President Hassan Rouhani signals approval of firing of national security adviser
Iran’s president has urged the US to “put warmongers aside” as tensions roil the Persian Gulf amid an escalating crisis between Washington and Tehran after the collapsing nuclear deal with world powers.
Hassan Rouhani’s remarks signalled approval of Donald Trump’s abrupt dismissal of John Bolton as national security adviser. Bolton had been hawkish on Iran and other global challenges.
Continue reading...As the Aramco listing is revived, crown prince appoints a businessman to lead the oil sector and gets a new gatekeeper
Saudi Arabia has announced the creation of a new natural resources ministry, separating it from the energy ministry, while replacing the head of the royal court in a wide-ranging shakeup of the government.
As plans for the massive $2 trillion stock market listing of the state-owned oil company Aramco are stepped up, the kingdom’s de facto ruler and crown prince, Mohammed bin Salman, has brought in a prominent businessman to head the new ministry of industry and mineral resources.
Continue reading...Decision to rule out UK and Hong Kong would be major blow to both financial centres
Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.
Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.
Continue reading...Signs Beijing may be importing Iranian oil as Trump’s two biggest foreign policy headaches converge
In early June, a Chinese-owned supertanker abruptly went dark in the Indian Ocean, the tracking system signalling its course apparently deactivated.
It was not the first ship to vanish from the monitors. The deactivation of transponders that generate a unique ID issued to ships by the International Maritime Organisation (IMO) has become increasingly familiar in recent weeks to the companies that track tankers.
Continue reading...Profits fell 12% but company still ahead of world’s six biggest listed oil producers combined
Saudi Arabia’s state-owned oil group is ready to move ahead with a record $2tn (£1.7tn) market float after revealing profits of $46.9bn for the first half of this year.
Saudi Aramco’s profits for the six months ending in June were down from $53.2bn in the first half of last year owing to lower oil prices, but were still well ahead of the world’s six biggest listed oil companies combined.
Continue reading...Redirecting small portion of subsidies would unleash clean energy revolution, says report
Switching just some of the huge subsidies supporting fossil fuels to renewables would unleash a runaway clean energy revolution, according to a new report, significantly cutting the carbon emissions that are driving the climate crisis.
Coal, oil and gas get more than $370bn (£305bn) a year in support, compared with $100bn for renewables, the International Institute for Sustainable Development (IISD) report found. Just 10-30% of the fossil fuel subsidies would pay for a global transition to clean energy, the IISD said.
Continue reading...Vladimir Putin says deal due to expire on Sunday will be extended by six to nine months
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with Opec on reducing oil output, the Russian president, Vladimir Putin, said, as oil prices come under renewed pressure from rising US supplies and a slowing global economy.
The Saudi energy minister, Khalid al-Falih, said on Sunday that the deal would most likely be extended by nine months and no deeper reductions were needed.
Continue reading...Vladimir Putin may relish his place at the table in Vienna but he will be tempted to cash in on rising prices
The Organisation of Petroleum Exporting Countries (Opec) will meet this week in Vienna under a familiar pretext: to act as stewards of oil market stability. In practice, oil ministers from the world’s most powerful oil-producing nations will thrash out a deal to limit the amount of oil flowing into the global market and avoid an oil price collapse.
The latest pact is expected to extend a milestone deal first struck between Opec and a Russian-led alliance of nations outside the cartel in the wake of the oil price crash.
Continue reading...Construction to start this year, Canadian prime minister says, despite opposition from environmental and Indigenous groups
Canada’s prime minister Justin Trudeau has once again approved a hotly contested proposal to expand the crude oil pipeline it bought last year, providing hope for a depressed energy industry but angering environmental and Indigenous groups which have fiercely opposed the project.
Construction on the expansion of the Trans Mountain pipeline is planned to start this year, Trudeau told a news conference on Tuesday. A senior government official, speaking on condition of anonymity, said earlier that Ottawa expected legal challenges to the approval.
Continue reading...Apple says it is ‘deeply committed to responsible sourcing of materials’
Electronics companies, including Canon, Apple and Nokia, are re-evaluating their supply chains following reports they may be using gold extracted from a Tanzanian mine that has been criticised for environmental failures.
Over the past 10 years, at the North Mara goldmine – which is operated by London-listed Acacia Mining – there have been more than a dozen killings of intruding locals by security personnel.
