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Fugro Cuts Jobs and Scales Back US Operations
Dutch geodata firm Fugro on Tuesday said it started reducing its U.S. workforce and scaling back operations there after warning its sales and earnings would miss earlier forecasts because of volatile markets and lack of new U.S offshore wind projects.The company, which provides geotechnical, survey, subsea and geosciences services, said it has already divested assets and cut more than 100 jobs in the United States because of deteriorating market environment, group CEO Mark Heine told reporters."The shift in the U.S. political landscape has led to a pause in new offshore wind projects. Furthermore, the highly volatile market environment is now impacting Fugro’s business in other regions as well," the company said in a statement."We see some scope reductions of projects and award decisions taking longer, exacerbating the typically slow start to the year," it said.(Reuters - Reporting by Alban Kacher and Anna Peverieri; Editing by Tomasz Janowski)
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Spat Delays Dismantling of FPSO in Brazil
A dispute between state-run oil company Petrobras and steelmaker Gerdau will delay the first dismantling of an oil production vessel in Brazil by at least a year, people familiar with the matter said, in a setback for local shipyards.The operation had been hailed as a chance to reinvent Brazil's struggling shipbuilders as industrial recyclers, generating jobs as Petrobras plans to spend $9.9 billion in the next five years to retire another 10 ships of the same kind.The 45,000 ton FPSO, called P-32, was set to wrap up its decommissioning by December 2024 under a new Petrobras sustainability program.Instead, the work began only last month, according to the head of a local metalworker's union in Rio Grande do Sul state Benito de Oliveira Goncalves. He said a dispute between Petrobras and Gerdau over removing petroleum residues from the vessel had stalled work for more than a year.Another person familiar with the matter, who asked not to be named, said the ship arrived in the yard with 30 million liters of oily water and 270,000 liters of marine diesel on board, without a consensus on how to pay for its removal.The marine diesel has been pumped out and sold to a local refinery, Goncalves said, but the oily water still needs to be cleaned out before the hull can be broken down. By next month a firm should be hired for that work, the other person said.A Petrobras executive, who also requested anonymity, said the oil company and steelmaker were in talks without an agreement on how to split the additional costs. It was not clear who had paid for the extra services so far.Asked about the dispute, Petrobras said any contractual issues are discussed privately between the parties. Gerdau said the dismantling operation is under way, with all necessary procedures being conducted "responsibly".Ecovix, which runs the Rio Grande shipyard, declined to comment.Gerdau acquired the P-32 and a second vessel, P-33, for an undisclosed amount in 2023, in a deal giving it the right to dismantle and recycle scrap metal from the vessel.It was a landmark contract, introducing a new business model for Brazilian shipyards that have been struggling for years. President Luiz Inacio Lula da Silva, a former metalworker, has made it a priority to generate jobs at the shipyards with Petrobras, which has also commissioned several new ships.However, the dispute over P-32 means that the Rio Grande shipyard in southern Brazil has yet to benefit from the new decommissioning work. The costs with the vessel at the shipyard have already exceeded the value of the dismantling contract signed between Gerdau and Ecovix, around 30 million reais ($5.13 million), one source said.The delay in dismantling P-32 also means that the shipyard may lose the contract to break down P-33, the source said, as it has other work lined up, including four vessels for Petrobras.(Reuters - Reporting by Fabio Teixeira and Marta Nogueira; Additional reporting by Rodrigo Viga Gaier; Editing by Brad Haynes and Chizu Nomiyama)
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Ampol's refinery profit for the first quarter of 2009 has been cut in half amid a global recession
Ampol, Australia's largest fuel retailer, reported on Wednesday a drop of 49% in its first-quarter refinery margins at its Lytton Refinery in Queensland. The company cited a decline in Singapore refining profits -- a key indicator for Asia. The company reported that its Lytton Refinery margin dropped to $6.07 a barrel in the first three months, from $11.80 a barrel last year. The Lytton Refinery's quarterly production dropped by 5.7%, to 1.30 billion, due to the ten-day delay in production to prepare for Cyclone Alfred. The oil refineries have seen their profitability fall due to the slowing of economic growth in China and the increasing penetration of electric cars. New refineries opening in Africa, the Middle East, and Asia have also put downward pressure on profit margins. Ampol, a Sydney-based company, said that if the decline in refinery margins continued for the entire second quarter, it would be eligible to receive payment under Australia's Fuel Security Services Payment Program, "providing a downside protection during a period of weakness in the global refining markets". Fuel retailer Ampol reported damage in March to a crude tank as a result from the cyclone. Ampol said that the immediate costs of this damage also affected its refinery margin.
