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Vallourec Bags ADNOC Order for Tubular Solutions
French tubular solutions supplier Vallourec has secured a significant order from Abu Dhabi National Oil Company (ADNOC) for the supply of more than 30,000 tons of carbon steel tubulars and associated accessories featuring VAM premium connections.This order is part of the ongoing Long-Term Agreement (LTA) for the supply of Oil Country Tubular Goods (OCTG) between Vallourec and ADNOC.This agreement also involves an integrated suite of services, such as VAM Field Service and value-added digital solutions designed to optimize installation and maintenance practices.These services will ensure that ADNOC’s oil and gas fields operate with maximum efficiency. To meet the project's supply and delivery requirements, production will be carried out across Vallourec’s industrial sites in Brazil, China, and Indonesia.This order fully aligns with ADNOC’s ambitious target of reaching 5 million barrels per day of production by 2027.“This contract reflects Vallourec’s unwavering commitment to supplying ADNOC with premium products and services, built on decades of operational excellence in the Middle East. Thanks to our track record and field-proven efficiencies, we continue to deliver state-of-the-art OCTG solutions and related services to major operators like ADNOC,” said Laurent Dubedout, Senior Vice President OCTG, Services and Accessories.
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Osbit Opens New Offshore Wind Facility in Port of Blyth
Osbit, an offshore wind engineering company operating as part of Venterra Group, has opened a new assembly and service facility at the Port of Blyth in the U.K, bolstering its offshore wind service offering. The development has created 33 skilled jobs for the region and represents a substantial investment in the North East's clean energy economy.The new 3350 square metre facility, located at the Port's Wimbourne Quay, boasts a build and test space four times larger than Osbit's previous site, provides access to multiple heavy lift quays, and can accommodate four times as many skilled workers in the adjoining office space.The expansion has already doubled the number of permanent positions at its assembly facility, enhancing Osbit's capabilities in delivering offshore equipment in line with industry demand.The construction of this new facility was made possible by a grant from the Business Growth Fund, which is funded by the Northeast Combined Authority, Gateshead Metropolitan Borough Council, and Sunderland City Council through the UK Shared Prosperity Fund (UKSPF).Osbit is part of Venterra Group, a UK-based, global provider of offshore wind services dedicated to the mission of 'helping wind power grow'. The new facility will enhance collaboration across Venterra's portfolio of offshore wind companies, with meeting rooms and dedicated client hosting facilities reinforcing Osbit and Venterra's role in supporting the UK supply chain and enabling the clean energy transition.The Port of Blyth has been instrumental in the development of Osbit's expanded facility. The project included the conversion of one of the Port's warehouses at their Bates Clean Energy Terminal into a n engineering workshop for Osbit.The transformation included the addition of new offices and overhead cranes, allowing for enhanced operational capabilities.Now fully operational, the facility has already contributed to the delivery of first-of-kind wind farm installation tools, a floating offshore wind cable testing rig, and multiple offshore access gangways.
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Australia's red-meat industry abandons 2030 carbon neutrality goal
A group representing the Australian livestock industry said Tuesday that it had given up its goal of making the sector, which is a major emitter and planet-warming methane by 2030, carbon neutral. However, reducing emissions will remain a top priority. Meat & Livestock Australia released its long-term strategy on Tuesday, but the carbon neutral pledge was not included. Michael Crowley said that the target was unachievable. He said, "We need to invest more time and money in order to achieve our goal." Last week, Australia's Red Meat Advisory Council removed the 2030 climate neutrality goal from its strategic plan. These decisions are similar to those taken by some companies and governments who have reduced their climate commitments over the past few years. The original 2030 goal of the livestock industry was to reduce emissions, and offset any remaining ones by sequestering carbon in soil or plant material. The industry has been working on innovative solutions to reduce methane emissions, including breeding animals that emit less, adding seaweed as a feed supplement that can inhibit the production of methane in the gut and improving soil carbon-capture techniques. According to Australia's science agency CSIRO this is due to less clearing of land and a smaller herd, not a reduction in the amount of methane per animal. Crowley stated that the research conducted over the past few years will mature into implementation, and the industry can still achieve 80-90% its carbon neutrality target by 2030. He said, "We must drive adoption." He said that the 2030 goal had spurred more than A$100,000,000 ($66,000,000) in sustainability investment and MLA (a livestock research and marketing organization), would continue to drive improvements in efficiency and reduce net emissions for each kilogram of meat produced. According to the MLA, Australia is one of world's largest exporters of meat. It has 30 million cattle as well as more than 70 millions sheep. These animals produce methane during digestion. It breaks down with time, but it is 80 times stronger than carbon dioxide in trapping heat for a period of 20 years.
