Latest News
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Poland's Orlen prepares to invest 380 billion zlotys by 2035
Poland's oil refiner and gas retailer Orlen aims to invest 380 billion zlotys ($ 91.5 billion) by 2035, it said on Thursday as it revealed its new method. That compares to 320 billion zlotys of investments over an eight-year duration envisaged in the 2022 strategy. Orlen said its ensured dividend payment in 2025 would increase from 4.30 zlotys to 4.50 zlotys per share, while upholding its policy for a yearly increase of 0.15 zlotys per share thereafter. The business will also have the versatility to advise higher dividend payments of as much as 25% of annual operating money flows, net of funding expenses, it stated in a press release. Orlen's investment goals over the next decade include conference 100% of Poland's natural gas need through increased production and tactical supply contracts, 4.3 gigawatts (GW) of gas-fired power generation capability at 1.4 GW of energy storage capability, it said. It also intends to establish four overseas wind farms and at least two small modular reactors under the brand-new method.
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Russian plant fire rages on, 24 hours after Ukrainian attack
Russian firemens were on Thursday still battling a fire reported to have broken out at an oil depot near an air base for tactical bombers in the Volga region, more than 24 hours after a Ukrainian drone attack. It takes a particular quantity of time to complete the burnout procedure. The situation is under control, regional governor Roman Busargin stated in a Telegram post. A state of emergency was in impact in Engels, a city of 200,000 individuals some 730 km (450 miles) southeast of Moscow, after the blaze spread and two firemens passed away attempting to put it out. Busargin said the fire had broken out at an industrial site, which he did not name, after a mass drone attack. The Ukrainian military said on Wednesday that it had actually set fire to an oil depot that serves an air base for Russian nuclear-capable bombers. Engels is hundreds of kilometres from Ukraine. In December 2022, 3 Russian flying force personnel were killed when a drone was shot down there. Russian report also stated the fire was at an oil center. Videos and pictures released on social media revealed a. large fire sending thick clouds of smoke into the night sky.
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Korea Zinc in talks with United States purchasers to supply antimony, chairman says
Korea Zinc Chairman Yun B. Choi stated on Thursday that it is in preliminary talks with some U.S. entities to provide antimony, after China's export ban to the U.S. interfered with the market for the mineral utilized in semiconductors. Choi informed press reporters at an instruction that the business was interested in long-lasting contracts, and was talking with U.S. traders and others, without calling any of the entities. Antimony prices are set to hit record levels after China banned exports of the mineral to the United States. Beijing's curbs have increased trade tensions and heightened a global race to protect vital minerals and loosen up China's dominance in the market. Korea Zinc is the world's largest zinc smelter but also produces about 3,500 tonnes of antimony ingots yearly, some of which is shipped to Japan and the Netherlands. Korea Zinc produces zinc, lead, copper, nickel and other metals with its own technology in South Korea and with supply chains that do not include China in any critical method, Choi said. That is expected to be a benefit over the next couple of years even if incoming U.S. President Donald Trump changes the Inflation Decrease Act (IRA), Choi stated. He anticipates the marketplace for zinc refining to be its worst. historically in 2025 due to tight ore supply and stated Korea Zinc. may be the only smelter generating income from zinc. Korea Zinc prepares an unique shareholders' meeting on Jan. 23. to go over the visit of directors proposed by Young Poong. and personal equity firm MBK Partners, which hold the. largest stake in Korea Zinc, amidst an escalating defend. control of the business.
