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Taiwan's CPC Plans Diversified Crude, Qatar LNG Purchases After Hormuz Reopens

Taiwan's state-owned energy company, CPC Corp, said it is preparing to broaden its slate of crude oil and LNG imports when the Strait of Hormuz reopens, news outlets reported.If the Strait reopens in time, CPC reportedly plans to designate Gulf loading ports in July and August to secure a more diversified mix of crude oil, including heavier and higher-sulfur grades that can be used to increase bitumen and sulfur production to meet domestic demand.News outlets also reported that the company is considering LNG imports from Qatar, which could begin arriving in Taiwan as early as September if shipping routes resume normal operations soon."CPC continues to closely monitor developments in the Middle East and will promptly and flexibly adjust its oil and gas procurement plans as needed," the company reportedly said.Separately, Taiwan's Energy Administration under the Ministry of Economic Affairs reportedly said: "Going forward, depending on the situation in the Strait of Hormuz, Taiwanese businesses will assess energy imports from the Middle East region, without being limited to any specific country."CPC and the Ministry of Economic Affairs did not immediately respond to a request for comment from.

Commodities6d ago

Pennsylvania Faces Looming Budget Crisis Amid Fossil Fuel Decline, Tax Gaps, IEEFA Says

Pennsylvania is facing a looming budget crisis, with the structural decline of the state's fossil fuel industry and its decision to not collect enough tax revenue from the sector significantly contributing to the financial problems, according to an analysis by the Institute for Energy Economics and Financial Analysis published Tuesday."The state's coal industry is declining, its petrochemical sector is stagnant, and its natural gas business has been a mixed bag, at best. Despite the paltry returns, Pennsylvania has given massive tax credits to the fossil fuel industry," IEEFA analysts said.According to IEEFA, the state needs to consider revising its tax policy on natural resource extraction to ensure the industry contributes in line with the policy's goals.Pennsylvania, which does not impose a severance tax on natural gas, unlike most other producing states, could raise more revenue by changing how it values gas extraction.Current fees and levies in Pennsylvania are relatively generous compared with those in other producing states, and revenues from producers account for a very small share of the state's budget. Pennsylvania's impact fees, levied mainly on horizontally drilled natural gas wells, account for just 0.3% of total state tax revenues, a minuscule figure compared with other states.According to Trey Cowan, an energy finance analyst at IEEFA and co-author of the report, Pennsylvania has a strong legacy of energy innovation and is a leader in energy production. Maintaining this position will require an understanding of the limits of the fossil fuel industry's future role, with job creation and tax revenue growth unlikely to be major drivers for the sector, he added."Ensuring that the ongoing transition is just should be central to policymakers' agendas. This begins with an honest assessment of where the state's fossil fuel sector has been and where it is trending," analysts said.

Commodities6d ago

Update: US Weekly Ethanol Production Dipped, EIA Says

(Updated with additional details.)US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending June 12, US ethanol production averaged 1.10 million barrels per day, slightly below last week's 1.11 mmb/d and last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was equal to last year.Midwest ethanol production averaged 1.04 mmb/d, below 1.05 mmb/d from the previous week. Four-week average output at 1.04 mmb/d, compared with 1.04 mmb/d a year ago.Domestic ethanol inventories ended the week at 24.5 million barrels, unchanged from a week ago and above 24.1 million bbls a year ago.

Commodities6d ago

Weekly US Crude Inventories Drop by 8.3 Million Barrels, EIA Says

US commercial crude oil inventories decreased by 8.3 million barrels to 418.2 mmbbls in the week ended June 12, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.

Commodities6d ago

US Weekly Ethanol Production Dipped, EIA Says

US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending June 12, US ethanol production averaged 1.10 million barrels per day, slightly below last week's 1.11 mmb/d and last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was equal to last year.

