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Articles in category: Fuels & Lubricants
Crude oil prices have been plummeting for months, and on Monday, they hit a low not seen since March 2009. The benchmark U.S. oil price fell to a 6-year low of $42.85 a barrel yesterday. A rising U...(Read Full Article)
In a timely new white paper, Crude Oil: Impact, Opportunities and Strategies for Procurement, GEP’s commodity and category experts discuss the impact of lower crude oil prices on procurement and supply chain, and the savings opportunities they offer for enterprises sourcing and procurement teams. http://goo.gl/tZ49N7(Read Full Article)
Namibia Power Corporation, the state-owned utility planning a $300 million gas-fired electricity plant venture, says construction will start before mid year.(Read Full Article)
After years of talk, the port at Saldanha Bay is set finally to benefit from investment that will allow SA to participate and contribute more meaningfully in the oil and gas sector. The Transnet National Ports Authority (TNPA) on Monday announced infrastructure projects valued at R9.65bn at Saldanha Bay to improve its ability to serve the offshore oil and gas industry.(Read Full Article)
FAR from being a setback for the county, Malaysian oil giant Petronas’s decision to pull the plug on the proposed sale of its controlling stake in Engen to PetroSA is a welcome development.
As a state-owned enterprise, PetroSA should never have sought to enter the fuel retail business in the first place. And it should not be seeking to expand its operations in the oil refinery and conventional upstream exploration and production sectors either.(Read Full Article)
AFRICAN airlines are struggling to realise the benefits of a lower oil price as the positive effect is offset by weakening currencies in SA, Kenya, Nigeria and other economies, according to the International Air Transport Association (Iata).
Demand for international travel in the region has decreased due to "adverse economic developments" in countries that are oil reliant, such as Nigeria.
Iata’s forecast data showed combined airline profits were "barely positive" for this year at $200m, which is about $2.51 a passenger.(Read Full Article)
While the fall in oil prices has eased cost pressure on airlines travel buyers are yet and may not see any reduction in ticket prices, but there is more they can do to ensure they are getting the best deal.
The collapse of oil prices has eased the considerable pressure that had built up on the world’s airlines over the past few years. Seemingly endless increases sent jet fuel prices spiralling upwards and with them went the cost of fares.
For fiscal policy, the commodity conundrum is a challenge in the short and the long term, writes Hilary Joffe(Read Full Article)
The oil market is set for "more problems" this year as increasing supplies from countries including Russia and Iraq add to the global glut that drove prices almost 50% lower last year, according to Morgan Stanley.Output may increase from fields in West Africa, Latin America, the US and Canada in addition to more exports from Russia and Iraq, offsetting worries of reduced production in Libya, analysts including New York-based Adam Longson said in an e-mailed report on Monday(Read Full Article)
Lower fuel prices are compounding the longest commodity slump in a generation. Because energy accounts for as much as half the cost to produce food and metals, all sorts of commodities will keep dropping, according to Société Générale (SocGen) and Citigroup.(Read Full Article)
CHEVRON SA has warned that should the building of a Cape Town harbour oil-storage terminal go ahead, this would eventually mean the shutdown of its Western Cape refinery and lead to the loss of thousands of direct and indirect jobs.
On Tuesday, the National Energy Regulator of SA (Nersa) held public hearings into whether Burgan Cape Terminals should be allowed to operate a vendor-neutral facility in the Cape Town harbour.
Burgan Cape Terminals is 70% owned by Dutch-based fuel-storage operator VTTI, with black economic empowerment partners Thebe Investment Corporation and Jicaro each holding a 15% stake.(Read Full Article)
Oil prices fell in subdued Asian trade on Wednesday after speculation about the dim prospects for an Opec oil production cut.(Read Full Article)
Brent oil dropped to a new four-year low below $82 (R914) a barrel, a fifth straight day of losses, as weak economic data from top energy consumer China intensified worries about demand as a global supply glut grows.(Read Full Article)
SASOL’s polymer business is unprofitable — hence it is uncertain if it would make the investments necessary to modernise, says the petrochemical giant’s senior vice-president for strategic projects Norbert Behrens.
