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Oil & Gas

Oil & Gas

Italian district attorneys investigate potential manslaughter in Eni fuel depot blast, sources say

Italian prosecutors on Wednesday opened a probe into possible murder following an explosion at a fuel depot center near Florence owned by Italian energy company Eni that killed five individuals, two judicial sources said. The sources added that district attorneys were likewise looking to see if preventative measures versus office accidents were purposefully withdrawn ahead of Monday's catastrophe. The entire website in the nearby town of Prato was taken by district attorneys, who are focusing their investigation into upkeep deal with the depot that was going on at the time of the mishap, the sources stated. Eni said on Tuesday...

Oil & Gas

Pope Francis calls on Syrian rebels to stabilise country

Pope Francis on Wednesday called on the Syrian rebels who toppled the routine of President Bashar alAssad to stabilise the nation, and govern in a manner that promotes national unity. I hope they find political options that, without other conflicts or divisions, responsibly promote the stability and unity of the nation, the pontiff said throughout his weekly audience at the Vatican. The pope, in his very first public remarks about Syria since the ending of al-Assad's guideline, likewise called on the country's diverse religious groups to stroll together in relationship and shared regard for the good of the country. Francis,...

Oil & Gas

Worldline states payment services disruptions in Italy not yet dealt with

French digital payments company Worldline on Friday said gas roadworks accidentally harmed its network connection to its data centres in Italy, disrupting services for consumers that have yet to be resolved. The issues took place in the middle of the busy Black Friday shopping season, leading Italian company group Fipe-Confcommercio to reveal strong concern. Worldline's payment services have been interrupted because Thursday early morning, primarily in Italy however likewise in other markets, the business said on Friday. The setup of gas pipes by local authorities badly damaged our supplier's cables and network, the business stated. In an updated statement released...

Oil & Gas

Italy opens treatment against Sinochem over Pirelli possible governance breach

Pirelli stated on Wednesday that Italy's Prime Minister's Workplace opened an administrative treatment against its biggest investor, China's Sinochem, for a possible breach of provisions Rome imposed to protect the tyremaker's autonomy. Italy's conservative federal government last year used its Golden. Power legislation, aimed at safeguarding assets deemed strategic. for the nation, to restrict the influence of state-owned Sinochem. on Pirelli. Under the procedure, Rome set requirements including a. obligatory competent bulk for strategic choices made by. Pirelli's board and ruled that the business should not be subject. to directions from the Chinese group. Pirelli said on Wednesday the administrative...

Oil & Gas

OPEC actions increasing volatility and hindering new financial investment in oil and gas, Eni CEO states.

OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered financial investment in brand-new production, the CEO of Italian energy business Eni stated on Monday. Speaking at an industry occasion in Abu Dhabi, Claudio Descalzi said he expected high volatility in the energy markets experienced in recent years to extend into 2025. 8 members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies settled on Sunday to postpone a prepared December oil output increase by one month due to weak demand in China and rising...

Natural Gas

Nigeria indications deal to supply gas to proposed $3.5 billion petrochemical plant

Nigeria took a significant step in its quest to earn revenue from its large gas reserves, signing a. handle joint venture partners to provide gas to a proposed. $ 3.5 billion Brass fertilizer and petrochemical plant, an. official stated on Friday. Under the agreement, joint venture partners including Shell. , TotalEnergies and Eni will deliver. an approximated 270 million standard cubic feet of gas daily to. the plant in Brass, in Nigeria's coastal Bayelsa state. Petroleum Ministry Permanent Secretary Nicholas Agbo Ella. stated the Gas Sale and Purchase Arrangement is a part of the Brass. Fertilizer and Petrochemical Job, which...

Oil & Gas

2 Italian prosecutors founded guilty for hiding files in Eni-Shell Nigeria trial

An Italian court sentenced on Tuesday 2 Milan district attorneys to 8 months in jail for failing to file documents that would have supported energy group Eni's position in a worldwide corruption case. Eni, Shell, and all the defendants were nonetheless acquitted by a court in Milan in March 2021 in what became referred to as the market's most significant corruption case, which focused on the $1.3 billion acquisition of a Nigerian oilfield a years earlier. Judges in a court in the northern city of Brescia ruled that Milan district attorneys Fabio De Pasquale and Sergio Spadaro had a. legal...

