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Can Peru restart its Amazon oil industry? Pollution and local opposition are a concern
Wilmer Macusi, a Peruvian living in northern Amazon, sat atop an old rusty pipe that cut through the jungle and tossed a branch into the stagnant pool of water around it. Macusi, an Indigenous Urarina leader of 25 years, pointed to the place where an oil spill took place in early 2023. "But even if you change the water, the oil will still come out." As plastic barriers intended to contain the spill dropped into the water, black droplets bubbled up to the surface. The pipeline connects a nearby oilfield (Block 8) to the North Peruvian Pipeline, which is owned by the government. Santa Rosa, Macusi's locality, is just a few minutes away. According to data from the government, Peru's northern Amazon contains hundreds of millions barrels of crude oil. However, indigenous groups claim that oil extraction in the last half century has brought pollution and not progress. They are against a new wave of development. In the 1980s, this region produced more than half of Peru’s oil. However, environmental liabilities and local opposition lowered production to 40,000 barrels per day. In 2020, key blocks became dormant. Petroperu, the state-owned oil company, is once again focusing on the modest reserves of this region. The company spent $6.5 billion to upgrade its Talara refinery, which now produces 95,000 bpd of high-grade fuels. Petroperu, heavily indebted and with a CCC+ junk rating from the ratings agency Fitch wants to revive Amazon oil production to supply Talara. Petroperu, the state-owned firm, estimated that last month proven and probable reserves were valued at $20.9 billion. This could generate $3.1 billion of tax revenue for local governments. The amount of oil involved is small but the plans have caused tensions due to past spills. This has fueled Indigenous opposition as Brazil, Ecuador, and Guyana try to expand their Amazon oil frontiers. The frustration about forest protection and climate action boiled over during the Climate summit COP30 This week, dozens of Indigenous demonstrators forced their way in and clashed violently with security guards. Petroperu also plans to import oil into the refinery through a 1,100 km ONP link to Ecuador. Ecuador is aiming to increase production in the Amazon region of its country as part a $47 Billion oil expansion plan. The ONP was hailed as a marvel of engineering when it opened in the 1970s. However, since then, it has become a lightning-rod for leaks, protests, and sabotage. Both indigenous groups are fighting the pipeline connection. The government is considering options to best run the pipeline. These include a joint venture and outsourcing its management. OBSTACLES TO REVIVAL Petroperu has failed to find an international partner for its largest oilfield Block 192. This field produced over 100,000 bpd during its peak, but was recently the subject of Indigenous protests calling for remediation due to damage caused to the soil, forest and waterways. Petroperu’s former chairman Alejandro Narvaez was dismissed last month. He estimated Block 192 production at least 20,000 bpd and that Amazon's overall production could reach 100,000 bpd. Upland Oil & Gas, a domestic company, was selected by the state oil firm to operate the block. However, Peru's state regulator of oil disqualified Upland in the last month because it had not demonstrated financial capability. Upland has requested a review of the decision. Petroperu partnered up with Upland in order to restart production at Block 8, a smaller block that produced 5,000 barrels per day last month. Upland CEO Jorge Rivera is the son of Peru's first oil prospector. He said that Upland had offered Indigenous communities funding, training and jobs. He said, "We have dedicated ourselves to understand the complexities of operating these fields." Rivera made a visit to Santa Rosa, California in March. He gave a Starlink terminal as a gift and requested a report about the needs of the community. Although the community was primarily concerned with the cleanup of a nearby spill, questions still remain about who is responsible. Although Upland is responsible for the 108 km of pipeline that connects Block 8 to the ONP and runs through it, its contract exempts them from liability for pollution in the past. Pluspetrol Norte was the previous operator. It is an Argentinean subsidiary that was fined a number of times before filing for liquidation in late 2020 and leaving the area. Eight Indigenous federations, as well as non-governmental organisations, filed a complaint with the Dutch National Contact Point of the OECD, a mechanism for implementing OECD guidelines to businesses. The Dutch National Contact Point concluded in September, that Pluspetrol violated Indigenous community rights in Peru's Amazon, and urged Pluspetrol to remedy the damage to the environment. Pluspetrol responded by saying that it had already complied with the environmental and human right regulations. It also said the NCP statement lacked merit because it did not reflect the "breadth, complexity and extent of evidence presented and actions taken by the Company." Onp Spills Scientists have been studying the effects of oil fields on wildlife and Indigenous populations for decades. They've found that there are high levels of mercury, lead, and arsenic. Block 192 cleanup costs are estimated at $1.5 billion. OEFA recorded over 560 environmental violations including oil spills or other incidents from the ONP and other oil infrastructure blocks in Blocks 192 & 8 between 2011 and September 2025. Petroperu said that any damage was "temporary" and "reversible". It blamed the local communities for "economic, rural and domestic activities" which were not specified. The Peruvian prosecutor's office announced in late 2023 that they had dismantled a network consisting of local Indigenous leaders, businessmen and an employee from Petroperu who, according to the prosecutor, were orchestrating oil spills for lucrative cleanup contracts. Narvaez