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Venezuelan oil exports rose sharply under US control in January, according to data
Shipping data shows that Venezuelan oil exports increased to 800,000 barrels a day (bpd), from 498,000 in December. This was after the U.S. captured Nicolas Maduro, and the end of a blockade on oil, which allowed traders to carry the majority of exports. Washington imposed a crude oil embargo against the U.S. sanctioned country to put pressure on Maduro in December and seized 7 tankers. The blockade caused the accumulation of 40 million barrels crude oil and fuel in tanks and vessels onshore that couldn't be exported, forcing Venezuela's state energy company PDVSA (the Venezuelan government-owned energy company) to reduce output in early January. The data from tanker movements shows that since the U.S. Treasury Department granted the first licenses in January to traders Trafigura & Vitol to export the stocks, oil production and processing?and shipments have increased. The volume of crude oil and fuel exported in January was similar to the average of 847,000 barrels per day (bpd) last year. PDVSA and its partners would need to accelerate exports in order to remove millions of barrels from inventories. The data showed that January's exports were slightly less than the 867,000 Bpd shipped during the same month in 2025. Treasury Department issued a license last week authorizing businesses between U.S. firms and PDVSA for the export, storage, transport, and refinement of Venezuelan oil. This is another step in untangling exports. PDVSA partners including Chevron are still waiting on individual licenses for expansion. Chevron shipped 220,000 barrels per day (bpd) of Venezuelan crude to the United States, up from 99,000 barrels per day the month before. China, the number one destination for Venezuelan oil exports until December, receiving more than 70% of all exports, received 156,000 barrels per day last month. No oil was exported to Cuba, a political ally. The data shows that Vitol, Trafigura and other companies exported 12 million barrels (or 392,000 bpd) of Venezuelan crude oil and fuel under U.S. licensing in January. These were mainly shipped to storage terminals in the Caribbean from where they then began to export and market cargoes to clients in the U.S.A., Europe, and India. Caracas and Washington agreed to a $2 billion deal for the supply of oil, but between 18 and 38 million barrels are still to be shipped. The proceeds will go to a U.S. supervised fund. Venezuela exported its first cargo liquefied petrol gas (LPG), in nearly three years, on Sunday. The vessel Chrysopigi lady, chartered by Trafigura, left the Jose port. According to shipping data, the South American nation used to export small quantities of LPG into Cuba. In January, Chevron and Vitol delivered heavy naphtha to PDVSA as well as its joint ventures. These imports are crucial to dilute Venezuelan extra-heavy crude and ensure the production of exportable grades.
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Protesters block truck traffic at Cargill's facility in Northern Brazil
According to a statement released by Cargill in response to questions on Monday, protesters are blocking the entrance to its?Santarem terminal in northern Brazil. Cargill denies any occupation of their facilities by protesters identified by local media, as Indigenous groups. Cargill's terminal in?Santarem handles corn and soybeans. According to the news website G1, Indigenous people protested at the site in opposition to a decree that allowed dredging on the 'Tapajos river, which is a key export corridor for agricultural products. Cargill stated that the protest started on January 22. Cargill said in a statement that it had "no control" over what people were protesting. According to Cargill's website, most of the grain is transported by barge from the Santarem facility in Para?state before it is loaded onto ships for export. Cargill's site states that a smaller percentage of the?grain? that is delivered to the terminal by truck comes from the state of?Mato Grosso via the BR-163 or local farms. (Reporting and editing by Gabriel Araujo, Bill Berkrot and Ana Mano)
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EIG Global Energy to launch new fund for Aramco pipeline and attract new investors
EIG Global Energy Partners hired PJT Partners as an advisor on how to structure a 'new fund' for its stake in Saudi Aramco oil pipeline assets, as the vehicle that holds it is nearing expiry. Sources said that the so-called continuation funds would allow U.S. infrastructure investors to keep the Aramco stake they bought in 2021 for a longer period of time and bring in new investors. EIG, PJT Partner?and Aramco didn't immediately respond to a comment request. A continuation fund allows a company to continue ownership of an asset after the fund's initial?lifecycle. Firms can sell assets when funds reach their term limits, which are usually five years. Or they can use continuation funds to keep high-performing investments while offering existing investors a?exit. In 2021, an EIG-led group invested in Aramco Oil Pipelines for $12.4 billion. They acquired a 49% share in a newly formed entity that held lease rights to Aramco’s stabilised crude oil pipelines. Private equity firms and infrastructure companies are increasingly using the continuation fund structure to help them hold onto their investments for longer, while also providing liquidity options to existing investors. Aramco Oil Pipelines operates under a lease agreement of 25 years, and generates tariff payments based on the crude volumes transported across thousands of kilometers of pipelines in Saudi Arabia. This move will?add to a growing market for Gulf pipelines. ?In April of 2024, BlackRock & KKR sold a stake in ADNOC Oil Pipelines to Abu Dhabi’s?Lunate. Kuwait Petroleum Corp. is preparing to sell a stake in an oil pipeline that could fetch up to $7 billion. Saudi Aramco, meanwhile, is planning to sell gas-fired plants for about $4 billion.