Mr Behrens and his colleagues were on Friday called before Parliament’s trade and industry committee to explain the pricing policy that Sasol used for its polymer products. This is a sensitive issue in the light of the decision by the Competition Tribunal to fine Sasol Chemical Industries R534m for the excessive pricing of its propylene and polypropylene products.(Read Full Article)
PetroSA recorded an overall net loss of R1.65bn in the 2013/14 financial year, the company said on Tuesday.
While the company made an operating profit of R2.2bn, this was against the R3.4bn impairment charge against PetroSA's onshore and offshore assets, spokesperson Thabo Mabaso said in a statement.
"This is the result of a volatile economic environment, creep in project costs and delays in the feedstock drilling programme (Project Ikhwezi)." Impairment is the reduction in a company's stated capital.
Nosizwe Nokwe-Macamo, PetroSA group CEO, said the company had a trying year with the main focus ...(Read Full Article)
CONSTRUCTION group Murray & Roberts (M&R) believes that by 2020 it will have established its oil, gas and energy services, CEO Henry Laas said on the release of full-year results to June on Wednesday.
Group revenue of R36bn was slightly up from R34.2bn in the year to June last year. Diluted earnings per share rose 25% to 305c. A dividend of 50c per share was declared. None was declared in the comparable period.
However, the order book shrank from R46.1bn to R40.9bn.(Read Full Article)
The Veeder-Root Company has acquired FuelQuest, Inc. Located in Houston, Texas, FuelQuest is the recognized Software as a Service (SaaS) provider for retail and commercial fueling logistics applications. With over 15 years of experience in logistics software development and analytics, FuelQuest will combine with Veeder-Root's Insite360 Fuel business to provide a best in class, end-to-end solution for controlling wet stock from rack to nozzle.
The acquisition demonstrates Veeder-Root's commitment to supporting retail and commercial fueling customers' desire for increased control of their fuel purchases, deliveries, variance, flow, compliance and managed maintenance needs.(Read Full Article)
South African Oil and Gas Alliance CEO Ebrahim Takolia has argued that South Africa should first increase the size and distribution network of the local gas market.(Read Full Article)
Oil firm Sasol is working to increase the number of local firms in its Mozambican supply chain, a conference was told. Benjamim Cavel, local content manager for Sasol in Mozambique, said the company had to “lead by example” and it was working with local suppliers to bring them up to the level where they can compete with multinationals.
THE Competition Commission is studying ways to improve competitiveness in the market for liquefied petroleum gas (LPG), which it says could become an affordable alternative energy source for households.
LPG, a by-product of the oil-refinery process, is mainly used for heating and cooking.
Only about 3% of households use LPG as their main energy source for cooking, according to statistics from the Department of Energy.
“The demand for LPG seems to be growing as more users diversify their energy mix in response to, among others, the power shortfalls and the increasing electricity price,” said the commission(Read Full Article)
Gas provider Afrox has signed a five-year, R55-million contract to supply bulk and cylinder liquefied petroleum gas (LPG) to South African hotel chain, Sun International. Afrox MD Brett Kimber said on Wednesday that securing the “major” agreement against strong competition could be attributed to the group’s national footprint and ability to access product, be it from local refineries or by importing LPG during periods of shortage.(Read Full Article)
Developing its own natural shale and offshore gas resources will be South Africa’s best long-term energy option, but building liquefied natural gas (LNG) terminals would be the quickest and cheapest way to develop the gas market, according to Shell South Africa Energy’s LNG market access manager John Shoobridge.(Read Full Article)
The National Treasury on Tuesday published the ‘Carbon Offsets Paper’ for public comment, outlining proposals for a carbon offset scheme that would enable businesses to lower their carbon tax liability.(Read Full Article)
BSR recently launched “Transitioning to Low-Carbon Fuel: A Business Guide for Sustainable Trucking in North America.”
According to Edward Cameron, director, partnership and research, the report is designed to help fleet operators and their value chain partners comply with new and future regulations.
“Value chain partners include energy producers, vehicle manufacturers, retailers that place shipments, and investors,” he says. “All want to develop impactful yet practical strategies that will accelerate the transition to low-carbon fuels, improve the sustainability impacts of all fuels, and advance dialogue and understanding about our shared challenges.”
This guide addresses five key challenges that have hindered ...(Read Full Article)