Latest News
-
Pakistan's lake created by a mountain mudslide could cause 'catastrophic floods'
Officials warned that a 7-km (4 mile) lake created by a mountainous mudslide in Pakistan's north is on the verge of bursting and causing "catastrophic floods" downstream. National Disaster Management Authority reported that the mudflow entered the main Ghizer river channel on Friday and completely blocked it, causing the lake to form in Gilgit Baltistan Province. In a report on the situation, its provincial office said that the blockage had created a "dam like structure" which poses a serious threat of burst. Zakir Hussain said that the new lake could cause a "catastrophic flood". He said that four downstream districts, Ghizer, Gilgit Astore, and Diamer, face a grave threat. Ghizer lies north of the mountainous districts of northwest Pakistan, where flooding triggered by this year's worst monsoon rainfall and cloudbursts has killed more than 400 people since August 15th. The national authority shared a video on WhatsApp where it makes statements. In the video, black mud slides down the mountain and lands in the river. The video was not verified independently by the authority, but an official said it was taken by local residents. Faizullah Faraq, spokesperson for the provincial government, confirmed that similar mud flows had landed on different mountainside. He said that a shepherd who was on higher ground and the first person to see the mud slide crashing down alerted the local authorities and villagers. He said that as a result, nearly 200 people living in scattered houses in the mountainsides, and along the river, were saved. Faraq stated that although the lake has begun to discharge water, flash floods can't be completely ruled out in the downstream districts until the lake is cleared. He said that the communities downriver have been told to be on high alert, and evacuate areas near the river. The National Authority of Pakistan has warned that two more rainy spells are expected by September 10th. Reporting by Mushtaq Al in Peshawar, writing by Asif Shazad and editing by William Mallard.
-
India claims that US trade negotiations continue as new tariffs loom
India's Foreign Minister said that the trade negotiations are still ongoing with Washington, but that there are some points that New Delhi must defend. This is just a few days before additional U.S. Tariffs will be imposed. Due to the increased purchase of Russian oil, Indian goods will face an additional U.S. duty of up to 50 percent. This is among Washington's highest tariffs. The 25% tariff is already in effect. The remaining 25% will be implemented on August 27. The U.S. Trade Negotiators' planned trip to New Delhi, scheduled for August 25-29, has been cancelled. This shatters hopes of a reduction or delay in the tariffs. Subrahmanyam Jaishankar, Indian Foreign Minister, said, "We have redlines that we must maintain and defend" at an Economic Times event in New Delhi. He was referring to the farmers and small producers of India. The India-U.S. Trade talks failed earlier this year because India refused to agree to open up its vast dairy and agricultural sectors. Over $190 billion in bilateral trade exists between the fifth and world's biggest economies. Jaishankar stated that it is "our right" to make decisions based on our "national interest". Capital Economics analysts said that the economic growth of India would be affected by 0.8 percentage points if all the U.S. Tariffs were to come into effect and remain in place this year and the following year. The longer-term damage could be greater, as high tariffs could cut India's appeal to the world as a manufacturing hub. The Indian Minister described the policy announcements of U.S. president Donald Trump as "unusual". Jaishankar stated that "we have never had a U.S. President conduct his foreign policy as publicly and it is a departure (from the traditional way) of doing business with the rest of the world." He said that Washington's concerns about India's Russian crude oil purchases did not apply to other major purchasers such as China and the European Union. If the issue is oil then (other) large buyers are available. "If the argument is about who trades more with Russia, then there are larger traders," he stated. He added that the trade between Russia and Europe is larger than India-Russia. The minister said that India's purchase of Russian oil was not raised during earlier trade discussions with the U.S. prior to the announcement of tariffs.
