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Ex-Shell executive named Argentina energy minister

  • Market: Biofuels, Crude oil, Electricity, LPG, Natural gas, Oil products
  • 25/11/15

Argentina´s president-elect Mauricio Macri named former Shell Argentina chief executive Juan Jose Aranguren as his energy minister, part of a new cabinet of ministers that highlights Macri´s market-oriented approach.

Macri has upgraded the energy portfolio from the current energy secretariat structure under the planning ministry.

He also named former central bank chief Alfonso Prat-Gay to be the next finance and treasury minister.

Aranguren and Prat-Gay will be two of Macri's six-member economic cabinet that also includes labor, production, transport and agriculture.

The day after he won a 22 November run-off election, Macri said he would not appoint a powerful economic minister as had been the norm under outgoing president Cristina Fernández de Kirchner and her late husband and predecessor, Néstor Kirchner.

Aranguren has long been an outspoken opponent of interventionist energy policies under Fernández and Kirchner, and Shell itself was the target of government-backed boycotts and protests.

Macri has said that his energy minister will help him decide whether to retain Miguel Galuccio as chief executive of state-controlled oil company YPF. Aranguren has criticized Galuccio's management of the company in the past as tainted by politics.

The former Shell executive faces the challenge of increasing shale-rich Argentina´s oil and natural gas production by stimulating foreign investment at a time of low international crude prices.



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News
18/12/25

Viewpoint: EU ethanol supported by mandates in 2026

Viewpoint: EU ethanol supported by mandates in 2026

London, 18 December (Argus) — Ethanol prices in Europe look to be well supported in 2026, and demand for higher greenhouse gas (GHG) emissions saving product is expected to grow. This comes as the EU's updated Renewable Energy Directive (RED III) is rolled out in more member states, and supply looks to be shortening in a market that has historically been well balanced. The Netherlands will transition to a greenhouse gas (GHG) emissions-saving mandate under its transposition of RED III in January. This means an end to double counting of ethanol produced from advanced feedstocks toward national mandates. Germany, another major European market, is also set to remove double counting for advanced biofuels. This being the case, demand will rise for crop-based ethanol, a staple of gasoline blending in Europe, especially for material with higher GHG savings. This has coalesced in increased interest in the Argus -assessed average 75pc GHG savings crop-based ethanol in recent weeks, with a first spot trade made on the Argus Open Markets (AOM) trade initiation platform on 16 December. Trading on these standards is the projected approach of obligated parties in some key markets as they seek to fulfil their new, higher GHG emissions savings mandates in the most economical way possible. In the year to 1 December, Argus has assessed even higher GHG savings — minimum 90pc — crop-based ethanol at an average discount of just under €180/m³ to RED Netherlands waste-based ethanol. Since the launch of the Argus ' RED Germany waste-based ethanol assessment in June, again to 1 December, the discount for high GHG savings crop-based ethanol has averaged just over €176/m³. These spreads may narrow as the projected market dynamics unfold. Supply crunch A supply gap has opened in Europe since the signing of the UK-US trade agreement in May. EU imports of UK undenatured ethanol have since collapsed, down by around 56pc on the year in May-September according to Eurostat data. The deal saw the UK remove all import tariffs on up to 1.4bn l/yr of US ethanol, which led directly to UK producer Vivergo shutting its 416mn l/yr Saltend plant in August . The EU's imports of US undenatured ethanol are also down on the year, by nearly 13pc in May-September, based on Eurostat data, as US ethanol flows are diverted to the UK . In the Netherlands, imports have been made permanently more expensive by the government ruling in October that only undenatured ethanol would be eligible for compliance under the national annual renewable energy obligation in transport. This amendment to its EU RED III transposition package means that essentially all imports of fuel grade ethanol for use in the country will be subject to the maximum import tariff of €192/m³, and not the €102/m³ tariff for denatured ethanol. These developments supported ethanol prices near two-year highs in October, and whether they stay elevated depends on imports arriving from other suppliers like the US or Brazil. EU imports of undenatured ethanol from the UK and the US between May and September were down by 44pc, or 72,300t, on the same period in 2024. Stock levels in Amsterdam-Rotterdam-Antwerp (ARA) ports were low for much of the third and fourth quarters of 2025. The US' production capacity of 52.4mn t/yr means it remains a likely candidate to fill the EU's supply gap, but this depends on demand in the UK and the prices buyers are willing to pay there. Alternatively, Brazil may be able to fill the void with production capacity of more than 78.1mn t/yr. The Mercosur-EU trade deal is likely to be signed soon and the terms would effectively open the arbitrage window permanently for ethanol producers in Brazil to send material to Europe. But implementation of the agreement could take several years. By Toby Shay Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Viewpoint: Japan's hybrid EV use keeps gasoline in mix

