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SABIC, the Saudi chemical company, reports another unexpected loss in Q2
SABIC, the Saudi chemical giant and one of the largest petrochemicals firms in the world, announced a second-quarter loss on Sunday. The company had decided to close a cracker plant in the UK as part of a restructuring during a slowdown in the industry. SABIC's net loss for the three-month period ending June 30 was 4,07 billion riyals (about $1.09 billion), a far cry from analyst expectations that it would be a profit in the amount of 504 millions riyals. The opening price of the shares was 53.8 riyals, a decline of 1.6%. SABIC, 70% owned by Saudi Aramco, has suffered three consecutive quarterly losses as the chemical industry struggles with weak demand, which has affected sales. In its Sunday earnings report, the company stated that the losses were primarily attributed to impairment charges of 3.78 billion riyals and provisions relating to the closure of a cracker in the United Kingdom. This was in accordance with the portfolio review by the company to reduce costs and improve profitability. SABIC's shares have fallen by almost 19% on the Saudi Exchange this year. In a review of the business, earlier this month, it said that its National Industrial Gases Company, including an initial public offer, was undergoing a strategic analysis. SABIC stated in a press release that the move is in line with the company's portfolio optimization strategy and its core business focus. It added that the IPO of GAS will be aimed at improving "the group's financial position and value added to shareholders".
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Australian towns covered in rare snowfall during wild weather
Authorities said that wild weather caused flooding, stranded vehicles, and power cuts to thousands of homes in eastern Australia this weekend. Miriam Bradbury of Australia's weather bureau, a Meteorologist, confirmed that a cold air front brought up to 40 cm (16") of snow in parts of northern New South Wales, the highest since the mid-80s. She said that snow also fell in Queensland, the neighboring state, for the first 10 years. Bradbury stated that climate change had made Australia's weather volatile in recent times, but this type of event has occurred many times in history. She said, "This event is unusual because of how much snow fell and how widely it was spread across the northern tablelands." The New South Wales State Emergency Service reported that it responded to 1,455 incidents despite heavy rains in other areas. The New South Wales State Emergency Service said that more than 100 cars were stranded in snowstorms, buildings had been damaged by storms and several flood warnings had been issued. The Australian Broadcasting Corporation, the state broadcaster, reported that tens of thousands homes were left without electricity overnight. The police in New South Wales (Australia's most populous State) said that a car became stuck in floodwater Saturday evening, and a woman in her 20s had been swept away. They said the search would continue on Sunday. (Reporting and editing by William Mallard in Canberra, with Peter Hobson reporting from Canberra)
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Governor of Sochi says that a drone attack by Ukraine ignited a fire at an oil depot in Russia.
Veniamin Kodratyev, the regional governor of the Russian city Sochi, said on Telegram early Sunday that more than 120 firefighters are trying to put out a fire at an oil depot which was caused by a drone attack from Ukraine. The Russian news agency RIA reported that a fuel storage tank in the Krasnodar Region, where Sochi is situated, was on fire. Rosaviatsia (Russia's civil aviation authority) said on Telegram flights at Sochi airport were stopped to ensure safety. The reports could not be independently verified. Ukraine has not yet responded. This attack on the infrastructure in Russia, which Kyiv considers crucial to Moscow's military efforts, was carried out by Ukraine, according to Kondratyev, and took place in the Adler area of the coastal resort. A drone attack by Ukraine killed a woman in Adler late last month. Attacks on Sochi which hosted the 2014 Olympic Winter Games have been rare in the war Russia started in February 2022. Ilsky Refinery is located in the Krasnodar Region on the Black Sea, near the city Krasnodar. It is one of the largest refineries in southern Russia. The drones of Ukraine are often used to attack the refinery. The military administration in Kyiv reported that the Russians launched a missile strike on Kyiv on Sunday. A woman was injured by a drone attack from Ukraine, which caused multiple fires.
