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UK Offshore Wind Industry Employs 40,000 People, New Report Finds
RenewableUK and the Offshore Wind Industry Council (OWIC) have released a new report showing that the number of people working in the offshore wind industry has risen from just over 32,000 two years ago to nearly 40,000 today – an increase of 24%.The Wind Industry Skills Intelligence Report 2025 has also revealed that the number of people working in onshore wind in the U.K. now stands at just over 15,000. This brings the UK’s total current wind industry workforce to over 55,000.The report projects future job numbers by examining three potential deployment scenarios for offshore wind in 2030, with installed capacities of 39 GW, 47 GW and 52 GW.It also includes a scenario for onshore wind of 27 GW by 2030, in line with Government targets to reach clean power within the next five years.These projections show that between 74,000 and 95,000 people will be needed to support the accelerated deployment of offshore wind by the end of the decade, while the number of jobs in onshore wind will rise to over 17,500.This means the total UK wind workforce could reach over 112,000 by 2030. The highest numbers of new jobs are expected to be created in Scotland, the east of England and in Yorkshire and the Humber.The report contains a number of recommendations to ensure that these new roles can be filled by people with the right qualifications, including the development of a national workforce strategy.This should include the creation of regional training hubs in coastal communities around the UK, with a focus on training and upskilling, including fast track approaches for new entrants and those from other sectors in the skills and roles most needed by the industry.A central workforce data observatory should be established to monitor labor supply, demand and skills gaps. Industry should work with education providers to offer apprenticeships and internship programs.The study identifies specific jobs roles where skills shortages need to be addressed to meet the demand for workers, such as high voltage cable specialist, wind turbine technician, environmental adviser, installation engineer, planning officer and technical manager.It highlights opportunities for workers in other parts of the energy sector with relevant experience such as oil and gas, or former military personnel, to retrain for these roles in renewables. The study also calls for further efforts to align STEM education (science, technology, engineering and maths) at secondary school and university levels more closely with the needs of the wind industry, with specialized modules being taught to students.The report states that the number of women working across the wind industry has continued to rise year on year since 2022 to reach 22% - the offshore wind industry has a target of 33% by 2030.The average age of people working in the industry is under 40, whereas in comparable sectors such as transport, workers are typically in their mid to late-40s, reflecting the fact that younger people are choosing careers in renewables.“This report shows that the number of people working in high quality well-paid jobs in the wind industry onshore and offshore is set to grow even higher over the next five years, well beyond the 55,000 employed today. But it also identifies a looming skills gap which we have to address by recruiting and training enough workers to take on a wide variety of new roles in renewables though technical apprenticeships and graduate training programs.“Industry and Government both have roles to play in ensuring that we enable experienced workers from other sectors with transferable skills to retrain so that they have a clear career pathway into renewables. We also need to foster young talent and inspire the next generation of engineers, designers, technicians and project managers to build the clean energy system of the future,” said Jane Cooper, RenewableUK’s Deputy Chief Executive.
