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Energy Markets

Fossil Fuels

Fossil Fuels

Temasek, BlackRock, and MGX join forces to create AI infrastructure

According to BlackRock's Thursday investor day presentation, Temasek is part of a consortium backed Microsoft, BlackRock, and the tech investment company MGX, which aims to expand and invest in artificial intelligence infrastructure. Slides showed that the Singapore state investment firm has joined AI Infrastructure Partnership. This group also includes BlackRock Global Infrastructure Partners. AIP was formed in September, with the goal of investing more than $30 billion initially in AI-related project. It is one of world's biggest efforts to invest data centres and energy infrastructure needed to power AI apps such as ChatGPT. The aim is to mobilize up to...

Fossil Fuels

China's coal imports in May fell 18% due to cheap domestic coal and renewable energy

China, the largest coal importer in the world, reduced its imports by 18% on an annual basis, according to customs data released Friday. Low-cost domestic coal eroded overseas purchases, while renewables slowed down coal-fired electricity generation. According to the General Administration of Customs, imports were 36.04 millions metric tons for the month, down from 43.82million tons in May 2024. This was the third consecutive month that China's imports of coal fell year-over-year. They had increased previously every month from November 2022. January and February were excluded because they are affected by Lunar New Year holidays. The data shows that coal...

Oil & Gas

The union warns that more than 500 jobs are at risk as Stellantis switches oil suppliers in Italy

A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the...

Fossil Fuels

Vietnam firms sign MoUs for the purchase of $2 billion worth of US farm products

The Agriculture Ministry announced on Tuesday that Vietnamese firms would sign memorandums with U.S. counterparts to purchase $2 billion of American farm products. This is part of the efforts to seal a trade agreement between the two nations. The Trump administration has imposed "reciprocal tariffs" of 46% on Vietnam. The tariffs have been suspended until July but if they are implemented, they could severely undermine a model of growth that relies on the exports to its largest market, the United States. The agriculture ministry announced that the new deals were signed by 50 Vietnamese companies, led by Agriculture Minister Do...

Oil Refineries

Shell Indonesia transfers gas station business from Citadel to Sefas JV

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Electric Utilities

Investor's letter: Vietnam cuts retroactively subsidies for solar and wind farms

According to a petition from investors, Vietnam's state-owned power utility has reduced the subsidised prices that it pays for electricity generated by solar and wind farms. These farms now face defaulting on their bank debts. The document was sent to Vietnam's highest authorities on May 16, and follows a letter from the majority of signatories in which they warned that billions of dollars were at risk due to retroactive changes made by Vietnamese authorities to subsidies, even though they were targeting a massive expansion of solar energy capacity. Documents show that, starting with invoices for January, a subsidiary EVN's Vietnam...

Natural Gas Utilities

Indonesian gas firms sign gas swap deal to meet domestic demand

Gas producers from western Indonesia signed a swap agreement with Singaporean buyers Sembcorp Gas and Gas Supply Pte and state-owned distributor Perusahaan Gas Negara to boost domestic gas supplies, according to PT Pertamina. Pertamina stated in a press release that the gas swap scheme is designed to meet demand for natural gas in Indonesia, especially in the power and industrial sectors. MedcoEnergi, an Indonesian gas producer whose units are part of the West Natuna Supply Group (WNSG) and Corridor Block (also parties to the agreement), will replace the flows from the Corridor Block to Singapore with those coming from WNSG....

Fossil Fuels

Mubadala Energy is ready to sell South Andaman Gas to Indonesia at the right price

A senior executive at Mubadala Energy said that the company would be happy to provide all of the natural gas produced in its South Andaman Block for Indonesian domestic consumption, and do so at the best possible price. Indonesia wants producers of gas to increase their supplies to domestic consumers as the demand is increasing. The producers have been focusing on exports of LNG and asked the government to revise price caps for domestic gas. They argue that it is not a good business decision when spot LNG prices are so high. Abdulla Bu Ali (President Director of Mubadala Energy...

Oil & Gas Refining

In the Pertamina case, Indonesia contacts trading firms in Singapore

It was announced on Monday that the Indonesian Attorney General's Office had contacted a number trading firms in Singapore about a corruption probe involving Pertamina. In the first half of this year, a number of Pertamina subsidiaries executives were arrested for alleged corruption in relation to oil imports from 2018 through 2023. This allegedly caused state losses of $12 billion. Pertamina apologized publicly and promised to improve the transparency after the arrests. Harli Siregar, a spokeswoman for the Attorney General's Office said that investigators want to speak with some Singapore trading firms about the case. Siregar stated that earlier attempts...

Fossil Fuels

Indonesia increases CPO export levy by 10% as of May 17,

A regulation signed Wednesday shows that Indonesia will increase its crude palm oil export levy from 7.5% to 10% starting May 17, in order to fund the country's increased mandate for biodiesel blends. Export levies on refined products will range from 4.75% to 9.5% of CPO reference prices, an increase of between 3% and 6 % of current rates. The levies collected are used to finance palm oil programs such as the biodiesel program and a smallholder replanting subvention. Indonesia increased its palm oil-based Biodiesel mix from 35% to 40% this past year. It is now studying moving to 50%...

