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☆ G7 shelves regular Russian oil cap reviews as prices soar - sources
▼ + stars: | 2023-09-06 | by ( Julia Payne | ) www.reuters.com time to read: +4 min

BRUSSELS, Sept 6 (Reuters) - The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven (G7) countries along with the European Union and Australia imposed the price cap mechanism on Russian oil last December, followed by a cap on fuel from February. The idea was spearheaded by Washington to cut Moscow's revenues amid its war on Ukraine while avoiding market disruptions as a result of an EU ban on Russian oil. According to LSEG data, Russian crude has been trading above the cap since mid-July and is currently being traded at around $67 a barrel at Russian crude terminals. Russian refined products such as fuel oil and diesel have also surpassed their caps.

Persons: Julia Payne, Tomasz Janowski Organizations: Reuters, European Union, General Assembly, Brent, U.S . Treasury, Thomson Locations: BRUSSELS, Australia, United States, Washington, Ukraine, Russian Urals, Russia, Western, Russian, U.S

☆ Digital euro package should be focus of next EU Commission - McGuinness
▼ + stars: | 2023-09-06 | by ( Julia Payne | ) www.reuters.com time to read: +2 min

The draft law is an attempt to preserve public money by creating a digital euro that is cash-like and usable offline. The ECB is due to decide in October whether to push ahead with a digital euro, which aims to tackle a shortage of European payment service providers. We need a digital version of this," McGuinness said, adding the EU was duty-bound to look into it. "Not to have a digital form of public money at some time in the future would leave a black hole in our system." Non-profit group Positive Money Europe sees the digital euro as a crucial tool to ensure a "safe and accessible" form of public money.

Persons: Bruegel, Mairead McGuinness, it’s, McGuinness, Julia Payne, Nick Macfie Organizations: European Central Bank, ECB, EU, Europe, Thomson Locations: BRUSSELS

☆ 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

The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14. The Flex Artemis is carrying around 160,000 cubic meters of LNG, according to Olumide Ajayi, senior LNG analyst at Refinitiv. Leo Kabouche, LNG market analyst at consultancy Energy Aspects, said warm weather in Argentina and the start of the Nestor Kirchner pipeline is likely reducing the call on LNG. Argentina turns away Gunvor-chartered LNG tanker, citing sanctions Argentina turns away Gunvor-chartered LNG tankerReporting by Marwa Rashad in London and Julia Payne in Brussels; additional reporting by Ron Bousso in London and Nicolas Misculin in Buenos Aires; Editing by Josie Kao and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Gunvor, counterparty, Olumide Ajayi, Leo Kabouche, Nestor Kirchner, Marwa Rashad, Julia Payne, Ron Bousso, Nicolas Misculin, Josie Kao, Jonathan Oatis Organizations: Energy, Argentina, Thomson Locations: Russia, France, Argentine, Yamal, Ukraine, Geneva, Argentina, Gunvor, London, Brussels, Buenos Aires

☆ EU proposal on using frozen Russian funds delayed to September
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, July 20 (Reuters) - A European Commission proposal to use frozen public Russian assets to help finance Ukraine will not be published until September, a spokesman said on Thursday. The EU has frozen over 200 billion euros ($223.70 billion) of Russian central bank assets since Russia's invasion of Ukraine, with the bulk held in Belgium. The EU has also frozen privately held funds and legal pushback has already started. G7 countries and the EU have frozen over 300 billion euros ($335.55 billion) combined. A legal proposal we aim to have after the summer break."

Persons: pushback, Roman Abramovich, Julia Payne, Sharon Singleton Organizations: European Union, EU, Group, Thomson Locations: BRUSSELS, Ukraine, EU, Russian, Belgium

BRUSSELS, June 29 (Reuters) - European Union leaders will on Thursday debate the repercussions of the aborted mutiny in Russia as they pledge further support for Ukraine in its war against Moscow's invasion. Like several other EU leaders, Kallas said the mutiny showed cracks appearing in Russia's leadership. She said she had seen different views on how the mutiny could affect the Ukraine war and the risk Russia poses to the West. The West should not be swayed and continue to support Ukraine and bolster its own defences, Kallas said. Charles Michel, the president of the European Council of EU leaders, struck a similar note.