Commodities6d ago

BLM Raises $35.3 Million in Colorado Lease Auction as Lower Royalty Rate Takes Effect

The Bureau of Land Management generated $35.3 million from a Colorado lease sale covering 147 parcels as new federal royalty rules aim to boost energy development, the BLM said Tuesday.BLM conducted the quarterly oil and gas lease sale under the One Big Beautiful Bill Act, while lease bonus bids and rental payments from the auction will be shared between the federal government and the state where the parcels are located.Under the legislation, the minimum royalty rate for new federal onshore oil and gas production fell to 12.5% from 16.67%, reversing the higher rate established under the Inflation Reduction Act, BLM said.The lower royalty rate could encourage additional leasing and drilling activity by improving project economics on public lands, supporting higher domestic energy production and strengthening US energy security, the Bureau added.Aligned with Executive Order 14154, "Unleashing American Energy," the Bureau of Land Management said its lease sales help meet US energy demand while supporting economic, military and energy security objectives.The leases carry an initial 10-year term and remain active beyond that period as long as oil and gas production continues in paying quantities, according to the Bureau of Land Management.

Commodities6d ago

Nextpower Launches Differentiated Solar Tracker System in Europe

Nextpower (NXT), a solar and power technology solutions provider, on Wednesday launched a new solar tracker system, particularly designed to address Europe's varying geotechnical conditions.The company said that its NX Gemini two-in-portrait tracker system provides a solution to the region's challenging site and soil conditions.The new system is expected to offer greater flexibility to improve efficiency and reduce construction risk, according to Yves Figuerola, general manager at Nextpower Europe.The latest project expands Nextpower's product portfolio in Europe. Globally, the company said it has deployed over 160 gigawatts of integrated solutions to "streamline project execution and expand sites where solar can be built and operated reliably at scale."Price: $124.48, Change: $-1.15, Percent Change: -0.91%

$NXT

Commodities6d ago

US Natural Gas Update: Futures Slide Over 3% Amid Late Month Rainstorm Forecasts

US natural gas futures declined sharply on Wednesday as forecasts of severe rainstorms weighed on prices, despite a more supportive late-month demand outlook.The front-month Henry Hub contract and the continuous contract were both down 3.33% to $3.131 per million British thermal units.Nearly two-thirds of the country is expected to see above-normal precipitation from June 24 to June 30, according to the National Weather Service. Such conditions are usually expected to weigh on natural gas-fired power generation, leading to a bearish turn in the market.According to Gary Cunningham of Traditional Energy, the "storm system forming in the Western Gulf" could even restrict LNG shipments over the coming week, noting that the National Hurricane Center now puts the likelihood of formation at "60% and climbing rapidly."Meanwhile, on the bullish front, natural gas output is expected to decline to 106.3 billion cubic feet per day, 1 Bcf/d below the month-to-date average, according to NRG Energy.Natural gas feedgas flows are expected to recover to 19.49 Bcf on Wednesday, compared to the 30-day moving average of 17.95 Bcf, according to the Bloomberg LNG Feedgas Model, as spring maintenance at major facilities comes to an end.

Commodities6d ago

China Clean Energy Transition to Focus on Integration, Industrial Decarbonization, Think Tanks Say

China's clean energy transition is shifting toward system integration and industrial decarbonization, having largely solved the challenge of scaling renewables, according to an analysis by Agora Energy China and Agora Energiewende on Wednesday.The country's wind and solar utilization rates fell below 95% in 2025, the report said, "highlighting growing system constraints as renewable capacity expands faster than grid flexibility and market integration."Coal-producing regions also face the challenge of transforming fossil energy hubs into renewable energy bases.System integration is critical to China's energy security, according to the think tanks. The country continues to rely on imports for more than 70% of its fuel needs, with several coal-to-chemical projects making only a small contribution.The power system is also facing flexibility and reliability challenges as electricity demand continues to rise from expanding electric vehicle use, industrial electrification, and an artificial intelligence boom."Energy security for China increasingly depends not just on fuel supply but on integrating its abundant domestic renewable energy into the wider system," said Kevin Tu, Agora Energy China managing director."Accelerating grid and power market reform, strengthening demand-side response and enhancing cross-regional transmission can boost resilience against volatile global fossil fuel markets," Tu added.On industrial decarbonization, Tu noted that technologies such as renewable hydrogen, electric heat and low-carbon materials are moving from demonstration to deployment, but their success hinges on availability of renewables-derived electricity and an integrated, flexible power system."China has established itself as a global leader in clean energy and electrification. Extending this success into heavy industry while retaining competitiveness and energy security will be critical both for China and for the global transition," said Markus Steigenberger, managing director at Agora Think Tanks.

