Latest News
-
Fire officials confirm that a chemical tank overheating in California is no longer a danger of exploding.
They said that a crack in the industrial tank of a hazardous chemical, which was dangerously overheating in Southern California, had eliminated the possibility of it exploding. Orange County Fire Authority: Although the worst-case scenario for the tank containing highly flammable methacrylate has been ruled out by the Orange County Fire Authority, dangers still remain and tens thousands of people are under evacuation orders. The tank overheated on Thursday in the GKN Aerospace plant in Garden Grove. This city has about 172,000 residents and is located roughly 20 miles south of Los Angeles. California Governor Gavin Newsom declared a state emergency on?Saturday and issued evacuation orders for an area that is home to tens or thousands of residents. Fears mounted the tank could rupture?and spill up 7,000 gallons of toxic material (26,500 litris) or explode?and threaten nearby tanks. Firefighters celebrated the appearance of the crack in the tank on the weekend. This helped relieve the pressure and the tank has cooled to 93 degrees Fahrenheit from over 100 F. Craig Covey said in a video that "that is incredibly good news" Officials?said that firefighters have cooled the tank by drenching it with water. They have also taken the risk to approach the?tank only when the sun had set to measure the temperature. According to the?website of GKN (a British?) company, its Garden Grove facility makes windows and canopies that are used on commercial and military aircraft. It has also apologized for the inconvenience caused by its overheating trough. Officials have also expressed concern that the toxic chemical could leak and that vapors released?from tank might cause respiratory problems to people after prolonged exposure. However, air-quality monitors did not detect vapors as of the last health update, cited by the officials at the weekend. Reporting by Jonathan Allen; editing by Deepa Babyington and ChizuNomiyama
-
Aramco will transfer PRefChem shares to Malaysian Petronas
The Saudi state oil giant Aramco has announced that it will transfer its equity stakes in joint ventures for petrochemicals and refining in Malaysia to Petronas. This ends an eight-year partnership between the two companies. In a joint press release, the two companies said that the deal is subject to closing conditions and will turn PRefChem into a fully owned subsidiary of Malaysia's state energy company. The financial terms of the deal were not disclosed. The?deal highlights how the Iran War is reshaping Asian energy partnerships. Since late February, the Strait of Hormuz has been effectively closed, reducing crude oil flows into Asia. This has forced refiners to reduce their production, causing shortages of products such as jet fuel, diesel and gasoline, all of which are produced by PRefChem. Petronas will be able to'source crude outside the Gulf of Mexico and to direct production to meet the soaring regional fuel demand. Aramco, on the other hand, has been forced by the conflict to reduce its production. According to OPEC's secondary sources, Saudi production fell by about a third from its pre-war level in April. Aramco supplied 50% to 70% PRefChem crude feedstock. The statement said that the transaction was completed on terms mutually agreed upon, reflecting the changing strategic priorities of both parties. PRefChem is a joint venture consisting of Pengerang Refining Company (PRC) and Pengerang Petrochemical Company (PPC), which operates an integrated refinery-petrochemical facility within the Pengerang Complex?in southern Malaysian Johor. The refinery produces jet fuel, diesel and gasoline, and supplies feedstock to the petrochemical plant, which has an annual capacity of 3.4 million tonnes. Aramco signed a share purchase contract with King Salman in Malaysia during his state visit. The investment was one of Aramco's biggest downstream investments overseas. In March 2018, the two joint ventures formally came into existence. The companies stated that they will continue to explore cooperation, including crude supply and technology exchange. Yousef SABA, Yousef is the reporter; Cynthia Osterman, the editor.