stated in an interview before his dismissal that Petroperu prioritized the cleanup of spills under regulator supervision. Fidel Moreno, Petroperu Board Vice President, was appointed to replace Narvaez by the government of Peru's interim president Jose Jeri who assumed power last month. The government also announced that it would soon replace Petroperu’s entire board. Moreno declined to respond to an interview request. Macusi stated that communities have not yet received the fund Upland promised to provide 2.5% from oil sales. Meetings with Perupetro to discuss funding community projects were delayed. In 2022, after an oil spillage from the Block 8 Connector pipeline, Urarina Communities held a strike. They took over oil fields, oil facilities and blocked a river in order to demand better state response. Macusi says that communities are prepared to act again after Macusi hauled buckets of oil spilled as a teenager. He said that if the benefits promised did not arrive soon, he would take action.
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Chevron is confident about its energy future and oversupply: Bousso
One would not expect a CEO of a large oil company to brag that he is more confident than ever when warnings are abounding about an impending collapse in oil prices. Mike Wirth, CEO of Chevron, announced the updated strategy on Wednesday. He dismissed concerns about an oversupply of oil in the short term, and expressed confidence in the long-term outlook for the sector. Chevron, like its Big Oil counterparts, has benefited from the "energy dominance agenda" of U.S. president Donald Trump. Wirth said to investors, "Never before in my career have i seen a more confident outlook." "The best of the future is yet to arrive." The U.S. Energy Information Administration predicts that oil prices will average $55 per barrel in 2019, down from $69 last year. NEAR-TERM RETRENCEMENT But what a company claims is only one part of the story. What the company does is more important. The spending plans of oil and gas companies are a good indicator of their risk appetite, both near and long term. Many energy projects like offshore oilfields and liquefied gas (LNG), for example, require billions in funding and years to build. Chevron has therefore reduced its capital spending by $1 billion compared to previous guidance, resulting in a range between $18 billion and $21 billion annually until 2030. In the face of the uncertainty surrounding the global oil supply-demand balance, the U.S. second largest oil company is also retrenching. The International Energy Agency has forecast a massive oversupply of 4 million barrels of oil per day next year, or around 4%, of the global supply. If accurate, this could lead to oil prices crashing. Chevron’s slight retreat suggests that its thinking is more in line with OPEC analysts who are expecting supply to roughly equal demand next year or other who believe there will be a modest oversupply. LONG-TERM BOOM Chevron’s actions appear to be more in line with its messaging. The company is clearly betting that oil demand will continue to grow and it's a race against time to compensate for dwindling supplies. Chevron has plans to increase oil and gas production between 2% and 3% annually until 2030. It produces approximately 4 million barrels equivalent to oil per day. Wirth stated that the amount of investment needed to close the oil gap is equivalent to five Saudi Arabias over the next decade. Chevron has stated that it will keep the production of the Permian shale in America at 1 million bpd until 2040, while reducing its investment from $4.5 billion per annum to $5 billion. Chevron claims that it can maintain production with improved drilling methods without drilling new wells. This is a bold prediction, given the standard practices of shale drilling or fracking. Chevron's not the only major shale producer that has indicated it can sustain and grow shale oil production profitably for many years. ExxonMobil, ConocoPhillips and others have also indicated that they are confident of doing the same. EXPLORATION BET Chevron’s increasing investment in oil and natural gas exploration is perhaps the best way to demonstrate its long-term optimism. This high-risk and high-reward industry requires heavy investments, which can take a decade or longer to go from the first drilling to production. Chevron has expanded its exploration activities in recent months to include Namibia, Egypt, and South America. In the coming years, Chevron plans to double its annual budget for exploration. Kevin McLachlan was hired by the company in October as its new exploration chief. This means we can expect to see a similar situation as at the beginning of this century when massive, unrestrained investments in new gas and oil resources led us into massive overspending with poor returns. Most likely not. Big Oil companies have become hyper-focused on profit and have implemented cost-saving measures that allow them to make money even if the oil price drops below $50. Chevron wants to cut structural costs between $3 and $4 billion dollars by 2026. This includes laying off 15% of the global workforce. Chevron, and its peers, should be able to invest with more confidence in the future despite the peaks and valleys of the market. This, in turn indicates that the market will remain well-supplied for the foreseeable. All of this does not take into account the energy transition. The timing of Chevron’s strategy update coincided with the IEA’s new long-term outlook, which suggests that oil demand could continue to rise into 2050. Previously, it was thought that the demand would plateau by 2030. It may sound good to Big Oil, but the reality could be harsh for Chevron and other companies in the oil industry if energy transition gains momentum again as many predict. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights, and links to trending articles every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Sources say that GE Vernova and Siemens Energy are in discussions to provide gas turbines to Syria for reconstruction.
