2025-03-29 21:08

Many clients halted Venezuelan oil imports after Trump's tariff imposition Companies under US authorizations include European, Asian firms License withdrawals send strong signal of Washington's change of policy HOUSTON, March 29 (Reuters) - The U.S. government has notified foreign partners of Venezuela's state oil company PDVSA of the imminent cancellation of authorizations that allow them to export Venezuelan oil and byproducts, sources close to the decision by President Donald Trump's administration said on Saturday. In recent years, former President Joe Biden's administration granted the authorizations to secure Venezuelan oil for refineries from Spain to India as exceptions to the U.S. sanction regime on the South American country. Sign up here. The companies that had received licenses and comfort letters from Washington include Spain's Repsol (REP.MC) , opens new tab, Italy's Eni (ENI.MI) , opens new tab, France's Maurel & Prom (MAUP.PA) , opens new tab, India's Reliance Industries (RELI.NS) , opens new tab and U.S. Global Oil Terminals. Most companies had already suspended imports of Venezuelan oil following Trump's imposition this week of secondary tariffs on buyers of Venezuelan oil and gas, according to sources and vessel tracking data. The combination of tariffs and license cancellations to enforce sanctions is expected to squeeze Venezuela's oil exports in the coming months, after they began to decline in March, according to the data. In February, Venezuela exported 910,000 barrels per day of crude and fuel, above January's 867,000 bpd. Similar measures by Trump's first administration in 2020 knocked down Venezuela's oil output and exports, creating the need for PDVSA to use intermediaries to allocate cargoes to China, and leading to a pact with Iran. Those middlemen still do business with PDVSA. PDVSA, Repsol, Eni, Maurel & Prom, Reliance and the U.S. State Department did not immediately reply to requests for comment. Global Oil could not be reached for comment. The U.S. Treasury Department declined to comment. Last month, Trump said a key license to U.S. producer Chevron (CVX.N) , opens new tab to operate in Venezuela and export crude to the U.S. would be canceled. Days later, the Treasury Department ordered the company to wind down Venezuelan operations, and last week extended the deadline to May 27. The withdrawal of the most important U.S. license for Venezuela's energy industry has sent a strong signal of Washington's policy change toward Venezuela as Trump's administration also curbs migration, with a special focus on Venezuelans illegally in the U.S. Following reports by international observers of irregularities in President Nicolas Maduro's 2024 reelection, Trump has ramped up pressure on his government while accusing him of failing to make progress on electoral reforms and migrant returns. It was not immediately clear if all PDVSA partners were given the same May 27 deadline to wind down operations. The terms of Chevron's license termination also have not been completely clarified. U.S. Secretary of State Marco Rubio said this month that foreign oil companies in Venezuela would receive new guidance. Maduro has criticized the sanctions, saying they amount to an "economic war." https://www.reuters.com/markets/commodities/us-revoke-authorizations-foreign-partners-venezuelas-pdvsa-sources-say-2025-03-29/

2025-03-29 20:53

March 29 (Reuters) - Uganda on Saturday signed an oil refinery agreement with UAE-based Alpha MBM Investments for a 60% stake in crude oil refinery in Kabaale, Hoima District, President Yoweri Museveni's office said in a statement. The country's state-run Uganda National Oil Company will retain the remaining 40% stake in the 60,000-barrel-per-day refinery, according to the statement. Sign up here. Besides the refinery deal, Uganda and UAE investors also signed five other agreements in various sectors. Earlier this year, Uganda's energy minister said the country was in negotiations to develop a planned $4 billion oil refinery with Alpha MBM Investments. The UAE-based investment firm's website says it is led by Sheikh Mohammed bin Maktoum, a member of Dubai's royal family. Discussions on key commercial terms between the Ugandan government and Alpha MBM Investments began on January 16 and had been expected to conclude within three months, according to the Minister of Energy and Mineral Development Ruth Nankabirwa. The 60,000-barrel-per-day refinery is a cornerstone of Uganda's emerging hydrocarbons industry, playing a vital role in the country's energy strategy. https://www.reuters.com/business/energy/uganda-signs-deal-with-uae-investment-firm-over-oil-refinery-2025-03-29/

