2025-08-27 07:51
SINGAPORE, Aug 27 (Reuters) - The former head of Vitol's Asia region liquefied natural gas operations will join U.S. oil major ExxonMobil (XOM.N) , opens new tab to lead its global LNG trading and Asia Gas and Power divisions. Sid Bambawale will begin his role at ExxonMobil in Singapore on September 1 after stepping down at Vitol in December 2024 to take a career break, he said in a LinkedIn post on Wednesday. Sign up here. He spent over eight years at Vitol, the world's top energy trader, and held LNG trading roles at Chevron and Citi prior to that, according to his LinkedIn profile. Both ExxonMobil and Vitol did not immediately respond to a request for comment. https://www.reuters.com/business/energy/vitols-former-asia-lng-lead-joins-exxonmobil-head-global-lng-trading-2025-08-27/
2025-08-27 07:49
MELBOURNE, Aug 27 (Reuters) - Anglo-Australian miner Rio Tinto (RIO.AX) , opens new tab named Matthew Holcz to lead its iron ore division, its most profitable, and will streamline operations into three business units - iron ore, aluminium and lithium, and copper, it said on Wednesday. The move comes as newly minted CEO Simon Trott, who had previously led the iron ore business, seeks to simplify the miner's structure and sharpen the focus on its most profitable assets, a shift previously flagged by Reuters. Sign up here. Holcz was named chief executive of the unified iron ore division, integrating Rio Tinto's Western Australian operations with Canada's iron ore operations in changes taking effect on Wednesday, the company said in a filing to the ASX. The division will also include the Simandou project in Guinea when it is completed. Jerome Pecresse, who leads the aluminium division, will also take on lithium, including the miner's recently acquired Arcadium Lithium business. Katie Jackson will continue to head the copper division focused on the ramp up of the Oyu Tolgoi mine in Mongolia. Outside the three core units, Rio Tinto's borates and iron and titanium businesses will be transferred to Chief Commercial Officer Bold Baatar's portfolio for strategic review, with further updates on their future to be provided. Rio Tinto has been considering a sale of the titanium unit amid weak prices and low returns. The business is currently part of Sinead Kaufman's Minerals division. With the changes, Kaufman will be leaving Rio Tinto at the end of October after almost 30 years, the company said. The company will "conclude" the Chief Executive Australia role, held by Kellie Parker, which covers health and safety and mine closures, it said. Parker will remain in the role during the transition to transfer her responsibilities, the company said. https://www.reuters.com/world/asia-pacific/rio-tinto-names-new-iron-ore-chief-restructures-into-three-business-units-2025-08-27/
2025-08-27 07:40
Kazakhstan's BTC oil flows suspended from early August - sources Organic chloride was detected in Azeri BTC crude last month MOSCOW, Aug 27 (Reuters) - Kazakhstan is holding talks to resume oil transit via the Baku-Tbilisi-Ceyhan pipeline (BTC), Russian state news agency TASS reported on Wednesday, citing the Central Asian country's energy ministry. It was the first time that Kazakhstan had confirmed any disruption to its exports via the BTC, which has been affected by problems with tainted Azerbaijani oil. Industry sources say Kazakh supplies via the route were suspended in early August. Sign up here. Organic chloride was detected in Azerbaijani BTC crude cargoes last month, pushing price differentials to a four-year low and delaying loadings. Azerbaijani BTC loadings from Ceyhan totalled 423,000 barrels per day (bpd) in July, according to data from analytics firm Kpler, below the 561,000 bpd scheduled on the loading programme for the month. Organic chlorides are used to boost extraction from oilfields but must be removed before oil enters pipelines as they can damage refinery equipment. "There was a report about the suspension (of deliveries via BTC). But I know that now KazMunaiGas is negotiating the earliest possible resumption along this route," Kazakh Energy Minister Yerlan Akkenzhenov was quoted as saying by TASS. The 1,768-km (1,100 miles) BTC pipeline, managed by BP (BP.L) , opens new tab, brings oil from the Caspian oilfields of Azerbaijan and Kazakhstan to the Turkish port of Ceyhan. Usage of the route is part of Kazakhstan's efforts to bypass Russia in exporting its energy. More than 80% of Kazakhstan's oil exports are shipped by the Caspian Pipeline Consortium via a Russian Black Sea port. Kazakhstan increased oil exports via the BTC in the first half of 2025 by 12% compared to the same period last year to 785,000 tons (34,000 barrels per day), according to state statistics. Kazakh minister Akkenzhenov was also cited by TASS as saying that supplies of Kazakh oil to Europe are proceeding without delays despite recent Ukrainian attacks on the Druzhba pipeline. https://www.reuters.com/business/energy/kazakhstan-talks-resume-oil-transit-via-btc-pipeline-tass-reports-2025-08-27/
2025-08-27 07:29