Renewable Energy

Norway verifies drifting wind subsidy cap of $3.3 bln

The Norwegian federal government proposed on Monday to provide to 35 billion Norwegian crowns ($ 3.29 billion) in aid payments in the nation's very first commercial floating wind power tender, in line with a compromise reached earlier this year. Norway has enormous capacity for drifting offshore wind on its continental rack, however because the technology is still immature and expensive, government assistance is needed to accelerate development, energy minister Terje Aasland stated. The anticipated cost of structure drifting wind farms has skyrocketed compared to earlier projections as inflation hit turbine makers and other suppliers, leading developers to look for considerable...

Oil & Gas

Eni could raise more than 8 billion euros from disposals, CEO says

Eni might pocket more than 8 billion euros ($ 8.7 billion) in net profits from disposals by 2027, CEO Claudio Descalzi stated on Friday after the Italian energy group reported secondquarter outcomes ahead of agreement. We have been performing our disposal plan much faster than anticipated, Descalzi stated, speaking with analysts on a. post-result teleconference. In its updated company strategy to 2027, the group stated it. intended to gather around 4 billion euros from the sale of oil and. gas assets and a similar quantity from minority stake sales and. initial public offerings of its low-carbon systems. The potential customers...

Oil Refineries

Angola's new Cabinda refinery to start up later this year-CEO

Angola's new Cabinda crude oil refinery is on track to launch later this year before ramping up to full first phase production of 30,000 barrels a day by July next year, the plant's President Marcelo Hofke said on Thursday. With nearly two-thirds of the building completed, Cabinda is the most innovative of 3 new planned refineries, together with an Eni-supported plant in Luanda being upgraded, that Sub-Saharan Africa's second-biggest oil manufacturer is leaning on to cut imported refined products for domestic use. The concept is to begin commissioning by the end of this year ... and we want to reach...

Oil & Gas

Financial Times - July 24

The following are the leading stories in the Financial Times. has actually not confirmed these stories and does not guarantee their precision. Headings - KKR in talks to purchase a stake of as much as 25% in Eni's biofuel business - Informa nears offer to purchase Cannes Lions owner Ascential for more than 1.1 bln pounds - FCA takes push for $700mn BlueCrest Capital redress strategy to Court of Appeal - BBC prepares 500 task cuts in push for more expense savings - Meta warns EU regulative efforts run the risk of bloc losing out on AI advances Introduction -...

Oil & Gas

Italy prepares to start sale of previous Ilva steelworks this month

Italy plans to start the sale of the Acciaierie d'Italia (ADI) steelworks this month, its market minister stated on Tuesday, following initial expressions of interest received from some worldwide players. The ADI organization was formerly referred to as Ilva. Its primary plant in the southern city of Taranto is among the largest in Europe and is a significant employer in Italy's under-developed south. Sale procedures are likely to start at the end of this month, Industry Minister Adolfo Urso informed reporters on the sidelines of an event in Rome. Indian groups Vulcan Green Steel and Steel Mont, Ukraine's. Metinvest and...

Fossil Fuels

Fossil Fuels

Norway's Vaar Energi finds more oil near Arctic Goliat field

Norway's Vaar Energi has discovered extra oil reserves in its Countach appraisal well near the Goliat field in the Norwegian sector of the Arctic Barents Sea, the company said on Thursday. The preliminary projected gross recoverable resources encountered in the well were in between 4 million and 25 million barrels of oil equivalent, the business, which is majority owned by Italy's Eni, stated in a statement. This brings the overall approximated recoverable resources in the Countach discovery to in between 10 million and 55 million barrels of oil equivalent, it added. The discovery verifies the capacity of the Goliat ridge,...

