Emirates to resume limited service from 6 April: Update

  • : Oil products
  • 20/04/02

Adds details on routes Emirates will be serving.

Dubai's national airline Emirates will resume a limited number of outbound passenger flights from the UAE as of 6 April.

"Emirates has received approval from UAE authorities to start flying a limited number of passenger flights," the company's chairman and chief executive Sheikh Ahmed bin Saeed al-Maktoum said in a Tweet today.

Emirates said its initial flights would fly from Terminal 2 at Dubai International Airport to London Heathrow, Frankfurt, Paris, Brussels and Zurich. Emirates has scheduled four flights per week to Heathrow and three flights per week to the other cities. While these flights will only carry outbound passengers from the UAE, Emirates said it would carry belly-hold cargo in both directions.

Al-Maktoum, who is also president of Dubai's civil aviation authority, said that Emirates is looking into resuming flights gradually in line with the lifting of travel and operational restrictions.

Emirates suspended all passenger flights from 25 March until at least 30 April in an effort to limit the spread of the coronavirus pandemic. The UAE temporarily banned all inbound and outbound flights and the transit of airline passengers through its airports, also from 25 March, following a directive from the UAE's National Emergency Crisis and Disaster Management Authority and the civil aviation authority. That ban was for an initial two-week period.

To help mitigate the slump in passenger demand, Dubai's crown prince Sheikh Hamdan al-Maktoum has pledged that the government will inject funding into Emirates.

Global and regional flight restrictions have drastcially lowered demand for jet fuel, which is heavily weighing on the Mideast Gulf jet fuel market.


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24/04/17

June deadline set for Citgo auction bids

June deadline set for Citgo auction bids

Houston, 17 April (Argus) — Bidders for Citgo's US refining assets have until 11 June to submit offers for the company's 805,000 b/d of refining capacity and associated assets, with a tentative sale hearing set for 15 July. Documents filed Tuesday in the US District Court for the District of Delaware set 11 June as the deadline for interested parties to submit final binding bids after non-binding bids were received 22 January. The court began the auction process for Citgo's parent PdV Holding (PdVH) in October, part of the process of satisfying debts owed by Venezuelan-state owned oil company PdV. The court will file a notice of a successful bid "as soon as reasonably practicable" following the 11 June deadline and selection of a successful bidder. No date has been set for the filing of objections to the sale or replies to the objections before the tentative 15 July hearing. The legal wrangling over Citgo is unlikely to conclude even if the Delaware court successfully executes the sale as 27 businesses have filed claims against Citgo amounting to more than $21bn. The scale of Citgo's operations in the US are also a challenge to any potential buyer. Few companies look ready to buy the company's three refineries, three lubricants plants and retail and midstream assets. The assets have been valued by various analysts anywhere between $6.5bn and $40bn, with a lofty valuation potentially deterring bidders. But the auction process itself has been the main cause for concern. Independent refiner PBF Energy's chief executive Matthew Lucey previously called the auction a "quagmire" , considering its ties to a complex geopolitical situation in Venezuela, saying he did not expect the sale to go anywhere in the near term. Marathon Petroleum expressed similar disdain. "We're not interested in the auction process," Marathon chief executive Michael Hennigan said on an earnings call in October . By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Idemitsu books rare US Gulf-Vancouver HVO cargo


24/04/17
24/04/17

Idemitsu books rare US Gulf-Vancouver HVO cargo

New York, 17 April (Argus) — Japanese oil company Idemitsu provisionally hired a medium range (MR) tanker to carry hydrotreated vegetable oil (HVO) from the US Gulf coast to Vancouver on 16 April, a sign of the growing HVO trade from the region into west coast North America. Idemitsu put the Stolt Sisto MR on subjects for a US Gulf coast-Vancouver voyage from 20-25 April at $2.35mn lumpsum. The fixture may be part of an agreement under which Vertex Energy supplies Idemitsu's California-based subsidiary, Idemitsu Apollo, with all of its renewable diesel production from its plant in Mobile, Alabama. The plant's exports are targeting "growing regional markets in the western United States and Canada", according to Vertex. High freight costs for US domestic shipments because of the Jones Act may be encouraging Idemitsu to focus on the Canadian market. In comparison, freight for a US-flagged MR on a New Orleans-Los Angeles voyage was equivalent to $4.34mn, nearly double the cost of a voyage to more distant Vancouver. "I think [demand from Vancouver] will keep expanding with the subsidies/grants," a shipbroker said. "There is not much production in Vancouver, just Parkland [refinery]." Canadian oil company Suncor typically books one MR vessel a month to carry HVO from the US Gulf coast to Vancouver, with two charters in October 2023 standing out as a particularly active month for the trade, according to ship fixtures compiled by Argus . But Idemitsu has been "jumping in on the action" in recent months, according to the shipbroker, provisionally hiring at least one MR tanker on the spot market in January and February before yesterday's deal. Vancouver buyers are also getting HVO from Asia-Pacific suppliers, and countries like South Korea could become increasingly competitive in the renewable trade overall as they ramp up their sustainable aviation fuel (SAF) and HVO production in the coming years. Vancouver imported around 29,500 b/d of HVO in January 2024, including 16,612 b/d from the US, 7,548 b/d from South Korea, and 5,351 b/d from Taiwan, according to Kpler data. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Exxon German refinery sale in limbo after court ruling


