Atlanti Gaz Tue, 27 Sep 2022 20:09:10 +0000 en-US hourly 1 Atlanti Gaz 32 32 Oil rises 2% from multi-month low on U.S. Gulf production cuts, supply outlook Tue, 27 Sep 2022 20:05:00 +0000
  • BP begins to redeploy workers to offshore platforms
  • Iraq says OPEC is monitoring prices and seeking market balance
  • Coming soon: API supply report at 4:30 p.m. EDT, 2030 GMT

NEW YORK, Sept 27 (Reuters) – Oil rose around $2 a barrel on Tuesday from a nine-month low a day earlier, supported by supply restrictions in the U.S. Gulf of Mexico before Hurricane Ian and as the US dollar depreciated from its all time high. level in two decades.

Prices were supported by analysts’ expectations of possible supply cuts from the Organization of the Petroleum Exporting and Allied Countries (OPEC+), which is due to meet to set policy on Oct. 5.

Brent crude stood at $86.27 a barrel, up $2.21, or 2.6% On Monday, it fell to $83.65, the lowest since January. U.S. West Texas Intermediate (WTI) crude settled at $78.50, up $1.79 or 2%.

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U.S. offshore oil producers said they were monitoring the path of Hurricane Ian as the powerful storm stalled about 11% of oil production in the U.S. Gulf of Mexico as it headed toward Florida.

The outages can only provide a momentary reprieve for oil prices, said Bob Yawger of Mizuho in New York.

“Barrels will come back very soon, I imagine,” Yawger said, adding that there’s a small chance the storm will change course and force more closures.

After shutting down some of its offshore crude production, BP Plc (BP.L) said the storm posed no threat to its assets in the Gulf of Mexico and was redeploying workers to oil rigs . Read more

Crude prices had soared after Russia invaded Ukraine in February, with Brent nearing an all-time high of $147 in March. Recently, concerns about the recession, high interest rates and the strength of the dollar have weighed.

“Oil is currently under the influence of financial forces,” said Tamas Varga of oil broker PVM.

The US dollar, which has eased from a 20-year high, also helped support oil. A strong dollar makes crude more expensive for buyers using other currencies.

The fall in oil prices over the past few months has sparked speculation of a possible intervention by OPEC+. Iraq’s oil minister said on Monday that the group was monitoring prices and did not want a big jump or a slump. Read more

“Only an OPEC+ production cut can break the short-term negative momentum,” said Giovanni Staunovo and Wayne Gordon of Swiss bank UBS.

The market awaits the latest U.S. inventory reports, which analysts say will show a 300,000 barrel increase in crude inventories. The American Petroleum Institute report was released at 4:30 p.m. EDT (2030 GMT) on Tuesday.

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Additional reporting by Alex Lawler in London and Mohi Narayan in New Delhi; Editing by David Evans, Mark Potter, David Gregorio and Leslie Adler

Our standards: The Thomson Reuters Trust Principles.

Power cuts in Sri Lanka blamed on bad oil Mon, 26 Sep 2022 19:19:48 +0000

COLOMBO — A senior Sri Lankan official has blamed imports of poor-quality crude oil for shutting down a power station, leading to prolonged outages.

The head of the utilities regulator, Janaka Ratnayake, said the oil burned in the furnaces contained too much sulphur.

But the country’s energy minister disputed the claim.

Last week, Sri Lanka increased its daily power cut from 80 minutes to 140 minutes due to a drop in power generation capacity.

“The sulfur content is too high in fuel oil [fuel oil] which is not suitable for today’s power stations nor does it meet environmental standards,” Ratnayake, the head of the Public Utilities Commission, told the BBC.

“If you buy good quality crude oil for refineries, this problem will not occur.”

Ratnayake said about 10% of the country’s electricity comes from diesel and oil-fired power plants. The rest of the electricity is generated from hydroelectric, renewable and coal-fired plants.

But Power and Energy Minister Kanchana Wijesekara defended the crude oil import policy.

In a tweet, he said Sri Lanka’s state-run fuel retailer Ceylon Petroleum Corporation would legally respond to Ratnayake’s allegations.

According to Wijesekara, the power cut was extended due to a breakdown in one of the hydroelectric plants and insufficient funds for diesel and fuel oil.

The BBC is not responsible for the content of external sites.

The South Asian nation is facing its worst financial crisis since gaining independence from Britain in 1948. It is struggling to find enough dollars to import fuel and food.

The shortages have led to months of anti-government protests and long lines outside gas stations.

In July, the unrest came to a head when President Gotabaya Rajapaksa was forced to flee the country and then resign after thousands of protesters stormed his official residence.

Veteran politician Ranil Wickremesinghe was later elected president by MPs.

Since then, the government has implemented a fuel rationing system using a QR code that has reduced queues outside gas stations.

Sri Lanka has reached a preliminary agreement with the International Monetary Fund for a $2.9bn (£2.7bn) emergency loan and expects the deal to be approved by the board of the IMF by the end of this year.

But the conditions include Colombo reaching an agreement with its creditors on debt restructuring. Sri Lanka has an external debt of around $50 billion. —BBC

]]> Canada adds to alarming rise in global pipeline construction Mon, 26 Sep 2022 03:10:37 +0000

While a new report is expected to reveal a massive increase in pipeline construction around the world, an analyst says Canada is running counter to public opinion and broader international trends by making the problem worse.