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Gold prices rise on weaker dollar and tariff uncertainty ahead of deadline
Gold prices rose on Tuesday as a result of a weaker US dollar and increased uncertainty about President Donald Trump's proposed tariffs ahead of the deadline set for July 9. This drove investors to safe-haven assets. As of 0229 GMT spot gold rose 0.4% to $3,315.26 an ounce while U.S. Gold Futures rose 0.6%, reaching $3,326.50. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that the weaker dollar and the concern about the potential impact on the economy if Trump’s tariff deadline was not extended, are currently supporting gold. The U.S. Dollar Index fell by 0.1%, reaching a three-year low. This makes bullion more accessible to holders of other currencies. Trump expressed frustration on Monday with U.S. - Japan trade negotiations as U.S. Treasury Sec. Scott Bessent warned countries that they could be notified about sharply higher tariffs as a deadline of July 9 approaches despite good faith negotiations. Trump continued to pressure the Federal Reserve to ease monetary policies on Monday. He sent Fed Chair Jerome Powell annotated handwritten notes saying that U.S. interest rates should be somewhere between Japan's rate of 0.5% and Denmark’s rate of 1.75%. Frappell stated, "I believe (Trump's request to lower interest rates), is also having an effect on the market. Although I am a little surprised that the markets are so optimistic about rate reductions." Bessent stated that the administration will consider using the next Fed Board of Governors expected vacancy early in 2026 to nominate a successor for Powell. Investors closely monitor a series U.S. Labour Market Reports in this holiday-shortened Trading Week, culminating with Thursday's Government Payrolls Data, to gain insights into the Fed monetary policy direction. Market participants are currently expecting a rate cut of 67 basis points to begin in September. Silver spot fell by 0.8%, to $35.80 an ounce. Platinum was down by 0.7%, to $1.343.61, and palladium rose 0.9%, to $1.107.25. (Reporting and editing by Harikrishnan Nair, Rashmi aich, and Anmol Choubey from Bengaluru)
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Tiny Tuvalu wants assurances from the US that its citizens will not be barred
Tuvalu, the tiny Pacific nation scientists predict will be submerged in rising seas, has said that it wants written assurances from the United States to ensure that its citizens won't be barred entry. It was apparently included by mistake on a list of countries that face visa bans. Other media reported that Marco Rubio, the U.S. Secretary for State, had signed an internal diplomatic cable in which he indicated the United States was considering expanding its travel restrictions, including to three Pacific Island countries, to 36 countries. The cable stated that nations on the list had 60 days to correct their mistakes. The news caused concern in Tuvalu. Its population of 11,000 people is at risk of rising sea levels. A third of its residents applied for an Australian ballot to obtain a climate migration visa. Tapugao Falefou said that a U.S. government official had told him Tuvalu was included on the list due to "an administrative error and a systemic mistake on the U.S. Department of State's part". Tuvalu's Government said in a Tuesday statement that they had not been notified formally of their inclusion on the list. The United States Embassy in Fiji also assured them it was an "error within the system". The statement by Tuvalu's Ministry of Foreign Affairs, Labour and Trade stated that "the Embassy has verbally assured that there are currently no restrictions on Tuvaluan citizens entering the United States, and the matter is under review with the authorities in Washington." Tuvalu is seeking "a formal written confirmation of that effect" and has continued to engage with the U.S. government to ensure Tuvaluans do not suffer unfairly. The embassy didn't immediately respond to our request for a comment. The official who was not authorized to publicly speak about the visa policy in the United States said that "no decisions had been made and any speculation would be premature". The official said that "Tuvalu’s public statement mischaracterizes, and omits many of the valid concerns United States have with travelers from this country." Vanuatu, Tonga and Vanuatu are the other Pacific Islands mentioned in the cable. Tonga’s government received an official U.S. alert and was working to develop a response. Vanuatu government has not responded to a comment request. (Reporting and editing by Saad sayeed in Sydney, Kirsty needham from Sydney)
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Asian shares are rising, dollar weakens as US bill debate continues; gold is on the rise
The dollar remained near its multi-year lows as Asian shares rose and markets awaited the vote on President Donald Trump's tax and spending bill. On Monday, global shares rose to an intraday high on the back of trade optimism. However, a marathon Senate debate over a bill that would add up to $3.3 trillion in debt to the United States weighed down sentiment. The Nikkei index of Japanese shares fell as much as 1,1%, as the yen rose. Gold and oil both advanced for the second session in a row. The vote on Trump's tax-cutting and spending bill was expected to take place during Tuesday's Asian trading session, but the debate continued over a series of amendments from Republicans and minority Democrats. Trump wants to see the bill pass before the Independence Day holiday on July 4. Investors are also looking forward to Thursday's key U.S. employment data as global trade negotiators rush to reach agreements before Trump's deadlines. Ray Attrill is the head of FX Strategy at National Australia Bank. In a podcast, he said that the payroll data released later in the week would "have a significant impact, I believe, on the sentiment regarding the timing of Fed rate reductions." South Korea's Kospi index, which measures the performance of Asia-Pacific stocks outside Japan, rose 1.8%, leading MSCI's broadest Asia-Pacific share index. The dollar fell 0.3% to 143.62 Japanese yen. The dollar dropped 0.1% to $1.1794 versus the euro single currency. It had earlier fallen as low as $1.1798. U.S. crude fell 0.4% to $64.86 a barrel, weighed down by expectations that OPEC+ would increase its output in August. Gold spot rose 0.5%, to $3319.55 an ounce. The German DAX Futures rose 0.2%, while the Euro Stoxx 50 futures in Europe were up by 0.1%.
