Big Oil meeting with US govt cordial but no miracle gas price fix

24/6/2022 2:52:00 AM

Big Oil meeting with US govt cordial but no miracle gas price fix

Big Oil meeting with US govt cordial but no miracle gas price fix

WASHINGTON, June 24 — Biden administration officials and oil industry executives huddled in Washington on Thursday to discuss potential steps to address runaway gasoline prices,...

for the latest news you need to know.A MOSCOW (June 21): Big Macs and McFlurrys may be off the menu at McDonald's successor restaurants in Russia, but the new firm has ambitious growth targets after it sold almost 120,000 burgers, a record, on its opening day, its chief executive told Reuters.A (June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn.A (June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.

Friday, 24 Jun 2022 5:26 AM MYT WASHINGTON, June 24 — Biden administration officials and oil industry executives huddled in Washington on Thursday to discuss potential steps to address runaway gasoline prices, and while both sides called the talks constructive, no concrete plans for relief emerged.High prices at the pump are weighing on American consumers — and damaging President Joe Biden’s approval rating.Under new name Vkusno & tochka, or"Tasty and that's it," 50 restaurants in and around Moscow reopened on June 12 and June 13.Heading into the gathering, Energy Secretary Jennifer Granholm said she hoped the meeting would result in refiners boosting gasoline supplies to lower prices for the summer vacation driving season.Haven assets including the dollar, Treasuries and the yen advanced.Afterwards, the Energy Department said the talks had had a “productive focus on dissecting the current global problems of supply and refining,” and promised “ongoing dialogue” to “alleviate the current supply and price challenges.The McDonald's exit saga shows both how difficult it is for Western consumer businesses that decided to leave over Moscow's actions in Ukraine to sever all ties to Russia and for local operators to replace popular brands.” Similarly, the American Petroleum Institute and American Fuel & Petrochemical Manufacturers called the meeting a “constructive discussion about ways to address rising energy costs and create more certainty for global energy markets.Johor Corp is continuously reviewing its investments, and is committed to improving the value proposition of Kulim, said Hasnina Hafiz, head of group corporate communications, in response to a query from Bloomberg News.

” Chevron, Phillips 66 and Shell all released upbeat statements, with Shell US President Gretchen Watkins praising Granholm for setting a “collaborative tone” by noting that Shell and others had shifted some refining capacity to produce biofuels.S.Optimism is evaporating that policy makers can achieve a soft landing as they navigate a course of aggressive monetary tightening to tame inflation.But no practical steps to immediately boost supply were revealed.White House press secretary Karine Jean-Pierre called the gathering a “first step."On the first day we sold almost 120,000 burgers," Paroev said.” “Clearly we want to come up with solutions,” Jean-Pierre told a press briefing.“Markets are flip-flopping between recession fears and inflation fears,” Paul Donovan, chief economist at UBS Global Wealth Management, said in a note.“There’s going to be other steps to get there." While Paroev does not expect such demand to last, he aims to exceed new owner Alexander Govor's growth target and accomplish that ahead of schedule.The state-owned firm took Kulim private in 2016.

” Uneasy ties Biden and the oil industry have an uneasy relationship, in part over the White House’s efforts to restrict drilling in some federal areas due to environmental concerns, and decisions like canceling the Keystone pipeline project on his first day in office.The US president has also blasted industry leaders in recent days over skyrocketing profits and their reluctance to boost capital spending.Hiring is continuing, Paroev said, who also wants to expand cooperation with strategic partner Sberbank, though ruled out a shareholder role for Russia's top lender.Deutsche Bank AG’s Chief Executive Officer Christian Sewing joined a growing chorus of executives and policy makers who warn that the global economy may be headed for a recession as Central Banks step up efforts to curb inflation.Industry leaders released a letter to Biden ahead of Thursday’s meeting that alluded to his upcoming trip to Saudi Arabia, urging him to visit US refineries and other industry sites to understand the potential for “American-made energy solutions.” But with Biden’s approval ratings plunging due to soaring inflation, the president has turned to the industry for relief.S.Short-term solutions? Gasoline prices currently stand at US$4.President Joe Biden plans call on Congress to enact a gasoline tax holiday to cool soaring pump prices and alleviate the pressure on consumers.