-
CNOOC Completes New Refinery and Petrochemical Complex in East China
China National Offshore Oil Corp (CNOOC) has completed building an integrated refining and petrochemical complex in eastern China, state news agency Xinhua reported on Friday.The 21 billion yuan ($2.9 billion) project, built on the Daxie Island of eastern coastal city Ningbo, Zhejiang province, includes what CNOOC calls the country's largest facility that directly converts heavy oil into olefins.A core unit brought onstream can produce 1.2 million metric tons per year of polymer-grade ethylene and propylene, basic feedstocks for beverage bottles, food packaging and synthetic fibre clothing, the report said.Following the startup, the plant's olefins capacity will reach 1.8 million tons per year, it said, without giving any details on the expanded refinery at the same site.Reuters reported in March that the complex included an upgrade that expands crude processing capacity at the Daxie plant by 50% to 240,000 barrels per day, as a smaller crude unit was mothballed.CNOOC is the parent of listed CNOOC Ltd.($1 = 7.18 Chinese yuan renminbi)(Reuters)
-
Brazil rejects UN demand for hotel subsidies in tense COP30 discussions
Brazilian officials announced on Friday that the government of Brazil has ruled out subsidizing hotel rates for all delegates at the United Nations Climate Summit it will be hosting in November. This was after a meeting they described as being tense with U.N. officials. As delegations become increasingly concerned about the price of accommodation in Belem, the Amazonian coastal city that hosts the Amazon Conference, the standoff has occurred. Brazil is trying to double the number of hotel rooms available. Entrepreneurs have also been creative in converting love-motels and ferryboats into hotels to accommodate delegations. The Brazilian government has rejected the idea of moving COP30 to another location. But, because supply is still below demand, prices are soaring. Officials linked to the Brazilian Presidency said that the U.N. Climate Secretariat (UNFCCC) had requested a $100 hotel subsidy per day for delegate from developing nations, and $50 for those from wealthy nations, during Friday's meeting. Miriam Belchior dismissed the idea. She is the executive secretary of the chief of staff to President Luiz inacio Lula da S Silva. She told journalists that the Brazilian government already bears significant costs in hosting the COP. There is no way of subsidizing delegations coming from other countries. This includes delegations coming from countries much richer than Brazil. The UNFCCC didn't respond to a comment request immediately. Belchior reiterated the fact that the change of host city is out of the question. Brazil instead suggested that the U.N. increase the $144 daily allowance given to delegates from poorest countries. Hotel rates in Belem are between twice and twenty times higher. The U.N. resisted requests to adjust allowances, citing that it takes time to approve any such changes. So far, 39 nations have reserved accommodation through the official COP30 website, while eight other countries have negotiated with hotels directly or via other platforms. (Reporting and editing by Brad Haynes, Diane Craft and Lisandra Paraguassu)
-
US suspends Orsted offshore wind energy project in Rhode Island
According to a notice posted on the Bureau of Ocean Energy Management's website, the Trump administration ordered Denmark's Orsted on Friday to cease all activities related its Revolution Wind project near the coast of Rhode Island. The letter signed by BOEM Acting Director Matthew Giacona stated that the stop work order was related to concerns about national security, which were not specified, arising out of the administration's evaluation of offshore wind project in federal waters. Giacona stated that BOEM was concerned about the protection of US national security and the prevention of interference in the reasonable use of the exclusive economic zones, high seas and territorial seas. The letter was sent to Rob Keiser who is the head of asset Management for Orsted North American. Orsted did not respond to a request for comment. This is just the latest effort by the administration to stifle offshore wind development and clean energy. Donald Trump, on his first day as president earlier this year suspended all new offshore wind leasing projects pending an economic and environmental review. He has repeatedly criticised wind energy for being ugly, unreliable, and expensive. Orsted requested $9.4 billion from shareholders earlier this month to fund another U.S. wind project. Potential partners had been turned off by Trump's anti-wind power stance. (Reporting and editing by Leslie Adler, Sandra Maler, and Nichola Groom)
-
Trump claims Intel has reached an agreement for the US to own 10% of Intel
Donald Trump announced on Friday that the U.S. will take 10% of Intel as part of a deal to help the chipmaker, and that he plans more similar moves. This is the White House's latest extraordinary intervention in corporate America. The U.S. has agreed to buy a 9.9% share in Intel at $20.47 per share. This is about $4 less than the closing price of Intel shares on Friday, which was $24.80. The Government will buy the 433.3 millions shares using funds from unpaid CHIPS Act Grants of $5.7 billion and $3.2 billion that Intel was awarded for the Secure Enclave Program. Intel shares fell 1.2% on Friday in extended trading. A White House official confirmed that Trump will meet CEO Lip-Bu Tang later on Friday. This follows the meeting between Tan, Trump and other officials earlier in this month. The meeting was sparked when Trump demanded that Intel Chief Lip-Bu Tan resign over his connections to Chinese companies. "He came in to keep his position and ended up giving $10 billion for us." We picked up $10 billion," Trump stated on Friday. Howard Lutnick, Commerce Secretary on X, announced that the deal was completed. He wrote that "the United States