-
Nornickel, a Russian company, recommends that the 2025 dividend be cancelled due to instability
Norilsk Nickel's board recommended that there be no dividend payouts in 2025. It added on?Monday, it was prioritising the financial stability of its company during a time of "elevated economic instability". Nornickel, if approved, would withhold?its annual dividend for the fourth consecutive year. In 2022 the Russian metals manufacturer's finances deteriorated because of geopolitical forces. On June 30, shareholders in one of world's largest nickel producers and the largest palladium producer will discuss the proposal. Nornickel hasn't paid a full-year dividend since 2024, nor for 2022, 2023 or 2024, due to Western sanctions and the falling price of its main metals. The company stated that it was taking into consideration "the cyclical market for the metals it produces as well as the need to maintain high creditworthiness". Nornickel uses free cash flow to guide dividend payments since a shareholder agreement that protected payouts at the end 2022 expired. Sergei Malyshev, CFO, said that although EBITDA increased 9% in 2025 to $5.7 billion and adjusted free cash flow reached $1.5 million, it was "appropriate" to use the free funds to strengthen the company's resilience financially, to invest in the reliability and security of production and to reduce debt levels. Nornickel CEO Vladimir Potanin said in December that he believes the conditions will be right in 2026 to allow dividend payments to resume. Potanin now owns 33,51% of Nornickel. He previously owned 37%. Aluminium giant Rusal is its second largest shareholder, with 26.39 percent. Nornickel may not be subject to direct sanctions but Western measures have led some foreign buyers to avoid Russian metals. They also complicate payments and restrict access to Western equipment. This has caused Nornickel to redirect its sales to Asia. (Reporting and writing by Anastasia Lyrchikova, Alessandra Prrentice; editing by Vladimir Soldatkin & Alexander Smith).
-
Brazil plans $10 bln Eco Invest auction, eyes foreign investors
Brazil is expecting to raise $50 billion reais (9.92 billion dollars) in what will be its most ambitious auction 'yet, under the Eco Invest Program, which is focused on 'developing advanced sustainable technology -in strategic sectors. The fifth auction announced on Monday, and the last one under the current administration will continue to leverage private investments with public funds from Climate Fund. Ceron stated that Brazil was preparing to?do a roadshow? in the U.S.A., Europe, and China, seeking foreign capital. The funds will be allocated to six areas, including: sustainable fuels, battery systems and artificial intelligence for production, green chemistry and the circular use of mineral and industrial waste. Brazil is trying to position themselves?in strategic?sector despite structural bottlenecks. This includes efforts to establish a regulated framework for important minerals and attract investment in data centers, as well as seeking clean energy financing amid global geopolitical worries. Each innovation fund will receive 1.5 billion reais of public capital. Private investors can contribute up to double that amount. Project financing will be supported by additional credit of up 1 billion reais for each?fund, but higher private leverage is required. The?least? 0.5% of total mobilized resources should be used to fund research and entrepreneurship. A minimum of 10% in each?fund?s portfolio must be tied to companies that work with research institutions or localize foreign technologies. All bids open until July must include between 15% and 45% of foreign capital. Ceron explained that if supported projects exceed expectations, a portion of the additional gains would be shared with the Treasury. This will generate returns for the Government if the program is successful. $1 = 5.0401 reais (Reporting and Writing by Isabel Teles, Editing by David Gregorio).
