Data showing some US-headquartered oil and gas firms paid less in taxes to the US than to foreign governments could be a focus in an upcoming Congress tax policy debate. ExxonMobil reported paying nearly $1.2bn to the US in 2023, and $5.6bn to the UAE, according to a first-time ‘Form SD' report filed with the Securities and Exchange Commission. In its own report, Chevron says it paid nearly $1.2bn in the US, against $4bn to Australia. Independent Hess paid $190,000 in the US and $50mn to Malaysia. Industry officials say the data do not provide a comprehensive view of obligations, which can vary from country to country depending on the tax code and their operations. The payment disclosures also do not cover payroll taxes or state and local taxes, for example, and do not say if a company had carryover net operating losses or tax credits that reduced its overall tax bill in the US.
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Q&A: HGV fuel costs up by over a quarter: Logistics UK
Q&A: HGV fuel costs up by over a quarter: Logistics UK
London, 23 October (Argus) — Logistics UK outlines the increasing fuel costs borne by its members, who make up around half of all lorries on British roads, and how increases in fuel prices are being passed on to customers. But hauliers still see structural problems preventing them from electrifying fleets in the face of higher fuel costs. Its chief executive Ben Fletcher spoke to Argus , and edited highlights follow. What is Logistics UK's call to action in the context of the fuel price crisis facing its members? The Middle East conflict has impacted logistics and supply chains significantly, pushing up the price of fuel and increasing costs associated with managing supply chain disruptions. Since the conflict broke out in February, filling up an HGV has risen from around £750 to well over £1,000, and may go even higher. As logistics costs are embedded in everything we buy, from food and medicine to construction materials, increased costs for businesses directly translate into higher prices for consumers and communities. To reduce the risk of an inflationary impact and drive growth, Logistics UK is urging the Chancellor to maintain the current rate of Fuel Duty and the 5p cut and confirm this will continue into next year. The logistics sector already pays over £5bn a year in Fuel Duty, and even a 1p rise would cost £82.97mn. We are also calling for the reform of business rates, a significant fixed cost for the sector, and explicit recognition of logistics in the British Industrial Competitiveness Scheme. Doing so will be a significant step towards addressing the UK's high electricity rates, which will become more important as the decarbonisation transition gets underway. High rates risk dissuading operators from switching to electric fleets and must be addressed urgently. How have Logistics UK members been reacting to the rise in fuel prices? Have commercial operations had to adapt, and have driving behaviours changed? Has this meant that ultimately fewer miles are being driven? The logistics sector is resilient. Even as fuel prices have surged, it has continued to maintain customer service reliability and ensured the delivery of essential goods. Some businesses have responded to the rise in prices by adapting their procurement strategies and monitoring the market more closely. However, as logistics businesses operate on narrow profit margins, and any increases are likely to be passed onto customers, an increase in fuel prices results in higher prices for everyone. Beyond rising prices, are members experiencing any problems obtaining diesel, and how prepared are operators for a physical supply disruption or rationing? The primary issue with fuel is one of price, not supply. The government has reassured industry that the UK benefits from a strong and diverse security of fuel supplies, that it is monitoring stocks and sales closely and that production and imports are continuing across the UK as normal. The government has also confirmed that contingency planning in this area is well established, and that it has a range of measures it can use in the event that supply chains are disrupted. Logistics UK has stressed the importance of timely and clear communication with the sector when required. And are members changing how they buy fuel, for example through longer-term contracts, bulk purchasing or hedging, to reduce their exposure to price volatility? Businesses are adapting to volatile fuel costs through measures including fuel surcharges, more frequent monitoring of fuel prices and lead times and passing additional costs on to customers where possible, although not all businesses have the capacity to do so. But the conflict is not over, and the logistics sector will have to continue managing fuel price volatility, which makes it essential that the government maintains the current rate of Fuel Duty and focuses on keeping the cost of doing business down. Is Logistics UK aware