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Trump Rolls Out $700 Million Coal Investment Package, Highlights Iran Deal Priorities

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US President Donald Trump unveiled a package of coal-related initiatives Thursday that he said will support power generation, mining activity and energy infrastructure across the US.

"As a result of the $700 million investment that I'm announcing today, we will protect 14 coal plants and 42 coal mines... build two new coal plants and one new massive export terminal," Trump said.

Trump said the initiatives will support more than 14,000 jobs and reduce electricity costs by about $50 billion.

Trump said his administration is invoking the Defense Production Act to preserve 13 coal plants across West Virginia, Kentucky, North Carolina, Tennessee, Arkansas, Oklahoma, North Dakota and Wisconsin.

The administration is also redirecting $200 million previously allocated to clean-energy programs to support a coal facility in Maryland and help build new coal-fired plants in Alaska and West Virginia, Trump said.

Trump said his administration has approved 76 coal mining projects and added that "last year we prevented 17 gigawatts of coal-fired electricity from going offline."

On Iran, Trump highlighted nuclear restrictions and shipping security as key elements of a potential agreement with Tehran.

"The main parts of the deal is that they can't have a nuclear weapon, the strait will open immediately... and we've largely swept the mines," Trump said.

Trump also said he would be willing to meet Iran's Supreme Leader if negotiations produce an agreement.

"I'd be honored to meet him," Trump said. "If we make a deal, it's possible I would meet him."

Discussing Lebanon, Trump said recent conversations connected to the broader Iran situation have produced progress and could help bring stability to the country.

"It would be really nice if Lebanon could have some peace," Trump said, adding that he discussed the issue with Israeli Prime Minister Benjamin Netanyahu and Hezbollah representatives.

Energy Secretary Chris Wright, who was also present, said higher Venezuelan oil exports have increased global crude supplies and helped limit pressure on energy markets.

"Venezuelan oil exports today are three times higher than they were right before we went in," Wright said.

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US Open to Country-Specific Exemptions for Russian Oil, Bessent Says

US Treasury Secretary Scott Bessent said Thursday that any future waivers allowing countries to buy Russian oil would likely be granted on a case-by-case basis rather than through broad exemptions.Bessent made the remarks during a testimony before the House Ways and Means Committee."My strong inclination is that if there are further waivers, that they will be country-specific and not generalized," Bessent said, responding to questions from Representative Brian Fitzpatrick, a Pennsylvania Republican.Secretary Bessent defended the Treasury's use of targeted exemptions for Russian seaborne oil, arguing they generated limited additional revenue for Russia."The Russian Federation has seen very little incremental revenue because of the waivers. Their oil was always going to China, and now the oil can go to our allies," Bessent said.Fitzpatrick pressed Bessent on the Treasury Department's successive extensions of waivers exempting Russian seaborne oil from certain US sanctions imposed following the invasion of Ukraine.Fitzpatrick said lawmakers from across the aisle had sought to ensure that Russia's war in Ukraine was not rewarded through sanctions relief. He pointed to legislation introduced last year that would impose tariffs of up to 500% on Russian imports and on countries that provide economic support to Russia's war effort."You have to step back and think, are you willing to put a 500% tariff on China?" Bessent said, adding that that he had been told by many that "tariffs are inflationary.""I don't believe they are. But a 500% tariff is an embargo," Bessent said.Secretary Bessent said several economically vulnerable countries had requested an extension of the original waiver during meetings of the International Monetary Fund and World Bank earlier in 2026.Following the hearing, Fitzpatrick said he remained concerned about the continued use of waivers and planned to seek further clarification from Treasury officials.

Oil & Energy

Mexican Crude Exports Increasingly Driven by Arbitrage as Atlantic Competition Intensifies, Kpler Says

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Oil & Energy

Market Chatter: Dangote Plans Second 700,000 Bpd Refinery at Nigeria's Lekki Complex

Dangote Group is building a second 700,000-barrel-per-day refinery at its Lekki site in Nigeria, a project that would increase the complex's total processing capacity to 1.4 million b/d by the end of 2028, Bloomberg reported Thursday, citing Chief Executive Officer David Bird.Site preparation and piling work are underway, and steel installation should begin before year-end, Bird said on the sidelines of S&P Global's Middle East Petroleum & Gas Conference, according to the report.The project comes as Dangote also works to raise capacity at its existing refinery to 700,000 barrels per day from 650,000, further expanding the company's refining footprint, the report said.The combined facilities would rank among the largest refining hubs globally, matching the scale of Reliance Industries' Jamnagar complex in India and far exceeding the capacity of Europe's biggest refinery, according to the report.By increasing domestic fuel production, the existing refinery has reduced Nigeria's dependence on imported petroleum products while also supplying export markets, including Europe, the report said.The refinery entered service in early 2024 after Dangote unveiled the project in 2023, marking the completion of a development that arrived seven years behind its original schedule, according to the report.Although the targeted startup date appears ambitious for a project of this size, Wood Mackenzie Senior Vice President Alan Gelder said successful execution remains possible.Bird said the company expects to shorten development timelines by repeating the design-and-construction model already used for the first refinery.Growing fuel production from the Nigerian facility has attracted interest from other African countries, with Kenya recently indicating that it could host a future Dangote refinery, the report said.An East African project would expand the group's reach in international fuel markets and support additional oil-trading activity.If the proposed East African refinery mirrors the Nigerian operation, Dangote's total processing capacity could approach 2 million b/d, roughly equal to Germany's current oil consumption, the report said.Dangote didn't immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)