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Environment change reveals 'claws' with rising expenses for disasters, Munich Re says
Hurricanes, storms, floods and other natural catastrophes caused an estimated $140 billion in insured losses in 2024, up from 2023 and among the costliest years on record, Munich Re said on Thursday. The year's tally of losses from natural catastrophes covered by insurance coverage compares with $106 billion recorded in 2023 and is well above long-lasting averages. It is likewise greater than a similar anticipated by Swiss Re published in December. Munich Re, the world's largest insurance company, stated the development shows that environment modification is revealing its claws as worldwide temperature levels continue to rise, adding to more regular and severe weather occasions. One record-breaking high after another-- the effects are ravaging. The destructive forces of climate change are becoming significantly apparent, stated Thomas Blunck, a member of Munich Re's management board. The 2024 insured losses were the third most costly year because 1980, Munich Re said. Overall losses from natural disasters, including those not covered by insurance, were $320 billion in 2024. That is up from $ 268 billion in 2023 and above longer-term averages. The costliest catastrophes were typhoons Helene and Milton, which struck the United States hard. Though concentrated on 2024, the report comes as 10s of countless individuals leave their homes as wildfire rips through upscale locations of Los Angeles. No one is really safe from the consequences of environment modification, stated Tobias Grimm, Munich Re's chief environment scientist.
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Indian temple stampede: 6 dead as thousands jostle for free passes
A minimum of 6 people were killed and 35 hurt in a stampede near one of India's busiest, and richest, temples, after countless devout Hindus gathered to protect free check out passes, authorities said on Thursday. The period from Friday to Jan. 19 is thought about auspicious for sees to the deity at the Sri Venkateswara Swamy Temple, popularly referred to as Tirupati, in the southern state of Andhra Pradesh, the site of Wednesday's event. The stampede occurred when the gate was opened, S. Venkateswar, the district collector, or leading income official, told press reporters on Thursday. About 2,500 people simply pressed through the gate ... a couple of fell. Authorities were still attempting to figure out the reasons behind the stampede, he included. Tickets for visits to the nearly 2,00-year-old temple normally cost 300 rupees ($ 3.50) each and are offered online. A police grievance revealed the event happened between 7:30 p.m. and 8:30 pm outside a school a few kilometres from the temple, where state authorities had set up counters in preparedness to release tickets from Thursday. Video images show police struggling to manage the crowd that had gathered for the passes, in clips tape-recorded by news firm ANI in which Reuters holds a minority stake. Individuals who started queuing early for the passes pushed and scrambled each other, causing the stampede, Venkateswar stated, including that about a lots of the 35 hurt who were required to health center are still being treated. Temple operator the Tirumala Tirupati Devasthanams (TTD). apologised for the event and guaranteed action versus anyone. found responsible. Prime Minister Narendra Modi offered condolences in a post. on X, adding, My thoughts are with those who have actually lost their. near and darlings.
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Environment change shows 'claws' with rising expenses for catastrophes, Munich Re states
Hurricanes, storms, floods and other natural catastrophes caused an estimated $140 billion in insured losses in 2024, up from 2023 and one of the costliest years on record, Munich Re stated on Thursday. The year's tally of losses from natural catastrophes covered by insurance coverage compares with $106 billion taped in 2023 and is well above long-term averages. It is also greater than a similar anticipated by Swiss Re released in December. Munich Re, the world's biggest insurance provider, said the advancement programs that environment modification is showing its claws as international temperature levels continue to rise, adding to more regular and severe weather condition occasions. One record-breaking high after another-- the consequences are devastating. The damaging forces of environment modification are ending up being significantly apparent, stated Thomas Blunck, a member of Munich Re's management board. The 2024 insured losses were the 3rd most pricey year given that 1980, Munich Re stated. Overall losses from natural catastrophes, including those not covered by insurance, were $320 billion in 2024. That is up from $ 268 billion in 2023 and above longer-term averages. The costliest disasters were typhoons Helene and Milton, which hit the United States hard. Though focused on 2024, the report comes as 10s of countless people evacuate their homes as wildfire rips through upscale areas of Los Angeles. No one is truly safe from the consequences of environment change, said Tobias Grimm, Munich Re's primary environment researcher.
