QatarEnergy, ExxonMobil Executives Threaten European Exit Under Imposing Climate Regulation
Executives at two of Europe's top gas suppliers, ExxonMobil and QatarEnergy, on Monday warned they could stop doing business with the European Union if it does not significantly loosen a sustainability law that could impose fines of 5% of their global revenue.Exxon CEO Darren Woods told Reuters on the sidelines of the ADIPEC meeting in Abu Dhabi that the EU's Corporate Sustainability Due Diligence Directive would have…
Exxon and QatarEnergy executives warn Europe of a possible exit due to climate law
ExxonMobil executives and QatarEnergy executives warned on Monday that they may stop doing business in Europe if the EU does not loosen its sustainability law, which could result in fines up to 5% of global revenue. Exxon CEO Darren Woods said on the sidelines the ADIPEC Meeting in Abu Dhabi, that the EU Corporate Sustainability Due Diligence directive would have "disastrous" consequences if it was adopted in its present form.
ExxonMobil warns EU laws could force ExxonMobil to leave Europe
Woods is one of a growing group of energy producers who are urging European legislators to revise Corporate Sustainability Due Diligence, which mandates that companies operating in the EU identify and address risks related to human rights and the environment across their supply chain. Woods said on the sidelines at the ADIPEC conference in Abu Dhabi that it would be impossible for us to remain in Europe if we couldn't succeed there.
ExxonMobil warns EU laws could lead to Exodus from Europe
ExxonMobil, the U.S. energy company, will be unable to do business in Europe if the EU does not loosen a law on sustainability that penalises companies with fines up to 5% of their global revenue. Woods has joined a chorus of energy producers outraged by the EU's law that requires businesses doing business within the EU to fix any human rights or environmental problems in their supply chain. Woods said on the sidelines…
Amapa Governor: Brazil's Petrobras is studying a logistics base for Amapa
Clecio Liu, the governor of the Amazonian State of Amapa told reporters that Brazil's Petrobras had authorized studies to build a logistics centre in the state. Last week, the state-run oil company began exploring a promising offshore area. Luis explained that the company's Transpetro logistics subsidiary would do the studies. He added that the center will support Petrobras in the event of an important discovery. Petrobras did not give any further details.
API reverses its course on E15 fuel bill and calls for regulatory fix
The American Petroleum Institute announced on Tuesday that it is opposed to legislation that would expand the year-round sale of E15 gas. This reversal highlights the deepening tensions in oil and ethanol after a short period of cooperation. In exchange for restrictions to a program that allowed smaller refiners avoid renewable fuel obligations, the influential oil trade group teamed up earlier this year with lawmakers from farm states and ethanol producers in order to support a higher mandate for renewable fuel blends.
First political hurdle cleared for EU's plan on phase-out of Russian energy
EU diplomats reported that the ambassadors of European Union countries agreed on Wednesday to push ahead with the plan to stop Russian oil and natural gas imports by the year 2028. This agreement cleared the first political hurdle for the law before it is voted on later this month. The EU is currently negotiating proposals that would phase out Russian gas and oil by January 2028. This is an attempt to deny the Kremlin any revenue to fund their war in Ukraine.
Investors insist that EU methane regulations be upheld despite US pressure
A letter obtained by the. Money managers such as Ninety One Group, Pictet Group Railpen, and Royal London Asset Management have urged the EU not to change its rules that require importers of oil to monitor the methane emission of their suppliers and to report it. Scientists say that methane, one of the strongest greenhouse gases, is responsible for one-third the global warming since the beginning of industrialization.
Palm extends its gains due to strong soyoil demand, export demand and EU law delay
The price of Malaysian palm oils futures rose for the second session in a row on Thursday. This was due to the higher soyoil price, strong exports, and the extension of the European Union anti-deforestation law by another year. The benchmark palm-oil contract for December delivery at Bursa Malaysia's Derivatives exchange gained 61 Ringgit or 1.39% to 4,440 Ringgit ($1,055.13) per metric ton. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn Bhd…
VEGOILS - Palm up on soyoil demand, exports, and EU law delays
The market rose for the second session in a row as the soyoil price, exports, and the extension of the EU's anti-deforestation law by another year all supported the palm oil futures. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery gained 40 ringgit or 0.91% to 4,419 Ringgit ($1,049.15). Crude palm futures rose on the back of higher soyoil and export performances, according to David Ng, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Sources say that India is considering a nuclear liability fund to cover major accidents.
Two government sources have confirmed that India is planning to create a nuclear liability funds to cover accident payments in excess of 15 billion rupies ($169 million), owed by plant owners. This will ease concerns about risk sharing among global suppliers and companies. Sources with direct knowledge of the issue said that the move could unlock foreign and private investment in India's nuclear industry by aligning India’s compensation framework to global standards.
Palm oil ends the year higher due to strong exports but soyoil's spread is a factor.
The price of Malaysian palm oils futures rose on Wednesday. This was due to stronger exports, and a firmer soyoil. However, palm oil's loss of competitive advantage over soybean oil capped these gains. At the close, the benchmark palm oil contract on Bursa Derivatives exchange for December delivery was up 37 Ringgit (0.85%) at 4,380 Ringgit ($1,041.62) per metric ton. The contract dropped 2.25% on Monday. At midday, crude…
Palm oil trades at a tight range due to soyoil's spread.
The price of Malaysian palm oils futures was range bound on Wednesday as exports and soyoil firmed up, while palm oil's competitive disadvantage over soyoil continued to weigh. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery gained 7 ringgit or 0.16% to 4,350 Ringgit ($1,036.21) per metric ton. The contract dropped 2.25% on Monday. Crude palm futures were marginally higher due to strong export performances and higher Chicago soybean prices…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources who weren't authorized to publicly discuss the discussions said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the…
Sources say that Canada could drop its oil emission cap as part a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed removing a federal cap on emissions…
Senators from refinery states try to stop Trump from shifting the renewable fuel obligation
According to a draft of legislation that was seen by the, oil refinery state lawmakers, led by Senator Mike Lee (a Republican from Utah), will introduce legislation to stop President Donald Trump from shifting renewable-fuel blending obligations away from smaller refineries and towards larger ones. The bill reflects the political divisions in the U.S. Biofuels Policy, which pits farm interests against the oil industry that supports U.S. productions of biofuels such as corn-based bioethanol.
Draft shows that EU countries are trying to limit the ways in which Russian gas can be circumvented by EU countries.
A draft of the latest negotiation proposal for the rules seen by revealed that the European Union is trying to block any way Russian gas can still enter Europe after the phase-out. The European Commission proposed legislation in June to phase out EU oil and gas imports from Russia by January 1, 2028. This is because Brussels wants to end its decades-old relationship with Russia after its invasion of Ukraine in 2022. The…
White House review of waiver plan for biofuel pits refiners against farmers
The White House is reviewing an important rule that could change the balance between oil refiners, farmers and the Renewable Fuel Standard. It will determine how to redistribute large volumes of biofuel blend obligations that have been recently exempted. The result, which is expected in the next few weeks, will determine what happens to billions of gallons U.S. demand for ethanol and biodiesel. This demand is vital for…
Guyana elects a leader amid controversy over oil wealth
Guyanese voters head to the polls Monday to elect members of parliament and the president who will decide how the hydrocarbon boom in the South American nation will be spent. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Irfaan Ali is running for reelection as the leader of the People's Progressive Party. He has been in office since 2020. His government has used oil revenue to build roads, hospitals and schools.