Persons: Jens Stoltenberg, Kaja Kallas, Wagner, Kallas, Charles Michel, ”, John Irish, Julia Payne, Kate Abnett, Philip Blenkinsop, Jan Strupczewski, Cynthia Osterman Organizations: Union, Ukraine, NATO, Estonian, European Council, EU, Kyiv, Diplomats, Peace, Thomson Locations: BRUSSELS, Russia, Brussels, China, Ukraine, Western, France, United States, U.S, Britain, Germany, Vilnius, Lithuania, Kyiv

At a summit in Brussels, the leaders restated their condemnation of Russia's war against Ukraine and said the EU and its member countries "stand ready" to contribute to commitments that would help Ukraine defend itself in the long term. In a text summarising the conclusions of the summit, the leaders said they would swiftly consider the form these commitments would take. Ukraine needs our commitment to continue ensuring their security during the war and after the war," he added. The final text said the EU would contribute "together with partners" and "in full respect of the security and defence policy of certain Member States". Ukraine has argued the best way to assure its own security and that of Europe is for it to join NATO.

Persons: Volodymyr Zelenskiy, Josep Borrell, Borrell, Zelenskiy, Wagner, Bart Meier, Marine Strauss, Sabine Siebold, Cynthia Osterman Organizations: Union, Russia, EU, European Peace Facility, Ukrainian Defence Fund, European Union, NATO, Kyiv, Thomson Locations: BRUSSELS, Brussels, Ukraine, France, Baltic, U.S, States, United States, Britain, Germany, Europe, Russia

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

BRUSSELS, June 21 (Reuters) - European Union governments agreed on Wednesday to an 11th package of sanctions against Russia over its invasion of Ukraine, aimed at stopping other countries and companies from circumventing existing measures. The new package, tweeted by Sweden as EU president, forbids transit via Russia of an expanded list of goods and technology which might aid Russia's military or security sector. Names of such countries can be added to an annex of the EU sanctions regulation with unanimous agreement of all 27 members. The EU package extends the suspension of EU broadcasting licences of five Russian state-controlled media. Overnight, Ukraine removed the five Greek shipping firms from its list, securing the backing of Athens for the package.

Persons: Julia Payne, Sudip Kar, Gupta, Gabriela Baczynska, Jan Strupczewski, Brenda Goh, Philippa Fletcher Organizations: Union, Russia, United Arab, EU, Peace Facility, European Commission, Thomson Locations: BRUSSELS, Ukraine, Sweden, Russia, Armenia, Kazakhstan, Kyrgyzstan, United Arab Emirates, Turkey, China, Moscow, GREECE, HUNGARY, Hungary, Greece, Athens, Beijing, Hong Kong, Russian, Shanghai

The world's largest air show, which alternates with Farnborough in Britain, is at Le Bourget for the first time in four years after the 2021 edition fell victim to the pandemic. On the civilian side, planemakers arrived with growing demand expectations as airlines rush for capacity to meet demand and help reach industry goals of net zero emissions by 2050. REUTERS/Benoit TessierIndiGo's deal highlights the growing importance of India, the world's fastest-growing aviation market, serving the largest population, to planemakers. In another key market, Airbus said Saudi budget airline flynas had firmed up an order for 30 of its A320neo-family narrowbody aircraft, confirming a Bloomberg report. France's Thales (TCFP.PA) also announced a contract from Indonesia for 13 long-range air surveillance radars.

