Trading firm Trafigura makes green hydrogen investment

Spanish Market: Hydrogen, Oil products
02/12/20

Trading firm Trafigura will invest $62mn in Switzerland-based green hydrogen company H2 Energy Holding to help it with its plans to roll out a supply-chain network.

This marks a small step into the energy transition for one of the world's largest physical commodities trading groups, which will put its money into developing a business that could cut into one of its traditional markets. Trafigura will invest $20mn to support H2 Energy's development, and the rest will "seed and fund" a 50:50 joint venture, based in Zurich, that will roll out the model across Europe, excluding Switzerland.

Green hydrogen is produced from renewable energy, through electrolysis. H2 Energy is working with others to develop a hydrogen production facility, a hydrogen filling station, a hydrogen-powered truck and several hydrogen-powered cars. Trafigura trades close to 6mn b/d of oil of crude and oil products, along with metals and minerals. It has recently made investments that appear to shore up its position in the oil markets, including the acquisition of a 3pc stake in Italian refiner Saras, which owns the 300,000 b/d Sarroch refinery in Sardinia, and the purchase of a 10pc stake in Russian state-controlled Rosneft's ambitious Vostok Oil project in Russia's arctic.

Trafigura's other assets include a majority stake in global zinc and lead producer Nyrstar, a stake in global oil products storage and distribution company Puma Energy, and a stake in terminals, warehousing and logistics operator Impala Terminals.

"Our investment [in H2 Energy] has enormous potential at a time when the economics for green hydrogen use by heavy duty transport is becoming competitive with traditional fuels," Trafigura chief executive Jeremy Weir said. "We are looking forward to… bringing Trafigura's ability to evolve traditional supply chains to develop new markets."

H2 Energy chairman Rolf Huber said the joint venture with Trafigura "will enable the partners to execute on planned projects on a Europe-wide scale."

By Konstantin Rozhnov

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24/06/25

Ausstieg bei Mobene - BP zieht sich weiter zurück

Hamburg, 24 June (Argus) — BP veräußert ihren 50% Anteil an Mobene an Mitanteilseigner Oktan. Dies ist der nächste Schritt in der strategischen Neupositionierung von BP. Aus einer gemeinsamen Pressemitteilung beider Unternehmen vom 23. Juni geht hervor, dass die Transaktion in dritten Quartal des Jahres 2025 abgeschlossen werden soll. Der Verkauf bedarf noch behördlicher Zustimmung. BP wird trotz des Verkaufs ihrer Anteile weiterhin eine Lieferbeziehung für Kraft- und Schmierstoffe zu Mobene aufrechterhalten, so die Unternehmen. Durch den Verkauf der Anteile wird Oktan zukünftig alleiniger Gesellschafter bei Mobene und das Unternehmen wird als vollständige Tochtergesellschaft in die Oktanunternehmensgruppe integriert. Mobene wurde 2011 als Joint Venture von Oktan und BP gegründet, die jeweils zu 50 % Eigentümer waren, und ist im Vertrieb von Heizöl, Erdgas und Strom sowie Kraft- und Schmierstoffen tätig. BP gibt an, dass der Grund für die Veräußerung die strategische Neuausrichtung des britischen Unternehmens sei, mit der es sich in Zukunft stärker auf sein Upstream-Geschäft konzentrieren möchte und gleichzeitig sein Downstream-Geschäft verschlankt . Im Zuge dieser Neuausrichtung hat BP am 6. Februar bekannt gegeben, dass sie nach einem Käufer für ihr Tochterunternehmen Ruhr Oel sucht, welches unter anderem die Raffinerie in Gelsenkirchen (258.000 bl/Tag) und das Chemiewerk in Mühlheim betreibt. Darüber hinaus plant BP rund 300 Stellen in der BP Europa SE und rund 60 Stellen bei Castrol zu streichen. Neben dem Verkauf der Ruhr Oel sieht BP auch den Verkauf ihres österreichischen Tankstellennetzes von über 260 Tankstellen sowie der gesamten E-Auto Ladeinfrastruktur des Konzerns in Österreich vor. Auch der Anteil an der Betreibergesellschaft des Tanklagers in Linz und die 310 Tankstellen in der Niederlande sollen veräußert werden. Alle geplanten Transaktionen sollen noch in 2025 abgeschlossen werden. 2022 trennte sich das Unternehmen bereits von ihrem Verkaufsarm in der Schweiz und 2024 von dem in der Türkei. Von Svea Winter Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

