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REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCOLOMBO, Nov 25 (Reuters) - Sri Lanka will likely approve on Monday a proposal from Chinese state refiner Sinopec to build a $4.5-billion-dollar refinery, the South Asian island nation's energy minister said on Saturday. Sri Lanka, trying to recover from its worst economic crisis in more than 70 years, is hungry for new investment and local fuel supplies. The investment will add to Sinopec's recently started fuel retailing business, the third international company with a foothold in Sri Lanka, with a license to operates 150 petrol stations. Sinopec's fuel oil division, which runs the retail business there, began in 2019 supplying marine bunker fuel at Hambantota, another Sinopec official said. Sri Lanka's refinery at Sapugaskanda, commissioned in 1969, can process 38,000 barrels of oil a day.

Persons: Chris Helgren, Kanchana Wijesekera, Wijesekera, Vitol, Uditha Jayasinghe, Chen Aizhu, Krishn Kaushik, William Mallard Organizations: China Petroleum & Chemical Corporation, REUTERS, Rights, and Energy, Reuters, Sri, China Merchant Port Holdings, Initiative, China Merchants, Thomson Locations: Vancouver , British Columbia, Canada, Sri Lanka, China's, Saudi Arabia, Russia, China, Colombo, Sinopec, Hambantota, Europe, Asia, Lanka's, Sapugaskanda

☆ China slows Venezuela crude buys as U.S. sanctions lifting triggers 'disarray'
▼ + stars: | 2023-11-23 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Independent refiners, known as teapots, account for a fifth of China's oil purchases, and more than half of its asphalt production. PetroChina, PDVSA and the Venezuelan oil ministry did not immediately respond to requests for comment. Before the U.S. imposed sanctions in 2019, subsidiary PetroChina Fuel Oil Co was the key seller of Venezuelan oil to independent refiners. Independent refiners like Venezuelan heavy crude for its high yield of road-paving material asphalt at about 60%, versus around 45% for Iranian oil.

Persons: Carlos Garcia Rawlins, Sellers, PetroChina, PDVSA, Muyu Xu, Marianna Parraga, Florence Tan Organizations: REUTERS, Rights, ICE Brent, Reuters, Fuel, Co, Thomson Locations: Morichal, Rights SINGAPORE, Washington, China, Venezuela, Iran, Russia, Iraq, Canada, OPEC, Malaysia, Venezuela's, Singapore, Houston

☆ Some demand for energy in Europe could be 'lost forever' after a terrible year for oil and gas, exec says
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Some of the lost demand for energy in Europe may be gone for good, the CEO of Vitol said. Global gas prices soared in 2022 after Russia cut off its gas supply to Europe, disrupting the energy sector. "We can expect some of that lost demand to stay lost forever." AdvertisementAdvertisementTurmoil and soaring prices in the energy sector have crimped demand in Europe, and the chief executive of Vitol warned that some of that demand may never return. Hardy, speaking at the Energy Intelligence Forum, added: "We can expect some of that lost demand to stay lost forever."

Persons: Vitol, —, Russel Hardy, Hardy, Fatih Birol, Birol Organizations: Global, Service, Reuters, Energy Intelligence, International Energy Agency, Financial Times Locations: Europe, Russia, London, Ukraine, Moscow, Israel

A sign is pictured in front of the Vitol Group trading commodities building in Geneva October 4, 2011. The two Pemex documents are also not public. As part of the settlement, Vitol also dropped a lawsuit against PMI Comercio Internacional, Pemex's international trading arm, for $1.21 million for alleged damages to a refinery in Cressier, Switzerland. Meanwhile, legal proceedings tied to the graft scandal continue in Mexico but also the U.S., where a former employee is on trial, and Ecuador. The graft scandal Vitol acknowledged dates back to Lopez Obrador's predecessors.

