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Venezuela exports Blend 22 crude oil ahead of US expiration of licenses
Trading documents revealed that Venezuela will export a new medium blend of crude oil this month. This is part of a strategy to prevent a collapse in its revenue-generating sales of oil once the licenses of the U.S. sanctioned OPEC members expire next month. Washington revoked a few licenses in March that it had issued in the past to partners and customers of Venezuelan state company PDVSA for cargoes of Venezuelan oil bound for Spain Italy India and the U.S. The U.S. Treasury Department has given the companies until May 27, to complete their operations in Venezuela and ship all shipments. PDVSA began preparing for a reorganization of oil production, upgrading and exports after the announcement. This is especially true at the projects run by joint ventures that were affected by the license cancellations. One of these measures is to produce and sell "Blend 22", a new crude grade from the PDVSA Western fields. PDVSA increased its Blend 22 production and storage in recent months to attract customers in Europe, Asia and other regions that are looking for a medium-sour grade to refine. Sources said that the Venezuelan company actively markets the crude oil so it can ship it to other destinations including China once the licenses expire. Documents seen by.com show that the first two Blend 22 export cargoes were delivered by La Salina Port in Western Zulia to France's Maurel & Prom as part of a swap with heavy naphtha, which was delivered by PDVSA to this month. The swap had been authorized by a U.S. licence since last year. Trading house Vitol chartered the vessels to transport crude oil that arrived in Venezuelan water earlier this month. One document shows that the first tanker will carry around 250,000 barrels. The U.S. Treasury revoked the license of Paris-based M&P in late March, with a deadline of May 27 for the completion transactions. PDVSA and M&P have not responded to requests for comments. Vitol was not available for immediate comment. It wasn't immediately clear who would buy the new crude after Vitol. PDVSA is also trying to refine crude oil domestically in order to avoid fuel crises like the ones that caused day-long queues at stations during previous years when U.S. sanctions were being tightened. Venezuelan crude oil and fuel exports increased by about 11% last year to 770,000 barrels a day (bpd), the highest level since Washington imposed energy sanctions in 2019. The U.S. President Donald Trump’s tougher stance against the oil producer will likely stop the increase in exports, if both countries are unable to find solutions for current issues such as migration and democracy. Venezuela declared an economic emergency as a response to U.S. tariffs and sanctions. Officials reject the sanctions and say they are an "economic warfare."
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Morocco expresses interest in LNG terminal
Morocco, in an effort to diversify the energy sector that is heavily dependent on coal, made the first steps toward the location of a terminal for liquefied gas near the Mediterranean City of Nador. The Moroccan energy industry has expressed interest in the LNG terminal. Morocco is also pushing forward with a plan to increase renewable energy from 45% of installed capacity now to 52% by 2030. In a press release, the ministry announced that the terminal would be connected to an existing pipeline linking Morocco with Spain, as well as to industrial zones in Mohammedia, and Kenitra in the northwest of the country. According to estimates by the ministry, Morocco's gas demand is expected to grow to 8 billion cubic meters in 2027. It currently stands at 1 billion cubic metres. In addition, the statement said that the new infrastructure would also be connected to a project in development that aims at connecting Morocco to Nigerian natural gas fields. According to the energy ministry's responses sent to, the pipeline between Morocco and Nigeria, which was agreed in 2016, will cover 6800 km including 5100 km of offshore, and cost 25 billion dollars. The same source stated that Morocco and Nigeria were preparing to set up a special-purpose company which would look at the technical and legal aspects. It said that the project, which is backed by the West African grouping ECOWAS has completed the feasibility study and Front End Engineering stages (FEED). First phases of the project will connect Morocco with gas fields off Senegal, Mauritania and Ghana as well as Ivory Coast to Ghana. According to the ministry, the second phase will connect Nigeria with Ghana and the final phase will link Ivory Coast with Senegal. (Reporting and editing by David Gregorio; Ahmed Eljechtimi)
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Mexico exports its first ULSD shipment from Olmeca Refinery amid infrastructure problems
