European Bitumen Market Update July 2024

03/02/26

Australia pledges $42mn to boost EV sales

Sydney, 3 February (Argus) — The federal government of Australia will spend $A60mn ($42mn) to subsidise loans for electric vehicles (EVs), in a bid to increase the uptake of lower-emissions cars. Money allocated by the federally-funded agency Clean Energy Finance (CEFC) will go towards subsidising interest rates for new EVs available for purchase through Hyundai Capital Australia, an arm of the South Korean carmaker, energy minister Chris Bowen said on 3 February. Discounts of 0.5-1pc will be offered for loans on eligible Hyundai- and Kia-branded EVs, with a 1pc discount on a A$70,000 loan over five years cutting A$1,900 in interest costs, Bowen said. Transport remains a major source of Australia's emissions, with 98.7mn t of CO2 equivalent (CO2e) in the year to 30 June 2025, or 22.5pc of total emissions of 437.5mn t . Canberra's New Vehicle Efficiency Standard (NVES) is taxing manufacturers based on CO2e emissions , which it projects is likely to drive up EV sales. But transport emissions rose by 0.3pc to 98.7mn t CO2 equivalent (CO2e) in 2024-25 on the back of a rise in diesel consumption for road transport and jet fuel demand. A ban on new gasoline and diesel registrations may be needed to reach a goal of 50pc of new car sales being EVs by 2030 to drive down emissions, industry body the EV Council has said. But 2025 was a record for EV sales, with 156,000 purchased. But about one-third were plug-in hybrid vehicles which can also run on gasoline or diesel. The NVES has provided policy certainty and increased availability of EVs in Australia but has so far had little effect on EV demand, the Federal Chamber of Automotive Industries (FCAI) has said. FCAI data show just 8.3pc of new vehicle sales were battery EVs last year. Australia's fuel tax rebate scheme has also been targeted by lobbyists demanding it be capped to reduce diesel demand , but industry insists that the road-user tax should not apply to businesses not using public infrastructure. Australia's gasoline sales are dipping. Gasoline sales averaged 271,000 b/d for January-November 2025, compared with 278,000 b/d during January-November 2024 and 276,000 b/d during January-November 2023, according to data from Australian Petroleum Statistics. Consumption was 298,000 b/d for the same period in 2019 before the Covid-19 pandemic. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

German heating oil demand up on year, diesel down

German heating oil demand up on year, diesel down

Hamburg, 2 February (Argus) — Cold weather in Germany is lifting heating oil demand early in the year, while diesel sales are lagging behind 2025 levels. The divergence is also visible in consumer stock levels. German spot heating oil volumes reported to Argus rose by about 20pc on the year in January. The sharp increase in demand reflects exceptionally cold weather this winter, traders said. Temperatures averaged -0.7°C in January 2026 — 1.6°C below the 1991-2020 average, according to the German Weather Service. By contrast, spot diesel sales fell by almost 20pc on the year. Weakness in the wider German economy has reduced road freight activity, while seasonal slowdowns in agriculture and construction has further limited diesel use. These demand trends are reflected in Argus MDX end-user stock data. Heating oil stocks were slightly below year-earlier levels in the last week of January, despite higher spot buying, underscoring the strong heating demand early in 2026. Diesel stocks were slightly above levels at the end of January 2025, despite comparatively low spot purchases. This points to soft diesel demand and follows heavier stockbuilding at the end of 2025 than in previous year, as consumers accelerated buying ahead of sharp price rises driven by higher CO2 levy costs and GHG quotas. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Singapore launches first voluntary SAF purchase trial