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Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up
Malaysian state energy company Petronas said on Tuesday it expects to take one to two years to set up a planned joint venture with Italian energy group Eni on upstream assets in Indonesia and Malaysia.The companies announced a joint venture framework, moving forward with a pact signed in February that they said can deliver up to 500,000 barrels per day of oil equivalent (boe), combining about 3 billion boe of reserves with an additional 10 billion boe of potential exploration upside."Asia has huge, huge potential," Eni CEO Claudio Descalzi told Reuters on the sidelines of the Energy Asia conference in Kuala Lumpur."The cooperation between countries, to find synergies and exchange energies and put together resources and competencies, is essential. And that is a very strong example, Indonesia and Malaysia together," Descalzi said.The asset combination focuses on Indonesia's Kutai Basin, where Eni's portfolio includes developments in the Northern and Gendalo-Gandang hubs, which hold substantial gas reserves."The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice-president and CEO - upstream at Petronas, said at the conference.Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned joint venture, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there.However, Petronas said it would exclude Indonesian assets recently awarded to the company, such as the Binaiya and Serpang blocks.The companies said they aimed to finalize their agreement by this year-end, with completion thereafter subject to regulatory approvals.(Reuters - Reporting by Florence Tan and Ashley Tang; Writing by Emily Chow; Editing by Tom Hogue, Clarence Fernandez and Rashmi Aich)
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Iron ore prices continue to fall due to a slowdown in China's demand and a stronger dollar
Iron ore futures declined on Wednesday and were on course for a fifth consecutive session of declines, pressured both by a stronger dollar and the slowing demand in China, which is the world's largest steelmaking consumer. As of 0242 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange lost 0.86% and was 693 yuan (US$96.42) per metric ton. The benchmark July Iron Ore traded on the Singapore Exchange fell 0.68%, to $92.15 per ton. Galaxy Futures, a broker, says that steel production will slow as the off-season approaches, and demand will likely weaken even further. The rainy season in southern China has slowed down construction activity. High temperatures in the north are contributing to a slower pace of construction, according to ANZ analysts. According to Mysteel's data, China's blast-furnace steel producers saw their production fall for the fifth consecutive week between June 6-12. The consultancy attributed this to the regular maintenance stops among mills. ANZ reported that Beijing's efforts to curb the overcapacity of the steel industry are working. The National Bureau of Statistics reported that China's crude output of steel fell 6.9% compared to the same month a year ago, reaching 86.55 millions tons. Steelhome data show that the total iron ore stocks across China's ports increased by 1.06% in a week to 133.4 millions tons on June 13. Also pressuring prices was a stronger U.S. dollar, which held onto gains against major currencies on the day amid safe-haven bids, making greenback-denominated assets less affordable to holders of other currencies. Coking coal and coke were both up 0.6% on the DCE. The benchmarks for steel on the Shanghai Futures Exchange were flat. Hot-rolled coils traded flat, and wire rod gained 0.24%. Rebar dropped nearly 0.3%. Stainless steel fell 0.04%. ($1 = 7.1871 Chinese Yuan) (Reporting and editing by Sumana Niandy; Reporting by Michele Pek)
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Fed markets are jittery as the Mideast conflict continues
On Wednesday, investors were urged to seek safety in U.S. Treasuries or the dollar as they dumped stocks. Investors are becoming increasingly concerned about the possibility of an increased direct U.S. involvement in the Israel-Iran war, as it enters its sixth day. President Donald Trump has called for Iran to surrender unconditionally and warned that the patience of the United States is wearing thin. Joseph Capurso is the head of sustainable and international economics for Commonwealth Bank of Australia. The markets are trying hard to assess the risk of a large U.S. Military intervention. The market may not be thinking clearly, but the oil and currency prices indicate that they are pricing in some risk of a very bad outcome. Brent crude futures rose 0.33% on Wednesday to $76.70 a barrel, while U.S. Crude increased 0.45% to 75.18 per barrel. Both prices had increased by more than 4% the previous session. Risk-off movements across the markets have also been gaining momentum. The MSCI broadest Asia-Pacific share index outside Japan dropped 0.26%, as did the EUROSTOXX futures which fell 0.4%. The U.S. Stock futures are little changed from the overnight cash session in Wall Street, which ended in the negative. The dollar strengthened at its one-week peak of 145.445 Japanese yen, and maintained most of its gains versus other currencies. The euro was last seen buying $1.1487, after a 0.7% drop on Tuesday. The pound rose to $1.3435 after a 1.1% drop in the previous session. The rise in oil prices has a marginal negative impact on the yen, as Japan and the EU import a lot of energy while the United States exports it. The war has shown that the U.S. Dollar still has a haven status under certain circumstances, for example, when it is perceived to increase the risk of disruption of global oil supply and when it diverts the attention of traders away from risks that are U.S. centric," said Thierry Witzman, global FX rates and rates strategist, Macquarie Group. FED OUTCOME The Middle East conflict, coupled with the prolonged uncertainty surrounding Trump's tariffs, and signs of fragility within the U.S. economic system, create a difficult backdrop for the Federal Reserve to make its policy decision on Wednesday. Data released on Tuesday showed that U.S. retails sales dropped by more than expected 0.9% in May. This was the largest drop in four month. The Fed is expected to maintain its current interest rates. However, the focus will be on updated central bank projections of the economy and benchmark rate. Erik Weisman is the chief economist of MFS Investment Management. He said, "We don't expect much innovation from the Fed." The new forecasts in the Summary of Economic Projection may indicate a slightly slower growth combined with a slightly higher inflation. Investors piled into safe-haven bonds after the latest developments in Israel-Iran conflict. Bond yields are inversely related to bond prices. The benchmark 10-year rate was at 4.4027% last, after falling roughly 6 basis points the previous session. The yield on the two-year bond was 3.9581%. Spot gold fell 0.12% elsewhere to $3,384.73 per ounce.
