2023-12-18 19:52

PARIS, Dec 18 (Reuters) - TotalEnergies (TTEF.PA) reaffirmed its commitment to business interests in Nigeria, the French company said, adding that its head Patrick Pouyanne had met Nigeria President Bola Tinubu in Abuja on Monday. TotalEnergies said it had signed a co-operation agreement with Nigeria's state oil firm NNPC Ltd to carry out methane detection and measurement campaigns using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria. TotalEnergies pledged to "invest $6 billion in the coming years," with focus on offshore oil projects and gas production across all terrain, Tinubu's office said in a statement, citing Pouyanne. Tinubu's meeting with Pouyanne follows similar talks with oil majors Shell (SHEL.L) and Exxon Mobil (XOM.N) as part of moves to attract capital to Africa's top energy producer. Oil output from Nigeria, Africa's biggest economy, has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks. Tinubu pledged to remove "anti-investment impediments in the oil and gas industry" and provide incentives to producers to help boost gas output. https://www.reuters.com/business/energy/totalenergies-pledges-6-billion-nigeria-oil-gas-investments-2023-12-18/

2023-12-18 19:18

MEXICO CITY, Dec 18 (Reuters) - Mexican state oil company Pemex said on Monday it had renewed $8.3 billion in syndicated credit lines. Pemex, one of the most heavily-indebted state energy companies in the world, said in a filing that $1.8 billion of the credit lines expired in 2024 and $6.5 billion in 2026. The renewal process, carried out with Mexico's finance ministry, was led by Bank of America, Bank of China, BBVA, Citi, J.P. Morgan, Mizuho, Scotiabank and SMBC, Pemex said. The finance ministry said in a statement last week that in 2024 it would continue its oil hedging program, whose cost in recent years has exceeded $1 billion. https://www.reuters.com/markets/commodities/mexicos-pemex-renews-83-bln-credit-lines-2023-12-18/

2023-12-18 19:11

BRUSSELS, Dec 18 (Reuters) - Seven countries including Germany, the Netherlands and France pledged on Monday to eliminate CO2-emitting power plants from their electricity systems by 2035. Taken together, the countries account for nearly half of EU power production - largely thanks to the contributions from Germany and France, Europe's two biggest power producers. The aim was set by EU members Austria, Belgium, France, Germany, Luxembourg and the Netherlands and non-EU Switzerland, which aligns itself with some EU climate policies. In a joint statement, the countries said existing EU climate measures are likely to steer Europe towards a nearly CO2-free power sector by 2040. Agreeing to move faster together, the countries said, would help them jointly plan infrastructure to make sure they build enough grids and energy storage to integrate large amounts of low-carbon power into the network and keep it flowing across country borders. "The countries have a strongly interconnected electricity system, and can benefit from offshore potential in some areas and storage in other areas," the Netherlands' caretaker energy minister Rob Jetten said. Overall, the EU got 41% of its electricity from renewable sources in 2022, European Environment Agency data show. But the CO2 intensity of power generation varies significantly between countries. For example, Austria already gets more than three quarters of its electricity from renewables, while France relies on CO2 emissions-free nuclear power for around 70% of its power, and Poland has the most CO2-intensive power production of any EU country owing to its high share of coal. Modelling by think-tank Ember has said it would be possible for all of Europe to nearly decarbonise its power sector by 2035, with wind and solar producing up to 80% of electricity by that date, and coal and gas power largely eliminated. Doing this would require upfront investments of up to 750 billion euros in renewable sources and grids - but, by 2035, countries would have overall saved money compared with current plans, thanks to a much-reduced bill for fossil fuels, Ember said. https://www.reuters.com/business/energy/seven-european-countries-pledge-co2-free-power-systems-by-2035-2023-12-18/

2023-12-18 19:05

LONDON, Dec 18 (Reuters) - A commercial vessel hijacked by unknown assailants remains off the coast of Somalia raising fears of further instability for global shipping as attacks escalate in the Red Sea, maritime security sources said on Monday. A Spanish navy ship was dispatched at full speed on Friday towards the Maltese-flagged Ruen vessel, which sources said had been hijacked. British maritime security company Ambrey said the vessel had reached nine miles offshore from Bander Murcaayo in Puntland, Somalia on Dec. 17. "This was assessed likely to be the first hijacking of a merchant vessel by Somali pirates since the ARIS 13 in 2017. Ambrey assessed the event was likely partly a consequence of political instability in Puntland," Ambrey said. "There is assessed to be a possible criminal and opportunist risk." The European Union's naval force EUNAVFOR told Reuters on Monday that the incident was still ongoing and it was in "close collaboration with the Somali local authorities", adding that it was "coordinating efforts for a comprehensive follow-up and sharing of information". The Ruen last reported its position off the coast of Somalia on Monday at 1810 GMT, according to data from ship tracking and maritime analytics provider MarineTraffic. The vessel's Bulgaria-based manager Navigation Maritime Bulgare did not immediately respond to a request for comment. There are industry fears that there could be a spillover in attacks by other groups amid growing attacks by Iran-backed Houthis from Yemen on commercial shipping in the Red Sea in support of Palestinian Islamist group Hamas in their war against Israel in Gaza, shipping sources said. "When there is instability in Puntland, obviously that gives more room for potential pirates or gangs to operate. And Puntland now has seen a period of instability because of an election dispute," said Nicolas Delaunay, east and southern Africa project director with the independent International Crisis Group. "Additionally, the Puntland Maritime Police Force, which was initially trained as an anti-piracy unit, over the years became more of a generic security provider less focused on piracy." https://www.reuters.com/world/africa/commercial-ship-still-hijacked-off-somali-coast-sources-2023-12-18/

