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Syria issues first post-Assad oil tenders

  • Market: Crude oil, LPG, Oil products
  • 22/01/25

The new administration in Syria has issued its first tenders to buy crude and refined products since the fall of Bashar al-Assad's regime in December, as acute fuel shortages continue to cause lengthy blackouts in the country.

Tenders seeking 3mn bl of light crude for the 140,000 Banias refinery and 1.2mn bl of heavy crude for the 110,100 b/d Homs refinery close for bidding on 27 January. They have a 10pc flexibility either way on the volumes.

The Banias refinery is undergoing maintenance at several of its production units after being taken offline last month because of a lack of crude feedstock.

Syria's new administration has also issued its first import tender for refined products — 80,000t of 90 Ron gasoline, 100,000t of 10ppm sulphur gasoil and 100,000t of fuel oil — commencing as soon as possible for delivery over a 30-day period. Offers must be delivered by hand to the oil ministry in Damascus by 14:30 local time on 27 January.

A tender seeking 66,000t of LPG has been issued as well. A previous tender for 20,000t of LPG was awarded at mid-teen $/t premiums to fob Lavera west Mediterranean prices.

Before Assad was toppled, Syria relied heavily on Iran for its oil supplies, as international sanctions imposed in the wake of the 2011 civil war left the country critically short of feedstock for its refineries. Iran's crude exports to Syria averaged around 55,000 b/d in January-November 2024 and around 80,000 b/d in 2023, according to trade analytics firm Kpler. Iran was also sending around 10,000-20,000 b/d of oil products to Syria in recent years, according to consultancy FGE.

But Tehran has halted crude deliveries to Syria since the Islamist group Hayat Tahrir al-Sham took control last month, leaving the new transitional government under pressure to find alternative suppliers. Government-to-government deals are a potential option.

"Recent political developments have indicated that Qatar, Saudi Arabia and Turkey could play a role in solving Syria's crude and refined products shortage," FGE analyst Palash Jain said.

Saudi Arabia is willing to help for a limited period, but discussions remain in a preliminary phase and are light on details, a source with knowledge of the matter told Argus. Riyadh is waiting to hear more from the Syrians on their energy needs and requirements, the source added.

The latest tenders come just two weeks after the US waived sanctions that had previously prohibited energy trade with Syria. The waiver, issued on 6 January, is valid until 7 July.


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30/01/25

Scottish court rules Rosebank, Jackdaw consent unlawful

Scottish court rules Rosebank, Jackdaw consent unlawful

London, 30 January (Argus) — Scotland's supreme civil court has ruled that approval for the UK's North Sea Rosebank and Jackdaw oil and gas fields was unlawful, and has quashed consent for their development. The consent granted for the fields was unlawful because it did not take into account the scope 3 emissions — those that would be caused by burning the fields' oil and gas — the Scottish Court of Sessions ruled today. It ruled that the UK government can take a new decision on the fields, "this time taking into account downstream emissions." Norwegian state-controlled Equinor has an 80pc stake in Rosebank and London-listed Ithaca holds the remaining 20pc. Shell is developing Jackdaw. The companies would have to submit new environmental impact assessments to the UK government for approval, taking into account scope 3 emissions. Scope 3 emissions typically make up between 85pc and 95pc of an oil and gas company's total emissions. Environmental groups Greenpeace and Uplift first separately applied for a judicial review of the government's decision on Rosebank in December 2023 , although the cases were heard together. Greenpeace in July 2022 separately filed a legal challenge against the permitting of the Jackdaw field. All parties to the case agreed that the approvals had been unlawful, but the court heard differing opinions on how to resolve this. A judicial review in the UK is a challenge to the way a decision has been made by a public body, focusing on the procedures followed rather than the conclusion reached. The developers may continue with Rosebank and Jackdaw, but cannot extract any oil or gas from the fields, today's ruling stated. Equinor welcomed the ruling, saying it allows it to "continue with progressing the Rosebank project while we await new consents". The company said it would "work closely" with the UK government and submit a "downstream end-user combustion emissions… assessment in full compliance with the government's new environmental guidance" when it is ready. "Today's ruling rightly allows work to progress on this nationally important energy project while new consents are sought," Shell said in reference to Jackdaw. Judge Lord Ericht said today that "the private interest of members of the public in climate change outweigh the private interest of the developers". Environmental campaigners have had success in courts lately, largely underpinned by a landmark judgment made by the UK Supreme Court in June 2024. The court ruled that Surrey County Council's decision to permit an oil development was "unlawful because the end use atmospheric emissions from burning the extracted oil were not assessed as part of the environmental impact assessment". The UK's Labour government, which took power just days after that ruling, said the outcome meant "end use emissions from the burning of extracted hydrocarbons need to be assessed". The government said in August that it would not challenge judicial reviews brought against development consent granted to Jackdaw and Rosebank. The hearing took place in mid-November . The UK government is expecting to introduce new environmental guidance for oil and gas firms in the spring. It has halted all assessments of environmental statements related to oil and gas extraction and storage activities until this is in place. The then-Conservative UK government greenlit Rosebank in September 2023 and Jackdaw in June 2022 . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Sydney Airport transits up by 7pc in 2024