of any fleet operator rationalisations or closures among its own members or elsewhere in the industry because of rising fuel costs? What percentage of overheads do fuel costs now represent? The slim margins the logistics sector operates on make this a very challenging time. Fuel represents one third of a business' operating costs, so increases in fuel drive up overall operating costs. What movements towards electrification has Logistics UK seen among its members, and does the group encourage them to consider integrating electric-powered vehicles into their fleets? The logistics sector is committed to decarbonisation, with operators making significant investments in battery electric vehicles. The light commercial vehicles (LCVs) segment has been particularly successful during the transition, registering 1.17mn on UK roads in 2024, a 34pc increase in the last decade. Major investments in charging infrastructure for electric HGVs has led to the opening of major hubs this year available for the public, alongside dedicated charging at businesses' depots. The first electric HGV crossed the English Channel on a freight train this year, demonstrating its operational viability over long distances, and how eHGVs can play a greater role in the movement of goods between the UK and EU in a safe, sustainable and efficient way. However, major barriers remain that are impeding progress. According to Logistics UK's decarbonisation survey, conducted in 2025, nearly 80pc of respondents are not confident that the government's phase out dates for diesel LCVs and HGVs will be met. This is due to barriers such as insufficient charging infrastructure, long grid waiting times and the absence of a co-owned industry and government roadmap that outlines clear timelines for the transition. Any decarbonisation approach taken will need to recognise the multimodal nature of the logistics network, as different transport modes are facing the same challenges of cost, technology readiness, infrastructure delays and fuel availability. Business group Logistics UK champions the logistics sector, the backbone of the UK economy and global trade, providing a unique, authoritative voice for its members. As the only trade association representing the whole industry, it supports more than 22,000 members, operating in road, rail, waterways, sea and air freight, in ports, airports and warehousing, as well as the customers of freight services such as retailers and manufacturers. The group delivers industry representation, services and thought leadership to support a sector that is critical to economic growth, employing 8pc of the UK workforce, contributing £175bn in annual GVA and enabling over £1 trillion of international trade. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Tight presidential runoff in store for Brazil
Tight presidential runoff in store for Brazil
Sao Paulo, 23 October (Argus) — Brazilian president Luiz Inacio Lula da Silva has been narrowing the gap to senator Flavio Bolsonaro's lead in polls, but Lula still lags his challenger just days before the presidential election runoff set for 25 October. Opinion polls indicate that the contest remains close, with right-wing Bolsonaro holding a narrow advantage. A 21 October average of multiple polls by independent polling tracker Votendi put Bolsonaro at 51.2pc and Lula at 48.8pc, a 2.4 percentage-point gap. The margin of error is of 2.2 percentage points. Bolsonaro finished the first round of votes with 47pc, ahead of Lula's 45.16pc, leaving the two separated by about 2.2mn votes. Lula has aimed at undecided voters to narrow the gap, with more than 33mn Brazilians not voting in the first round. He sought to broaden his appeal since the first round by embracing several proposals aimed at conservative-leaning voters, including tax amnesty, debt renegotiation for microentrepreneurs and a lower age of criminal responsibility. He also proposed free weekend bus travel and earlier payment of the federal social welfare program, ideas that might appeal more to his left-wing base. Labor policy has been one of the clearest dividing lines of the campaign. Lula has championed a recently approved reduction in working hours, while Bolsonaro's allies have argued for greater labor-market flexibility, including wider use of hourly employment contracts. Meanwhile, Bolsonaro has focused on the economy. He promises to cut R200bn-250bn ($39.8bn-49.7bn) from the federal budget, which financial markets view favorably. He has also promised to allow individuals to suspend repayments on personal debts for six months and for businesses to hold off for as long as a year. While the election campaigns have featured little debate over energy , investors remain focused on potential implications. A Lula victory would likely reinforce the government's approach to energy transition policies, including support for biofuels and renewable energy investment. Bolsonaro has generally favoured fewer environmental restrictions and