Pakistan NRL boosts bitumen exports, awards Oct cargoes

Market: Oil products
08/10/25

Pakistani refiner NRL has awarded two October-loading bitumen cargoes under a tender issued last week, indicating a stepping up of its export supplies after being absent from the bulk export market for much of this year.

The firm awarded the first 5,000t cargoes of its usual pen 60/70 road-paving grade of bitumen to UAE-based trading firm Richmond Group for 8-10 October loading dates at a price widely indicated at $420/t fob basis Karachi. The cargo will be loaded on the 5,895dwt Richmond-operated tanker Asphalt Alliance at Port Qasim, the Karachi port that handles the country's bitumen cargo exports.

The second NRL cargo award is to Vitol for 18-22 October loading. Market participants expect that cargo to be loaded on the 5,261dwt Bitumen Kosei, which was hit by an engine issue that delayed its journey taking a bitumen cargo from Singapore to Durban, South Africa, last month. An award price in the $420-425/t fob Karachi range for that cargo was indicated by sources involved in the tender process.

While the Richmond cargo is expected to be shipped to Durban, the destination of the Vitol cargo has yet to be disclosed, with Durban most likely, South Africa's receivers and inland suppliers said.

NRL last month sold its first bulk export cargo this year under a tender awarded to Trafigura, having refrained from tender offerings until then because of much increased Pakistani road and highway construction activity and bitumen demand.

Recent devastating flooding across many parts of Pakistan sharply reduced road project work, contributing to increased export availability from NRL's Karachi refinery. Pakistani suppliers expect local demand to surge in the coming months because extensive post-flooding repair work will be needed.

Pakistan, which exported 46,000t of bitumen in bulk cargoes to South Africa last year according to Kpler, is now in greater demand as a source since the country's last remaining bitumen-producing refinery — the 107,000 b/d Natref Sasol-Prax joint venture at Sasolburg — ceased production in September. Remaining stocks are expected to be sold off by 11-12 October, making South Africa entirely reliant on bulk and other imports, including drummed and bitutainer.

The halt this year to bitumen cargo exports from Bahraini state-owned Bapco's 267,000 b/d refinery due to a major upgrade, and concerns that increased sanctions enforcement against Iran could limit cargo flows from Mideast Gulf storage points, have fuelled an intensified search by South African buyers and cargo suppliers for more bitumen supply sources.

A bitumen tanker, the 6,920dwt Panama-flagged Xante, was forced to reverse course around 31 July-1 August on route from the Mideast Gulf to South Africa after being named in a new round of US sanctions on Iran.

By Keyvan Hedvat

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14/11/25

Cop: 10 countries pledge to align transport with 1.5ºC

Belem, 14 November (Argus) — A group of 10 countries led by Chile called for a global effort to cut energy demand from the transport sector by 25pc by 2035, aligning it with the Paris Agreement goal of limiting global warming to 1.5°C above pre-industrial levels. The coalition was formed at the UN Cop 30 climate summit, which is underway in Belem, northern Brazil. Brazil, Colombia, Costa Rica, the Dominican Republic, Honduras, Norway, Portugal, Slovenia and Spain are the other signatory countries so far. "We are committed to making transport a key pillar of climate action, agreeing a shared framework for resilient and low emissions transport systems", Chile's transport minister Carlos Abogabir told journalists at Cop 30. Cutting energy demand from transport — the second-largest emitting sector — allows for "a clear measurable direction towards a net zero scenario in the transport sector in 2050", he added. Chile is a natural leader for the coalition as it is a global leader in efforts to electrify its public transport fleet. The country's capital Santiago is the city with most electric buses outside of China, Abogabir said. It had around 3,000 electric buses in 2024, according to a report by Agora Verkehrswende, a non-governmental organisation focused on climate neutrality in transport. But it will have 4,400 by March, Abogabir added. The coalition will now work to create a roadmap to reach the pledge's goal and measure progress for future Cops, according to Slocat, a global partnership that promotes sustainable, low-carbon transport. Sustainable fuels, renewable sources Although the pledge will heavily rely on electrification, it also calls on countries to shift one-third of energy powering transport to sustainable biofuels and renewable sources. Brazil is the second-biggest biofuel producer globally, trailing only behind the US. But it will consider any route that both decarbonizes its fleet and drives national industry, Brazilian minister of cities Jader Barbalho Filho told Argus , mentioning specifically liquid nitrogen and biomethane. Including existing and expected projects, Brazil could have 2.4mn m³/d of biomethane capacity by 2027, data from hydrocarbons regulator ANP show. The shift to sustainable biofuels and renewables sources plays well into Brazil's Belem 4x pledge , which calls for a global effort to quadruple global output and use of sustainable fuels by 2035, Filho added. "The Chilean government looked for us [to present the transport pledge] exactly because we already have [Belem 4x]", he said. The Belem 4x pledge now has 23 country signatories, Cop 30 chief executive Ana Toni said today. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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API pitches revamp of biofuel exemptions: Update