-
Trump links Abraham Accords with Iran Deal
U.S. president?Donald Trump said on 'Monday that it should be mandatory for all countries, including Qatar, Pakistan and Egypt, Jordan, and Turkey, to sign the Abraham Accords en bloc as part?of a?effort to reach a?deal with Iran. Trump said he spoke to the leaders of these countries on Saturday, along with Saudi Arabia, Bahrain and Egypt, which has already signed the Abraham Accords. Trump said in a post posted on Truth?Social that it was "mandatory" that at least all these countries sign the Abraham Accords simultaneously. He said that these countries would be honored to have Iran included in the accords, once an agreement is reached to end the conflict. Trump said that negotiations with Iran were "progressing nicely", but he did not indicate a deal would be imminent. Reporting by Doina chiacu, Editing by Alison Williams
-
Everest operators need to vet climbers more carefully, according to a record-holder
Mount Everest Expedition operators should focus on the experience of climbers and their 'knowledge' to reduce risks and minimise deaths, according to a British climber who is a guide and has made more ascents up the mountain than any other non-Sherpa. Five people died on Everest in this year. Some had problems at high elevations and needed to be rescued while descending. Kenton Cool, 52 who last week climbed Everest for the?20th time, said that climbing it wasn't as risky as people thought if you used the right techniques, guides and planning. Cool said that operators should be more careful about who they let join the guides who go to the top. The risks of overcrowding Last week, 274 Nepali climbers scaled Everest in a single day. This was the most ever on one day. This feat brought the dangers of allowing a large number of climbers to ascend the mountain, and the criticism Nepal had previously received. The "death zones" below the summit are often crowded and dangerous, with oxygen levels that are far below the minimum required for human survival. Nepal has recognized the risks posed by congestion and untrained climbers. It has tightened controls and increased fees. Cool said, "People shouldn't die on Everest when they have enough experience." COOL: Climbing Everest in 2026 will be much easier, thanks to technology. Cool, the first person to scale Everest, said that climbing had changed. He said that the Sherpa guides better understood their clients, rope-fixing was more organised and executed. Equipment, communication, and weather forecasting were also improved. Cool stated that on the summiting day, overtaking people at the Hillary Step bottleneck could be difficult due to the crowd but was ultimately manageable. The opening of the route was delayed by two weeks due to a towering block of snow. This stranded hundreds of climbers in base camp. Despite the early delays, Cool said that the sherpas of "Icefall Doctors", the Expedition Operators Association of Nepal and other elite groups had managed to fix ropes on the summit. It is more professional this year than last. (Reporting and editing by YPrajesh; Gopal Sharma, reporting)
-
Russell: China's thermal coal production drops, but prices of imported coal in Asia rise amid the Iran war.
The Iran War has impacted crude oil and natural gas markets. However, the impact on coal prices has been muted. Prices for thermal grades are quietly rising to multi-year highs. The conflict between the United States of America and Iran has led to the loss of about 10% of crude oil and a fifth of LNG. However, the thermal coal supply has been largely unaffected by the conflict, despite the fact that the cost of shipping and producing has increased due to higher fuel prices. Coal prices are likely to be driven by a number of factors, including the Iran war and changes in Indonesian regulations. According to commodity analysts Kpler, Asia's seaborne thermal coal imports are expected to have their best month since December in May. The imports of thermal coal in Asia are expected to hit 76.26 millions metric tons by May, a 23% increase from April. This is also higher than the 72.83 millions from May last. All of the top buyers in the region have seen gains. China is the largest coal importer in the world. Its seaborne thermal arrivals are expected to reach 22.63 millions tons. This is up from 16.3 million tons in April, and the highest since January. China's appetite to import is driven by a weaker domestic production. April's 385.63 millions tons were down from the record 440.62 in March and 1% from last April. China's first four-month output fell by 0.1%, to 1.58 billion tonnes. The fact that China's thermal electricity production, with the majority of it being coal-fired in the first quarter of the year, increased by 3.6%, suggests that the supply-demand balance in China has been tightened recently, encouraging imports. The 82 deaths in the worst coal mining accident in 17-years, which occurred last Friday in a metallurgical mine in 'Shanxi Province, may lead to a further shortage of coal as authorities intensify safety inspections in both thermal coal and coking coal. China's increasing import demand has helped lift the prices of grades it typically seeks.?Commodity price reporting agency Argus assessed Indonesian coal, with an energy contents of 4,200 