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Sources say Exxon is joining Chevron to pursue parts of the Lukoil empire.
Sources familiar with the situation said that Exxon Mobil, a U.S. oil giant, is considering buying parts of Lukoil’s international assets. Sources claim that Exxon is evaluating options to purchase Lukoil assets, in Kazakhstan. Both the U.S. firm and the Russian company have stakes in the Karachaganak field and Tengiz field. Chevron, a partner in these assets as well, is also examining options to purchase them, according to a report on Monday. Two sources claim that Exxon could also be considering a bid for the West Qurna 2 oil field in Iraq. This field is operated by Lukoil, and is considered the most valuable asset of the Russian company. Before last year, the U.S. firm had operated the West Qurna 1 adjacent project for many years. Exxon has declined to comment. Since the U.S. Treasury gave permission to Lukoil on Friday, a growing number of companies have begun to talk with Lukoil. The authorization is valid until December 13, 2009. Bloomberg reported earlier Tuesday that Exxon Mobil and Abu Dhabi National Oil Company were interested in Lukoil's assets. Sources told us last week that Carlyle, a U.S. private equity company, is one of the firms exploring options for buying Lukoil’s foreign assets. Lukoil owns three refineries in Europe and oilfields in Kazakhstan (Uzbekistan), Iraq, Ghana, Egypt, Nigeria, Mexico and Kazakhstan. It also has hundreds of retail fuel station around the world. According to the company's 2024 filing, its foreign assets extract 0.5% of world oil. Reporting by Shariq KHan, Anna Hirtenstein, and Jarrett Renshaw. Additional reporting by Dmitry Zhdannikov; Sheila Dang; Shadia Nasralla; Jarrett Renshaw, and Maha El Dhan; Editing and Bill Berkrot.
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Gold Reserve requests for staying in Citgo parent Auction is denied
The U.S. Court of Appeals denied a motion made by Toronto-listed Gold Reserve on Tuesday to stop all proceedings in the court ordered auction of Citgo Petroleum’s parent company in Delaware. This is yet another setback to the miner, who has been fighting in court for its $7.9billion bid for Citgo Holding's parent PDV Holding. PDV Holding is a U.S.-based subsidiary of Venezuelan state-owned energy firm Petroleos de Venezuela S.A. (PDVSA). In late August, a court officer supervises the sale of goods. Recommended by A rival offer by an affiliate of Elliott Investment Management. Motions Disqualify The earlier this month, the Delaware judge Leonard Stark, and court advisors who were involved in evaluating the alleged conflict of interest filed by Gold Reserve, and Venezuelan lawyers, were also denied. In an order dated Tuesday, Judge Patty Shwartz of the Court of Appeals of the Third Circuit stated that "the request for oral arguments and the mandamus application are denied." The final decision regarding the winner of the auction is still pending. In a bid to compensate creditors for defaults on debts and expropriations, 15 creditors are expecting to receive up to $19 billion in auction proceeds. PDV was found responsible for Venezuela's debts in the eight-year long court case. Gold Reserve has not yet commented, but last week it said that the sale process had been "plagued by significant conflicts of interests." Citgo's supervisory boards said last week that they were "concerned" about irregularities in the process. They also stated that the refusal to discuss allegations and freeze the auction, as well as the denial of motions for the same, "casts a shadow over the integrity of this entire process."