According to data from tanker tracking and a reliable source, Mexico exported its first cargo of ultra low sulfur diesel (ULSD), reprocessed at the new Olmeca Refinery, in early April. The infrastructure needed to transport this much-needed motor gasoline across the country was not yet ready. A source familiar with operations at the Madero refinery said that the Olmeca refinery received high-sulfur unfinished diesel from Tamaulipas, to convert it into ULSD. However, its own production remains marginal. Mexico is one of the world's largest crude oil producers, but it imports hundreds and thousands of barrels every day due to Pemex, its state-owned energy company struggling to convert heavy crudes it pumps into fuels. Olmeca was Pemex's seventh refinery, located in Mexico. It has a processing capacity of 340,000 barrels of oil per day. The facility is designed to help the country become energy independent. LSEG data revealed that the tanker Torm Singapore, flying the Danish flag, loaded about 300,000 barrels ULSD at Dos Bocas in early April, on a single buoy moored off of port. The vessel discharged the first parcel a few days later in Port Canaveral, Florida. A second parcel was then delivered to Yabucoa, Puerto Rico. According to LSEG's data, which has been compiled since the beginning of 2024, this was Mexico's very first shipment from Dos Bocas. According to data, a second tanker with the Italy flag, Valleblu, also loaded ULSD in Dos Bocas late last week, but it hasn't left yet. It was not possible to determine if Pemex will export more from Olmeca after the two cargoes. PMI Comercio Internacional (the commercial arm of Pemex) did not respond immediately to a comment request. Olmeca has so far produced petroleum coke and unfinished fuels, as is typical for refineries that are in the start-up phase. Last year, it was revealed that its first export was to India. One source stated that the diesel was exported because the refinery did not have enough pipelines and rail routes for large volumes to be transported domestically. They also said there were insufficient fuel trucks to distribute the diesel throughout the rest of the nation. A document that was shared with highlighted the fact that the construction of the refinery would be expensive and time-consuming. Pemex distributes small quantities of diesel from Olmeca's refinery via fuel trucks. It would have taken at least 1,300 fuel trucks to transport the same volume as what was exported. Former Mexican President Andres Manuel Lopez Obrador inaugurated in July 2022 a part of the refinery infrastructure in Tabasco. He hailed it as vital to the energy independence for the country. The delay in completing the refinery has cost more than doubled, reaching $16,8 billion. It will now be up to Claudia Sheinbaum to finish the project. (Reporting from Marianna Pararaga and Stefanie Eschenbacher, Mexico City. Additional reporting by Ana Isabel Martinez in Mexico City. Editing by Mark Porter.)
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Chevron's tankers that were chartered to transport Venezuelan crude oil are looking for other work
Sources say that some tankers Chevron chartered in order to transport crude oil from Venezuela to the United States last month are being sold for spot contracts on other markets after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty resulting from sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources familiar with this matter confirmed it. Sources confirmed that Chevron's Andromeda was the vessel marketing Andromeda which discharged Venezuelan Hamaca crude earlier this month at Port Arthur. Six more tankers that Chevron chartered in order to transport Venezuelan crude oil to the U.S. as part of winding down its U.S. licence through May 27, are stranded in the Caribbean Sea awaiting directions. Last week, PDVSA ordered the return of two cargoes and cancelled loading permits for others. According to sources and ship tracking data, the Chevron chartered tanker Dubai Attraction was still waiting for customs paperwork in order to return its cargo as of Wednesday. The tanker had loaded some 300,000 barrels Venezuelan Boscan oil early April. LSEG shipping data revealed that Carina Voyager was near Aruba last week after returning the 500,000 barrels of cargo to PDVSA. According to a PDVSA document, the loading window for Sea Jaguar at Venezuela's Jose Terminal, originally scheduled for late April, has been canceled. According to tracking data, the ship hovered around Aruba on Wednesday. PDVSA and Chevron have not responded to our requests for comment. The data and documents show that other tankers chartered through Vitol are loading and unloading normally in Venezuelan ports. Meanwhile, vessels chartered for India and Maurel & Prom to deliver to Europe have left on time, before the deadline of May 27 to wind up cargoes. Reporting by Arathy S. Somasekhar, Houston; Editing and proofreading by Franklin Paul
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Sources say that oil loadings in Russia's western ports are expected to increase by 5-10% this May.
