Finland

Six European Union countries called on the European Commission to decrease the $60 per barrel price cap put on Russian oil by G7 countries, arguing it would decrease Moscow's revenues to continue the war in Ukraine while not causing a market shock. Cost caps on Russian seaborne crude in addition to refined petroleum items were set by G7 countries to suppress Moscow's. profits from oil trade and in this method limitation the nation's. capability to fund its invasion of Ukraine. Procedures that target incomes from the export of oil are. crucial considering that they lower Russia's single most important earnings....

Neste has briefly closed down its refinery in Rotterdam, the Netherlands due to a fire, it said on Friday, and lowered its fullyear guidance for eco-friendly products sales volumes. Shares in the Finnish business were down 4% at 1537 GMT. Neste stated in a declaration the fire at the refinery was snuffed out and no persons were injured in the occurrence. Based upon our initial evaluation, the Rotterdam refinery production will be down for numerous weeks affecting the sustainable diesel customer deliveries, the company stated. It stated it due to the temporary closure now saw sustainable products' overall sales volumes...

Neste has actually withdrawn from a financial investment into renewable hydrogen production at its plant in Porvoo, Finland, the oil refiner and biofuel maker said after its quarterly core profits missed out on market expectations on Thursday. The Helsinki-listed group stated it would need to re-evaluate any brand-new financial investments due to the tough market conditions, and added it was looking for alternative methods to make use of renewable hydrogen in Porvoo. Neste, whose eco-friendly diesel can substitute its fossil counterpart to cut emissions of existing automobiles, has actually been struck by falling costs for the fuel amidst weak global...

Nordic utility Fortum faces cyberattacks on a daily basis in Finland and Sweden and has often spotted drones and suspicious people near its sites, its CEO told Reuters, including the company had asked the authorities to investigate. Security services in Finland and Sweden decreased to comment on specific incidents, but both have actually declared a pick up in destructive activities by Russia in the last few years. Russia's foreign ministry or embassy in Helsinki did not right away respond to a written request for comment. Finland and Sweden angered eastern neighbour Russia by signing up with the Western military alliance...

Finland's largest power utility Fortum has experienced satellite disruptions, identified drones and suspicious individuals around its energy assets and been targeted with everyday denialofservice attacks, its president told Reuters. There are different type of cyberattack efforts, or cyber security breach efforts, against us daily, and after that less often, drones and different kinds of suspicious motion around our possessions, Markus Rauramo said, adding power plants' satellite connections were disrupted previously this year. Rauramo said Fortum, which has hydro, wind, solar, nuclear and combined heat and power (CHP) plants, had asked Finnish authorities to examine the occurrences. He included the situation...

The following are the top stories in the Wall Street Journal. Reuters has not confirmed these stories and does not guarantee their precision. - New york city's financial regulator enforced a $35 million fine against Nordea Bank over supposed compliance failures at the Nordic bank. - TOTSA, a Geneva-based unit of TotalEnergies, a. significant French oil-and-gas producer, will pay $48 million to. settle a U.S. regulatory action after it apparently tried to. manipulate a gas futures benchmark price by offering. physical gasoline at listed below what buyers wanted to pay. - General Motors said it would delay the start of....

Marathon Petroleum beat secondquarter profit price quotes, as higher volume of crude processing and a strong midstream sector assisted balance out low refining margins, sending the shares of the leading U.S. refiner up nearly 6%. It had the ability to process as much as 16% of the nation's total need at its 13 U.S. plants as of June even as fuel need took a hit from lower manufacturing activity and greater renewable fuel supply. In anticipation of greater need, U.S. refiners had ramped up processing capability to 93.5% in the second quarter, compared with 91% a year earlier, according to...

Leading U.S. crude oil refiner Marathon Petroleum strategies to run its 13 refineries at 90% of their combined 3 million-barrel-per-day (bpd) capability in the third quarter, Chief Financial Officer John Quaid stated throughout a Tuesday conference call. Marathon's refineries performed at 97% of their integrated capacity in the second quarter, Quaid said. Quaid said the throughput prepared for the 3rd quarter was based on required upkeep to be performed and anticipated lower need. We've got (turn-around) activities, as I pointed out, in the Mid-Continent and the Gulf Coast that are going to impact what we're going to have the ability...