The global construction of the pipeline, documented by Global Energy Monitor (GEM) in an analysis to be released at midnight tonight, goes against the International Energy Agency’s call last year for no new oil, gas or coal projects keep average global warming at 1.5. °C. And it flouts the Intergovernmental Panel on Climate Change’s carbon budget analysis that shows global emissions must peak by 2025 to keep any hope of 1.5C alive.

Last week, a new database released by GEM and the Carbon Tracker Initiative showed that fossils around the world hold enough proven reserves of oil, gas and coal to “emit more global warming emissions.” planet than since the industrial revolution, easily blowing away the remaining carbon budget before societies were subjected to catastrophic global warming,” the Guardian reported. “You have governments issuing new coal licenses or permits that are completely decoupled from their own climate commitments,” said Carbon Tracker founder Mark Campanale.

And when it comes to pipelines, Canada is doing its part to make a dire situation worse, said Julia Levin, national climate policy manager at Environmental Defense Canada.

Even as the federal government seeks public comment on a new oil and gas emissions cap – with comments expected by Friday – “Canada is still investing heavily in new fossil fuel infrastructure that not only enables production continues, but the expansion of the sector”, Levin told The energy mix Last week. “New pipelines are simply fundamentally inconsistent with what we need to do to address the climate crisis, and we keep rolling in the opposite direction.”

With memories still fresh of last year’s devastating heat dome and flooding in British Columbia, and of Atlantic Canada beginning to pick up the pieces after Hurricane Fiona, the only possible conclusion is that “the government is determined failing to meet” its climate commitments, she said.

Levin cited the Trans Mountain pipeline expansion – a project whose budget “out of control” has reached C$21.4 billion, is on the verge of losing money, but is still receiving generous support from a federal government that bought it with taxpayers’ money – as the most obvious example.

“That has huge climate implications, over 90 megatons a year, the equivalent of 20 million cars or 24 coal-fired power plants,” Levin said. “It’s a carbon bomb we’re moving forward with, at a time when we know we can’t have new oil and gas projects.”

Levin added that the $26 billion Canada invested in Trans Mountain would have paid for all major solar and wind projects in the country between 2019 and 2021, or five times as much.

“We know that the energy transition is happening fast, that the demand for oil is going to drop drastically over the next decade,” she said. “It needs to come down 75% to make sure we have a planet we can survive and thrive on.”

And as demand dries up, “Canada is the second most carbon-intensive oil producer in the world, its oil is very expensive and we are the first to be left behind. The risk is therefore not only the climatic risk. The risk is that these projects become stranded assets even before they are built.

Levin pointed to two news stories last week – Vanuatu becoming the first country to approve the Fossil Fuel Non-Proliferation Treaty, and a new poll showing that nearly seven in 10 Canadians support an emissions cap on oil and carbon. gases – to assert that Canada needs the stability of a controlled phase-out of fossil fuels as the country’s main source of greenhouse gas emissions.

“We need a predictable path for communities, for workers, for industry, and this is the first time we have had a policy tool that will implement that path,” she said. An emissions cap “is a great opportunity to let us do the planning, and with that trajectory we can see which facilities need to be disconnected first.”

Levin was referring to an Abacus poll for Climate Action Network-Canada that showed 69% supported an emissions cap to “ensure the oil and gas industry takes its fair share of climate action”, with just 16 % at variance. The survey revealed support margins of 72% in British Columbia, 74% in Quebec, 77% in Atlantic Canada, 68% among those aged 18-29, 74% among seniors 60 and over and 81 to 88% among Liberal supporters. , NDP and Bloc Québécois, CAN-Rac said in a statement last week.

“Right now, oil and gas executives are raking in windfall profits, while families across Canada are struggling to make ends meet because of fossilflation,” said Caroline Brouillette, CAN’s national policy director. -Rac. “This industry is perfectly positioned to invest in reducing its emissions. For the industry to try to shirk its responsibilities and continue to pollute without limit is an insult to Canadians from coast to coast who are suffering damage from floods and wildfires, smoky air and heat exhaustion.

Some Saudis fear being left behind despite soaring oil prices Sun, 25 Sep 2022 04:00:36 +0000

Every evening in Hail, a Saudi town at the foot of a jagged mountain range, Mona heads to her roadside tea stall, turns on the lights and waits for customers to show up. She keeps a printed resume handy, hoping one might offer her a better job.

“It’s worse now,” the former clerk said, despite widespread reforms and a spike in oil prices that will make Saudi Arabia the fastest growing economy in the world this year.

Jobs in Hail, at least the ones Mona would consider, are few and far between. The government’s efforts to increase Saudi employment, and women’s employment in particular, were laudable but failed, she said. “They supported women. But all of those jobs were quickly filled,” said Mona, who did not want her real name published.

Under the daily leadership of Crown Prince Mohammed bin Salman, the kingdom is going through a period of rapid reform. Riyadh wants to restructure the country’s economy by 2030 to reduce its dependence on oil, develop the private sector and reduce the subsidies people have traditionally relied on. The stakes are high for the prince, who counts young Saudis – who want jobs and homes – as a base of support. The risk is that poorer and less educated people, especially those living outside major cities, will fall behind as they compete for well-paying jobs, many of which are in the capital.

As a result of the reforms, Saudis who relied on cradle-to-grave government support in the form of public sector jobs and subsidies would increasingly have to compete for private sector jobs. The reforms “rebalance the social contract. It’s a necessary initiative, but one that causes problems along the way,” said Sanam Vakil, Chatham House’s deputy director for the Middle East and North Africa.