13/11/25

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API pitches revamp of biofuel exemptions: Update

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API pitches revamp of small refinery biofuel waivers

13/11/25

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13/11/25

API pitches revamp of small refinery biofuel waivers

New York, 13 November (Argus) — The American Petroleum Institute (API) is pitching the White House and biofuel groups on a total revamp of how the US exempts oil companies from a program that requires biofuel blending, according to three people familiar with the lobbying group's work. The API recently withdrew its support for a bill that would authorize 15pc ethanol gasoline (E15) year-round on its frustrations with changes to biofuel policy this year that oil companies see as too friendly to farmers and to some small refining competitors. The US for instance recently granted small oil refiners generous hardship waivers from a biofuel blend mandate and proposed requiring larger companies to blend more biofuels in future years as an offset. API's pitch would require that companies seeking program exemptions must show that economic hardship stems directly from the biofuel program, a more stringent requirement than today, according to two of the people familiar with the group's work. Exemptions would also be restricted to small companies with limited collective refining capacity, cutting off larger enterprises like Delek that own multiple small units that qualify today. The oil group then wants the US to prohibit hiking other oil companies' blend requirements to offset those exemptions, a tougher sell to biofuel and crop groups that fear unchecked program waivers curb demand for their products. Larger independent refiners that do not qualify for small refinery relief have also long pushed lawmakers for updates to the program and would not benefit from this deal. API's idea is to pass legislation pairing updates to the small refinery exemption program with year-round authorization of E15, generally prohibited in the summer without emergency waivers because of summertime fuel volatility restrictions that do not apply to typical 10pc ethanol gasoline. That's a top priority for ethanol companies, otherwise at risk from an increasingly efficient and electric light-duty vehicle fleet. E15 legislation nearly passed Congress last year. API made the pitch to the White House at a meeting this week, the sources familiar with API's work said. The White House is hosting other groups for meetings on fuel policy, including another one today on E15 that will feature biofuel groups. API declined to comment on any meetings with President Donald Trump's administration. "We appreciate the administration's leadership in bringing stakeholders together to advance a practical solution on E15 and small refinery exemption reform", the group said. "We look forward to continuing to work together to advance a framework that supports fuel choice, strengthens the refining and agricultural sectors, and helps ensure a stable, reliable supply for American consumers." By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Mexico climate pledge clashes with refinery push

13/11/25

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13/11/25

Mexico climate pledge clashes with refinery push

Houston, 13 November (Argus) — Mexico's updated climate pledge sets its most ambitious emissions target, but the plan sits in sharp contrast to the government's push to increase crude processing and fuel output at state-owned Pemex's refinery system. Mexico submitted its new nationally determined contribution (NDC) ahead of this month's UN Cop 30 summit in Belem, Brazil, committing for the first time to an absolute cap on greenhouse gas emissions of 364–404mn t of CO2 equivalent (CO2e) by 2035, or 332–363mn t CO2e with international support. The target represents a cut of more than 50pc from a business-as-usual trajectory, according to the environment ministry, and aligns with Mexico's long-term commitment to reach net zero by 2050. But while Mexico promises steep emissions reductions, it is simultaneously doubling down on a fossil-heavy industrial strategy centered on reviving its aging refining system, boosting domestic output of gasoline and diesel and limiting private-sector participation across the downstream chain. Mexico's refineries — most of which regularly run at below 50–60pc of capacity — remain among Mexico's largest stationary emitters, with high rates of flaring, residual fuel oil production and energy inefficiency. The government has also poured billions of dollars into the new 340,000 b/d Olmeca refinery and continues to prioritize increasing crude throughput at the legacy system, even as maintenance shortfalls, outages and unplanned shutdowns remain common. Pemex processed about 950,000 b/d of crude across its seven domestic refineries in September, up by 8pc from a year prior and 57pc higher than the 604,300 b/d processed in September 2018, before former president Andres Manuel Lopez Obrador took office. Mexico's refining-heavy strategy took shape under Lopez Obrador, who made fuel self-sufficiency the centerpiece of his administration after years of under-investment and declining output at Pemex's refining system. His government moved away from the 2014 energy reform and proposed constitutional changes that would free Pemex from its obligation to operate as a "productive state company." The shift enabled greater political influence over Pemex's operations and reinforced a nationalistic focus on refining, even as the company posted financial losses and saw its crude output fall to 40-year lows. President Claudia Sheinbaum's administration has continued that trajectory. Backed by a congressional supermajority that allows her party to advance Lopez Obrador's reforms, Sheinbaum has maintained the emphasis on fuel self-sufficiency and continued to expand Pemex's role through increased state support. Mexico's NDC frames climate policy as compatible with economic development, job creation and "just transition" principles. But the plan is still vague on specific mitigation actions for the refining sector. "Mexico's ambition is clear, but delivering on these goals will require deep structural transformation and a clear, sustained investment strategy," said Francisco Barnes Regueiro, executive director of the environmental non-governmental organization the World Resources Institute in Mexico. Meanwhile, the government maintains policies and proposed reforms that favor Pemex and state utility CFE over private-sector companies, limiting private investment in cleaner fuels and renewable electricity. The lack of incentives for low-carbon technologies, combined with an aggressive push to increase domestic production of gasoline and diesel, contradicts the technical requirements implied by the emissions cap, according to market sources. The contradiction becomes more pronounced as Mexico prepares for the Cop 30 negotiations. Mexico, which now joins more than 50 countries that have updated their NDCs, will likely face scrutiny over how its energy agenda fits within its climate ambitions. For now, the gap between Mexico's stated targets and its refining-focused policy framework remains wide. Without clear measures to reduce emissions from Pemex's refining system, expand low-carbon fuels and introduce stronger regulatory incentives, the new NDC risks becoming another aspirational document. Pemex's crude throughput '000b/d Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: Report says 2035 targets 'make no difference'

