Cepsa rebrands to Moeve to reflect sustainability shift

: Biofuels, Crude oil, Hydrogen, Oil products
24/10/30

Spain-based integrated energy company Cepsa has changed its name for the first time in its 95 years of existence, to Moeve (pronounced Moo-eh-vey).

The change reflects Cepsa's transition "in which the majority of profits will come from sustainable activities by the end of this decade," said chief executive Maarten Wetselaar.

Cepsa has sold nearly 70pc of its oil and gas production over the past two years, including its stakes in upstream assets in Abu Dhabi, in Peru and in Colombia. It has retained stakes in light crude and gas production in Algeria, which has a significantly lower carbon footprint.

The company reported provisional working interest crude production of 36,000 b/d in July-September, down from 80,000 b/d in the same period of 2021.

Since then it has announced an €8bn ($8.65bn) investment strategy to decarbonise much of its business through ventures such at the planned 2GW Andalusian Hydrogen Valley, announced at the end of 2022, together with second-generation biofuels, biomethane and renewables development.

Cepsa, or Compañia Espanola de Petroleos SA, was founded in 1929. It has been been majority controlled by Abu Dhabi sovereign wealth investors IPIC and Mubadala Investment Company since 2011. US investment fund Carlyle acquired 37pc of the firm in 2019.

By Jonathan Gleave

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25/05/22

Iraq signs integrated energy deal with China’s Geo-Jade

Dubai, 22 May (Argus) — Iraq's oil ministry has signed an agreement with China's Geo-Jade Petroleum and local firm Basra Crescent to expand the capacity of the 20,000 b/d Tuba oil field and develop a suite of downstream and power assets, in a move that mirrors recent integrated energy deals with international partners. A key component of the South Basrah Integrated Energy Project will be to raise Tuba's production capacity to 100,000 b/d, oil minister Hayan Abdulghani said at the signing ceremony in Baghdad on 21 May. The project will also include processing of up to 50mn ft³/d of associated gas. Downstream components include a 200,000 b/d refinery, a 620,000 t/yr petrochemical plant and a 520,000 t/yr fertilizer facility. A 650MW thermal power plant and a 400MW solar plant will also be part of the project, Abdulghani said. No financial details or project timelines were disclosed. The agreement marks a further step in Geo-Jade's expansion in Iraq, following its successful participation in the country's fifth and sixth licensing rounds. While the company now holds multiple upstream assets in Iraq, it has yet to bring any into production. The deal follows a similar multi-billion dollar agreement signed with TotalEnergies in 2023 , which bundled gas processing, water treatment and solar power with development of the Ratawi field. In February this year, BP signed a major upstream deal with Iraq that also includes power, water and potentially exploration. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexican GDP outlook dims on tariffs: IMEF

25/05/21

Mexican GDP outlook dims on tariffs: IMEF

Mexico City, 21 May (Argus) — Mexico's association of finance executives IMEF lowered its 2025 growth forecast for a fourth consecutive month, citing the growing impact of US tariffs on the economy. GDP is now expected to grow just 0.1pc in 2025, according to IMEF's May survey, down from 0.2pc estimates in April, 0.6pc in March and 1pc in February. The number of respondents forecasting a contraction in GDP rose to 16, or 37pc of the sample, from nine in April. While the US has granted some exemptions and discounts for Mexican goods meeting regional content rules, IMEF said the effective tariff rate on Mexican exports remains higher than that for Canada, Brazil, India, Vietnam and others. "We're already seeing the [tariffs'] impacts," said IMEF economic studies director Victor Herrera, adding that May trade data will likely show a sharp drop in Mexican exports to the US. Trade is also being hit by a screwworm outbreak in cattle that led to port closures last week and curtailed beef exports, which account for $1.3bn in annual exports. More automakers could relocate or scale back production in Mexico, Herrera said, after Stellantis confirmed plans to shift some operations to the US and recent reports Nissan may close one or both of its Mexican plants. In response, Mexico this week sent deputy economy minister Luis Rosendo Gutierrez to Tokyo to meet with Mazda, Nissan, Toyota and Honda executives. IMEF cut its 2025 job creation forecast to 200,000 in May from 220,000 in April. Mexico's social security administration IMSS reported only 43,500 new jobs over the past 12 months as of 5 May. Beyond trade, IMEF flagged uncertainty from recent constitutional reforms and the potential for a US tax on remittances as additional risks to growth. The group held its 2025 inflation forecast steady at 3.8pc, despite Mexico's consumer price index rising to 3.93pc in April from 3.80pc in March . IMEF noted concerns about a potential rebound in inflation later this year after the central bank cut its benchmark interest rate by 50 basis points to 9pc on 8 May — the third such cut in 2025. The group now sees the end-2025 rate at 7.75pc, down from 8pc previously. IMEF expects the peso to end the year at Ps20.80/$1, slightly lower than the Ps20.90/$1 forecast in April. The peso recently strengthened to Ps19.34/$1, though Herrera said this reflected dollar weakness more than peso strength. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EPA to set biofuel mandate 'very soon': Zeldin

25/05/21

EPA to set biofuel mandate 'very soon': Zeldin

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Phillips 66 shareholders split board vote

25/05/21

Phillips 66 shareholders split board vote

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Nigeria's Dangote to import 9mn bl WTI crude in June

25/05/21

Nigeria's Dangote to import 9mn bl WTI crude in June

London, 21 May (Argus) — Nigeria's 650,000 b/d Dangote refinery has bought 9mn bl of US light sweet WTI for delivery in June, according to traders, the most for any month since it started up in early 2024. Trading firm Vitol sold three 2mn bl shipments, and trading firm Petraco sold one 2mn bl cargo and a Suezmax-sized shipment. Only one 2mn bl cargo of WTI has arrived at Dangote in May to date, after three in April, according to Vortexa. Dangote was built to run Nigerian crude, but its share of local grades has been 50pc or less in recent months. Nigeria's state-run NNPC allocated six June-loading cargoes to Dangote — two of medium sweet Escravos, and one each of light sweet grades Brass River, Bonny Light, Okwuibome and Yoho — for a maximum of 6mn bl. Market participants expect NNPC to slightly increase its official crude formula prices for June supplies, which should surface before the end of May. Even small increases to official prices would erode the appeal of Nigerian grades compared with WTI. WTI for front-month delivery averaged a 90¢/bl premium to North Sea Dated on a delivered-Europe basis in the 1-20 May period. The deals to Dangote were struck at similar levels on a delivered-Nigeria basis, although price levels were unconfirmed. Escravos' official price was a $1.63/bl premium to Dated for May, and Bonny Light was 48¢/bl above the benchmark on a fob basis — already close or higher than delivered WTI prices, without freight. Dangote has provided an outlet for US light sweet crude at a time of subdued demand from Europe. Around 1.5mn b/d of WTI is booked to arrive to Europe in June, which is lower than typical amounts, according to traders. Tracking data do not always capture the amount of WTI accurately. Relatively cheap Caspian CPC Blend has been weighing on European demand for WTI, according to traders. The Caspian light sour grade has been on average $3.20/bl cheaper on a cif Augusta basis than WTI on a cif Rotterdam basis in May to date. Taking CPC Blend to northwest Europe would incur some additional freight costs, and narrow its discount relative to WTI, but the grade would be still priced below the US crude. Europe is grappling with a glut of light crude grades, partly because of far higher Kazakhstan production an muted Asia-Pacific demand for it, as well as lower demand in Europe due to permanent closures of some refineries. By Lina Bulyk and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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