Continue reading...Police and guards at North Mara have been accused of killing dozens – possibly hundreds – of locals
When safari tourists drive to the Serengeti national park in Tanzania, few realise they are passing one of the world’s most contentious goldmines.
From the escarpment above the plain, the North Mara facility is so large that it at first resembles a bare hillside. But look closer and the artificial mound is made up of tiers of reddish brown earth, from which a thin grey plume of smoke drifts up to the sky.
Continue reading...Oil giant looked to make tax-exempt donations to universities and civic groups in the early 1990s to promote the company’s interests
Oil giant Mobil sought to make tax-exempt donations to leading universities, civic groups and arts programmes to promote the company’s interests and undermine environmental regulation, according to internal documents from the early 1990s obtained by the Guardian.
Related: How Mobil pushed its oil agenda through 'charitable giving'
Continue reading...Their methods and origins differ, but their hunger for gold drives violence – and any foreign incursion could trigger escalation
Late 2016, Nicolás Maduro tweeted a photograph of himself with a smile on his face and a gleaming ingot in his hands – but not all that glitters is gold.
Venezuela claims to possess some of the largest untapped gold and coltan reserves in the world, and the country’s gold rush picked up when the president decreed the creation of a massive area of 112,000 sq km destined for mining, known as the Orinoco mining arc. In a recently published development plan Venezuela set the goal to produce more than 80,ooo kilos of gold a year by 2025.
Continue reading...Puerto Ordaz has been swept up in a gold rush that powers the city as the armed groups running the mines flourish
Puerto Ordaz was once Venezuela’s industrial hub, a modernist dream of broad boulevards and ranks of factories and gateway to a belt of rich oilfields that funded government largesse for decades.
As the economy has crumbled though, the modern city of steel and aluminium has been swallowed by its past, transformed into little more than an outpost of the gold mines a few hours’ drive away in the fringes of the Amazon.
Continue reading...PGPIC hit with economic penalties because of its ties to Revolutionary Guards, US treasury says
The United States has hit Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) with economic sanctions due to its ties with the country’s Revolutionary Guards (IRGC), the Treasury department has said.
The move aims to choke off financing to the country’s largest and most profitable petrochemical group and extends to its 39 subsidiaries and “foreign-based sales agents,” Treasury said in a statement.
Continue reading...Dispute likely to escalate after Nicosia said it would seek to arrest anyone caught drilling
Tensions over energy resources in the eastern Mediterranean have risen sharply after Turkey said it would “exercise its sovereign rights” to drill off Cyprus in flagrant defiance of warnings from western allies.
As the dispute over potential gas reserves intensified, Ankara insisted its state-of-the-art drilling ship, the Fatih, and its support vessels would begin operations in waters viewed by the EU as being within the island’s exclusive economic zone.
Continue reading...Risk to oil market of three simultaneous disruptions becomes lobbying point for Iran and Libya
In November 2018, Donald Trump tweeted: “Oil prices getting lower … a tax cut for America and the world! Enjoy! $54 … Thank you to Saudi Arabia.”
Five months on, with oil prices more than $70, Trump will be in a less celebratory mood as Opec’s oil ministers and their allies gather in Jeddah on Friday, without Iran. The main agenda item will be the implications for oil of three interconnected American foreign policy crises – in Venezuela, Iran, and Libya. Together these crises, being played out simultaneously, have the potential to scrub as much as 3.5m barrels of oil per day from the markets.
Continue reading...Hassan Rouhani’s move to alter commitments amid crippling US sanctions outlined
Iran has suspended commitments it made under the terms of the 2015 nuclear deal, which lifted sanctions on the country in exchange for limits on Tehran’s nuclear programme. The deal was reached after years of negotiations.
Continue reading...Preventing Iran’s oil from reaching the market will raise oil prices and US business costs
The past two and a bit years have shown that it is naive to expect Donald Trump’s strategic and economic policies to demonstrate coherence. Even so, the lack of joined-up thinking in the decision to end the waiver against sanctions from nations that buy oil from Iran takes some beating.
Related: US toughens stance on Iran, ending exemptions from oil sanctions
Continue reading...Mike Pompeo says any nation interacting with Iran should do its diligence and err on the side of caution
The US has announced it will no longer exempt countries from sanctions that aim to impose a complete oil embargo on Iran.
Officials said the Trump administration would not renew any of the sanctions waivers granted to a handful of countries, including China, India, Turkey, Japan and South Korea, when those waivers expire on 2 May.
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