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Q&A: Australia's ACCUs could support biofuels
Q&A: Australia's ACCUs could support biofuels
Sydney, 22 May (Argus) — Australian wood-fibre processor and exporter Midway was selected this week to lead the development of a new reforestation and afforestation carbon-crediting method that might include pongamia trees, which could lead to harvesting of oil seed to be used in biofuel production. Carbon projects manager John Lawson spoke with Argus on the sidelines of industry member organisation Carbon Market Institute's (CMI) Carbon Farming Forum in Fremantle, Western Australia, where assistant minister for climate change and energy Josh Wilson made the announcement . Edited highlights follow: What are the next steps and the expected timeline for this method development? We have a project team stood up and ready to go, and we have already started engaging a lot of industry expertise and interest to contribute to this through targeted input and workshops. We're meeting with the Department of Climate Change, Energy, the Environment and Water next week to finalise what the specific milestones are for them and what they want to see, and then we'll be able to have a view as to what we think we can deliver. But we're targeting a 12-to-18-month timeline to get the method to a finalised state to the department. Is there any estimated carbon abatement potential for the method? Some of the work we need to do is to shore some of that up, as pongamia is a completely novel activity. It will depend a bit on how complex the method ends up being, and what the rules are. But a reasonable, conservative rule of thumb might be 100 [Australian Carbon Credit Units] (ACCUs) per hectare, and we've heard people talking about anywhere from 80,000 to 150,000 hectares as potential, which could see significant investment. So, we're talking about millions, if not tens of millions of potential [CO2] abatement. How different would it be from the expired reforestation and afforestation method? We're not proposing to change foundationally what the method is — that is, capturing the sequestered carbon in these forests. It's about creating more flexibility for plantation foresters by expanding what types of forests can be considered under the method to include seed oil crops and other harvest operations, and then have some corresponding changes to the abatement calculations. We're looking to try and simplify some of the measurement and verification approaches. There's potential to expand the type of both mixed species environmental plantings and commercial forestry species under this method. Importantly, this will also create opportunity for some of the activities previously under the farm forestry method, which sunset [in 2024] and wasn't remade. And how different would it be from the existing plantation forestry method? Foundationally, the activity wouldn't be any different, it's just adding a different measurement and verification avenue. Instead of having to use FullCam [Full Carbon Accounting Model] like you do in the current method, it would allow you to do a measurement-based, on-site process. It's important to note that we aren't coming into this presuming that we have all the answers already. What we gave the department is a clear policy position about what we thought the method could be, specifying three areas of focus: adding woody biomass from seed oil crops like pongamia; adding a measured version of plantation forestry; and what we've called a collection of general method improvements. Is pongamia the main driver behind this method? Pongamia seems to be the highest interest species, but that's not to say it's the only species that could be covered under the method. There are opportunities for other species as well. Our view is not to make this a Pongamia-specific activity, it's to make it specific to those types of seed oil crops. It's focused on woody species that support measurable sequestration in the way that the method currently does. The minister announced that Midway will be leading a consortium, but no names were publicly disclosed. How many companies are involved and what types of businesses they are? There's about a dozen companies. The types of businesses that are looking at this are largely emitters, from sectors like transport, mining, energy, LNG. There's very good interest as well from the forestry sector — many forestry developers were interested in providing support. This is a bit outside method development, but would the plan be processing the oil seed in Australia to produce biofuels like renewable diesel? What we're aware of from the people we've spoken to — and we obviously have our pilot project with Rio Tinto — is that the intention is for those seeds to be harvested and processed locally. Just to think about the supply chain logistics, it makes more sense to do that domestically. And there's certainly a lot of interest and need for biofuels in Australia to help with safeguard mechanism compliance , which is another great benefit of what we're proposing under the method. This is one way to capture and recognise real carbon sequestration that does exist in the trees, but it also commercially helps to fund these plantations that ultimately provide even greater benefit in reducing supply chain emissions through the biofuel from the oilseed — in the mining industry, or in large freight logistics, or other activities that have to switch from diesel and other fossil fuels. By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico air traffic to rise 4-6pc during World Cup
Mexico air traffic to rise 4-6pc during World Cup
Mexico City, 21 May (Argus) — Mexico's passenger air traffic could rise by 4-6pc during the 2026 Fifa World Cup, providing a boost to jet fuel demand despite Mexico hosting only a fraction of tournament matches, financial group Monex said. The uptick would be below the 8-15pc increases recorded by host countries during the 2018 and 2022 World Cups because Mexico is not the tournament's primary host, according to Monex. Mexico will host 13 of the tournament's 104 matches from 11 June-5 July, while the competition will conclude on 19 July in the US. Airport operators are expected to be among the sectors that benefit most from the event. Monex forecasts passenger traffic growth of 3.9pc for operator Asur, 2.3pc for GAP and 7.3pc for OMA in 2026, with the World Cup serving as a key catalyst. Asur's largest airport is Cancun, while GAP and OMA's flagship airports are Guadalajara and Monterrey, respectively. Both cities are among the three Mexican host cities for the tournament. The increase in passenger traffic is likely to support jet fuel consumption , which has already been growing this year. Low-cost airlines Viva and Volaris have been expanding seat availability as more aircraft return to service , creating additional upside for traffic at Mexico City's international airport. Monex expects the tourism boost associated with the World Cup to extend into 2027, forecasting average passenger traffic growth of 4-5pc across Mexico's main airport groups. By Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US refiners boost jet fuel to near record levels