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Mamelodi Sundowns wins the opening match to top Group F at Club World Cup
Mamelodi Sundowns, the South African champions, won their first game at the Club World Cup Tuesday. Striker Iqraam Raymonds scored the only goal as they defeated South Korea's UlsanHD 1-0. After Borussia Dortmund was held to a 0-0 draw by Fluminense in the morning, this result placed this month's African Champions League runner-up at the top of Group F. Esperance from Tunisia also lost their first match to Flamengo, while Egypt's Al Ahly had drawn in the opening round. Rayners scored nine minutes before the halftime break at the Inter & Co Stadium, in a match which was delayed for just over an hour because of the threat from lightning in central Florida. As a precaution, French referee Clement Turpin sent the teams back to their changing rooms after the teams came onto the pitch for the start of the match. After VAR checks, Rayners' two other first half strikes were ruled out - one was for handball while the other was inches offside. It was the Brazilian playmaker Lucas Ribeiro who slipped a pass past the Ulsan defense for the striker. Ribeiro's shot was blocked after some clever passing created a chance. Sundowns dominated the game with more than 70% possession. However, their passing was at times pedestrian and they wasted goals. Ulsan tried to find chances in the counter-attack. After a quick break, the Brazilian forward Erick Fairios missed the chance with the goal right at his fingertips. Ulsan rarely had the initiative but Sundowns missed two chances.
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The oil price continues to rise as the Iran-Israel conflict enters its sixth day
The oil prices rose in the early hours of trading on Wednesday, after the previous session ended with a gain of more than 4%. This was due to fears that the conflict between Israel and Iran could disrupt supply. Brent crude futures were up 19 cents or 0.25% to $76.64 per barrel at 0029 GMT. U.S. West Texas Intermediate Crude Futures increased 23 cents or 0.31% to $75.07 a barrel. The U.S. president Donald Trump called on Iran to "surrender unconditionally" Tuesday as the Iran-Israel war entered its sixth day. Three officials confirmed on Tuesday that the U.S. Military is sending more fighter planes to the region in order to strengthen its forces. Analysts say the market is primarily concerned about disruptions to the supply of oil in the Strait of Hormuz. This area carries around a fifth of all the seaborne crude oil. On Tuesday, two oil tankers collided and caught fire near the strait. United Kingdom Maritime Trade Operations warned on Monday of electronic interference affecting navigation systems. Iran is OPEC’s third largest producer, extracting approximately 3.3 million barrels of crude oil per day. Analysts say that other members of the Organization of the Petroleum Exporting Countries (OPEC) could use their spare capacities to compensate for a decrease in Iranian production. The markets are also anticipating a second session of U.S. Federal Reserve meetings on Wednesday. It is expected that the central bank will keep its overnight benchmark interest rate between 4.25% and 4.50%. Tony Sycamore is a market analyst at IG. He said that the Fed could cut rates in July by 25 basis points, earlier than what the market expects. Sycamore stated that "the situation in the Middle East may become a catalyst to the Fed sounding more dovish as it did after the Hamas attack on October 7, 2023." Low interest rates boost the economy and increase demand for oil. The Middle East conflict creates new sources of inflation, including a surge in oil prices, which makes the Fed's decision difficult. Market sources cited American Petroleum Institute data on Tuesday to report that U.S. crude, gasoline, and distillate stocks decreased last week, while inventories increased.