could seek to accelerate licensing processes for agriculture, mining and oil. Energy markets are unlikely to face immediate disruptions under either candidate, given Brazil's importance as a major exporter, but differences in environmental policy and infrastructure investment could influence longer-term prospects. Corruption standoff Corruption allegations have dominated the campaign's final stretch. Bolsonaro has focused on the Operation Car Wash anti-corruption probe, which sent Lula to jail in 2018 on money laundering and corruption counts. He was later acquitted and freed in 2019. Lula's campaign has accused Bolsonaro of money laundering and corruption scandals during the Covid-19 pandemic — when his father Jair Bolsonaro was president. It also has tried to tie him to Rio de Janeiro's militia — illegal mafia-like vigilante paramilitary groups. Bolsonaro denies any wrongdoing, saying there is no material evidence of participation in criminal schemes, extortion or the command of paramilitary groups. Lula has further challenged Bolsonaro to disclose his banking and telephone records to prove he is clean, saying he would do the same. Bolsonaro responded by demanding records for people close to the president. Lula obliged. A recent Quaest survey found that 52pc of voters disapproved of Bolsonaro, compared with 47pc for Lula. The same polling shows that 44pc of voters fear a Bolsonaro return to power, against 42pc who fear a Lula re-election. Institutional impact The runoff's result will have lasting consequences for Brazil's institutions, as Bolsonaro promises to revamp the judicial system and the constitution. Changes would include abolishing the right to re-election for executive branch offices and extending presidential and gubernatorial terms to five or six years from the current four. He says he would also promote changes to the supreme court's structure and powers, redefining the relationship between branches of government. Overhauling the judicial system or parts of the constitution would require the backing of large congressional majorities. Brazil also held legislative elections on 4 October, with Bolsonaro's Liberal party securing sweeping victories . It will hold 121 seats in the 513-member lower house and 28 in the 81-member senate. Therefore, Bolsonaro would likely face little resistance to enact changes. The next president will nominate four or five supreme court justices. One seat is vacant, three others will retire by 2030 and judge Alexandre de Moraes could face impeachment pressure from the right-leaning congress. Moraes is seen as a Lula ally and emerged as a leading figure in the judiciary, especially for his role in high-profile investigations involving Bolsonaro and his allies. Those included the one that sent Jair Bolsonaro to jail for 27 years for attempting to overturn the result of the 2022 election following his defeat to Lula. Flavio Balsonaro would also likely attempt to win amnesty for his father in case he wins. Foreign policy Bolsonaro would probably pursue closer relations with US president Donald Trump after tariffs strained ties under Lula. His victory would add Brazil to a regional shift towards the right, following conservative electoral gains elsewhere including in Argentina, Chile, Colombia, Peru and Ecuador. But it could weaken Brazil's claim to leadership in developing economies globally and diminish its role in international climate negotiations. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Singapore selects firms to import, supply biomethane
Singapore selects firms to import, supply biomethane
Singapore, 23 October (Argus) — The Singapore Economic Development Board (EDB) has appointed energy firms Keppel Energy, Sembcorp Utilities and Tuas Power Generation as biomethane aggregators to import and supply biomethane, EDB said today. The firms are expected to import their first biomethane supplies by the end of 2028. The firms will import biomethane needed to generate up to 300MW of power, equivalent to roughly 600,000 households' annual energy needs in Singapore, from regional and international sources, and supply it to data centres and industrial manufacturers in Singapore. The biomethane can be supplied as biomethane gas or biomethane-derived electricity. The initiative to import and supply biomethane is the first of its kind in southeast Asia, and will help Singapore explore biomethane as a decarbonisation pathway, EDB said. This initiative is carried out under Singapore's 300MW regulatory sandbox, a pilot project, which will run for 15 years. The sandbox will test the commercial, regulatory and operational arrangements needed to import biomethane and help to shape its frameworks for wider adoption, according to EDB. Biomethane is chemically identical to fossil-derived methane which is the main component of natural gas. It acts as "direct drop-in replacement" for fossil natural gas so it can utilise existing gas infrastructure and be consumed without modifications to equipment or industrial processes. This makes it one of the most practical near-term decarbonisation options available, especially as natural gas accounts for around 95pc of Singapore's electricity generation, EDB said. By Joey Chan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil PPSA plans 1.8mn m³/d gas auction for 2027