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Investors watch US trade talks as copper prices rise on a weaker dollar
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday, despite the weaker dollar. Meanwhile, uncertainty remained over U.S.-China trade. By 0103 GMT the LME's three-month contract for copper rose 0.15%, to $9,883.5 a metric ton, while the SHFE's most traded copper contract increased 0.1%, to 79840 yuan (11,145.23). The worries about the U.S. deficit have weakened the dollar (which) is supportive of commodities. My focus this week will be the U.S. Trade talks," said an analyst in Beijing from a futures firm. The dollar index fell by 0.35% on Monday to 96.86, putting it on course for a sixth consecutive month of losses and its worst half year since the 1970s. The greenback is less expensive to buyers of other currencies. Last week, U.S. Treasury Sec. Scott Bessent said that the U.S.-China had resolved the issues surrounding shipments of Chinese magnets and rare earth minerals to the U.S. This further modified a May agreement in Geneva. Bessent added that even if countries are negotiating with good faith on July 9, they could still be facing sharply higher tariffs. Any possible extensions would be at the discretion of Trump. LME nickel dropped 0.33% to $16,165 per ton. Zinc eased by 0.31% to $2.743 and lead fell by 0.12% to $2.042. SHFE Nickel fell by 0.65%, to 120,180 Yuan. Zinc fell 0.51%, to 22,320 Yuan. Tin dropped 0.27%, to 267410 Yuan. Lead fell by 0.15%, to 17,120 Yan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK National House Price mm,yy June 0750 France S&P Global Manufacturing Final PMI. June 0800 EU Final HCOB Manufacturing Final PMI. June 0830 UK S&P Global Manufacturing Final PMI. June 0900 EU Flash HICP F, E A, T YY,MM. June 1345 US S&P Global Manufacturing Final PMI. June 1440 US ISM Manufacturing Final PMI.
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The price of oil drops on the back of OPEC+ and tariff fears
The oil prices fell on Tuesday due to expectations that OPEC+ will increase their output in August, and fears of a slowdown in the economy caused by higher U.S. Tariffs. Brent crude futures were down 16 cents or 0.24% to $66.58 per barrel at 0000 GMT. U.S. West Texas Intermediate crude fell 20 cents or 0.31% to $64.91 per barrel. Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue to increase its output at an accelerated pace." Four OPEC+ source told us last week that they plan to increase output by 411,000 barrels a day in August. This follows similar increases in May, July, and June. If approved, OPEC+ would increase its total oil supply for the year by 1.78 million bpd. This is equivalent to over 1.5% of the global demand. OPEC and allies, including Russia, collectively known as OPEC+ will meet on the 6th of July. Oil prices were also held back by uncertainty about U.S. Tariffs and their impact upon global growth. U.S. Treasury Sec. Scott Bessent warned countries that they could face a sharply increased tariff despite good faith negotiations, as the deadline of July 9 approaches. This is when tariff rates will revert to President Donald Trump’s temporarily suspended rates of 11 to 50 percent announced in April. Morgan Stanley believes Brent futures will retrace back to $60 around early next year. The market is well-supplied and the geopolitical risks have abated following the de-escalation between Israel and Iran. It anticipates a surplus of 1.3m bpd by 2026. Brent prices rose after a 12-day conflict that began on June 13, when Israel targeted Iran's nuclear installations. After the U.S. attacked Iran's nuclear sites, Brent prices soared over $80 per barrel. They then dropped to $67 a bar after Trump announced a ceasefire between Israel and Iran. (Reporting by Anjana Anil in Bengaluru; Editing by Himani Sarkar)
Fight for Anglo's copper assets tests BHP's willpower as deadline looms
BHP's. deal with to add more copper to its portfolio will be evaluated by. Anglo American investors' demands for a simpler deal. for the whole business or a money sweetener to clinch a deal that. could become the greatest in mining history.
