Latest News
-
First Steel Cut for HVAC Infrastructure for Belgian Offshore Energy Hub
A new milestone has been reached in the development of Belgium’s offshore energy hub, Princess Elisabeth, with the first steel cut for the construction of the high-voltage alternating current (HVAC) infrastructure.The steel cutting ceremony was held at the HSM Offshore Energy yard in Schiedam in the Netherlands.The HVAC modules, which include high-voltage substations and a facility module, will be directly installed onto the Princess Elisabeth offshore energy hub.Located 45 km off the Belgian coast, the artificial island will serve as a key connection point for transporting at least 2.1 GW of offshore wind energy generated in the Princess Elisabeth Zone to the mainland.The HVAC substations will house essential components such as power transformers and gas-insulated switchgear (GIS), so forming the backbone of the island’s AC transmission infrastructure.The modules are being built by HSI Pemac, a Belgian-Dutch consortium comprising HSM Offshore Energy, Smulders, and Iv-Offshore & Energy.The consortium was awarded the engineering, procurement, construction, installation and commissioning (EPCIC) contract by Elia, Belgium’s national transmission system operator, which is part of Elia Group.Engineering works, including the layout and a detailed 3D model, are being carried out at Iv’s offices in Papendrecht (NL). The prefabrication process is taking place at Smulders’ Belgian facilities and HSM’s Schiedam yard, with the final assembly occurring in Schiedam and Vlissingen.The broader HVAC infrastructure for the island will include 330 km of 220 kV HVAC subsea cables, divided into two 165 km packages. These cables will connect the island’s AC infrastructure to Belgium’s mainland grid. "The start of the construction of the island’s HVAC infrastructure shows that the project is progressing steadily, even as we adapt its next phase in line with new market realities. The Belgian government’s recent decision to develop an alternative approach for the HVDC components will ensure that we can maintain the strategic ambition of the project in a more cost-effective way,” said Frédéric Dunon, CEO of Elia Transmission Belgium.On June 6, 2025, the Belgian federal government announced that an alternative approach for the next phase of the Princess Elisabeth offshore energy hub would be developed.While aligned with the project’s original goals, the updated approach will be aimed at reducing the costs involved by responding to the sharp global increase in the price of high-voltage direct current (HVDC) technology and related offshore services.The ambitions for this phase remain unchanged - to expand the offshore wind capacity in Belgium’s second offshore wind zone and to realize a second interconnector with the United Kingdom. Elia will work closely with the government, the Commission for Electricity and Gas Regulation (CREG) and other stakeholders to assess all of the options and assess what the most efficient and cost-effective approach will be.Princess Elisabeth offshore energy hub will be the world’s first artificial energy island. As part of its first phase of operation, it will collect electricity from two new wind farms located in Belgium’s second offshore wind zone and so enable the integration of this energy into the country’s onshore grid.The island will strengthen Belgium’s long-term electricity supply and accelerate the integration of renewable energy into the European grid.
-
Egypt Still on Hold as Israel Resumes Limited Gas Exports
Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle.A ministry spokesperson told Reuters that exports are now resuming "from surpluses, after domestic needs are met."An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only "tiny volumes" reached Egypt this week.Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week.The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment.Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand.Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe."I don't want to use our strategic storage, so therefore, I needed to cut exports," he told Reuters.Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units.Israeli gas typically accounts for up to 60% of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organisations Data Initiative (JODI).(Reuters - Reporting by Mohamed Ezz and Steven Scheer; Editing by David Gregorio)
-
Ministry: Armed men on motorcycles killed 34 Niger soldiers
The Defence Ministry reported that several hundred armed men - many of them on motorbikes - attacked an army base in Niger near the Mali border, killing at least 34 soldiers and wounding 14 others. According to a statement read on state television, the attackers -- described by the ministry as "mercenaries," used eight vehicles and over 200 motorbikes during the raid at the Bani-bangou base on Thursday. In a Friday statement posted on its Telegram channel, the Islamic State claimed responsibility. Niger, along with other countries of West Africa's Sahel, are fighting islamist militants tied to al Qaeda or Islamic State. The ministry did not go into detail about the assault, but said that troops conducted aerial and ground searches to secure the area. (Reporting and additional reporting by Yomna ehab; Writing and editing by Ayen deng bior; Editing, Andrew Heavens, Rod Nickel; Reporting by Moussa aksar)