of America owns 10% of Intel", saying Tan struck a fair deal with Intel and the American People. The $10 billion Trump didn't specify is roughly equal to the grant Intel will receive from the U.S. government under the CHIPS Act to fund the construction of chip factories in the U.S. Intel's investment is the latest in a series of unusual deals made with U.S. firms, including allowing Nvidia AI chip maker to sell H20 chips to China for 15% of sales. As part of an agreement to allow Nippon Steel buy U.S. Steel, the U.S. Government negotiated a "golden stake" that included certain veto powers. Trump's wide-ranging intervention in corporate affairs has alarmed critics, who claim that Trump's actions have created new categories of risk for corporations. Officials told the Trump Administration that they wanted to convert the $7.9 billion cash grant approved by President Joe Biden's administration for Intel to build chip factories in the United States into equity in the company. A White House official stated on Thursday that the administration did not seek equity stakes in companies such as TSMC and Micron, which have increased their U.S. investments plans. SoftBank has agreed to buy a $2 billion stake of Intel. Daniel Morgan, senior manager of Synovus Trust's portfolio, says Intel's issues go beyond the cash injection from SoftBank and equity interest from government. He said that without government support or a financially stronger partner it would be difficult for Intel's foundry unit "to raise enough capital" to continue building out more Fabs. Intel also "needs catch up with TSMC in a technological sense to attract business." Lutnick said that any stake in the company would not be a voting share, which means the U.S. Government would not be able to dictate how the business is run. Intel has declined to comment Friday. Analysts said that federal backing could give Intel breathing space to revive its losing foundry business. However, it is still struggling with a weak road map for its products and attracting customers to the new factories. Trump's unprecedented approach to national safety, which he took when he met Tan on 11 August, is a first. President Trump has called for government partnerships worth billions of dollars in rare earths and semiconductors to ensure critical minerals. These include a deal with Nvidia, a contract with MP Materials and a pay-for play arrangement with Nvidia. Tan, who was appointed Intel's top executive in March, is tasked with turning around the American chipmaking giant, which in 2024 recorded a loss of $18,8 billion - the first loss it has experienced since 1986. The last year that Intel had a positive adjusted free-cash flow was in 2021. Aditya soni reported from Bengaluru, and David Shepardson and Andrea Shalal in Washington. Additional reporting was done by Juby Babu, in Mexico City, and Max A. Cherney, in San Francisco.
-
Elliott and Gold Reserve affiliates are working on bids for Citgo parent company as the bidding deadline approaches
The U.S. court is about to announce the winner of an auction of shares in Citgo Petroleum, the parent company of the U.S. refiner. Affiliates of the hedge fund Elliott Investment Management as well as miner Gold Reserve are leading the competition. Robert Pincus, a U.S. court official, has until Monday to decide whether the $7.4 billion offer from Gold Reserve subsidiary Dalinar Energy that he had previously recommended remains in front or if a rival bid is superior. In the final round of bidding, Elliott's affiliate Amber Energy and a unit from commodities firm Vitol as well as a consortium headed by Black Lion Capital Advisors made offers. The court extended the deadline for bidding to Friday, and delayed the final sale hearing until September. According to court documents and sources familiar with the preparation of the bids, Amber and Gold have now surpassed the other bidders in the competition. Their offers are substantially different. The main differences include the cash amount offered and non-cash considerations. Also, a negotiation was conducted to pay holders who had a Venezuelan defaulted Bond collateralized by Citgo equity. Amber said to the Delaware court that it had reached an agreement with more than two thirds of holders. The Gold Reserve Group, which does not have a payment plan for the bondholders in its bid, believes that its offer is superior because it covers 11 of 15 claimants who are lining up cash proceeds. Judge Leonard Stark instructed Pincus, and the court advisors involved in the auction earlier this year to put price ahead of "certainty" of closure. This term describes a proposal's chance of becoming a takeover. Amber's bid, which offers $5.86bn to creditors and 2.86bn to bondholders, must prove to the court that it has reached agreements. Gold Reserve has the right to object to any competing bid based on procedural issues. If it loses, the group can increase its own bid. Amber and Dalinar didn't immediately respond to requests for comments. According to a new court calendar approved on Friday, Gold Reserve’s Dalinar has only three days to match any better proposal. Gold Reserve announced on Friday that it had engaged Cantor Fitzgerald as its financial advisor to help with the bid. Sources said that Dalinar's potential strategy to increase its bid might include adding more creditors to the proposal. This is currently being discussed. Amber has also been in contact with at least 2 creditors who are willing to convert their claims in to credit bids. In some auctions, credit bids are accepted to allow creditors to purchase assets or shares at auction to pay off their debts. The court said that in this case credit bids and cash offers must be combined. The auction is intended to compensate 15 creditors for Venezuela's debt defaults and expropriations by paying up to $19billion. The court that has been handling this case since 2017 found Citgo Holding's parent PDV Holding responsible for Venezuela's debts.
