Vertex exits from bankruptcy as private company

Spanish Market: Crude oil, Oil products
22/01/25

Specialty refiner Vertex Energy has exited from chapter 11 bankruptcy as a private company owned by some of its lenders.

Vertex will operate as a privately-held company owned by lenders including funds managed by BlackRock Financial Management, Highbridge Capital Management, Whitebox Advisors, and CrowdOut Capital. Vertex said today that it exited bankruptcy with a commitment of up to $100mn in financing and a strengthened balance sheet following the deleveraging of $320mn of prepetition debt.

Vertex filed for bankruptcy in September 2024 after pausing renewable fuels production at its 88,000 b/d Mobile, Alabama, refinery earlier that year.

Refiners have faced mixed fortunes in recent years with their investments in renewable fuels after a glut of new supply flooded markets and depressed renewable credit prices.

The company "plans to pursue growth, stability and long-term value," Vertex said.

The company also announced the appointment of industry veteran Mark Smith as its chief executive. Smith was previously chief executive at Philadelphia Energy Solutions and president of Western Refining. Vertex also named a new board of directors.

Vertex, which purchased the Mobile refinery from Shell in 2022, produced its first barrels of renewable diesel in May 2023 following a hydrocracker conversion. It has since returned the hydrocracker to processing crude feedstocks.

Vertex also operates a refinery near New Orleans, Louisiana, that produces low-sulfur vacuum gas oil (VGO) and multiple used motor oil (UMO) processing plants and collection facilities along the Gulf coast.

By Eunice Bridges

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26/03/25

Trump unveils new tariffs on auto imports: Update

Adds details throughout Washington, 26 March (Argus) — President Donald Trump said today he would impose a 25pc tariff on foreign-made cars and trucks imported into the US, but said there will be no tariffs on automobiles assembled in the US. Trump said the new tariffs on imported automobiles marked the "beginning of Liberation Day", the term Trump has used to reference his plan to unveil sweeping tariffs on major foreign trade partners on 2 April. The White House estimates the tariff on imported cars and trucks will generate $100bn/yr in new tariff revenue. Trump said the auto tariff will go into effect on 2 April, providing a financial incentive for automakers to relocate manufacturing to the US. "We'll effectively be charging a 25pc tariff, but if you build your car in the United States, there's no tariff," Trump said in remarks at the White House. "And what that means is a lot of foreign car companies, a lot of companies, are going to be in great shape." The auto tariffs will likely add thousands of dollars to the price of many imported cars and trucks. But the tariffs — the details of which have yet to be released — appears more targeted than Trump's initial plan to impose a 25pc tariff on nearly all imports from Canada and Mexico, because the tariffs would not apply to cars and trucks parts, so long as the vehicles are assembled in the US. "Anybody that has plants in the United States it's going to be good for, in my opinion," Trump said. Ontario premier Doug Ford previously warned that Trump's plan to impose a nearly across-the-board import tariff could have caused auto manufacturing in the US and Canada to grind to a halt within as few as 10 days. Trump eventually delayed those tariffs until 2 April. Earlier this week, Trump said that South Korean automaker Hyundai's decision to invest $5.8bn to build a steel mill in Louisiana offered a blueprint for how companies could avoid tariffs. Trump has already imposed a 25pc tariff on steel and aluminum, and earlier this week said he would announce tariffs on imported lumber, semiconductor chips and pharmaceuticals. Even as a lack of details about the upcoming tariffs has fueled uncertainty for businesses and sharp declines on US stock markets, Trump has continued to announce additional tariffs. On Tuesday, Trump said any country taking delivery of Venezuelan oil or gas would be "forced" to pay an incremental 25pc tariff on any goods imported in the US. US oil executives appear to be growing tired of Trump's chaotic trade policy, particularly his imposition of a 25pc tariff on imported steel that is used in drill pipes, executives said in a survey the US Federal Reserve of Dallas released Wednesday. The uncertainty over tariffs and trade policy is causing "chaos", they said in the survey, and increasing their cost of capital. "Tariff policy is impossible for us to predict and doesn't have a clear goal," an unnamed oil executive said in the survey. "We want more stability." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump to impose new tariffs on auto imports