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Walsh, IATA, says that the shortage of fuel and new aircraft puts IATA's emissions target at risk.
The head of an organization representing global airlines, said that shortages of new efficient aircraft and alternative fuels are pushing up profits for the suppliers and putting in danger the industry's flagship goal of reducing emissions. Willie Walsh said that the use of older aircraft and the shortage of Sustainable Aviation Fuels (SAF) was driving up costs, and delaying a move to cleaner flying. Walsh said on TV the night before the Singapore Airshow, which runs from Feb 3-8, "I am still optimistic but cautiously optimistic that we will achieve net zero by 2050, although it is becoming more difficult." IATA's 350 member airlines set a target for 2021 of reducing emissions by 2%-3%. This effort is heavily dependent on SAF, and the timely delivery of new planes and engine due to supply chain problems. Walsh responded to the question of whether IATA will stay the course during its next meeting, in June: "It is possible that some member airlines may say they can't commit to a net zero by 2050." The influential trade group has so far stayed true to its goal, but is growing increasingly concerned about delays and maintenance bottlenecks with recent engines as well as shortages in SAF. Walsh stated, "If I am honest, I do not think that it has gotten worse but I have seen very little signs of improvement." 'NOT THE PARTNERS OF OURS' Walsh said that supply problems, and the price increases for engine parts in particular, had increased the gap between airlines' tight margins and their suppliers of engines or energy. He said, "It is not sustainable...I believe we will have to have more serious discussions about this issue now." He also questioned the idea of cooperation between industry and government that is often presented at events such as this week's 'Asia’s largest air show'. "It makes me angry when I hear the engine makers talk about partnerships and partners. Walsh stated that they are not our partners. The comments made?on the fringes of the Changi Aviation Summit was the latest salvo fired in a three way supply dispute between airline, engine and plane manufacturers. Engine manufacturers rarely talk about 'prices' but are very vocal in their efforts to show the magnitude of investment needed to develop jet engines. Over the lifetime of an aircraft, every drop of fuel that is saved can have a positive impact on cost and the environment. Walsh rejected the suggestion that certain airlines themselves were giving less priority to climate control due to the shift away from green policies within the United States. Walsh said that the pressure has eased a bit in some areas. "But in the long term, I still hear from people that there's a problem, and they want to know how we can solve it." (Reporting from Tim Hepher & Bernadette B. Baum)
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Saudi Aramco & Sonatrach increase LPG Prices for February by 1-5%
Due to a limited global supply of liquefied petroleum gas, Saudi Arabia's Aramco and Algeria's Sonatrach raised their official'selling prices' for the product in February between 1% and 5,3%. Saudi Aramco’s February OSP?increased $20 per metric ton, to $545?per ton For propane, the price has increased by $20 per ton. Butane LPG comes in two types: butane and propane. They have different boiling points. LPG is used primarily as a fuel for cars and heating, as well as a feedstock to make other petrochemicals. Sonatrach has increased its February OSP for propane from $500 to $25 per ton. For?butane, the price per ton has increased by $5 to $490 . Aramco’s?OSPs? are used to reference contracts for the supply of LPG from a?Middle East region into Asia-Pacific. Sonatrach's "OSPs" are benchmarks used for the Mediterranean, Black Sea and Turkey. David Goodman, Editor and Reporter (Reporting)
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Russian captain found guilty of crew member's death after US tanker crash
The Russian captain of the container ship that collided with a 'U.S. The London court found the Russian captain of the container ship that crashed into a?U.S. Vladimir Motin was the captain of the Solong tanker when it struck the Stena Immaculate, which had been anchored with just over 220,000 gallons of aviation fuel. The crash on March 10 started a fire that spread to both ships. Mark Pernia was a crew member of the Solong, a Filipino national whose remains have never been located and are presumed to be dead. Tom Little, the prosecutor at Motin's first trial last month, told the jury that the captain had done "absolutely nothing", to prevent the collision. He said the captain was on course to strike the Stena Immaculate more than 30 minutes before the crash. James Leonard, Motin’s lawyer, said that Motin tried unsuccessfully to take the Solong out of autopilot and change its course. Leonard argued that although Motin had fault?he wasn’t grossly negligent. Motin was found guilty of gross negligence manslaughter after a London trial at the Old Bailey court. He will be sentenced Thursday. Little told the court that Pernia’s wife, who lived in the Philippines at the time of Pernia’s death, was seven-months pregnant and their child had since been born. A CRIMINAL TRIAL WILL BE FOLLOWED UP BY LAWSUITS The Portuguese flagged Solong was headed from Grangemouth, Scotland, to Rotterdam, the Netherlands. It carried mainly alcohol. Motin claimed he'd made this journey several times. Stena Immaculate, which was waiting for a berth in order to discharge its cargo, was struck by the Solong traveling at approximately 18 miles per hour. This caused a fire on the Stena Immaculate and threw Pernia out into the ocean. Motin's russian nationality led to some speculation that he was involved in malicious activities, but maritime security officials said there were no signs of this at the time. Little, who testified before jurors in November, said that the Solong's alarm had been turned off and that the crews of the Stena Immaculate as well as the Solong did not receive any warning about the collision. The crash has also been the subject of civil litigation. The Solong's owner is a subsidiary to Ernst Russ and they are facing a suit at London's High Court. The company has filed a motion to dismiss the case, and an appeal hearing is scheduled for next month. Ernst Russ said that its "fullest sympathy remains with the family and friends of Mark Angelo Pernia", which it announced last year. In a statement it said: "We continue to support the family", adding that they had remained "extraordinarily resilient" throughout this difficult time. (Reporting and editing by Michael Holden, Alexander Smith and Sam Tobin)
