2025-02-23 14:30

JERUSALEM, Feb 23 (Reuters) - Partners in the Israeli Leviathan offshore natural gas project have submitted a multi-billion dollar plan with the government to significantly expand the field and boost production, one of the partners in the group said on Sunday. NewMed Energy (NWMDp.TA) , opens new tab said its plan that it filed with the Energy Minister's Petroleum Commissioner calls for the drilling of three additional production wells, more undersea systems and expansion of processing facilities on the platform that will increase total gas production capacity to 21 billon cubic meters (bcm) a year and cost an estimated $2.4 billion. Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 bcm of gas per year for sale to Israel, Egypt and Jordan. That will rise to some 14 bcm in 2026 with the completion of laying of a third pipeline. A second stage, NewMed said, would see the drilling of additional production wells and possibly lay a fourth pipeline between the field and platform and raise the maximum daily production capacity by 2 bcm a year to a total of 23 bcm annually. The partners are seeking to sign new supply deals to customers in Israel and abroad of more than 100 bcm. NewMed noted that the partners have already approved a budget of $505 million that included the purchase of equipment. "The Leviathan reservoir is the most stable and strongest energy hub in the Mediterranean," said Yossi Abu, CEO of NewMed Energy. "The expanded production capacity will meet the increasing demand in the domestic market, in addition to bolstering Israel's status as an energy provider and strengthening regional ties and collaborations". Leviathan partners also include Chevron (CVX.N) , opens new tab and Ratio Energies (RATIp.TA) , opens new tab. Sign up here. https://www.reuters.com/business/energy/leviathan-partners-eye-big-expansion-natgas-field-israel-export-2025-02-23/

2025-02-23 13:02

KUALA LUMPUR, Feb 23 (Reuters) - Malaysian palm oil exports to China will "remain resilient" this year despite their premium over rival oils and Chinese consumers' shifting buying patterns, the deputy commodities minister said on Sunday. Malaysia's exports of palm oil to China declined in 2024 due to lower soybean prices compared to palm oil and lower consumption of cooking oil, Deputy Minister of Plantation and Commodities Chan Foong Hin said during a press conference after the China-Malaysia oils and fats forum. “The population is aging and shrinking, as well as consumer behaviour is changing where they are now more health conscious. These have affected the buying patterns in China,” he said. China is the second largest importer of Malaysian palm oil after India. Chan said palm kernel oil exports to China grew last year on rising demand. “Palm oil and palm-based products to China reached a value of 10.57 billion ringgit ($2.39 billion) in which the export volume of palm kernel oil saw an increase of 40%, mainly supplied to China’s oleochemical industry for the production of surfactants,” he said. Meanwhile, Malaysian Palm Oil Board (MPOB) director-general Ahmad Parveez Ghulam Kadir said the palm oil premium over soyoil would continue to be a challenge in attracting demand but remained optimistic on demand from China. “If exports do not increase (this year), we hope we can still maintain the exports we had last year,” he said. According to data from MPOB, Malaysia’s palm oil exports to China totalled 1.39 million tons in 2024, down 5.3% compared to the year before. Beijing HE Yi Rong Investment Group's president, Zhou Shiyong, said palm oil exports to China will be highly dependent on price factors as the country is a price-sensitive market. ($1 = 4.4160 ringgit) Sign up here. https://www.reuters.com/markets/commodities/malaysia-expects-its-palm-exports-china-be-resilient-amid-price-pressure-2025-02-23/

2025-02-23 12:23

CAIRO, Feb 23 (Reuters) - Egypt's Suez Canal Authority chairman Osama Rabei said on Sunday that 47 ships have been rerouted from Cape of Good Hope to Suez Canal since the start of February. Earlier this month, Rabie said that the Red Sea crisis did not create a sustainable alternative route to the canal and that there were positive indicators for the return of stability in the region. Iran-backed Houthi militants have attacked vessels in the Red Sea area since November 2023, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs. Egyptian President Abdel Fattah al-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024. Sign up here. https://www.reuters.com/world/47-ships-rerouted-suez-canal-this-month-chairman-says-2025-02-23/

2025-02-23 11:14

SHENZHEN, China, Feb 23 (Reuters) - China will deepen its rural reforms as part of efforts to revitalise the agricultural sector and bolster food security in the face of U.S. tariffs, an economic slowdown and climate change, state media reported on Sunday, citing a rural policy document. The State Council's annual rural policy blueprint, known as the "No.1 document", outlined plans to improve rewards and subsidy systems for major grain-producing areas, promoting the industrialisation of biotech cultivation among other measures, state news agency Xinhua reported. Grain production in the world's top grain importer reached a record high of 706.5 million metric tons last year, up 1.6% from 2023. The latest policy guideline sharpens China's focus on self-sufficiency and supply stability to counter potential disruptions to agricultural trade with the United States, the European Union and Canada. While approval has been granted for GM and gene-edited soybeans, wheat and corn, planting remains limited and closely controlled, with progress and scale of cultivation unclear. The document said China would monitor and regulate pig production capacity and support the beef and dairy cattle industries while encouraging financial institutions to increase funding for rural revitalisation. Sign up here. https://www.reuters.com/world/china/china-announces-rural-revitalisation-plans-annual-policy-blueprint-2025-02-23/

2025-02-23 11:10

MOSCOW, Feb 23 (Reuters) - Myanmar and its close ally Russia signed a memorandum on investment cooperation in a special economic zone in Dawei, including construction of a port and an oil refinery, Russia's Ministry of Economic Development said on Sunday. The document was signed by the head of the Russian ministry Maxim Reshetnikov and Myanmar's Minister for Investment and Foreign Economic Relations Kan Zaw during a visit of a Russian delegation to the south-east Asian country. "The text of the memorandum contains the basic parameters of several large infrastructure and energy projects that are being implemented jointly with Russian companies in Myanmar," the Russian ministry cited Reshetnikov as saying in a statement. "We are talking about projects to build a port, a coal-fired thermal power plant and an oil refinery." He added that "oil refining is still the most complex element", and there was no final decision on construction of a refinery. "As for the refinery - there is a desire of the Myanmar side to have a refinery. Our companies are still studying the economics of such a project, it is very complicated from the point of view of economic feasibility," Interfax news agency cited Reshetnikov. According to the Russian ministry, the Dawei special economic zone is a 196 square kilometre project in the Andaman Sea which is planned to house high-tech industrial zones and transport hubs, information technology zones and export processing zones. Russia has become Myanmar's closest ally since the military coup that overthrew Aung San Suu Kyi's elected civilian government in February 2021. Moscow and Naypyidaw have been discussing a deeper energy cooperation, including Russia's participation in the construction of a gas pipeline to the Myanmar's main city Yangon. Russia has also had plans for a nuclear research reactor in the country. Sign up here. https://www.reuters.com/world/russia-signs-memorandum-build-port-oil-refinery-myanmar-2025-02-23/

2025-02-23 10:15

BAGHDAD, Feb 23 (Reuters) - Iraqi Kurdistan authorities have agreed with the federal oil ministry to restart Kurdish crude exports based on available volumes, Kurdistan's regional government said in statement on Sunday. A joint technical team has been formed on Sunday to inspect the export pipeline and assess its readiness. Sign up here. https://www.reuters.com/markets/commodities/iraqi-kurdistan-agrees-restart-kurdish-crude-exports-2025-02-23/