18/12/25
News
18/12/25

Viewpoint: Japan's hybrid EV use keeps gasoline in mix

Tokyo, 18 December (Argus) — Japan's gasoline consumption will continue falling because of its decarbonisation drive, but the country's gasoline consumption is unlikely to reach zero as gasoline-powered cars and hybrid gasoline-electric vehicles (HEVs) account for a vast majority of newly registered passenger cars. Japan's gasoline sales declined at least over 2016-24, with the exception of a slight year-on-year increase of 0.03pc in 2022, data from the Petroleum Association of Japan (PAJ) show. The country's gasoline sales totalled 330mn bl (904,100 b/d) in 2016, falling to below 280mn bl (767,100 b/d) in 2024. The country's transport sector accounted for 19.2pc of total CO2 emissions in the April 2023-March 2024 fiscal year, according to Japan's environment ministry. Half of the transport sector's CO2 emissions came from gasoline in the 2023-24 fiscal year. Tokyo renewed its global warming countermeasures plan in February 2025, which reiterated its target of having all new car sales be "electrified vehicles" by 2035 and to achieve net-zero CO2 emissions through the vehicle lifecycle by 2050, in efforts to abate emissions. But these "electrified vehicles" do not only refer to fully electric-powered EVs nor fuel cell vehicles (FCVs) but also include gasoline-consuming HEVs and plug-in hybrid electric vehicles (PHEVs). This means that Japanese passenger car owners will likely remain dependent on gasoline, even as gasoline consumption declines, given that Japan's preference for hybrids is likely to sustain its momentum for the foreseeable future. The country's gasoline requirement will fall by 2.4pc to 260mn bl (712,300 b/d) in the April 2026-March 2027 fiscal year, compared with the 2025-26 level, based on Japan's trade and industry ministry Meti's outlook. This downtrend is expected to continue by declines of 2.1-2.5 pc/yr at least until 2029-30, largely because of higher fuel efficiency and wider use of HEVs, Meti said. The number of newly registered passenger cars, including imported cars, totalled slightly below 2.4mn units over January-November 2025, data from the Japan Automobile Dealers Association (JADA) show. Out of this total, gasoline-consuming HEVs accounted for 60pc, and gasoline cars hold a 32pc share. Gasoline-powered cars and HEVs have jointly accounted for around 90pc at least since 2020. The share of HEVs in newly registered cars has also grown consistently every year, from 37.1pc in 2020 to 61.1pc in 2024, mostly replacing the share of gasoline cars, while the share of EVs has stalled at 0.6-1.7pc of the total of registered units every year over the same period, data from the JADA show. "The hybrid trend is likely to remain strong going forward. Compared with the time when it seemed the global shift to EVs would happen decisively and rapidly, the momentum now appears to have slowed somewhat," Japan's trade and industry minister Ryosei Akazawa said at an interview with reporters, including Argus , in October. The shift towards EVs has not been as strong as expected, which could have benefited gasoline car makers. But US tariffs on Japanese automobiles likely eroded the profitability of Japanese automakers, with 15pc of their domestic car output exported to the US in 2024, according to Meti. The US tariff rate was lowered to 15pc from 27.5pc in September, but is still far higher than 2.5pc, the rate before US president Donald Trump's additional 25pc automobile tariff took effect in April. To support Japanese automakers given the challenging tariff environment, Tokyo could freeze its environmental performance tax — a levy of 0-3pc — imposed on car owners at the point of acquisition depending on automobile features, such as fuel efficiency. This move could pave the way for gasoline-powered vehicles to regain momentum or pose obstacles to the expansion of EV cars' market share in the coming years. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