Fossil Fuels

Germany's BSW pushes to restore Russian oil to Schwedt refinery

Germany's leftist Sahra Wagenknecht Alliance (BSW), set to sign up with a new Social Democratled local state federal government in Brandenburg, announced plans on Wednesday to promote the primary refinery that supplies the majority of Berlin's needs to be provided with Russian oil once more. Germany stopped purchasing Russian oil in January 2023 after Russia's invasion of Ukraine. Since then, streams through the Druzhba pipeline to the Schwedt refinery - typically providing 90% of Berlin's fuel - have dropped greatly, as the EU has actually prohibited the Russian oil. The refinery, co-owned by Russian oil business Rosneft, Shell and Eni,...

Fossil Fuels

Italy starts market placement of 7% stake in Monte dei Paschi

Italy's Treasury stated on Wednesday it had actually launched an accelerated bookbuilding procedure to place shares in Monte dei Paschi di Siena equivalent to about 7% of the bailedout loan provider's capital. Banca Akros, which belongs to Italy's Banco BPM group, is the joint worldwide coordinator and bookrunner for the sale, Rome stated in a declaration. The deal will allow the ministry to cut its existing 26.7% stake listed below 20% by the end of this year to reveal European Union authorities it no longer manages MPS, in line with reprivatisation commitments agreed throughout a 2017 bailout. The original EU...

Crude Oil

Mining

Mining

UniCredit states ready to take a seat with Credit Agricole over Banco BPM

UniCredit is all set to take a seat with Credit Agricole, a representative for the Italian bank stated in a LinkedIn post after the French loan provider increased its possible stake in Unicredit's takeover target Banco BPM. UniCredit's quote for its smaller peer prompted Credit Agricole to state on Friday it had entered derivatives that would raise its stake in BPM to 15% from 9.9% once the European Reserve bank offers its thumbs-up. The other day's news about Credit Agricole's increased stake in BPM changes nothing for UniCredit, the representative for UniCredit stated on social media network LinkedIn. We were...

Mining

Tech surge moves STOXX 600 to near one-week high

Europe's STOXX 600 ended the week on a high note, reinforced by a rally in tech stocks, while investors analysed the euro zone inflation report to examine the likelihood of a larger rates of interest cut in December. The pan-European primary stock index reversed earlier losses and was up 0.6% at 510.25 points on Friday, logging its first month-to-month gain considering that August. It increased 1% in November. On a. weekly basis, it logged a modest 0.2% decrease. Innovation stocks were the greatest increase to the. index, gaining 1.6%. Trading volumes were expected to be low, with the U.S. equity...

Mineral Resources

STOXX 600 muted ahead of inflation data, eyes very first monthly gain in 3

Europe's STOXX 600 opened on a soft note on the final day of an unstable week, with financiers assessing France's political uncertainty and awaiting euro zone inflation data to see if a larger European Reserve bank rate cut is on the cards for December. The pan-European main stock index was flat at 0815 GMT, bracing for its 5th weekly decline in six. The index was still on track for a modest month-to-month gain in three, even though the possibility of Europe being a U.S. tariff target and France's political problems have actually dampened investor belief towards the bloc, to name...

Mining

Spirits industry to look for exemption from Trump's universal tariffs

The spirits industry is planning to push for an exemption to any universal tariffs on U.S. imports imposed by the incoming Trump administration, a. trade body representing leading spirits makers informed Reuters. President-elect Donald Trump has actually threatened to enforce. across-the-board tariffs of 10% on foreign made goods imported. into the United States in a quote to get rid of the country's trade. deficit. The Distilled Spirits Council of the United States (DISCUS),. representing top manufacturers such as Pernod Ricard in. among the world's top alcohol markets, said it will engage with. relevant Trump administration officials to argue spirits should....

Mining

Leonardo to fulfill unions in December to talk about outlook for plant providing Boeing

Italy's Leonardo will meet with unions next month to go over the outlook for among its aerostructures plants, workers' representatives told Reuters, as it checks out alternatives for a. organization generally reliant on Boeing. The Grottaglie plant in the Puglia area produces two. sections of Boeing's 787 airplane and delays in the U.S. group's. jet programme have actually knocked its production rate, with more than. 900 of practically 1,200 workers furloughed on a staggered basis. until Jan. 5. Alessio La Tartara, a local agent for the UILM. union at the plant, informed Reuters that representatives of the. main unions would...