Singapore launches first voluntary SAF purchase trial

Singapore, 2 February (Argus) — Singapore's civil aviation authority, the Singapore Sustainable Aviation Fuel Company (SAFCo) and nine companies have launched the country's first trial for centrally procuring SAF on a voluntary basis. The system is set to be scaled up from October to meet the country's 1pc SAF target for the year. The nine companies are Google, the Boston Consulting Group, DBS and OCBC banks, Singapore state-owned investment firm Temasek, state-linked green investor GenZero, Changi Airport Group and air carriers Singapore Airlines and Scoot. The organisations will trial buying SAF and SAF environmental attributes (EAs) through SAFCo, according to an initial agreement signed at the third Changi Aviation Summit on 2 February. The signing was witnessed by Singapore's acting transport minister and senior minister of state for finance Jeffrey Siow. This trial will allow SAFCo to test the end-to-end operational, commercial and accounting processes needed for SAF procurement at a national level, the environment attributes (EAs) allocation system for companies' claims and reporting, and support the eventual implementation of Singapore's national SAF policy. SAFCo's role is to meet companies' differing needs and aggregate demand into an overall purchase, Civil Aviation Authority of Singapore (CAAS) director-general Han Kok Juan said. The first batch of SAF volumes will be purchased via a tender before 1 October. Details such as the tender's pricing structure and EA registry are still being worked out, and information on SAF volumes and origin will be shared when the tender is issued, Han said. "After the trial, the aviation ecosystem will be able to know how we operate, and be able to respond before 1 October, when we'll need to procure SAF in bigger batches," Han told reporters at a media briefing last week. Singapore's SAF levy on flights departing the country kicks in on 1 October, and the pooled funds will be used to purchase SAF to meet its 1pc target use this year. SAFCo will be taking delivery of Corsia-certified SAF which is already blended with fossil jet fuel, SAFCo chief executive Tan Seow Hui said. The nine companies involved in the trial will achieve credible emissions reduction, gain firsthand experience on SAF EA procurement and accounting processes to meet their sustainability commitments, and leverage SAFCo's aggregated demand to purchase SAF "cost-effectively, more efficiently and with greater certainty compared to individual procurement," CAAS said. "By aggregating demand and working closely with airlines, corporate partners and government agencies, we aim to demonstrate a practical and credible approach to SAF procurement and EA allocation that can scale over time," Tan said. By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Chevron to up Venezuelan crude at US refineries

Chevron to up Venezuelan crude at US refineries

Houston, 30 January (Argus) — Chevron is planning to run more Venezuelan crude in its US refineries, the company said today, following the shakeup of that country by US military intervention early this month. Chevron, which has been operating in Venezuela with state-owned PdV under a special waiver from US sanctions, has been running about 50,000 b/d of Venezuelan crude at its 356,500 b/d refinery in Pascagoula, Mississippi, chief executive Mike Wirth said on a fourth-quarter earnings call. Chevron can take another 100,000 b/d of Venezuelan crude into its system both at the Pascagoula facility and at the 285,000 b/d El Segundo refinery in southern California, where it has coking capacity, he said. Washington on Thursday lifted sanctions on Venezuela's oil exports, with caveats prohibiting sales to Cuba, business deals involving many Chinese companies and oil-for-debt arrangements. The lifting of sanctions will allow Venezuela's state-owned PdV to directly sell cargoes to any eligible buyer abroad. Previously, only trading firms Trafigura and Vitol were approved by the US government to market unsanctioned Venezuelan crude following the US capture of former Venezuelan president Nicolas Maduro on 3 January. US independent refiner Valero said on Thursday it plans to ramp up purchases of Venezuelan crude and expects it to be a major heavy feedstock this quarter. Valero ran as much as 240,000 b/d of Venezuelan heavy crude in the past before US sanctions, but that was prior to installing a new coker at its 380,000 b/d Port Arthur, Texas, refinery in 2023 which increased processing capacity for heavy crude. Now, Valero can run Venezuelan crude "substantially north of that number", Valero's vice president of crude and feedstocks supply and trading Randy Hawkins said this week. Phillips 66 said earlier this month that its two large Gulf Coast refineries can process about 200,000 b/d of Venezuelan oil if the crudes are available and the economics support it. The refineries include the 265,000 b/d Sweeny refinery in Old Ocean, Texas, and the 264,000 b/d refinery in Lake Charles, Louisiana. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

LNG share of alternative bunker fuel market grows