2025-03-29 19:57

March 29 (Reuters) - Brazilian meatpacker JBS (JBSS3.SA) , opens new tab announced on Saturday that it will invest US$100 million to build two factories in Vietnam, aiming to expand its presence in Southeast Asia and strengthen its position in the global market. According to a statement from the company, the plants will produce beef, pork and poultry, and will mainly use raw materials imported from Brazil. The goal is to supply Vietnam and other countries in the region. Sign up here. The agreement was formalized on Saturday through a memorandum of understanding with the Vietnamese government, JBS said. Reuters reported last week that JBS was considering the deal. The deal was sealed during a state visit by Brazilian President Luiz Inácio Lula da Silva to Vietnam, in which the opening of the Vietnamese market to Brazilian meat was announced. JBS was part of the business delegation accompanying the president. "The new plants in Vietnam will not only be an expansion of production capacity, but an investment with a purpose: to generate value for the local economy, create skilled jobs, and contribute to food security throughout Southeast Asia," said Renato Costa, the CEO for Friboi, JBS' beef division, in the statement. Friboi presents itself as a leader in the beef market in Brazil. According to the plan announced by JBS, the first facility will be built in Khu công nghiệp Nam Đình Vũ, including a logistics center with storage capacity, covering pre-processing, cutting and packaging activities. The agreement projects the second factory will be built in the south of Vietnam two years after the first facility starts operations. It will include similar infrastructure, including a logistics center and a processing plant. https://www.reuters.com/markets/commodities/brazil-meatpacker-jbs-spend-100-million-build-2-factories-vietnam-2025-03-29/

2025-03-29 18:28

TURIN, Italy, March 29 (Reuters) - Stellantis will buy credits from a "pool" led by Tesla (TSLA.O) , opens new tab also in 2025, to meet European Union's CO2 reduction requirements, despite Brussels giving carmakers three years to comply, the group's Europe head said on Saturday. Carmakers facing tougher EU emissions rules this year agreed to pool their emissions and avoid hefty fines by having firms with lower electric vehicle (EV) sales buy carbon credits from segment leaders including Tesla and Polestar. Sign up here. Stellantis, Europe's second largest carmaker, entered a pool led by Tesla, which also includes other competitors. However, earlier this month the European Commission yielded to pressure from European manufacturers and allowed compliance based on a carmaker's average emissions over the 2025-2027 period, rather than just on 2025 as initially envisaged. Asked whether Stellantis planned to use credits bought from Tesla this year, the group's head of European operations Jean-Philippe Imparato said: "I'll use everything". Imparato spoke at an automotive event in Turin, where it said Stellantis' current EV mix on its European sales was at 14%, compared to a 21% target set by the EU. The 2027 extension "gives us some breathing space, but does not provide a solution," he said. Imparato added production on the new hybrid version of the Fiat 500 city car would start at Stellantis Mirafiori complex in Turin in November, with an annual targeted output for the car, both in its hybrid and EV versions, of 130,000 units. https://www.reuters.com/sustainability/climate-energy/stellantis-buy-co2-credits-tesla-pool-also-2025-exec-says-2025-03-29/

2025-03-29 18:07

COPENHAGEN, March 29 (Reuters) - Danish Prime Minister Mette Frederiksen will visit Greenland on April 2-4 for talks with the semi-autonomous territory's new government, she said on Saturday, amid U.S. interest in taking control of the Arctic island. "I look forward to continuing the close and trusting cooperation between Greenland and Denmark," Frederiksen said in a statement. Sign up here. During a visit to a U.S. military base in the north of Greenland on Friday, U.S. Vice President JD Vance accused Denmark - which has controlled Greenland since 1721 - of not doing a good job of keeping the island safe and suggested the United States would better protect the strategically located island. He made his remarks hours after Greenland formed a new broad government coalition, led by Jens-Frederik Nielsen, who called Denmark its closest ally. Frederiksen, who has said it is up to the people of Greenland to decide their own future, said on Friday that Vance's description of Denmark was not fair. "I have the deepest respect for how the Greenlandic people and Greenlandic politicians are handling the great pressure on Greenland," she said in the statement on Saturday. "It is a situation that calls for unity across political parties and across the countries in the Realm." https://www.reuters.com/world/denmarks-prime-minister-visit-greenland-april-2-4-amid-us-interest-2025-03-29/

2025-03-29 13:48

March 29 (Reuters) - Iraq has agreed to supply Lebanon with fuel for six more months, the office of Iraqi Prime Minister Mohammed Shia al-Sudani said in a statement on Saturday, renewing a deal meant to alleviate Lebanon's acute power shortage. Under the heavy fuel oil deal, first agreed in July 2021, Iraq provides the Lebanese government with the fuel in exchange for services including health care for Iraqi citizens. Sign up here. Lebanon then swaps the heavy fuel oil for gas oil that it can use at its power stations. These have operated for decades at partial capacity, but electricity provision deteriorated further during a financial crisis that has hit the state's ability to buy fuel. https://www.reuters.com/business/energy/iraq-agrees-supply-lebanon-with-fuel-six-months-2025-03-29/