Finland's Gasum, a crucial gas provider to the Nordic area, will stop buying and importing Russian melted gas ( LNG) in July in line with fresh European Union sanctions, the company stated on Tuesday. Gasum complies with all sanctions enforced by the EU and will not acquire or import Russian LNG since 26 July, it stated in a declaration. EU member countries on Monday embraced a 14th package of sanctions on Russia that struck the nation's gas exports for the very first time. This includes a stipulation restricting the purchase or importation of Russian LNG through European Union terminals that...

Europe has actually clocked a. record number of hours of negative power rates this year due to. a mismatch between need and supply as solar energy generation. soars, potentially helping to move investment to much needed. storage options. Wholesale power markets in most of Europe's key economies. turned out no or negative prices for a record variety of hours. in the first 5 months of this year at times of low demand. That means producers more frequently need to pay to unload. power, or stop their plants. One could definitely state that, at this moment, success is. consuming its own...

European Energy Exchange's. Nasdaq offer risks a fullscale examination. by EU antitrust regulators unless the Deutsche Boerse. system boosts solutions to address competition concerns, individuals. with direct knowledge of the matter stated on Monday. EEX is seeking to acquire Nasdaq's European power trading. and clearing organization Nasdaq Power, whose platforms are of key. significance for users and companies in the Nordics. It. sent solutions to the EU on May 27 however did not make information. public. The EU antitrust guard dog is not likely to look for feedback from. users and rivals on the solutions currently sent, an indication that....

Shares of Finland's Neste fell 14% on Wednesday after the refiner warned that its comparable sales margin for eco-friendly items will be weaker this year than formerly projection. The biofuels manufacturer and oil refiner stated in a statement late on Tuesday it now sees the margin at $480--$ 650 per lot, below a previous guidance of $600--$ 800 per load. The rest of the assistance for the Renewable Products unit as well as the assistance for its Oil Products department stayed unchanged. Renewable Products' sales price outlook is impacted by a decrease in the diesel market value and a continued...

A collapse in the rate of battery metal cobalt has actually forced fledging producer Jervois Global Ltd to delist and reorganise, the company stated on Thursday, after struggling for years to compete with Chinese rivals. The relocation highlights an excess in cobalt, a key ingredient in electric vehicle batteries, as dominant Chinese producers continue to drain the product while EV sales have actually stopped working to fulfill bullish forecasts. The cost of cobalt, which is likewise utilized in electronic devices and a series of weapons, to name a few items, has tumbled 72% since striking a peak in April 2022....

Finnish stainless-steel maker Outokumpu reported thirdquarter core profit above market expectations on Wednesday, supported by greater recognized rates for stainless-steel in Europe and its strong ferrochrome service. Nevertheless, it warned that weakening markets in Europe and North America would injure its stainless-steel business in the final quarter of the year. Stainless steel shipments rose 2% in the July-September period, however were anticipated to be flat or decrease by approximately 10% in the fourth quarter, the business stated. We are facing difficult market conditions both in Europe and the Americas, Outokumpu's new CEO Kati ter Horst stated in the earnings statement....

Finnish battery chemical maker Terrafame has actually started negotiations with its employees to cut jobs and the number of hours worked as the slowdown in demand for electric lorries indicates it has to reduce expenses, the business stated on Tuesday. Sales of electrical automobiles internationally have actually been slowing for months for factors including an absence of charging infrastructure and concerns about resale values. Rates of battery chemicals have dropped together with those for metals such as nickel and cobalt used to make these chemicals. Terrafame said in a statement that it anticipates the battery chemicals market will continue to...

Sibanye Stillwater faces a $522 million compensation claim from investment company Appian Capital Advisory over the termination of a $1.2. billion offer to buy Appian's Brazilian nickel and copper mines,. the South African miner said on Monday. Appian currently declares damages of up to $522 million,. Sibanye spokesperson James Wellsted informed Reuters. Sibanye's. case is for that reason that Appian is entitled to either no or. significantly reduced damages. A representative for Appian declined to comment. London's High Court last week ordered Sibanye to compensate. Appian for the unsuccessful deal and said the damages would be. identified at a hearing...

