Industry News

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23
Sep

BP traders lost almost R1.5 billion in African deal ‘debacle’

BP's traders lost $100 million (~R1.48 billion) in a "debacle" of a deal with a west African commodities firm, according to details from a London employment lawsuit that offers a rare glimpse into the business on the oil giant’s trading floor. BP bought crude oil and sold gasoline in a series of deals with Taleveras Energy that left the UK company exposed when Taleveras entered into insolvency procedures in 2015,…

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23
Sep

Inflation heats up as fuel, meat prices rise

South Africa's consumer price inflation increased to 4.9% in August, up from 4.6% in July 2021. The August CPI number is the fourth consecutive month where the annual increase in inflation is higher than the midpoint (4.5%) of the South African Reserve Bank’s inflation target range. This was in line with the median expectation of 16 economists who took part in a Bloomberg poll. Pricier petrol and diesel, as well…

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23
Sep

Sasol announces ambitious emissions-reduction target, plans new sustainable solutions business

Energy and chemicals company Sasol has revised its target to reduce greenhouse gas emissions by 30% for the year 2030 - up from 10% previously. This is expected to require capital spend of between R15 billion to R25 billion, according to its chief financial officer Paul Victor. The group will not be investing in new coal projects, and plans to replace coal feedstock with gas according to its new vision…

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21
Sep

You can now tip petrol attendants at Engen garages with this mobile app

Cash is king when it comes to tipping petrol attendants in South Africa. But more and more South Africans are moving away from cash and towards contactless forms of payment. The Engen 1app now allows customers to tip petrol attendants and cashiers at Engen garages by scanning a QR code. The tip will be deposited into the worker's Telkom Pay Wallet. For more articles go to www.BusinessInsider.co.za. Motorists filling up at…

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14
Sep

Corrupt oil trader turns on colleagues in massive Africa bribe case

Former Glencore trader Anthony Stimler paid large bribes to African officials and intermediaries. He is now helping the US government investigate Glencore and his former colleagues. Now Glencore and some of its executives face the prospect of steep fines and prison in a far-reaching investigation of tactics in numerous countries and commodity markets. When Anthony Stimler left Glencore in August 2019, he had two big secrets: For a dozen years,…

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13
Sep

Oman warns of $200 oil in dig at energy agency

Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticised the International Energy Agency's ambitions of halting new fossil fuel projects to combat climate change. The IEA called in May on for a halt to new investment in oil, gas and coal extraction in order to boost chances of holding down the dangerous rise in global temperatures. But Oman's energy minister, Mohammed al-Rumhi,…

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08
Sep

Sasol strikes partnership with state-owned Central Energy Fund to explore gas supply

Sasol's partnership with the Central Energy Fund (CEF) would allow it to explore low-cost gas import locations. The state-owned CEF is tasked with ensuring the country's energy supply. The companies have dedicated resources aimed at expanding the Southern African natural gas market. Sasol and the Central Energy Fund (CEF) have signed a memorandum of understanding which will allow them to collaborate on accelerating the development of gas resources in the…

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08
Sep

Government sets rule to lower sulfur in diesel by 2023

The government has published regulations that lower the sulfur content allowed in South Africa's diesel fuel, which may force some oil refineries to upgrade in order to meet the standards. Diesel grades allowed for sale may not exceed 10 parts per million, or ppm, according to a government notice on petroleum product regulations dated 31 August. The rules will come into effect in September 2023. Climate-change regulations are prompting a…

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03
Sep

Petrol price increase to kick in on Wednesday

Contrary to expectations, the price of both 93 and 95 unleaded and lead-replacement petrol will increase by 4 cents per litre on Wednesday, the Department of Mineral Resources and Energy said. Diesel prices will go down by 15.22 cents per litre for 0.05% sulphur and 14.22 cents per litre for 0.005% sulphur. Paraffin will drop by 15 cents per litre, the department said on Tuesday. Petrol and diesel prices are…

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31
Aug

Toxic leaded fuel production finally ends worldwide as last refinery shuts down

Production of leaded gasoline has ended worldwide now that the last refinery has exhausted its supply of the fuel that’s been poisoning the air for almost a century. The end of the toxic fuel follows intense diplomatic efforts by the U.S. and the United Nations over the past two decades, the UN’s Environment Programme said in a statement. The global ban will prevent about a million premature deaths annually from…

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