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Shell announces that work on the Louisiana refinery gasoline unit will begin this Friday.
Shell confirmed a report on Thursday by confirming that the planned overhaul of its gasoline-producing unit, at Norco's 231,827 barrels per day refinery in Louisiana, would start on Friday. A leak in the 112,000 bpd unit of resid catalyst cracking caused it to be shut down. The planned overhaul that was scheduled to start in September would begin immediately. Shell Norco Energy and Chemicals Park is starting a planned turnaround maintenance on the resid catalyst cracking unit (RCCU), as well as other units, earlier than scheduled. Shell spokesperson Krista Edwards said in an email that work will start on Friday, 15 August 2025. The original schedule had the overhaul beginning on September 15th and lasting for approximately 50 days. Shell also plans to close the GO-1 ethylene plant, the 40,000-bpd hydrotreating unit for naphtha, and the 14,800 bpd alkylation facility. The RCCU converts resid oil using a catalyst and high pressure under heat. Alkylation units turn refining wastes into additives that boost octane in unfinished gasoline. Hydrotreaters are used to remove sulfur from motor gasolines in order to comply with U.S. Environmental rules.
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Barrick and Shandong Gold to invest $400 million in Argentine mine
Barrick Gold and Shandong Gold are the joint operators of Argentina’s Veladero Gold Mine. They want to add a $400-million project to a government scheme designed to attract major investments. Why it's important Sources from the company said that this project was submitted to Argentina's Large Investment Incentive Scheme. It aims to increase the mine's production by 1.6 millions ounces during its useful life with a $400-million investment between 2025-2028. CONTEXT The details of the application were revealed only on Thursday. It was initially submitted to Argentina’s Economy Ministry at the beginning of August. The joint venture, formed in 2017, after Shandong Gold purchased a 50% stake from Barrick Gold, manages the project. The RIGI framework was implemented last year as part of President Javier Milei’s economic reforms aimed to boost investment. The RIGI framework offers tax, customs, and foreign exchange benefits to companies, while also guaranteeing legal stability over a 30-year period. According to the mining secretariat, gold accounted for 68% (or $3.14 billion) of Argentina's total mining exports last year. Silver and lithium were the second largest exports. The performance was driven by high metals prices. By the Numbers Veladero produced 504,000 ounces gold in 2015 and is forecasting a production of between 380,000 and 440,000 ounces by 2025. The mine is located in the Andes at an elevation of 4,000 meters (13.123 feet). It has been operating since 2005. The investment will fund new mining phases that will increase the capacity to store and process new ore by 89,2 million tons. What's Next? Sources claim that the project will add export revenues of $3.8 billion over its lifetime, which is 2033. The Veladero Mine currently employs 3800 people. 91% of them are from the San Juan Province. (Reporting and writing by Lucila Sigal, Benjamin Mejias Valencia, Hugh Lawson).
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US court reschedules final sale hearing of Citgo parent
According to a filing, a U.S. Federal Court approved on Thursday the rescheduling a long-anticipated sale hearing that was originally scheduled for next week. The hearing would have determined the winner of the auction of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum. After a court officer who was overseeing the auction recommended that a unit from miner Gold Reserve submit a different bid, two uninvited bids submitted recently by affiliates of hedge-fund Elliott Investment Management and commodities company Vitol were approved. Delaware Judge Leonard Stark stated in his order that a new date will be set for the final hearing once the court has received input from Officer Robert Pincus and parties involved in the process, as well as creditors. The court will hold a hearing in person on Monday for the parties to be heard. Pincus, backed by several creditors and buyers, had requested an adjournment to the final hearing on Wednesday. Gold Reserve, who wants the judge to confirm its subsidiary's winning bid as the auction winner, has told the court that it is opposed to any change in the calendar. Citgo's bids for the contract have sparked a heated competition at the last moment, but they have also exacerbated disagreements among the parties and complicated the case. The postponement will likely add to the eight-year-old court case that was first brought by the miner Crystallex, against Venezuela. This has allowed more than a dozen other creditors to seek compensation from Venezuela for debt defaults or expropriations.
