Latest News
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A Canadian energy executive is tasked with accelerating project approvals
Canada appointed Dawn Farrell, a senior executive in the energy industry on Friday as head of a new office that will expedite the approval and review of natural resource projects like mines and pipelines. This process can take up to a decade. The office was announced by the Prime Minister Mark Carney earlier this year. He said that streamlining would boost the gross domestic product, and offset the impact of U.S. Tariffs. Farrell and her team, which includes Farrell who served as CEO of Trans Mountain Pipeline between 2022 and 2024, will identify projects that are in the national interest, and they will help accelerate their development. Carney's Office said that this should allow major projects to be approved in two years or less. The construction of major infrastructure projects has been held up by inefficient and lengthy approval processes for far too long. This has left huge investments on the table. Farrell's office is located in Calgary, Canada's oil capital. Ottawa has not yet designated any projects of national importance. The Canadian Association of Petroleum Producers stated that Farrell's nomination and the creation of this office were "concrete measures towards making Canada an Energy Superpower and sending a positive message to industry and investors." Farrell was CEO of Trans Mountain from 2012 to 2021. She oversaw the completion of a multi-billion dollar expansion in capacity of the pipeline. She served as CEO of TransAlta, a utility company, from 2012 until 2021. (Reporting and editing by Richard Chang; David Ljunggren)
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Amaggi and Inpasa to partner in building new corn ethanol factories in Brazil
The firms announced on Friday that ethanol producer Inpasa, and Brazilian grain exporter and processor Amaggi, have formed a joint venture for the construction of at least three corn based ethanol factories in Mato Grosso. This is Brazil's largest grain-producing state. Why it's important The corn ethanol industry's growth is key to Brazil's growing demand for renewable fuel. Inpasa, the largest corn ethanol manufacturer in Brazil, is privately owned Amaggi. By the Numbers The companies stated in a press release that each plant should initially have the capacity to process around 2 million metric tonnes of corn annually. They said that Rondonopolis will receive the first investment, but they are also looking at investments in Campo Novo do Parecis, Querencia and Campo Novo do Parecis, without disclosing financial details. KEY QUOTE The companies stated that "this partnership will combine Amaggi’s solid footprint in grain sourcing and logistics with Inpasa’s leading expertise in corn based biofuel production". What's Next? The statement said that the joint venture will be formalized once the Brazilian antitrust authorities have approved its formation. (Reporting and writing by Ana Mano, Gabriel Araujo, Kirby Donovan).
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Sources say that the Kuibyshevsk refinery in Russia ceased operations following drone attacks.
Two industry sources claim that oil processing at the Kuibyshevsk Russian refinery, operated by Rosneft, has been stopped since August 28, following Ukrainian drone strikes. Sources claim that the attack on the refinery damaged the CDU-4 (crude distillation units) and CDU-5 (each with a capacity 70,000 barrels a day (bpd). Some secondary refinery units have also been damaged. Sources claim that the Kuibyshevsk oil refinery resumed refining operations on August 21 after completing a major overhaul, which had been ongoing since July 1. Rosneft didn't immediately respond to a question. The Kuibyshevsk Refinery is a part of the Samara Group of Rosneft refineries. This group also includes Novokuibyshevsk, Syzran and other refineries. The Syzran oil refining plant is currently also out of service, as it was shut down on 15 August due to drone damage. The Novokuibyshevsk oil refinery, which was attacked on August 2, also suffered drone damage. Kuibyshevsk's capacity is approximately 140,000 barrels of oil a day, or 7.0 million tonnes of oil a year. According to industry sources, the Kuibyshevsk Refinery will process 4.7 million metric tonnes of crude oil by 2024. It will produce 0.8 million tons motor gasoline, 1.4 millions tons diesel fuel and 1.3million tons fuel oil. (Reporting and Editing by Louise Heavens).