Economic reforms were accompanied by social reforms, including allowing women to drive and ending the role of religious police. These have earned Prince Mohammed praise from many young Saudis. But it has also been criticized for its crackdown on critics, including journalists and bloggers, who recently saw a doctoral student and mother of two jailed for decades for her tweets.

The reforms affected a large part of the population. The government, which introduced VAT in 2018 and tripled it to 15% during the coronavirus pandemic, has also cut electricity and fuel subsidies, raising the cost of living. Unemployment fell to 10.1 percent this year, the lowest since 2008. Youth unemployment was 15 percent in the first quarter of this year. More than 400,000 citizens entered the labor market last year as the government pushes for more citizens to join the private sector. Women’s participation in the labor market has reached a record high of 35%.

“The issue of economic development and creating jobs and stimulating investment across the country is the signature issue for the Crown Prince, and so that means all citizens must be in one way or another. another one. . . impacted by transformation,” said Karen Young, a senior fellow at Columbia University’s Center for Global Energy Policy.

The IMF welcomed the reforms and advised further tax adjustments while saying the kingdom should increase targeted social spending. Saudi Arabia’s GDP rebounded from the pandemic to 3.2% in 2021. Thanks to the oil boom, it is expected to reach 7.6% this year. While previous oil windfalls have been followed by increased government spending, Saudi Arabia this time plans to use the windfall to shore up its reserves and invest in its sovereign wealth fund, which oversees tens of billions of dollars of projects in the kingdom. . Inflation this year has been among the lowest of the G20 countries, with the consumer price index hitting around 3% last month.

Saudis with sought-after qualifications and experience are in high demand, but many other jobs cluster around the minimum wage of 4,000 riyals ($1,000) a month, according to a working paper released by Harvard’s Center for International Development. . Although well above the wages paid to migrants in the same jobs, some Saudis complain that it is not enough, and some have taken two jobs.

The mixed effects of the reforms can be seen in Hail, where new buildings have sprung up around the city as more Saudis have bought homes with government-backed mortgages as part of a campaign to housing which has driven homeownership rates from 47% in 2016 to over 60% this year.

“There are lots of opportunities, you just have to want to work,” said Ahmed, who drives an Uber and is saving up to start his own restaurant franchise.

But at a social gathering in Hail over coffee and dates, Omar, a socially conservative Saudi, could not hide his contempt for the changes.

It was not just the sight of men and women dancing together at concerts in Riyadh – something unimaginable a few years ago – that upset him, but the harsher living conditions, he said. -he declares. “You have three-quarters of the world’s oil, you have tourism. Where is the money going? said Omar, who did not want his real name published. “I hire a Saudi and pay him the minimum of 3,000 riyals. What is it going to do with that? How can he live off it? The strong eat the weak,” he said.

Government officials say they are aware that some people and regions could be left behind. They plan to fill the gaps with regional development projects, vocational training and support for families to start businesses. It will also expand its Saudiization program, which mandates the hiring of Saudis in a growing number of sectors. In June, the royal court paid around $2.8 billion in direct payments to people registered with Social Security and the Citizen Account, a basic income program.

Hundreds of billions of riyals have been invested or committed by government and the private sector in the regions, an official said. This includes 60 billion riyals for the northern region, where Hail is located.

In the meantime, many Hail travel to the capital for work. Some have returned, dissatisfied with the opportunities available to them. A young man, illegally selling cigarettes from the trunk of a car in Hail, said he had returned from Riyadh after finding only restaurant jobs there. “I was unlucky,” he said.

Energy issues trump human rights as Scholz visits Saudi Arabia | Business | Economic and financial news from a German perspective | DW Sat, 24 Sep 2022 17:44:55 +0000

Saudi Crown Prince Mohammed bin Salman (MBS) has become a bit of an outcast in the West after the 2018 assassination of dissident Saudi journalist Jamal Khashoggi at the kingdom’s consulate in Istanbul.

Four years later, the world has changed. US President Joe Biden and French President Emmanuel Macron met with the Saudi leader this year as rising oil prices and the energy crisis in Europe put western economies in trouble.

Now it’s German Chancellor Olaf Scholz’s turn to woo MBS. He is due to meet the crown prince in Riyadh on Saturday during a two-day visit to the Gulf. The United Arab Emirates (UAE) and Qatar are the other two stops.

While many German politicians and rights groups will publicly pressure Scholz to improve Saudi Arabia’s human rights record, Eckhart Woertz, director of the GIGA Institute of Middle East Studies, told DW the chancellor had to follow a narrow path.

“Priorities have changed”

“There is certainly less of a tendency to raise human rights when dealing with energy exporters in the Gulf at the moment. Priorities have changed as a result of the war in Ukraine. I don’t think that they will be overloaded, let’s put it that way.”

Rights groups accuse Riyadh of continuing to stifle political opposition and media freedom. Amnesty International says Saudi courts still use the death penalty “widely” and that migrant workers are still vulnerable to abuse and exploitation through a system where every person must be sponsored by a Saudi national.

Berlin didn’t say much to preview the Gulf trip. However, long-term deals have reportedly been struck with Qatar and the United Arab Emirates to boost liquefied natural gas (LNG) exports to Europe to eventually replace Russian supplies. It is unclear, however, whether a similar deal with the Saudis is even possible.

“Saudi Arabia produces a lot of natural gas, but it needs it for its national industrialization,” Woertz told DW.

The kingdom has the eighth largest proven reserves of natural gas in the world after Russia, Iran and Qatar. It is already the ninth-largest gas producer in the world, but its national economy requires huge amounts of gas for power generation, water desalination and industrial production.