Sources in the trade and industry said that oil exports from Russia's western port are expected to increase this month due to lower crude production at Russian oil plants. However, the OPEC+ production limits may only have a small impact on Moscow’s export plans. The port of Primorsk may increase its daily loadings to an average of 2.0-2.1 million barrels next month, up from the 1.9 million barrels planned for April. Calculations showed that this is an increase of 5-10% per day. On account of low margins, refinery runs could fall by 80,000 to 100,000 barrels per a day. The impact of a stronger rouble, and lower damper payment is negative. Oil prices for domestic oil plants are also falling, but at a slower pace," said an industry source. According to calculations based upon data from industry sources and despite the extension of stoppages, Russia's primary oil refining offline capacity is expected to remain unchanged from April, at approximately 3.0 million metric tons. The higher OPEC+ oil output quotas could have a limited impact on Moscow's May export plans, as Russia would compensate to a great extent for a planned rise. Eight OPEC+ nations agreed to accelerate their plan to phase-out oil production cuts by increasing output 411,000 barrels a day in May. The Russian oil production quota rose to 9,083 million bpd in May, and its updated plan from OPEC required it to compensate 85,000 bpd for oil overproduction. According to OPEC, Russia's crude output fell to 8,963 million barrels a day in March, from 8,973 million bpd a month earlier. Jan Harvey (Reporting and Editing)
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South Dakota regulators deny Summit Carbon Solutions a carbon dioxide pipeline permit
The South Dakota regulators denied Summit Carbon Solutions permit application on Tuesday to run 700 miles (1126km) of their carbon dioxide pipeline in the state. This is the second time that the state has rejected the company's bid to build the largest carbon pipeline in the world to combat climate changes. This denial is just one of many setbacks for the project. Another was South Dakota's ban in March on using eminent realm to build carbon dioxide pipelines. The state denied its first permit application for 2023. Summit plans to build 2,500 miles (402 km) of pipeline in Iowa, Minnesota and Nebraska. It will also run through South Dakota, North Dakota, South Dakota, and South Dakota. The pipeline will capture and store carbon dioxide produced by 57 ethanol factories. Landowners on the route have refused to sign easements because they are worried about possible pipeline leaks or their land value being affected. Members of the Public Utilities Commission of New York said in a meeting on Tuesday that Summit had failed to adequately demonstrate a viable route without using eminent Domain - the compulsory purchase of land for projects of public interest. Sabrina Zenor, Summit's spokesperson, said: "We will take all necessary steps to resubmit an application with a smaller scope and continue engagement with landowners. The groups that opposed the pipeline have celebrated this decision. The application of Summit relied on using eminent-domain to force landowners who were unwilling into the project. The route was no longer feasible, now that South Dakotans can say "no thank you", said Chase Jensen in a Dakota Rural Action statement. Carbon capture and storage is supported by the ethanol industry because it would allow them to receive lucrative tax credits on fuels with lower emissions. Carbon storage projects are costly and have not been tested at scale. Summit's permit requests have been approved by Iowa, North Dakota, and Minnesota. Nebraska has no state-approved process for carbon dioxide pipes.