Three people with knowledge of the situation said that U.S. company GE Vernova is in talks with Germany's Siemens Energy to supply gas-turbines for a $7 billion project aimed at rebuilding Syria's war damaged power sector. In May, Syria signed an agreement with a subsidiary company of Qatar's Power International Holding to build four combined cycle gas turbine power stations with a capacity totaling 4,000 megawatts. The agreement includes a solar component of 1,000 MW. One person said that Siemens Energy and GE Vernova might both win contracts for the project. However, it is too early to predict when agreements may be finalized. The amount allocated for the turbines in the project was not disclosed. None of the sources could estimate the value of the turbine contracts. Another source said that the talks could lead to other agreements, such as the supply of critical infrastructure for the power grid, in addition to turbines. WESTERN COMPANIES SEEK TO BENEFIT from RECONSTRUCTION After President Donald Trump's lifting of most of the sanctions against Damascus in early 2018, Siemens Energy and GE Vernova would be among the first Western firms to benefit from the reconstruction Syria's energy sector. Siemens Energy said that "a local delegatio met with Syrian officials to discuss how power supply in the country could be improved on a short-term basis." A spokesperson for the company stated that "while no specific agreements or contract have been made, our technical expertise is ready to be contributed if this can help stabilise and establish a reliable supply of energy and support the populace." GE Vernova, and PIH have not responded to requests for comments. Syria's Information Ministry did not respond immediately to a comment request. REVIVING AN ENERGY INDUSTRY RIPPLED BY THE WAR After the ouster by rebels of President Bashar al-Assad, Syria's new leader, President Ahmed al-Sharaa met with Trump this week in Washington. Baker Hughes, Hunt Energy, and Argent LNG are U.S. companies that announced in July their plans to support post-war reconstruction by creating a masterplan for exploring and extracting oil and gas as well as producing power. Syria produces only a fraction (of the electricity needed) of what it requires today due to the destruction caused by its 14-year civil conflict. However, the power supply has significantly improved in recent months, thanks to gas imported from Azerbaijan, and Qatar. Dana Gas of the UAE announced on Wednesday that it had reached a preliminary agreement with Syria's oil company for a study to evaluate the redevelopment of natural gas fields damaged during war. The war is believed to be the reason for the decline in Syria's natural gas production to 3 billion cubic meters in 2023, from 8.7 bcm back in 2011.
