Latest News
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Exxon consortium begins installation of floating oil facilities in Guyana
The maritime regulator of Guyana said that a consortium led by U.S. Exxon Mobil was about to start the installation process for its fourth floating oil-production facility. Singapore's floating storage and offloading facility (FPSO), 'One Guyana', built by SBM Offshore, with a capacity of 250,000 barrels per day, left mid-February. The vessel, once installed, will allow the consortium's output to reach 940,000 bpd by the end of this year. After upgrades to two of the three facilities, the group will produce an average of 616 000 bpd by 2024. In the next two years, Guyana is expected to receive another two vessels. One Guyana allows the Exxon-led group, which controls the entire production in the country to develop the Yellowtail, and Redtail fields. These are located on the massive Stabroek Block, where over 11 billion barrels worth of recoverable gas and oil have been discovered. Exxon didn't immediately respond to a comment request. The maritime regulator said that the installation will be completed by the end the year.
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China's Cofco hires dozens of farm workers in Brazil
Cofco International, The building is constructing its biggest export port Terminal in the World in Brazil said Tuesday that China's state run food group is hiring dozens of people in South America's farm powerhouse. The move highlights the importance of Brazil for the company in the midst of an escalating trade war between the United States of America and China. This tends to increase sales of agricultural products such as soybeans from South American to Asian nations. Cofco's hiring spree in Brazil also comes as U.S.-headquartered competitors like Archer-Daniels-Midland Co and Cargill cut costs and headcount worldwide. Cofco responded to a question after a recruitment event by saying that there are vacancies in various departments and hierarchy levels. The majority of these are in the areas of operations, sales and trading, and administrative. It did not comment on the specific effects of tariffs on the Brazilian operation nor did it indicate how many jobs are available at the moment. Cofco has invested in Santos, the top soybean port of Brazil. It is also one of Brazil's biggest grain exporters, as well as a source and exporter for oilseeds, cotton, sugar and coffee. Cofco, as part of its expansion plan, is building a new grain terminal in Santos. It is expected to become operational by the end of this year. Cofco has already begun the tests for the first phase of the construction. The company's capacity to export grains at Santos, which is currently 4.5 million tons, will rise next year when the second phase should be completed. (Reporting from Roberto Samora, Sao Paulo. Writing by Ana Mano. Editing by Margueritachoy.)
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First oil vessel to be demolished in Brazil a year behind schedule
People familiar with the situation said that a dispute between the state-run oil company Petrobras, and the steelmaker Gerdau, will delay the first decommissioning of an oil production ship in Brazil by at the very least one year. This is a major setback for the local shipyards. Petrobras has plans to invest $9.9 billion over the next five-years to retire 10 more ships of this type. P-32 (a 45,000-ton production, storage, and offloading vessel, or FPSO) was scheduled to be decommissioned by December 2024, under a new Petrobras Sustainability Program. Benito de Oliveira Goncalves, head of the local metalworkers' union in Rio Grande do Sul, said that the work started only last month. He claimed that a dispute between Petrobras, Gerdau and the removal of petroleum residues on the vessel has stalled all work for over a year. A person who was familiar with the situation, but asked to remain anonymous, stated that the ship arrived at the yard with 30,000,000 liters (oily water) and 270,000 liters (marine diesel) on board. There had been no agreement on how to pay to remove the fuel. Goncalves confirmed that the marine diesel had been pumped and sold to the local refinery. However, the oily water must still be removed before the hull is broken down. The other person stated that a company should be hired by next month to do this work. Petrobras' executive who requested anonymity said that the oil company was in discussions with the steelmaker, but there had been no agreement about how the costs would be split. The extra costs have not been paid by anyone yet. Petrobras responded that any contract issues would be discussed between the parties in private. Gerdau stated that the dismantling process is underway, and all procedures are being carried out "responsibly". Ecovix which operates the Rio Grande Shipyard declined to comment. Gerdau purchased the P-32 in 2023 along with a second vessel (P-33) for an undisclosed sum. The deal gave Gerdau the right to demolish and recycle scrap material from the vessel. This contract was historic, as it introduced a new business plan for Brazilian shipyards who have struggled for years. Former metalworker Luiz inacio Lula da So has made it his priority to create jobs at Petrobras shipyards. The company has also ordered several new ships. The Rio Grande Shipyard in southern Brazil is yet to reap the benefits of the decommissioning works due to the P-32 dispute. One source stated that the costs associated with the ship at the shipyard had already exceeded the value signed between Gerdau & Ecovix for the dismantling of the vessel, which was around 30 million Reais ($5.13million). Sources said that if the shipyard delays in dismantling P-32, it may also lose the contract for P-33 as the yard has other projects lined up including four vessels to be broken down by Petrobras.