Persons: Denis Balibouse, Pemex, Andres Manuel Lopez Obrador, Vitol, Lopez, Adriana Barrera, Stefanie Eschenbacher, Ana Isabel Martinez, Stephen Eisenhammer, Marguerita Choy Organizations: Vitol, REUTERS, MEXICO CITY, Reuters, U.S . Department of Justice, PMI Comercio Internacional, Mexican, Thomson Locations: Geneva, MEXICO, Swiss, Brazil, Ecuador, Vitol, Mexican, U.S, Cressier, Switzerland, Veracruz, Mexico

[1/2] The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. A third senior trading source confirmed that Vitol had resumed business with Mexico. Neither the deals nor the fact that Mexico resumed trading with Vitol have previously been reported. Vitol declined to comment while Pemex and the Mexican government did not respond to requests for comment. Eventually, Pemex officials pulled the plug on contract negotiations after Vitol officials refused their proposed changes to terms.

Persons: Raquel Cunha, Pemex, cargos, Vitol, Arvin, Andres Manuel Lopez Obrador, Octavio Romero, Pemex's Romero, Javier Aguilar, Aguilar, Stefanie Eschenbacher, Ana Isabel Martinez, Dmitry Zhdannikov, Luc Cohen, Marianna Parraga, Florence Tan, Stephen Eisenhammer, Marguerita Choy Organizations: REUTERS, Reuters, U.S . Department of Justice, Thames, Thomson Locations: Mexico City, Mexico, MEXICO, Swiss, Brazil, Ecuador, Liberia, Houston, Pajaritos, Denmark, Tuxpan, Tampico, America, Geneva, U.S, Brooklyn, London, New York, Singapore

☆ Western sanctions on Russia could push the BRICS alliance closer
▼ + stars: | 2023-09-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Michele Spatari | Afp | Getty ImagesSINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore. "Looking at the oil markets today ... the Western sanctions on Russia are working. The BRICS alliance includes Russia, as well as Brazil, India, China and South Africa. The BRICS nations have had different brushes in their relationships with the West. BRICS is the candidate," Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.

Persons: Michele Spatari, Russell Hardy, Hardy, Argentina —, Fereidun Fesharaki, Moscow leapfrogging, Fesharaki Organizations: Afp, Getty, SINGAPORE —, West, European Union, UAE, U.S ., U.S, Treasury, Global Energy Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, SINGAPORE, Singapore, Ukraine, European, Western, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, Moscow

Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. Saudi Arabia's previous announcements have come ahead of its official selling prices, which typically emerge in the first week of the month. Russian Deputy Prime Minister Alexander Novak, meanwhile, has said that Moscow had agreed with OPEC+ partners on the parameters for continued export cuts in October. Saudi Arabia and Russia could withdraw the cuts at any point, said OANDA analyst Craig Erlam, "but I can't imagine they'll be in any rush and risk sending the price tumbling again." The oil market is vulnerable to price spikes due to low inventories and underinvestment in new oilfields, a senior official at global commodities trading firm Trafigura (TRAFGF.UL) said on Monday.

Persons: Alexander Novak, Craig Erlam, Brent, Russell Hardy, Xi, John Evans, Stephanie Kelly, Paul Carsten, Natalie Grover, Mohi Narayan, Yousef Saba, Andrew Hayley, Jason Neely, David Goodman, Mike Harrison Organizations: Companies, U.S . Federal, of, Petroleum, Saudi, . West Texas, . U.S, Federal, Thomson Locations: Companies Saudi Arabia, Russia, Saudi Arabia, OPEC, Moscow, India, Kuwait, Jizan, Oman, China, ., New York, London, New Delhi, Dubai, Beijing

LONDON, Sept 4 (Reuters) - Oil prices were stable on Monday amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy. Both contracts ended last week at their highest in more than half a year, after two previous weeks of losses. "Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oil-producing nations, Russia and Saudi Arabia," said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors. Saudi Arabia is expected to roll over a voluntary 1-million-barrel per day (bpd) cut into October. Saudi Arabia's previous announcements on its voluntary cut extension came ahead of its official selling prices, which typically come out in the first week of the month.