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Ukraine claims it has hit Russian oil installations and military airfield
Ukraine's Military said Saturday it had hit oil facilities in Russia. This included a major refinery, a drone airfield and an electronics manufacturing factory. Ukraine's Unmanned Systems Forces released a statement via Telegram stating that they had struck the oil refinery at Ryazan (about 180 km southeast of Moscow) and caused a fire in its premises. The USF also said that the Annanefteprodukt storage facility, which borders the northeastern Ukraine, had been hit. The USF is a specialist in drone warfare and long-range attacks. Russia has not yet commented on the reported attack on its infrastructure. Separately the Ukrainian intelligence agency SBU said that its drones have hit Russia's Primorsko-Akhtarsk airfield which is used to launch long-range drones against targets in Ukraine. The SBU also said that it had hit a Penza factory, which it claimed supplied electronics to the Russian military-industrial complex. Ukraine did not have a response at the beginning of Russia's full scale invasion in 2022 to Moscow's massive long-range strike capability. But it has built a fleet of kamikaze drones capable of carrying explosive warheads over hundreds of kilometers (miles). In its daily report, the Russian defence ministry stated that its defense units had shot down 338 Ukrainian drones over night. The reports don't say how many Ukrainians drones are launched at a given time. Ukraine's Air Force said that it has shot down 45 of the 53 Russian drones that were launched at its territory over night. The Russian defence ministry announced that Russian forces captured Oleksandro-Kalynove, a village in Donetsk's Donetsk Region, on Saturday. Could not verify immediately the battlefield report. After three and a half years of brutal war, the Russians now control nearly 20% of Ukraine's east and south. Max Hunder, with additional reporting from Alexander Marrow and Mark Heinrich; edited by Louise Heavens & Mark Heinrich
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Dangote names an ex-Shell executive as refinery manager amid expansion drive
Nigeria's Dangote Group announced on Saturday that David Bird, an ex-Shell executive and former CEO of the 0Q8 Refinery in Oman was appointed as chief executive officer of its refinery division and petrochemicals. The company is accelerating its pan-African expansion strategy. Bird's appointment, which took effect on 1 August, brings with it over 30 years of experience in the industry, including 14 years at Shell, where he was responsible for the $12 billion Prelude project. His appointment coincides with the expansion of Dangote's $20-billion refinery complex, which is the largest single-train facility in the world, in Lagos after its commissioning in 2024. Nigeria's Business Day reported Bird's appointment as first on Friday. Lagos' refinery, despite its increased output, has experienced operational problems, such as design flaws or unit breakdowns. This led to the shift from a single crude oil product to a diverse range of crudes. Bird stated in a LinkedIn posting that he would focus on increasing efficiency and expanding the footprint of the company across Africa. Dangote plans to list his refining company on the Lagos and London stock markets, but hasn't given a timeline. According to S&P Global’s Commodities at sea Data, Dangote exported 220,000 bpd of jet fuel and gasoline in July. He plans to expand the refinery’s capacity to 700,000. He will also launch a CNG truck fleet to improve domestic distribution. Aliko Dangote is Africa's richest person and he also wants to get regulatory approval for the construction of a deep sea port in Ogun State. (Reporting and editing by Ben Ezeamalu)
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NYT reports that India will continue to buy Russian oil in spite of Trump's threats
The New York Times reported that Indian officials said they would continue to buy oil from Russia, despite the threats of sanctions that U.S. president Donald Trump had said he would impose. Could not verify immediately the report. Requests for comments were not immediately responded to by the White House, India’s Ministry of External Affairs and Ministry of Petroleum and Natural Gas. In a Truth Social posting last month, Trump said that India could face additional sanctions for purchasing Russian oil and arms. He later stated that he didn't care what India did with Russia. Trump informed reporters on Friday that he heard India was no longer buying oil from Russia. According to the NYT, two senior Indian officials stated that there was no change in policy. One official added that the government "had not given any directions to oil companies" regarding the reduction of imports from Russia. Had earlier reported The Indian state refiners have stopped buying Russian oil over the last week, as the discounts on Russian oil are decreasing. On July 14, Trump threatened Tariffs of 100% on all countries who buy Russian oil, unless Moscow agrees to a major deal for peace with Ukraine. Russia is India's top oil supplier, accounting for 35% of its total supplies. (Reporting by Chandni Shah in Bengaluru; Editing by Raju Gopalakrishnan)
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Deepsea Mira Spuds Third Well in Orange Basin License off Nambia
Oil and gas firm Rhino Resources and its partners have spudded the Volans-1X exploration well in PEL85 license, offshore Namibia, using Odfjell Drilling-managed Deepsea Mira semi-submersible rig.Drilled by the Deepsea Mira in water depths of around 1,200 meters, the Volans-1X well aims to test a new play fairway that could unlock significant development potential and strengthen Namibia’s energy future.Rhino Resources is the operator of the PEL85 license, holding 42.5% interest, with partners Azule Energy, a joint venture between Eni and BP, with 42.5% stake, National Petroleum Corporation of Namibia (NAMCOR) with 10%, and Korres Investments with 5% interests.The Volans-1X is the third successive well to be drilled on PEL85 license by Rhino and its partners.“With the Volans-1X exploration well Rhino and our partners are strategically advancing our understanding of PEL 85's potential. Once again, we’re proud to emphasize our commitment to local upliftment through the execution of another well in Namibia with all associated construction services and equipment uniquely sourced in-country.“Our focus remains on safely delivering a third consecutive well, with an emphasis on operational excellence and environmental stewardship,” said Travis Smithard, Rhino’s CEO.Built in 2019, the Deepsea Mira is a sixth generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.The drilling rig is owned by Northern Ocean and managed by the Norwegian drilling firm Odfjell Drilling.