Persons: Le Bourget, Emmanuel Macron, planemakers, Sash Tusa, Benoit Tessier IndiGo's, there's, Pieter Elbers, flynas, Avolon, Tim Hepher, Joanna Plucinska, Allison Lampert, Valerie Insinna, Aditi Shah, Julia Payne, Nandan Mandayam, Mark Potter, Jonathan Oatis Organizations: Airbus, Defence, Indian, Paris, Reuters, Air India's, Boeing, Farnborough, French Rafale, Industry, Partners, Air, REUTERS, Saudi, Bloomberg, Kyiv, Rafale, Eurofighter, Thales, Mexico's Viva, Thomson Locations: Paris, PARIS, Britain, UKRAINE, European, France, Germany, Spain, Le Bourget, India, Ukraine, Ukrainian, Belgium, Franco, Spanish, Indonesia, Air India

☆ Europe in danger of losing EV battery race - Court of Auditors
▼ + stars: | 2023-06-19 | by ( Julia Payne | ) www.reuters.com time to read: +2 min

BRUSSELS, June 19 (Reuters) - Europe is in danger of losing the race to become a global battery powerhouse as access to raw materials remains a major roadblock along with rising costs and fierce competition, a report by the European Court of Auditors (ECA) said on Monday. The ECA, the EU's independent external auditor, said nearly one in five new cars registered in the bloc in 2021 had an electrical plug. However, the EU's strategy has not taken into account the bloc's ability to meet this new battery demand. "The EU aspires to become a global battery powerhouse to ensure its economic sovereignty but will it succeed? China accounts for 76% of global battery production capacity.

Persons: Turtelboom, Julia Payne, Kirsten Donovan Organizations: European, Auditors, European Union, ECA, EU, Democratic, Thomson Locations: BRUSSELS, Europe, Russia, Democratic Republic of Congo, China, Portugal

☆ ECB policymakers line up behind rate hike plans
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

Underlying inflation eased to 5.3% in May, but a big chunk of the drop was due to a one-off administrative discount in German transport prices. Wunsch has said in the past that the ECB's deposit rate could hit 4% if underlying inflation did not moderate. Joining the chorus behind rate hikes, Estonian central bank chief Madis Muller said more rate action is needed. "Euro zone interest rates have not yet peaked," Muller said in a statement. "The ultimate goal is clear for the central bank - we need to quickly get the price rise under control."

Persons: Joachim Nagel, Pierre Wunsch, Wunsch, Austria's Robert Holzmann, Gediminas Simkus, Madis Muller, " Muller, Balazs Koranyi, Andrius Sytas, Julia Payne, Francois Murphy, Terje Solsvik, Alex Richardson, Toby Chopra, Jan Harvey Organizations: Central Bank, ECB, Thomson Locations: FRANKFURT, Belgian, U.S, Estonian

ESG ratings providers must stop providing consulting services to investors, stop the sale of credit ratings and the development of benchmarks among other things, according to the EU's draft legislation published on Tuesday. "ESG ratings agencies that score companies on governance factors are completely unregulated so it's very difficult to compare ratings by different agencies. Agencies providing ESG ratings include S&P Global (SPGI.N), Moody's (MCO.N), MSCI (MSCI.N)> and Morningstar's (MORN.O) Sustainalytics. Britain has also outlined plans to regulate ESG ratings providers where the rating is used by anyone in the UK. In March, the finance ministry published a consultation on regulating ESG ratings providers, saying it saw a "clear benefit" from improving the transparency of methodologies as well as rating providers' governance and processes.

