German energy company SEFE increases gas storage to ensure winter reserves
SEFE, the German state-owned company that owns SEFE, said Wednesday it has independently increased its natural gas storage levels. This comes as Europe enters winter with lower inventories than in recent years. Germany and other European countries are scrambling for a way to replenish their depleted gas reserves before the winter months. Middle East supply disruptions tighten up the global market, pushing up prices and costs. An earlier government source said that Katherina Reiche, the economy minister…
Berlin: No intervention required to fill up gas storage sites
The economy ministry stated that no government intervention was needed to raise German gas storage levels. This came after a lobby group had warned about shortages in the event of a very cold winter. The ministry stated that based on its current volume-based estimate, the storage levels at the start of winter will range from 60% to 70%. This, along with additional import options, should be sufficient to meet winter demand. The ministry also stated that there was a risk of price and volatility if prices remained high in the aftermath of the Iran War.
Trump has threatened to isolate Iran. Who are Iran's trading partners?
The threat of Donald Trump, the U.S. president, to impose unprecedented economic war and isolation against Iran could have consequences for countries who trade with it. Trump warned that any country supporting Iran would face economic consequences. In recent years, Iran has traded with a number of major trading partners. If Trump keeps his promise, China, which is the largest buyer of Iranian crude oil, may face increased pressure from the U.S. China has built a system of refineries that mainly process Iranian oil, and have little exposure to the U.S.
Argentina's paradoxical growth: Shale wealth grows as jobs disappear elsewhere
Ramiro Ramirez is a mechanic who found work within a month in Vaca Muerta (Argentina), home to one of the largest shale gas and oil reserves. He earns ten times more than he did as a cook. It is not an easy job. Ramirez, 25, leaves Neuquen Province at 5 am for the daily two-hour drive to the oil fields near the dusty, small town of Anelo. The area has been flooded with people seeking jobs since production in the formation increased sharply over the past few years. He wants to build a career in Vaca Muerta.
Germany to build emergency gas reserves to boost energy security
The German Economy Ministry has confirmed an earlier report that it is preparing plans for a strategic gas reserve owned by the state to be used during emergencies. The ministry stated that the reserve would contain around 24 terawatt hours (TWh), which is equivalent to just over 10% of Germany's gas storage capacity. It would be funded by a tax on gas consumers. The reserve was created to provide protection?against extreme circumstances, such as the sabotage or severe global gas shortage. Gas purchases will be spread out over two to three years, according to the ministry.
Source: Germany to set aside up to EUR1.5bn for emergency gas reserves
A person with knowledge of the matter said that Germany's Economy Ministry was preparing?plans to establish a state-owned strategic gas reserve. This would be used for?emergencies, and could cost up to EUR1.5 billion ($1.72billion)?. According to the person, this reserve is intended to protect against extreme situations such as sabotage or global gas shortages. Germany has sought to improve energy security after the Russian invasion of Ukraine triggered a rush to replace Russian gas and revealed Europe's vulnerability to energy supply.
Germany is in discussions to extend the oil reserve exemption, Economy Ministry says
A spokesperson for the German economy ministry said that it is evaluating whether to extend partial release of its oil reserves past this summer. In March, Germany temporarily reduced its stockpiling requirements to participate in an IEA coordinated emergency stock release due to the disruptions in Iran war supplies. The spokesperson said in an email that they were still discussing whether or not there should be a "extension" of the current expiration date of August 31. Germany was among the 32 members of the International Energy Agency who agreed to release 400 million barrels from strategic stockpiles in March…
Taiwan's CPC is ready to diversify its crude imports in the event that Hormuz reopens
CPC, Taiwan's state-owned energy company, said on Wednesday that it was monitoring developments in?Middle East. It will be prepared to import more crude oil and liquefied gas if the Strait of Hormuz opens again. Details are still to be released, but the United States and Iran have signed a Memorandum of Understanding this week in order to end the Middle East conflict. The interim agreement extends the 'tense ceasefire' announced in April for another 60 days, allowing warring countries to negotiate a permanent peace. CPC has said that it has spoken to companies whose cargoes are stranded on the Gulf coast.
The German Economy Minister's China visit will include CEOs from BASF and Thyssenkrupp
The firms have confirmed that top executives from BASF, Thyssenkrupp, and Siemens Energy are going to join German Economy Minister Katherina Riehe on her first visit to China next week. This comes at a time when protectionism is increasing and the global trade landscape has changed. Germany, as the third largest economy in the world, is particularly vulnerable, as it has seen its trade partners, China and the United States, become more risky due to the rising competition. Reiche's scheduled visit from May 26 to 29 reflects Germany's dependency on China…
The UAE's OPEC withdrawal could impact its trade ties to Saudi Arabia
The United Arab Emirates withdrawing from OPEC will weaken the group's hold on the global oil market and could potentially risk a rift between Saudi Arabia, the Gulf neighbor who is the de facto leader in the organisation of crude producers. Analysts say that the UAE-Saudi Arabia relationship has been headed for a showdown since a long time. This is due to diverging oil policies, geopolitical tensions in Yemen and Sudan and growing economic rivalry. HOW LIKELY IS THE SAUDI-UAE ROW TO HIT TRADE?