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US: Rwanda and Congo agree on outline of economic integration framework in peace deal
According to the U.S. State Department the U.S. State Department reported that the U.S. State Department and the U.S. State Department announced on Friday an outline of the regional economic integration frame work. The two countries are taking steps towards implementing the peace agreement signed last month in Washington. The framework includes elements on energy, infrastructures, mineral supply chains and national parks, as well as public health. In June, Rwanda and Congo signed an agreement in Washington, DC, at the talks hosted by President Donald Trump. The deal aims to end fighting that has claimed thousands of lives and to attract Western investment worth billions of dollars to a region with tantalum and gold deposits, as well as copper, lithium, and cobalt. The agreement stated that Kinshasa, Kigali and the other parties to the agreement agreed to launch an economic integration framework for the region within 90 days. Sources familiar with the issue said that a draft framework had been approved and now there will be a period of input to gather feedback from the civil society and private sector before the final version is released. The White House is planning to sign the framework at a summit of head of state. The source stated that no date had been set for the meeting. According to a copy of the statement seen by, Rwanda and Congo stated that each country had "full sovereign control" of the exploitation and processing of their natural resources, and acknowledged the importance of developing the mineral processing and transformation capability within each country. Kinshasa sees the looting of its mineral resources as the key factor in the conflict between their forces and the Rwanda-backed M23 M23 rebels of eastern Congo. In May, it was reported that Congolese minerals, such as tungsten tantalum, and tin which Kinshasa accuses the neighbouring Rwanda for illegally exploiting. exported legitimately Sources claim that the U.S. is negotiating a deal to send the shipments to Rwanda to be processed. According to the joint statement, the two countries have committed themselves to making sure that the minerals trade does not provide funding for armed groups, to creating a world class industrial mining sector in this region and to improving cross-border interoperability of mineral supply chains. The two countries also agreed to link new infrastructure with the U.S.-backed Lobito Corridor to demonstrate Washington's desire to gain greater access to resources and counter China. The Ruzizi hydropower project, and the Lake Kivu methane extraction were the only projects specifically mentioned in the U.S. statement despite the emphasis placed by the U.S. on critical minerals. The countries stated that they would prioritize funding for Ruzizi, and work together in order to sustainably exploit methane gas.
Sources say that OPEC+ has agreed in principle to another major increase in oil production.
OPEC+ has agreed to increase oil production by 548,000 barrels a day in September. Two OPEC+ sources confirmed this on Sunday, as the group completes its largest tranche of production reductions amid fears that Russia will disrupt supply further.
The meeting, which is scheduled to start at 1100 GMT on Monday, will likely result in a decision. Washington has recently demanded that India stop purchasing Russian oil. Washington also wants to find ways to pressure Moscow to reach a peace agreement with Ukraine. New EU sanctions have also forced Indian refiners and state-owned companies to stop buying Russian oil.
OPEC+ has been reducing production to support the oil market for many years. It reversed its course in order to regain market shares and after U.S. president Donald Trump demanded that OPEC pump even more oil.
OPEC+ increased its output in April, starting with a modest increase of 138,000 bpd. This was followed by increases of 411,000 bpd between May, June, and July, and then 548,000 bpd during August.
If the group accepts the 548,000 bpd increase in September, it will have completely unwound the 2.2 million bpd production cut, allowing the United Arab Emirates an additional 300,000bpd.
OPEC+ has a voluntary, separate cut of 1.65 million bpd by eight members. A 2-million bpd reduction is also in place for all members. These cuts expire at the beginning of 2026.
The group has not discussed other cuts in the past. (Alex Lawler, Dmitry Zhdannikov and William Mallard contributed additional reporting; Dmitry Zhdannikov wrote the article; Lincoln Feast and William Mallard edited it.)
(source: Reuters)