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US judge blocks Trump’s freeze on climate and infrastructure grants
The U.S. Judge who blocked President Donald Trump On Tuesday, the administration of former president Joe Biden froze billions of dollars of grants that Congress had authorized in two landmark climate investment and infrastructure bills. U.S. District Court Judge Mary McElroy issued an injunction in Providence, Rhode Island at the request of environmental groups. They argued that the Trump administration unlawfully frozen funding already awarded for projects to fight climate change, reduce pollutants and modernize U.S. Infrastructure. The funding was authorized by Congress in accordance with Biden's $1 trillion bill, known as the Infrastructure Investment and Jobs Act 2021 and the Inflation Reduction Act 2022, his signature climate investment law. The funding was frozen on Trump's first day in office, January 20, when he signed an executive directive directing agencies not to approve funding under these two laws until a review had been conducted to determine whether the spending supported Trump's policies. In response to this order, both the Environmental Protection Agency (EPA) and the U.S. The Departments of Agriculture, Energy, Interior, and Housing and Urban Development all halted grant funding. In a lawsuit filed on March 13, the Woonasquatucket River Watershed Council, National Council of Nonprofits, Eastern Rhode Island Conservation District and Green Infrastructure Center argued the agencies lacked authority to unilaterally withhold already-awarded congressionally-authorized funds. The agencies said they froze the funds despite rulings made by a judge in Rhode Island who, at the request of a group led by Democratic states, had frozen the money. Blockage The administration should refrain from implementing a blanket, sweeping freeze on federal grants, loans, and other financial aid totaling $3 trillion. The Trump administration countered that it had the right to temporarily pause the funding of those who were currently receiving grants in order to decide if they should redirect the funding to another recipient, and the Rhode Island judge did not have jurisdiction to hear the matter. The U.S. Department of Justice stated that its position had been bolstered following the U.S. Supreme Court's decision in A 5-4 ruling On April 4, the Trump administration cleared the way to end millions of dollars of teacher training grants in its crackdown on diversity equity and inclusion initiatives.
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Vale's iron ore production in Brazil fell 4.5% during the first quarter
The Brazilian miner Vale reported that it produced 67.7 millions metric tons (tonnage) of iron during the first quarter 2025. This is a 4.5% decrease from the year before, according to its report on sales and production. Vale, one of the largest iron ore producers in the world, said that high rainfall levels affected its Brazilian Northern System mining complex. However, the company added that the performance was within its plans, and adhered to its 2025 output guidance. Vale confirmed its forecast of producing between 325 and 335 millions tons of iron ore by 2025. The report shows that sales of the ingredient used in steelmaking rose by 3.6% year-on-year, to 66.1 millions tons. Vale attributes the growth to "supply-chain flexibility utilizing advanced inventories." Vale's average realized iron ore price was $90.8 per ton for the March quarter, down nearly 10% from last year and 2.4% from the previous quarter. Vale's base metals business saw its copper production increase by 11% quarter-on-quarter to 90,900 tonnes. Nickel production also increased by 11% to 43,900 tonnes in the same period. Reporting by Andre Romani and Marta Nogueira from Sao Paulo, editing by Natalia Siniawski
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Impossible Metals, a deep-sea mining company, seeks a mining lease near American Samoa
Impossible Metals, a deep-sea miner, said Tuesday that it had asked U.S. Federal officials to launch an auction to gain access to nickel, cobalt and critical minerals offshore of American Samoa. Estimates suggest that the waters surrounding the Pacific Ocean contain large quantities of polymetallic nodules, or potato-shaped rocks filled with building blocks for electronic vehicles and electronics. Impossible Metals, a privately-held company, has asked the U.S. Department of Interior's Bureau of Ocean Energy Management (which oversees federal waters for mineral deposits) to launch a lease process that is competitive for the American Samoa Nodules. A BOEM spokesperson confirmed that the request was made and stated the agency would decide "by May 23 whether to initiate steps which could lead to a leasing sale." Since 1991, the agency hasn't held a lease sale. Before any auction, if the BOEM decides that it will move forward, a request for public comments would be made. Deep-sea miner supporters say that it will reduce the need for large land-based mining operations, which are not always popular with local communities. Detractors claim that more research is required to determine the impact of deep-sea mining on ecosystems. Impossible Metals, based in California, has developed a robotic claw with artificial intelligence that can distinguish between nodules (mineral deposits) and aquatic life. Deep-sea mining is allowed in any country's territorial waters up to approximately 200 nautical miles away from the shore. The California-based Impossible Metals doesn't need to ask permission from the International Seabed Authority, created by the United Nations Convention on the Law of the Sea which the U.S. does not ratify. Last month, it was reported that the White House has been considering an executive order that would allow mining companies to bypass the ISA if they wanted to mine in international waters.