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Santos’ Barossa Liquefied Natural Gas project is progressing towards its final commissioning plan
Santos announced on Wednesday that it has progressed towards the final commissioning of its Barossa LNG Project following the arrival and deployment of a floating storage, production and offloading vessel (FPSO) at the Barossa Gas Field. The number two independent gas producer in Australia said that five of the six wells have been drilled. The final well is expected to be finished by the third quarter. In a press release, Australia's No. 2 independent gas producer stated that five wells of the six-well programme have been drilled. The final well is expected to be completed in the third quarter. Santos stated that the project remains on schedule for first gas to be produced in the third quarter 2025. The joint venture partners SK E&S, JERA Co and Santos have already invested $3.95billion in this project. Santos said that the Barossa Project, along with the Pikka Phase 1 in Alaska, will deliver a 30 percent increase in production in the next 18-months compared to the year 2024. Santos Darwin LNG, located in Australia's Northern Territory, will receive natural gas from Barossa. This update follows the announcement on Monday of a $18,7 billion all-cash bid by an international consortium led Abu Dhabi's National Oil Company to buy Santos. Santos joining the consortium will give it control over two Australian LNG plants - Gladstone LNG, and Darwin LNG - as well as stakes PNG LNG, and undeveloped Papua LNG. (Reporting from John Biju, Bengaluru. Editing by Rashmi aich)
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Mexico fines Slim’s Telcel $94 Million for SIM card deal With Oxxo convenience store
Mexico's telecoms regulator fined America Movil subsidiary Telcel 1,78 billion pesos (93.61 millions dollars) on Tuesday for signing exclusive deals with convenience-store chain Oxxo in order to sell its SIM card. America Movil, a telecommunications company controlled by the Mexican billionaire Carlos Slim's family, has denied the findings of the regulator and vowed to contest the investigation and fine. The fine is the result of an investigation that was launched by the Federal Telecommunications Institute in 2021 at the request from a competitor regarding the alleged monopolistic practice by Telcel. IFT fined Oxxo, Mexico’s ubiquitous Femsa convenience chain, as well as IMMEX (another Femsa subordinate) for their roles in the deal. Femsa didn't immediately respond to an inquiry for comment. The IFT stated that "the... monopolistic practices consisted of Telcel giving incentives to Oxxo, IMMEX and IMMEX on condition that they wouldn't sell SIM cards by competitors." Telcel will appeal the decision through "all available legal means," America Movil stated in a press release, calling the IFT investigation "biased" as well as "lacking in evidence." $1 = 19,0150 Mexican Pesos (Reporting and editing by Bill Berkrot, Stephen Coates and Brendan O'Boyle)
Shanghai frenzy fuels alumina's record-breaking rally: Andy Home
Alumina costs have skyrocketed to record highs this week, compressing margins at the world's. aluminium smelters which convert the intermediate item into. metal.
The London Metal Exchange (LME) money cost, indexed. to Platts benchmark Australian alumina assessment, closed. Wednesday at $633.35 per metric ton, raising the ratio to the. aluminium price to practically 25%.
The alumina-aluminium ratio was just 15% at the start of. 2024, when alumina was priced at $350 per load.
A series of supply disturbances have driven the alumina price. higher this year. The trigger for the current rate jump was news. of export issues in Guinea, the major import source of bauxite. for China's alumina refineries.
The physical alumina market is undoubtedly tight however the. explosive nature of the rate action also signals a speculative. craze on the Shanghai Futures Exchange (ShFE).
SHANGHAI BOOM
Almost 25 million loads were negotiated on the ShFE alumina. contract on Wednesday, a record daily high and equivalent to. nearly a fifth of international yearly production.