Non-integrated operator YNCC may shut 1-2 crackers - Citi SK Innovation mulls options including possible cracker closure Naphtha demand to be hit harder than LPG - Woodmac Polyolefins, aromatics, derivatives output to be affected - ICIS SEOUL/SINGAPORE, Aug 27 (Reuters) - Small and stand-alone naphtha crackers are likely to shut while some plants could merge as part of an overhaul of South Korea's oversupplied petrochemical sector, analysts said, which will cut naphtha demand at the world's largest importer of the fuel. Ten South Korean petrochemical companies agreed to reduce their naphtha-cracking capacity by between 2.7 million and 3.7 million metric tons per year, government officials said last week, to cull surplus supply and improve profit margins. Sign up here. The cuts would be equivalent to about 25% of the country's overall capacity, including the Shaheen project due to start up next year. The companies need to submit an outline by the end of the year on steps they plan to take, South Korea's industry ministry said. An SK Innovation spokesperson said the company is considering various options including the possible closure of a cracker. Its subsidiary SK Geo Centric operates a 660,000-tons per year cracker at Ulsan. Analysts say Yeochun NCC Co (YNCC), a joint venture between DL Chemical and Hanwha Solutions (009830.KS) , opens new tab and the country's third-largest ethylene producer, may have to shut one or two of its three crackers. "We see YNCC as the least competitive due to weak financials and (a lack of) integration," Citi analysts led by Oscar Yee said in a note. YNCC's debt-to-equity ratio hit 249% by the end of the first half of 2025, while it is a major net ethylene seller, they added. Plants that may be permanently closed include YNCC's No. 3 cracker which was shut in August and possibly a second YNCC unit, they said. YNCC did not respond to phone calls from Reuters. A DL Chemical spokesperson said nothing has been decided on restructuring including how to handle YNCC. "The industry should participate in (the) restructuring, making sure there's no free rider," he said. A Hanwha spokesperson said the company is considering various options and plans to submit their plan to the government as soon as possible. HD Hyundai (267250.KS) , opens new tab is looking to acquire Lotte Chemical’s (011170.KS) , opens new tab naphtha cracker, or the companies may merge their cracker operations, trade sources have said. Lotte, South Korea's second-largest ethylene producer, declined to comment, while HD Hyundai said nothing has been decided yet. Some companies may choose to mothball smaller, inefficient units that are due for maintenance, instead of investing further, Wood Mackenzie principal analyst Catherine Tan said. NEW PLANT LOOMS The restructuring is likely to hit demand for naphtha, which is used to produce 82% of the country's ethylene, harder than liquefied petroleum gas, Tan said. Importing U.S. ethane to make ethylene would be an option but that would require investments in new infrastructure, she added. ICIS principal analyst Salmon Lee and senior analyst Amy Yu expect South Korea's capacity for polyolefins, aromatics and other derivatives such as monoethylene glycol to fall in line with the ethylene capacity rationalisation. However, Woodmac's Tan said the voluntary measures would mean "some hard bargaining and tough negotiations are to be expected as companies may want to wait and see who flinches and bows out first". The start-up of the Shaheen project by S-Oil (010950.KS) , opens new tab and its majority owner, Saudi Aramco (2222.SE) , opens new tab, to produce 1.8 million tpy ethylene next year will exacerbate oversupply and could limit the impact from capacity cuts, analysts said. Consultancy FGE expects South Korea's restructuring to take a year to 18 months, Armaan Ashraf, global head of natural gas liquids, said. "This wouldn't save the market by any means, but it would help chip away at overcapacity alongside consolidation by other players such as Europe, Japan and potentially China’s next 5-year plan," he added. https://www.reuters.com/business/energy/south-korea-petrochemical-overhaul-likely-shut-small-stand-alone-naphtha-2025-08-27/
2025-08-27 07:23
Fed's Cook says Trump has no authority to fire her Focus on US PCE data due on Friday Aug 27 (Reuters) - Gold prices slipped on Wednesday, pressured by an uptick in the dollar, although renewed concerns over the U.S. central bank's independence after President Donald Trump's threat to fire Federal Reserve Governor Lisa Cook lent support to bullion. Spot gold was down 0.5% at $3,376.99 per ounce, as of 0701 GMT, after hitting its highest level since August 11 on Tuesday. Sign up here. U.S. gold futures for December delivery eased 0.2% to $3,427. The dollar index (.DXY) , opens new tab rose about 0.3% against its rivals, making gold less attractive for other currency holders. "Short-term speculators are taking a bit of profit right now. However, gold is still being supported especially as we start to see a much more clear dovish stance from the Federal Reserve," OANDA senior market analyst Kelvin Wong said. "We could see in the near term there is still potential upward pressure to test $3,400, above it will be the $3,435 