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Vaar Energi Misses Quarterly Profit Forecast
Oslo-listed oil and gas firm Vaar Energi on Wednesday reported a lower-than-expected operating profit for the first quarter, but said it would maintain its dividend level as it prepares for a sharp rise in output in coming months.Vaar's earnings before interest and tax (EBIT) for the January-March quarter fell to $972 million from $1.05 billion a year earlier, lagging the average $1.04 billion forecast in a company-provided poll of 12 analysts."In the current uncertain market environment our business remains resilient, with low free cash flow break-even and a highly flexible investment program of which 70% is uncommitted," Vaar's CEO Nick Walker said in a statement.The company maintained investment plans of $2.3 billion-$2.5 billion for 2025 and $2.0 billion-$2.5 billion annually for 2026-2030, but much of this has yet to be formally approved.Vaar said it would pay $300 million in dividends for the second quarter, maintaining its policy of returning to shareholders between 25% and 30% of cash flow from operations after tax for the full year.The Norway-focused company, majority owned by Italy's Eni ENI.MI, eyes significant growth of its output thanks to the startup of production from new fields.It expects petroleum production to rise to over 400,000 barrels of oil equivalent per day (boepd) in the fourth-quarter from 272,000 boepd in the first quarter.Vaar's flagship Balder X project will come on stream at the end of the second-quarter, after several delays, the company confirmed on Wednesday.Along with other new projects, including the partner-operated Johan Castberg oilfield in the Barents Sea, Vaar aims to add some 180,000 boepd in oil and gas production towards the fourth-quarter.Global oil demand is expected to grow at its slowest rate for five years in 2025 due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves, the International Energy Agency warned on April 15.(Reuters - Reporting by Nerijus Adomaitis; Editing by Terje Solsvik and Tom Hogue)
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VIKING Launches First CTV Immersion Suit for Women in Offshore Wind Industry
VIKING Life-Saving Equipment has launched the first Crew Transfer Vessel (CTV) immersion suit in the world designed for women working in offshore wind energy, using guidance on diversity and inclusivity from industry leaders Ørsted, Siemens and Vestas.The VIKING YouSafe Cyclone suit joins a growing portfolio of VIKING PPE whose fit and features reflect the safety needs of female seafarers, pilots and technicians in the marine and offshore industries.The most recent UK Government Industrial Strategy Offshore Wind Sector Deal study included a ‘minimum target’ for one third of the industry’s workforce to be by 2030 (2018 – 16%).In UK waters, and elsewhere, getting the right PPE in place to best serve the safety needs of women offshore has become a focus for equity and inclusivity strategy at Ørsted, Siemens and Vestas.“As a young industry, offshore wind offers a huge opportunity to change attitudes in the workplace, and to encourage the diversity, equity and inclusion women are entitled to expect.“Ørsted has identified female-specific PPE as part of the critical infrastructure we need for women to work safely offshore today and a necessity to attract more of them into this industry. We were delighted to work with VIKING as one of our key safety solution providers to take a significant step in the right direction,” said Lasse Hansen, Senior HSE Manager, PPE and TMSE, Ørsted.Delivered in high-vis GORE-TEX NARVIK, the female-fit YouSafe Cyclone suit is approved to the same dual SOLAS/MED and CE/ISO standard as the male version and is available in multiple sizes.Common features include compatibility with all standard offshore harnesses, durable Neoprene cuffs and neck seal, retro-reflective piping for increased visibility in dark surroundings, and a maintenance free zipper.“Bringing Cyclone to market has been a joy because we have worked with customers whose competitive position did not stand in the way of our common goal to deliver a safety necessity and level the playing field for women working offshore. Their response in spreading the word has also been phenomenal,” added Bettina Kjærgaard, Global Sales Manager Offshore Wind, VIKING Life-Saving Equipment.