Commodities6d ago

G7 Leaders to Strengthen Sanctions on Russian Oil, Gas

The leaders of the Group of Seven countries will step up sanctions on Russian oil and gas, deeming such measures well-timed once the Strait of Hormuz reopens, according to a statement at the conclusion of their summit in Evian, FranceThe group welcomed the announcement of the deal and the fact that it offers "a historic opportunity" to prevent Iran from acquiring any nuclear weapon and said they stood ready to assist with implementation of peace measures.In reference to the Strait of Hormuz, the leaders reaffirmed the right of transit passage without restrictions or tolls considering that "the bedrock of international trade".The G7 agreed that the multinational, independent and defensive initiative by France and the UK can play an important role in facilitating resumption of maritime traffic through the strait, including through verification that all mines are removed.Notably, the group said it commits to accelerating "the diversification of energy supply routes in order to reduce global vulnerability to the Strait of Hormuz and to increase our energy stocks".It said it welcomes the potential for Canada to add hydrocarbons supply for global markets in the coming years.The group will provide additional support to Ukraine to help it get through the next winter, with Russian attacks on its energy infrastructure in previous years leaving large chunks of its population temporarily without light or power.

Commodities6d ago

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Wednesday Ahead of Fed Rates Announcement

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.7% in Wednesday's premarket activity, ahead of the highly anticipated interest rate announcement by the Federal Reserve at 2 pm ET.US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.6% before the start of regular trading.Mortgage applications fell by 3.8% in the week ended June 12 after a 10.8% increase in the previous week, as average 30-year fixed mortgage rates held steady, according to Mortgage Bankers Association data released Wednesday.US retail sales rose by 0.9% in May, a larger gain than the 0.6% increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's revised 0.4% gain.The pending home sales data for May and the business inventories data for April are both scheduled to be released at 10:00 am ET.Weekly petroleum stocks data are due to be released at 10:30 am ET.The Federal Reserve's 2 pm ET announcement will be followed by new Fed Chair Kevin Warsh's first press conference at 2:30 pm ET.In premarket action, bitcoin was down by 1.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.2% lower, Ether ETF (EETH) retreated by 2.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was inactive.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%. The Vanguard Health Care Index Fund (VHT) fell 0.2% and the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.5% higher.AbCellera Biologics (ABCL) shares rose 2.4%, and Jazz Pharmaceuticals (JAZZ) stock was up 1.6% premarket after the companies signed a preclinical research collaboration, option, and license deal to discover and develop T-cell-engaging multispecific antibodies.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, the Vanguard Industrials Index Fund (VIS) was up 0.1%, and the iShares US Industrials ETF (IYJ) was inactive.SpaceX (SPCX) stock was up more than 3% before the opening bell, following a 4.8% rise in Tuesday's session. Investor Michael Burry, known for calling the US housing collapse and the 2008 financial crisis, wrote in his newsletter on Tuesday that the company's put options remain too expensive.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 1.3%, and the iShares US Technology ETF (IYW) was up 0.8%, while the iShares Expanded Tech Sector ETF (IGM) was up 1.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 1.9% higher, while the iShares Semiconductor ETF (SOXX) rose by 2.7%.Nokia (NOK) shares were up 2.6% in premarket activity after the company said it will expand its advanced semiconductor test and packaging facilities in Allentown, Pennsylvania, to increase the manufacturing of photonic chips for artificial intelligence networks.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Stellantis (STLA) shares were up 1.9% pre-bell after Bloomberg reported, citing FIM-CISL labor union secretary general Ferdinando Uliano, that the company has pledged new investments in Italy, including 5 billion euros ($5.80 billion) in research and development by 2030 and the addition of engineering jobs.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.03%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% higher.Aegon (AEG) shares were down 0.8% pre-bell after gaining 1.5% at the prior close. The company said it has appointed Will Fuller as chief operating officer, effective Jan. 1, 2027.EnergyThe iShares US Energy ETF (IYE) was down 0.8%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.1%.YPF (YPF) stock was down 0.1% before the opening bell, adding to the 2.6% loss at the previous close. Reuters reported that the company signed a letter of intent to explore collaborations in fast-charging networks and energy storage infrastructure.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.9% to $76.73 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.7% to $3.22 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.4%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Gold futures for July were slightly lower to $4,352.50 an ounce on the Comex. Silver futures gained 0.1% to $70.58 an ounce. SPDR Gold Shares (GLD) declined by 0.01%, and the iShares Silver Trust (SLV) was 0.3% lower.

