Latest news with #oilcompanies
Daily Mail
a day ago
- Business
- Daily Mail
Trump tells Starmer his North Sea oil taxes 'make no sense' in new lecture for PM after president uses visit to hand out advice on beating Farage
Donald Trump lashed out at Keir Starmer over taxes on North Sea oil and gas today in his latest lecture to the Prime Minister about how he runs Britain. The day after pouring praise over Sir Keir as they met face-to-face in Scotland the president took to social media to complain about levies on fossil fuels, saying they are 'so high ... it makes no sense'. It came as the president, who is on a 'working holiday' in Britain, prepares to open a new golf course at his club near Aberdeen, the centre of the UK oil industry. In an impromptu doorstep spray with the PM at a course on the other side of Scotland, Trump gently praised Aberdeen as the oil capital of Europe and repeated his long opposition to wind turbines, calling them 'ugly monsters'. But posting on his Truth Social network this morning the president was more blunt, repeating his frequent past criticism of the taxes. 'North Sea Oil is a treasure chest for the United Kingdom,' he said. 'The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, ''we don't want you''. 'Incentivize the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people!' But posting on his Truth Social network this morning the president was more blunt. Mr Trump will cut the ribbon on a second 18-hole course at his resort in Menie, Aberdeenshire before he flies back to the US on Air Force One. The president has played several rounds of golf during his Scottish trip, teeing off at his other resort in Turnberry, Ayrshire, on Saturday, Sunday and Monday. As they met at Turnberry for bilateral talks on trade and the situation in Gaza, Mr Trump and Sir Keir took part in what proved to be a lengthy press conference, with the president discussing a number of topics. The Republican Party leader spoke of his 'great love' for Scotland and said he wanted to see the nation 'thrive'. The PM stood up for green energy, saying: 'We believe in a mix, and obviously oil and gas will be with us for a very long time, and that'll be part of the mix, but also wind, solar, increasingly nuclear (power),' he said. Trump also used the wide-ranging press conference to advise his 'not too liberal' friend to cut taxes and immigration if he wanted to beat Nigel Farage at the next election. Without any awkwardness about playing one mate off against the other the president used the hour-long televised bromantic encounter on the plane to tell the PM to cut taxes and stop 'murderers and drug dealers' from coming to Britain. While Sir Keir sat beside him, barely speaking and with an impassive look on his face, he was full of praise for the Prime Minister and the way he was running the country, despite their ideological differences, saying Sir Keir was was 'liberal ..but not too liberal' in his approach. Mr Trump added: 'I think the one that's toughest and most competent on immigration is going to win the election, but then you add… low taxes, and you add the economy. '(Sir Keir) did a great thing with the economy, because a lot of money is going to come in because of the deal that was made. But I think that, I think that immigration is now bigger than ever before.' The president had earlier told Sir Keir Britain and the rest of Europe it must stop illegal immigration to avoid 'ruin' as the two leaders met in Scotland today.
Russia Today
a day ago
- Business
- Russia Today
Russia bans all gasoline exports
Russia has imposed a full ban on gasoline exports, extending the measure to all petroleum product manufacturers, the government announced on Tuesday. The embargo takes effect on July 29 and will run until the end of August, with a possible extension into September. The move follows a partial ban introduced earlier this year that applies to non-producers such as traders, oil depots, and small refineries, while major refineries producing over 1 million tons annually were exempt. Amid rising wholesale gasoline prices, Moscow has now imposed a full embargo. RBK previously reported that the measure had been under discussion since late June, citing sources. The official notice said the ban aims 'to secure a stable situation on the domestic fuel market during the season of high demand and agricultural field work.' Under the new ban, oil companies must redirect more fuel to the domestic market, boosting stock exchange supply. Prices at the pump have risen in Russia since late June. Even as the country recorded its first deflation this year (0.05%) last week, gasoline prices rose 0.3% from July 15-21. Wholesale gasoline prices in the European part of Russia have also surged since early summer, according to the St. Petersburg Mercantile Exchange (SPIMEX). AI-92 gasoline is up 14.8%, AI-95 by 23%, with year-on-year increases of 27.2% and 40.8%, respectively. Experts cite logistical bottlenecks, seasonal refinery maintenance, and the January 1 indexation of excise duties on gasoline and diesel as key drivers for the surge. The Energy Ministry said last week that seasonal summer demand is factored into pricing policy and described the domestic fuel market as stable. Experts note that the embargo does not apply to previously agreed volumes under intergovernmental deals, including with the Eurasian Economic Union bloc of post-Soviet countries, as well as with Mongolia, Uzbekistan, Abkhazia, and South Ossetia. Analysts say the ban was expected, describing it as part of the administrative cycle of the Russian fuel market. Export restrictions are typically imposed to curb retail price spikes and lifted once prices stabilize.
