Iraq's SOMO offers fuel oil term supplies for second-half of 2025, sources say
SINGAPORE - Iraq's state-owned marketer SOMO has offered a term contract to supply high-sulphur fuel oil between July and December 2025, according to industry sources.
The fuel oil will be lifted from the Khor al-Zubair (KAZ) ship-to-ship transfer port, with a volume of about 142,500 metric tons per month.
The tender will close on May 18, with a validity of up to 20 days.
(Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
Climate change sceptics and clean fuel shortage risk airline industry's decarbonisation target
The airline industry's central sustainability goal of net zero emissions by 2050 is at risk from the policies of climate change sceptics, such as US President Donald Trump. The rise of world leaders who support fossil fuels over renewable energy development and the scaling back of environmental regulations are 'obviously a setback', Marie Owens Thomsen, Iata's senior vice president of sustainability and chief economist, said. 'It does imperil success on the 2050 horizon,' she said. 'But I don't think it's going to reverse or halt progress, it will just slow progress. Now that's bad enough ... the 2050 deadline is coming furiously fast.' During its annual meeting in New Delhi last week the International Air Transport Association (Iata) nevertheless remained committed to the 2050 target date, despite airing escalating concerns about the cost, availability and insufficient government incentives for the production of sustainable aviation fuels (SAF). This is not where we should be in 2025 ... there is no time for delay and no tolerance for government greenwashing and unnecessary cost increases Willie Walsh, director general, Iata Iata member airlines agreed in 2021 to target net zero emissions in 2050 based mainly on a gradual switch to SAF, which is made from waste oil and biomass. The aviation industry accounts for 2.5 per cent of global carbon dioxide emissions, according to the International Energy Agency. But it has come under increasing pressure from environmentalists to curb its carbon footprint amid booming air travel demand. While the amount of SAF produced will double to two million tonnes in 2025, that represents only 0.7 per cent of airlines' jet fuel demand, according to Iata's latest data. The average cost of SAF in 2024 was 3.1 times that of jet fuel, for a total additional cost of $1.6 billion, according to Iata estimates. In 2025, the global average cost for SAF is expected to be 4.2 times that of jet fuel. 'Another problem, which is related, is that oil is so cheap,' Ms Thomsen said. 'I think that also diminishes the sense of urgency that people have.' Oil prices will need to trade above $80 a barrel, or even above $100 a barrel, before there is pressure to create new energy markets, she said. Brent, the benchmark for two thirds of the world's crude, was trading around $66 a barrel on Sunday. Lower oil prices come amid Mr Trump's tariffs scheme, his calls to " drill baby drill" and a decision by Opec to hike crude output quotas. Iata estimates the cost of achieving net zero carbon emissions by 2050 to be an enormous $4.7 trillion, or $174 billion a year. However, ramping up the production of SAF is 'entirely achievable' as there is sufficient feedstock and the technology is available to get started, Ms Thomsen said. The required SAF investments are comparable to the money governments had poured into developing previous new energy markets such as wind and solar, she said, adding that the funding can also be found by scrapping subsidies to the world's major oil producing companies. 'The world is subsidising large oil companies to the height of $1 trillion per year. With that money, if it were redirected in its totality, we could solve our energy transition in less than five years,' she said. 'The thing that is really missing is the courage and willingness to take on vested interests.' Sounding the alarm SAF production needs an 'exponential expansion' to meet the demands of the airline industry's commitment to net zero carbon emissions by 2050, said Iata, which represents some 350 airlines, comprising more than 80 per cent of global air traffic. Airlines cannot achieve the target by themselves and require more urgent action from governments, manufacturers, airport operators and fuel suppliers, Willie Walsh, Iata's director general, said. 'These actions must be accompanied by ringing the alarm bells on SAF production,' he said at the Iata meeting in India. Iata's decarbonisation roadmap estimates that SAF will provide 65 per cent of the carbon mitigation needed in 2050. 'This is not where we should be in 2025. We have a quarter-century to get to net zero. There is no time for delay and no tolerance for government greenwashing and unnecessary cost increases,' Mr Walsh said. Top priorities In April Mr Walsh had warned that industry efforts to achieve net zero by 2050 were 'off track', but he said last week that any alteration of the target was no discussed at the airlines' meeting in New Delhi. 