Dow JonesNasdaq CompositeS&P 500$ABCL$AEG$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$JAZZ$NOK$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$STLA$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD$YPF

Commodities6d ago

US Biofuels Update: Soybeans Up on Chinese Demand Hopes

Chicago soybeans firmed on Wednesday as rumors that China was looking to purchase US crop buoyed demand sentiment, but plentiful supplies capped gains.The July soybean contract on the Chicago Board of Trade rose for a third straight session to reach its highest in almost two weeks. In early trade, it edged higher by 0.62% to $11.37 per bushel.The July CBOT soybean oil contract inched up 0.30% to 73.14 cents per pound, partially offsetting the previous session's losses.China's Sinograin reportedly inquired about US soybeans for late 2026 to early 2027 delivery, according to ADM Investor Services, as US offers slipped to a slight discount to Brazilian cargoes.Signs of Chinese buying emerged a month after the US and China held a summit and agreed on a $17 billion annual purchase of US agriculture products.However, ample supplies weighed on the market, limiting gains in the soybean complex.In the US, soybean planting has reached 95% as of June 14, up from 93% recorded a year ago, which was also the average pace in the last five years.The USDA rated 66% of crops in good-to-excellent condition, higher than the previous week's 65% and comparable to the prior year's percentage.In Brazil, soybean harvest has concluded and "the market is currently in a phase of absorbing the record-breaking Brazilian production," price reporting agency MySteel said.Meanwhile, July ethanol prices on the NYMEX fell 1.61% to $1.83 per gallon on Tuesday, with the market awaiting release of weekly exports, production, and inventory data, due on Wednesday.

Commodities6d ago

Market Chatter: China Targets Ultra-Deep Sichuan Basin to Boost Domestic Shale Gas Output

China is drilling deep into the Sichuan basin's shale formations, aiming to reverse slowing output growth and unlock reserves that could boost domestic gas production by 2035, Reuters reported Wednesday, citing sources.Facing complex mountainous terrain and geology that restricted 2025 production to roughly 27 billion cubic meters, well below Washington's multi-hundred bcm baseline, state oil giants are targeting the ancient Qiongzhusi Cambrian formation, the report said.The resources lies nearly 5,000 meters below the surface, ranking it among the deepest and most capital-intensive shale targets globally. The strategic push follows recent structural breakthroughs in the Ziyang region between Chengdu and Chongqing.Sinopec recently booked 236 bcm of proven gas reserves at its Ziyang Dongfeng project at 4,500 meters, mirroring an adjacent discovery of similar scale made by PetroChina in late 2023, it said.Neither company responded immediately to' request for comment.While the companies have drilled over 100 wells to unlock the formation for the Ziyang Dongeng project, industry consultants warn that full commercialization, expected within two to three years, will demand billions in expenditure, the report noted.(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.)