US refiners boost jet fuel to near record levels
Houston, 21 May (Argus) — US refiners are pumping out jet fuel at a near-record pace as global demand surges because of Iran-war related supply disruptions. US jet fuel output has reached above 2mn b/d in recent weeks , as refiners have added capacity and maximized yields, according to Energy Information Administration (EIA) estimates. The output is nearing the record weekly high of about 2.1mn bl set in July 2024. Jet fuel production has increased by nearly 290,000 b/d since the start of the US-Israel war on Iran on 28 February, the EIA data show. The conflict has choked off oil and products supply through the strait of Hormuz and damaged energy infrastructure, causing soaring fuel prices. US refiners expect high margins to continue at least through the end of 2026. Independent refiner Marathon Petroleum increased jet fuel capacity by 30,000 b/d at its 606,000 b/d Garyville refinery in Louisiana in March and plans to boost jet fuel capacity at its 253,000 b/d Robinson refinery in Illinois by 10,000 b/d in the third quarter. US refiner Valero has also maximized jet production in its system, increasing yields to more than 30pc of total distillates in March, up from an average of 26pc, chief operating officer Gary Simmons said on a first quarter earnings call. Valero plans to push two more refineries into "jet production mode" to increase yields even further, he said. Refiner HF Sinclair put into service a project that allows it to swing about 7,000 b/d between diesel and jet fuel at its 145,000 b/d Puget Sound refinery in Anacortes, Washington. The project is helping to supply the US west coast and Latin America, HF Sinclair said. The jet fuel production boost is not limited to the US. Canadian integrated energy company Suncor in December started producing jet fuel at its 137,000 b/d Montreal refinery in Quebec, with the potential to grow it up to 16,000 b/d. The original plan was to sell it domestically into airports in Montreal and Ottawa, but then the company saw the "unique market blowout" in the first quarter which continued into the second quarter "where jet fuel became short in certain markets", executive vice president of downstream Dave Oldreive said in a first quarter earnings call. Suncor earlier this month sold jet fuel into Rotterdam in the Netherlands, he said. Europe has sought replacement supplies following the strait of Hormuz disruptions. Jet fuel prices in the US climbed to record highs in March and early April following the start of the war. At the US Gulf coast, jet fuel prices reached an all-time high of $4.73/USG on 2 April, the highest price since Argus launched its assessment in 1994. Overall US jet fuel prices are expected to average $3.33/USG in 2026, the EIA said in its latest monthly Short-Term Energy Outlook (STEO) on 12 May. That forecast is up by 74pc from the EIA's estimate before the war. Airlines pay the price Jet fuel costs for all US airlines in March averaged $3.13/USG, up by 30pc from the same month in 2025, according to Bureau of Transportation Statistics data released on 6 May. Some airlines are limiting capacity because of the higher prices. United Airlines plans to reduce its flight capacity by five percentage points in 2026 as its first quarter jet fuel costs averaged $2.78/USG, up by nearly 10pc from the first quarter of 2025. Delta Air Lines expects its jet fuel costs to roughly double in the second quarter and will keep capacity flat year-over-year "until the fuel environment improves," chief executive Ed Bastian said on a first quarter earnings call last month. Another large US carrier, American Airlines, expects its jet fuel costs to increase by $4bn in 2026 compared to previous plans. One beleaguered US airline said it could not survive the rising prices. US low-cost carrier Spirit Airlines permanently shuttered its operations on 2 May, citing higher jet fuel costs, after filing for bankruptcy protection twice since 2024. By Eunice Bridges and Hunter Fite Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Market flags ARA bunker quality concerns
Market flags ARA bunker quality concerns
London, 21 May (Argus) — Marine fuel buyers have raised concerns over bunker fuel quality in the Amsterdam-Rotterdam-Antwerp (ARA) hub. It comes after testing firm Veritas Petroleum Services (VPS) issued an alert on 10 May flagging elevated sediment levels in high-sulphur fuel oil (HSFO) deliveries in Rotterdam. Several market participants in ARA said some producers may have been using lower-quality blending components in recent weeks. Some suggested shale oil may have been used in marine fuel production, which they said may have contributed to higher total sediment potential (TSP) in some finished product. These assessments could not be independently confirmed. VPS has, however, identified elevated sediment levels in HSFO deliveries in Rotterdam, stating that between 6 April and 7 May it tested several cargoes with TSP measured at up to 0.90pc m/m. Higher sediment levels can increase sludge formation, reducing the efficiency of onboard fuel treatment systems. The alert also said many samples exhibited "elevated density", which may complicate treatment for vessels fitted with conventional separators. There is no clear evidence that high TSP levels have been found in bunkers beyond Rotterdam. While the ISO 8217 specification caps TSP at 0.10pc, traders said some deliveries in the region have exhibited significantly higher levels, raising the risk of off-specification cargoes. The Port of Rotterdam Authority said it "does not have a role in the quality control or operational assurance of bunker fuels and will therefore not issue specific warnings to the market", adding that responsibility lies primarily with suppliers and buyers. It referred enforcement to the Netherlands' Human Environment and Transport Inspectorate (ILT). Argus has contacted ILT for comment. The market could see an increase in claims from buyers over off-specification bunkers, one trader said, adding that affected volumes loaded on refuelling ships may need to be debunkered. Participants said higher-quality components are being diverted away from ARA to blending tanks in ports on Saudi Arabia's west coast and in Africa, contributing to tighter availability in the region. Some suppliers are maintaining fuel quality by paying higher premiums for blendstocks, while others are opting for lower-quality alternatives, they said. An analyst said this tightening is being reinforced by falling availability of mid-range sulphur fuel oil components in Europe , as refiners divert streams typically used in bunker blending into middle distillate feedstocks and process them through hydrocrackers. Distillate margins are elevated, supported by disruption to Mideast Gulf supplies, prompting European refiners to maximise diesel and jet output. Tightening availability of suitable blending components in ARA is likely to persist in the near term, raising concerns over continued variability in fuel quality. By Natália Coelho and Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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