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Jordan purchases approximately 60,000 T of wheat at tender, traders claim
In an international auction held on Tuesday, Jordan's state grain buyer purchased around 60,000 metric tonnes of hard milling Wheat to be sourced optionally. They said that it was estimated to have been purchased from Cargill for $263 per ton, including freight (c&f), with shipment scheduled to take place in the second half August. Traders have received information that Jordan will be issuing a new tender for 120,000 tonnes of wheat in the next few days. The deadline for submission of offers is April 22. Shipments will be requested in different combinations during the months of July and September. The following trading companies also participated in the tender on Tuesday, according to traders: CHS $265.95; Viterra $279.99; Ameropa $250; Buildcom $271.77; and Al Dahra $259.90. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Jordan purchased 60,000 tons of wheat from Cargill in its previous tender held on April 8 at $264 per ton C&F for shipment during the first half August. Jordan has also closed a separate bid for 120,000 tons animal feed barley. Michael Hogan and David Evans (reporting)
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Rhine Shipping Improved by Rain, but River Level Still Too Low
Commodity traders reported on Tuesday that despite the slight increase in Rhine water levels due to recent rain, they are still less than half full and have not seen any significant improvement. One commodity trader stated that "water levels have only increased by a few centimetres, and it is urgently necessary to get more rain." "Problems have not been solved." Traders said that the extreme lack of rainfall in March and April has resulted in low water levels on the entire river, south of Duisburg, Cologne and the chokepoint at Kaub. The number of vessels delivering cargo is increasing, but the volume of freight continues to increase. The rain in southern Germany has raised the water level at Kaub by four centimeters since last Friday. This was enough for ships to pass Kaub with just over 1,000 tons of cargo, compared to only 870 on Friday. The price of a tanker cargo ship sailing from Rotterdam, to Karlsruhe was unchanged on Friday. It is now 86 euros per ton. This compares to 46 euros at the beginning of April and 34 euro in March. In shallow water, vessel operators charge surcharges to compensate for not fully loading the vessels. This increases costs for cargo owners. The cost of shipping cargo increases when it is shipped on multiple vessels rather than one. This week and next, more rain is expected in German river catchment regions. This could lead to improvements. According to the Rhineland-Pfalz state's environment ministry, water levels in Kaub are expected to rise another 17 centimetres before Thursday night. The Rhine is a major shipping route for grains, minerals and ores. It also carries coal, oil products, heating oil, and other oil-based products. German companies experienced supply problems and production issues in summer 2022, after a heatwave and drought caused unusually low Rhine water levels. (Reporting and editing by David Evans, Michael Hogan)
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Swedish investigation finds no conclusive proof of intentional cable damage by Chinese ships
The Swedish Accident Investigation Authority announced on Tuesday that there was no conclusive proof to support the claim that a Chinese vessel deliberately dragged anchors to damage two Baltic Sea cable. However, a separate investigation is still underway. On November 17-18, last year, the Yi Peng 3 Bulk Carrier was under investigation after it was found to have dragged its anchor in Swedish waters and damaged two fibre-optic communication cables, one connecting Finland and Germany, and another connecting Sweden and Lithuania. In a press release, the government agency that investigates accidents, incidents and other mishaps said: "It is not possible to determine with certainty whether or not a Chinese vessel intentionally damaged data cable in the Baltic Sea." Henrik Soderman, the Swedish prosecutor, said he is still investigating this case as part of a separate investigation. He declined to give any further details. It said that investigators were restricted by the fact that Chinese authorities still maintained jurisdiction over this vessel and prohibited criminal investigations or recording of interviews on board. In December, China said that it had given information and documents to the investigation of the severing cables. Meanwhile, its ally Russia denied any involvement in the Baltic infrastructure incidents. After a series of power outages, telecom links and gas pipelines, the Baltic Sea region has been on high alert. The NATO military alliance increased its presence by adding aircraft, frigates and naval drones. (Reporting by Louise Breusch Rasmussen, editing by Stine Jacobsen, William Maclean)
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In mid-2027, a new north-south German electricity line is expected.