26/03/25

Trump to impose new tariffs on auto imports

Washington, 26 March (Argus) — President Donald Trump will announce new tariffs on the automobile industry later today, the White House said, at a time of significant uncertainty about his trade policies. Trump plans to offer further details on the automobile tariffs this afternoon, less than a week before he plans to announce tariffs against major foreign trade partners on 2 April, which Trump has dubbed "Liberation Day". Trump has already imposed a 25pc tariff on steel and aluminum, and earlier this week said he would announce tariffs on imported lumber, semiconductor chips and pharmaceuticals. Trump last month threatened to impose 25pc tariffs on most imports from Canada and Mexico, starting on 4 March — including imported automobiles and vehicle parts — but he eventually offered a one-month reprieve for US automakers before delaying those tariffs entirely until 2 April. The scope and timing of the upcoming automobile tariffs remains unclear, and the White House has yet to provide further details. But Ontario premier Doug Ford previously warned that steep tariffs on Canada could cause auto manufacturing in the US and Canada to grind to a halt within as few as 10 days. Earlier this week, Trump said that South Korean automaker Hyundai's recent decision to invest $5.8bn to build a steel mill in Louisiana offered a blueprint for how companies could avoid tariffs. "This is the beginning of a lot of things happening," Trump said. Even as a lack of details about the upcoming tariffs has fueled uncertainty for businesses and sharp declines on US stock markets, Trump has continued to announce additional tariffs. On Tuesday, Trump said any country taking delivery of Venezuelan oil or gas would be "forced" to pay an incremental 25pc tariff on any goods imported in the US. US oil executives appear to be growing tired of Trump's chaotic trade policy, particularly his imposition of a 25pc tariff on imported steel that is used in drill pipes, executives said in a survey the US Federal Reserve of Dallas released Wednesday. The uncertainty over tariffs and trade policy is causing "chaos", they said in the survey, and increasing their cost of capital. "Tariff policy is impossible for us to predict and doesn't have a clear goal," an unnamed oil executive said in the survey. "We want more stability." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK eyes 80pc maritime emissions cuts by 2040

26/03/25

UK eyes 80pc maritime emissions cuts by 2040

London, 26 March (Argus) — The UK is aiming to reduce fuel lifecycle greenhouse gas (GHG) emissions in its domestic shipping by 30pc by 2030 and 80pc by 2040 compared with 2008 levels, reaching zero by 2050. The goals are "intentionally ambitious", the UK government said, and will be supported by both domestic and international policy measures as set out in its new maritime decarbonisation strategy. The first phase of the strategy "will rely on existing IMO regulation" to improve vessel efficiency this decade, the government said. The second phase will centre on larger vessels. One key policy in the strategy is pricing maritime emissions, which the government expects to do through a combination of pushing for the IMO to introduce a global shipping GHG levy from 2027, and the government's existing plan to extend the UK emissions trading scheme (ETS) to domestic maritime emissions from next year. The government will "work to understand how these schemes interact, and to avoid any double charging of emissions", it said. It is still to consider the feedback to its recent consultation on technical elements of the sector's inclusion in the UK ETS, it added. The government also intends to regulate maritime fuel use, both by pushing for IMO-level standards this year on the GHG intensity of fuels, and implementing domestic UK fuel regulations on which it plans to consult in 2026. Calls for evidence were also published alongside the strategy on both potential requirements for zero or near-zero at-berth emissions, with a formal consultation on this planned next year, and on measures to support the decarbonisation of small vessels and targeted maritime sub-sectors. For the latter, the government expects to focus on vessels "with a clear route to decarbonisation". "Measures for harder-to-decarbonise vessels may not be required until the mid-to-late 2030s," it said. Maritime emissions accounted for 8pc of the UK's transport emissions in 2022, despite having declined by 30pc compared with 1990 levels, government data show. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil's Bolsonaro to face trial for coup attempt

