Portugal's Galp confident it will find alternative markets if US tariffs bite
SINES, Portugal, March 25 (Reuters) - Portuguese oil company Galp Energia's (GALP.LS), opens new tab gasoline exports to the United States could be curtailed if U.S. President Donald Trump imposes tariffs on European goods, but the company is confident it can find alternative destinations.
Executive Board member Ronald Doesburg, who is in charge of industrial assets, told Reuters on Tuesday that if U.S. demand for gasoline drops as a result of higher prices stemming from the proposed 25% tariffs, Galp will be able to deal with it.
Galp's only refinery in Sines usually produces about 2 million metric tons of gasoline per year, of which between 1.2 million and 1.5 million tons are exported to the United States. The remainder is taken by the Portuguese market.
Trump has threatened to impose 25% tariffs on all European goods, raising the risk of a trade war that could prove damaging for export-oriented European companies.
"The energy market is global, gasoline streams are global, and hence our gasoline production will have sufficient flexibility to find its way to different markets," Doesburg said.
Tariffs would have an impact, "but it's an impact that will be managed ... We will look at our options", he said, adding that Galp has handled trade-related disruptions in the past and that Sines could be realigned towards different types of products, depending on prices and demand.
SUSTAINABLE AVIATION FUEL
In the meantime, Galp continues its shift towards greener fuels and expects to start producing biodiesel and sustainable aviation fuel from waste, such as used cooking oil, by mid-2026 at a unit it is building at its refinery, said Galp's head of hydrogen, Sergio Machado.
The 400 million euro ($432 million) Hydrogenated Vegetable Oil (HVO) plant, a 75% to 25% joint venture with Japan's Mitsui (8031.T), opens new tab, will have annual production capacity of 270,000 tons and will be using green hydrogen from a 100 megawatt electrolyser that will cost 250 million euros.
"Our expectation is to have both units in production by mid-2026 and to reach cruising speed shortly thereafter," Machado said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
24 minutes ago
- Reuters
Dollar slides on easing trade tensions, Fed expectations
SINGAPORE, June 12 (Reuters) - The dollar slid on Thursday on further signs that U.S. President Donald Trump may adopt a softer stance in tariff negotiations and heightened expectations of Federal Reserve rate cuts. Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs are imposed. U.S. Treasury Secretary Scott Bessent suggested earlier that the Trump administration may offer extensions from a July trade deal deadline for countries negotiating in good faith. The remarks renewed dollar weakness, lifting the euro to a seven-week high. It last bought $1.1525. The greenback lost 0.43% against the yen and 0.34% against the Swiss franc to last trade at 143.98 and 0.81725, respectively. Against a basket of currencies, the dollar fell to its weakest since April 22 at 98.327. "It's hard to tell whether there is a masterplan behind this, but common sense would suggest that President Trump is trying to create a level of urgency in terms of trade negotiations," said Rodrigo Catril, senior currency strategist at National Australia Bank. "I think the market, in terms of the size of the moves, is becoming a little bit more sanguine about what this all means... the market is also very wary that the picture could change quite dramatically in a week's time or two weeks' time." Elsewhere, sterling was up 0.38% to $1.3588. The Australian dollar ticked up 0.05% to $0.6506, while the New Zealand dollar rose 0.1% to $0.6033. On Wednesday, data showed U.S. consumer prices rose less than expected in May, leading traders to ramp up bets of a Fed cut as early as September and keeping pressure on the dollar. Thursday's producer price index data will be the next test for markets. The offshore yuan was last a touch stronger at 7.1953 per dollar, helped slightly by news that a fragile truce in the U.S.-China trade war was restored as both sides reached a deal following talks in London this week. "Full details have not been published, and it remains unclear if the talks brought the two largest economies closer to productive cooperation," said Mantas Vanagas, senior economist at Westpac. The euro was clinging to strong gains on Thursday, having jumped against most other currencies in the previous session. Against the yen, the common currency last stood at 165.88 having risen to its firmest since October at 166.42 on Thursday. It was up 0.13% against the Aussie , extending a 0.9% gain from Thursday, and had also touched a one-month high of 84.88 pence overnight . While there was no immediate trigger behind the moves, analysts say the euro has over the past week drawn support from hawkish European Central Bank (ECB) rhetoric. Last week, the ECB cut interest rates as expected but hinted at a pause in its year-long easing cycle after inflation finally returned to its 2% target. "Expectations of fewer previously expected ECB rate cuts have lent some support to the euro," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. That contrasts with the likely resumption of a Fed easing cycle later this year, and as Trump has repeatedly called for U.S. rates to be lowered. Trump said last week that a decision on the next Fed chief will be coming soon, adding that a good Fed chair would lower interest rates. The euro has risen nearly 11% for the year thus far, helped in part by a weaker dollar and as investors pour money into European markets in a move away from the U.S.