Reuters
7 days ago
- Business
- Reuters
Exclusive: In rare move, California steps in to find buyer for Valero refinery to avoid closure, sources say
NEW YORK, July 23 (Reuters) - California government officials are trying to find a buyer for Valero Energy's (VLO.N), opens new tab Benicia refinery near San Francisco, three sources familiar with the matter said, an unusual effort as the clock ticks down on the company's planned closure of the facility in April. The rare attempt by a state government to broker the sale of privately-owned infrastructure reflects its growing concerns over protecting fuel supplies in the most populous U.S. state and keeping a lid on prices, where California's nearly 28 million drivers already pay among the highest prices for gasoline in the country. California's effort to save the refinery from closing also marks a shift from the focus of government policy in recent years to champion green initiatives and restrict fossil fuel usage, that has led to an often tense relationship between the state and oil companies, including the second-largest U.S. refiner by capacity. The state's primary energy and policy planning agency, the California Energy Commission (CEC), has actively sought buyers for the plant, three sources told Reuters, speaking on condition of anonymity to discuss private deliberations. The CEC declined to say whether it is engaged directly with buyers for the facility but acknowledged it is working to ensure the facility remains open. "CEC is engaging with market players to explore pathways for the continued operation of in-state refineries," the agency said in an emailed statement. Valero, which reports earnings on Thursday, did not respond to comment requests. Earlier this year, Valero announced its intention to cease operations by April 2026 at the 145,000-barrel-per-day San Francisco-area refinery amid worries about California's declining fuel supplies and high gasoline prices. The San Antonio, Texas-based refiner is also reviewing whether to continue operations at the rest of its refineries in California, including the 91,300-bpd Wilmington plant near Los Angeles. This comes after Phillips 66 (PSX.N), opens new tab said last October it will shut its Los Angeles-area refinery due to "market dynamics" and begin in October winding down operations at the 139,000-bpd plant. The two refineries, combined, produce roughly 17% of the state's gasoline supply. Their shutting, alongside other closures and refineries converted to produce renewable fuels, like Phillips 66's Rodeo facility last year, will leave California even more dependent on more expensive fuel imports that would further drive up prices. Average regular gasoline prices in California on Wednesday were $4.484 per gallon, the highest in the nation, according to industry group AAA. The average U.S. price was $3.155 per gallon. Studies by the University of California Davis and the University of Southern California said, respectively, the refinery closures could push average prices to $6 and $8 per gallon. Industry experts have said getting an agreement in place by the planned April closure of Benicia could be difficult. A thorough sale process, including adequate time for bidders to do due diligence and negotiate an agreeable price, traditionally takes place over several months. Even once an agreement is reached, refinery sales typically take between three to six months to close. "It would be a pretty aggressive timeline to get it done," said Skip York, chief energy strategist at Turner, Mason & Co. Among the parties contacted by CEC about Benicia is HF Sinclair(DINO.N), opens new tab, a source said. The refiner and fuel distributor was in talks with Valero last summer about acquiring Benicia, but negotiations collapsed over an environmental issue at the plant, two people familiar with the matter said. HF Sinclair did not respond to requests for comment. The CEC has also contacted parties that have owned fuel-producing plants in Europe, a source said. The European Union's strict environmental standards would make them more agreeable to operating in California, multiple sources added. The state government's climate-first agenda has brought California into conflict with American energy companies, which have criticized state policies for creating difficult business conditions and pushing up pump prices. There have also been tensions between California's green agenda and the federal government. Last month, U.S. President Donald Trump signed a congressional resolution to the state's landmark plan to end the sale of gasoline-only vehicles by 2035. California and 10 other states have sued to the repeal. California's energy regulator last month recommended new rules to encourage more private investment in fuel imports and a pause on refiner profit limits in response to Governor Gavin Newsom's call for reliable fuel supplies and a bid to save the struggling refiners in the state. Newsom's office declined to comment.
Yahoo
14-07-2025
- Business
- Yahoo
Shell receives environmental authorisation to drill off South Africa's west coast
Shell has secured environmental authorisation to drill up to five deepwater wells off South Africa's west coast, according to a report by Reuters. The approval follows the company's application last year for drilling exploration or appraisal wells in the Northern Cape Ultra Deep Block within the Orange Basin. The planned drilling activities will take place at depths between 2,500m and 3,200m. Shell's authorisation is part of a broader interest among oil companies in the Orange Basin, where significant discoveries have been made in neighbouring Namibia. Competitors such as TotalEnergies are also considering opportunities to drill in this area, which extends southwards into South African waters. Shell highlighted the potential benefits of successful exploration, stating: 'Should viable resources be found offshore, this could significantly contribute to South Africa's energy security and the government's economic development programmes.' However, the company did not provide specific timelines for the drilling operations. The oil major's previous exploration along South Africa's east coast faced setbacks due to legal challenges concerning public consultation and environmental concerns. The ongoing litigation, which is slated for a hearing in South Africa's highest court later this year, could influence the future of oil and gas exploration in the country. The region has experienced challenges in developing its oil and gas potential due to environmental pressures, legal hurdles, and bureaucratic processes. South Africa has seen a decline in refinery capacity over recent years, leading to increased reliance on imported refined petroleum products. In related news, Libya's National Oil Corporation has partnered with BP and Shell to conduct hydrocarbon exploration and development studies in three Libyan oilfields. The memorandum of understanding (MoU) with BP includes detailed studies in the Messla and Sarir oilfields, among others. BP also plans to reopen its office in Tripoli by the last quarter of 2025 to manage projects and oversee progress in Libya. "Shell receives environmental authorisation to drill off South Africa's west coast" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
The Herald
11-07-2025
- Business
- The Herald
Shell 'granted permission to drill' off west coast
Shell has been granted environmental authorisation to drill up to five deep water wells off the west coast, the company said on Friday. The oil major applied for authorisation last year and plans to drill exploration or appraisal wells in the Northern Cape ultra deep block in the Orange Basin at water depths ranging between 2,500m and 3,200m. Oil companies, including TotalEnergies, are aiming to drill off the west coast, where the prolific Orange Basin extends southwards into the country's waters, with hopes of replicating significant discoveries made in neighbouring Namibia. 'Should viable resources be found offshore, this could significantly contribute to South Africa's energy security and the government's economic development programmes,' Shell said in a statement without providing timelines.