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Gold prices rise on weak economic data, traders consider US rate cuts
The gold price rose on Tuesday from its one-week low, supported by weak U.S. job numbers. Investors also assessed the probability of a Federal Reserve rate cut in December, ahead of further delayed U.S. statistics this week. As of 12:01 am, spot gold was up by 0.6% to $4,068.05 an ounce. ET (1701 GMT) after it hit its lowest level since November 10. U.S. Gold Futures for December Delivery fell by 0.2% to $4.068.40 an ounce. The data released on Tuesday revealed that the number Americans receiving unemployment benefits reached a two-month-high in mid-October. In the week ending October 18, the claims for continued benefits rose to 1.9 millions. The data is encouraging the market to expect a rate cut in December. The data is helping silver and gold, which are trying break a 3-day losing streak," said Tai Wong. The CME FedWatch tool shows that the markets now expect a 50% probability of a rate reduction at the December meeting. This is up from the 46% they had earlier in the morning, but down from the 67% seen last week. Gold is a non-yielding investment that tends to perform well when rates are low. Prices dropped over 3% on both Friday and Monday, as investors reduced their bets that another rate cut would occur this year. The markets are now awaiting the minutes of the Fed's most recent meeting, which is due on Wednesday, as well as the September jobs data, which will be released on Thursday. Both have been delayed because of the U.S. Government shutdown. Analysts at Deutsche Bank wrote in a report that they expect the elevated official demand for Gold to continue into the near future. "This supports a bullish strategy and an upward revision to our average forecast price of $4,000/oz next year." (Reporting by Pablo Sinha and Kavya Balaraman in Bengaluru;, editing by Ed Osmond and Alan Barona) (Reporting from Pablo Sinha and Kavya Baliaraman in Bengaluru, edited by Ed Osmond & Alan Barona.
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The auto sector struggles with Nexperia disruption amid hope for Dutch-China discussions
Bosch said that thousands of employees are facing production interruptions due to a global shortage of chips caused by a dispute with the manufacturer Nexperia. China and the Netherlands are locked in a fight for control of Nexperia. However, there is hope that the standoff will ease with the Dutch government sending an official delegation to Beijing to try to reach a compromise. Bosch reported that it was experiencing disruptions at three of its sites: Ansbach, Salzgitter and Braga (both in Germany) and Braga (Portugal). It said: "We continue to do everything possible to serve our clients and to avoid or minimize production restrictions." FURLOUGH MEASURES - USE 'AS NECESSARY' The chips from Nexperia, a Dutch company, are simple in design but widely used for car electronics and other consumer goods. In September, the Dutch government took control of a Chinese-owned firm over concerns about technology transfers. Beijing then halted the exports of finished products made by the company from China. The Chinese commerce ministry granted exemptions to some of the export bans, which has left major suppliers such as Bosch, Aumovio, and ZF Friedrichshafen scrambling to find alternative suppliers. Bosch sends workers home as needed when the production is slowed by the shortage of supplies. The spokesperson stated that in Germany, the company uses state-backed furloughs "as necessary" for 300 to 400 employees at Salzgitter where 1,300 are employed, and around 650 out of the 2,500 at Ansbach. The spokesperson said that Braga has about 2,500 employees affected by temporary adjustments in working hours or furloughs. ASSOCATIONS OF THE INDUSTRY WARN OF PRODUCTION RISKS IN THE NEXT WEEKS ZF Friedrichshafen has confirmed that its supply of chips will last until mid-next week. A spokesperson said that furloughs are not necessary at ZF until then but "cannot be ruled out". The German VDA automobile association stated that the situation remains tense. Marcus Bollig, VDA's Managing Director, said: "It is still too early to declare the situation as resolved. We cannot rule out any further impact on supply chains over the next few weeks." A person with knowledge of the situation said that shortages have affected supply chains worldwide. Nissan, for example, will cut production at its Kyushu factory by 1,400 cars next week. Honda, on the other hand, signaled some easing by saying that it would resume its regular production at its North American factories. Reporting by Ilona wissenbach and Rachel More. (Editing by Jan Harvey, Mark Potter and Jan Harvey)
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Two tourists reported dead after being lost in a snowstorm in Patagonian Chile
Media reports said that rescue workers searched on Tuesday for a group who had gone missing during a powerful storm in Torres del Paine National Park in Chile, located in southern Patagonia. The storm killed at least 2 Mexicans. According to T13, one of the victims died after she was evacuated. Guillermo Ruiz is the delegate of the president for Chile's southern Ultima Esperanza Province. He told T13 the first responders are still searching for seven people but bad weather has complicated the search. The tourists are lost in the Los Perros camp of the national park, Ruiz stated. It was only reachable by foot after a 4- to 5-hour trek. A snowstorm swept through the area with winds exceeding 193 kmh (120mph), which is equivalent to a category 3 hurricane. The tourists' origins were unclear. Torres del Paine National Park is a vast area of about 1,810 sq km (700 sq miles), with a subpolar forest and jutting mountains. It hosts thousands of tourists each year. (Reporting and editing by Rod Nickel.)