The head of Germany's grid regulator announced on Tuesday that the A-Nord link had been approved. This means it will be operational in mid-2027, as part of a major infrastructure upgrade for transmitting wind energy from north to south of the nation. Klaus Mueller, President of the Bundesnetzagentur said he expects approval for a Second Line, Ultranet, to be granted in the second half year. This will show "the rightly anticipated network expansion is accelerated and made a reality". Mueller oversees the construction of 9,600 km (5,965 mi) of high voltage grids that are needed to help Germany use more renewable energy and decarbonise their energy mix. He said that 4,400 km of this road are expected to receive approval in this year. A-Nord is a subterranean direct current line of 2 gigawatts that will stretch over 300 km north-west Germany. It has been planned to connect Emden, the port for offshore wind power, with Meerbusch, near Duesseldorf, since 2018. The corridor will form a 600 km long link with Ultranet. DC transmission, as opposed to the alternating-current lines that are common in Europe and North America, can speed up delivery while avoiding transmission losses. Ultranet will run from Duesseldorf in southwestern Germany to Philippsburg, where major industrial power users such as Mercedes-Benz, Bosch, and others are located. Vera Eckert is reporting, Made by Chambers and Lewis are editing.
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OMV reports that the petrochemical plant in Schwechat near Vienna has broken down
The petrochemicals plant at Austrian Oil and Gas Company OMV's Schwechat Refinery near Vienna Airport broke down on February 2. This caused it to switch over to high-flare operation, which alarmed the passersby. It also prompted fire brigade calls. OMV's largest refinery, Schwechat, is one of Europe's largest. It has a capacity to process 9.6 million tonnes crude oil per year. Borealis is a petrochemicals company that's partly owned by OMV, and it's going through a merger. It has a production site next to the refinery. OMV released a statement that said, "On April 15, 2025, at 10:00 am (0800 GMT), a petrochemical unit at the Schwechat refinery failed." The high-flare operation began immediately in compliance with all safety precautions. OMV stated that they are working hard to get the plant back up and running. A Lower Austrian fire brigade spokesperson said earlier on Tuesday that they had received a warning about a potential fire at the refinery. He did not specify who sent the alert. An earlier passerby reported that the flames were unusually high at the refinery. Later, the fire brigade spokesperson said that it was a false alert due to flare-ups at the plant. Borealis did not respond to requests for comment. Francois Murphy, David Evans and David Evans edited the report.
Democratic senator prompts Delta Air, DraftKings to stop in-flight gaming collaboration
Democratic Senator Richard Blumenthal urged Delta Air Lines and DraftKings on Friday to stop a partnership to use inflight gaming to passengers.
Blumenthal corresponded to the business noting a 1962 law that outlaws betting on commercial aircraft.
This collaboration appears to be aimed at attracting the flying public ... to take part in a high-risk activity from their seatbacks, while in the air and unable to leave, Blumenthal wrote.
Delta stated on Friday it is checking out a partnership with DraftKings as it broadens its video games portfolio but said it is not preparing to offer gambling.
While particular information on the agreement and the kind of DraftKings offerings coming to Delta Sync will be shared when they're finalized, the capability to gamble is not currently part of that exploration, Delta stated, referring to the airline's. entertainment system.
DraftKings did not instantly comment.
Betting companies have actually leveraged data collected on. customers to attract them through rewards and promos to hook. them on this addictive product-- resulting in a public health. crisis that is producing substantial costs in addiction, financial. ruin, household interruption and a lot more, Blumenthal said.
(source: Reuters)