Saudi Arabia’s imports from Germany have declined over the past decade

The Saudis want to double their gas production

Riyadh, however, has set itself the goal of doubling gas production by 2030 to enable it to become a gas exporter and could, in theory, provide a vital interim resource to help the EU achieve its net zero goals. for carbon emissions.

Another possible collaboration with the Saudis could be on green hydrogen, which Germany sees as essential to keep its industrial economy running at full strength during the energy transition. Berlin has already signed cooperation agreements with Denmark and Canada.

Hydrogen is said to be green when the gas is produced from renewable energies. In the case of Saudi Arabia, the kingdom has almost endless desert space for huge solar farms, but transport to Europe could be a problem due to the distance.

“German technology assistance [around green hydrogen] could be very useful to the Saudis,” Woertz told DW.

The ban by Western countries on Russian oil following Moscow’s invasion of Ukraine means that Europe is likely to become more dependent on Saudi oil. The EU ban comes into full effect in early 2023.

“Russia is now selling its oil to India and China at a discount, crowding out Gulf exporters who have mainly delivered to these markets. And these Gulf countries will most likely deliver more to Europe. so a bit of a merry-go-round,” Woertz said.

German exports need a boost

The drop in German exports to Saudi Arabia is another reason why human rights concerns may take a back seat. The Kingdom is by far the largest economy in the Middle East and North Africa (MENA) region, but was only Germany’s 38th largest export market in 2021.

German exports to Saudi Arabia almost halved between 2015 and 2021, from 9.9 billion euros to 5.5 billion euros and are expected to fall further this year, according to the state trade agency GTAI. While the Gulf region still has an insatiable appetite for German industrial machinery, Europe’s largest economy faces fierce competition from China.

German automakers are also keen to grab a bigger share of the car market as the transition to electromobility gathers pace. The Saudi market is dominated by Japanese and Korean brands Toyota and Hyundai, which hold 30% and 20% shares respectively and are also advanced in the development of electric vehicles.

German sales of vehicles and parts to Saudi Arabia totaled 1.6 billion euros in 2015, but fell to 0.9 billion euros last year, while Chinese companies doubled their shares over the past decade, GTAI recently wrote.

German multinationals could contribute to the kingdom’s ambitious goal of diversifying the economy away from fossil fuels, which currently make up 42% of gross domestic product. Six years ago, the government announced Vision 2030, whose ambitions include eight mega-projects, including a plan to build a net-zero tourism and commercial mega zone on the shores of the Red Sea named Neom.

The end of the war in Yemen could lead to the resumption of arms sales

Scholz will be accompanied by a trade delegation for his trip to the Gulf which may well include representatives of arms manufacturers. German arms sales to Saudi Arabia were negligible last year, peaking at 1.24 billion euros in 2012.

Germany banned arms sales to Riyadh in 2018, as part of Berlin’s policy not to export weapons to active conflict zones. Saudi Arabia leads an alliance in neighboring Yemen that has been fighting Iran-backed Houthi rebels alongside the government since late 2014.

With the war possibly nearing its end, German arms makers will want to boost exports with the world’s second-largest arms importer (2017-2021) – behind only India, according to the SIPRI peace. Germany is the world’s fifth largest arms exporter.

Edited by: Uwe Hessler

While You’re Here: Every Tuesday, DW editors round up what’s happening in German politics and society. You can sign up for the weekly Berlin Briefing email newsletter here.

Telehandler Market to Record Further Growth of $1.73 Billion – Construction Segment to Generate Maximum Revenue Sat, 24 Sep 2022 02:49:53 +0000

NEW YORK, September 23, 2022 /PRNewswire/ — The global telehandler market is fragmentary in nature. The market is highly competitive and is dominated by vendors such as JC Bamford Excavators, Manitou and Oshkosh. Most of the major vendors in the market are headquartered in Europe. Established vendors focus on increasing the lifting capacity and height of their existing models. They are also focusing on improving control systems to enhance security, which is a major concern and differentiator for buyers. Additionally, vendors are developing a wide range of products to broaden their portfolio for various end-user applications and increase profitability. Gain deeper insights into the vendor landscape and identify successful growth strategies adopted by leading vendors. Buy the report now

Technavio has announced its latest market research report titled Global Telehandler Market 2022-2026

Technavio expects the global telehandler market size to increase by $1.73 billionaccelerating at a CAGR of 5.66% during the forecast period.

Significant investments are made in the construction of oil and gas pipelines around the world. This is evident in developing countries like the United States and Canada due to the shale gas boom. These countries are also making huge investments in public infrastructure, which increases the demand for telehandlers. In addition, the recent crackdown on illegal immigration by the United States government has resulted in a shortage of agricultural workers in the country. This has caused the agricultural sector in the United States to focus on the mechanization of farming and animal husbandry processes. Many such factors are expected to create significant opportunities for vendors during the forecast period.

Technavio segments the global telehandler market by application (construction, agriculture, industry, and others) and geography (APAC, North America, Europe, South Americaand the Middle East and Africa).

The construction industry will hold the largest share of the market throughout the forecast period. The growth of the residential and commercial construction market is creating a significant demand for telehandlers in the construction industry. The increasing use of modular construction will further accelerate the market growth in the construction segment.

By region, APAC will emerge as the key market, occupying 45% of the global market share. Increase investment in infrastructure projects such as transport and energy in the countries China, Indiaand Japan are driving the growth of the regional market.