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Boeing ordered to pay $28 million more to the family of a 737 MAX crash victims
A federal court jury in Chicago on Wednesday ordered Boeing to pay over $28 million to a family of a United Nations environment worker who died in the crash of a 737 MAX in Ethiopia in 2019. The verdict given to the Garg family is the first of dozens of lawsuits that were filed following the crash in India and the one in Indonesia in 2018 which killed 346 people. According to the attorneys representing the family, a deal was reached between the parties on Wednesday morning. Garg's parents will receive 35.85 million dollars - the total verdict plus 26% in interest - while Boeing will not be appealing. Boeing did not respond immediately to a comment request. In a joint statement, Shanin Specter, Elizabeth Crawford and the family's attorneys said that the verdict "provides accountability to the public for Boeing's wrongdoing." Her lawyers claim that Garg was only 32 years old when Ethiopian Airlines Flight 302 crashed shortly after takeoff from Addis Ababa in Ethiopia to Nairobi in Kenya. The lawsuit alleged that the 737 MAX was defectively engineered and that Boeing did not warn the public and passengers about its dangers. Ethiopian Airlines Flight 610 crashed in the Java Sea, Indonesia, five months after Lion Air Flight 610. Both crashes were caused by an automated flight control system. According to the company, more than 90% civil lawsuits relating to the two accidents have been settled. This includes lawsuits, deferred prosecution agreements and other payments. According to their lawyer, Boeing settled three lawsuits filed by families of victims who also died in the Ethiopian Airlines crash. Terms of the settlements have not been released. Reporting by Diana Novak Jones, Editing by Jamie Freed
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US court temporarily blocks USDOT's order to disband Delta and Aeromexico joint-venture
The U.S. Court of Appeals temporarily stopped an order issued by a government agency to Delta Air Lines, Aeromexico and other companies to dissolve a joint venture before January 1, 2019. The airlines sued the Transportation Department to stop the order to cancel the joint venture, which has been in place for nearly nine years and allows the carriers to coordinate flight schedules, pricing, and capacity between the U.S. USDOT issued the order in September as part of a series of U.S. actions against Mexican aviation, citing concerns about competition. Carriers said that they would be unable to recover substantial costs even if the court upheld this arrangement. The three-judge panel's brief order cited an earlier court decision regarding the standard to temporarily block administrative actions. Delta, Aeromexico, and USDOT declined to comment immediately. The Justice and Transportation Departments referred to the joint venture as "legalized collusion," which controls "almost 60 percent of operations at the 4th largest international gateway into and out of the United States," citing Mexico City flight. Delta, which owns a 20% stake Aeromexico has also argued President Donald Trump’s administration holds the joint venture to a higher standard than other ventures such as United Airlines opens a new tab and ANA. According to the government, problems that could arise from this venture include increased fares on some markets, reduced capacities and difficulties for U.S. airlines due to insufficient competition. Separately, last month the Trump Administration revoked the approval of 13 routes for Mexican carriers to enter the U.S. It also canceled all passenger and cargo flights from Mexico City’s Felipe Angeles International Airport bound for the United States. Transportation Secretary Sean Duffy stated that Mexico "illegally cancelled and frozen U.S. carrier flight for three years, without consequence." Claudia Sheinbaum, the Mexican president, said that she was not in agreement with the U.S.'s decision to revoke the approval of 13 routes. (Reporting and editing by David Shepardson)
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US Senate holds hearing on impact of government shutdown on aviation safety
Next Wednesday, a U.S. Senate Subcommittee is holding a hearing on the impact the shutdown has had on aviation safety. This comes after disruptions to thousands of domestic flights affecting millions of passengers. The committee confirmed a report that the hearing will be held on November 19, and include testimony by Nick Daniels, President of the National Air Traffic Controllers Association, as well as Chris Sununu. Chris Sununu is the chief executive officer of Airlines for America. This trade group represents major airlines. Last week, the Federal Aviation Administration took an unprecedented step by requiring that flights be cut by 4% at 40 of the busiest airports due to safety concerns relating to the increasing absence of air traffic controllers. Flight cuts will increase to 8% Thursday and 10% Friday. Some airlines believe the FAA is going to reduce the planned flight cuts on Thursday by 6%, and then phase out the order once the air traffic staffing increases. The shutdown of the federal government is expected to be over by Wednesday evening. Sununu stated that airlines would like Congress to make sure air traffic controllers get paid in the event of a government shutdown, "to ensure this does not happen again." The head of General Aviation Manufacturers Association will also testify. Since October 1, when the shutdown started, tens thousands of flights have been cancelled or delayed. This has affected more than 5.2 millions passengers. Due to the absence of air traffic controllers, 1.2 millions passengers had their flights delayed or cancelled last weekend. Moran, the chair of the subcommittee for aviation, stated that "the shutdown has had a severe impact on our already fragile industry and it will take some time to recover from its effects." He said it was important to "address the damage done and examine the long-term impacts of the shutdown." Ted Cruz, the chair of the Senate Commerce Committee, said that the FAA and Transportation secretary Sean Duffy ordered the flight cancellations "because the FAA relies upon safety data to keep the system secure was blinking in red." The longest shutdown in U.S. History, 43 days, forced 13,000 air traffic control agents and 50,000 Transportation Security Administration (TSA) agents to work for free. There are about 3,500 fewer air traffic controllers than the FAA's target staffing level. Before the shutdown, many had already been working six-day work weeks and mandatory overtime. Congress also approved $12.5 billion for the rehabilitation of the U.S. Air Traffic Control System which has experienced numerous technical failures. (Reporting and editing by Chris Reese, Jamie Freed, and David Shepardson)