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What are the positions of Australia's political parties on energy policy
Energy security is a major issue for Australian voters, who are concerned about rising electricity bills and gas shortages. Australia is the second largest LNG exporter in the world, with sales of A$69 billion ($44 billion) last year. With sales of A$69.9 billion ($44.92 billion) in 2013, Australia was the world's No. 2 LNG exporter. It is also the most polluting nation per capita within the OECD. Both the Liberal-National Coalition, led by Peter Dutton and the centre-left Labor Party of Prime Minister Anthony Albanese, and its conservative counterpart, the Liberal-National Coalition, have pledged to lower gas prices for consumers and increase domestic supply. Both sides favor using gas as a backup to renewables that are weather dependent. Labor wants a grid that is dominated by renewables, whereas the Coalition wants to build an industry of nuclear power, which is currently banned in Australia. The Greens, who also expect to win seats, and could be kingmakers in the event that either of two major parties fails to form a majority, are against nuclear energy, and any new gas or oil production. The details of energy and climate policy are listed below: LABOR Albanese’s energy package aims at addressing living costs and climate change by committing A$2.3billion to subsidise batteries for household use to store solar electricity. Labor has pledged to provide energy bill relief to households and small business. The party announced a $2 billion increase to its clean energy technology financing through its green bank in order to help it reach its goal of 82% renewable production by 2030. The government wants to reduce carbon emissions by 43 percent from 2005 levels by the year 2030, and reach net zero by 2050. It will replace coal-fired stations with solar and wind power, supported by hydropower, gas and energy storage. Last year, the government released a long term strategy which committed to using gas as an energy resource to 2050. The strategy assured trading partners "Australia will remain a reliable trading counterpart for energy, including LNG." Albanese intervened on the domestic gas markets with emergency price caps, and a code for producers during his tenure. LIBERAL-NATIONAL COALITION Dutton released a plan that promised "Australian Gas for Australians", with the aim of reducing gas and electricity prices. The coalition is proposing a radical shift in policy by requiring the country's LNG exporters on the east coast - mostly Shell's QCLNG, and Australia Pacific LNG, operated by ConocoPhillips to sell a part of their gas that has not been contracted into the domestic market. Non-compliance will result in fines. The proposed policies have raised concerns amongst Japan's LNG importers, who rely on Australia to supply about 40% of their gas. The coalition also said that it would support the gas sector by reducing "red and white tape" in the approval process for new projects. This includes halving the timeframes of the approval process and accelerating a decision to extend the life of Woodside’s North West Shelf Liquefied Natural Gas plant. The government has also committed to increasing investment in "strategic" basins, including Beetaloo and Narrabri in eastern Australia. The coalition is asking the government to build nuclear power plants in seven different locations across the country. The coalition says that a small reactor or larger plant could be built in 2035, and the rest of them by 2050. Commercially, small modular reactors have not yet been commercially released. GREENS The Greens propose to phase out fossil fuels through the banning of all new coal and natural gas projects. They also want to cancel exploration permits, and block expansions for current projects. This includes the North West Shelf LNG Plant. The party hopes to reach net-zero emission by 2035. The government will provide grants and low interest loans to households that want to switch from gas appliances to electric ones. The Greens also criticised the low tax payments of the gas sector and said that they would close "loopholes", and raise levies on big corporations.
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Gold prices rebound on dip buying despite US China trade deal hopes
Gold prices rose more than 1% Thursday, thanks to bargain-buying. This comes a day after bullion fell to a new low of the week amid optimism about the U.S. China trade agreement. As of 0312 GMT, spot gold increased 1.5% to $3335.39 per ounce. U.S. Gold Futures rose 1.5% to $3344. Bullion that does not yield, which is traditionally viewed as a hedge to global instability, reached a record-high of $3,500.05, but dropped below $3,300 on Wednesday. The volatility we are seeing this week has been driven by headline and technical risk. The fundamentals remain strong so investors are buying dips based on the larger picture, said Capital.com financial market analyst Kyle Rodda. U.S. Treasury secretary Scott Bessent stated on Wednesday that excessively high tariffs are not sustainable and must be reduced in order to proceed with trade negotiations. However, he said President Donald Trump will not cut tariffs unilaterally on Chinese imports. A report stated that Trump plans to exempt carmakers from certain tariffs after intense lobbying over the past few weeks by executives in the industry. Rodda stated that "we will continue to see an upward trend until the Trump administration reverses its trade policies." The International Monetary Fund stated on Wednesday that tariffs would slow down growth and increase debt across the globe. Bessent stated that if Trump's policies were implemented, the U.S. economy will grow faster than the revised IMF estimate of 1,8%, which is down from 2,7% in January. Dollar index fell by 0.3% against peers, making greenback priced bullion more affordable for overseas buyers. Silver spot fell by 0.6%, to $33.33, platinum dropped 0.4% to $968.60 an ounce and palladium fell by 0.8% to $936.63. (Reporting and editing by Rashmi Soreng and Eileen Soreng in Bengaluru, Anmol Choubey from Bengaluru and Anushree mukherjee)
