Venezuela's state oil company PDVSA has begun using tankers that navigate off radar to supply its closest political ally, Cuba, as a fleet of state-owned vessels that have historically covered the route dwindles, according to documents and ship monitoring services. Cuba and its main oil supplier, Venezuela, for over a decade had exclusively used their own tankers to navigate between the two countries. Delayed maintenance, however, has taken some ships out of service and the emergence of [Read more]
Former CEO of Indonesia’s Pertamina jailed over Cheniere LNG contract
A former chief executive of Indonesia's state energy firm Pertamina has been sentenced to nine years in jail for graft in a case related to a long-term contract to procure liquefied natural gas from a unit of U.S. company Cheniere Energy. The Central Jakarta Corruption Court on Monday found Karen Agustiawan guilty of improper procurement from the unit Corpus Christi Liquefaction, a video of the hearing showed. The court also fined her 500 million rupiah ($30,544). Her lawyer, Luhut [Read more]
China’s Rongsheng Petchem buys Canadian AWB crude for Sept arrival, sources say
Chinese refiner Rongsheng Petrochemical has bought two 550,000-barrel cargoes of Canadian Access Western Blend (AWB) crude via the recently expanded Trans Mountain pipeline (TMX) for September delivery, trade sources said on Tuesday. The cargoes were sold by Macquarie at a discount of $6-$7 a barrel to ICE Brent, they added. AWB is a type of heavy and highly acidic diluted bitumen produced by Canadian Natural Resources and MEG Energy. Rongsheng bought its first cargo from the TMX [Read more]
Exxon, Suncor units lose bid to escape Boulder, Colorado’s climate case
ExxonMobil and subsidiaries of Suncor Energy have lost their bids to dismiss a lawsuit by Boulder, Colorado, alleging the energy companies contributed to climate change by concealing from the public the dangers of unchecked fossil fuel use. Boulder County District Court Judge Robert Gunning on Friday largely rejected the companies contention that Colorado's courts lacked jurisdiction over them and that federal law trumped the state-law claims asserted by the city and its surrounding [Read more]
Rising US labor costs threaten to derail new LNG projects
A shortage of skilled labor and nagging inflation from strong wage growth on the U.S. Gulf Coast are pressuring liquefied natural gas (LNG) developers and delaying some projects from reaching a financial go-ahead. There are five LNG plants under development in Texas and Louisiana and 16 others on the drawing board in the U.S. looking to secure investment and customers. The five under construction would add a combined 86.6 million metric tons per annum (MTPA) of the superchilled gas, enough to [Read more]
CEO of Hess Corp to join Goldman Sachs board as independent director
John Hess, CEO of Hess Corp, has joined the board of Goldman Sachs as independent director, the Wall Street firm said in a statement on Monday. Hess is the latest addition to the board after senior banking executive Tom Montag joined as an independent director last year. Hess will also become a member of the Goldman board's compensation, governance and risk committees, the statement said. Hess did not immediately respond to a request for comment. Since 1995, Hess has served as chief [Read more]
US natgas prices ease to 2-week low on output rise, lower demand forecast
U.S. natural gas futures eased about 1% to a two-week low on Monday as output slowly rises and on forecasts for less hot weather and lower cooling demand next week than previously expected. That price decline came despite forecasts for more hot weather and cooling demand this week than previously expected. Front-month gas futures for July delivery on the New York Mercantile Exchange fell 2.6 cents, or 1.0%, to $2.679 per million British thermal units (mmBtu) at 8:51 a.m. EDT (1251 GMT), [Read more]
US oil refiners’ weekly capacity seen up 68,000 bpd, IIR says
U.S. oil refiners are expected to have about 85,000 barrels per day (bpd) of capacity offline in the week ending June 28, increasing available refining capacity by 68,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 79,000 bpd in the week ending July 5, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday June 24 June 21 June [Read more]
Mexico’s new Pemex refinery still needs important work, is far from ready, sources say
Mexican state energy company Pemex is unlikely to produce any commercially viable motor fuels at its new Olmeca refinery before the end of the year, five sources said, despite pressure that it should be ready before the outgoing president's term ends. President Andres Manuel Lopez Obrador, a resource nationalist, inaugurated the 340,000-barrel-per-day refinery in July 2022 in his home state Tabasco, billing it as crucial to energy self-sufficiency for Mexico. However, delays at the [Read more]
EU adopts new sanctions against Russia, including LNG
European Union countries adopted a 14th package of sanctions on Russia that aims to close some circumvention loopholes and hits Russia's gas exports for the first time, EU foreign affairs ministers said in a statement on Monday. Western powers imposed sweeping sanctions on Moscow after Russia launched a full-scale invasion of Ukraine in February 2022, which has been progressively ramped up since. The package will also add 116 entities and individuals to the sanctions list bringing, the [Read more]
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