Persons: Mairead McGuinness, Markus Ferber, Ferber, Julia Payne, Tommy Reggiori Wilkes, Sinead Cruise, Mark Potter, Ed Osmond Organizations: European, European Securities and Markets Authority, Financial Services, P, Global, Morningstar, Conservative European, European Commission, Thomson Locations: EU, BRUSSELS, LONDON, Britain, Europe

☆ EU Commission allocates $1.3 bln to tackle mental health 'silent epidemic'
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, June 7 (Reuters) - The European Commission said on Wednesday it would allocate 1.23 billion euros ($1.3 billion) to mental health initiatives across the 27-member European Union and make mental health a pillar of health policy. "Today marks a new beginning for a comprehensive, prevention-oriented and multi-stakeholder approach to mental health at EU level," Stella Kyriakides, EU Commissioner for health and food safety, said in a statement. "We need to break down stigma and discrimination so that those in need can reach out and receive the support they need. The Commission said mental health problems already impacted around 84 million people before the COVID-19 pandemic with an economic cost of about 600 billion euro a year, or 4% of the bloc's GDP. At a press conference, Commission vice-president Margaritis Schinas called it a "silent epidemic" and said the topic was the last piece in the European Health Union "puzzle".

Persons: Stella Kyriakides, Margaritis Schinas, Julia Payne, Mark Potter Organizations: European, European Union, EU, European Health Union, Mental Health, Thomson Locations: BRUSSELS, Ukraine, EU

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. "This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. EXTENSION TO END OF 2024OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April. In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed on Sunday to reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined of 40.46 million bpd. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.

Persons: Prince Abdulaziz, Brent, Amrita Sen, Gary Ross, Giovanni Staunovo, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Barbara Lewis Organizations: Saudi, UAE, Saudi Energy, Organization of, Petroleum, Brent, OPEC, Analysts, Energy, Veteran OPEC, Black Gold, UBS, United Arab, Thomson Locations: Russian, Angolan, VIENNA, Saudi Arabia, OPEC, Saudi, Russia, Ukraine, Nigeria, Angola, United Arab Emirates

Four sources familiar with OPEC+ discussions have told Reuters that additional production cuts were being discussed among options for Sunday's session. Three out of four sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, the new cut would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation. Three OPEC+ sources also said the group will address the issue of baselines for 2023 and 2024, from which each member performs cuts.

Persons: Prince Abdulaziz, Sunday's, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Hugh Lawson, Emelia Organizations: OPEC, Organization of, Petroleum, Reuters, Brent, Saudi Arabia's Energy, Thomson Locations: VIENNA, Nigeria, Angola, OPEC, Russia, West, UAE, Ukraine, China, India

ABUJA, June 4 (Reuters) - Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. And we now have an arm's-length process where we can pay cash for the imports," Kyari told Reuters in an interview late on Saturday. This is the first time NNPC has said it is terminating crude swap contracts. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums. Nigeria has struggled to meet its OPEC oil quota of 1.742 million bpd due to grand oil theft and illegal refining.

Persons: Bola Tinubu's, Tinubu, NNPC, Kyari, MacDonald Dzirutwe, Camillus Eboh, Julia Payne, Susan Fenton Organizations: NNPC, Reuters, Dangote Refinery, Thomson Locations: ABUJA, Nigeria, Ukraine, Dangote, NNPC, Vienna

Three OPEC+ sources told Reuters on Friday cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.

Persons: Leonhard, Russia's Novak, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Alexander Novak, Novak, Edward Moya, OANDA, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes Organizations: Austrian, REUTERS, LONDON, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, Russia, Ukraine, China, India, Russian

Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session. The three sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically production cuts take effect the month after they are agreed, but ministers could also agree a later implementation. Two OPEC sources said the ministers could also discuss new production baselines from which each member performs cuts.

Persons: Leonhard, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Frances Kerry, Christina Fincher Organizations: Austrian, REUTERS, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, VIENNA, Russia, Ukraine, China, India, West, Nigeria, Angola, UAE

☆ OPEC denies media access to Reuters, Bloomberg, WSJ for weekend policy meets
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leonhard FoegerVIENNA, June 2 (Reuters) - OPEC has denied media access to reporters from Reuters, Bloomberg and the Wall Street Journal to report on oil policy meetings in Vienna this weekend, reporters, Bloomberg and people familiar with the matter said on Friday. OPEC staff declined on Friday to give media accreditation to Reuters journalists to cover the event. The staff handling media accreditation at one of Vienna's luxury hotels said they could not issue accreditation without an invite. A Bloomberg spokesperson confirmed on Friday the company has not been given accreditation to cover the OPEC meeting. Reporters from the three outlets, many of whom have been covering OPEC meetings for years, did not receive invitations from OPEC ahead of the meeting.

