Latest news with #JetA1
The Star
23-05-2025
- Business
- The Star
PETRONAS Dagangan's net profit jumps to RM293.5mil in 1Q
KUALA LUMPUR: Petronas Dagangan Bhd says it will continue to monitor potential indirect effects, particularly inflationary pressures on its supply chain, amid the ongoing global uncertainties. However, it remains optimistic over the resilience of the economic environment. "This positions the group to sustain its growth, anchored by steady consumer spending and robust investment activity," it said in comments accompanying its first-quarter results filing with Bursa Malaysia. In the opening quarter of 2025 (1QFY25), PETRONAS Dagangan recorded a net profit of RM293.5mil, up from RM226.04mil in 1QFY24. It reported revenue of RM9.09bil, down from RM9.39bil in the previous comparative quarter. Earnings per share rose to 29.5 sen from 22.8 sen previously. According to the group, the higher profitability was mainly driven by lower expenditure across all segments, coupled with marginal improvements on gross profit. This was further supported by favourable price trends for the commercial segment. It said the retail segment recorded lower volume from Mogas and diesel as a result of the shift towards cautious consumer spending during the festive period in the quarter under review. However, the commercial segment continued to capitalise on the higher demand for Jet A1, softening the overall reduction on total volume In line with the performance, the board of directors declared an interim dividend of 20 sen per share, payable on June 21, 2025, to those registered in the records of depositors on June 11, 2025.
Yahoo
15-05-2025
- Business
- Yahoo
Mozambique Investment In Oil And Gas To Fuel Economic Growth
Several projects are underway to position Mozambique as a leading force in Africa's oil and gas industry. Key initiatives include a partnership between Mozambique's state-owned Petromac and Nigeria's Aiteo to build Mozambique's first oil refinery, Business Insider Africa reports. Additionally, the Mozambique-Zambia joint gas pipeline project is underway, with a goal to boost regional energy security and strengthen economic ties. 'This project, to be implemented over a maximum period of 24 months, will increase storage capacity by 160,000 metric tonnes for liquid fuels and 24,000 metric tonnes for Liquefied Petroleum Gas,' Mozambique President Daniel Chapo said of the Petromac deal, emphasizing the project's potential to reduce petroleum imports, generate employment, and boost the country's GDP. The initiative seeks to emulate Nigerian billionaire Aliko Dangote by developing Mozambique's first-ever oil refinery in the southeastern African nation. 'The refinery will produce gasoline, diesel, naphtha, and Jet A1 with the ambition of conquering the regional market,' Chapo added. Construction of the oil refinery is set to be completed by 2027, with local officials relying on the development to meet domestic gasoline demand while also enabling exports to neighboring countries, positioning Mozambique as a key energy hub in southern Africa. Mozambique currently relies on imports for most of its refined oil products, with India being the largest supplier, followed by Saudi Arabia, Bahrain, Malaysia, and the UAE. However, with the ongoing development projects, the country aims to join the ranks of major oil producers like Nigeria, Angola, Algeria, Libya, and Egypt, all of which produce hundreds of thousands of barrels per day. Other initiatives include a major boost from the U.S. Export-Import Bank, which in March 2025 approved a nearly $5 billion loan to revive a long-delayed LNG project in Mozambique. Led by French energy giant TotalEnergies, the project marks a pivotal step in restarting development. Mozambique's Energy Minister Estevão Pale highlighted its significance for both global energy security and the nation's economic growth. Gas production is expected to begin in 2029. RELATED CONTENT: Maïmouna Tirera Is The Only Black Woman Eyeglass Designer in France Sign in to access your portfolio
Business Insider
13-05-2025
- Business
- Business Insider
Another African country is making an aggressive push to become a major oil player
Mozambique in recent years has been making large investments in its oil sector, with the goal of transforming its energy environment and boosting economic growth. Mozambique is strategically investing in its oil and gas sector to drive economic growth and enhance energy independence. Petromoc has partnered with Nigeria's Aiteo to establish Mozambique's first oil refinery, aiming to reduce imports and boost production. A Mozambique-Zambia joint gas pipeline project aims to enhance regional energy security and promote economic cooperation. Strategic infrastructure initiatives, international alliances, and regulatory reforms are helping to establish the country as a vital energy center in southern Africa. Partnerships with other oil-producing African countries As recently reported, Mozambique's state-owned company, Petromoc, following in the footsteps of Aliko Dangote, has decided to establish an oil refinery. This would make it the country's first oil refinery. To this effect, Petromac signed a memorandum of understanding with Nigeria's Aiteo. 'This project, to be implemented over a maximum period of 24 months, will increase storage capacity by 160,000 metric tonnes for liquid fuels and 24,000 metric tonnes for Liquefied Petroleum Gas,' the President of Mozambique, Daniel Chapo. The president also emphasized the project's potential for lowering petroleum imports, creating jobs, and increasing the country's GDP. 