94 a gallon, a bit below all-time highs, but up more than 60 per cent from the year-ago level.Paroev, voicing his personal opinion, said McDonald's could return to Russia if Vkusno & tochka became a franchisee again, but stressed there had been no discussions to that effect.In a letter earlier this month to oil giants, Biden said high fuel prices were a key factor in the “intense financial pain the American people and their families are bearing.” He urged ExxonMobil, Chevron and other industry players to “provide concrete, near-term solutions that address the crisis." FRANCHISE CONUNDRUM Some former McDonald's franchisees have kept its branding on packaging and electronic menus and are selling Big Macs under a different name, creating a headache for Vkusno & tochka.” In response, Chevron Chief Executive Mike Wirth pledged to work with the administration, but faulted Biden’s comments that “at times vilify” the industry — drawing a Biden quip that Wirth was being “mildly sensitive.” The price surge follows Russia’s invasion of Ukraine, which exacerbated an already tight energy supply situation, sending crude oil prices sharply higher.While continued use of the McDonald's brand is a violation of Russian law, the company cannot take legal action because it has no rights to the brand, he said.

The rise in prices also reflects the diminished state of refining capacity after the industry mothballed some plants during Covid-19 lockdowns, and did not reopen them amid uncertain long-term growth prospects with the buildup of electric vehicles.Biden’s policy thus far has centered on a huge increase in crude oil from the Strategic Petroleum Reserve.Vkusno & tochka has proposed ex-franchisees join the new brand, Paroev said, with one having already agreed.On Wednesday, the US president proposed a temporary fuel tax break, a measure that received a lukewarm reception on Capitol Hill.For energy specialist Andrew Lebow of the Commodity Research Group consultancy, “there is very little refiners can do at this point.People visit the new restaurant"Vkusno & tochka", which opens following McDonald's Corp company's exit from the Russian "It's a mystery to me what products are sold there," he said of restaurants in train stations and airports, speaking on Friday.” “If they could produce more, certainly they would be given that the margins are incredible,” he said.

On Wednesday, Granholm acknowledged that building new refineries could not be done overnight, but said the administration wanted answers about plants that had been taken offline." SUPPLIER HEADACHE Vkusno & tochka is determined to maintain product quality, Paroev said, but keeping a familiar taste is a challenge.She also wanted to talk about supply chain issues, questioning if the industry could help on that front.Kevin Book, head of research at Clearview Energy Partners, said there were areas where the government could provide aid, such as facilitating procurement of truck drivers and sand for fracking.Vkusno & tochka is looking for a new drinks provider, as Coca Cola is depleting its Russia stock, Paroev said.Adopting a broadly constructive tone on regulation could also boost investment, he said.— AFP Advertisement.As agreed with McDonald's, recipes will change and a Big Mac replacement is in the works, Paroev said.

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Heir to McDonald's Russia craves success but Big Mac a 'big loss'MOSCOW (June 21): Big Macs and McFlurrys may be off the menu at McDonald's successor restaurants in Russia, but the new firm has ambitious growth targets after it sold almost 120,000 burgers, a record, on its opening day, its chief executive told Reuters.McDonald's Corp has fully exited Russia, selling all the restaurants it owned to a local licensee in May. Under new name Vkusno & tochka, or 'Tasty and that's it,' 50 restaurants in and around Moscow reopened on June 12

US futures fall with oil as recession fear spreads: Markets Wrap(June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn.Nasdaq 100 contracts were down more than 1.5%, underperforming S&P 500 peers and indicating more declines for heavyweight technology stocks, which have been hammered by rising rates. Haven assets including the dollar, Treasuries and the yen advanced.The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left

Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm(June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early

Gasoline price talks between oil refiners, Biden officials end in impasse(June 23): Major US oil refiners and US Energy Secretary Jennifer Granholm emerged from an emergency meeting on Thursday on how to lower pump prices with no concrete solutions but a promise to continue talking, according to a source familiar with the discussions.The two sides entered the meeting with a promise to work together in good faith, but they are still far apart on solutions. The discussion comes at a tense moment for President Joe Biden and Big Oil.

Markets fluctuate, oil falls again as recession warnings buildHONG KONG, June 23 — Asian markets struggled Thursday to recover from the previous day’s battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted...

China imports 2 mil barrels more of Iran oil, likely for reserves — tanker trackersSINGAPORE/DUBAI/BEIJING (June 22): China has received a new shipment of nearly 2 million barrels of Iranian oil in the past week at a southern port, according to shipping trackers, with one tracker saying the cargo is destined for state reserves.The 260,000 tonne cargo, carried by vessel Dorena which is owned by the National Iranian Tanker Corp (NITC), was discharged at Zhanjiang port, according to shipping tracking specialist Vortexa Analytics, as well as US advocacy group United Against Nuclear Iran, which