Posted on 10/26/2023 4:09:07 AM PDT by RomanSoldier19
Access to financing has become more complicated for oil refiners as banks are increasingly looking to reduce their exposure to fossil fuel projects, according to refining executives.
(Excerpt) Read more at oilprice.com ...
Bidenomics at work.........
Again, this is where states need to step in and tell banks that unless they make financing on reasonable commercial terms to all businesses - most especially those in guns and fossil fuels - they will lose their banking charters in those states.
Seeing the likes of JP Morgan or Bank of America booted out of a few smaller states or one Texas or one Florida will be enough. They will cave.
The prob is the banks recognize that the Feds are on a mission to bankrupt the oil industry so any loan they give is at high risk of default.
What states should do is use the banks financial analysis data in a suit against the Feds to stop their suicidal mission.
If they simply force banks to give loans without political prejudice, the bank can claim the financial reason and say it's not political.
Meanwhile, Deep State is still EXPORTING record amounts of American energy...
I think you’ve nailed the problem. Let’s get away from Bidenomics which hasn’t worked.
Streamline the Regulatory Process to Expedite U.S. LNG Exports
And check out how much of our coal Deep State is exporting...
Then bankers will struggle to find food.
The largest banks generally have Federal charters and are not regulated by the state authorities. Texas or Oklahoma cannot sanction a national bank except by withholding public funds from the bank.
Time for private capital
Please read the article.
The “executive” being quoted is based in Asia.
And most of the article is referring to European banks and projects outside of the USA.
If you follow ESG etc, the reality is that America, as messed up as things can be here, is nowhere near the level of dogmatism seen overseas. I see it on LinkedIn - climate change isn’t up for debate in Europe and Asia, less so in Latin America and Africa. In America, it’s split 50/50.
I know many people think Blackrock owns all the housing stock and your social credit score will drive how much you can charge your mandated EV any day now. As you vill eat zee bugz.
Maybe we are headed there.
But today, we are nowhere near that dystopia.
Someone needs to remind the bankers that the suits on their backs are polyester, the interior of their cars are plastics, their computers, televisions, their curtains, carpets etc etc.
Energy is what drives industry and provides jobs. The green alternative doesn’t work, solar and wind can’t cut it.
What it is is an attack on western man and capitalism.
capitalism built the banks.
The stupid bankers need to wake up and quit being pawned.
now is a good Time to start a new bank. maybe a Fred’s bank.
The end of “fossil” fuels is the end of food.
Maybe they ought to form a new bank and help finance each other. Banks can only control you if you let them. We don’t have to accept the norm, we can make our own norm.
The banks did this to the coal fired power plants in the past few years. No loans unless they prove they are going “green” then still charge higher rates.
bkmk
There could not be this level of coordination among banks to shunt a profitable sector, unless they were ordered to by the Fed.
Well noted. Kudos.
The OilPrice article 'passes through' from a Bloomberg article, in part, so the whole game of journalism itself becomes a bit suspect.
From the very short article: “If you have the word ‘refinery’ anywhere in your title, you're not going to get finance,” Alwyn Bowden, chief executive officer of Malaysia's Pengerang Energy Complex....
So this is a concern for Malaysia, specficially. But then also Europe, as the article also states: "Moreover, banks across Europe may have to include environmental and social risks in their capital requirements and risk management under new recommendations by the European Banking Authority (EBA)."
So this is 1) about Asia and Europe, and 2) about European politics.
But notice the Malaysian company is being spoken for by a very non-Malay fellow, Alwyn Bowden. Turns out this chap is involved with all sorts of ChemOne and other company schemes, and NOT about oil exploration and extraction, so much as management and investing. His resume -- starting in Wales, ending in Singapore -- is, as he states, about "realizing new project opportunities in the Oil & Gas and Industrial and Infrastructure arena in Singapore, Malaysia, and Indonesia."
So the very large ChemOne and the subsidiary in the article are -- please note -- HOLDING COMPANIES. Looking for financing, as for investors.
Therefore, Chickensoup, you comment is extremely pertinent. :Time for private capital."
But as with all the funds and hedge funds, holding companies and various other ventures which seek OPM -- other people's money -- for their games and goals.
ChemOne, since 1979, should have capital enough if profitable through all those years to invest. But then, privately-held Singapore-based ChemOne isn't interested in risking its money, it seems. It wants Europeans' money....
After all, there are quite a number of Singapore-based investment banks.....
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