Category: Oil & Gas Industry
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Trafigura’s Head of Oil Retires to Pursue Equestrian Passion Amidst Scandal
๐ฐJosรฉ Larocca, a prominent figure in global commodities trading, has announced his retirement from Olympic show jumping, marking the end of an era in Trafigura Group’s oil division. Larocca’s departure, revealed on April 5, follows an international scandal, yet to be linked to his personal conduct. Larocca, aged 55, held a pivotal role in Trafigura’s…
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Libya Blocks Access to All Oil Fields
๐ฑ๐พ Security guards protesting at Libya’s oil fields have declared the blocking of access to all wells and ports used for oil exportation. As reported by the Al-Wasat portal, this decision comes after the expiration of a 10-day deadline set by the oilfield guards for the Abdel Hamid Dbeiba-led National Unity Government (NUG) to meet…
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UN completes removal of oil from decaying FSO tanker
The UN has completed the transfer of oil from the FSO Safer supertanker offshore Yemenโs Red Sea coast, preventing the immediate threat of a massive spill. The FSO Safer, a floating storage and offloading unit, is located 60 kilometres (37 miles) north of the port of Hudaydah. It has been used for storing and exporting…
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Italian Mastermind of $21 bln Oil Smuggling Ring Arrested Near Athens
The petroleum products allegedly originated from Latin America and transactions were made in Asian ports An Italian citizen living in Greece was arrested in the upscale seaside Athens district of Varkiza on charges of leading an international oil smuggling ring valued at around โฌ21 billion euros in illegal profits. According to reports by โTo Vimaโ,…
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CMOC Group settles Congo mining dispute with $800m payment to Gรฉcamines
Chinese miner CMOC Group has agreed to make a settlement payment of $800m between 2023 and 2028 to Congoโs state-controlled mining company Gรฉcamines to end a dispute related to the Tenke Fungurume copper and cobalt mine in the Democratic Republic of Congo (DRC). Furthermore, CMOC will also pay at least $1.2bn (8.66bn yuan) in dividends…
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Capricorn Energy receives $30 million in payments from Egypt
๐ช๐ฌ Oil producer Capricorn Energy said on Thursday it received a payment of $30 million this week from the Egyptian government after its debt to the company rose to $169 million last year. Chief Executive Randy Neely said: “Throughout my twelve years working in Egypt, and looking further back, the Government of Egypt has always…
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Nigeria’s Dangote oil refinery could accelerate European sector’s decline
๐ณ๐ฌ Nigeria’s giant Dangote oil refinery could bring to an end a decades-long gasoline trade from Europe to Africa worth $17 billion a year, heaping pressure on European refineries already at risk of closure from heightened competition, analysts and traders said. The refinery started production in January and cost $20 billion to build. It can…
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Namibia oil discovery outlook
๐ณ๐ฆ๐ข Namibia and South Africa are two of the worldโs most unequal societies in terms of income and wealth distribution, with Gini index scores of 59.1 and 63, respectively. Together with Zambia, they are three members of the Southern Africa Development Community (SADC) among the four most unequal countries globally. โช๏ธThe recent oil discovery in…
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Petronas sells South African petroleum and chemicals business to Vitol arm
๐ฒ๐พ๐ฟ๐ฆ Malaysiaโs national oil and gas company Petronas has reached agreement to sell its entire 74% majority stake in South Africaโs Engen to Vivo Energy, one of the largest African fuel retail operators and part of multinational energy company Vitol. Engenโs primary business is in the marketing of petroleum, lubricants and functional fluids; chemicals and…
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Uganda future oil projects
๐บ๐ฌ๐ข Uganda has launched its first drilling rig to develop the Kingfisher oil field. On Jan. 24 first four oil rigs were commissioned. Starting drilling is a pivot point for the country that is planning to get first oil output in 2025 after a long delay. โช๏ธThe Kingfisher project is expected to boost Uganda’s oil…
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