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Oil prices increase as Fed rates are cut and Trump-Putin negotiations loom.
Oil prices rose by about 1% Thursday, after U.S. president Donald Trump warned that "severe consequences would follow" if the talks he had with Russian President Vladimir Putin over Ukraine failed. Also, there were expectations of a U.S. rate cut coming up next month to spur oil demand. Interest rates are used by central banks like the U.S. Federal Reserve to control inflation. Lower interest rates can reduce borrowing costs for consumers and boost economic growth. Brent crude futures rose 87 cents or 1.3% to $66.50 a barrel at 10:53 a.m. (1453 GMT), whereas U.S. West Texas Intermediate crude (WTI) crude climbed 88 cents or 1.4% to $63.53. These price gains lifted both crude benchmarks from the technically oversold zone for the first three days. Brent closed Tuesday at its lowest price since the 5th of June, and WTI at its lowest price since the 2nd of June due to the bearish data on supply and inventory from the U.S. Energy Information Administration as well as the International Energy Agency. On Thursday, the U.S. praised the "sincere attempts" of the U.S. in ending the war in Ukraine. They also floated the possibility of an agreement. nuclear arms deal Before a Friday summit in Alaska, Trump will be meeting with his allies. Allies of the United States in Europe have encouraged Trump to be firm. Russia was the world's second largest crude oil producer in 2024, behind the United States. Any agreement that eases sanctions against Moscow will likely increase the amount of Russian Oil available to export on global markets. Trump warned on Wednesday of "severe consequences," if Putin did not agree to peace with Ukraine. The U.S. President did not specify the possible consequences, but warned of economic sanctions in the event that the Friday meeting is fruitless. Trump has threatened secondary tariffs against buyers of Russian crude oil, principally China and India, in the event that Russia continues to wage war in Ukraine. Rystad Energy stated in a note to clients that "the uncertainty of U.S. - Russia peace talks continues adding a bullish premium on risk, given Russian oil purchasers could face greater economic pressure." Nevertheless, some analysts remained skeptical that Trump would take any action that would disrupt oil supply. FED RATE CUT Oil prices were also boosted by expectations that the Fed would cut interest rates this September. The majority of traders believe that a rate cut will occur next month, after U.S. Consumer Prices increased moderately in July. U.S. Treasury Secretary Scott Bessent said he thought an aggressive half-percentage-point cut was possible given recent weak employment numbers. But a jump in U.S. wholesale prices last month looks to have all but erased the possibility that the Fed will deliver a jumbo-sized half-percentage-point interest rate cut in September, though expectations for a quarter-percentage-point move next month, followed by another in October, remain intact. The Wall Street Journal reported that San Francisco Fed president Mary Daly has rejected the idea of a rate cut of 50 basis points at the central bank meeting on September 16-17. A survey by the Statistics Office of major industry players revealed that in Europe, oil and gas investment is expected to peak in Europe this year and then start decreasing next year. Norway produces around 2% of the world's oil. After the Russian invasion of Ukraine, in February 2022, Norway became Europe's biggest supplier of pipeline natural gas. Reporting by Scott DiSavino, Robert Harvey, Katya Glubkova, and Siyi LIU in Singapore. Editing by Jan Harvey, Paul Simao.
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After fire, Phillips 66 Bayway refinery gasoline unit offers reduced prices
Two people with knowledge of the situation said that Phillips 66 reduced the gasoline production at its 258,000 barrels per day Bayway refinery, located in Linden, New Jersey, after a fire broke out near the gasoline-producing unit. The sources claim that an ancillary unit of the refinery’s Fluid Catalytic cracking unit caught on fire, causing the production to be halted. The cause of fire was not immediately known. One source said that the refinery will resolve the problem in the next few days and resume full production. Phillips 66 didn't immediately respond to a comment request. Bayway is one of America's largest fuel suppliers, producing around 155,000 barrels of gasoline per day. Last month, rainstorms led to a power failure at the refinery. This caused a spike in the price of refined products in the New York Harbor. Phillips 66 compensated for this by purchasing fuel on the open markets. (Reporting from Shariq Khan, Houston; additional reporting by Nicole Jao, New York).