Persons: Sugandha Sachdeva, Sachdeva, Alexander Novak, Russell Hardy, Paul Carsten, Mohi Narayan, Yousef Saba, Andrew Hayley, Simon Clarence Fernandez, Jason Neely Organizations: Federal Reserve, Brent, . West Texas, Acme Investment Advisors, Saudi, Russia, Organization of, Petroleum, Reserve, PMI, Investors, Thomson Locations: U.S, Russia, Saudi Arabia, India, Kuwait, Jizan, Oman, China, London, New Delhi, Dubai, Beijing

☆ Oil steady amid OPEC+ supply cut expectations
▼ + stars: | 2023-09-04 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

NEW DELHI, Sept 4 (Reuters) - Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy. "Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oil-producing nations, Russia and Saudi Arabia," said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors. Sachdeva added, however, that the steady increase in U.S. oil production could limit further significant gains in price. Russia has already said it will cut exports by 300,000 barrels per day (bpd) in September, following a 500,000-bpd cut in August. "Because of the OPEC+ cuts, there's not sufficient supply (of sour crude) for all these complex refineries in India, Kuwait, Jizan, Oman and China," Hardy said.

Persons: Sugandha Sachdeva, Sachdeva, Alexander Novak, Russell Hardy, there's, Hardy, Mohi Narayan, Andrew Hayley, Simon Cameron, Moore, Clarence Fernandez Organizations: Federal Reserve, Brent, . West Texas, Acme Investment Advisors, Organization of, Petroleum, Thomson Locations: DELHI, U.S, Russia, Saudi Arabia, Singapore, India, Kuwait, Jizan, Oman, China, New Delhi, Beijing

☆ Hundreds of millions pledged for African carbon credits at inaugural climate summit
▼ + stars: | 2023-09-04 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

Companies Climate FollowVitol SA FollowNAIROBI, Sept 4 (Reuters) - An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars of pledges on Monday as Kenyan President William Ruto opened the continent's first climate summit. In one of the most anticipated deals, the United Arab Emirates (UAE) committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI). "There hasn't been any success for an African country in attracting climate finance," said Bogolo Kenewendo, a United Nations climate adviser and former trade minister in Botswana. Many African campaigners have opposed the summit's approach to climate finance, and about 500 people marched in downtown Nairobi on Monday to protest. They say carbon credits are a pretext for continued pollution by wealthier countries and corporations, who should instead pay their "climate debt" through direct compensation and debt relief.

Persons: William Ruto, Ruto, Bogolo Kenewendo, Bogolo, Kevin Kariuki, Patricia Scotland, Esa Alexander, we've, Hassan Ghazali, Britain, Sultan Al Jaber, COP28, Duncan Miriri, Simon Jessop, Jefferson Kahinju, Aaron Ross, Hereward Holland, Angus MacSwan, Susan Fenton Organizations: United Arab Emirates, Africa Carbon Markets, United, African Development Bank, Reuters, International Monetary Fund, REUTERS, Climate Asset Management, HSBC Asset Management, Debt, Green, Thomson Locations: NAIROBI, UAE, Nairobi, Africa, United Nations, Botswana, Muloza, Mozambique, Blantyre, Malawi, Liberia, Tanzania, Germany, Kenya

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSINGAPORE, Aug 23 (Reuters) - Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter. "Our strategic review is ongoing and we are exploring several options including divestment," a Shell spokesperson told Reuters on Wednesday. Companies that are reviewing Shell's Singapore assets include Asia's largest refiner, China's Sinopec (600028.SS), as well as global trading companies Vitol and Trafigura, the sources said. For trading companies, the site is seen as a potential oil storage and distribution hub, some of the sources said. In March, Shell decided not to proceed with two projects it was studying to produce biofuels and base oils in Singapore.

Persons: Chris Helgren, Goldman Sachs, Wael Sawan, China's Sinopec, Shell, Trixie Yap, Chen Aizhu, Florence Tan, Tony Munroe, David Goodman Organizations: Shell, REUTERS, Rights, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Singapore, Jurong, Asia

☆ Ex-Vitol Employee Could Face Two Foreign Bribery Trials
▼ + stars: | 2023-08-22 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

☆ The 3,300 employees of an oil trading firm each made almost $800,000 last year – way more than Wall Street bank staff
▼ + stars: | 2023-07-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Commodity and energy trader Vitol Group made net profits of $15.1 billion in 2022, per Bloomberg. Its 3,300 employees were paid an average of $785,000 – nearly double the sum for the previous year. The salary and bonus figure dwarfs the average earnings of staff at big Wall Street banks. Staff at Vitol Group received huge raises this year after the oil trading firm posted a record profit of $15.1 billion. It and rival traders Cargill, Glencore and Trafigura made combined profits of nearly $50 billion for 2022, per Bloomberg.