Open interest has actually likewise skyrocketed to life-of-contract highs as. investors have bought into a gradually rising market.
The exchange changed both trading limits and margins on. Thursday, enforcing a portion point premium on speculative. positions relative to commercial hedge positions.
This is standard procedure for China's exchanges. in the face of speculative rises such as that presently washing. into the Shanghai alumina market.
This sort of futures rate volatility is a new phenomenon. for the alumina market.
Both the LME and its U.S. peer CME Group offer alumina. contracts but neither is liquid. The explosive development in the. Shanghai contract, by contrast, has actually changed the vibrant in between. paper and physical markets given that trading began in June last. year. This is the 2nd bout of turbulence on the Shanghai market. after a massive price spike in January, likewise due to issues. about Guinean bauxite supply.
ALL EYES ON GUINEA
The cost sensitivity to events in Guinea highlights how. dependent China's alumina refineries have ended up being on West African. bauxite.
China's bauxite mining sector has actually been hit by several waves. of ecological examinations, limiting domestic supply and. motivating more alumina refineries to look overseas for their. basic material.
Imports of Indonesian bauxite stopped early 2023 after the. Indonesian federal government banned exports in a drive to require its. miners downstream into refining and smelting.
Guinea has actually quickly become China's main bauxite provider. Imports doubled in between 2000 and 2023 to almost 100 million heaps. and were up by another 13% in the very first 8 months of this. year. The January alumina panic was down to a surge at an oil. terminal in the Guinean port of Conakry. This time around it's. news that a regional subsidiary of Emirates Global Aluminium has. had its bauxite exports suspended by customizeds.
Although hugely exaggerated, the cost response in Shanghai. is rational, provided the absence of alternative bauxite supply and. tighter conditions in the alumina market itself.
SUPPLY STRIKES
Alumina supply has taken multiple hits this year. U.S. manufacturer Alcoa revealed in January the irreversible. closure of its Kwinana refinery in Australia. The ramp-down was. set up to be completed by the third quarter. In May Rio Tinto declared force majeure on deliveries. from its refineries in Queensland due to limited gas capacity. levels. Century Aluminum's operations in Jamaica were briefly. interrupted by Cyclone Beryl in September and South32. has flagged concerns about its Australian operations due to. conditions on its operating licence needed by ecological. regulators.
On the other hand, Chinese demand for alumina has actually been growing. highly as the country's smelters have actually taken advantage of enhanced. power supply, particularly in the hydro-rich province of. Yunnan.
National aluminium output rose by 4.4% year-on-year in the. first eight months of 2024 with annualised run-rates increasing. by nearly 1.5 million lots since December.
That stated, China at a nationwide level does not appear to be. physically except alumina considering that it continues to export. significant amounts to Russia.
Undoubtedly, exports to Russia surged by 41% year-on-year to 1.0. million lots in January-April, turning China from net importer. to net exporter of the intermediate product.
FUTURE( S) INTERRUPTION
However physical accessibility is not the like exchange. schedule.
ShFE alumina stocks have actually come by over half considering that. June to 103,416 lots. The outcome is time-spread tightness with. the premium for cash relative to forward contracts flaring larger. this week.
Short-position holders' ability to deliver physical material. will depend upon how much alumina is located at ShFE's four. shipment points in the provinces of Shandong, Henan, Gansu and. Xinjiang.
Much also holds on how serious the hazard of disturbance to. Guinean bauxite deliveries is. The January scare quickly decreased. and there's no indication the latest event is the precursor. of a national change of policy around exports.
What has changed, however, is the response time to such. occasions.
Before the arrival of the Shanghai futures contract, spot. alumina was priced by physical freight transactions, which can be. scarce in a market dominated by annual supply. agreements.
Now a heading from Guinea can move the futures rate in. seconds, developing a detach between paper and physical. markets.
This added volatility is going to make the previously. tranquil alumina market a much more turbulent location.
It's likewise going to make smelter costs a lot more. unpredictable with a possible knock-on effect on the cost of. aluminium itself.
(source: Reuters)