-
LME introduces new restrictions for holders of large positions
London Metal Exchange announced on Friday that it has placed new restrictions on large position holders in nearby contracts due to low inventories. LME took action when premiums on nearby copper contracts rose to their highest level since October 2022. In recent months, the exchange, which is the oldest and largest industrial metals market in the world, has said that it has monitored large positions and had to take some action in certain cases. The LME stated that "at times, the Special Committee of the LME has directed market participants in order to take certain actions to reduce large positions on the exchange relative to the current stock levels." The Special Committee feels that it is now appropriate, given the low stock situation, to introduce... a transparent and widely applicable set of requirements." It was done to prevent the creation of a "corner" or "undesirable situations" on the market. It added that the new rule extends restrictions already in place by the LME on "tom next" positions, which are those nearer to delivery. Holders of long positions that are higher than the total stock levels must lend the money back to the market with no premium. Copper premium is the difference between the three-month cash contract and the copper cash contract. It is now trading at $180 per ton, up from $3 a month earlier. LME data shows that one company holds a dominant position with more than 90% of 0#LMEWHC> copper warrants or cash contracts, and two other companies hold 50%-79%. The title document that confers ownership on metal is a warrant. The 99,200 tons of copper in LME warehouses has dropped by more than 60% from the middle February to its lowest level since August 2023. . Hong Kong Exchanges and Clearing Ltd. owns the LME. (Reporting and editing by Chris Reese and Diane Craft; Reporting by Eric Onstad)
-
Reports from FT suggest that UK's Thames Water could be required to restate its accounts
The Financial Times reported that Britain's Thames Water could be required to restate their financial accounts for the period ended March 2024. This would mark another possible setback for this struggling utility, as it attempts to avoid nationalisation. The newspaper cited documents that were seen by the report to say that Thames Water was trying to determine the implications of having to restate certain figures in the accounts it published last year. The report stated that there was concern at Thames Water that any change to its accounts might prompt one of the senior lenders to claim that debt terms were breached. It was reported that the Financial Reporting Council (UK's accounting watchdog) was aware of the problem, citing sources familiar with the matter. In response to an email request for comments, a Thames Water representative said: "We adhere to all UK-adopted International Accounting Standards. We take our regulatory accounting responsibility seriously." KKR, a U.S.-based private equity firm, backed out of a plan earlier this month to inject equity of 4 billion pounds ($5,39 billion) in the struggling company. This left its fate in senior creditors who are now negotiating a deal for a rescue with the water regulator Ofwat.
-
Putin: No need for OPEC+ intervention in the oil market because of Iran-Israel conflict
Vladimir Putin, the Russian president, said that the conflict between Iran & Israel had not caused oil prices to rise significantly. He also stated that the OPEC+ oil producers did not need to intervene on the oil market. Brent crude futures reached their highest level since late January as investors were on edge due to the escalation of a recent air war between Israel, Iran and Syria. Putin stated that the price of crude oil is now around $75 per barrel. Before the conflict escalated, it was $65. "We see, of course, that the current Middle East situation, as well as the conflict between Iran, and Israel has caused a slight increase in the prices." Our experts believe that this price increase is not significant. Iran is the third-largest producer of oil among the members of the Organization of Petroleum Exporting Countries. Hostilities may disrupt the oil supply and increase prices. Putin said OPEC, along with its allies, including Russia, a group called OPEC+ that pumps half the world's crude oil, were increasing their oil production, but gradually to maintain a balance on the oil market, and "comfortable prices". We will all watch together the unfolding of the situation. "No immediate action is needed," he stated. (Reporting and editing by Andrew Osborn, Jan Harvey and Guy Faulconbridge)
-
The US refinery capacity will grow to 18,4 million bpd by 2024