Persons: Goldman Sachs, Morgan Stanley, Vitol, Cargill, Trafigura Organizations: Vitol, Bloomberg, Morning, Staff, Vitol Group, Wall, Glencore, Financial, Reuters Locations: Ukraine, London, Geneva, Singapore, Houston, Rotterdam, Switzerland

☆ Energy trader Vitol pays out $5 billion to shareholders in 2022-2023
▼ + stars: | 2023-07-21 | by ( Julia Payne | ) www.reuters.com time to read: +1 min

Companies Vitol SA FollowBRUSSELS, July 21 (Reuters) - Global energy trader Vitol paid out $2.5 billion to its employee shareholders in 2023 after posting a record profit of $15 billion last year, company results showed, bringing the total paid out to a third of its profits in the last year. Swiss firm Vitol pays out cash to its over 400 employee shareholders through an annual share buyback scheme. The 2023 buyback comes on top of a $2.5 billion tranche paid out during 2022. Vitol is the world's largest independent oil trader and a major player in the liquefied natural gas and power markets. Revenues last year totalled $506 billion up from $279 billion in 2021.

Persons: Vitol, Julia Payne, Chris Reese, Sharon Singleton Organizations: BRUSSELS, Thomson Locations: Russia, Ukraine

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

KUALA LUMPUR, June 26 (Reuters) - Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. "Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," said Nasser, who heads the world's largest oil company. "Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year," he told the conference. Although China faces economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added. Looking ahead, Vitol said oil demand could peak around 2030.

Persons: Amin Nasser, Nasser, Daniel Yergin, Russell Hardy, Sazali Hamzah, Petronas, Vitol, Hardy, Muyu Xu, Florence Tan, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: Saudi Aramco, Energy Asia, Petronas, Brent, Organization of, Petroleum, P Global, Vitol, EV, Thomson Locations: KUALA LUMPUR, Saudi, China, India, Kuala Lumpur, Malaysia, Russia, Iran, Saudi Arabia

☆ Hydrocarbons will be important part of future ASEAN energy mix
▼ + stars: | 2023-06-26 | by ( Mei Mei Chu | ) www.reuters.com time to read: +2 min

[1/4] Logo of Energy Asia conference is seen during the event in Kuala Lumpur, Malaysia June 26, 2023. REUTERS/Hasnoor HussainKUALA LUMPUR, June 26 (Reuters) - Hydrocarbons will continue to be an important part of the energy mix in Southeast Asia, Malaysian Prime Minister Anwar Ibrahim said on Monday, as affordability and energy security remain key concerns for the region of more than half a billion people. Achieving net-zero emissions targets should not come "at the expense of economic growth or vice versa", Anwar said in opening the inaugural Energy Asia conference, hosted by Malaysia's state oil firm Petronas (PETRA.UL). Anwar said natural gas would play an important role in the energy mix for Malaysia, which is among the world's top five LNG exporters. The event brings together global energy leaders, companies and policymakers to discuss the region's energy transition.

Persons: Anwar Ibrahim, Anwar, IRENA, Kanupriya Kapoor, Kim Coghill, Himani Organizations: Energy Asia, REUTERS, Malaysian, Petronas, Malaysia, Organization of, Petroleum, International Renewable Energy Agency, Saudi Aramco, TotalEnergies, Thomson Locations: Kuala Lumpur, Malaysia, Hussain KUALA LUMPUR, Southeast Asia, Asia, Saudi

As part of those reforms, Nigeria, Africa's top oil producer, plans to scrap an old scheme by which it swaps its crude for gasoline imports. We are getting our swaps crude cargo in October at the earliest," one major player said. Nigeria's falling oil production has exacerbated the country's fiscal problems, because it reduces the revenue that could be used to repay debt. PRIVATE IMPORTERSPaying for fuel deliveries with crude cargoes means there is less crude for Nigeria and NNPC's to export, and so less revenue. International monetary experts have long suggested Nigeria remove fuel subsidies and liberalise its foreign exchange to address its fiscal crisis.