'The industry is still obviously targeting net zero in 2050 ... we are concerned about the pace of progress,' he said. The value chain that needs to support airlines' transition to net zero is not making sufficient progress, and 'that's the reason we're calling it out', he added. Poorly co-ordinated government actions are leading to SAF mandates in different countries that have done little to stimulate production but have instead led to additional costs to the airlines without environmental benefits, he said. The Iata boss said there was a narrow window for the industry to meet its goals. 'It is a wake up-call. We still have time to get there, but we do need to see more action on the part of all the partners in the value chain to make sure the industry can get there,' he said. As of 2025, some 81 airlines had signed 170 SAF offtake agreements, signalling to producers that there is strong demand for the green fuel, according to Iata. Many airlines are unable to procure SAF without having to ship it over long distances, which defeats the purpose of reducing emissions, Mr Walsh said. 'Waning enthusiasm' Four years after global carriers committed to net zero by 2050, the Iata meeting marked escalating worry among airline chiefs about tackling climate concerns. 'There's a level of scepticism and perhaps even you could say waning enthusiasm for the overall energy transition,' Patrick Healy, group chair at Cathay Pacific, said during a panel on financing net zero target. 'Everyone's realising it's a lot more complicated than we thought a few years ago ... but it's not a problem we can turn our backs on.' Iata forecasts higher profits for airlines in 2025, with a drop in revenue offset by falling prices for traditional jet fuel. Rob McLeod, head of energy risk solutions at Hartree Partners, called on airlines to use the savings from fuel costs to invest more in SAF to help fund the energy transition. 'Lower fossil fuel prices effectively make renewables seem more expensive, but to flip it on its head: all the airlines in the room are saving so much money on their fossil jet [fuel], you've maybe got a bit more in your budget to invest more in SAF,' he told a panel about the energy transition. Iata also criticised plane manufacturers that have failed to deliver new fuel-efficient jets on time, forcing airlines to keep older planes flying for longer. 'Aircraft and engine manufacturers must make good on their promises to bring greater efficiency and carbon-reducing technologies to market fast,' Mr Walsh said. 'By the time we meet next year, we must be able to show more progress.'
Zawya
2 hours ago
- Zawya
Ben Sulayem says Japan and the FIA are united in driving global progress
Dubai, UAE: FIA President Mohammed Ben Sulayem has completed an official visit to Japan, reaffirming the strong ties between the Federation and one of the world's most influential nations in mobility and motorsport. As the governing body for world motorsport and the federation for mobility organisations worldwide, the FIA is committed to building partnerships that drive innovation, safety, and sustainability. Hosted by the Japan Automobile Federation (JAF) and President Masayoshi Sakaguchi, the visit offered vital insights into Japan's investment in smart infrastructure and the evolving role of cities as arenas for both mobility innovation and sporting events. Japan continues to be a vital partner in advancing the FIA's goals, and this visit highlighted the shared commitment of both Japan and the FIA to accelerate progress across the global transport and motorsport arenas. During his official visit, Ben Sulayem met with key national figures including Prime Minister Shigeru Ishiba, Koji Murofushi, Commissioner of the Japan Sports Agency, and Hiromasa Nakano, Minister of Land, Infrastructure, Transport and Tourism. Their discussions focused on common challenges and opportunities – from advancing cleaner technologies and enhancing road safety, to expanding access to motorsport and preparing for the future of urban mobility. Reflecting on his visit, Ben Sulayem said: 'This has been an important milestone for the FIA as we deepen our relationship with Japan – a country that continues to lead by example in both mobility innovation and motorsport development. 'It was a personal honour to meet with Prime Minister Ishiba and leading ministers, and to witness firsthand the energy and commitment driving progress across the sector. 'From transformative government policies to world-class sporting activities including four FIA World Championship events, Japan shows how integrated approaches to mobility and sport can serve society. 