The market is driven by the growing need for bulk material handling in agriculture and animal husbandry. The Telehandlers Market report provides global update, market size and forecast, trends, growth drivers and challenges, and vendor analysis. The report offers an up-to-date analysis of the current global market scenario, latest trends and drivers, and the overall market environment. Download sample PDF report

The telehandler market covers the following areas:

  • Telehandler market sizing

  • Telehandlers Market Forecast

  • Analysis of the telehandler market

Key Vendors in Global Telehandlers Market:

  • AB Volvo

  • Caterpillar inc.

  • CLAAS Group

  • CNH Industrial AG

  • Dieci S.r.l.

  • Doosan Corp.

  • Haulotte Group

  • JC Bamford Excavators Ltd.

  • Komatsu Ltd.

  • Liebherr International AG

  • Linamar Corp.

  • Magni Telehandlers Srl

  • Manitou BF SA

  • Merlo Spa

  • Oshkosh Corp.

  • Pettibone Traverse Lift LLC

  • SANY Group

  • Terex Corp.

  • Wacker Neuson SE

  • Extreme manufacturing

Related reports:

Telehandlers Market Scope

Report cover


Page number


Year of reference


Forecast period


Growth momentum and CAGR

Accelerate at a CAGR of 5.66%

Market Growth 2022-2026

$1.73 billion

Market structure


Annual growth (%)


Regional analysis

APAC, North America, Europe, South America, Middle East and Africa

Successful market contribution

APAC at 45%

Main consumer countries

United States, China, India, Japan and Germany

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

AB Volvo, Caterpillar Inc., CLAAS Group, CNH Industrial NV, Dieci Srl, Doosan Corp., Haulotte Group, JC Bamford Excavators Ltd., Komatsu Ltd., Liebherr International AG, Linamar Corp., Magni Telescopic Handlers Srl, Manitou BF SA , Merlo Spa, Oshkosh Corp., Pettibone Traverse Lift LLC, SANY Group, Terex Corp., Wacker Neuson SE and Xtreme Manufacturing

Market dynamics

Parent market analysis, market growth drivers and barriers, analysis of fast growing and slow growing segments, impact of COVID-19 and future consumer dynamics, and analysis of market conditions for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Main topics covered:

1. Summary

2 Market landscape

3 Market sizing

4 Five forces analysis

5 Market Segmentation by Application

6 Customer Landscape

7 Geographic landscape

8 drivers, challenges and trends

9 Supplier Landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Global Telehandlers Market 2022-2026

Global Telehandlers Market 2022-2026



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Poland, Ireland and the Baltics call for EU sanctions against Gazprombank and Russian-made diamonds Fri, 23 Sep 2022 14:52:20 +0000

Gazprombank, the entity that has been instrumental in gas payments between Russia and the European Union, is set to be kicked out of the SWIFT system in the next round of EU sanctions, according to a joint Polish proposal , Ireland and the three Baltic States.

In a document obtained by Euronews, the five member states present a series of measures in response to Vladimir Putin’s plans bring up to 300,000 reservists into the Russian army and organize referendums in the occupied territories of eastern and southern Ukraine.

The votes, seen by pundits as a possible prelude to outright annexation, were harshly condemned by Western countries as a “sham”.

The mobilization decree and referendums are fueling calls for a new round of EU sanctions against Russia.

“I think this again calls for sanctions on our part,” said European Commission President Ursula von der Leyen. said this week.

Since the Kremlin launched the invasion of Ukraine, the bloc has imposed six rounds of sanctions, along with complementary measures to refine their effectiveness and expand their reach.

The Commission said the next package will focus on civilian technology, without providing further details.

In their joint document, Poland, Ireland, Estonia, Latvia and Lithuania suggest the path the bloc should choose to put pressure on Russia.

The five countries want Gazprombank to be permanently kicked out of SWIFT, a highly secure system that enables financial transactions. The Moscow-based bank acts as an intermediary between EU customers and Gazprom, the Russian gas monopoly, and enables the conversion of euros into rubles.

Given that several Central and Eastern European countries remain heavily dependent on the gas pipeline from Russia, Gazprombank has so far been spared from SWIFT’s blacklist, a notable omission that Ukrainian officials have repeatedly criticized.

The document also proposes a ban on EU companies providing any type of insurance service to the Russian government, agencies and businesses. The measure provides for an exemption if the insured risk is located on EU territory or if it concerns diplomatic missions.

When it comes to technology, the five countries offer a long list of products and services whose trade should either be banned or severely restricted, such as the export of smartphones, cameras, projectors, lasers, radio devices, lenses and prisms manufactured in the EU, as well as computer software, hardware maintenance, web hosting services and cybersecurity systems.

The group is also proposing an EU-wide ban on the use of technology developed by Kaspersky Lab, a Russian multinational known for its world-renowned antivirus.

The ban on diamonds, back on the table

Beyond technology, Poland, Ireland, Estonia, Latvia and Lithuania are uniting to ban the import of diamonds originating in or processed in Russia.

The EU has already halted the export of its diamonds to Russia in an attempt to harm the country’s wealthy elite, but Russia is still allowed to send diamonds to the bloc market.

According to international trade centerRussian diamond exports were worth $4.5 billion in 2021.

Their first destination is Belgiumwhose Antwerp diamond center dominates the international market for the cutting and polishing of precious materials.

In recent months, the Belgian government has come under scrutiny over its perceived opposition to a further restriction on the diamond trade with Russia.