Fossil Fuels

Salt is dropped from the ODIs against West Indies. Cricket-Dawson will return to England's T20 Squad.

The England & Wales Cricket Board has not selected Phil Salt for the upcoming home white-ball series against West Indies. Will Jacks, a batting all-rounder, has been recalled to the England squads that will face West Indies in three ODIs (over 20-overs) and three T20s between May 29 and July 10. Harry Brook, the white-ball captain, is leading both teams. Luke Wood and Tom Hartley have both returned to England's T20 and ODI teams, respectively, after not playing white-ball cricket since September 2023. Jacks was playing in the Indian Premier League along with Jos buttler, Jacob Bethell and Jamie Overton,...

Natural Gas

Singapore establishes new GasCo, and appoints a chief executive, according to regulator

Singapore's energy regulator announced on Wednesday that the country had established a wholly government-owned company called Singapore GasCo, to centralise gas procurement and supply to the power sector of the city-state. Energy Market Authority (EMA), in a press release, said that the entity would also benefit from economies of scale, negotiate better gas contracting terms and procure gas from different sources. It would sign contracts for longer periods to ensure a more stable gas supply and price. Alan Heng was also named as Singapore GasCo CEO by the EMA. He was previously the Group Chief Executive of Singaporean LNG company...

Crude Oil

Crude Oil

Fed markets are jittery as the Mideast conflict continues

On Wednesday, investors were urged to seek safety in U.S. Treasuries or the dollar as they dumped stocks. Investors are becoming increasingly concerned about the possibility of an increased direct U.S. involvement in the Israel-Iran war, as it enters its sixth day. President Donald Trump has called for Iran to surrender unconditionally and warned that the patience of the United States is wearing thin. Joseph Capurso is the head of sustainable and international economics for Commonwealth Bank of Australia. The markets are trying hard to assess the risk of a large U.S. Military intervention. The market may not be thinking...

Crude Oil

Stocks and the dollar cautiously welcome recent US-China trade agreement

The dollar and stock markets welcomed the latest progress in the trade talks between China and the United States with caution on Wednesday, while they waited for more details about what had been decided and if it would last. Bond investors also prepared for an auction of Treasury bonds that will test the demand for the country’s debt, as well as a reading of U.S. Inflation that could reveal the early impact on prices from tariffs. Washington and Beijing negotiators said in London that they had "agreed on a framework for trade", which would be presented to their respective leaders....

Crude Oil

Investors watch US-China trade progress to see if it can bring about a change in the dollar and stock prices

As trade talks between China and the United States continued for a second consecutive day, investors had reason to believe that tensions may be easing between the two world's largest economies. U.S. commerce secretary Howard Lutnick stated that discussions between the two parties were going well. President Donald Trump put a positive spin after the Monday session. Lutnick met with Treasury Secretary Scott Bessent, U.S. trade representative Jamie Greer and their Chinese counterparts at the London International Trade Fair. Markets will likely be relieved if the talks progress, given Trump's frequently changing tariff announcements. These have disrupted supply chain and...

Mining

Mineral Resources

Mineral Resources

After protests, Indonesia cancels mining permits for nickel ore in Raja Ampat

Indonesia, a major nickel ore producer, has revoked the permits of four mining companies in Raja Ampat, its easternmost region, Papua. This follows a public uproar over their environmental impact. Last week, protests against mining in Raja Ampat - a beautiful UNESCO Global Geopark famed for its marine biodiversity - dominated Indonesian social networks. Users shared a graphic showing the blue waters of the area with the hashtag #SaveRajaAmpat. Bahlil lahadalia, Indonesia’s energy minister, stated that President Prabowo decided to revoke permits for the four nickel-producing companies in the region starting Tuesday to protect the environment. He said that we...

Mineral Resources

Indonesia anticipates concluding free trade negotiations with EU by the end of June

Indonesia announced on Saturday that the free trade talks with the European Union which have been ongoing for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. Denis Chaibi said, "Negotiations continue and...

Mineral Resources

Goldman Sachs raises its second-half 2025 aluminum forecast to $2.280/t

Goldman Sachs raised its forecast of aluminium prices for the second half 2025 from $140 per metric tonne to $2,280, citing smaller than expected surpluses on the market. However, they expect prices to fall in early 2026. The bank stated that the impact of trade wars on global activity was less than expected. This led it to increase its global aluminium growth forecast for 2025 from 1.1% to 1.8%. Donald Trump, the U.S. president, announced on Friday that he would increase import tariffs from 25% to 50%. Around half of the aluminium used for packaging, construction and transport in the...

Mineral Resources

US copper futures rise as tariff fears loom

U.S. Copper Futures soared by nearly 6% Monday, increasing their premium over London Prices amid growing speculation about new import tariffs after President Donald Trump’s latest aluminum trade measures. Trump announced on Friday that he would increase the tariffs on steel and aluminum imports to 50%, up from 25%. U.S. Comex Copper Futures rose 5.7% to $4.9175 a pound. This is the highest price since April 3. The benchmark three-month copper price on the London Metal Exchange rose by 1.1% at $9,597.50 a metric ton as of 0944 GMT. The COMEX premium over the LME, a global benchmark price, has...