26/03/25

Brazil's Bolsonaro to face trial for coup attempt

Sao Paulo, 26 March (Argus) — Brazil's former right-wing president Jair Bolsonaro will face trial on charges of an attempted coup following his 2022 electoral defeat, the supreme court (STF) ruled today. In February Brazil's prosecutor-general charged Bolsonaro and seven other people — which include some of his former ministers — of plotting to guarantee that the former president stayed in power despite losing the election to current President Luiz Inacio Lula da Silva. The plot included the 8 January 2023 storming of government buildings in the capital of Brasilia and plans to kill his political opponents , the prosecutor-general said. STF's five-judge panel voted unanimously to put Bolsonaro on trial, with top judge Alexandre Moraes saying that the 8 January insurrection was a result of "systematic efforts" by Bolsonaro and his aides to discredit the election he lost. If convicted, Bolsonaro could face up to 40 years in jail. He is charged with five crimes, including leading an armed criminal organization, attempted coup and threatening to harm "the Union's assets." Although it is not clear when court proceedings will begin, they are expected this year, which is unusually fast for Brazil's justice system. "They are in a hurry, big hurry," Bolsonaro said of the legal proceedings on social media platform X, adding that the case is moving "10 times faster" than Lula's proceeding when he was on trial for the anti-corruption Car Wash investigation. Lula was eventually found guilty of money laundering and corruption and jailed in April 2018, but was later acquitted and freed in November 2019. Bolsonaro also added that the trial is politically motivated. "The court is trying to prevent me from being tried in 2026, because they want to stop me from running in the elections," he added. Brazil will hold presidential elections in October 2026. The electoral court voted in June 2023 to make Bolsonaro ineligible to run for any public office until 2030. But he is still seen as a major political force in the country. It is unclear who will serve as Bolsonaro's successor for more conservative voters, although Sao Paulo state's governor Tarcisio de Freitas has emerged as the most likely candidate. Bolsonaro — who sat in the president's seat from 2019-2022 — also faces several other legal challenges to his conduct as president, including allegations of money laundering, criminal association and embezzlement for allegedly receiving jewelry as gifts from Saudi Arabia related to the sale of state-controlled Petrobras' 330,000 b/d Landulpho Alves refinery in northeastern Bahia state to the UAE's Mubadala Capital. But none of these allegations have moved forward in the judiciary. During his administration, Bolsonaro privatized several state-owned energy assets and put little priority on environmental protections, policies that Lula has since reversed. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Vitol bidding for Citgo, seeks 'stalking horse' info

26/03/25

Vitol bidding for Citgo, seeks 'stalking horse' info

Houston, 26 March (Argus) — Trading firm Vitol is a bidder in the auction to buy US refiner Citgo and has asked a federal court for more information about the stalking horse bidder, according to a court document. Vitol is a "competing bidder" in the process, the company said in a 24 March filing to the US District Court for the District of Delaware. A court-appointed official overseeing the Citgo auction picked Contrarian Capital Management's $3.7bn proposal as the stalking horse bid in the sale, setting a price floor. The official cited the likelihood of regulatory approval, the bidder's "financial wherewithal" and certainty of financing, according to court filings. Another bidder, Gold Reserve, is protesting the choice after its own $7.08bn bid was not recommended. Gold Reserve asked the court to publicly release more information about the Contrarian Capital bid, including a "transaction support agreement" with a group of 2020 bondholders of Citgo's parent firm, Venezuelan state-owned PdV. Vitol joined Gold Reserve's request for the information saying that it shares concerns about sealed and heavily redacted documents, according to the court filing. Vitol said that it joined the request to "ensure it receives access to the information necessary to improve its bid during the topping period". The court received a total of four bids this month in the auction. Contrarian Capital was the second-highest bid, according to court filings. Citgo's three refineries, as well as its lubricant plants, midstream and retail assets are being auctioned to satisfy debts owed by Venezuelan state-owned PdV. Last year, Amber Energy was the top bidder in the auction for Citgo with a bid of $7.3bn. But the recommendation did not receive public support from the "sale process parties" or "additional judgment creditors", and the court officer pivoted to another round of bidding, according to court filings. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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