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Energy Markets

Oil & Gas

Oil & Gas

Citgo parent shares sold at auction in the US to a bidder competing with its own

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

Oil & Gas Refining

Suncor Energy exceeds its quarterly profit forecasts on the back of higher production

Suncor Energy, a Canadian oil company, exceeded analyst expectations for the second quarter profit on Tuesday as increased output offset the impact from weak commodity prices. Canada's oil-sands industry remains resilient, despite the fact that oil price volatility has pushed the energy sector into a slump. The expansion of the Trans Mountain Pipeline has provided Canadian producers with access to international markets and reduced their reliance on U.S. pipe networks. It now accounts for about 9% of Canada’s total crude oil exports. Canada exports almost 4 million barrels per day (bpd). Suncor's quarterly upstream production increased to 808100 bpd, from...

Refined Products

India's IOC purchases 7 million barrels of US and Middle East crude following the Russian oil pause

Indian Oil Corp. (IOC), India's largest refiner, bought 7 million barrels from United States, Canada, and Middle East crudes arriving in September via an auction, according to several sources. IOC's large purchase of spot crude comes after the arbitrage windows for U.S. oil to Asia opened, and Indian state refiners stopped buying Russian crude oil at a time when discounts were shrinking. Donald Trump, the U.S. president, has warned that countries should not purchase oil from Moscow because it is currently under sanctions for its full-scale invasion in Ukraine on February 20, 2022. The sources stated that IOC purchased 4.5...

Oil & Gas

Canada's Couche-Tard resumes its share buyback program after cancelling the Seven & I bid (July 21, 2018)

Alimentation Couche-Tard, a Canadian company, announced on Monday that it would resume its share repurchase programme. This comes just days after Circle K's parent company scrapped its $46 billion attempt to purchase Japan's Seven & I. The company announced that it would buy up to 77.1 millions shares, worth approximately $4.2 billion. This is part of its efforts to boost shareholder value following the failure of the long-term effort to purchase the Japan-based convenience-store chain. Couche-Tard with a market cap of $53 billion announced last week it would not pursue its bid to acquire Seven & I because the Japanese...

Oil & Gas

Couche-Tard withdraws its $46 billion bid to buy Japan's Seven & i

Alimentation Couche-Tard, a Canadian retailer, withdrew a $46 billion takeover bid for Japan's Seven & i Holdings. It blamed the lack of constructive engagement on the part of Japanese retailer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. This is the timeline for the bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars)....

Oil & Gas

New York Times Business News - July 17,

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in...

Oil & Gas

Couche-Tard withdraws its $47 billion bid to buy Japan's Seven & i

Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion takeover bid for Japan's Seven & i Holdings. It blamed the Japanese retailer for ignoring its offer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. Here is the timeline for a bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven...

Oil & Gas Refining

Seven & i's profit is boosted by overseas convenience store profits

Seven & i Holdings, a Japanese company, announced on Thursday that its operating profit rose by 9.7% during the quarter from March to May, exceeding analysts' expectations, thanks to an improved performance of its overseas convenience store business. 7-Eleven is being pressured to improve its financial situation in response to a takeover offer of $47 billion from Alimentation Couche-Tard, based in Canada. Six analysts polled at LSEG estimated 58 billion yen as the profit for the first quarter. The Japanese retail giant announced previously a share purchase, that it is selling non-core assets and intends to list its North American...

Crude Oil

Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?

Gold Reserve's $7.38bn bid was selected by a U.S. court as the winning bid. Preliminary winner After intense competition, Citgo Petroleum (owned by Venezuela) held an auction for its parent company. Robert Pincus is the court officer who oversees this auction. He made his recommendation Wednesday, after evaluating five bids submitted during the "topping period" of the bidding rounds, which was completed at the end of June. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the federal court...

Oil & Gas

Gold Reserve asks for clarification on US license protecting Citgo

Gold Reserve filed an urgent request to a Delaware court asking for clarification on a License Venezuela-owned U.S. refiner Citgo Petroleum will pay its creditors even if a court auction is held, the company announced on Tuesday. The Delaware court has advanced to Complete the Auction Citgo Holdings, the parent company of Citgo, is offering shares to up to 15 creditors to compensate them for defaults on debts and expropriations. The winner of the bidding round is expected to be chosen by July 2. Gold Reserve Canada, one of the creditors participating in the auction, and also a buyer, has...

Oil & Gas

Gold Reserve group makes bid for Citgo parent

Gold Reserve's subsidiary Dalinar Energy Corporation submitted a better bid on Wednesday for the parent company of Venezuelan-owned refiner Citgo Petroleum, as part of an auction organized by a U.S. federal court. The mining company announced this in a press release. The deadline to improve the bid of Contrarian Funds affiliate Red Tree Investments for Citgo Holding's parent company PDV Holding was set by a federal judge in Delaware on June 18. This bid, worth $3.7 billion, had been selected earlier in the year as the opening bid. The court wants to reach a settlement to compensate companies for expropriations...