South African metals manufacturer Sibanye Stillwater stated on Thursday it is close to protecting approximately $700 million in prepayment offers to shore up its balance sheet after dropping to a halfyear loss due to weak platinum group metal costs. The Johannesburg-based business reported on Thursday a 7.1 billion rand ($ 394.42 million) loss for the 6 months to June 30, reversing a 7.8 billion rand revenue during the exact same period last year. Sibanye identified a $407 million impairment on its U.S. operations after cutting its projection for palladium prices. The average basket rate for its platinum group metals. (...

Sibanye Stillwater said on Thursday it had actually protected an extra 500 million euros ($ 557.30 million) debt financing to finish a brand-new lithium mine in Finland, forging ahead with the project amidst a. slump in costs for the battery metal. The Johannesburg-based precious metals producer said the. loan funding, partly moneyed by the European Financial Investment Bank. ( EIB), will assist it bring the Keliber lithium project to. production from 2026. Sibanye, which mines gold and platinum metals in South. Africa and the U.S., will continue to advance the mine and. processing plant as it sees possible for recovery...

Sibanye Stillwater has protected a 500 million euros ($ 557.30 million) funding package to complete its Keliber lithium task in Finland, the miner stated on Thursday. The South African company owns 79.8% of Keliber after it bought the job in 2021 to diversify away from platinum and gold production into battery metals amidst a global shift towards cleaner energy. State-owned Finnish Minerals Group and other Finnish financiers own the staying stake in the Keliber task. Sibanye got 250 million euros from export credit warranty firms including Finland's state-owned Finnvera, 150 million euros from the European Investment Bank and a syndicated...

Finland's Outokumpu reported secondquarter core earnings above expectations on Thursday as its operations normalized after a strike previously this year, but alerted that a slow market healing in Europe is expected to continue. The stainless steel maker reported adjusted incomes before interest, taxes, devaluation and amortisation (EBITDA) of 56 million euros ($ 61.2 million) for the April-June duration. Analysts had forecast EBITDA of 52.5 million euros in a. company-provided poll. Weak European steel markets and low rates have been. weighing on steelmakers' earnings, which had actually struck record levels in. 2021 and 2022. Regardless of the continued recovery, the operating...

Finnish oil refiner and biofuel maker Neste limited its annual renewables margin assistance on Thursday, its 2nd cut to the target this year, after low biofuel costs struck its quarterly outcomes. Neste, which has actually invested heavily in biofuel production from waste and residue, stated it anticipates the sales margin in its sustainable items segment to be $480-$ 580 per heap this year, versus the $480-$ 650 per ton it forecast in May. Eco-friendly diesel and bioticket rates continued to fall during the quarter, and are expected to remain at a low level, the business stated. Its similar incomes before...

Sibanye Stillwater CEO Neal Froneman said on Tuesday it might close a metals streaming, or prepayment, deal to raise the cash it needs to increase its balance sheet in the 3rd quarter. The Johannesburg-based platinum-group metals manufacturer is seeking to raise more than $500 million to support its balance after profits plunged due to a thrashing in metal costs. Possible investors are presently carrying out due diligence at Sibanye, Froneman told on the sidelines of a mining conference in London. We've got a number of celebrations on site doing due diligence so I'm positive within the 3rd quarter we'll definitely...

Finnish stainless steel maker Outokumpu on Tuesday reported firstquarter core revenue listed below market expectations due to industrial action in Finland and a tighter scrap market. The business's adjusted revenues before interest, taxes, depreciation and amortisation (EBITDA) fell 81% to 38 million euros ($ 40.87 million) in the January-March duration, listed below analysts' projections of 46.0 million in a company-provided survey. Shares were down 2.6% at 0803 GMT. Workers in Finland went on strike in March, targeting exports, imports and freight transport, the current in a. series of union action in demonstration against federal government labour. reforms and welfare cuts....

The greatest inflation for decades and the impact of the war in Ukraine have actually required business across Europe into layoffs or hiring freezes. Here are some cuts revealed given that the start of 2024: CARS. * BOSCH: the automotive supplier said in January it would cut. 1,200 jobs in its software application development department by end-2026,. after already flagging cuts in Germany. On Feb. 23, it added it. would cut 3,500 tasks in its home device department. * CONTINENTAL: the automobile parts provider announced. on Feb. 14 additional plans to cut staff, by minimizing research and. development staffing in...