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Chemours DuPont Corteva settles New Jersey PFAS Claims for $875 Million
Chemours DuPont Corteva has agreed to pay $875 Million over 25 Years to the State of New Jersey in order to settle environmental claims, including pollution related to PFAS or "forever Chemicals", the companies announced on Monday. In 2023, over $11 billion was settled in lawsuits that accused major chemical companies for polluting U.S. water supplies with toxic PFAS chemicals. Experts predict new federal regulations as well as a growing public awareness about the extent of contamination will lead to more litigation and settlements. PFAS is a chemical class that's used in many products, including non-stick cookware. These substances are often referred to as "forever chemical" because they do not degrade easily in nature or the human body. They have been linked with cancer, hormonal dysfunction, and other diseases. The payments, which have a present value of about $500 million, before taxes, are not expected to begin earlier than January 1, 2020. Chemours is paying half the settlement, DuPont 35.5%, and Corteva the remainder, according to a joint statement. In 2023, three companies reached a settlement with the U.S. State of Ohio in the amount of $110 million for claims related to PFAS. In the same year, 3M paid $10.3 billion in settlements to hundreds of claims alleging that it contaminated public drinking water. Chemours DuPont Corteva also reached a similar agreement with U.S. Water providers for $1.19billion. The settlement announced Monday includes $16.5 million for alleged PFAS contamination that is not related to the operating sites of the companies.
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Russell: OPEC+ is lucky to bring back oil production amid uncertainty.
It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the 411,000 bpd increases for each of June, May, and July as well as 138,000 bpd of April, which kicked off the unwinding their voluntary cuts. OPEC+ remained steadfast in their recent claim that rolling back production cuts is justified by a robust global economy and low inventories of oil. This is debatable. Demand growth has not been impressive in Asia, the region that imports most. According to LSEG Oil Research, Asia's crude oil imports in July were 25.0 million bpd, down from 27,88 million bpd a month earlier and the lowest total monthly since July of last year. China's increase in crude oil purchases is likely due to lower prices when cargoes arriving in June and July were organized. China's stockpiles have also likely increased rapidly. While it does not disclose its inventories, after subtracting the refinery processing from the total of domestic production and imports, the surplus crude was 1,06 million bpd in the first half 2025. OPEC+ LUCK? It seems more likely that OPEC+ was fortunate to have increased output during a period of increasing risks on the crude oil markets, primarily due to geopolitical tensions. Brent crude futures reached a six-month peak of $81.40 per barrel on June 23, after a brief conflict in June between Israel and Iran, to which the United States later added. Brent has dropped to about $69.35 after some initial weakness in Asia. The point is that this conflict between Israel and Iran has stopped a downward trend in oil prices which had been present for most of the first half year. The recent rise in crude prices has also been boosted by the threat of sanctions from U.S. president Donald Trump against Russian oil buyers unless Moscow agreed to a ceasefire with Ukraine. It pays to be cautious about Trump's actions, as with all his other statements. It would be foolish to assume there will be no effect on crude supply even if the United States' eventual measures are not as drastic. India and China are the two largest buyers of Russian crude oil. India, with its millions of barrels exported of refined products, including many that are made from Russian oil, is the most exposed of these two. According to Kpler's data, India imported 2.1 millions bpd (billion barrels per day) of Russian oil in the month of June. This is only second highest monthly total after 2.15 million in May 2023. India bought about 40% of the crude oil it uses in recent months from Russia. If it switched to another supplier, this would cause a major impact on oil flow, at least initially. The Middle East, Africa, and Americas could compensate for the loss of Russian barrels by India, but it would result in a significant tightening of supplies and keep prices high. It remains to be determined whether Russia and its shadowy network of traders and shippers can once again circumvent sanctions. Even if they are able to do so, it will still take time to get Russian crude to buyers. For the moment, there is still a lot of uncertainty. OPEC+ member countries are using the insecurity to regain their production and regain market share. The question is how long can this play work? It's possible that even if Russian barrels leave the market in the second quarter, demand growth will disappoint as the impact Trump's trade conflict becomes more evident, reducing global trade and slowing economic growth. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