Netherlands publishes RED III biofuels draft

24/06/25

Netherlands publishes RED III biofuels draft

London, 24 June (Argus) — The Dutch government's updated draft legislation to transpose the EU's revised Renewable Energy Directive (RED III) notably proposes abolishing double-counting renewable energy contributions from Annex IX feedstocks. The draft introduces a greenhouse gas (GHG) emission reduction mandate for land, inland shipping and maritime shipping, but excludes aviation — which was included in a previous draft . The RED III mandate will take effect in 2026. Obligated parties have to fulfil the mandate by surrendering a sufficient amount of so-called emission reduction units (EREs) in each sector. The mandate's flexible credit allowance allows EREs generated in the land sector to be used to partly meet emission reduction obligations in inland and maritime shipping ( see table ), but EREs from inland and maritime shipping cannot be used by land sector suppliers to fulfil their compliance requirements. Fuel suppliers with overall consumption of more than 500,000 l/yr will need to incorporate a 14.4pc share of renewable fuels in their annual deliveries in 2026. This increases linearly, to reach 27.1pc in 2030. The amount of crop-based biofuels in the land sector will be limited to 1.4pc of the overall energy content of total consumption until 2030, and will not be accepted towards targets in maritime and inland shipping and aviation. The amount of Annex IX Part B biofuels — such as used cooking oil (UCO) and animal fats categories 1 and 2 — that can be counted towards the mandate will be limited to 4.29pc in the land sector and 11.07pc in inland shipping. Obligated parties will be unable to claim EREs from Annex IX Part B fuels used in maritime shipping. The draft also introduces a minimum share of emission reductions that have to be achieved by Annex IX Part A and renewable fuels of non-biological origin (RFNBO), for all sectors. RED III mandates that 5.5pc of all fuels supplied must be advanced biofuels, including at least 1pc RFNBOs by 2030. The Netherlands' draft decouples these targets, to reduce investment uncertainty ( see table ). Refineries that use renewable hydrogen in their production process can claim refinery reduction units — or RAREs — which can be used by a supplier to meet an RFNBO sub-target in various sectors. Correction factor delay The ministry will delay its plans to apply a "correction factor" of 0.4 to its "refinery route" stimulus for hydrogen demand, in order to ensure the measure does not undermine direct use of hydrogen in transport. The correction factor means the value of emissions reductions credits generated through the use of renewable hydrogen for transport fuel production would be limited to a certain percentage of those generated through direct use of renewable hydrogen or derivatives in transport. The government leaves the option open to impose a correction factor from 2030. Although the EU Fuel Quality Directive increases the maximum share of bio-based components to 10pc in diesel, the Dutch government said fuel suppliers must continue to offer B7 — diesel with up to 7pc biodiesel — as a protection grade, because of the large number of cars incompatible with B10. Companies will be able to carry forward any excess EREs to the next compliance year. Companies with an annual obligation can carry forward up to 10pc of the total amount of EREs needed to fulfil their obligation in a year, with registering companies allowed to carry forward 4pc. Dutch renewable fuel tickets (HBEs) carried into 2026 will be converted into EREs on 1 April 2026, the government said. By Evelina Lungu and Anna Prokhorova Overview of future Dutch obligations pc CO2 2026 2027 2028 2029 2030 Land (Road) Sector-Specific Obligation 14.4 16.4 22.8 24.8 27.1 Flexible Credit Allowance 0.0 0.0 0.0 0.0 0.0 Total Obligation 14.4 16.4 22.8 24.8 27.1 Annex 9A Sub-Obligation 3.1 4.5 5.9 7.3 8.8 RFNBO Sub-Obligation 0.1 0.1 0.4 0.8 1.1 Conventional Biofuel Limit 1.2 1.2 1.2 1.2 1.2 Annex 9B Limit 4.3 4.3 4.3 4.3 4.3 Maritime Sector-Specific Obligation 3 3 4 5 6 Flexible Credit Allowance 1 2 2 2 3 Total Obligation 4 5 6 7 8 Annex 9A Sub-Obligation - - - - - RFNBO Sub-Obligation 0 0 0 0 0 Conventional Biofuel Limit 0 0 0 0 0 Annex 9B Limit 0 0 0 0 0 Inland Waterways Sector-Specific Obligation 3 4 6 8 12 Flexible Credit Allowance 1 1 2 2 3 Total Obligation 4 5 8 10 15 Annex 9A Sub-Obligation - - - - - RFNBO Sub-Obligation 0 0 0 0 0 Conventional Biofuel Limit 0 0 0 0 0 Annex 9B Limit 11 11 11 11 11 The Ministry of Infrastructure and Water Management *RFNBO: Renewable fuel of non-biological origin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