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Israel targets Houthi Chief of Staff and Defence Minister in Sanaa; awaits outcome
An Israeli military official stated on Friday that Israel was still verifying whether the airstrikes in Sanaa, Yemen, on Thursday targeted the Houthi chief of staff, the defence minister, and other senior figures. According to Yemeni government officials, Asaad Al-Sharqabi was killed by the strike. He was the man in charge of the defence ministry for the group. The report added that an Israeli raid also targeted a military base frequented Muhammad Abd Al-Karim al-Ghamari, the chief of staff for the Houthis. The Houthi Group did not respond immediately to a comment request. The Israeli military said fighter jets struck a compound in the Sanaa area where senior Houthi figures had gathered, describing the attack as a "complex operation" made possible by intelligence-gathering and air superiority. In a press release, a military official stated that they had taken advantage of a window of intelligence opportunity to execute the strike. They acted quickly and with precision at the perfect moment. Israeli security sources reported that on Thursday forces targeted different locations where many senior Houthi officials gathered to view a recorded televised address by leader Abdul Malik al-Houthi. Houthis, who are aligned with Iran, have attacked ships in the Red Sea as part of what they call a show of solidarity for the Palestinians living in Gaza. They also fired missiles at Israel, but most were intercepted. Israel responded by striking Houthi controlled areas in Yemen, including Hodeidah Port. The news agency of the group reported that a source in the Houthi ministry of defence denied reports on Thursday of targets being set for leaders in Sanaa. Howard Goller reported from New York, Mohammed Ghobari reported from Aden and Jana Choukeir was in Beirut. Alex Richardson, Mark Potter and Alex Richardson edited the story.
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Putin transfers Air Liquide Russian assets to local company
Vladimir Putin, the Russian president, signed a decree Friday placing Russian assets of the French group Air Liquide in the hands of a local firm. The decree was issued in response to the "unfriendly" actions of the United States, Canada and other Western countries that seized Russia’s property during its war with Ukraine. This move transfers assets to M-Logistika after a period in which relations between Moscow, France and Ukraine were strained. Air Liquide has transferred its joint venture with Severstal - one of Russia's largest steelmakers - and all other Air Liquide operations in Russia. French company provides gas, technology and home healthcare services. The company left Russia in 2022, after signing a contract to transfer its Russian assets to local managers. The company said that it employed 720 people in Russia. This accounted for less then 1% of its turnover. (Reporting and editing by William Maclean, Vladimir Soldatkin)
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Kremlin: Russia's Gazprom will sign an 'important' deal with China for gas next week
Yuri Ushakov, Kremlin's foreign policy adviser, said that Russian state-owned Gazprom would sign an "important agreement" with Chinese company CNPC during President Vladimir Putin’s visit to China next week. He refused to provide details, but said that there would be at least three documents relating to Gazprom. After losing access to European markets due to Western sanctions imposed in response to Russia’s conflict with Ukraine, Russia wants to increase its oil and gas exports into Asia. According to two industry sources, China is looking to purchase more Russian gas via an existing pipeline because talks between the countries on a second link have not progressed. In 2019, Russia will begin delivering goods to China via the Power of Siberia 1 Pipeline. The pipeline will reach its annual capacity of approximately 38 billion cubic meters this year. (Reporting and editing by Mark Trevelyan; Vladimir Soldatkin)
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Global Postal Services suspends some U.S. shipments after de minimis exemption expires