Mineral Resources

The death toll from the Indonesia quarry collapse is now 17.

The search and rescue agency Basarnas announced that Indonesian authorities would continue their search on Sunday for the eight people who are trapped in the rock collapse of a West Java quarry, where 17 have died, with six others injured. In a late-night statement, the agency stated that the toll reported by victims' families is only provisional. West Java Governor Dedi Mullyadi wrote on Instagram that the site of the Friday's collapse is dangerous, and "doesn't meet safety standards for employees". In a press release, the Energy and Mineral Resources Ministry stated that it would investigate the cause and assess...

Mineral Resources

France's Macron and Indonesia's Prabowo discuss defense ties

The French president Emmanuel Macron and his Indonesian counterpart Prabowo Subito will meet in Jakarta on Tuesday, with a focus on strengthening defence ties between Paris and its largest arms client in Southeast Asia. Indonesia is the second stop on Macron's regional tour after Vietnam where both countries signed deals valued at over $10 billion. He will fly to Singapore Thursday. Sjafrie Sjamsoeddin welcomed Macron to Indonesia on Tuesday evening. He said that the two countries will sign a letter of intent on defence and work together on "strategic weapons hardware". He cited fighter jets, submarines, and other military hardware....

Mineral Resources

France's Macron and Indonesia's Prabowo discuss strategic partnerships

On Wednesday, French President Emmanuel Macron and his Indonesian counterpart Prabowo Subito will meet in Jakarta to discuss defence ties. This is Paris' largest arms client in Southeast Asia. Indonesia is the second stop on Macron's regional tour after Vietnam where both countries signed deals valued at over $10 billion. He will fly to Singapore Thursday. Indonesia's Foreign Ministry said that the two countries would discuss "existing partnerships" without giving any specific details. In 2022 the two countries will sign an $8.1 billion deal for defence that includes an order of 42 Rafale jet fighters from France's Dassault. They also...

Mineral Resources

Indonesia searches for 19 missing people following a landslide in a gold mine in Papua

Officials said that 19 Indonesians were missing after heavy rainfall caused a landslide in a gold mining area of Papua. Abdul Muhari said that torrential rains caused a landslide in a small mine operated by local residents on the Arfak Mountains in West Papua Province late Friday night. He added that the landslide killed one person, injured four others and still left 19 people missing. Officials said that at least 40 rescuers, including police and military personnel, had been dispatched to search for missing persons. In Indonesia, accidents caused by illegal and small-scale mining have often occurred in areas where...

Mineral Resources

Indonesian military: 18 separatists were killed in Papua, according to the country's military

An official confirmed that Indonesian military killed 18 Papuan Separatists in an operation conducted in the easternmost region Papua on Thursday. Three civilians were also killed. In a statement, Kristomei Santuri, the military spokesperson, said that during Wednesday's raid, the military seized dozens munitions including an assault weapon, bows andarrows, and an unspecified home-made weapon. The Indonesian military suffered no casualties. Sebby Samboom, a spokesperson for the Papua Separatists, said that three of its members were dead. A prominent church group in Papua, citing reports from local churches, said that three civilians died during the shootout. Nearly 1,000 people were...

Mineral Resources

Early 2030s will see the global cobalt market swing from surplus to deficit.

The Cobalt Institute published a study on Wednesday that showed demand for cobalt would rise faster than the supply. This will allow the market to decrease the surplus of 2024 in the coming years, and then swing to a deficiency in the early 30s. The future of cobalt in the short-term depends on the decision that the Democratic Republic of Congo, the world's largest producer of the mineral, which is used to manufacture the lithium-ion battery packs that power electric cars, makes after the four-month ban on exports, which was imposed late February. The ban was imposed by the central...

Mineral Resources

Lynas CEO: Company is looking to buy rare earths in Malaysia and Brazil

Amanda Lacaze, CEO of Lynas Rare Earths, said that the company is looking at potential purchases of rare-earth deposits in Malaysia and Brazil. It also plans to work with developers who are still in the early stages to bring their mines on line. She said that the Macquarie Australia Conference, held in Sydney, was a forum where she discussed how to grow the world's second largest producer of rare earths outside China. She said that Lynas' processing facilities in Malaysia have a similar geology to many other parts of Southeast Asia. This includes Myanmar. Myanmar is an important supplier of...

Mineral Resources

Report: China's Ant Group will list its overseas unit in Hong Kong

Chinese media, citing anonymous sources, reported that Ant Group, a subsidiary of China's ecommerce giant Alibaba Group, plans to list Ant International on the Hong Kong Stock Exchange. Caixin reported, citing sources close to the company that Ant was in communication with regulators regarding the possible listing. The report didn't specify whether discussions took place with regulators from China or other countries. Ant International is a Singapore-based company. Alibaba controls 33% of Ant, which was founded by Jack Ma. It runs China's ubiquitous Alipay mobile payment app. Chinese authorities pulled Ant's $37-billion IPO in Shanghai & Hong Kong in 2020....