2023-12-18 18:59

Dec 18 (Reuters) - Polish truckers on Monday resumed their blockade of one of the main crossings at the Ukrainian border, a protest leader said, a week after it was temporarily lifted. Polish drivers have been blocking several crossings with Ukraine since Nov. 6, demanding that the EU reinstate a system whereby Ukrainian companies need permits to operate in the bloc and the same for European truckers to enter Ukraine. The protest initially affected three crossings but was then expanded to four. Ukraine's Deputy Minister for Communities and Infrastructure, Serhiy Derkach, told national television blockades were in effect, but about 200 trucks were making it through three of the crossings. Numbers were higher - up to 1,500 - passing through the Jahodyn-Dorohusk crossing. Derkach said Ukraine was seeking a meeting this week with Polish authorities to resolve outstanding issues. The blockade at the Jahodyn-Dorohusk border crossing was temporarily lifted after a local mayor took action to stop it because he feared it would threaten jobs. However, on Friday, the District Court in Lublin overturned the mayor's decision prohibiting the gathering of truckers, which means that carriers can start protesting again from Monday, state-run news agency PAP reported. "Now we are going to let 10 vehicles per hour through," said Tomasz Borkowski, leader of the Committee to Protect Transporters and Transport Employers. "We gave certain things that the Ukrainian government must do by Wednesday, if they do them then maybe we will suspend the protest and up until that time we agreed that we would let through 10 vehicles per hour." He said that if the protesters' demands were not met they would impose stricter limits on how many vehicles could cross, but declined to say exactly what the number would be. According to data from Poland's Customs office, the wait at the Dorohusk crossing was 68 hours on Monday. Ukrainian customs said there were some 2,000 trucks in the queue. https://www.reuters.com/world/europe/polish-truckers-resume-blockade-ukrainian-border-crossing-2023-12-18/

2023-12-18 18:55

LONDON, Dec 18 (Reuters) - The cost of shipping goods to Israel by sea has risen in recent days as some container lines pull out while others impose new surcharges, adding to the country's supply chain pressures amid its war in Gaza, shipping sources said. Israel, whose economy relies on seaborne trade, said in October it would provide compensation for ships damaged due to the war with Islamist group Hamas, although it has not detailed whether it will cover additional shipping costs. Iran-backed Houthi militants in Yemen have stepped up attacks on vessels in the Red Sea to show support for Hamas following the start of Israel's military offensive in Gaza. Some shipping companies have responded by either re-routing their sailings around the Cape of Good Hope or suspending transits through the Red Sea. The attacks have also put more strain on companies still providing sea transport to Israel. "The Houthis have broadened their target profile of what constitutes ‘affiliated’ from flag, ownership, operatorship, and management, to include the destination of Israel," British maritime security company Ambrey said in a note on Monday. "They, and their Iranian backers, have mistakenly targeted vessels that were no longer associated with Israel." Ocean freight rates to Israel from various Chinese ports rose to over $2,300 for a 40-foot container by Dec. 12, from around $1,975 at the end of November, according to analysis from global freight platform Freightos. "For ships heading to Israel from Asia, the route around Africa is significantly longer -- about 7,000 nautical miles and 10-14 days – than via the Suez Canal. This route also incurs higher fuel costs," Freightos CEO Zvi Schreiber said. "Since the start of the war ocean rates from China to Israel’s ports have increased 46%-58%," Schreiber said. Taiwanese container shipping group Evergreen Line said on Monday that it had decided to "temporarily stop" accepting Israeli cargo with immediate effect. On Saturday, Hong Kong-headquartered container group OOCL said that "due to operational issues," it would stop accepting cargo to and from Israel until further notice. Others such as Denmark's A.P. Moller-Maersk (MAERSKb.CO) said on Monday it would apply an "emergency risk surcharge" for all cargo discharged at Israeli terminals. Israeli container line Zim said it had "witnessed an increase in the level of the threat," prompting higher surcharges on its ships which included rates to Israeli ports from Asia. The new rates "are necessary in order to maintain our current level of services and reflect the steps we take to ensure the safety of our crews, vessels, and customers’ cargo", Zim said in a Dec. 14 advisory. Ships still willing to call at Israel's biggest ports of Ashdod in the south and Haifa in the north have been switching off their tracking transponders to avoid detection, shipping sources said. "Ship operators which have called, or plan to call, [at] Israeli ports should limit information access," an advisory issued by leading global shipping associations said on Friday. "Published information could be used by the Houthis." https://www.reuters.com/world/middle-east/israel-shipping-costs-rising-lines-pull-out-red-sea-attacks-worsen-2023-12-18/