Commodities6d ago

Helion Secures Regulatory Licenses for Fusion Power Plant in Washington

Fusion energy company has secured the regulatory licenses required to build and operate its first fusion power plant in Washington after receiving two approvals from the state's Department of Health, the company said on Monday.The Radioactive Materials License and Radioactive Air Emissions License secured from the DOH on Monday confirms that the company's Orion facility in Malaga, Washington has the requisite facilities, personnel and safety programs to comply with rigorous safety standards needed for fusion operations, it said.The two approvals are the latest in a group of key permits and licenses required for the Orion facility, which the company says will be the world's first fusion power plant.Helion is also pursuing a transmission interconnection agreement with Chelan County Public Utility District, it said.Helion has completed the assembly and office buildings and will now proceed with work on the generator building, after starting initial earthwork in spring 2026.

Commodities6d ago

One Nuclear, Sunshine Partners to Pursue Joint Power Generation Projects

One Nuclear Energy and Sunshine Partners signed a letter of intent to evaluate the development of power generation projects for potential use by data centers and manufacturers, the company confirmed on Tuesday.Dubbed the West Texas Platform, the expansive footprint spans five counties within the Ercot West zone, it said.According to the developers, commercial evaluations will focus on a mix of base-load and clean energy technologies, including natural gas generation, solid oxide fuel cells, advanced nuclear, utility-scale solar, and battery energy storage systems.

Commodities6d ago

Amogy, Kowa to Develop Ammonia-Based Hydrogen Solutions in Japan

Amogy, a US provider of ammonia-to-hydrogen and ammonia-to-power solutions, has partnered with Japanese firm Kowa to develop ammonia cracking-based hydrogen supply solutions in Japan, according to a joint statement on Tuesday.The companies said they will initially explore deployment of potential solutions in the Chubu region.The collaboration aims to use ammonia in enabling the transportation, storage, and delivery of low-carbon hydrogen for industrial applications and energy infrastructure development.Amogy said it will use its proprietary ammonia cracking technology while Kowa will leverage its extensive business network and industrial capabilities to build a robust hydrogen supply chain.

Commodities6d ago

Loaded Imports at Port of Los Angeles Climb Ahead of Shipping Rate Hikes

Loaded imports at the Port of Los Angeles, California, jumped 26% year over year to 449,370 twenty-foot equivalent units in May, according to port data on Tuesday, as retailers and manufacturers rushed to move goods prior to the July rate hikes by shipping companies.The US-Iran war that began in late February has resulted in logistical disruptions and a surge in fuel prices. This has triggered a rise in shipping rates, with several ocean carriers, including Maersk and CMA CGM, recently announcing rate increases and surcharges beginning next month.Tariff uncertainties also add to the pressure, following a proposal by the US administration to raise levies up to 12.5% on imports from several countries linked to allegations of forced labor. The US' global tariff of 10% is set to expire in July."We're seeing cargo move for a combination of reasons, including inventory replenishment, concerns about fuel costs, trade-policy uncertainty and preparation for upcoming retail seasons," Port of Los Angeles executive director Gene Seroka said."Companies are operating with shorter planning horizons and taking advantage of opportunities when they emerge."In May 2025, a shift in tariff policies prompted cargo owners to temporarily pause shipments, leading to a decline in loaded imports, according to the Port of Los Angeles. As such, this year's May volume came in much higher on a year-over-year basis.In June and July, volumes may further increase as it would take months for supply chains to normalize despite a potential reopening of the Strait of Hormuz, according to Seroka.Descartes Systems, a supply chain technology provider, earlier reported that US container import volumes in May grew 6.6% from a month earlier to 2.4 million TEUs, due to seasonal growth. This also represents an 11.5% increase from year-ago levels.