-
Braskem continues to negotiate with Tanure Fund despite the end of exclusive window
Braskem reported in its Friday securities filing that talks for Brazilian firm Novonor (formerly Odebrecht) to sell a majority stake in the petrochemical Braskem company to a Nelson Tanure-backed fund continue despite a 90 day exclusive negotiation deadline. The exclusivity period has ended without an agreement between the parties that would have exempted the fund from paying damages in a suit that claims that the firm's mines of salt caused the ground to sink in Maceio, and that forced evacuations were a result. Petroquimica Verde, the Tanure-linked fund of investment, has a source who says that they will not sign any deal until it is certain that environmental liabilities won't be transferred to new partners and creditors. Tanure stated in a press release earlier this month that an agreement was "a sine qua non" (condition) for the deal. According to a second source, the resolution of the environmental liability issue is fundamental for the progressing of negotiations with Tanure. The source said that Novonor's choice to continue talks with Tanure leaves the door open for a possible deal. It also "sends a important signal to banks who were uncomfortable about the situation." Sources said that private equity firm IG4 Capital was working on a rival bid to acquire Braskem's majority stake. It aims to consolidate Novonor Bank's debt and exchange them for Braskem Shares. The shares of Braskem rose by 2.4% during the afternoon trading, nearly matching Brazil's benchmark index Bovespa which rose around 2.5%. Reporting by Luciana Araujo and Gabriel Araujo. Isabel Teles is the writer. Mark Potter, Alistair Bell and Isabel Teles edited the work.
Worldwide offshore wind market poised to miss out on big targets as challenges install
After a year of canceled projects, damaged turbines, and abandoned lease sales, the worldwide offshore wind market no longer has much opportunity to hit the lofty targets set by federal governments in the U.S., Europe and somewhere else, marking a. obstacle for efforts to combat climate change.
The technology forms a huge part of federal government techniques to. advance renewable resource and decarbonize the global power. industry due to the fact that it can produce large amounts of electrical energy. near largely populated coastal regions. Missing targets by a. large margin will leave a gap that might be hard to fill.
Reuters spoke to 12 offshore wind companies, market. researchers, trade associations, and government authorities in six. countries to come up with an international image of the state of the. market and its outlook, and discovered soaring expenses, project. delays and restricted supply chain financial investment were hobbling. setups.
We're pretty far from these targets, Soren Lassen,. head of overseas wind research at energy research study company Wood. Mackenzie, stated in an interview. He stated offshore wind farms now. have an international typical cost of $230 per megawatt-hour (MWh)-- up. 30% to 40% in the previous two years and more than triple the. average of $75/MWh for onshore facilities.
That has companies pulling back. BP last month stated it was. considering selling a stake in its overseas wind service, and. Equinor earlier this year abandoned investments in Vietnam,. Spain and Portugal. Meanwhile GE Vernova, among the. industry's leading turbine suppliers, is not taking brand-new orders.
We do not predict adding to (our) stockpile without. substantially various industry economics than what we see in. the marketplace today, GE Vernova CEO Scott Strazik said on a. current financier call.
World federal governments had actually set a global target in 2015 of. tripling total renewable energy use by 2030, something the. International Renewable Resource Firm (IRENA) stated would need. offshore wind capacity to rise to 494 GW by the end of this. decade, from 73 GW presently.