“The diamond trade in Antwerp has adapted over the months of this conflict and choices have been made,” Belgian Prime Minister Alexander De Croo said. said last weekspeaking in the Flemish city.

“If you look at the situation today and the volume of trade with Russia compared to before the war, we are in a new world and these are deliberate choices that were made in Antwerp.”

De Croo noted that “sanctions should focus more on the aggressor rather than on ourselves.”

In another section of the joint document, the five countries propose to ban the sale of EU-based real estate to any Russian national, resident or company – unless they have the right of permanent residence.

Poland, Ireland, Estonia, Latvia and Lithuania also suggest that the EU broaden its definition of the energy sector to impose restrictions on trade in nuclear technology.

EU sanctions must be unanimously approved by all 27 member states.

“We support the strongest possible sanctions, but we are also aware that strength lies in solidarity and unanimity. We will therefore work in this direction,” said a diplomat from one of the five signatories.

“We hope to adopt the new package next week.”

New acting head of Ukrainian gas network operator promises uninterrupted operations Fri, 23 Sep 2022 11:17:00 +0000 Strong points

The priority is to ensure “stable” operation of the gas system: Stanczak

Former general manager Sergiy Makogon replaced on September 16

Stanczak takes office at ‘difficult time’ ahead of heating season

The new interim head of Ukrainian public gas network operator GTSOU pledged to ensure the uninterrupted transmission of the system, but acknowledged that he was taking office during a “difficult time”.

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GTSOU said at the end of September 22 that Pawel Stanczak had been appointed as interim general manager following the dismissal of Sergiy Makogon on September 16.

GTSOU is responsible for gas transit through Ukraine, as well as inland transportation, and has faced operational challenges since the invasion of Russia in February.

“It’s a big responsibility for me to support the company at such a difficult time,” Stanczak said.

“I consider it a priority to ensure the stable operation of the gas transport system. The main task of our team is to prepare for the heating season and ensure uninterrupted transport of gas to consumers”, a- he declared.

GTSOU must also continue to work to restore infrastructure damaged as a result of hostilities, he said.

No explanation was given for the dismissal of Makogon, who had led GTSOU since its creation as an independent operator of the gas network in 2019 after its separation from the national company Naftogaz Ukrayiny.

GTSOU began operations as a TSO in early 2020 following the signing of a new five-year gas transit agreement with Russia’s Gazprom.

transit gas

GTSOU continues to move Russian gas to Europe despite the ongoing war in Ukraine, although volumes have fallen below shipment or payment levels.

In June, Russian gas flows via Ukraine totaled only 1.25 bcm, according to GTSOU, an average of around 41 million m3/d.

According to the five-year transit agreement concluded at the end of 2019, Gazprom must pay for 40 bcm of gas transit via Ukraine in 2022, an average of 110 million m3/d, whether it transports that much gas or not.

Overall, Gazprom only shipped 12.27 billion m3 of gas to Europe via Ukraine in January-June, GTSOU said.

Lower Russian flows to Europe have helped keep gas prices high until 2022.

Platts, part of S&P Global Commodity Insights, priced the Dutch TTF price at an all-time high of 319.98 euros/MWh on August 26. It was last assessed on September 22 at 188 euros/MWh, still at 160%. higher year after year.

Related Interactive: Russian gas market share in Europe declines as LNG and Norway grow

Energy earnings set to decline, but oil services remain strong Fri, 23 Sep 2022 00:00:00 +0000

The energy sector has made bumper profits in the current year, with major oil companies setting records right, left and center. ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX) and Shell (NYSE:SHEL) together generated $46 billion in second-quarter earnings, with all three setting new quarterly earnings records. Overall, high commodity prices are a big part of the big profits for oil and gas companies.
And now energy experts say the party is set to continue into 2023, only that it won’t be quite as wild. In a recent Moody’s Research Reportanalysts say they have changed their outlook for the global energy sector from stable to positive.

According to the report, profits for the sector will broadly stabilize in 2023, but will remain below the levels reached by recent peaks. Analysts note that commodity prices have fallen from very high levels at the start of 2022, but predicted that prices are likely to remain cyclically high through 2023. This, combined with modest volume growth, will support a strong cash flow generation for oil and gas producers. .

Moody’s estimates that U.S. energy sector EBITDA for 2022 will be $623 billion, but will fall to $585 billion in 2023. Analysts say weak capital spending, growing uncertainty over to future supply expansion and the high geopolitical risk premium will continue however. to sustain cyclically high oil prices. Meanwhile, strong US LNG export demand will continue to support high natural gas prices.

Bullish on OFS

A particular element of this report is how bullish analysts are about the Oil Field Services (OFS) sector.

Growing demand for oilfield services (OFS) amid growing drilling and completions activity will continue to drive pricing power and support significant earnings growth for OFS companies,” the analysts wrote.

While discipline will always be the name of the game when it comes to capacity, Moodys says pricing power will continue to strengthen next year, “enabling OFS companies to increase profit margins, even with the ‘labour and material cost inflation’.

Moodys also expects improved profit margins for OFS from increased daily rates for onshore and offshore platforms, as well as higher future rates as customers renew their contracts.

US rigs are up around 30% since January and have recovered to around 95% of their January 2020 levels, according to the report.

OFS companies have reported that drilling and completions activity and prices have increased slightly, while thugs also say they are seeing an increase in job vacancies. Oilfield workers have been among the hardest hit demographics by the Covid-19 pandemic in 2020. Nationally, the oil and gas industry is believed to have lost 107,000 jobs according to global consultancy Deloitte, with an estimated 200,000 thugs losing their jobs at the height of the global lockdowns. Related: Putin forces all energy workers to sign up for military draft

Here are some OFS actions to keep on your radar.

