15-1/2 years for graft, state media reported on Tuesday, citing a court verdict. Wang, who took top positions at Sinopec Group between 2003 and 2014, was found guilty of accepting bribes of about 33.48 million yuan ($4.9 million) and embezzling state properties worth 795,934 yuan ($116,063), state news agency Xinhua said. Reuters was not immediately able to contact Wang's family members, or a legal representative, for comment.
Blast at Chinese Refinery, No Casualties
Equipment at an oil refinery in the eastern Chinese city of Nanjing caught fire and exploded on Sunday, state media said, in the country's latest industrial accident. The explosion occurred at around 1:50 p.m. at the Jinlingshihua Nanjing Refinery, a subsidiary of Sinopec Group, the official Xinhua news agency said, adding that no casualties had yet been reported. Xinhua said fire fighters had been dispatched to battle the flames and pictures carried by state media showed thick black smoke rising into the sky above an industrial complex.
Iran, Russia start Construction of New Iranian Nuclear Plant
Iran began building a second nuclear plant with Russian help on Saturday, in a $10 billion project which follows Tehran's landmark nuclear deal with world powers last year, state media reported. State television showed Iranian and Russian officials at launching ceremonies for the 10-year project which will include two power plants with a total capacity of more than 1,000 megawatts after their completion. Iran already runs one Russian-built nuclear reactor at Bushehr, its first. Russia signed a deal with Iran in 2014 to build up to eight more reactors in the country. A report by the U.N.
Fire Near Yemeni Oil Facility Kills Worker
A fire that broke out at a domestic gas storage facility in Yemen's Marib province on Thursday killed a worker and seriously injured four others, according to state media and a local official. Firefighters were able to extinguish the blaze caused by an electrical fault which broke out close to Safer, an oil industry compound in Marib province about 150 km (95 miles) east of the capital Sanaa, said state news agency, Saba, citing a Yemeni official. Saudi-led coalition forces fighting the Houthi group who control the capital have been flying reinforcements into a small airport in the town of Safer.