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GE Aerospace CEO Culp advocates tariff-free regime for aviation industry
GE Aerospace CEO Larry Culp stated on Tuesday that he advocated a re-establishment of a tariff-free régime for the aerospace sector under the 1979 Civil Aircraft Agreement, when he met U.S. president Donald Trump. Culp told in an interview that the administration "understood the company's view" and added that the zero-duty system has allowed the U.S. Aerospace industry to generate a $75 billion trade surplus each year. Culp said: "I've argued it would be good for our country." Trump's trade conflict has caused the most uncertainty in the aerospace industry since COVID. The trade war has led to the breakdown of decades-old duty free status for the aerospace industry, which puts aircraft deliveries on hold. GE Aerospace customers are struggling to forecast their business accurately due to the uncertainty. Howmet Aerospace, one of GE Aerospace's most important suppliers, has warned it could halt some shipments in the event that tariffs are implemented. Culp stated that the company had not experienced any interruptions in delivery from Howmet. The Pittsburgh-based provider is currently working on a new high-pressure turbo blade for the Leap 1A engines, which GE Aerospace and France's Safran SA produce in a joint-venture. He said, "That ramp is doing very well here in 2025." GE Aerospace is facing supply chain issues, which has led to a decrease in engine deliveries during the last year. Airbus announced last week that it was having problems with engine deliveries because CFM was "significantly lagging behind." Culp stated that the company was "well aligned with" the European planemaker’s needs for this coming year. However, he added that the tariffs had created supply chain risk. Tariffs will cost GE Aerospace over $500 million in tariffs this year. To reduce the impact, GE Aerospace is making better use of available trade programs and foreign trade zones. The company is using cost controls as well as a tariff surcharge in order to protect its margins. The trade-induced uncertainty in the economy has also affected travel demand. Travel spending is softening and there's a risk that airlines will start to delay their engine orders. Culp stated that other airlines would step up if a particular airline decided to stop its deliveries. He said that there are many other people who would step in and take their position. (Reporting and editing by David Evans; Rajesh Kumar Singh)
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Denmark spends $600 million to buy surveillance vessels in response to Russia
Troels Poulsen, the Danish Defence Minister, said that Denmark would spend approximately 4 billion crowns (614 million dollars) to build and purchase 26 navy vessels. These vessels will be used for patrolling, oil-spill response, and surveillance of underwater cables. The Baltic Sea countries are on alert following a series of power outages, telecom links, and gas pipelines, since Russia invaded Ukraine in 2022. This includes sabotage to the Nord Stream pipelines. Russia has denied that it is behind the outages. NATO has increased its military presence by adding aircraft, frigates and naval drones. The so-called "shadow fleet" - Russian vessels that move grain, oil and arms around without following sanctions - has caused concern. "The threats that we face on the sea are much more severe and different than they were just a few short years ago. Poulsen stated that we must respond to the threat of Russia while technology is developing at a lightning pace. With the agreement on the Naval Plan, we are initiating a number of urgent procurements which are the first steps in enabling Danish naval defence to counter a broader range of threats. After spending on defence was drastically cut for more than 10 years, Denmark allocated 190 billion Danish crowns to its military in a period of 10 years. The Nordic country aims to protect subsea cables and pipelines used for energy transmission and production, as well as to increase protection against possible threats to marine environments in Danish waters by the Russian shadow fleet. The ministry announced that in addition to the 26 vessels purchased, Denmark would also acquire drones and systems of sonar, which could monitor and identify any unwanted underwater activity. The government stated that it aimed to build many of the ships in Denmark in collaboration with NATO allies but did not provide any further details. $1 = 6.5142 Danish crowns (Reporting and editing by Timothy Heritage, Louise Rasmussen, Jacob GronholtPedersen)
Shark attacks and fatal boating accidents cast a shadow over Egypt's tourism
Egypt's tourism sector, which is a key pillar of its economy, relies heavily on the Red Sea. Its coral reefs, marine life and other attractions are world-renowned.
A recent series of boating accidents and shark attacks against tourists has raised concern, with several deaths reported over the years.
In the past, attacks by islamist militant groups against foreigners affected tourism in Egypt. Fewer tourists visited other attractions like the Great Pyramids at Giza or took a Nile Cruise in Luxor and Aswan.