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Saudi petroleum supply to China set to fall in Feb vs Jan, sources state
Saudi Arabia's crude oil supply to China is set to decrease in February from the month in the past, trade sources said on Thursday, after the kingdom treked its prices and as OPEC+ prolonged production cuts in the very first quarter. State oil firm Saudi Aramco will deliver about 43.5 million barrels to China in February, a tally of allocations to Chinese refiners revealed, down from January's 46 million barrels, a three-month high. China's state majors CNOOC and PetroChina and personal refiner Hengli Petrochemical will be lifting less unrefined in February, while Saudi Aramco will increase its supply to Sinopec and Sinochem, they said. Aramco decreased to comment on its February allocation to China. OPEC+, which pumps about half the world's oil, chose in early December to push back the start of oil output increases by three months until April and extended the complete relaxing of cuts by a year until completion of 2026 due to weak need and growing production outside the group. With tighter supply, Aramco has likewise increased official selling costs to Asia for the first time in three months. Earlier this week, it raised the main market price ( OSP) for flagship Arab Light crude by 60 cents to $1.50 per barrel above the Oman/Dubai benchmark average, slightly above market expectations. Asian refineries, mainly China and India, are wanting to buy more Middle East grades after wider sanctions by Western nations tightened up materials and rose the costs of Russian and Iranian oil. Saudi Arabia is the No. 2 unrefined provider to China after Russia. China's crude imports from Saudi Arabia amounted to 72.27 million heaps (1.44 million barrels each day) for the very first 11 months of 2024, down 9.6% from the same period a year previously, Chinese custom-mades information showed in December.
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India to sign mining pact with Mongolia soon, govt source states
India is anticipated to sign a. preliminary contract with Mongolia soon in the area of geology. and exploration, a senior Indian government official with direct. knowledge of the matter said. Landlocked Mongolia is abundant in deposits of copper and coking. coal, and India is mainly based on imports to satisfy increasing. demand for the red metal used in power, building and. electrical cars in addition to coking coal for steelmaking. India's cabinet has actually approved the MoU (memorandum of. understanding) and both countries are expected to sign it quickly,. the source said, declining to be determined as the considerations. are not yet public. India's federal mines ministry did not respond to a Reuters. email seeking remark. Mongolia's Ministry of Mining and Heavy Industry did not. right away respond to a Reuters e-mail seeking comments. Business such as Adani, Hindalco and Vedanta have actually revealed. an interest in sourcing copper from Mongolia, the source said. All 3 business did not respond to e-mails from Reuters. seeking comment. Both Indian and Mongolian officials are working out supply. paths for Indian companies to source copper and coking coal,. with India choosing the route from Vladivostok in Russia. in spite of the longer range, the official said. China is convenient but we prefer the route from Russia,. the official said. Relations between Asian giants India and China were strained. after a lethal military clash on their contested border in 2020. however have actually been on the repair since they reached an arrangement in. October to draw back troops from their last two stand-off points. in the western Himalaya mountains. Unlike China, India has typically maintained close ties. with Russia. Resource-rich Mongolia can provide superior grades of coking. coal, industry officials state. In November, India's JSW Steel and state-run Steel. Authority of India
Australia's Fortescue partners with China Baowu to tackle steel industry decarbonisation
Australia's Fortescue stated on Wednesday that it would partner with a. whollyowned subsidiary of China Baowu Steel Group, the world's. largest steelmaker, to deal with obstacles in decarbonising the. worldwide steel market.
Fortescue, the world's fourth-largest iron ore provider,. signed earlier this week a memorandum of understanding with. Baowu Resources, the company said on its WeChat account.
We are committed to building a green iron supply chain,. the business declaration stated, quoting Fortescue COO Shelley. Robertson.
The collaboration with China Baowu will assist further. speed up the development of green iron innovation and guarantee. that we will be able to fulfill growing demand for green iron in. and outside China.
Fortescue's green iron task at its Christmas Creek. operations in Western Australia is underway and set to produce. more than 1,500 metric tons of green iron every year, with very first. production anticipated in 2025. The business also intends to make all. its iron ore products green by 2030.
The plant will use green hydrogen in a decrease furnace to. turn iron ore into sponge iron, which is then processed in an. electrical smelting heater to produce high-purity green iron.
Australia, the world's leading iron ore exporter, might lose up. to half its revenue from the sector if it doesn't increase green. iron production rapidly, as other nations start producing. steel utilizing renewable energy, according to a think-tank's report. last November.
Fortescue CEO Dino Otranto said last October that Australia. threats losing its dominant position in the global iron ore market. if it does not act swiftly to produce green iron.
(source: Reuters)