Market cap: $25.1 billion

Cumulative returns since the beginning of the year: 15.8%

One of the largest oil service companies, based in Texas Halliburton Company (NYSE: HAL) provides products and services to the energy industry worldwide, including well completion drilling and appraisal services.

Halliburton provides various production solutions in the areas of exploration, drilling, production software and data management services to upstream oil companies through its Landmark Software and Services product line. In addition, the company’s Testing & Subsea and Project Management product line specializes in reservoir optimization and related technologies. Thailand PTT Exploration and Production and Kuwait Oil Company are among notable oil and gas companies that have awarded contracts to Halliburton to implement digital transformation and improve the efficiency and production of their oilfields.

Halliburton is among the international OFS companies that have been caught in the Russian-Ukrainian crossfire. In April, Halliburton announced that she had immediately suspended future activities in Russia and terminate its remaining activities there. Previously, the company halted all shipments of sanctioned parts and specific products to Russia, although the company says it has no active joint ventures in the country.

Fortunately, HAL is not as heavily exposed to the Russian market, with JPMorgan believing that it derives only 2% of its income from the country.

HAL has an average Strong Buy analyst recommendation with a price target of $31.84, good for a 15% upside.

Market cap: $6.5 billion

Cumulative returns since the beginning of the year: 16.3%

Based in Texas NOV inc. (NYSE: NOV) is a leading global supplier of equipment and components used in oil and gas drilling and production operations, oilfield services and supply chain integration services for the upstream oil and gas industry. NOV was formerly known as National Oilwell Varco.

Wall Street has been downgrading on NOV lately, thanks to valuation and supply chain issues.

Bank of America issued a double downgrade for NOV stock to underperform the buy with a price target of $22 (up 31.2%).

Russia will only create a tighter global supply chain that could delay the margin recovery story that was central to our bullish thesis. We’re not 100% sure that developments in Russia don’t make sourcing materials like aluminum, copper, nickel and steel more problematic for a company that was already struggling with its supply chain. supply and material cost inflation. » BofA’s Chase Mulvehill wrote.

Meanwhile, Gruber improved Nabors (NYSE:NBR) to hold, as global exposure and improving drill rate killed its free cash flow thesis.

Market capitalization: $837.2 million

Cumulative returns since the beginning of the year: 61.6%

precision drilling company (NYSE: PDS) is a Canada-based company, which provides contract drilling, completions and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international websites.

BMO Capital Markets has distributed upgrades to a number of Canadian oil service companies, including Precision Drilling Corporation, CES Energy Solutions Corp. (OTCPK: CESDEF), Pason Systems Inc. (OTCPK:PSYTF), and Secure Energy Services Inc. (OTCPK: SECYF) as drilling activity increases.

“We believe the sector is poised to reach multi-year levels of activity, while prices continue to rise,” he added. John Gibson, an analyst at BMO Capital Markets, wrote in a note to clients titled “Glory Days Ahead, but Expect Volatility to Continue.”

Gibson says Precision, CES and Pason each have high market share in North America, leverage to increase business levels and strong free cash flow generation capabilities.

By Alex Kimani for

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Saudi lobbyist, Republican fundraiser Thu, 22 Sep 2022 19:05:00 +0000

Last year, the former Minnesota Senator Norm Coleman, one of the Republican Party’s greatest fundraisers, had a request for 30 Republican congressional staffers. Coleman had helped many of their bosses’ campaigns in his role at the top of an organization that has raised and spent over $165 million in the 2020 election cycle.

“At this time,” Coleman wrote, “the Kingdom would appreciate if your congressman would publicly salute this step and call out the Houthis for their continued obstruction of the political process.” He was promoting a Saudi ceasefire initiative in Yemen that the Houthi rebels ultimately rejected. The rebels demanded that such a deal would force the Saudis to completely lift the blockade of Yemen, which had killed more than 370,000 people.

His request — “on behalf of the Saudi Embassy” — was not an isolated request. Coleman wrote more than 1,000 emails to House and Senate staffers in 2021 and 2022 as part of his paid work for Saudi Arabia. Coleman and several of his law firm colleagues are registered as Foreign Agents of the Kingdom. Emails, as well as details of Saudi Arabia’s $175,000-a-month contract with Hogan Lovells, the law firm, are all contained in documents submitted to the Justice Department. The contract is part of the Saudi government’s robust lobbying operation that saw the kingdom spend $21 million last year to gain influence in Washington, public documents show.

Coleman enjoys a unique position of influence over congressional Republicans. He helped found the Congressional Leadership Fund super PAC, where he serves as chairman of the board, according to a current biography on his law firm profile. Coleman is also president of the American Action Network, a tax-exempt “welfare group” — an IRS designation that allows for political advocacy and requires no funding disclosure. In other words, it’s a bunch of black money.

In addition to sharing offices and staff, American Action Network and the Congressional Leadership Fund have close financial ties. AAN, an IRS-designated 501(c)(4) group, has described CLF as its “super PAC sister” in promotional materials. The arrangement – ​​a pipeline of black money to the PAC – is common, allowing the tax-exempt group to funnel black money into explicitly political PAC coffers.