Anglo on Wednesday provided BHP, the world's greatest noted. miner, extra time to present a binding deal, after. turning down three takeover proposals which it stated undervalued the. business and would be tough to execute.
The one-week window offers BHP another shot at beating. Anglo CEO Duncan Wanblad's restructuring plan by convincing. those concerned about the worth and structure of the offer,. investors and analysts informed .
The Australian miner is fighting to protect Anglo's world. class and longer-life copper possessions in Latin America. Still, the. complex structure of its offer, pushback from the Anglo board. and financiers' demands for a bigger payment, will test how far. it's willing to go to get the properties, they state.
BHP's deal at first provided Anglo financiers the prospect of. an early payment compared to their own company's break-up strategy,. however financiers are beginning to poke holes in BHP's asset. portfolio and how much it requires to develop its copper company.
( BHP) wishes to rearrange its portfolio earlier instead of. later on or it will get priced out of future deals as its paper. will be too badly ranked, said Ian Woodley, a portfolio manager. at Old Mutual which holds shares in both business.
BHP most likely believed it had discovered a way to get Anglo's. copper at a fair rate by getting Anglo to jettison its toxin. tablets rather than having to tidy up the structure itself, however. that hasn't really worked up until now.
Anglo rebuffed BHP's offers three times within a month,. consisting of the last modified offer, which valued it at 29.34. pounds per share or 38.6 billion pounds ($ 49.05 billion). Anglo. has itself laid out a plan to divest its less rewarding coal,. nickel, diamond and platinum systems to focus on expanding copper. output to more than 1 million heaps in a years.
At stake are Anglo's huge Colluhuasi, Quellaveco and Los. Bronces mines in Chile and Peru, whose abundant copper deposits make. them longer life properties. The 3 mines are anticipated to produce. about 532,000 tons of copper this year.
Experts at Macquarie projection BHP's copper output peaking. at about 1.9 million lots in 2026, then gradually declining to. about 1.6 million heaps in 2028 with costs increasing. This will. mostly be driven by a forecast depression in output at its giant. Escondida mine from a peak of about 1.3 million tons in 2025 to. about 900,000 lots in 2028.
Copper is key from power to building, and is widely. expected to benefit from the green energy shift by means of. additional need from the electric vehicle sector. New. applications including data centres for expert system. are creating buoyant demand for the metal.
Traders informed that while copper focuses at. the world's largest copper mine Escondida in Chile include 24%. to 28% metal material, a basic level for the industry, current. tonnages did show this material is heading towards the low end of. the range.
Setbacks at Escondida, which has been operating because the. 1990s, underline industry-wide difficulties of falling grades and. a lack of brand-new deposits among manufacturers in Latin America.
CASH SWEETENER
While Anglo accepted engage, it reiterated that BHP's. condition that it instantly unbundle Anglo Platinum. and Kumba Iron Ore makes the offer difficult to perform,. produces unpredictability on the 2 South African systems and threats. value for its financiers.
Anglo's own plan to maintain Kumba in the trimmed. business might be an example of how BHP fine-tunes the structure of. its deal, stated a fund manager at Sanlam Investment Management,. which owns shares in both companies.
The structure is the key point of contention. If they (BHP). are willing to jeopardize for example with a cash deal or. including Kumba to the mix, then it might be good enough to get the. Anglo board over the line, he stated.
BHP stated on Wednesday the ratio of shares it is offering. Anglo investors is last, unless there is an offer from a. third party or if the board of Anglo is minded to recommend an. offer on better terms.
The miner does not plan to alter the structure of its offer. and isn't going to add cash to the deal either, a source told. .
A major Anglo financier informed that BHP's third offer. is still below the investor's minimum fair cost expectation of. 31.93 pounds per share. The investor stated the greatest BHP. could offer is 37.44 pounds, to reflect Anglo's amount.
And while Anglo stated it's engaging BHP, those talks only. involve lawyers and lenders from both business, a separate. source said.
South Africa's Public Financial investment Corporation, the. second-largest Anglo financier, said on Wednesday before BHP's. third offer, that the initial proposition required significant. modification.
A much better choice would have been for BHP to buy the whole. Anglo and spin off possessions later, Old Mutual's Woodley stated.
I am unsure offering cash would make excessive distinction. Would it be cash now or cash once the un-bundling has occurred?. Woodley said.
Has any deal in any industry dealt with the basis that a. takeover is agreed on with conditions that are long dated however. ratios and or rates are repaired now?
(source: Reuters)