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Trump believes Putin is willing to strike a deal
Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in the morning Putin said The United States is making "sincere attempts" to end this war in Ukraine. It was suggested that Moscow could and Washington might agree to a nuclear weapons deal as part a larger push to strengthen the peace. Trump said in the Fox interview that, for a possible second meeting with Putin and Ukraine President Volodymyr Zelenskiy he had three places in mind. However, he cautioned that it was not guaranteed. Trump said that he would call Zelensky if the meeting went well. Reporting by Nandita BOSE and Steve Holland, Washington; editing by Alexandra Hudson and Chizu NOMIYA
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Trump namess Rosner as Chair of Energy Regulator
The Federal Energy Regulatory Commission announced on Wednesday that President Donald Trump has named David Rosner chairman. He had served as a member of the commission since mid-2024. Rosner's appointment as a Democrat is likely to be temporary. In June, Trump nominated two of his Republican colleagues to the commission. They are awaiting confirmation by the Senate. FERC regulates power grids, liquefied gas projects, and the interstate transportation for oil and gas. It has a maximum five-member board. Mark Christie, the Republican member, left last Thursday. After the Senate confirms Laura Swett, the president will name her as chair. Trump nominated David LeCerte to be a Commissioner. If both are confirmed by the Senate (which is controlled by Republicans), FERC will have a 3-2 Republican minority. Rosner said that he felt honored to have been named. He has worked for the government and in the energy sector for over 20 years. Trump said that he wanted to build pipelines from Pennsylvania's huge gas fields to the Northeast. States have opposed the projects. (Reporting and editing by Timothy Gardner, Cynthia Osterman).
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Three people killed in wildfires across southern Europe; thousands forced to evacuate
On Thursday, hundreds of firefighters battled against wildfires in southern Europe. Some of the fires are believed to be deliberately set by arsonists. They were also stoked due to an extended heatwave that gripped the region. The European Union has sent reinforcements to Greece and Spain in order to combat fires that have caused the deaths of three firefighters and destroyed homes, buildings, and large areas of farmland and forest. This forced thousands of people from their homes. In the Mediterranean, hot and dry summers are common. Scientists say that wildfires, fanned and accelerated by heat and wind, are becoming more destructive and difficult to control. Firefighters from Portugal, Spain, Albania, and Greece all struggled to contain the towering walls that threatened life and property. According to the European Forest Fire Information System, the Iberian Peninsula alone accounted for about half the EU's total burned area this year of around 500,000 hectares (1 931 square miles). More than 200 firefighters in Greece were assisted by 11 aircraft to put out a fire near the western Peloponnese port city of Patras. Temperatures that were high fueled tinderbox conditions. Giannis Kefalogiannis, Minister of Civil Protection and Climate change in Greece said that a single spark can cause a fire to quickly spiral out-of-control. A senior police official, speaking on condition of anonymity, said that three people were arrested for allegedly deliberately starting wildfires in the area of Patras. They are expected to appear Thursday before a prosecutor. This year, Greece made available to the public a record-breaking number of firefighters. RAGING INFERNO Three people in Spain, including volunteer firemen, were killed in wildfires in the midst of a heatwave that lasted for 11 days, with temperatures reaching 44 degrees Celsius in some places. Local media reported that Jaime Aparicio was the 37-year old victim who had suffered burns on 85% of his entire body. He and another volunteer firefighter were trapped while they tried to create firebreaks using brush cutters. On Thursday, eleven large fires threatened developed areas. This forced authorities to evacuate more than 9,000 residents and cut off the roads and rail service. Nearly 1,000 firefighters in Portugal battled a fire near the picturesque mountain village of Piodao. Crews were able to control a wildfire that had been burning in the mountains of Vila Real for 11 days, the longest fire this season. Soldiers, firefighters and volunteers in Albania, backed by helicopters and a Canadair firejet, fought to control separate fronts between Delvina & Gjirokastra, after days of raging blazes damaged dozens homes and burned agricultural land. Edi Rama, the Prime Minister of Egypt, said that 137 arsonists had been identified and arrested since June. Clirim Conku is a 61 year old farmer from southern Albania who lost his vineyards, his olive groves, and all of his livestock to a wildfire. He was only relieved that he and his dog had survived. "I used everything to put out the fires. This napkin saved my life by fighting the smoke. "I put some water on the napkin, but it was more wet with sweat," said he. Some were angry that their lifetime's work had been wiped out in a matter of minutes. Dimitris daskas, Dimitris's restaurant owner, who owned a business near Patras and broke his arm trying to save it, was without power or water as the fires approached. He said: "My wife called (emergency service) to tell them we were on fire, but they didn't pick up." Reporting by Louiza Viradi in Patras; David Latona, in Madrid; Andrey Khalip, in Lisbon; Fatos Bityci, in Tirana. Additional reporting by Daria Sucic, in Sarajevo. Writing by Angeliki Kooutantou. Editing by Bernadette B. Baum.