BP appoints Woodside’s O’Neill as next CEO

17/12/25
News
17/12/25

BP appoints Woodside’s O’Neill as next CEO

New York, 17 December (Argus) — BP appointed Woodside Energy chief executive officer Meg O'Neill as its next chief executive effective from next April. O'Neill will replace Murray Auchincloss, who has decided to step down on 18 December after more than three decades with the London-based oil major. O'Neill transformed Woodside into the biggest energy company listed on the Australian Securities Exchange after taking over as chief executive in 2021, according to BP. While at Woodside, she also oversaw the acquisition of BHP Petroleum International. O'Neill also spent more than two decades at ExxonMobil earlier in her career. "Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP," said Albert Manifold, chairman of the company's board of directors. Carol Howle, executive vice president, supply, trading & shipping of BP, will serve as interim chief executive until O'Neill takes over. Auchincloss will also serve in an advisory role until December 2026 to ensure a smooth transition. BP scaled back ambitious low-carbon goals earlier this year with Auchincloss conceding that the company had been "optimistic for a fast [energy] transition but that optimism was misplaced." The company raised its 2030 target for oil and gas production as part of a "fundamental reset" of strategy that also entailed a cut in renewable energy investments. O'Neill's appointment follows a search process overseen by the board, with the help of an independent recruitment firm, as part of the company's long-term succession planning. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Trump doubles down on Venezuela oil threat

17/12/25
News
17/12/25

Trump doubles down on Venezuela oil threat

Washington, 17 December (Argus) — President Donald Trump on Wednesday doubled down on his threat to blockade Venezuelan oil shipments unless Caracas offers compensation for oil assets expropriated years ago. Democratic lawmakers on the same day forced the House of Representatives to schedule a vote on resolutions that would prohibit Trump from using military force against Venezuela without explicit authorization from Congress. "They took all of our oil from not that long ago, and we want it back," Trump told reporters on Thursday. "They illegally took it." Trump's domestic policy adviser Stephen Miller on Wednesday said that "American sweat, ingenuity and toil created the oil industry in Venezuela". Venezuela nationalized its oil industry in 1976, only to partially reverse course in the 1990s by inviting US and other foreign oil companies to participate in joint ventures with state-owned PdV. Former Venezuelan president Hugo Chavez in 2007 ordered PdV to change the business terms of operations in joint ventures. Chevron and some European companies accepted these terms. ExxonMobil and ConocoPhillips did not, eventually winning awards in international tribunals and US courts for the expropriation of their assets in Venezuela. ConocoPhillips holds the largest claim for expropriated assets, at $12bn. That claim is about to be partially satisfied as a US court has ordered the auction of PdV-owned US refining company Citgo. It was not clear what prompted the change in the stated rationale of the US campaign of pressure against Venezuelan president Nicolas Maduro. Trump and US officials until this week described the campaign in terms of curbing the seaborne flow of drugs and putting an end to migration from Venezuela, even though Trump previously mentioned possibly pushing for regime change in Caracas. Trump in a social media post on Tuesday night declared a blockade of most Venezuelan seaborne oil shipments. "We're not gonna let anybody going through that shouldn't be going through," Trump said on Wednesday. The Maduro government denounced Trump's threat and appealed to the UN. It is not clear if Caracas can counteract the blockade. Venezuelan oil flows to Cuba already have stopped and cargoes to other destinations were grinding to a halt, following the 10 December seizure of a Cuba-bound Venezuelan oil tanker by the US Coast Guard. US House debate The House of Representatives later on Wednesday will vote on two separate resolutions to prohibit the use of US military force against Venezuela without congressional approval. Debate on the House floor Tuesday afternoon showed a division largely along partisan lines, indicating the resolutions are unlikely to pass. Republican lawmakers pushed back against the resolution, casting the US operation as an extension of the administration's domestic counter-narcotics efforts — a line the White House had advanced until Wednesday. "Congressional authorization is not required to carry out precise, limited strikes," House Foreign Affairs Committee chairman Brian Mast (R-FLorida) said. "My colleagues did not object when prior presidents conducted military operations in Yemen, in Libya, and Syria," Mast said. The US military operation near Venezuela "isn't about drugs — it's about regime change, and it's about oil," said congressman Gregory Meeks (D-New York), who sponsored one of the resolutions. "Trump is provoking a new war right in our backyard and threatening to destabilize an entire region", Meeks said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