The United States have permanently ended the "de minimalis" exemption which allowed imports of items under $800 duty-free. The change is effective as of Friday and follows the executive order by President Donald Trump citing this exemption as a loophole to facilitate drug trafficking and tariff evasion. This decision has an impact on global retailers and post services. To comply with new U.S. Customs requirements, they are taking various measures such as suspending or adjusting their services. A six-month period of transition allows postal shippers the option to pay a fixed duty per package. Here is a summary of the reactions of some postal companies: DHL Group says it has placed "probably temporary" restrictions for business shipments via Deutsche Post or DHL Parcel Germany to the U.S. due to uncertainty about customs duty collection and data requirements. DHL Express, the premium service, remains operational. The company hopes to resume regular postal shipments as soon as possible. Bring Post-It Notes Posten Bring, the state-owned parcel delivery company in Norway, announced on 20 August that it would suspend all parcel deliveries to the United States. It was not clear how the U.S. Customs authorities would implement these new rules, according to Posten Bring. The company said that postal companies across Europe are working together to get clarity. POSTNORD PostNord owned by the Swedish government and the Danish government temporarily stopped shipments to the U.S., citing the lack of time to adjust to the new requirements. LA POSTE On August 22, La Poste France suspended the standard parcel shipment to the U.S. by businesses. It continues to send gift parcels under $100 for individuals. AUSTRIAN POST Austrian Post announced August 21 that they would stop sending parcels to the U.S. as of August 26. This change, according to the company, will present significant challenges to postal services around the world when shipping goods into the United States. Austrian Post, however, will continue to send all gifts under $100 via its standard parcel service. Post Express International will not be affected by this suspension. JAPAN POST Japan Post announced that certain postal items would no longer be accepted by the company on August 25, 2018. It said that "the procedures that transport operators and post operators in each country have to follow to comply with the guidelines are not clearly defined," making implementation difficult. The Japanese Economy Minister Ryosei Acazawa stated that the move will have "a limited impact" as there are alternative shipping methods. AUSTRALIA POSTER Australia Post, a government-owned company, temporarily suspended the shipment of parcels to the U.S.A. on August 26, 2008. The company is working with U.S. authorities and Australian officials to restore services. Nicola Charwat, from Monash University, highlighted the impact of the 10% tariff on Australian small businesses exporting goods to the U.S.
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Turkey restricts airspace and ships to Israel
Hakan Fidan, the Turkish Foreign Minister, announced on Friday that Turkey had decided to ban Israeli vessels from entering its ports, prohibit Turkish ships from entering Israeli ports, and place restrictions on planes flying into Turkish airspace. In his comments to the parliament, he provided little detail that appeared to summarize steps taken by Turkey against Israel in Gaza war or those already in progress. Israel denies the charge. The Turkish government has strongly criticised Israel for its offensive in Gaza. Ankara has stopped all trade with Israel and called for international sanctions against it. It also urged the world powers to stop their support of Israel. Last week, sources told us that Turkish port officials had started requiring shipping agents informally to submit letters stating that the vessels were not connected to Israel or carrying hazardous or military cargo bound for that country. Sources also claimed that Turkish flagged ships will not be allowed to dock at Israeli ports. Fidan said at an extraordinary session of the parliament on Israel's attack on Gaza that "we have completely cut off our trade with Israel. We have closed our ports to Israeli vessels and we do not allow Turkish vessels to enter Israel's port." He added that "we do not allow container ships to enter our port carrying weapons and ammo to Israel, nor airplanes to fly in our airspace." The Israeli government didn't immediately respond to his remarks. (Reporting and editing by Timothy Heritage, Tuvan Gumrukcu)
Caspian Pipeline suspends second mooring after accident
The Caspian Pipeline Consortium announced on Friday that it had suspended operations at the second mooring after an accident occurred during a loading procedure and an oil spill was discovered at its Black Sea Terminal.
CPC, which exports more than 1% global oil, mainly from Kazakhstan, via Russia and Black Sea terminal.
It deploys normally three moorings points, one of which is used as a backup. CPC, which is owned by U.S. oil giants Chevron, Exxon Mobil and others, has confirmed that SPM-1 mooring point is still operational.
CPC has been the center of attention since Russia's conflict with Ukraine. The consortium had to close all but one of their mooring points in 2022 because damage was affecting exports.
This year, the company's operations were also disrupted by various factors.
Drone strike
Black Sea CPC blend oil exports to Russia from the CPC terminal were set at 1,66 million barrels a day for
August
(Reporting by Vladimir Soldatkin Editing by Ros Russell and Louise Heavens) (Reporting and Editing by Ros Russel and Louise Heavens.
(source: Reuters)