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Sixth Street acquires 38% of Sorgenia, an Italian renewable energy company, in a $4.6 billion deal
Sixth Street, a U.S.-based investment firm, announced on Monday that it had purchased 38% of Sorgenia. The deal values Sorgenia at $4.65 billion. Asterion Industrial Partners, a Spanish infrastructure fund, can now exit Sorgenia’s capital. F2i, Italy’s main infrastructure fund with a 62% share, remains the largest shareholder of Sorgenia. F2i has agreed to transfer its assets for wind and solar energy generation in Italy and Spain, including EF Solare and Renovalia Tramontana, to Sorgenia. Asterion invested its first money in Sorgenia in 2020, supporting the company's efforts to become a major player in Europe’s green energy transformation. Richard Sberlati, partner at Sixth Street, said: "This agreement makes Sorgenia one of Europe's leading energy infrastructure platforms." The renewable portfolio of Sorgenia includes solar, wind, hydroelectric, and biomass plants. The company has installed approximately 1,700 megawatts (MW) and is currently pursuing additional development projects of 5,000 MW. Sixth Street was advised by Cleary Gottlieb and Rothschild & Co. Lazard, Intesa, Mediobanca and Pedersoli acted as F2i's financial advisers, while Pedersoli acted as its legal advisor. BofA Securities acted as financial adviser to one of the funds involved in this transaction. ($1 = 0.8636 euro) (Reporting and editing by Cristina Carlevaro)
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Oil prices fall as OPEC+ increases output in September
The oil price fell to its lowest level in a week after OPEC+ agreed on a large increase in production in September. However, traders remained cautious about further sanctions against Russia. Brent crude futures dropped $1.17 or 1.7% to $68.50 per barrel at 1127 GMT. U.S. West Texas Intermediate Crude fell $1.26 or 1.9% to $66.07 Both contracts fell by about $2 each on Friday. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to increase oil production in September by 547,000 barrels a day. The latest in an accelerated series of output increases to capture market share was in line and early with the market's expectations. It marks a complete and early reversal and the largest tranche of production cuts by the group, which amounts to around 2.5 million bpd or 2.4% of global consumption. The OPEC+ decision has put pressure on oil prices, according to PVM analyst Tamas Variga. He added that discussions about removing a further 1,65 million bpd in cuts have also contributed to this downward price pressure. Goldman Sachs analysts expect the actual increase in the supply of the eight OPEC+ nations that have increased output since March to be 1.7 millions bpd, because other members have reduced output after overproducing. Investors continue to assess the impact of U.S. trade tariffs on dozens of trading partner countries and are wary of any further U.S. sanction against Russia. U.S. president Trump has threatened to impose secondary tariffs of 100% on Russian crude purchasers in an effort to pressurize Moscow to end its war with Ukraine. In the medium-term, oil prices are likely to be determined by geopolitics and tariffs. Varga, from PVM, said that any price spike triggered by energy sanction is likely to be temporary. Trade sources reported on Friday that at least two ships loaded with Russian crude oil bound for refiners located in India had diverted to another destination after the new U.S. Sanctions. ING analysts have written that Indian refiners will lose 1.7 million bpd if they stop buying Russian crude. Two Indian government sources said on Saturday that India will continue to buy oil from Russia, despite Trump’s threats. Reporting by Enes Tunagur and Florence Tan Editing Emelia Sithole Matarise and David Goodman
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In northwest Nigeria, armed men on motorbikes kidnap 70 and kill 11.