LNG supply growth outstrips carrier orderbook to 2030

17/12/25
News
17/12/25

LNG supply growth outstrips carrier orderbook to 2030

With the acceleration of scrapping of LNG carriers, the number of newbuilds is insufficient to keep pace with supply growth, writes Cerys Edwards London, 17 December (Argus) — The number of newbuild LNG carriers scheduled to deliver by 2030 will not be enough to transport the planned growth in global liquefaction capacity, particularly if the retirement of older vessels accelerates compared with recent years. But the balance in the freight market will depend heavily on the configuration of LNG trade flows over the rest of the decade. Some 234 newbuild LNG carriers are scheduled to be delivered over 2026-2030, according to data from the International Maritime Organisation (IMO), with deliveries in 2026 set to be the quickest year on record. Typically, around 1½ ships are needed to transport 1mn t of new liquefaction supply to Europe, and three ships for the equivalent journey to Asia, Capital Clean Energy Carriers chief executive Jerry Kalogiratos said at the World LNG Summit in Istanbul in December. Applying this basic assumption, the 234 newbuild carriers could transport some 158mn t/yr of new liquefaction capacity were the supply to deliver solely to Europe. But the newbuilds provide scope for just 78mn t/yr of new loading demand should the vessels deliver to Asia, which Kalogiratos considers the more probable scenario, given that buyers in southeast Asia are likely to consume more LNG in the forthcoming years. "There definitely looks like there is going to be a shortage", he says. Both scenarios indicate that the present LNG carrier orderbook is not large enough to accommodate the 229mn t/yr of new export capacity scheduled to come on line by 2030, judging by the projects that have already reached a final investment decision (FID). And the LNG carrier market could tighten further if more projects reach FID. Even the roughly 80mn t/yr of additional production capacity that was sanctioned this year are "not yet covered," according to David Colson, vice president at French engineering firm GTT, which supplies nearly all of the membrane containment systems used in LNG vessel tanks. The golden age of steam coming to an end? The LNG freight market balance over the coming years will also largely depend on the number of older vessels being scrapped, which rose sharply this year. A record 14 steam turbines have been sold for scrap so far in 2025, up from eight in the whole of 2024 and an average of five over 2020-24. And the pace of scrapping is likely to accelerate over the next few years, as vessels roll off long-term charter agreements, Kalogiratos says. Steam turbine carriers are "obsolete" as their high boil-off costs and smaller cargo capacity sizes do not provide the "flexibility that the current LNG trading environment requires", he added. There are 29 operational LNG carriers that are 25 years old or older, including the 137,000m³ Puteri Nilam and same-sized Al Jasra which have in recent months idled in the strait of Malacca and Bay of Brunei, according to shiptracking data from Kpler. The oldest LNG carrier still in operation is the 128,000m³ LNG Maleo , which was built in 1989 and is controlled by Indonesia's state-owned Pertamina. As well as these vessels, there are a further 47 built in 2000-2005, including 11 idling in either Malacca or Brunei Bay. These are likely to be retired by 2030, given the average age of the vessels sold for scrap in 2025 was 26, Norwegian shipping firm Flex LNG said in its third-quarter earnings call last month. Were all 76 vessels built before 2005 scrapped by 2030, it would limit the fleet growth to a total of just 158 LNG carriers. Under the scenario outlined above this number of vessels could transport 105mn t/yr of supply to Europe and just 53mn t/yr to Asia — both far below the planned capacity buildout. The LNG carrier orderbook could still grow in the coming years however, given slots for late 2028 delivery are still available at some South Korean shipyards. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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