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Elliott invests in Barrick Mining according to a source
Sources familiar with the situation said that Elliott Investment Management, an activist investor, has built up a substantial stake in Barrick Mining. Barrick had a difficult year. It was marked by the loss of control over its Mali gold mining operation, which led to a $1 billion write off, and Mark Bristow's departure as CEO after almost seven years. The Financial Times earlier reported that Elliott was among Barrick's top 10 shareholders. Its stake is estimated to be worth $700 million. Barrick, it was reported last week, has discussed the possibility of splitting its company into two separate businesses. One would focus on North America while the other would be focused on Africa and Asia. The Canadian miner wants to develop the Fourmile Gold Project in Nevada. The FT reported that Elliott was encouraged by Barrick's possibility of splitting into two companies. Barrick didn't immediately respond to our request for comment. Reporting by Arunima in Bengaluru, and Anousha in London. Editing by Leroy Leo.
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Renewables and distribution drive Greece's PPC EBITDA up by 24% in the nine-month period
Public Power Corporation (Greece's largest utility) reported on Tuesday that its adjusted core profit grew by 24% in the first nine-month period of 2025 compared to the same period last year, mainly due to higher distribution revenues and a higher output from renewables. PPC reported that adjusted earnings before interest tax, depreciation, and amortisation (Jan-Sept) were 1.7 billion euro ($2 billion), a significant increase from the 1.3 billion euro earned a year ago. In a press release, Chairman and Chief Executive Georgios STASIS said: "We are fully committed to the execution of our Transformation Plan and invest actively in clean and versatile electricity generation." The first nine months in 2025 saw investments totaling 1.9 billion euro, of which approximately 88% were allocated to projects involving renewable energy sources. The group said that RES production rose 5% on an annual basis in the first nine months despite a drop of 15% in large hydro output because of lower reservoir inflows. The wind and solar power generation grew by 48%, respectively, with the new capacity including Ptolemaida's largest solar park. PPC said that its installed RES capacity was 6.4 gigawatts as of end-September. 3.9 GW were under construction or are ready to be built. Renewables now account for 33% in its energy mix. The utility intends to phase out the use of lignite in 2026. The group confirmed its outlook for the year 2025. It said it was on course to achieve adjusted EBITDA in excess of 2 billion euro and a net profit above 400 million euro. It plans to pay 0.60 euros per share in dividends, an increase of 50% over 2024.
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Gabon signs landmark climate finance deal for Congo rainforests
The Gabon government and a group of donors signed an agreement to protect 34,000 square kilometers (13,000 square miles), of the Congo Basin rainforests in the country. The plan, dubbed "Gabon Infini", will combine $94 millions of donor money such as that from the Global Environment Facility or the Bezos Earth Fund over a 10 year period with $86,000,000 of government funding. The model, known as "Project Finance for Permanence", aims to finance national parks and tackle elephant poaching while boosting eco-tourism. It is a method that ties funding disbursements to important government policy changes. The model is becoming more popular. Brazil announced on Monday a similar deal covering almost 243,000 square kilometers of Amazon rainforest. Kenya and Namibia were also finalising agreements. Gabon is a vital ecological anchor in the vast Congo Basin. Nearly 90% of its land is covered in tropical rainforest. It is home to over half of the remaining African forest elephants and a quarter of the western lowland chimpanzees. The new plan is based on a "debt for nature swap" that was completed only weeks before the military coup of 2023. In that deal, Gabon refinanced $500 million of loans with a bond that set aside funds for coastal protection. The country's finances are once again causing concern. The draft budget for 2026, approved in September, plans to almost double government expenditures next year. Rating agencies warned that the debt-to GDP ratio would increase to nearly 90% from 73% by the end of 2018. The former minister Maurice Ntossui Allogo who oversees the new conservation plan said that Tuesday's Letter of Intent Agreement marked "a crucial milestone" for Gabon’s conservation drive. Ryan Demmy Bidwell of The Nature Conservancy, a non-profit organization that has worked with the government to protect the forest, stated that Gabon is important because almost 90% of it is intact. He added that the Infini project would lead to the creation of new national parks, and other protected areas, so as to cover 30% of its rainforests, up from 15% at present. Bidwell stated, "We hope Gabon can serve as a role model for other countries in the Congo Basin and in Africa." (Reporting and Editing by Peter Graff.)