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Markets take stock of Trump’s U-turns and the relief rally is stuttering
Investors struggled to sort through the noise of the Trump administration, its erratic stance on tariffs, and the Federal Reserve leadership. This week, U.S. president Donald Trump attacked Fed chair Jerome Powell. He then retracted his calls for his resignation. Investors were left in the dark about the final state of tariffs against China, despite the many headlines. A source said on Wednesday that, in the event of talks with Beijing, the Trump administration may consider lowering tariffs for imported Chinese products. This follows a Wall Street Journal article that suggested the White House was considering reducing tariffs for Chinese imports. Treasury Secretary Scott Bessent said later that such a step would not be taken unilaterally. He was echoing remarks made by White House spokesperson KarolineLeavitt. I don't believe you'll ever be able to get used the flip-flopping and haphazard behavior we've seen. Tony Sycamore is a market analyst for IG. He said that it was extreme. "I think Trump is like that - he will try to find the levers he can pull. I don’t think he is afraid to try something and I do not think he’s afraid to walk it back if it fails." MSCI's broadest Asia-Pacific index outside Japan dropped 0.4%, bucking Wall Street's trend after stocks rose on Wednesday amid hopes of a de-escalation in Sino-U.S. tensions. U.S. Futures have pared their gains made earlier in the session. Nasdaq and S&P500 futures are down by 0.24%, respectively. EuroSTOXX futures only rose 0.08%. The Nikkei gained 1%. Two sources familiar with this matter confirmed on Thursday that Ryosei Acazawa, Japan's chief tariff negotiator, is finalizing plans to visit the United States in April to have a second round with his counterpart. Hong Kong's Hang Seng Index fell 0.7%, while the CSI300 blue chip index in China rose 0.24%. Salman Ahmed is the global head of strategic asset allocation and macro at Fidelity. He said: "Short-term volatilities are quite extreme. This high volatility will continue. You have elevated volatility moving forward because the fundamental rules of the game, the economic world, are changing." Ahmed said this on the sidelines the IMAS Investment Conference 2025 and Masterclass in Singapore. Investor confidence in U.S. asset prices remained fragile, and the dollar dropped on Thursday after a week of gains on Trump's U turn on firing Powell. The dollar dropped 0.5% against the yen to 142.75. The euro rose 0.32%, to $1.1350. Meanwhile, the Swiss franc grew more than 0.3% at 0.82795 to dollar. The 30-year yield was little changed, at 4.7980%. Trump's change of heart on Powell appeared to lessen the threat to U.S. fiscal and monetary credibility. The benchmark 10-year rate was down by about 3 basis points, to 4.3578%. Beth Hammack, President of the Federal Reserve Bank of Cleveland, said that on Wednesday there is still a lot of uncertainty about the future. She urged the central bank to be cautious in its monetary policy and to monitor the economy's performance. The markets are predicting a rate cut of around 80 basis points by December. Oil prices have stabilized in other markets after a drop in the previous session. Sources said that OPEC+ will consider accelerating their oil production increases in June. Brent crude futures rose by 0.08%, to $66.17 per barrel. U.S. crude also increased 0.03%, to $62.29 a barrel. Gold continued its march towards a new record high. The yellow metal rose 1.6% to $3,340.29 per ounce.
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Financial Times - April 24
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines UK announces final approval for flagship carbon-capture project Davos founder accused by World Economic Forum of manipulating research Bailey: BoE must "take seriously" the risk of Trump tariffs to growth London Metal Exchange to introduce premium for green metals View the full article The UK government and Italian energy giant Eni will announce the final approval for a 38 mile pipeline that will collect carbon dioxide from industrial facilities around Liverpool and Manchester, and bury it off-shore. The World Economic Forum's founder Klaus Schwab is accused of manipulating the research conducted by his organisation to curry favor with governments. Andrew Bailey, Governor of the Bank of England (BoE), said that the BoE must "take seriously" any risks posed to the growth of the economy by Donald Trump's policies on tariffs. He also indicated that the central banks was likely to reduce interest rates during its next meeting due to the uncertainty surrounding global trade. London Metal Exchange has drawn up plans to introduce a "green premium" for metals mined sustainably. This is in response to industry pressures aimed at distinguishing these from "dirty", more environmentally damaging supplies.
