Hamimur Rahman Waliullah’s Post

Russia increases oil and gas revenues by 61.6% to $79.98 bln in 7 months Taxes on the extraction and export of oil and gas condensate brought $93.64 bln the budget in seven months MOSCOW, August 5/ Russia increased its oil and gas revenues in January-July by 61.6% in annual terms to 6.777 trillion rubles ($79.98 bln) against 4.193 trillion rubles ($49.42 bln) last year, according to the Russian Finance Ministry. Taxes on the extraction and export of oil and gas condensate (mineral extraction tax, export duty, and additional profit tax) brought 7.944 trillion rubles ($93.64 bln) the budget in seven months. In the first 7 months of 2024, oil companies also received 1.128 trillion rubles ($13.29 bln) from the state treasury in payments within the damping mechanism for fuel, which is 72.7% more than 653 bln rubles ($7.7 bln) for January-July last year. #business #finance #financialservices

The US has grown in recent years to become the biggest LNG exporter in the world. Trump's victory in the latest election offers a boost to project developers, who had faced a pause on new project approvals under President Biden. Although the Democrats may also have ended the pause on new project approvals in time, the Republican victory will likely accelerate the process and offer a more favourable environment for oil and gas producers. The energy industry will be weighing up the various implications of the win ... the future US foreign policy stance on Russia and Ukraine will also be key, given the importance of Russian pipeline gas and LNG flows to world markets. Trump's last period as president also saw a trade war between the US and China. LNG deliveries from the US to China stopped for a year, between mid-March 2019 and mid-April 2020 after tariffs were put on US LNG imports, leading traders to switch to alternative origins.

In the context of rising appetites for LNG in Asia – with Chinese imports in the first quarter up a fifth on the same period last year – there could be a resurgence of competition for LNG cargoes of the kind that helped drive prices to unprecedented peaks in the summer of 2022...

Nigeria Bleeds $9.2 Billion Annually in Oil Revenue to Foreign Shipping Firms A recent report sheds light on Nigeria’s staggering annual loss of $9.2 billion in its oil industry, primarily attributed to foreign shipping companies. This revelation underscores one of several avenues through which Nigeria’s oil and gas sector hemorrhages revenue. The Punch newspaper detailed how Nigeria forfeits $9.2 billion annually to foreign shipping firms that handle goods that could be managed by a national fleet. Hassan Bello, former Chairman of the National Fleet Implementation Committee, emphasized... Read more on the link below https://lnkd.in/gc-K5tAd

Recently, Trump claimed that the U.S. has subsidized Canada by $100.9 billion, referencing the trade deficit between the two nations. A substantial portion of this deficit arises from U.S. petroleum imports, including $123 billion in crude petroleum, $24.3 billion in petroleum gas, and $17.2 billion in refined petroleum. Midwest U.S. refineries depend on heavy oil from Canada, and current infrastructure challenges hinder sourcing from countries like Venezuela or Iran. In another discussion, the significance of heavy oil was noted. Simultaneously, the Canadian government plans to reduce oil production through emissions caps, causing tension with Alberta. Crude oil represents the bulk of U.S. imports, 76% of which, with 60% originating from Canada. Additionally, petroleum products comprise 60% of U.S. exports. This dependency on Canadian oil fuels the intriguing notion of Canada becoming the 51st U.S. state. The anticipated revision of the XL pipeline at Trump's inauguration could increase oil flow from Canada to the U.S., potentially boosting western Canadian oil production. Moreover, Canada's significant hydroelectric power contributed approximately 52 terawatt-hours of electricity to the U.S. in 2022. Over 30 major cross-border transmission lines interconnect the electricity systems of both countries, ensuring grid balance and a stable electricity supply, especially during low hydropower production periods. Tariffs might primarily concern energy, with Trump suggesting Canada's integration into the U.S.

The National Association of Manufacturers released yesterday a comprehensive economic study examining the economic benefits of US LNG Exports. The study found that U.S. LNG exports support over 222,000 jobs and contributed $43.8 billion to U.S. tax revenue. Conversely the study found that the Biden LNG Pause threatens 900,000 jobs and over $200 million in future contributions to GDP.

If President-elect Donald Trump delivers his agenda as promised, the breakbulk and project cargo sector could experience dramatic shifts related to offshore energy — from a push to ramp up oil and gas production to an all-out halt to offshore wind development — along with uncertainties surrounding import tariffs and shipbuilding efforts. By April 2025 we will have a much clearer picture of just how the new administration will impact the energy transition. Learn more at #Breakbulk2025 where we will delve further into this important topic. Register now for our lowest available rates: https://okt.to/pa9Djf

The EU are proposing to tax LNG from 2027.... EU may include LNG in it’s border tax by 2027. Once the new wave of Liquefied Natural Gas (LNG) capacity comes online and loosens supply dynamics by 2027, the EU are proposing to include LNG into its carbon border adjustment mechanism. The new tax, if approved, is intended to shield EU producers from facing a competitive disadvantage against countries that do not impose a carbon price. This tax would be effectively placing an import duty on LNG at prevailing ETS carbon prices. The US is the biggest emitter of methane and the largest LNG supplier to Europe. This could lead European buyers to pay a premium for shipments with lower supply chain emissions due to the corresponding lower carbon costs. This could push European gas prices up but also split the global LNG market, creating a two-tier LNG market, with lower emission suppliers trading at a premium. #2buy2 #energy #procurement

Unlocking America's Energy Potential: Removing Limits on Exports and Boosting Domestic Production Discover the bold energy policies that will unleash America's natural gas exports and promote domestic oil drilling. Learn about the proposed tariff on Chinese imports and the plan to lower the corporate tax rate to stimulate economic growth. Explore the impact of these policies on the nation's energy industry. #AmericanEnergyPotential #ExportOpportunities #DomesticProduction #Tariffs #EconomicGrowth #TaxCuts #EnergyIndustry #EnergyPolicies #NaturalGas #OilDrilling

The global LNG market could ‘potentially bifurcate’ if the European Union (EU) extends its carbon taxes to include LNG imports and thereby effectively ‘create European price premium’, according to Wood Mackenzie’s latest Horizons report. https://lnkd.in/ed3cYinD