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Novo Nordisk CEO shows new appetite for taking on risk in obesity deals
Mike Doustdar, CEO of Novo Nordisk, was not yet ready to give up on his company's portfolio of obesity drugs. Doustdar, under pressure to deliver results since taking over the Danish drugmaker's leadership in August, had made five offers that were getting more expensive for Metsera. This is according to U.S. Securities filings and Court documents. Three sources familiar with the process said that he chose to go ahead and sign a deal worth $10 billion. This is five times more than what Doustdar’s predecessor was willing to pay back in January. If antitrust regulators had rejected the offer, Novo would have been left without control of Metsera's new obesity drug pipeline. Pfizer was compelled to increase its offer to complete the deal. Kerry Holford, Berenberg analyst, said Novo's attempts to secure the deal were always going to be difficult. NEW TOLERANCE FOR RISK Doustdar was willing to take risks in order to be more competitive than Eli Lilly, according to two sources. This included being more aggressive and faster. Lilly has surpassed Novo in the once dominant position it held on the lucrative U.S. market for weight loss. Investors and analysts have welcomed the new tone. Erik Berg-Johnsen is the portfolio manager of Storebrand Asset Management's Novo shareholders. He said that the company showed "a clear sense" of urgency to improve its fortunes. Henrik Hallengreen Laustsen of Jyske Bank, who rates Novo as "buy", said that Doustdar’s decision to acquire Metsera is an "important sign" that it will not be passive. He said, "They attack the markets rather than have to defend themselves." Some questioned if Doustdar had gone too far. The bidding battle coincided with increased governance concerns and a shake-up of the board of directors that would give unprecedented control to Doustdar's largest shareholder. Evan Seigerman of BMO Capital Markets, who rates Novo as a Hold, said that the company still has many other problems to resolve. You have anticipated pricing headwinds. Lilly is grabbing market share and Novo feels like it has strayed so far from its course that it's difficult to correct. Holford, a Berenberg analyst, said that Novo must look to acquire deals to boost its drug pipeline, given the relative inaction of mergers and acquisitions in recent years, and looming expirations for patents on semaglutide, an active ingredient found in Wegovy, Ozempic, and other drugs. Novo has not responded to our request for comment. Metsera declined comment. NOVO'S CEO WAS CONFIDENT IN FTC'S CERTIFICATION Doustdar has defended Novo’s pipeline of experimental drugs for weight loss, but stated that an aggressive acquisition strategy is critical to keep pace with a market some analysts estimate will reach $150 billion in the early part of next decade. The CEO told industry analysts in a recent call that "no pipeline is wide enough" if you want to treat hundreds of millions. According to securities filings, the final Novo bid structure included higher payments upfront in exchange for 50% of the company, but it delayed the time for gaining control over the business. Doustdar believed the proposed deal could withstand scrutiny by the U.S. Federal Trade Commission. It didn't work out as planned. Metsera announced in a press release on November 7, that it had accepted an offer sweetened by Pfizer. The FTC warned Metsera of the antitrust risk associated with the Novo deal. Novo pulled out of this race. "Every transaction comes with a cost," said Marcus Morris Eyton, portfolio manager at Alliance Bernstein for European and Global Growth Equities. "We are happy to see the management exercise financial discipline when they feel that the price has become too high." (Reporting from Sabrina Valle and Maggie Fick, in New York; Additional reporting by Louise Breusch Rasmussen, in Copenhagen; Editing done by Adam Jourdan and Michele Gershberg; Bill Berkrot).
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Saade Family becomes second largest shareholder in Carrefour
Carrefour, Europe's biggest food retailer, announced on Wednesday that the family of Rodolphe Saade (owner of French shipping company CMA CGM) has purchased a stake in Carrefour of around 4%, making it its second largest shareholder. Carrefour announced that the purchase marks a new chapter in the history of major shareholders at Carrefour, since Peninsula, the family-owned business of Abilio Dniz, sold its 8% share. The financial details of the transaction were not revealed. Saade will replace Peninsula (represented by Eduardo Rossi) in the board of Carrefour for the rest of the term, up until the 2028 annual meeting. The switch will be effective from December 1. Saade stated in a statement that "Carrefour’s transformation, which combines innovative, operational discipline, and environmental responsibility is aligned to the values that guide the commitment we have made." He added, "By joining the board of directors I hope to support this long-term growth and contribute to its momentum." Galfa, the holding company of the French family that owns the department store Galeries Lafayette in France, is the largest shareholder in Carrefour with a stake of 9.46%. (Reporting from Mathias de Rozario, Gdansk; Dominique Vidalon, Paris. Mark Potter is the editor.