Witnesses said that armed men riding motorbikes kidnapped and killed at least 11 people, including women and young children, in an area of northwest Nigeria plagued with mass abductions. Isa Sani, a resident of Zamfara State in Zamfara State, said that the men opened fired as they rode towards Sabongarin Damri late Saturday night. They came on motorcycles and shot randomly before stealing our daughters and children. We haven't heard from them since today. "Everywhere is quiet," said he on Monday. Sufiyanu said that the attackers shot Sufiyanu in the leg after they kidnapped and took his wife. "There were gunshots all around... He told me by phone that he narrowly escaped. He added that at least 11 people had been killed. In recent years, groups known as "bandits" in the locality have murdered hundreds and taken thousands of people hostage across the state. They hold hostages for months, and then demand ransoms to release them. Zamfara is the epicenter of violent attacks which have caused disruptions in farming and travel, and forced thousands of people to flee from their homes. Shehu Musa confirmed to Shehu, the traditional chief from Sabongarin Damri Village, that over 60 people, including women and kids, were taken. Zamfara Police did not respond immediately to comments. Ahmed Kingimi, Maiduguri Reporter; Elisha Gbogbo, Writer; Andrew Heavens, Editor
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McEwen Mining will complete Argentina mine feasibility in two months, says executive
McEwen Mining is expecting to finish a feasibility study on its Los Azules Copper Mine in Argentina within two months. This will allow the Canadian miner the opportunity to obtain $600 million of financing to build infrastructure in the coming year. Michael Meding (Vice President of McEwen Copper) said that McEwen Copper's copper division spent $300 million to begin the project, which will eventually cost $3 billion. He said that the company aims to secure 20 percent of the total investment - the equivalent of 600 million dollars - as early as next year. Los Azules is one of eight major copper projects that hope to take advantage of projections for a soaring demand in the future. Argentina's copper reserves are mostly untapped and the country hasn't produced copper since the Bajo de la Alumbrera Mine, operated by Glencore at the time, closed in 2018. Los Azules has plans to build roads, expand the camp on site, and install electricity lines in the next year. The mine construction will begin in 2027. Production is expected to start in late 2029, or early 2030. Meding stated that the main challenge was to raise the funds needed so the project could move forward at the speed it desired. The project hopes that $277m of the investment qualifies for an incentive program, launched by President Javier Milei, called the Incentive Program for Large Investments (RIGI), meant to ignite a fuse for major investments. McEwen Mining owns 46.4% of Los Azules, followed by Stellantis Automotive and Rio Tinto Nuton's Leaching Technology Unit. McEwen announced recently that it had produced cathodes in a laboratory. Meding described this as an "important test" of the mine's plan to produce exclusively cathodes. Meding stated that the mine would use heap leach technology to produce cathodes, which will require five-sixths of the water used in traditional flotation processes. Los Azules also plans to become carbon neutral by the year 2038 and will use renewable energy, mainly solar, provided by YPF Luz, a state-owned company in Argentina. Meding pointed out that McEwen competed with other industries to secure funding, and not just mining. He said, "We must convince big capital right now." (Reporting and Writing by Lucila SIGAL, Editing by Christian Plumb & Rod Nickel; Daina Beth SOLOMON)
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The French Flamanville 3 reactor will not be producing until October
EDF, the operator of France's Flamanville 3 reactor, said that it is experiencing further delays in maintenance and will not be able to restore production until October 1. Full power is not expected until mid December. The reactor started operating in September 2024. This was 12 years later than initially planned. It cost about 15 billion euros, four times its original budget. EDF explained that the latest delay was a precautionary measure to test a safety valve intended to protect the primary circuit of the reactor. These valves are designed to open when there is a sudden pressure surge and then close once the pressure has stabilized. A spokesperson for EDF said that the nuclear output expected by the company, which was higher in the first half year than expected, has not been affected. Flamanville 3, the largest French reactor, is the only French nuclear reactor completed by EDF in the last 25 years. It is expected to generate about 1.6 gigawatts per hour. As part of a 2022 project proposed by President Emmanuel Macron, the heavily indebted French electric utility seeks funding to build six new EPR2 reactors. ($1 = 0.8654 euros)