24/04/17
24/04/17

Exxon German refinery sale in limbo after court ruling

Hamburg, 17 April (Argus) — ExxonMobil's plan to sell its share in German refining joint venture Miro has been delayed by a court order following a petition by fellow Miro shareholder Shell. ExxonMobil agreed to sell its 25pc stake in Miro , operator of the 310,000 b/d Karlsruhe refinery, to Vienna-based Alcmene in October last year. The two sides were aiming to close the deal in the first quarter of this year, but in a letter seen by Argus last month, ExxonMobil said completion had been pushed back to the summer because some of the administrative procedures had yet to be finalised. Argus has since learned that a regional court in Karlsruhe issued an interim order against the sale on 18 January at Shell's request. Shell originally petitioned a court in Hamburg on 20 November, but the case was later moved to Karlsruhe, according to a court spokesperson. The judgement prohibits ExxonMobil from splitting off or transferring its Miro shares. The firm has already appealed against the judgement to a higher court in the region. A decision is pending. Exonmobil's partners in Miro are Shell with a 32.25pc stake, Russia's Rosneft with 24pc and US firm Phillips 66 with 18.75pc. Rosneft's German refinery assets have been under state trusteeship since September 2022. By Natalie Mueller Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Shell geht gegen Verkauf von Essos Miro-Anteilen vor


24/04/17
24/04/17

Shell geht gegen Verkauf von Essos Miro-Anteilen vor

Hamburg, 17 April (Argus) — Im Januar hat das Landgericht Karlsruhe einem Antrag von Shell Deutschland auf eine einstweilige Verfügung gegen den Verkauf der Miro-Anteile von Esso stattgegeben. Esso hat daraufhin Berufung eingelegt. Es ist unklar, ob und wann der Verkauf stattfinden wird. Ein entsprechender Antrag auf einstweilige Verfügung sei bereits am 20. November 2023 von Shell in Hamburg gestellt worden und wurde schließlich nach Karlsruhe überwiesen, so ein Sprecher des Landesgerichts. Mit dem Urteil sei es Esso somit untersagt, ihre Anteile an der Miro (310.000 bl/Tag) abzuspalten oder zu übertragen. Im Oktober 2023 hatte Esso den Verkauf ihres 25 %-igen Anteils an das österreichische Unternehmen und Liwathon-Tochter Alcmene bekanntgegeben. Anfang April folgte dann die Mitteilung, dass die Umsetzung der Übernahme aus administrativen Gründen auf Sommer 2024 verschoben wurde. Ursprünglich war diese für das 1. Quartal vorgesehen. Esso hat bereits beim Oberlandesgericht Karlsruhe Berufung gegen das Urteil eingelegt, so der Sprecher des Landesgerichts Karlsruhe. Ein abschließendes Urteil wurde bislang noch nicht gefällt. Sollte das Oberlandesgericht das Urteil aus erster Instanz aufrechterhalten, könnte dies die Übernahme der Miro-Anteile durch Alcmene weiter verzögern oder komplett stoppen. Von Natalie Müller Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2024. Argus Media group . Alle Rechte vorbehalten.

Nigeria's Dangote diesel offers cut local prices


24/04/17
24/04/17

Nigeria's Dangote diesel offers cut local prices

London, 17 April (Argus) — Nigeria's 650,000 b/d Dangote refinery has offered road diesel at the lowest price since it began distillate sales earlier this month, and market participants said this is likely to weigh heavily on local values and import markets. The refinery dropped prices for diesel, known in Nigeria as automotive gasoil (AGO), to 1,000 naira/litre (87¢/l) for a minimum of 1mn l, and offered a discount of N30/l for offtake of 5mn l and above, it said. The price changes took effect today. The N1,000/l offer equates to around $950/t for product that market participants say contains 700ppm sulphur. The move by Dangote was labelled as "very aggressive pricing" by a trader, while other sources said it "crashed the market". Local marketing companies were offering AGO at as low as N1,140/l ex-depot by the close on 16 April, according to a source, while Dangote was offering at N1,210/l. Dangote began offering AGO at around N1,200/l three weeks ago, which was a 30pc reduction from the then market levels of around N1,600/l, the company said today. The Major Energies Marketers Association of Nigeria (MEMAN) assessed ex-depot prices at the Apapa Hub in Lagos at N1,396/l on 29 February. Output from Dangote is altering Nigeria's import structures, with local high sulphur gasoil buyers captive to the refinery's supply. The refinery operator has secured an exemption from Nigeria's 200ppm sulphur product import cap , allowing it to supply its 700ppm sulphur product locally. The high sulphur gasoil offshore Lome ship to ship (STS) market was described by a market participant today as "almost dead". No bid or offer levels for 10,000-20,000t STS transfers were reported today. The most competitive offer was at a premium of $25/t against Ice May gasoil futures, for loading between the last week of April and the first week of May. Dangote refinery began selling diesel and jet to the domestic market earlier this month . A spokesman told Argus then that Nigerian product marketing companies began loading diesel and jet from the refinery onto 30t trucks and minimum 22,000t tankers. Around 70-80pc of truck loadings from the refinery are destined for areas of the country outside Lagos, according to a market participant. Dangote said today it had loaded diesel onto the 35,000 dwt tanker Golden Lavender, which appeared to make the first domestic seaborne delivery of Dangote-origin diesel and jet since the refinery started middle-distillate production, discharging on 10 April at Tincan Island, Lagos, according to Kpler. Dangote's jet output may not yet be fit for use in aviation, according to a source who said it may currently be used as dual-purpose kerosine for power and heat generation. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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