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...Shell and BP have asked Washington and Brussels to intervene in a bitter dispute with Venture Global LNG, warning the company’s refusal to honour a multibillion-dollar liquefied natural gas supply contracts...
...In 2017, van Beurden was the first oil major chief executive to set targets to cut the carbon intensity of the company’s products and subsequently led a push into areas such as renewable power generation...
...“A bit tougher on [refined] oil products because most of the flows typically go from east to west, so that gets impacted.”...
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...Taken altogether, the outlook for Shell’s downstream units hints that demand for refined products overall is weaker than expected....
...Under the scheme, Trafigura and its co-conspirators agreed to make illicit payments of up to 20 cents per barrel of oil products bought from or sold to Petrobras, and to conceal the bribes via shell companies...
...Among companies taking advantage is London-based oil supply company Prax Group, which in December agreed to buy a 37.5 per cent stake in the PCK refinery in Schwedt, north-east Germany, from Shell....
...Last month the European groups called on Washington and Brussels to intervene, arguing Venture Global had undermined confidence in the US LNG industry and damaged Europe’s energy security....
...Job moves Shell’s former chief executive Ben van Beurden is joining private equity group KKR as senior adviser for energy transition investments. Van Beurden spent 39 years at the oil major....
...The oil major has made progress on its 2030 targets and introduced a new pledge to cut emissions from oil products. And, of course, many SBTi laggards say they remain committed to the cause....
...“This is another important milestone,” said Machteld de Haan, executive vice-president for chemicals and products at Shell....
...The spat between Venture Global of the US, which the oil groups accuse of refusing to honour multibillion-dollar supply contracts, has caused a major disruption in the market for the super chilled fuel....
...All eligible assets from Glencore, as well as those from oil and gas companies Repsol, BP and Shell, were issued by their financial subsidiaries, effectively exempting them from the ECB’s proposed limit....
...Shell alone has contributed almost a third of the FTSE 100’s gains in 2024....
...“Quite boring, but in a good way,” said Biraj Borkhataria, an analyst at RBC Capital Markets, noting that earnings in upstream and oil products trading were both stronger than expected....
...The Dutch executive spent 39 years at Shell, and as chief executive, he set Shell’s first climate targets....
...“The US and China stand to lose from the conflict’s expansion as it would significantly impact on energy exports from the region, the price of oil, and the global economy,” said Ayham Kamel at the Eurasia...
...Moscow has been selling crude oil and oil products at discounted rates due to sanctions placed on it by western nations as a result of its full-scale invasion of Ukraine....
...Shell’s gaming initiatives focus on fossil fuel products such as petrol and motor oil, not renewable power....
...Reach us at energy.source@ft.com and follow us on X at @FTEnergy. Catch up on past editions of the newsletter here....
...After the US regional bank Washington Mutual failed during the financial crisis, its $6bn of NOLs were placed in a publicly traded company that launched in 2012....
...Follow This initially targeted Shell, formerly headquartered in the Netherlands, filing its first climate resolutions there in 2016....
...By the end of the year OCI had agreed to offload two fertiliser holdings for about $3.6bn apiece, to the Abu Dhabi National Oil Company and Koch Industries of the US....
...While Milieudefensie’s case against Shell was aimed at the company’s future emissions, many US climate lawsuits demand damages for past behaviour....
...It is building a facility in Penang, but some US lawmakers already want to restrict American companies from collaborating on RISC-V projects....
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