Oil & Gas Exploration

MEG Energy board urges shareholders not to accept Strathcona’s $4.42 billion bid

MEG Energy, a Canadian oil company, urged Monday its shareholders to reject Strathcona Resources' hostile takeover bid of nearly C$6 Billion ($4.42 Billion), calling it inadequate and not in the best interests of their shareholders. The board launched a review of strategic alternatives to MEG's plan to become a separate company. Strathcona Resources, a Canadian oil and natural gas company, announced in May that it would launch a hostile bid to take over MEG Energy. Strathcona Resources valued MEG Energy's shares at C$23.27 each. MEG's closing price was C$25.71. MEG later advised its shareholders not to take any action regarding...

Fossil Fuels

Oil & Gas Refining

Seven & i North American business IPO will fund faster growth, according to CEO

Seven & i Holdings, a Japanese convenience store operator, said that the planned listing of their North American operations will allow them to borrow additional money for accelerated growth. Stephen Dacus, the CEO of the company, said that the listing is scheduled for the second half 2026. This will allow faster store openings in the U.S. as well as additional bolt-on M&As. After successfully repelling a hostile takeover attempt from Canadian competitor Alimentation Couche-Tard, the fate of the struggling operator of 7-Eleven rests on the ability to grow independently. Couche-Tard retracted its $46 billion bid last month citing a failure...

Oil & Gas Equipment

Enbridge's strength in the utilities and gas segments will help it to exceed estimates

Enbridge, the Canadian pipeline operator, beat analyst's expectations for its second-quarter profits on Friday. This was boosted by earnings from newly acquired U.S. utilities and from its gas distribution business. The company announced that it had sanctioned the expansion of Aitken Creek, a gas storage facility located in British Columbia to accommodate the growing demand for LNG on the west coast of Canada. It also said that Line 31 would be expanded by 160 million cubic feet a day in the U.S. Southeast. Pipeline operators benefit from a rise in natural gas demand, driven primarily by LNG exports and rising...

Natural Gas

Cenovus Energy, a Canadian company, has cut its production forecast for 2025.

Cenovus Energy, a Canadian oil and natural gas producer, reduced its forecast for its upstream production in the full year on Thursday. It cited the temporary shutdown of its Rush Lake facility. The company responded to an early-May steam leak from a casing rupture in an injection well, resulting in the temporary shutdown of Rush Lake's facilities in central-west Saskatchewan. Cenovus expects upstream production in 2025 to range between 805,000 and 825,000 barrels of oil-equivalent per day, as opposed to the 805,000 to 845,000 previously projected. The total upstream production for the second quarter was 765.900 boepd. This is down...

Mining

Mineral Resources

Mineral Resources

BHP and Lundin are requesting Argentina incentives but other miners fear they will miss out

BHP and Lundin intend to apply soon for a new Argentine incentive scheme for their Vicuna Copper Project, but executives at a mining convention this week expressed concern that they might be left out by the program's deadline of a year. The Large Investment Incentive Program, or RIGI in Argentina, was implemented by President Javier Milei on October 1, 2018. It offers long-term tax breaks as well as access to international dispute tribunals for investments above $200 million. The program will last until July 2026, with the possibility of an additional year. The mining companies welcomed the measure, which they...

Mineral Resources

Bloomberg News reports that Abu Dhabi's MGX may raise up to 25 billion dollars for AI fund.

Bloomberg News reported that Abu Dhabi's MGX was considering raising up to $25 billion from third parties to increase its artificial intelligence holdings. MGX refused to comment on the reports and could not verify them immediately. The report stated that company executives are considering raising money from strategic and financial investors in Abu Dhabi, and elsewhere, but Mubadala Investment Co. and AI firm G42 remain MGX’s primary backers. According to the report, no final decisions have yet been taken. MGX is headed by Sheikh Tahnoon bin Zayed al Nahyan. He is the UAE's National Security Advisor and a younger brother...

Mineral Resources

Canada's First Quantum signs $1 billion gold streaming agreement with Royal Gold

First Quantum Minerals, a Canadian mining company, signed a streaming agreement worth $1 billion with Royal Gold's subsidiary. The two companies announced the agreement in a joint statement released on Tuesday. A gold streaming financing method is one in which the buyer pays an upfront amount to a mining company in exchange for future production. First Quantum, in the agreement, will receive an upfront payment of $1 billion from Royal Gold AG for gold deliveries based on copper production at First Quantum Kansanshi Mine in Zambia. The deal is expected to be finalized on Wednesday. First Quantum receives 20% of...