The U.S. Energy Information Administration reported on Friday that the capacity of U.S. refineries to process crude oil will increase by almost 40,000 barrels a day in 2024, reaching 18.4 million bpd. According to a report, the Port Arthur plant of Motiva Enterprises in Texas became the world's largest refinery based on capacity, with 640,500 barrels per day. It passed Marathon Petroleum's Galveston Bay Refinery, located in Texas City. Motiva increased its capacity by 14,500 bpd over the past year due to improved operating efficiency. The report for next year may show a drop of up to 402,476 bpd due to refinery closures. Lyondell Basell Industries closed its 263,776 bpd Houston refining plant permanently in February. Phillips 66 will close its 138 700 bpd Los Angeles facility by the end this year. If refineries do not improve their efficiency, also known as de-bottlenecking in the industry, then the U.S. production capacity will fall below that of 2023, which was 18.06 million barrels per day, according to the EIA. According to the EIA annual report, Marathon, located in Findlay, Ohio continues to be the United States' largest refiner. It has 13 refineries with a combined capacity of 2,96 million bpd, or 16% of total national production. According to the EIA, Valero Energy Corp., based in San Antonio is the second-largest refinery, with 13 facilities operating 2.2 millions bpd. This represents 12% of the U.S. production capacity. The EIA reported that Exxon Mobil Corp. is the third largest refiner, with four facilities with a crude oil throughput of 1.96 million barrels per day, or 10.6% the national capacity. The EIA Report reflects refinery capacities as of January 1, 2020 and is based upon reports submitted by refiners for individual capacities per refinery before January 1. It provides an overview of the growth that occurred in the prior year. In the long term, U.S. refineries have seen a trend of increasing capacity in remaining refineries while decreasing the number of refineries. The number of refineries in America remained the same at 132 in 2024. However, the EIA report states that the CPI Operations refinery, which produces 32,000 bpd, in Paulsboro in New Jersey, is idle. (Reporting and editing by Mark Porter, Louise Heavens, and Erwin Seba)
-
Moscow promises to closely supervise foreign businesses returning to Russia
Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy from Western nations they consider unfriendly, and the need to grow to continue funding the conflict in Ukraine. Krasnov stated, "We will closely monitor the actions of the government." "That's who will come... and on what terms they'll come." Krasnov stated that "we will look to make sure the conditions in which our business (Russian business) operates are better when Western business returns." He said that it must be profitable for the Russian firms themselves. Russia gives priority to its domestic firms. Some of these companies have taken over market share from Western firms such as McDonald's, Unilever and others that left the country since Russia started the conflict in Ukraine. Vladimir Putin, President of Russia on Friday, said that the Russian economy cannot develop without foreign investment and that Moscow will create conditions for making foreign partners feel comfortable. He said that Russian companies should fulfill legally binding buybacks of foreign companies but that Russia would support any measures that are in its own interest. Putin stated that if someone leaves for political reasons or under pressure by their own political elites and their country, they are not reliable partners. WESTERN FIRMS ARE ABSENT Kirill Dmitriev is the head of Russia's sovereign fund. He has stated that U.S. firms are in discussions to return to Russia. However, lawyers and investors insist that sanctions need to be lifted first before any significant influx takes place. The Finance Minister Anton Siluanov said to the Izvestia newspaper on Friday that there had been no requests for foreign companies to return. Siluanov stated that "there are no applications yet for entry, but I sense that the situation is evolving and interest is growing in investing in Russia." Some analysts have also raised concerns over property rights. According to two sources in Russia's banking and energy sectors, some companies could be interested in returning if they can make money but not at the moment. Since 2022, the state has taken over foreign assets owned by Danone, a French yoghurt manufacturer and Carlsberg, a Danish brewery. These assets have been sold to Kremlin friendly buyers. $1 = 78.4955 Russian Roubles (Reporting and writing by Anastasia Lyrchikova. Editing by Toby Chopra).
Russian rouble barely changed amid forex turmoil
The Russian rouble was not much changed on Friday against the U.S. Dollar and China's Yuan, amid turmoil in global forex markets due to U.S. president Donald Trump's tariffs that triggered a crash in global financial markets.
The rouble had remained flat on the OTC market at 84.20 USD by 0910 GMT. The Russian currency has gained about 25% this year against the dollar, mainly on expectations that geopolitical tensions will ease.
Following the announcement of tariffs, the dollar index, which measures the currency in relation to a basket of six other major currencies, fell by 1.9% on 2 April, its worst day since 2022.
Analysts at BCS Express said that the rouble is immune to global currency fluctuations.
"Barriers to cross-border capital flow limit international speculators, while sanctions have cut Russia-U.S. Trade to its lowest level since 1992." The exchange rate of the rouble is therefore not sensitive," they said.
The rouble didn't react to the 2% drop in oil prices Friday, as Russia's primary export commodity was set for its worst week in many months due to concerns about the global trade conflict.
The rouble also remained flat on the Moscow Stock Exchange at 11,58 against the Chinese Yuan, which is the most commonly traded foreign currency in Russia. (Reporting and editing by Gareth Jones.)
(source: Reuters)