Persons: Bola Tinubu, Mele Kyari, Kyari, NNPC, Tinubu, Aliko, Nigeria's, Julia Payne, Dmitry Zhdannikov, Libby George, Dzirutwe MacDonald, David Evans Organizations: Reuters, NNPC, Thomson Locations: BRUSSELS, LONDON, Nigeria

SINGAPORE, June 7 (Reuters) - Bangladesh is facing its worst electricity crisis since 2013, a Reuters analysis of government data shows, due to erratic weather and difficulty paying for fuel imports amid declining forex reserves and value of its currency. Bangladesh, the world's second-largest garments exporter behind China supplying global retailers including Walmart, H&M and Zara, has been forced to cut power for 114 days in the first five months of 2023, a Reuters analysis of power grid data showed. Supply was short of demand by as much as 25% early on Monday, the data showed. Over 40% of the 7.5 GW of power plants running on diesel and fuel oil could not operate because they lacked fuel, according to the operator. Power imports by the energy hungry nation, which has very little renewable capacity, held steady at less than 10% of total supply, the data showed.

Persons: Bangladesh Taka, Ruma Paul, Matthew Chye Organizations: Walmart, Reuters Graphics Reuters, Power, Power Grid Co, Reuters Graphics, Oil, Reuters, Bangladesh, U.S ., Thomson Locations: SINGAPORE, Bangladesh, China, Zara

☆ Bangladesh struggles to pay for fuel imports as dollar crisis worsens -letters
▼ + stars: | 2023-05-22 | by ( Ruma Paul | ) www.reuters.com time to read: +3 min

DHAKA, May 22 (Reuters) - Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters reviewed by Reuters show, with the state petroleum company owing more than $300 million as it faces an "alarming decrease in fuel reserves". Heavily reliant on energy imports, Bangladesh is grappling with power cuts resulting from a fuel shortage that have badly hurt its exports-oriented garments industry. BPC imports 500,000 tonnes of refined oil and 100,000 tonnes of crude oil every month. The April letter said several fuel suppliers had either sent fewer cargoes than scheduled or threatened to halt supplies. Others in South Asia, such as Sri Lanka and Pakistan, have also sought or received IMF funds this year.

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.

Iraq, OPEC's second largest oil producer, exports the bulk of its oil through its southern Gulf port of Basra. An Iraqi oil ministry official with knowledge of the meeting said the aim was to reassure the companies that their deals with the Kurdistan Regional Government (KRG) were secure. Baghdad and the KRG signed a temporary agreement on Tuesday to restart northern oil exports as part of efforts to end decades of political and economic disputes. Petraco confirmed its presence at talks in Baghdad and said it was currently awaiting further developments. Further complicating the picture, Kurdistan has borrowed billions of dollars from trading houses and oil producers, including to build a new pipeline to Turkey, pledging to repay debts from future oil exports.

☆ Energy trader Gunvor posts record $2.36 bln net profit in 2022
▼ + stars: | 2023-04-05 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies Gunvor Group Ltd FollowLONDON, April 5 (Reuters) - Gunvor Group posted a record net profit of $2.36 billion in 2022 with a strong performance across all trading desks, the energy trader said in a statement on Wednesday. Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously posting record net profits of $15 billion and $2.98 billion, respectively. Gunvor said its trading volumes fell to 165 million tonnes in 2022 from 240 million tonnes the previous year, due primarily to reduced trading in natural gas, but expected volumes to rebound in the coming year. "The performance was broad-based across all geographies and all desks, including refining and shipping," Gunvor said. Last month, CEO Torbjorn Tornqvist told Reuters that it was considering whether to book a provision in the 2022 year.

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