'The JAF's dual role as a sport and mobility leader, representing more than 20 million members and hosting our Championships, is truly remarkable and I am grateful for their hospitality and support.' Ben Sulayem also highlighted the significance of having Mr. Akio Toyoda, Chairman of Toyota, as an active member of the FIA Senate, symbolising the close and constructive relationship between Japan's automotive leaders and the FIA's global mission. The visit comes at a time of notable growth and renewed momentum for Japan's motorsport and mobility sectors. JAF now reports over 200,000 licensed racing drivers – a 20% increase over the past five years – with the 2025 Formula 1 Japanese Grand Prix recording its highest attendance since 2006. At the same time, Japan's broader mobility ecosystem continues to inspire on the world stage through cutting-edge innovation in smart cities, hydrogen, and sustainable technologies. With a mobility-first approach to infrastructure design that is seeing smart-transport apps rank among one of the fastest growing national services and a smart transportation market valued last year at $6.9 billion, Japan is a pioneer in the real-world integration of new technologies. Ben Sulayem has quickly moved on from Japan to Macau for the 2025 FIA Extraordinary General Assembly and Annual Conference starting on Tuesday and welcoming over 500 senior FIA delegates across mobility and motorsport from 149 countries. About FIA The Fédération Internationale de l'Automobile (FIA) is the governing body for world motorsport and the federation for mobility organisations globally. It is a non-profit organisation committed to driving innovation and championing safety, sustainability and equality across motor sport and mobility. Founded in 1904, with offices in Paris, London and Geneva, the FIA brings together 245 Member Organisations across five continents, representing millions of road users, motor sport professionals and volunteers. It develops and enforces regulations for motor sport, including seven FIA World Championships, to ensure worldwide competitions are safe and fair for all.
The National
a day ago
- The National
Syria receives major wave of investments in six months since Assad's fall
Syria has attracted growing international investment and aid commitments in the six months since the fall of the regime of former president Bashar Al Assad, as the country seeks to rebuild its shattered economy. This rapid influx of investment marks a stark contrast to the years of economic decline and isolation that defined the country's post-2011 era. Since Mr Al Assad's departure last December, investors from across the region and beyond have started to take a stake in Syria's post-conflict recovery. Qatar, Saudi Arabia and the UAE were among the first nations to endorse the country's new leadership, with President Ahmad Al Shara invited to visit all three countries a handful of times since he took office in a bid to secure economic support. Major commitments include a $7 billion energy infrastructure deal led by Qatar's UCC Holding, a $6.5 billion aid pledge from international donors and an $800 million port development agreement with Dubai-based DP World. Half a century of recovery Despite the momentum, Syria's reconstruction needs range between $400 billion, according to the World Bank, and $1 trillion, as estimated by Mohammad Al-Shaar, Syria's Minister of Economy and Industry, last month. In February 2025, the UNDP published a report in which it estimated that Syria's economy could take half a century to recover to prewar levels. Before the 2011 uprising, Syria's economy was valued at $67.5 billion, ranking 68th globally and comparable to economies like Paraguay and Slovenia according to the World Bank. By 2023, however, years of conflict and sanctions had reduced the country's gross domestic product by 85 per cent to just $9 billion, placing it 129th in the global rankings. Between 2000 and 2010, Syria enjoyed steady economic growth averaging 4.5 per cent annually, with inflation below 5 per cent. At its peak, nominal GDP reached $60 billion, and the average income per member of the population approached $3,000. People power Despite the investments and interest, a key challenge will be getting the country workforce-ready. The prolonged war in Syria has displaced millions, with more than 6.2 million Syrians registered as refugees, and an additional 7.2 million internally displaced. This mass displacement has resulted in a substantial reduction in the available labour force, particularly in critical sectors such as construction and health care. A significant portion of the population has also experienced disruptions in education and vocational training, leading to a skills gap that hampers reconstruction efforts. To address these challenges, new initiatives like cash-for-work programmes have been introduced. These programmes aim to provide immediate employment opportunities while simultaneously rebuilding essential infrastructure. They also offer on-the-job training, helping to bridge the skills gap and empower communities to participate actively in the nation's recovery.