Brazil PPSA plans 1.8mn m³/d gas auction for 2027
Sao Paulo, 22 October (Argus) — Brazil's state-owned commodity trading firm PPSA plans to offer 1.8mn m³/d of natural gas to industrial consumers in a new auction around mid-2027, more than 50pc above the volume sold in the first auction held on 22 October. The announcement follows demand that exceeded the volumes offered across all five industrial segments in 22 October's first auction, in which 1.1mn m³/d gas was sold. Total demand was 39pc above supply, national oil, gas and biofuels secretary Renato Dutra said after the auction. Demand in some segments reached nearly three times the volumes available, according to PPSA president Luis Fernando Paroli. The government plans to announce the next auction further in advance to give industrial consumers more time to prepare and could adjust the rules to broaden participation, Paroli said. The first auction took place as some companies were finalizing their existing gas supply contracts, which limited their ability to participate, he added. The government expects to advance the rules for the next auction after concluding the current process, Dutra said. A group of 23 companies among 36 industries authorized to participate in the auction bought all 1.1mn m³/d offered in the first auction, eliminating the need for a second bidding round. The contracts will generate R376mn ($74mn) for the government over their 10-month term, PPSA estimates. The average gas price resulting from the auction was $5.83/mmBtu, based on the average September benchmark Henry Hub gas price , according to Paroli. The auction pricing formula consists of 115pc of Henry Hub plus the B coefficient offered by each bidder and monthly pricing will use the previous month's average. The average winning B coefficient was $0.64/mmBtu above the $1.80/mmBtu minimum set for the auction. Mines and energy ministry MME estimates the resulting gas prices represent reductions of 38pc for glassmakers, 56pc for ceramics producers, 46pc for steel, metals and mining companies, 56pc for chemical and petrochemical producers and 57pc for fertilizer producers compared with prices currently paid by those industries. The comparisons were based on the average prices currently paid by each sector for contracted gas volumes. Dutra said some industrial users currently pay around $12/mmBtu for natural gas. The auction price includes infrastructure costs such as outflow pipeline access and processing plants, known locally as SIE and SIP, Dutra and Paroli said. Those prices cover only the gas molecule component (PM) and exclude any transport costs stemming from the pipeline network. The winning companies will be responsible for arranging transportation and may choose to hire trading companies to handle the process. The government has been discussing how to establish adequate remuneration for that infrastructure as part of its Gas for Jobs program, while hydrocarbons regulator ANP is also considering the issue . Some successful bidders are not registered gas shippers and will rely on gas trading firms to arrange transportation from the Itaborai delivery point to their facilities. Paroli said all such buyers had already identified a trading firm and had preliminary arrangements in place to qualify to compete in the tender. They must submit their contracts with those companies by 27 November. PPSA will monitor whether the gas reaches winning industrial consumers, and that consumption must match their current gas demand. Buyers or the trading companies they hired will be subject to penalties if consumption mismatches the requirements. PPSA said players can swap volumes with auction participants in extraordinary situations such as maintenance periods and other emergencies. But winning companies must swap volumes under the auction's own framework , without profiting from it. Officials also argued that the program should continue regardless of the outcome of Brazil's 2026 presidential election , which will head to a second round of voting on 25 October. Dutra described the gas agenda as a "state policy" rather than a government program and said its backing by energy policy council CNPE reinforces its long-term nature. Paroli said state participation in strategic sectors including oil, gas and power gives the government tools to support industrial competitiveness. He expects lower gas costs to improve Brazilian industrial competitiveness, potentially supporting domestic production and exports. By Marcos Mortari, Maria Frazatto and Rebecca Gompertz Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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