Mineral Resources

Italy approves \Save Milan\ expense to revive structure sector

The Italian parliament on Thursday approved a bill to change town planning laws to resolve a building stalemate in Italy's financial capital Milan triggered by lots of investigations by district attorneys. The costs, dubbed Conserve Milan, was submitted by the judgment centre-right majority with the recommendation of the main centre-left opposition PD celebration. Following the clearance in the lower house, it still needs to be authorized by the Senate. Milan had actually been on a roll since 2015, when the Exposition global exhibition assisted to change the city into a hot area for developers. Ever since, it has actually attracted...

Mineral Resources

European car sales flat in October, EVs pick up speed, ACEA states

New automobile sales in Europe were flat in October, after succumbing to 2 consecutive months, market data revealed on Thursday, while the shift to totally electric or hybrid models picked up speed in the month. An uptick in overall sales in Spain and Germany, of 7.2% and 6% respectively, balance out a contraction in France, Italy and Britain, the European Car Manufacturers Association ( ACEA) stated. WHY IT'S IMPORTANT European automakers are battling with weak demand, high production expenses, and managing the shift to EVs, while attempting to fend off competition from China. BY THE NUMBERS The variety of new...

Mineral Resources

India's April-Sept steel imports led by China, govt data programs

India's imports of steel over the period from April to September were led by shipments from China, according to provisional government information evaluated by Reuters on Friday, and the South Asian country stayed an internet importer of the alloy. The world's second-biggest manufacturer of unrefined steel imported 4.7 million metric lots of the ended up metal from April to September, up 42.2% from a year ago, the information revealed. China exported 1.4 million metric lots of steel to India throughout the duration, up 36.7% from a year back. Hot-rolled coil was India's most significant import, comprising 44% of general completed...

Mining

Italy to raise more than 5 bln euros over next 3 years from banks, insurance companies

Italy expects to raise about 5.4 billion euros ($ 5.82 billion) over the next three years from banks and insurance providers through a plan of measures imagined in Rome's 2025 budget, a federal government file seen revealed on Wednesday. The Treasury had previously stated that the monetary sector would contribute 3.5 billion to Italy's spending plan. Italian banks will momentarily deal with higher taxes on profits as the government means to force lending institutions to spread out tax reductions coming from previous losses for as much as four years. The relocation, including other minor tax procedures, is anticipated to lead...

Mining

Italy to spread out deductions of banks' tax properties for as much as 4 years, spending plan programs

Italian banks will momentarily face higher taxes on revenues as the federal government plans to force loan providers to spread out tax reductions coming from previous losses for up to 4 years, Rome's 2025 budget showed on Wednesday. The move is expected to result in a contribution from banks to Italy's strained state finances worth more than 2.5 billion euros ($ 2.70 billion), the government has actually stated. Under the budget, banks will have to utilize 2025 tax credits, known as deferred tax assets, or DTAs, to decrease their taxes over 4 years between 2026 and 2029, while making use...

Mining

Hybrid surpasses fuel in slowing EU new vehicle market in Sept, ACEA says

New hybrid cars offered in the European Union in September accounted for 32.8% of total brand-new vehicle sales, surpassing the monthly market share of petrolpowered vehicles for the first time, information from Europe's automobile market body showed. Overall automobile sales in the block come by 6.1% year-on-year, the European Vehicle Manufacturers Association (ACEA) stated on Tuesday, as major markets Germany, France and Italy continued to stagnate. WHY IT is essential The sale of hybrid electric vehicles (HEV) has increased in the EU in current months, as purchasers see them as an economical compromise between all-combustion and all-electric. Totally electric (BEV)...

Mineral Resources

Tata Steel signs agreement with Tenova for electrical arc heater at Port Talbot plant

India's Tata Steel signed a. agreement with Italybased Tenova on Friday for an electric arc. furnace at its Port Talbot plant in Wales, weeks after Britain's. most significant steelworks ended blast furnacebased production. The closure of the last blast heating system at Port Talbot, when. the largest steel operates in Europe, was the conclusion of. decades of decrease in Britain's steel industry, which has. had a hard time to compete with inexpensive imports. The plan was for the Tata Steel-owned site to be based on. a 3 to four-year-long decarbonisation strategy to build an. electric arc heating system which will...