Berkshire reduces Apple's stake and invests in UnitedHealth
Warren Buffett’s Berkshire Hathaway announced on Thursday that it had made a new investment into UnitedHealth Group, after the insurer was targeted by many Americans who were upset about the direction the country's healthcare is taking.
Berkshire reported that it owned 5,04 million UnitedHealth Shares worth approximately $1.57 billion at the end of June.
The disclosure was made in a U.S. Securities and Exchange Commission document detailing Berkshire’s U.S. listed common stock holdings at June 30, 2010.
UnitedHealth shares surged by 8.5% after-hours.
Buffett's conglomerate said that it also sold 20 million Apple shares in the second quarter. This reduced its largest holding to 280,000,000 shares. It also cut back on another major holding: Bank of America.
Berkshire has also increased its stakes in home builders. It revealed a new stake of DR Horton, and a significantly larger stake of Lennar.
The filing also revealed new Berkshire investment in outdoor advertising company Lamar Advertising, steel manufacturer Nucor and security products provider Allegion.
The individual sales and purchases are not clearly linked to Buffett, Todd Combs, Ted Weschler or the future chief executive Greg Abel.
Stock prices rise when Berkshire purchases, because investors see them as Buffett's seal of approval.
DR Horton rose along with Lennar. Allegion, Lamar, and Nucor.
TAPEWORM
UnitedHealth shares, which are part of the Dow Jones Industrial Average, have fallen by 46% in this year due to rising costs.
Related to its billing practices. A cyberattack. And the murder of former top executive Brian Thompson in December.
Buffett called high healthcare costs "a tapeworm" that slowed economic growth. JPMorgan Chase’s Jamie Dimon, as well as Amazon.com’s Jeff Bezos, tried to improve the health of their employees but failed.
Haven is a joint venture between Haven and Haven.
shut down
After three years, in 2021.
UnitedHealth has not responded to Berkshire's request for comment.
Apple's sales, Berkshire’s first since Berkshire’s third quarter in 2024, reduced Berkshire’s 905 million shares stake further, but did not signify a full-blown withdrawal from the stock.
Apple shares are little changed in after-hours trading.
Berkshire, despite its new purchases, sold $3 billion in excess of what it purchased between April and the end of June. This is the 11th consecutive quarter that Berkshire has been a net seller. It ended the month of June with $344.1 Billion in cash and equivalents.
In the filing on Thursday, other changes included larger stakes for oil company Chevron and alcoholic beverage maker Constellation Brands, as well as Domino's Pizza. Also, T-Mobile's stake was reduced.
Berkshire revealed that it bought DR Horton stock, Lennar stock, and Nucor shares before April. The SEC allowed it to keep these purchases secret so that investors wouldn't try piggybacking.
Berkshire Hathaway, based in Omaha, Nebraska owns more than 200 companies, including Geico auto insurance, BNSF Railroad, and numerous energy, industrial and retail businesses.
Buffett will turn 95 on 30 August. Buffett is expected to continue as Berkshire chairman when Abel, who will become chief executive in January 2026, turns 63. (Reporting from Jonathan Stempel, New York; Additional reporting from Christthosh, Bengaluru; Editing done by Richard Chang and Stephen Coates.)
(source: Reuters)