China Chambroad exports bitumen under zero-tariff rules

24/06/25

China Chambroad exports bitumen under zero-tariff rules

Singapore, 24 June (Argus) — Chinese independent refiner Chambroad has exported its first bitumen cargo from Hainan province's free-trade port under a zero-tariff policy for raw materials and crude oil processing, in a step towards more competitively priced bitumen exports. The zero-tariff policy allows refiners to process and export bitumen without paying value added tax (VAT) on crude imports, thereby lowering production costs. The zero-tariff policy applies only to feedstocks used to export bitumen. Feedstocks used to produce bitumen for the domestic market and to produce other products will be subject to VAT and other duties. The first cargo was loaded on the 5,255dwt Leo Asphalt II at Hainan's Yangpu port on 20 June and was discharged in Haiphong, Vietnam on 23 June, data from oil analytics firm Vortexa show. Lower production costs from VAT-free crude feedstocks under the policy will likely lead to price reductions in seaborne bitumen offers from Chambroad's 2mn t/yr Hainan plant in the future, market participants said. But it is unclear when the refiner will ease export prices, they added, as supply allocation depends on domestic and export market fundamentals. Profit margins from domestic sales are better than for exports as seaborne values are lower than domestic prices, a source close to the refiner told Argus. The zero-tariff policy is expected to reduce the differences in profit margins between domestic and export sales, providing the refiner with greater leeway to allocate more of its production for exports in the future. But the zero-tariff policy is currently under trial implementation, another source close to the company said, indicating that it may not be applicable for all the companies exporting from Hainan in the near term. Seaborne prices of south China cargoes have recently risen following firming upstream crude and high-sulphur fuel oil values , also trailing gains in fob Singapore ABX 1 values, despite overall sluggish demand in southeast Asia. Offer levels and selling indications for export cargoes were at around $410-430/t fob south China last week, market participants told Argus. This was up from $405-420/t fob south China during the week ending 13 June. By Claire Ng and Sathya Narayanan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Ontario weighs domestic biomass-based diesel quota