AAN contributed approximately $30 million of CLF’s $165 million war chest during the 2020 cycle. This pattern repeated election cycle after election cycle. Since 2011, more than $94 million in AAN dark money – overseen by a registered agent for Saudi Arabia – has flowed into the CLF’s coffers and from there into advertisements and other candidate support Republicans in Congress.

An AAN spokesperson said its fundraising was entirely national. “Unequivocally, we have never solicited or accepted foreign funds,” said Calvin Moore, the spokesperson. “I will also add that Senator Coleman is a valued member of our board of directors but is not involved in fundraising for the organization.” (Coleman, Hogan Lovells and CLF did not respond to requests for comment.)

“The fact that you have a foreign agent for Saudi Arabia involved in groups influencing US elections is just a step up from those more direct roles that are explicitly prohibited.”

A campaign finance transparency expert was troubled by the movement of funds from a black money group to a super PAC. “This black money exchange is a long-standing thing,” said Anna Massoglia, editorial and investigative manager at OpenSecrets, a nonprofit that tracks money in politics.

Massoglia noted that foreigners are not allowed to interfere in elections or donate directly to campaigns, and said: “The fact that you have a foreign agent for Saudi Arabia involved in groups influencing the American elections is only one step away from these more direct roles which are explicitly prohibited.

As Coleman worked lucrative lobbying contracts for Riyadh, AAN produced favorable messages about Saudi Arabia. The group, and its related American action forum, where Coleman is listing as “advice”, praised Saudi Arabia. In a 2015 blog post on the AAN website, under the banner “Standard noteColeman promoted Saudi Arabia, alongside China and Indonesia, as models of “moderate Islam” and enemies of the Islamic State. And a 2016 article on the AAF website praised the economic reforms proposed by Saudi Crown Prince Mohammed bin Salman. “A reformed Saudi economy could be good for oil markets” declared the title.

Coleman’s dual role as chairman of an organization that funds campaign ads and a lobbyist puts him in an influential position. Many Congressional Republicans, especially those in close races, were aided in their elections by the CLF and then directly solicited by Coleman on behalf of Saudi Arabia. Although there is no evidence that Saudi money – or any other foreign money – has been funneled through AAN and CLF in ads supporting Republican candidates, GOP members of the House and Senate are forming coherent voting blocs in favor of Saudi interests.

Last September, the House voted an amendment presented by Rep. Ro Khanna, D-California, calling on the United States to end virtually all aid to the Saudi war in Yemen. Only 11 House Republicans voted for of the amendment and 196 opposed it.

A similar amendment the same month, introduced by Rep. Gregory Meeks, DN.Y., included slightly softer language, calling for a suspension of support for Saudi Air Force units involved in airstrikes against Yemeni civilians, but with several major exceptions. On the Republican side, only 7 deputies in the Chamber vote for the amendment and 203 opposed it.

And a vote in the senate in December on a resolution introduced by Sen. Rand Paul, R-Ky., declaring toothless “congressional disapproval” of arms sales to Saudi Arabia saw only two “yes” votes from Republicans, the Sen. Mike Lee, R-Utah, and Paul himself.

Coleman and his employer, Hogan Lovells, are explicit about their role in helping to generate congressional support for Saudi Arabia’s interests.

Coleman and other Hogan Lovells employees working on the Saudi account engage in “specific advocacy assignments with U.S. government officials, members of Congress and their staffs, representatives of media organizations and /or others involved in legislation, regulation, public or public policy”. business matters, and/or in other activities of interest to the foreign principal,” reads a March Disclosure by Hogan Lovells at the Department of Justice.

Coleman is even clearer about his own role and opinions in interviews, including two following the murder of Washington Post journalist and Saudi dissident Jamal Khashoggi at a Saudi consulate. Days after the murder, Coleman was one of the few American public figures willing to go on cable news to defend Saudi Arabia.

In an interview on CNN, he was asked if he would continue to work for Saudi Arabia. When pressed, Coleman replied, “Let’s make sure we don’t undermine a strategic relationship that’s important to the security of the United States.” In November 2018, a month after the murder, Coleman, faced with pointed questions from a local CBS reporter, said he did not advise Saudi officials but instead worked with members of Congress to ensure that Saudi interests were considered, specifically citing Saudi interest in containing Iran’s influence.

Others see Coleman’s role as far more problematic.

“The infiltration of Saudi money and influence into our government via lobbyists like Norm Coleman is not only outrageous and shameful.”

“The infiltration of Saudi money and influence into our government via lobbyists like Norm Coleman is not only outrageous and shameful; it is downright dangerous to our national security and the survival of our democracy,” said Sarah Leah Whitson, executive director of Democracy for the Arab World Now, a group founded by Khashoggi to champion democracy, human rights and Right wing state. “Coleman is a Saudi government agent, representing the interests of the Saudi government, as he literally directs the money to select Republican candidates. This should bother every American, Republican or Democrat.

Other officials may not be able to follow Coleman’s own path from Congress to foreign agent. A bipartisan group of House members introduced new legislation, “Foreign Influence Control Act.”

The law would impose a lifetime ban on senior officers, presidents, vice presidents, senior executives and members of Congress from lobbying for a foreign principal.

So far, Growing awareness on the role of foreign governments and their agents in the United States appear to have had little impact on Coleman’s dual role as Saudi foreign agent and Republican fundraiser. The Congressional Leadership Fund is already well into another election cycle, having raised more than $171 million to support Republican candidates as of November’s midterms. More than $33 million of that amount came from 23 deals of the black money group chaired by Coleman, the American Action Network. The origin of these funds remains a mystery.