Commodities6d ago

Ukraine Strikes on Refineries Push Russian Crude Exports to Near-Record Levels, Bloomberg Analysis Shows

Russia's crude oil shipments are at near record volumes as a decline in production due to Ukraine's aggressive targeting of its oil refineries is forcing the country to push more barrels into the global markets, according to a Bloomberg analysis published Tuesday.Russia shipped an average 3.83 million barrels a day of crude over the four weeks to June 14, unchanged from the week prior when exports hits their highest levels for the year, the report said, citing tanker-movements data.Year-to-date, the country's crude flows average 3.49 million b/d, which is higher than the annual averages in any year since Russia's February 2022 invasion of Ukraine.The rise in crude exports is amid the continued targeting of Russia's refineries by Kyiv. Two processing plants in the Tatarstan region, over 800 kilometers east of Moscow, were targeted by Ukraine late last week, while the Moscow refinery was hit earlier this week. Ukraine has so far targeted six Russian refineries in June after record attacks in May, the report said.The attacks have forced Russia to potentially redirect crude that cannot be refined locally to the export markets, the report said.has reached out to the Russian Energy Ministry for a comment.

Commodities6d ago

Europe's Gasoline Exports to US Hit Lowest Seasonal Level Since 2020, Reuters Analysis Shows

European gasoline exports to the US during the peak summer driving season have dipped as the region deals with rising internal demand and supply constraints amid refinery closures and Iran conflict-related issues, according to a Reuters report, citing data.Shipments of gasoline and blending components from the continent averaged 1.63 million barrels per day in May, down from 1.9 million bpd during the corresponding period a year ago, according to data from Kpler.This marked the lowest level for May since 2020, at the height of the COVID-19 pandemic, with second-quarter gasoline exports to the US not expected to fare any better, at 252,000 bpd, which is again the lowest for the time of year since 2020, with 88% of it headed to ports on the East Coast.According to Energy Aspects, the gasoline supply market, globally, is expected to show a deficit of 1 million bpd in May and 1.13 million bpd in June, which are significantly above their respective five-year average deficits of 489,000 and 352,000 bpd.This also comes at a time when US gasoline inventories hit their lowest levels since 2014 earlier this month, at just 215 million barrels.Rachel Lauffer, an analyst at Energy Aspects, told Reuters that exports will continue to remain low amid refinery closures and increased domestic demand.The firm further expected gasoline demand across Europe's largest economies to rise by 120,000 bpd to 2.46 million bpd in June.This is adding to the tightness in global gasoline and distillates markets, with Neil Crosby of Sparta Commodities warning that even if developments in the Middle East were to progress smoothly, "we are months away from normal supply-demand," while adding that the current oversold prices were reflecting the same.Janiv Shah of Rystad Energy echoed similar views, noting that refiners were changing their yields to maximize the output of diesel and jet fuel, leading to shortages in gasoline."The market is not structurally short, but the balance looks increasingly vulnerable heading into peak summer demand," Shah said.

Commodities6d ago

Update: Workers, Inpex Reach Agreement as Loading Resumes at Ichthys LNG Facility

(Updates to add Inpex statement in paragraphs 2 & 3)Japanese energy company Inpex on Wednesday reached an agreement with striking workers at its 9.3 million metric-ton-a-year Ichthys liquefied natural gas export facility in Darwin, northern Australia."Protected industrial action has ceased at the Ichthys LNG facilities and we are pleased to confirm cargo loading has recommenced," Inpex senior vice president corporate, Bill Townsend said in an emailed statement to.An in-principle agreement has been reached between the parties, the statement added.A statement shared by a representative for Offshore Alliance confirmed the agreement."Following months of negotiations and the prospect of further protected industrial action, Offshore Alliance members have won an agreement that delivers significant gains in job security, pay, career progression, workplace rights and working arrangements."Key terms of the agreement include a provision to prevent permanent jobs from being outsourced to lower-cost labor hire contractors, industry-standard pay and allowances and a competency-based career progression framework.There are also stronger employee representation rights, and an improvement in roster flexibility and over-cycle arrangements for offshore workers, the statement added.Offshore Alliance is a partnership between the Australian Workers' Union and the Maritime Union of Australia, and covers workers in the offshore oil and gas industry.The union had called for a protected industrial action from June 11-23 at the Ichthys facility after initiating a limited strike earlier in the month.On Sunday, the Fair Work Commission, an Australian labor tribunal, rejected an application by Inpex to halt a strike by 400 oil and gas workers at the Ichthys LNG project.

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Commodities6d ago