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Brazilian banks, IDB plan new Amazon fund
Brazilian banks, IDB plan new Amazon fund
Sao Paulo, 26 July (Argus) — Brazil's three state-owned banks — Caixa, Banco do Brasil and development bank Bndes — and the Inter-American Development Bank (IDB) are planning to launch a new fund to finance sustainability programs in the Amazon forest, they said on Thursday. The plan is to establish an Exchange Traded Fund — to be called ETF Amazon For All — and distribute quotas before the UN Cop 30 climate summit, which will be held in Brazil's Para state, near the mouth of the Amazon, in November 2025. The fund's investment portfolio will be made up of fixed-income securities issued by the three Brazilian banks. The return offered to investors will be based on a reference index to be created. All the funds raised by the three institutions will be allocated to loans for sustainable projects in the Amazon. "This cooperation, aimed at joining efforts in favor of the Amazon's sustainable development and based on an innovative instrument in the Brazilian capital market, reinforces Bndes' commitment to the Cop 30 agenda," the bank's president Aloizio Mercadante said. The fund is "another step towards ensuring that the Amazon" lasts forever, IDB's president Ilan Goldfajn said. The announcement was made during a G20 meeting attended by finance ministers and central bank presidents in Rio de Janeiro this week. Brazil is presiding over G20 this year. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Eni confident on 2024 output, but Libya project slips
Eni confident on 2024 output, but Libya project slips
London, 26 July (Argus) — Executives at Italy's Eni are confident it will achieve the upper end of its 1.69mn-1.71mn production guidance for this year, but start-up of a key Libyan project is set to slip from 2026 into 2027. In a presentation of second-quarter earnings today, A&E Structure was one of two Libyan projects on a list of Eni's upcoming start-ups through to 2028 that will deliver some 740,000 b/d of oil equivalent (boe/d) of net production to the company. A&E Structure is a 160,000 boe/d gas development that will include some 40,000 b/d of liquids production, mainly condensate. A&E Structure is central to Libya's ability to sustain gas exports to Italy, which have dropped in recent years on a combination of rising domestic consumption and falling production. Supplies through the 775mn ft³/d Greenstream pipeline hit their lowest since the 2011 revolution in 2023, averaging 250mn ft³/d. The slide has continued since, with year-to-date volumes of around 160mn ft³/d on track for a record low. Eni's other upcoming Libyan project — the Bouri Gas Utilisation Project development that aims to capture 85mn ft³/d of gas at the 25,000 b/d offshore Bouri oil field — had already been pushed back from 2025 to 2026. For 2024 Eni expects to be "at the upper boundary of its guidance", according to chief operating officer of Natural Resources Guido Brusco. The company had a strong first half, during which output was 1.73mn boe/d — 5pc up on the year — thanks to good performance at assets in Ivory Coast, Indonesia, Congo (Brazzaville) and Libya. Brusco said Eni is in the process of starting up its 30,000 boe/d Cassiopea gas project in Italy, with first production expected next month, and the 45,000 b/d second phase of the Baleine oil project in Ivory Coast is expected to start by the end of this year. At Baleine, Brusco confirmed the two vessels to be used at phase two "will be in country in September and, building on the experience of phase one, we expect a couple of months of final integrated commissioning" before first oil. Eni also said today it would raise its dividend for 2024 by 6pc over 2023 to €1/share, and confirmed share repurchases this year of €1.6bn. It said there is potential for an additional buyback of up to €500mn, which is being evaluated this quarter. Eni's debt gearing is scheduled to fall below 20pc by the end of the year. Chief financial officer Francesco Gattei said these accelerated share buybacks would be possible if divestment deals are confirmed. By Jon Mainwaring and Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India's Fact seeks 40,000t of 15-15-15 in tender
India's Fact seeks 40,000t of 15-15-15 in tender
London, 26 July (Argus) — Indian fertilizer importer Fact has issued a tender to buy two 20,000t lots of 15-15-15. The tender will close on 9 August, and Fact intends to open offers on the same day. The importer requests delivery of one cargo to Kakinada and the other to Tuticorin, both on India's east coast. In both cases, Fact seeks a laycan at the discharge ports of 15-31 October. In late May, Fact bought two 30,000t lots of 15-15-15 against a tender , paying $342/t cfr duty unpaid, with credit terms of 30 days, for Russian product. Prices around the latest tender will be higher, following a firming of the market. Fact's request marks the second major Indian tender for complex fertilizers this week, after fellow importer HURL requested 30,000t lots of 20-20-0+13S . By David Maher Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Australia’s Ichthys LNG to restart liquefaction train
Australia’s Ichthys LNG to restart liquefaction train
Singapore, 26 July (Argus) — The second liquefaction train at Australia's 9.3mn t/yr Ichthys LNG export terminal plans to resume partial operations today, after going off line unexpectedly during 18-19 July, according to traders. The export facility is operated by Japanese upstream firm Inpex. Repairs at the affected train could take up to a month before it returns to full production, although the train is expected to restart by this weekend, according to market participants. Attempts to restart train two could take place by 26 July. Some delays to deliveries from the facility are expected, although there are also unconfirmed reports that up to two cargoes may have already been cancelled at the time of writing. The overall impact on the market is likely to be limited for now, with continuing weak spot demand from northeast Asian importers. Some term buyers previously requested for their deliveries to be deferred, traders said, although it is unclear just how many requests for deferment were received. But other participants have pointed out that the winter restocking season could soon start and any further impediments to train two's restart could lift prices. Recent temperatures in Japan have been higher than expected, with at least a 70pc probability of above-normal temperatures over the vast majority of the country until 23 August, according to the latest forecast issued by the Japan Meteorological Agency on 25 July. At least one Japanese utility may be considering spot purchases for August, owing to higher-than-expected power consumption because of warmer temperatures. But at least two other Japanese firms could be looking to sell a September and an October cargo each, traders said, which could indicate that the spot market is still sufficiently well-supplied to cope with additional demand from Japanese utilities. The 174,000m³ Grace Freesia departed from Ichthys on 25 July after loading an LNG cargo, according to ship tracking data from Kpler. The export terminal sold a spot cargo for loading over 2-6 June at around high-$9s/mn Btu through a tender that closed on 10 May, but further details are unclear. The US' 17.3mn t/yr Freeport export terminal also faced issues restarting since it was first taken off line on 7 July as a precautionary measure against Hurricane Beryl. The terminal loaded its first cargo on 21 July . All three trains are likely to be back on line as of 26 July, although production at the facility should still be closely monitored, traders said. By Naomi Ong Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Low-carbon hydrogen – when will it be competitive?
Low-carbon hydrogen – when will it be competitive?
Market drivers for HVO in 2024
Market drivers for HVO in 2024
The fight for feedstocks: UCO markets in 2024 and beyond
The fight for feedstocks: UCO markets in 2024 and beyond
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