kilocalories/ kilogram (kcal/kg), at $64.43 a tonne in the week ending May 22. This is a three-year peak and up by 42% from the end of last season. Kpler predicts that India, as the second largest importer of thermal coal, will see arrivals of 13,78 million tons in May. This is the highest since June last years and 7.3% more than the 12,84 million recorded in April. Last week, heat waves drove electricity demand to new records. This boosted demand for coal-fired generators. INDONESIA CHANGES The world's largest coal exporter, Indonesia, announced regulatory changes last week that will have a significant impact on the way cargoes are traded. Indonesia plans to control the coal trade through exports via a state-owned company that will be in charge of contracts and prices. The government has said that it will honor existing long-term agreements, but it also reserves the right to review the prices of such deals. By implementing state controls over exports, the government will eliminate under-invoicing. It's possible that the trade flow will be affected if there is still uncertainty about how the new system will work in practice. The imports of thermal coal by Japan are expected to increase from 6.63 millions tons in April to 7.59 million in May. South Korea's arrivals will be 6.73 million tons, which is the highest since January, and a significant jump from April's 4,79 million. Both countries in North Asia are among the top four coal importers. They are also the best positioned to switch from LNG-imported natural gas to coal-fired electricity generation. Due to the Iran War, both Japan and South Korea are likely to increase their coal-fired power generation. The price of high grade Australian thermal coal has risen as a result. The weekly assessment of Newcastle?Port rose to $133.09 per ton during the week ending May 22. This is up from $131.80 and only slightly below the 18-month-old high of $140.53 set in early April. Australia is the second largest coal exporter and may be in a better position to capitalize on any disruptions to Indonesian coal shipments due to regulatory changes. Its lower-grade coal could replace Indonesian coal. 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 the columnist, an author for.
-
Sri Lanka is in talks with China and Russia to purchase fuel, says Minister
Sri Lanka has been in discussions to purchase Russian fuels from Russia and China. The energy minister said this on Monday. Sri Lanka imports all its fuel and has been severely affected by the energy market fallout caused by the Iran War. This led to a 40% increase in fuel prices, fuel rationing, and declaring Wednesdays public holidays. Anura Karunathilake, the Energy Minister, said that the government has held "positive" talks with both Russia and China in the last two months. He said that the prices of possible Chinese fuel supplies were still being negotiated, and payment methods with Moscow needed to be sorted out. "We are not fully?agreed on the payment method. We don't have a problem paying in any currency. But what is the most practical way to do it? He said, "That's true", refusing to provide a timeline of possible imports. U.S. Sanctions Waiver Sri Lanka hopes to use a temporary waiver of sanctions by the U.S. until June 17 to buy crude oil primarily from Russia for its single refinery. However, it is open to purchasing refined products from either country, Karunathilake stated. Sri Lanka will initially purchase one shipment each from the different countries and then look at the possibility of continuing to import, said the Minister. Sri Lanka imports most of its fuel from Singapore, India and the United Arab Emirates. Crude oil is primarily sourced from these two countries. Karunathilake stated that tender-based fuel shipments are already in place, mostly from Singapore. As a result of higher fuel costs, the power tariffs in this country were increased by 18% at the beginning of August. The nation is trying to 'adhere to a $2.9billion programme with 'the International Monetary Fund which helped it recover from a severe crisis four years earlier. The increased fuel costs have put pressure on the rupee. It has fallen by 8.7% since March and reached 336 rupees Monday. (Reporting and editing by Uditha Jayasinghe)
Residents of a Belgian town evacuated because of explosion risk in burning building
Residents of a town southwest of Brussels living near a burning textile warehouse were evacuated Monday because of a high risk that nearby canisters could explode, according to the mayor in a radio interview.
On its website, the?council of Tubize advised residents to keep their windows and doors shut to avoid being exposed to toxic fumes. These fumes contain asbestos, among other substances.
The mayor of the city, Samuel d'Orazio, told RTBF that "right now, we are evacuating everyone in the street" because there is a risk of explosion to the houses nearby due to the gas canisters within the building.
The town hall opened up its sports hall in order to accommodate the evacuated people.
Due to the fire, Tuesday will be a holiday in Belgium.
As toxic fumes spread, Belgium's crisis centre issued an alert to those who live in a wide area south and west of Brussels. (Reporting and editing by David Holmes and Rod Nickel; Inti Landauro)
(source: Reuters)