Germany, Poland Discuss Replacement Oil Deliveries after Russia Plans to Halt Supplies
Germany is in talks with Poland to examine whether short-term and temporary replacement oil supplies could be delivered to the PCK Schwedt refinery via the port of Gdansk after Russia said it would halt the supply of Kazakh crude oil via the Druzhba pipeline, a spokesperson for the German economy ministry said on Tuesday.The spokesperson said the discussions were ongoing and declined to provide details, noting that supply contracts are a matter for the companies involved, while the government is closely accompanying the process.A spokesperson for the Polish energy ministry said the country had the technical capac
Taiwan freezes its electricity rates to maintain the industry's competitiveness and stabilize prices
The economy ministry announced 'on Friday that Taiwan won't raise its electricity prices for the time being, despite the fact that energy prices are higher due to the Middle East war. This is to maintain price stability and to keep the industrial competitiveness. The government is trying to limit price increases for consumers across the board to help reduce the impact of rising energy prices internationally, including heavily subsidising energy. The ministry released a statement saying that the…
Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers. Sources say that the discussions are on a political and corporate level. They are also taking place as Germany prepares to bid for a Canadian sub tender, which is likely going to include deals in rare earths and batteries, and energy. Uniper refused to comment on any specific talks.
Argentina restarts construction of the Santa Cruz Dam complex in south
The Economy Ministry reported that the government of Argentina and the state energy corporation?ENARSA had agreed to'restart construction' of the Santa Cruz Hydroelectric Dam?complex located in the southeastern part of the country. This agreement was reached after resolving longstanding disputes with contractors. In a recent statement, the Ministry of Environment said that the Jorge Cepernic Dam, the smaller structure, which is 46% complete, was the first priority to'restart. * According to the government of libertarian Javier Milei…
Ukraine Delays Druzhba Oil Deliveries Again
Ukraine has told Slovakia's oil pipeline system operator Transpetrol that the resumption of oil deliveries via the Druzhba pipeline has been delayed by another day to February 26, Slovakia's country's economy ministry said on Tuesday.The ministry, which had expected flows to restart on February 25, said it was not given a reason for the latest delay.Slovakia announced the Druzhba pipeline outage on February 13, long after shipments of Russian oil via Slovakia and Hungary were cut off last month…
Gas prices in Europe are expected to fall due to mild weather.
The Dutch and British wholesale gas prices fell on Wednesday morning as the milder weather and forecasts of windy conditions reduced demand and eased fears over storage depletion. The benchmark Dutch 'front-month contract' at the TTF hub fell?0.74 euro?to 29.70 euros per Megawatt Hour (MWh), which is $10.30/mmBtu by 0901 GMT. This was its lowest level since 12 January, according to LSEG data. Arne Lohmann-Rasmussen, Global Risk Management's chief analyst, noted that softer forecasts for the weekend, and the remainder of the month combined with a reduced geopolitical premium, had a negative impact on the prices.
Minister: No need for market intervention to secure German gas supply
The economy ministry said on Tuesday that Germany's gas supplies are secure and no state intervention is needed. It cited a more stable market than last year, as well as strong LNG and pipeline exports. A spokesperson for the ministry said that the government is working on a successor to current?storage regulations and is examining an extra tool to protect?critical infrastructure, such as pipelines. The spokesperson said that any state action would only be taken if it was "cost-effective" and improved supply security.
MOL Orders Alternative Oil to Supply Hungary, Slovakia Refineries
Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline, officials said on Wednesday.MOL's refineries, the last in the EU to receive Russian oil through Druzhba, have struggled since a supply halt that Ukraine says was due to a Russian attack that damaged the pipeline infrastructure on January 27.The refineries plan to start tapping state oil reserves, with the Slovak government approving on Wednesday a loan of 250,000 tonnes.
Germany will tender 12 gigawatts in new power plant capacity by 2026
On Thursday, Germany announced that it had reached an agreement with the European Commission regarding a plan to build power plants. It added that it would be tendering 12 gigawatts of capacity by 2026 with a particular focus on gas-fired facilities. This is a significant step in Germany's quest to ensure security of supply, given the country's ongoing phase-out coal-fired capacity. The German economy ministry stated that the majority of new capacity (10?GW) must be able?to generate electricity over a longer period of time in order to ensure a steady supply.
Argentina pays $4.3 Billion to Bondholders and meets critical deadline
A source in the Economy Ministry said that Argentina had paid $4.3 billion on Friday to holders of its sovereign debt. This was done as part of a move aimed at restoring confidence among investors and gaining access to international capital markets. The central bank made the payment which included both principal and interest despite concerns about the depletion of the country's foreign reserves. Investors had expected Argentina to fulfill its obligations, but bonds were traded this week calmly as a sign of market confidence.