Persons: Leonhard Foeger VIENNA, Platts, Alex Lawler, Dmitry Zhdannikov, Ahmad Ghaddar, Julia Payne, Maha El, Simon Webb, Marguerita Choy Organizations: Organization of, Petroleum, REUTERS, OPEC, Reuters, Bloomberg, Wall Street Journal, of, Thomson Reuters Corp, Thomson, Street, Argus Locations: Vienna, Austria, OPEC, Saudi Arabia, Russia

Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

April 24 (Reuters) - Iraq's northern oil exports showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan Regional Government (KRG) have yet to be resolved, according to four sources. Baghdad and Erbil, the capital of Iraq's semi-autonomous Kurdistan region, signed a temporary agreement on April 4 to restart northern oil exports. The KRG and Iraq's oil ministry did not respond to requests for comment. Iraq's lack of willingness to discuss these issues has frustrated Turkey, according to one source. Fields which are still running include Khurmala, which has reduced output from around 135,000 bpd to 100,000 bpd, according to a source familiar with field operations.

☆ UK, Netherlands plan cross-border power link to boost energy security
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, April 24 (Reuters) - The Netherlands and Britain plan to build what would be Europe's biggest cross-border electricity link connected to an offshore wind farm, their energy ministers said on Monday, part of efforts to boost energy security. "This new connection further boosts energy security and energy independence in Europe," Dutch Energy Minister Rob Jetten said in a statement. Britain and the Netherlands currently have one power interconnector, the 1GW BritNed link. The countries' leaders will commit to rapidly building wind farms and developing energy "islands", or connected offshore green power generation sites, according to a draft of their summit declaration seen by Reuters. The countries, which also include Germany, France and Norway, aim to develop a combined 120 GW of offshore wind capacity by 2030, the draft said.

LONDON, March 30 (Reuters) - A suspension of Kurdistan's oil exports has halted repayments via crude cargoes of $6 billion owed to energy traders including Vitol and Petraco by the semi-autonomous Iraqi region, trading sources told Reuters. The suspension means Kurdistan cannot repay debts with crude oil supplies and alternative schemes have not been put in place. "Let's work out a breakthrough to the oil exports issue and then other issues could be addressed under less pressure," he said. An Iraqi oil ministry legal adviser familiar with the discussions with Kurdistan said Baghdad wants to run oil exports via its state marketing firm SOMO and wants oil sales revenues to be deposited in an independent bank account. Another Iraqi oil ministry official said no progress has been yet made on the debt issue.

☆ Exclusive: Gunvor to expand in United States after strong profits - CEO
▼ + stars: | 2023-03-22 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoSummarySummary Companies Gunvor on hiring kick, to expand in U.S. power, oil and LNGCEO says Europe only covered half of missing Russian gasCEO has been in dialogue with ADNOCLAUSANNE, Switzerland, March 21 (Reuters) - Energy trader Gunvor made strong profits last year and is looking to expand its oil trading and develop a significant power trading arm in the United States, its CEO told Reuters. Gunvor, traditionally focused on oil and gas, metals and bulk commodities, has in recent years also begun trading power in Europe. Tornqvist said the firm's traded oil and LNG volumes are more than 3 million barrels per day of oil equivalent. "We are looking at whether to take a provision on our books for 2022," Tornqvist said. As co-founder of Gunvor, Tornqvist remains the majority owner of the company but his stake slipped to 85.7% at the end of 2022, down from 88.4% year-on-year.

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