Mineral Resources

Canadian official: Trump and Carney will speak in the coming days

A Canadian official stated on Sunday that U.S. president Donald Trump and Canadian prime minister Mark Carney would likely speak "over the next few days" following the U.S.'s 35% tariff on products not covered by the U.S. Mexico-Canada Trade Agreement. Dominic LeBlanc is the federal cabinet minister responsible for U.S. Canada trade. He told CBS News "Face the Nation," that recent discussions had "encouraged him" and that a deal reducing tariffs was still possible. LeBlanc stated that although the discussions with U.S. Secretary of Commerce Howard Lutnick, and U.S. Ambassador Jamieson Greer were encouraging, they still did not get us...

Mineral Resources

President says that state-owned partnerships could take over the ports operated by CK Hutchison in Panama.

Panama's president Jose Raul Mulino stated on Thursday that public-private partnerships may take over two important ports near the Panama Canal if a court invalidates CK Hutchison's contract to operate them. CK Hutchison owns 90% of the local Panama Ports Company. This company had a 25 year concession to operate Balboa Port and Cristobal Port, which are located at the ends of the Canal. The concession was renewed in 2021. The contract is at the heart of a dispute after U.S. president Donald Trump threatened this year to take control of the waterway because China has influence over Panama's marine...

Mineral Resources

Trump's Trade War: Major Developments

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports. He demands that they reduce the flow of illegal immigrants and fentanyl into the U.S. Trump accepts a 30-day suspension of his threat to raise tariffs on Mexico and Canada, in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump...

Mineral Resources

Andy Home: Aluminium flow shifts after Trump doubles tariffs

Canadian aluminum smelters began diverting primary aluminium away from the United States as a result of the increasing import tariffs. These increased to 25% in march and to 50% in the month of June. Alcoa Corp., which has smelters in both the U.S. and Canada, told analysts during its quarterly earnings call that it had sold more than 100,000 tons of Canadian aluminum to customers outside the U.S. since March. U.S. primary aluminum imports dropped dramatically in April and in May, even before U.S. president Donald Trump surprised the world with his second surprise tariff in June. The import gap...

Mineral Resources

Carney: Canada-US talks in a high-intensity phase; some tariffs are likely.

Mark Carney, the Prime Minister of Canada, told reporters that talks between Canada and United States regarding a trade agreement are in a very intense phase. He reiterated that an agreement with no tariffs was highly unlikely. Both sides are working to reach an agreement before August 1, when U.S. president Donald Trump threatens to impose 35% tariffs on certain Canadian imports. The negotiations are in a very intense phase. "It's a complicated negotiation... We will only sign the deal that is right." Carney said. He said in a televised news conference that a landing area is possible. But we...

Mineral Resources

Three trapped workers are rescued from Newmont's Red Chris Mine in Canada

Newmont said that three contract workers were rescued from the Red Chris copper-and-gold mine in British Columbia after 60 hours of being underground. Bernard Wessels said that some operations have been resumed at the mine, but the underground mine is still suspended. He made this statement at a Newmont news conference. Wessels stated that Newmont would reopen its underground mine following a thorough investigation of the incident. Kevin Coumbs (Hy-Tech Drilling), Darien Maduke and Jesse Chubaty, were trapped in the mine after two "falls of ground" at the accessway. The walls and floors collapsing in a mine is a serious...

Mineral Resources

Teck Resources, a Canadian company, has approved the extension of the life of Highland Valley Copper mine until 2046.

Teck Resources, a Canadian mining company, announced on Thursday that it had approved a project to extend the life of its Highland Valley Copper Mine in British Columbia. This will allow Canada's biggest copper mine to continue operating until 2046. Highland Valley Copper Mine Life Extension Project is expected to support an average copper production rate of 132,000 metric tons per year for the lifetime of the mine. The company stated this in a press release. Jonathan Price, CEO of the company, said: "This extension is fundamental to our strategy of doubling copper production in the next decade." The project...

Mineral Resources

New Ghana mining legislation will shorten the licence period and boost community investment

Ghana will shorten the duration of mining licenses and require direct revenue sharing with local communities as part of its most comprehensive mining law reforms since nearly 20 years. Details were announced on Wednesday by a government ministry. The planned overhaul is part of a wider trend in West Africa where governments are rewriting their mining codes to maximize the value from rising commodities prices. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources in Ghana, said that the changes - which include scrapping the automatic renewal for some licences – will only apply to future contracts. This is...

Mineral Resources

Sources say that China's Zijin is leading the race to purchase Barrick's Tongon gold mine in Ivory Coast.

Two sources familiar with the matter said that China's Zijin Mining was the frontrunner for Barrick Mining to purchase the Tongon gold mine located in northern Ivory Coast. The deal could be worth up to $500m. Barrick, third-largest gold producer in the world, has shifted its focus to high-margin assets with long-term life, and is focusing more on copper, as well as strategic operations in Africa, and the Middle East. The company suspended operations at its Loulo-Gounkoto mining complex in Mali, after the military government of that country blocked exports, arrested staff and seized 3 tons of gold over a...