RE: Update20 Feb 2024 15:01
Colombia Mulls Permanent Ban on New Coal. Colombia’s government is proposing a mining bill that would ban all new exploration and production for coal, in line with President Petro’s 2022 pre-election pledges, despite coal mining accounting for 1% of the country’s GDP.
Goldman Sachs Has Uranium In Sight. US investment bank Goldman Sachs (NYSE:GS) has greatly boosted its trading in physical uranium supplies, according to market reports it is also trading uranium futures, and writing options on physical uranium for hedge funds.
UN Acquiesces to Deep Sea Mining. According to the head of the UN-linked International Seabed Authority, deep sea mining is only a matter of time as the organization meets in Jamaica next month, with Norway already greenlighting deep sea exploration in January.
Mine Closures Finally Affect Lithium. Australian lithium stocks such as Pilbara Minerals or Liontown Resources enjoyed a rare stock rally this week amid rumors that Chinese EV maker CATL had closed its Jianxiawo mine in China, 3% of the transition metal’s global supply.
Singapore Mandates SAF Usage from 2026. Singapore will require all flights departing the country to use at least 1% of sustainable aviation fuel from 2023 onwards, a target it seeks to raise to 5% by 2030, with SAF currently costing five times more than traditional jet fuel.
North Sea Drillers Wary of UK Elections. Oil companies operating in the UK continental shelf in the North Sea said they would hold crisis talks to discuss the industry’s future as the opposition Labour Party promised to lift the oil windfall tax to 38% and extend its duration until 2030.
Qatar Eyes Petrochemical Expansion. Endowed with 11% of the world’s natural gas reserves, Qatar is preparing to break ground for its $6 billion Ras Laffan petrochemical project, set to feature the Middle East’s largest ethane cracker and two new polyethylene trains.
Europe’s Carbon Market Is Struggling. The combination of mild weather, high wind generation, declining natural gas prices, weak ETS trading activity, and EU recession have brought European carbon prices below €55 per tonne CO2, for the first time since August 2021.
Gunvor Takes Colombia to Court. Global energy trader Gunvor filed an appeal against the Colombian government after Bogota introduced a government trustee to oversee the operations of Gunvor’s Colombian subsidiary, accusing it of creating crime networks and crude smuggling.
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