IRENA Director-General Francesco La Video camera informed Reuters. offshore wind is now projected to disappoint its target by a. third. Price quotes by 3 other prominent research firms job. that the world will not reach 500 GW of overseas wind. installations up until after 2035.
TRUMP EFFECT
Governments in Europe, the Americas and Asia have sought to. prop up the sector with national targets aimed at drawing in. deep-pocketed developers including major international energy business. Equinor, Orsted, RWE and. Iberdrola.
The United States, for example, set a goal in 2021 of 30. gigawatts of offshore wind by the end of this years, but had. less than 200 megawatts running as of May of this year,. according to the National Renewable Energy Laboratory.
The outgoing administration of U.S. President Joe Biden. issued permits for 15 GW of tasks, held 6 lease sales on. numerous coasts, and extended tax credits to the industry.
But U.S. overseas wind has been roiled since in 2015 by. canceled projects and agreements, suspended government auctions,. and a high-profile construction accident at the nation's very first. major commercial project
The market is now stressed that Biden's replacement,. President-elect Donald Trump, will follow through on an election. project pledge to dismantle the market's progress, perhaps. by withholding lease auctions.
Provided the outcomes of the U.S. elections, we see higher. risks than before for the timely execution of offshore wind. jobs there, Michael Mueller, financing chief of German. offshore job developer RWE, told journalists on a profits. call this month.
Energy research company Rystad stated it expects the United. States to reach less than half of its 2030 target.
Representatives of the Biden administration and Trump's. shift group did not provide comment for this story.
Carl Fleming, a partner at law practice McDermott Will & & Emery. who recommends the White House on renewable energy policy, informed. Reuters the U.S. would have a hard time to miss its target despite. who remains in the White Home, given market conditions.
EUROPE ALSO FALLING SHORT
In Europe, Petra Manuel, overseas wind expert at Rystad,. anticipates nations with the greatest overseas wind targets - the. UK, Germany and the Netherlands - to reach about 60%. to 70% of their objectives. Nations with less ambitious targets,. consisting of Belgium, Denmark and Ireland, are also anticipated to. come up short, he said.
Industry trade group WindEurope, meanwhile, said it expects. the European Union to have 54 GW of overseas wind capacity by. 2030, about half of the 120 GW North Sea nations promised.
EU Energy Commissioner Kadri Simson told Reuters that delays. in meeting targets could not be dismissed, but that none had. been formally flagged by member states.
Britain, the second-biggest offshore wind market after. China, will also miss its objective of 60 GW by 2030, stated Damien. Zachlod, managing director of offshore wind designer EnBW. Generation UK.
The UK held its best-funded auction yet in September, adding. 4.9 GW of brand-new arrangements. However future auctions will need far. larger volumes to reach 60 GW on time, he stated.
It will be very, really tough and we will not hit the. target by 2030, he said.
A representative for the UK federal government did not right away. offer remark.
CHINA BUCKS THE PATTERN
China, which ended up being the international leader in offshore wind in. 2022, is bucking the global trend.
Beijing has actually supercharged its industry with aids and low. funding costs. Most of the sector's gamers are state-owned,. and have access to locally-made offshore wind components.
China accounted for majority of 2023 offshore wind. installations, with 6.3 GW, and the International Wind Energy council. trade group estimates the nation will set up 11 to 16 GW. each year in the next two to three years.
Sourcing inexpensive equipment from China would help reduce expenses. for designers in Europe, Japan and the United States, but. governments there have looked for to encourage regional production to. minimize reliance on Beijing.
Elsewhere in Asia, countries consisting of Vietnam, Japan, South. Korea and Taiwan have looked for to broaden overseas wind however also. face troubles linked to soaring expenses and regulatory. unpredictability.
Japan, for instance, has actually set aspirations of building up to 45. GW of overseas wind capacity by 2040, up from less than 1 GW. today. But the country's auctions to date have been little, and. the market is constrained by laws preventing non-Japanese. vessels from operating in overseas wind locations.
Rebecca Williams, deputy CEO of the Global Wind Energy. Council trade group, acknowledged there is a risk the market. might miss its targets, but said striking them is still possible. with the right policies.
Naturally, whenever there's a target, there's a risk that. that target might not be satisfied, Williams stated on the sidelines of. the COP29 conference in Baku.
However the target is not the thing that's going to get the. turbines in the water..
(source: Reuters)