G7 leaders gather in Canada to avoid Trump clash
The Group of Seven Leaders will gather in the Canadian Rockies on Sunday, amid growing divisions between the United States and Canada over trade and foreign policy. Canada is trying to avoid any clashes with Trump.
The conflicts in the Middle East, Ukraine and U.S. Tariffs are likely to be prominently discussed.
Israel, an ally of the United States, launched a barrage on Iran's borders on Thursday. This was a blow for Trump's diplomatic efforts in preventing such an attack.
The summit will be held in Kananaskis Mountain Resort, about 90 km (56 mi) west of Calgary.
Last time Canada hosted the summit, Trump left before he had denounced Justin Trudeau at the time as "very dishonest" and "weak". He also instructed the U.S. delegation to withdraw their approval of the final communiqué.
This will be a success meeting if Donald Trump does not have an explosion that disrupts the whole gathering. "Anything above that is gravy," declared Roland Paris, professor of international affairs at the University of Ottawa and former Trudeau's foreign policy advisor.
Trump has frequently mused on annexing Canada. He arrives as Carney threatens retaliation if Washington doesn't lift the tariffs on aluminum and steel.
The best-case scenario is that no major problems will arise in the future, said Josh Lipsky. He was a former White House official and State Department official and chair of the Atlantic Council's international economics department.
Carney's Office declined to comment on the impact of the Israeli strikes on the summit.
NO JOINT CONMUNIQUE
Diplomats say Canada is no longer interested in the traditional joint communique, and will instead issue brief chair summaries to contain a crisis and maintain engagement with the U.S.
Senior Canadian officials told reporters Ottawa was interested in actions that the seven countries - Canada France Germany Italy Japan United Kingdom and United States could take together.
Canadian Senator Peter Boehm said that he was told that the summit would be longer than usual in order to allow time for bilateral meetings between the U.S. President and Canadian senator.
Among the expected guests at parts of Sunday's event are leaders from Ukraine and Mexico, as well as India, Australia, South Africa South Korea, Brazil, and South Korea.
Boehm told Boehm by phone that "many will want the opportunity to speak to President Trump regarding their particular concerns and interests."
On Friday, a senior U.S. government official stated that the working discussions will cover trade, global economics, vital minerals, drug and migrant smuggling as well as wildfires. Other topics include international security, artificial intelligent, energy security and security of natural resources.
The official stated that "the president is eagerly pursuing his goals in these areas, including making America's trading relationships fair and reciprocal."
The visit by Ukrainian President Volodymyr Zelenskiy in the Oval Office, in February, descended into bitterness and served as a warning to other world leaders on the delicate dance that they will have to perform in order for them negotiate with Trump.
Diplomats have said that the frustration they feel in dealing with Trump's administration has made them more assertive.
Canada has been a vocal supporter of Ukraine for many years. Trump promised to end the Russian war within 24 hours when he came to power, but diplomatic efforts have failed to resolve the conflict.
A Ukrainian official who was involved in the preparations for this summit stated that hope for a strong support for Ukraine had faded. Success for Kyiv will be a meeting between Trump Zelenskiy.
An official from Europe said that the G7 Summit and the NATO Summit in The Hague in later June offered an opportunity for Trump to be reminded of the importance of pushing forward with the sanctions bill drafted by U.S. Senators, along with a new European package designed to pressure Russia to a ceasefire or broader discussions.
Early Test
Max Bergmann is a director of the Center for Strategic and International Studies. He said that Trump's first summit with foreign leaders will give some early clues as to whether Trump wants to work with allies in order solve problems.
The big question is: Are the United States still committed towards formats such as the G7 format? Bergmann stated that the test will be "the big one".
Emmanuel Macron, the French president, has stated that he enjoys a good relationship with Trump despite their differences in regards to Ukraine and climate change.
Macron announced on Friday the postponement of a United Nations Conference co-hosted by France and Saudi Arabia to discuss a two state solution between Israel, and the Palestinians. The conference was scheduled for after the G7.
(source: Reuters)