23/06/25

Ontario weighs domestic biomass-based diesel quota

New York, 23 June (Argus) — Ontario is considering requiring that domestically produced renewable fuels make up 3pc of the province's diesel pool, an effort to help biodiesel producers struggling to adapt to policy changes in the US. Ontario late last week requested input on a proposal to supplement existing provincial biofuel blend requirements with a new mandate for Canadian production, similar to a domestic content rule that took force in British Columbia this year. Ontario already requires that renewables like biodiesel and renewable diesel make up 4pc of diesel consumption each year, but this proposal would require that three-fourths of that mandated volume come from biofuels produced in Canada. The Ontario Ministry of the Environment, Conservation and Parks says the proposal is in response to a new clean fuel tax credit that took effect in the US this year, which can only be claimed by US producers. A US Department of Agriculture report late last year said that there were six remaining operational biodiesel plants in Canada and that the industry has historically sent almost all its fuel into the US, which up until this year treated foreign biodiesel as eligible for a federal tax credit. At the same time, US biofuels have increasingly entered Canada to meet demand from low-carbon fuel standards federally and in British Columbia. In those programs, higher-carbon fuels that exceed annual carbon intensity limits incur deficits that suppliers must offset with credits generated from approved lower-carbon alternatives. The Canadian biofuel industry has pushed officials to respond. British Columbia as a result began requiring this year that renewables make up a minimum 8pc of diesel fuels supplied in the province, up from 4pc, and that this mandated volume must come from Canadian producers starting in April. British Columbia-based renewable diesel producer Tidewater Renewables has also unsuccessfully pushed Canada to impose duties on US product. The Ontario environment ministry said the domestic mandate, if finalized, would be a "temporary, time-limited measure" that would last as long as US subsidies "threaten Ontario's biodiesel industry." The new US tax credit that excludes foreign refiners is currently set to lapse after 2027, but Republican lawmakers have floated using a massive budget bill they want to pass in the coming weeks to extend the incentive through 2031. While full regulatory text is not available, as is typical for this early stage of the Ontario rulemaking process, it appears the proposal would otherwise keep intact the general structure of the province's biofuel mandate. The program offers more credit to lower-carbon fuels, which led to a slightly lower than 4pc biofuel blend rate for the diesel pool in 2023, according to a report from trade group Advanced Biofuels Canada. The domestic content proposal would also not affect a separate mandate that biofuels make up increasing amounts of the gasoline pool through 2030. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Raft of issues impacting Spanish biodiesel industry

23/06/25

Raft of issues impacting Spanish biodiesel industry

Barcelona, 23 June (Argus) — Fraud, uncertainty, competition from hydrotreated vegetable oil (HVO), changes to US biofuel regulations, technical issues and stubbornly weak margins are combining to negatively impact the Spanish biodiesel industry. Spanish producers continue to complain about weak margins, with widespread talk of low production levels and units halting completely. These sentiments have continued all this year. Some uncertainty over the EU's sustainability verification process, and its accreditation body the ISCC are also mentioned by companies. One producer said "everyone is waiting, for the ISCC to take action to remove certificates." Some of these certificates concern imports of feedstock such as used cooking oil (UCO) but also cargoes of HVO from the Asia-Pacific region. Competition between biodiesel and HVO for blending into diesel is not new, has previously been the subject of ire in France and appears likely to remain problematic in Spain. Fraud cases in excess of €500mn ($576mn) from 2023 remain outstanding, the end to the US' blenders tax credit — which has halted exports to the US — and operational issues with Spain's SICBIOS accounting system, are not helping the industry. The energy ministry this month extended the application for provisional tickets for the first half of the year to 31 August, as "technical issues with the system have prevented the correct functioning of the SICBIOS software." Spanish biodiesel imports have increased this year, pushing the country to being a net importer, which is rare. According to customs data, imports rose by 45pc on the year to 270,000t in January-April. The main increases came from the Netherlands, now Spain's largest supplier, which provided 105,000t, up from 70,000t on the year. Malaysia, Italy, Belgium and Malta all boosted supplies, shipping 25,000-40,000t. Cargoes labelled as Maltese are unusual and not supported by Argus tracking or Kpler data. Exports continued to drop sharply — to 190,000t in January-April, lower by 67pc year on year and a 10-year low for the period (see chart) . Spain has long acted as a distribution hub for imports from outside the EU, re-exporting cargoes to regional buyers, but these have all but halted. Exports of over 50,000t in April were the third lowest for any month since November 2017 — only January and March this year were lower. Such low exports are in line with apparent weak production — assessed by Argus using import, export, demand and stocks data. This fell by 53pc on the year to 435,000t in the first four months of this year. By Adam Porter Spanish biodiesel exports 000t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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