level." Trump said he was removing Fed's Cook over alleged improprieties in obtaining mortgage loans, a step that could test the boundaries of presidential power over the U.S. central bank. In response, Cook said Trump has no authority to fire her, and she will not resign. Trump has been pushing the U.S. central bank to cut rates and has repeatedly criticised Fed Chair Jerome Powell for acting too slow. Focus now shifts to the Personal Consumption Expenditures Price Index, the Fed's preferred inflation gauge, due on Friday for more cues on interest rate path after dovish remarks from Powell at Jackson Hole symposium last week. Markets are now pricing in an 87% chance of a quarter-point rate cut at the Fed's September 17 policy meeting, according to CME FedWatch Tool. Non-yielding gold typically performs well in a low-interest-rate environment. Elsewhere, spot silver fell 0.4% to $38.42 per ounce, platinum was down 0.4% at $1,343.95 and palladium was flat at $1,093.57. https://www.reuters.com/world/india/gold-prices-slip-dollar-firms-fed-turmoil-limits-losses-2025-08-27/
2025-08-27 07:11
NEW DELHI, Aug 27 (Reuters) - India, the world's third-biggest oil importer and consumer and the largest buyer of Russian seaborne crude, is caught in the crossfire of diplomatic negotiations between Russia and the United States to end the war in Ukraine. WHY HAS TRUMP IMPOSED ADDITIONAL TARIFFS ON INDIAN GOODS? An additional 25% duty by President Donald Trump takes total tariffs on Indian goods to as much as 50% from Wednesday, among Washington's highest, in retaliation for New Delhi's increased buying of Russian oil. Sign up here. White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop. This month, Treasury Secretary Scott Bessent said India was profiteering from its sharply increased imports, making up 42% of total oil purchases, versus less than 1% before the war, a shift Washington has called unacceptable. Trump's strategy is in a sharp contrast to the former Biden administration, which had welcomed India's Russian oil purchases in order to help keep global oil prices , which hit a peak of $139 a barrel in 2022, in check. WHY INDIA IS BUYING RUSSIAN OIL? India and China have become the biggest Russian oil buyers since the Ukraine war broke out in 2022 and Western nations shunned energy imports from Moscow and imposed price caps on Russian oil trade. However, there is no blanket prohibition on the purchase of Russian oil if the deals meet parameters of the Western sanctions. The Indian government aims to reduce its massive crude oil import bill and provide energy at affordable rates to its 1.4 billion citizens. Additionally, the import of discounted Russian oil has allowed India to diversify from more expensive Middle Eastern grades. India has said its national interests will guide its energy import policies. The country imports over 85% of its total oil requirements for its refining capacity of 5.2 million barrels per day. WILL INDIA CONTINUE TO BUY RUSSIAN OIL? For now, India is unlikely to stop importing Russian oil due to energy security, people familiar with the matter said. However, India's imports of Russian oil are expected to fall in September from August, after state refiners paused their purchases due to smaller discounts, according to LSEG trade flow data. India's Russian oil imports are expected to remain subdued as state-refiners are not keen to buy at reduced discounts and are instead scouting for only distressed cargoes, said Indian refining sources. Discounts for Russian Urals crude delivered to India have narrowed to about $2.50 per barrel to dated Brent, trade sources said, versus discounts of $20–$25 per barrel when the war began in February 2022. India officials said it is difficult to replace Russian oil supplies as the cost of replacement barrels will rise significantly. HOW MUCH OIL DOES INDIA BUY FROM RUSSIA? India imported 1.73 million bpd of crude from Russia between January and July, accounting for more than a third of India’s total imports, trade data showed. Previously, Russian oil made up only a small fraction of India’s overall imports due to logistical constraints, including costly and longer shipping routes. India reduced its crude intake from Middle Eastern and African nations after increasing Russian imports. WHO ARE THE TOP BUYERS OF RUSSIAN OIL IN INDIA? Indian private refiners Reliance Industries (RELI.NS) , opens new tab and Nayara Energy are the top buyers of Russian oil. Reliance operates the world’s largest refining complex, while Nayara is majority owned by Russian entities, including Rosneft. Reliance has a term contract with Rosneft (ROSN.MM) , opens new tab, India’s largest oil import deal with Russia. Together, the two companies account for about 60% of India’s total Russian oil imports. In contrast, state-run refiners purchase Russian oil from the spot market on a delivered basis. ALTERNATIVES TO RUSSIAN OIL Indian companies have raised crude imports from the U.S. and the Middle East in recent months to replace Russian supply. https://www.reuters.com/world/india/why-indias-russian-oil-imports-sparked-us-tariffs-amid-ukraine-peace-talks-2025-08-27/