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White House: China is the main player in trade negotiations
Karoline L. Leavitt, White House Press Secretary, said that President Donald Trump was open to a deal with China. However Beijing must make the first move. Leavitt said that Trump gave her the statement in an Oval Office discussion to use. Leavitt stated that "China wants to have what we do... our American consumers, or, put another way, the need for our money." China increased its tariffs against imports of U.S. products to 125% in retaliation to Trump who raised U.S. duties on Chinese goods by 145% while pausing planned levies on other countries' goods. Trump has described Chinese president Xi Jinping with admiration, but neither man is backing down in the escalating trading war between their countries. "The President, again, made it clear that he is open to a China deal." Leavitt stated that China must make a deal to the United States of America. Trump said that he hopes the trade tensions will lead to a positive outcome. Beijing, however, has not engaged in talks and instead raised its own tariffs against U.S. products. This is unlike other countries who have sought to negotiate with Washington after Trump's plans for new tariffs. (Reporting and editing by Deepababington: Additional reporting by Nandita Jackson, Katharine Bose, and Nandita Mason)
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Trump exempts coal plants from mercury and air toxics limitations
According to the Environmental Protection Agency's list published on Tuesday, the Trump administration has granted exemptions to 47 companies for two years from regulations that limit mercury and air pollutants in their coal-fired plants. The list of exemptions is the latest attempt by the administration to use emergency or executive orders to shield polluting plants from immediate compliance with the air and water standards that were tightened by Biden's administration, as the EPA embarks on a longer process to rollback those rules. The Mercury and Air Toxics Standard of the Biden era is still in effect after the Supreme Court refused to suspend the rules in October after a group mainly Republican states and industrial groups brought a legal challenge against it. Last week, U.S. president Donald Trump announced that certain stationary sources covered by MATS were exempted from compliance. This was done to revitalize the coal industry and extend the life expectancy of coal power plants. According to the Energy Information Administration (EIA), coal-burning power plants now generate less than 20 percent of U.S. electricty, down from 50 percent in 2000. This is because fracking, and other drilling methods, have increased natural gas production. Solar and wind energy have also reduced coal consumption. The American Lung Association has stated that mercury is a powerful neurotoxin which could cause serious developmental harm. Mercury and other air pollutants associated with coal combustion increase the risk of lung cancer, asthma attacks, heart attacks, and strokes. The Biden era rule required constant emissions monitoring. The exemption was supported by those who said that the MATS rule imposed severe burdens on U.S. coal power plants, and the future viability of this sector. Troy Downing, Montana Republican Congressman, applauded that two units at the Colstrip Coal Plant were included on the exemption list. He added that this "will bring clarity and certainty to operations moving forward." Reporting by Valerie Volcovici, Editing by Mark Porter
Saudi Arabia could soon be a motor racing team owner
According to the chairman the Saudi Arabian Automobile and Motorcycle Federation, after sponsoring and hosting a Grand Prix, Saudi Arabia could own a Formula One Team.
Prince Khalid bin Sultan Al-Abdullah Al-Faisal, in a video conference with reporters ahead of the race this weekend in Jeddah, said that there was interest.
He said: "It's possible, and it might happen soon.
"If you're going to buy an F1 team, people will do it for the money. Especially if one of PIF's (Saudi Public Investment Funds) companies is going to purchase it.
"We are seeing Formula One reaching new markets and sales increasing globally...
It's hard to know which team to purchase and how to manage it. We have a great deal of interest... we host Formula One and sponsor teams. "I wouldn't be shocked if a Saudi Arabian team was announced."
Saudi Arabia hosted the first Formula One race in 2021. The energy giant Aramco, which is also the title sponsor of Aston Martin's team, is a global partner and sponsor of the sport.
The PIF has invested in McLaren since 2021, and it already owns a 20,5% stake in Aston Martin luxury carmaker. This is separate from the team owned by Canadian billionaire Lawrence Stroll.
Aston Martin said it will raise more than 125 millions pounds ($163.5million) through Stroll (who is also the company's chairman), and by selling its stake in its F1 team.
Stroll has commissioned Raine Group to find a buyer of this holding.
The future of the Renault owned Alpine team is still a subject of speculation, despite Renault's assurances that it is not planning to sell the team.
'WHY NOT?'
Qatar Investment Authority (QIA), which holds a minority stake in Audi's team, will debut next year.
Mumtalakat, the sovereign wealth fund of Bahrain, is a major shareholder in McLaren. Abu Dhabi's CYVN Holdings acquired McLaren Automotive recently.
Saudi Arabia has heavily invested in sports in recent years, but critics claim that the kingdom is engaging in "sportswashing", in response to criticism of its human rights record.
The country denies allegations of human rights violations and claims that it protects national security by its laws.
According to Nielsen Sports, Formula One has a surge in support from the Middle East. Younger female fans are the fastest-growing demographic worldwide. Four of the 24 races are held in this region.
Netflix's docuseries "Drive to Survive" has attracted new audiences to Formula One teams.
Alpine was ranked sixth last year, with Aston Martin in fifth place. In 2023, after a $200 million investment group bought a 24 percent stake, the value of Alpine and Aston Martin would be around $900,000,000.
There is still room for another team next year, when General Motors' Cadillac will be joining the league as the 11th.
Prince Khalid said, "I personally would like to see an all-Saudi team."
"But, if Saudi Arabia is involved or one of their companies in one of these teams, I want them to do things the right way. I also want them to be successful. Why not? It's a difficult question.
1 pound = 0.7645 pounds (Reporting and editing by Alan Baldwin)
(source: Reuters)