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Shein fined 1 million Euros by Italian regulator for greenwashing
The Italian Competition Authority (AGCM), imposed on Monday a fine of 1 million euros ($1.16million) on fast fashion online retailer Shein, founded in China for misleading its customers about the environmental impact on their products. Shein has now been hit with a second financial sanction from a European Competition Authority in less than a week. On July 3, France fined Shein 40 million Euros for false discounts and misleading claims about the environment. AGCM, the Italian regulatory agency, launched an investigation into "greenwashing", which led to Infinite Styles Services Co. Limited of Dublin, operating Shein's European website. Shein didn't immediately respond to our request for comment. AGCM stated that the environmental sustainability messages and social responsibility messages posted on Shein’s website were "sometimes vague, generic and/or too emphatic and in other cases, omitted and misinformed." The regulator found that Shein's claims about circular system design, product recyclability and its "evoluSHEIN By Design" collection's green credentials were exaggerated. Shein's 'evoluSHEIN By Design' collection is a line of clothes that are made with more sustainable and responsible manufacturing. AGCM stated that consumers may be misled into thinking that the collection is made from eco-friendly material and that it's fully recyclable. "This fact, when considering the fibers used and the current recycling systems in place, is not true." The authority was also critical of Shein's "vague, generic" commitments that would reduce greenhouse emissions to zero by 2050 and by 25% by 2030. It noted the contradictions between its increased emissions in 2023 and in 2024. The Italian regulator stated that its overall assessment had been influenced by a "increased responsibility" placed on Shein "because they operate in a highly-polluting sector and use highly-polluting methods", such as superfast and fast fashion. AGCM is responsible for both consumer protection and competition. Shein stated that it was "prepared to work openly and transparently with the relevant Italian authorities to answer any inquiries" when AGCM launched its investigation last year. Shein, founded in China, is famous for its affordable tops and dresses. Last year, reports of plans to list shares in London raised concerns about the company's environmental record and its treatment of employees.
Dealers say that India's palm oil imports in July dropped as soyoil shipments grew.
Five dealers report that India's imports of palm oil fell in July due to cancellations of import contracts. However, soyoil exports surged at a three-year high, thanks to the competitive prices, and to deliveries of delayed shipments since June.
India's lower palm oil imports, which are the largest buyers of vegetable oils in the world, could cause a buildup of stocks among top producers Indonesia, and Malaysia, and put pressure on Malaysian palm futures.
According to dealers, the imports of palm oil in July fell by 10%, to 858,000 metric tonnes, from their 11-month peak in June.
Imports of soyoil in July increased by 38% on a monthly basis, reaching 495,000 tons. This is the highest level for three years. According to the report, the increase in soyoil imports was due to vessels finally unloading their cargo after being held up by congestion in Gujarat's Kandla Port in June.
Dealers estimated that imports of sunflower oil fell by 7%, to 201,000 tonnes.
Dealers estimate that the increase in soyoil imports boosted India's total edible oils imports by 1.5%, to 1.53 millions tons, from a year earlier. This is the highest level of imports since November.
They said that the import numbers do not include duty-free shipments from Nepal which arrived via land border.
India, which had bought less edible oil in the first half 2025 than usual, is now increasing its imports ahead of the festive season to meet the rising demand, according to Aashish Acharya. Acharya is vice president of Patanjali Foods Ltd., a major importer of edible olive oils.
In India, the demand for edible oils, especially palm oil, increases during festival season because of increased consumption.
According to Rajesh Patel, managing partner of GGN Research and an edible oil trader, imports are expected to remain strong in the months ahead as refiners replenish their stocks.
India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine.
GGN Research estimates that Nepal imported 83,000 tons of edible oil in July. This is up from 75,000 tonnes in June. (Reporting and editing by Janane Vekatraman; Rajendra Jadhav)
(source: Reuters)