Oil tankers on fire after colliding near Singapore, team saved
2 big oil tankers were on fire on Friday after clashing near Singapore, the world's biggest refuelling port, with 2 team members airlifted to healthcare facility and others saved from life rafts, authorities and among the tanker operators said.
Singapore is Asia's biggest oil-trading center and the world's. largest bunkering port. Its surrounding waters are crucial trade. waterways in between Asia and Europe and the Middle East and amongst. the busiest international sea lanes.
The Singapore-flagged tanker Hafnia Nile and the Sao Tome. and Principe-flagged tanker Ceres I were about 55 km (34 miles). northeast of the Singaporean island of Pedra Branca on the. eastern technique to the Singapore Straits, the Maritime and Port. Authority of Singapore (MPA) stated.
The 22 team of the Hafnia Nile and the 40 on the Ceres I. were all represented, said the MPA, which was alerted to the. fire at 6:15 a.m. (2215 GMT).
Hafnia, the operator of Hafnia Nile, confirmed the vessel. hit Chinese-owned Ceres I. Hafnia included a declaration. that a pull is on scene to help the ship, which is drifting. towards ocean blue. Specialized tugs are en path to sign up with. firefighting efforts and are anticipated to show up within hours.
The precise situations causing the occurrence are unidentified.
Pictures released by the Singapore Navy showed thick. black smoke rippling from one tanker and crew being rescued. from life rafts and flown to hospital.
Environmental authorities in neighbouring Malaysia said they. had actually been informed to prepare for prospective oil spills.
Norway's Gard, one of Hafnia Nile's insurers, informed . it was prematurely to evaluate the ecological effect.
We are supporting our member as they are dealing with the. incident, Gard said.
Navigational traffic had not been impacted, although the. status of the vessels or any contamination was unknown at present, a. representative at the UN's International Maritime Company. ( IMO) stated.
No aerial monitoring has been performed so far, the. spokesperson said.
Restore and firefighting properties have been organized by both. vessel owners to support the firefighting efforts and subsequent. towage of the vessels to security.
The IMO representative said a salvage group had actually been designated. and was en path to the location.
The 74,000-deadweight-tons capability panamax tanker Hafnia. Nile was carrying about 300,000 barrels of naphtha, according to. ship-tracking information from Kpler and LSEG.
The Ceres I is a large crude carrier supertanker, which. ship-tracking information last showed was carrying around 2 million. barrels of Iranian crude.
The Ceres I has actually been a boat that has actually gone dark lot of times. over the years, stated Matt Stanley, head of market engagement. EMEA & & APAC with Kpler, describing when vessels switch off. their AIS tracking transponders.
Stanley said the last AIS signal the vessel transmitted. around March suggested it was carrying Iranian crude, which the. U.S. has actually tried to curtail, consisting of enforcing sanctions on. ports, vessels and refineries involved in the trade.
She was at anchorage (on Friday). We can be fairly sure. that she was carrying Iranian crude and was going to China,. Stanley said.
SHADOW FLEET RISKS
S&P Global said in an April report that China purchases around. 90% of Iran's unrefined exports, often at affordable costs.
The Ceres I has stagnated since July 11, according to LSEG. delivering information.
The area Ceres I is anchored in is understood to be used by. so-called dark fleet ships for the transfer of Iranian oil in. conflict of U.S. sanctions, said Michelle Wiese Bockmann,. primary expert at Lloyd's List Intelligence.
The Ceres I has actually repeatedly been associated with moving or. delivering Iranian oil in breach of U.S. sanctions, she said.
Delivering sources have stated the tanker was also involved in. transferring Venezuelan oil, which is also under U.S. sanctions,. to China in the last few years.
The China-based owner of the Ceres I could not instantly. be reached for comment. China has consistently said it opposes. unilateral sanctions.
Up to 850 oil tankers are approximated to operate the shadow. fleet transferring oil from nations such as Iran and Venezuela. along with Russia, which has numerous restrictions on its oil. exports.
Delivering industry authorities have actually alerted that safety issues. are growing since of the ageing and uncontrolled vessels.
The Ceres I vessel was built in 2001 while the Hafnia Nile. was integrated in 2017, shipping information revealed. It was uncertain who. offered insurance coverage for the Ceres I, which was not covered by. top-tier suppliers such as Gard, according to other data.
(source: Reuters)