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Dalian iron ore at three-week high due to seasonal demand and US-China trade talks hopes
Dalian iron ore Futures reached their highest level in almost three weeks on March 13, boosted by the hopes that U.S. China trade talks will be successful and seasonal demand for this steelmaking ingredient. The price of the most traded September iron ore contract at China's Dalian Commodity Exchange grew by 2.11%, finishing at 727.5 Yuan ($99.73). In the early part of the session, prices reached 731 yuan - their highest level since April 3. As of 0708 GMT, the benchmark May iron ore traded on Singapore Exchange was 1.61 % higher at $100.2 per ton. In a recent note, Galaxy Futures said that the steel production in China continues to grow and that downstream demand has increased for building materials. "Increased purchases by mills and reduced imports have depleted inventories of iron ore," said ANZ. Mysteel, a consultancy, reported that the stocks of five major carbon products held by Chinese mills had fallen 5% week-on-week on April 17. It attributed this decline to the resilient domestic demand for steel. ANZ added that while China's property indicators have improved, the prospects for a significant recovery are still bleak. Hopes of a reduction in tensions over trade between the United States, and China also boosted sentiment. U.S. Treasury secretary Scott Bessent stated on Tuesday that the trade tensions between China and the United States will be eased, but he called future negotiations a "slog", which hasn't yet begun. U.S. president Donald Trump expressed his optimism that he could make significant progress with China in order to lower their tariffs. India imposed on Monday a temporary 12% tariff on certain steel imports. This is known locally as a "safeguard duty" and was aimed at curbing a rush of cheap shipments coming from China. Coking coal and coke, which are used to make steel, also increased in price, by 2.56% and 3.14 %, respectively. The benchmark steel prices on the Shanghai Futures Exchange rose. Rebar rose by 1.46%. Hot-rolled coil was up 1.41%. Stainless steel and wire rod both increased by 0.39%. $1 = 7.2948 Chinese Yuan (Reporting and editing by Eileen Soreng; Michele Pek)
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Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk
Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday. Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes. Unipec's decision to resume purchases was not immediately apparent. Sinopec didn't immediately respond to an inquiry for comment. Sources claim that the number of cargoes purchased by Unipec is significantly lower than it was before the January announcement. On January 10, the former Biden administration imposed harsh sanctions against Russian oil producers Gazprom and Surgutneftegaz, as well as insurers and over 100 vessels in order to reduce Moscow's revenue. Last month, it was reported that sanctions had caused a drop in Russian oil exports from China and India while Chinese state oil companies Sinopec Zhenhua Oil and Zhenhua Oil stopped purchasing Russian oil. Traders said that ESPO blend oil cargoes loaded in May were trading at a premium of around $2 per barrel over the ICE Brent benchmark, on a shipped basis to China. Reporting by Siyi Liu and Florence Tan in Singapore, Editing by Andrew Heavens and Kirby Donovan
Net result for KGHM in the fourth quarter of Poland is 1.56 billion zlotys
KGHM Polska Miedz, Poland's largest copper miner, posted a net income of 1,56 billion zlotys (US$402,11 million) in the fourth quarter of last year compared with a loss of 4,53 billion zlotys a previous year.
The adjusted EBITDA for the full year 2024 rose from 5.36 billion to 8.46 billion.
The group revenue for the fourth-quarter rose by more than 17%, to 9,18 billion zlotys. This was primarily due to higher prices of silver, gold, and copper.
In a press release, CEO Andrzej szydlo stated that while production was similar year-on-year the cost of materials, fuels, and energy carriers had been reduced. He added that the company will continue to work in this field.
The group will allocate 3,80 billion zlotys for capital expenditures on plants, equipment and property this year. This is slightly less than the 3,94 billion zlotys that were spent in 2024.
KGHM anticipates producing 392,300 metric tonnes of concentrate and selling 572,900 metric tones of payable copper this year.
(source: Reuters)