29/01/25
News
29/01/25

Sydney Airport transits up by 7pc in 2024

Sydney, 29 January (Argus) — Passenger numbers rose on the quarter and year at Australia's Sydney Airport in October-December, but remain behind pre-Covid-19 levels, meaning jet fuel demand is likely to be higher in 2025. Total transits at the nation's busiest airport were up by more than 500,000 on a year earlier in the quarter, aided by a 7pc rise in international passengers, while domestic numbers were up by 4pc. Numbers were also up in 2024 compared with 2023's annual figure, again aided by a 12pc rise in international terminal passengers, while domestic numbers rose by just 4pc. Total transits of 41.39mn were 7pc higher than a year earlier but are still 7pc below 2019 levels, the last full year before pandemic-era travel restrictions resulted in Sydney's figures dropping by 75pc in 2020 . Passenger traffic at Australia's Melbourne Airport — the nation's second busiest — rose by 7pc on the year in 2024 to 35.75mn , 5pc below 2019's 37.45mn. Jet fuel sales rose by 11pc in the first 11 months of 2024 to 160,000 b/d, with November the latest month for which data from Australian Petroleum Statistics are available. The figure was 161,000 b/d in January-November 2019, suggesting further growth in jet fuel demand is possible this year. By Tom Major Sydney Airport passenger traffic mn Oct-Dec '24 Jul-Sep '24 Oct-Dec '23 2024 2023 2019 q-o-q % ± y-o-y % ± 2024 vs 2023 % ± Total 11 10.3 10.5 41.4 38.7 44.4 6 5 7 International 4.4 4 4.1 16.3 14.5 16.9 8 7 12 Domestic 6.7 6.3 6.4 25.1 24.1 27.5 5 4 4 — Sydney Airport Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US tariffs could shift Mexican HSFO to Panama


28/01/25
News
28/01/25

US tariffs could shift Mexican HSFO to Panama

New York, 28 January (Argus) — Proposed US tariffs on Mexican goods would raise US costs for Mexican high-sulphur fuel oil (HSFO), potentially shifting flows of the country's marine fuel to the Central American bunkering hub of Panama. US president Donald Trump has said he will impose 25pc import tariffs on goods from Mexico. US oil companies are asking Trump to exclude oil from tariffs , but it is unclear whether Trump will oblige. Mexico's residual fuel oil exports reached a record high of 218,059 b/d in the first 10 months of 2024, according to data from Mexican state-owned Pemex. The US took most of Mexico's residual fuel oil exports during that period, importing 145,830 b/d from its neighbor, including 124,341 b/d that went to the US Gulf coast, according to US Energy Information Administration data. Should Trump implement the 25pc tariffs, companies bringing Mexican residual fuel oil to the US could reduce bids in effort to recoup their tariff costs. But lower bids could prompt Mexican exporters to redirect some of residual fuel oil to buyers in Panama, northwest Europe and Singapore. If the price makes sense, Panama bunker suppliers could displace some of their US Gulf coast import barrels with Mexican barrels, as Panama suppliers "are constantly out there hunting for the best price available in the international market", a Panama supplier told Argus . Panama's HSFO bunker demand averaged 25,466 b/d (1.19mn t) in January-October 2024. The country does not have an operational refinery and is dependent on imports for all its oil product needs. Panama received the bulk of its residual fuel oil shipments from Mexico, the US Gulf coast and Peru, according to ship tracking data from Vortexa. Trump has also promised unspecified actions to take control of the US-built Panama Canal in response to what he says has been unfair treatment of US ships, a claim that Panama president Jose Raul Mulino has rejected. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US still eyes 1 February for Canada, Mexico tariffs