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UK investor signs $400 Million Power Deals on Foreign Minister's Ethiopia Visit
Gridworks, an?investor owned by the British government in Africa's electric networks, signed agreements on Monday to 'develop and invest' in transmission projects valued at around $400 million, during a visit by Britain's Foreign Minister. Yvette's Cooper's visit to Ethiopia is part of the UK government's efforts to create jobs in order to curb the rising number of migrants seeking to enter the United Kingdom from the Horn of Africa. These two projects are the first public/private partnerships in Ethiopia’s transmission network. Prime Minister Abiy Ahmad's government is slowly opening up Ethiopia’s state-dominated economy for more private investment. One project 'connects Ethiopia’s Somali region to its central and northeast grids. The other allows the development of wind- and solar-powered plants in the Northeast and strengthens interconnection with Djibouti. In a joint press release issued by the Ethiopian government and British government, British Ambassador Darren Welch stated that "Transmission 'infrastructure' is fundamental for?growth, employment and improving lives. These projects will unlock Ethiopia’s vast renewable energy potentail." Ahmed Shide, Ethiopia's Finance minister said that the projects will boost industrial growth by making electricity more reliable. He said that they will also speed up the electrification of nearly half of Ethiopian homes who are still waiting for their first grid connection. The UK has also agreed to provide technical assistance up to $17.5 million ($23.91) under a program to strengthen Ethiopia's public investment and asset-management systems. The British Foreign Ministry said that around 30% of the people who crossed the English Channel in small boats during the last two years were from Ethiopia, Eritrea and Somalia. The British government has tried to tackle illegal immigration. This issue is what helped propel Nigel Farage, a populist politician and Reform UK leader into the lead in opinion polls.
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Nigeria charges nine people with the 2025 massacre which killed 150
Nine?men were charged with terrorism charges by Nigerian prosecutors on Monday. They are accused of a June 2025 attack that claimed the lives of 150 people in Nigeria's central state?Benue?. Benue is located in Nigeria's Middle Belt, a volatile region that marks the faultline between the Muslim North and Christian South. Authorities have struggled to control years of violence over land, religion and ethnicity. The Federal High Court in Abuja filed charges against the defendants, alleging that they held planning meetings, raised money, purchased weapons and mobilised fighters across several states before the June 13 attack. This was one of?the deadliest rural attacks for years. According to the filing, ringleader Ardo Mohammed Dono met with others in Nasarawa State to raise money, give orders and recruit fighters. Several defendants have been accused of supplying AK-47s to the gunmen, assisting them or providing safe places for planning. The prosecution claims that the raid in Yelwata, Benue’s Guma district,?torched homes and caused many casualties. Nigeria, plagued by Islamist attacks as well as mass kidnappings and abductions, is under pressure from the United States President Donald Trump to restore security after he accused it of failing to protect Christians last year. U.S. troops struck what they called terrorist targets on 25 December. The Nigerian authorities claim they are working with Washington to enhance security.
ESAB will buy Canadian testing equipment manufacturer Eddyfi from Canada for $1.45 billion
ESAB Corp, a?Canadian testing instrument manufacturer?, announced on?Monday that it will acquire Eddyfi Technologies? for $1.45 Billion. The company hopes to expand its product range and gain access to booming industries such as aerospace and defence.
In a statement, ESAB CEO Shyam kambeyanda stated that the?combination would also help expand the company's global presence and increase its exposure to "high growth end?markets", including nuclear, civil infrastructure, energy, and civil.
North Bethesda-based ESAB announced that the deal would be financed with a 'combination of debt, cash and $318,000,000 of fully committed equity.
Eddyfi provides advanced sensing, remote monitoring, robotics, and software services to the aerospace, defense, and transportation industries.
ESAB will continue to maintain Eddyfi’s employees and headquarters in Canada’s Quebec City.
Eddyfi, according to the company, is expected?to generate revenue of approximately $270 million with adjusted EBITDA of 80 million dollars in 2026.
The deal is expected to close in mid-2026.
ESAB said that it now expects core revenue for the full year to be between $2.85 billion and $2.95 billion. (Reporting Megavarshini Somasundaram from Bengaluru, Editing by Sahal Muhammad and Maju Sam)
(source: Reuters)