BOATING ACCIDENTS
"Sindbad" tourist submarine sinks
Six Russian tourists were killed when a submarine called "Sindbad", a tourist vessel, sank on March 27, 2025 near Hurghada in the Red Sea. The vessel carried 50 passengers, including 45 Russian, Indian, Norwegian, and Swedish tourists, as well as five Egyptian crew.
The authorities rescued 39 victims and began an investigation to determine the cause.
"Sea Story" yacht capsizes
A tourist boat called "Sea Story", which was on a multiday diving trip near Marsa Alam, capsized in the Red Sea off the coast of Marsa Alam. Four people drowned. The vessel, which was carrying 31 tourists as well as 13 crew members, was hit by high waves and sank in minutes. Thirty three survivors with minor injuries were rescued and seven people remained unaccounted for as the rescue operation continued.
Boat fire "Hurricane".
A fire destroyed a motorboat called "Hurricane", north of Marsa Alam, near the diving resort Marsa Shagra.
The boat was carrying 15 British tourists on vacation, and 14 Egyptian crew members and guides. All crew members and 12 tourists were rescued. Three British tourists, who had been reported missing initially, were confirmed to have died.
Sinking of a tourist boat
On August 20, 2015 26 French tourists, and 10 Egyptians were saved after the boat that was transporting them hit coral and sank near the Red Sea.
SHARK ATTACKS
Shark kills Italian tourist off Marsa Alam resort
A shark attack in Marsa Alam resort killed an Italian tourist and injured another on December 29, 2024. The incident took place in deep water, outside of the designated swimming area near the jetties.
Tiger shark kills Russian citizen near Hurghada beach
A Russian national was killed by a tiger-shark on June 9, 2023 near the beach in Hurghada, a resort at the Red Sea.
The authorities then banned swimming, snorkelling, and other water sports on several nearby beaches.
Two women killed by sharks south of Hurghada
Two women died in separate shark attacks on July 3, 2022 south of Hurghada. One Austrian woman and one Romanian woman were attacked within 600 meters (2,000 feet) each other in Sahl Hasheesh.
Shark kills German woman while swimming in Sharm el-Sheikh A 70-year-old German was killed by a large shark on December 5, 2010 as she swam near the shore of the popular Sinai Peninsula resort Sharm el-Sheikh.
ISLAMIST MILITANT ATTACKS ON TOURISTS
Russian Metrojet Flight 9268 Crash On October 31, 2015, a Russian aircraft crashed in the Sinai Peninsula, shortly after taking off from Sharm el-Sheikh. All 224 passengers on board were killed.
The aircraft was found to have broken up in mid-air when a loud sound was heard from the cockpit.
Later, it was determined that the explosion was likely caused by a bomb. The official magazine of the Islamic State later claimed responsibility by publishing a picture of a Schweppes bottle, claiming it was used in making the bomb.
Initial reports from Egypt stated that the crash had nothing to do with terrorism. Nearly a year after the crash, President Abdel Fattah al-Sisi admitted that terrorists had brought down the plane in order to damage tourism and strain Cairo’s relations with Russia.
Taba Bus Bombing
Three South Korean tourists as well as the Egyptian driver of the bus were killed by a suicide bomber on February 16, 2014.
Ansar Bayt al-Maqdis a claimed responsibility for the attack, claiming that it was part their economic war with the Egyptian regime.
Luxor massacre
Six gunmen dressed as security officers killed 58 tourists from abroad and four Egyptians on November 17, 1997 at the Mortuary temple of Hatshepsut, in Luxor.
Assailants had automatic weapons and knives. Al-Jama'a al-Islamiyya, an islamist militant group, claimed responsibility for the attack. They said it was a bid to undermine the government by damaging the tourism industry.
In Egypt, successive governments have successfully cracked down on islamist militant groups and launched campaigns that helped to recover the tourism industry.
(source: Reuters)