Daily Mail
an hour ago
- Daily Mail
It was always going to be a tightrope walk... Now Albo has everything on the line when he meets Donald Trump this weekend: PETER VAN ONSELEN
Anthony Albanese is expected to meet US President Donald Trump during the G7 Leaders' Summit in Canada, starting in three days time. And boy are there some big issues likely to be on the agenda, starting with the AUKUS agreement. Australia's ambitious plan to enhance its naval capabilities through the AUKUS partnership faces renewed uncertainty as the United States launches a comprehensive review of the agreement. Assuming their meeting still happens it will be the first face-to-face encounter between the PM and Trump since the US President was elected. It's only been a matter of months since Trump has been back in charge, and he's already seeking to reassert a combative vision of American power globally. How Albo reacts to Trump when they meet will test the PM's ability to defend national interests without undermining the alliance. Under the AUKUS pact, Australia is set to acquire between three and five Virginia-class nuclear-powered submarines from the US. However, questions have arisen about the US industrial base's capacity to produce the subs without compromising its own needs. The review is being led by Under Secretary of Defense Elbridge Colby, a known skeptic of the pact. Its terms of reference include assessing whether the AUKUS agreement aligns with President Trump's America First policy. Colby has previously questioned the wisdom of transferring critical assets like the Virginia-class submarines to US allies, suggesting it could weaken America's naval strength. Deputy PM and Defence Minister Richard Marles has attempted to downplay the significance of the review, describing it as a natural step to ensure alignment with US defence priorities. But it will certainly be on the top of the agenda when Albo and Trump meet. The PM will want to be able to say that he has received assurances that the agreement is iron clad. The question of defence spending also isn't clear cut. Trump's supporters in the US have floated a 3.5 per cent of GDP benchmark they want Australia's defence spending to rise to. Given that it's currently only at 2.4 per cent (including across forward estimates stretching all the way out to 2034), to lift our defence spending in line with US expectations would be fiscally reckless without cuts being made elsewhere. The Australian budget is already forecast to be in deficit for the coming decade, with gross national debt at the trillion dollar mark. While some domestic foreign policy hawks are independently pushing for higher defence spending, the figure team Trump wants us to meet is unrealistic for a country that faces no direct military threat and is unlikely to anytime soon. Equally, social spending pressures are mounting. The recent election campaign included a raft of new spending promises, with recurrent spending on policies such as the NDIS already a strain on the budget. To increase defence spending in that climate is unlikely to be popular. Besides, Australia's commitment to spend $368 billion on the AUKUS submarine program should be more than enough to signal that we take our defence and alliance duties seriously. Another volatile topic expected to come up at Albo's meeting with Trump is trade. The US President's across-the-board 10 per cent tariff on imports is economic vandalism dressed up as nationalism, and Australia currently isn't exempt. It's a regressive policy that punishes allies and undermines the very order the US once built. Albanese has been unusually forthright on this issue, condemning the move and seeking exemptions. Whether he can actually secure them is another matter, and depends less on the logic of his arguments than it does on Trump's whims. If the meeting achieves anything it will be to gauge whether the President is open to pragmatism rather than simply doubling down on his new found protectionism. Finally, the beef issue is deceptively niche but symbolically important for Australia. For decades, we have maintained biosecurity restrictions on US beef imports, particularly those involving supply chains running through countries with a history of mad cow disease. Washington wants access to the Australian market but the government is firm in saying no way. Albanese has so far been unequivocal that protecting Australia's disease-free status is non-negotiable. The blunt rejection of US demands for access is all about Australia retaining its access to high-value export markets like Japan and Korea, which is dependent on our gold-standard reputation for safe meat. In all of these areas of discussion the real test for Albanese when he meets Trump Mark II for the very first time is to show resolve in the face of Trump's tendency to dominate and distract. Voters won't necessarily remember every talking point, or the finer details of what gets discussed. But they will notice if their Prime Minister looks like he blinked and Trump got the better of him.
Powys County Times
2 hours ago
- Powys County Times
Napoleonic prisoner of war camp buried under field bought from farmer
A Napoleonic prisoner of war camp buried under a field in Cambridgeshire has been bought by a trust with the intention of preserving it as a historic site. Norman Cross, the world's first purpose-built prisoner of war camp, was privately owned by a farmer, and has been bought by Nene Park Trust. Located near Peterborough, it contains the remains of around 1,770 French, Dutch and German soldiers captured in the Revolutionary and Napoleonic Wars fought between the French and other European nations. The trust says it wants to preserve the site and make it available to the public as a historic and green space. The camp now lies barely visible under a field used for arable crops and grazing. But it previously held a self-contained town, with barracks, offices, a hospital, school, marketplace and banking system, according to historian Paul Chamberlain. It operated from 1797 to 1814 and housed around 7,000 French prisoners. The location was chosen because it was far from the sea, making it difficult for any escapees to return to France. Prisoners made intricate models from bone, wood and straw to sell at the camp market and trade for food, tobacco and wine. Around 800 of these artefacts, which include miniature ships and chateaus, are on display at the nearby Peterborough Museum and Art Gallery. The trust received £200,000 of grant funding from Historic England and £50,000 from the National Lottery Heritage Fund to buy the camp following years of negotiations. Its acquisition was fought for by resident Derek Lopez, who owned the Norman Cross Gallery near Yaxley and was an advocate of Peterborough's history. He died last year before seeing the sale complete. Duncan Wilson, chief executive of Historic England, said: 'The Norman Cross prisoner of war camp represents a pivotal moment in our shared European heritage that deserves to be better known.' Matthew Bradbury, chief executive of Nene Park Trust, said he was 'delighted' to take on the ownership of Norman Cross and wanted 'to share its green space and unique stories for generations to come'. Heritage minister Baroness Twycross said: 'Norman Cross represents a poignant chapter in our shared European story. 'The remarkable stories of those held in what was the first purpose-built prisoner of war camp should be remembered now and in the future. 'This partnership has secured this valuable heritage site for generations to come.'
