Vladimir Putin has helped resolve conflicts within the oil cartel by wielding Russia’s power as a major oil producer. That has given the country considerable influence over the direction of the world’s $1.7 trillion crude-oil market, and more power in the Middle East.
The poorest nation in the Western hemisphere has seen its fuel supply increasingly challenged since a program designed by Venezuela to supply fuel and gain influence in the Caribbean collapsed last year amid the raging Venezuelan crisis.
Haiti had received almost 70 percent of its fuel from Venezuela at the peak of the so-called Petrocaribe program, under which Venezuela offered very attractive financing to Caribbean nations to buy its refined oil products.
Novum had been supplying fuels to Haiti via the Bureau of Monetization of Programs and Development Aid (BMPAD) for more than four years.
Hungarian oil and gas company MOL has agreed a deal to buy Aurora Group, a German company that recycles plastics including polypropylene, polycarbonates, polyamides and polyoxymethylene, the company announced Monday.
Aurora Group, which has a 15,000 mt/year production capacity, specializes in recycling post-industrial waste based on a closed-loop concept of collection, regrinding and compounding material which is then sold to the automotive industry, as well as for electrical, construction, furniture and machinery sectors.
The purchase forms part of MOL’s 2030 strategy to invest $4.5 billion in chemical and petrochemical projects.
Canadian business sentiment has fallen from elevated levels as companies point to uncertainty around global trade, the housing sector and the energy industry.
The latest survey, based on interviews conducted between late February and early March, comes after Canadian economic growth saw an abrupt deceleration in the final three months of 2018 as oil prices tumbled.
The European Commission will work to ensure the integration of Ukraine in EU markets and support competition in eastern European countries as a means to minimize the impact of the NordStream 2 and TurkStream projects, an EU official told ICIS.
Currently 77% of the capacity of these four pipelines is booked by Gazprom.
Borchardt was sceptical that the rerouting of Russian transit via NordStream 2 would happen from next year, pointing out the pipeline required a ramp-up period.