28/01/25
News
28/01/25

US still eyes 1 February for Canada, Mexico tariffs

Washington, 28 January (Argus) — President Donald Trump is still keen to impose tariffs on all imports from Canada and Mexico as soon as 1 February, the White House said today. Trump in multiple public comments since taking office on 20 January said he was still considering a 25pc tariff on Canada and Mexico, even though his administration has yet to provide any details on the proposal. Trump spent much of his meeting on Monday with Republican lawmakers at their annual retreat in Florida blasting Canada and Mexico over their allegedly unfair trade practices. Tariffs should become a key source of income for the US government, just as they were in the nineteenth and early twentieth century before being supplanted by income taxes, Trump told the lawmakers, who are looking at ways to extend tax cuts enacted during his first term and set to expire at the end of 2025. Trump also said he would impose tariffs on all imported computer chips, semiconductors and pharmaceuticals. Trump's messaging on China tariffs has been more mixed. He said last week he would go on with his initial plans to impose a 10pc tax on all imports from China, but he also said he preferred to avoid a trade war with Beijing. An executive order Trump signed on 20 January lays out a process suggesting timelines of June-July for imposing tariffs on the US' key trading partners, with no reference to the 1 February deadline. But Trump has the legal authority to impose tariffs on imports from any country by a variety of executive actions and with very short notice, as he demonstrated over the weekend during a high-profile confrontation with Colombia over deporting migrants from the US. Trump told the lawmakers on Monday that he expects to wield the threat of tariffs as a negotiating tool often, because even "a very strong country" like Colombia caved in to his demands. Canada and Mexico appear to be preparing for a protracted trade confrontation with the US if Trump follows through on his threat, with retaliatory measures targeting specific US products and companies. The looming faceoff has unnerved the US oil producers and refiners, which are warning of severe impacts to the integrated North American energy markets if taxes are imposed on flows from Canada and Mexico to the US. Industry group American Petroleum Institute is lobbying the Trump administration to exempt crude and other energy products from any tariffs he plans to impose. Trump last week shrugged off the arguments from the US energy industry about potential negative impacts from confronting Canada and Mexico. "We don't need their oil and gas," Trump said. "We have our own, we have more than anybody." Almost all of Mexico's roughly 500,000 b/d of crude shipments to the US through November are waterborne, targeting Gulf coast refiners, and can be diverted to Asia or Europe. Canadian producers have much less flexibility — more than 4mn b/d of Canada's exports are wholly dependent on pipeline routes to and through the US. Only around 900,000 b/d can be directed away from the US via the recently expanded Trans Mountain pipeline system to the Pacific coast, although late-2024 flows were actually closer to 400,000 b/d, split evenly between the US west coast and Asia. Conversely, many refineries in the US midcontinent have no practical alternative to the Canadian crude. US gasoline prices would move higher by 30-70¢/USG if the 25pc tariffs that Trump has threatened were applied to Canada's oil, Canada's TD Bank projects. Trump's commerce secretary nominee Howard Lutnick will face a confirmation hearing at the Senate Commerce committee on Wednesday, with trade wars likely to feature high among the questions lawmakers direct at him. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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NWE LPG Coasters: Propane trades


28/01/25
News
28/01/25

NWE LPG Coasters: Propane trades

London, 28 January (Argus) — After almost a week of quiet, Equinor returned to the market for more coaster propane. The bid, for 2,400t of propane meeting Portuguese specifications with maximum 10pc olefins, loading 6-8 February on to the Crystal Valerian, Dream Arrax, Gas Noble, Benriach, or substitute, started at $700/t fob and was quickly booked by Gunvor with tonnes out of Flushing. The deal put the premium to large at $132/t, similar to on Monday but $16.50/t lower than the equivalent differential in the last public deal on 22 January. Thin butane supplies continue to support value around 104pc of physical naphtha. At these levels, prices are driving away cracker interest, leaving only blending buyers. Currently, there is little sign of balances loosening in the short term. As a result ratios are likely to remain strong as long as blenders continue to absorb any available tonnes. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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