13/11/25

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13/11/25

Cop: Report says 2035 targets 'make no difference'

Edinburgh, 13 November (Argus) — The Nationally Determined Contributions (NDCs) to 2035 — climate plans and targets submitted to the UN — have made little difference on curbing temperature increases, according to a Climate Action Tracker (CAT) report released today led by the NewClimate Institute. The CAT report's '2030 and 2035 targets scenario' estimates the climate targets submitted to mid-November keep global warming at 2.6°C above pre-industrial levels, the same as last year. The Paris Agreement signed 10 years ago seeks to limit the rise in global temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C. In the CAT report's 'pledges and targets' scenario — which includes 2030 and 2035 NDCs and longer-term net zero targets — the outcome has slightly worsened to 2.2°C from 2.1°C previously, mostly as a result of the US withdrawal from the Paris accord. "The US' withdrawal from the Paris Agreement has had really devastating effects at weakening the global momentum, and the impact of it is not fully reflected in the numbers," NewClimate Institute policy analyst Ana Missirliu said. The report shows that emissions under current NDCs are projected to reach 53-57 Gt of CO2 equivalent (CO2e) in 2030 and 48-52 Gt CO2e in 2035. This is above the levels consistent with a 1.5°C pathway, which would require emissions to fall to 27 Gt CO2e by 2030 and 21 Gt CO2e by 2035, according to the NewClimate Institute. "Almost none of the 40 governments the CAT analyses have updated their 2030 target, which is critical to keep warming levels below 1.5°C, nor have they set out the kind of action in new 2035 targets needed to change course," the report said. The report also found that some major emitters' targets, including the EU, fail to translate into a step-up in ambitions. The EU has introduced the use of international carbon credits to reach some of its recently agreed target to cut GHG emissions by 90 by 2040, from 1990 levels. "We have a lot of countries, and quite a lot of G20 countries, including Brazil and China, which won't have to put forward more policies to achieve their targets," Missirliu said. China has submitted a 2035 target the country can already achieve, she added. Other countries, such as the UAE, have very ambitious targets but lack the policy or policy signals to show that they can achieve them, she added. Global emissions continue to grow year-on-year, and will grow again next year, NewClimate Institute said. In China, the world's largest emitter, and India, where renewables are expanding significantly, projected emissions have gone up compared with the previous report, as energy demand and fossil fuel use continues to grow. The gap between countries' targets and the 1.5°C pathway is widening. "Even if all current NDCs and long-term targets were fully implemented, global emissions in 2035 would still be more than double the level required for 1.5°C compatibility," the report said. "The longer we wait, the more the gap grows," NewClimate Institute policy expert Kilas Hohne said. "At the heart of this crisis of inaction is the continued expansion of fossil fuel production and consumption," the report said. Countries in 2023 agreed to a call to transition away from fossil fuels but many are still expanding coal, oil and gas. The current growth rate for renewable energy is not yet aligned with the global call to triple renewables by 2030, from 2019 levels, but a growing number of countries are accelerating their transition, including Chile, Colombia, India, Ethiopia, Morocco and Switzerland, according to the NewClimate Institute. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Pakistan NRL boosts bitumen exports, awards Oct cargoes

Related news posts

Cop: 10 countries pledge to align transport with 1.5ºC

Cop: 10 countries pledge to align transport with 1.5ºC

API pitches revamp of biofuel exemptions: Update

API pitches revamp of biofuel exemptions: Update

API pitches revamp of small refinery biofuel waivers

API pitches revamp of small refinery biofuel waivers

Mexico climate pledge clashes with refinery push

Mexico climate pledge clashes with refinery push

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Cop: Report says 2035 targets 'make no difference'

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