'The refinery will produce gasoline, diesel, naphtha, and Jet A1 with the ambition of conquering the regional market,' he added. The refinery intends to fulfill domestic gasoline demand while also facilitating exports to neighboring nations, and construction is expected to be finished within two years. Similar to Nigeria prior to its present refining capability, Mozambique is said to import the most refined oil products, with India being the main provider, followed by Saudi Arabia, Bahrain, Malaysia, and the United Arab Emirates, as seen in the Punch. Additionally, Mozambique and Zambia have agreed to build a $1.5 billion gas pipeline. This pipeline will carry 3.5 million tons of petroleum products from Mozambique's port city of Beira to Ndola, Zambia. The project involves the building of storage facilities in both nations and is projected to be completed within four years. This effort seeks to increase energy security and promote economic cooperation between the two countries. Other energy initiatives The board of the United States Export-Import Bank in March, 2025, authorized a roughly $5 billion loan for a long-stalled LNG project in Mozambique, a significant step toward resuming development headed by French oil giant TotalEnergies. TotalEnergies initially projected that the Mozambique LNG project will be operational by 2029. However, earlier this year, the corporation announced that this schedule is no longer realistic. In September, reports showed that the Bank was considering financing a liquefied natural gas (LNG) project led by Eni SpA off Mozambique's coast. This was coming years after backing an onshore LNG facility that has faced delays due to security concerns and opposition from environmental groups. Estevão Pale, Mozambique's Energy Minister, stressed the project's importance for global energy security and the country's economic development. TotalEnergies' CEO, Patrick Pouyanné, reiterated the company's commitment to restarting the project, which is slated to start producing gas in 2029. Africa's oil-producing capacity Africa has a varied spectrum of oil-producing countries, including Nigeria, Angola, Algeria, Libya, and Egypt are the largest producers, with each producing hundreds of thousands of barrels per day. Other major producers, according to OPEC and the United States Energy Information Administration (EIA), are the Republic of the Congo, Gabon, Equatorial Guinea, South Sudan, Ghana, Cameroon, Chad, and Tunisia. Very recently, Rwanda dropped its name in the hat after officially announcing its first oil discovery, identifying 13 reservoirs within Lake Kivu, a natural border with the Democratic Republic of Congo. Lake Kivu Currently, Rwanda imports all its petroleum product requirements due to the absence of local production. However, with this recent discovery, the country is poised to join the ranks of Africa's oil-producing nations, alongside major players like Algeria, Nigeria, and Egypt.
The Independent
19-03-2025
- General
- The Independent
Owners of tanker involved in North Sea collision praise crew for their 'bravery'
The co-owners of a tanker involved in a collision with a cargo ship in the North Sea have praised the crew for their 'exceptional bravery and quick action'. Stena Immaculate tanker and cargo ship Solong collided off the cost of East Yorkshire on March 10. The explosive collision left a sailor presumed dead in the North Sea, with the alarm first raised on the Humber Estuary. HM Coastguard said 36 people were rescued from both vessels involved in the collision and taken safely to shore in Grimsby. The Marine Accidental Investigation Branch is trying to establish the cause of the collision. Crowley, the maritime operations company based in Florida, who manage the oil tanker, posted a photo on social media site Instagram showing 19 crew members. 'Our deepest gratitude and respect goes out to our 23 mariners from the Stena Immaculate for their exceptional bravery and quick action during the recent allision to their ship in the North Sea,' the company said in a statement. 'Their decisive efforts and teamwork to execute critical fire and emergency duties helped to save lives, protect the integrity of the vessel and minimize the impact on the environment. 'Against disastrous circumstances, the crew had the operational focus to ensure fire monitors were active in order to provide boundary cooling water, which resulted in limited impact to just one of the 16 cargo holds. Their dedication to safety — not only for themselves but for others — sets a powerful example for the entire industry.' Crowley said at least one cargo tank carrying A1-jet fuel was ruptured in the collision. However, it is said the spill has had a 'limited' impact, with the maritime company saying it remained unclear how much Jet A1 fuel was released when it was hit by the Solong, but an initial review showed it had evaporated due to exposure to fires on both vessels. Owners of the Solong have also admitted tiny plastic pellets, held in containers on board, were released and have since been found on beaches in Norfolk and Lincolnshire. A clean-up operation is now underway as the plastic pellets pose a danger to wildlife. It has also been revealed that the container ship failed steering-related safety checks last July, and 10 other deficiencies were also highlighted during an inspection. The captain of the Solong, 59-year-old Russian man Vladimir Motin, appeared at Hull Magistrates' Court on Saturday charged with gross negligence manslaughter. No plea was entered. He was remanded in custody to appear before the Central Criminal Court in London on April 14.
Yahoo
13-03-2025
- Yahoo
Salvage crews attempt to board stricken tanker
Crews will try to board the tanker damaged in a crash in the North Sea after an attempt earlier was prevented by the weather, a salvage firm has said. The US-registered tanker Stena Immaculate, which was carrying 220,000 barrels of aviation fuel, and the Portuguese-flagged cargo ship Solong collided off the East Yorkshire coast on Monday. Both were engulfed in flames and their crews rescued. One member from the Solong is missing and presumed dead. The tanker's co-owners Crowley said until salvagers boarded the ship it was "unclear what volume of Jet A1 fuel may have been released". A spokesperson said Stena Immaculate was "stable, remains securely anchored and is being monitored via a salvage vessel by Crowley representatives and partners as well as government authorities". "Initial third-party salvage operations for the Stena Immaculate have begun to assess the vessel exterior and indicate no ongoing release of cargo product to the water and no sheen on the water. "The UK Maritime and Coastguard Agency also indicated on Wednesday there have been no further reports of pollution to the sea from Stena Immaculate." They added: "Of the 16 cargo holds, at least one was impacted." The Department for Transport said: "The Solong remains afloat on an almost even keel and tomorrow's efforts will focus on addressing some smaller fires on board which keep reigniting and to enable safe boarding at some point in time for a comprehensive damage assessment." The captain of the Solong, a 59-year-old Russian national, has been arrested on suspicion of gross negligence manslaughter. Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here. BBC travels out to 'blistered and burnt' oil tanker in North Sea Fire on tanker out after North Sea collision Cargo ship's captain arrested over North Sea crash
