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Leaders of Eastern and Southern African blocs are seeking solutions to the Congo conflict
On Saturday, leaders from the Eastern and Southern African region blocs met in Tanzania to find a resolution to the conflict in eastern Congo. Rwandan-backed fighters have taken over a major city during the worst fighting in a decade. Last week, M23 rebels captured Goma in eastern Democratic Republic of Congo. They have marched southwards towards Bukavu despite announcing an unilateral ceasefire. This rapid offensive has resulted in thousands of deaths and raised fears about a regional conflict. Sources say that Felix Tshisekedi, the Congolese leader, and Paul Kagame, his Rwandan counterpart, have agreed to attend, although Tshisekedi could call in remotely. Dar es Salaam will be looking for a breakthrough, after two peace processes have stalled in Luanda (and Nairobi) as tensions increase. In a Friday report, the Institute for Security Studies in South Africa stated that "given the increased tensions, the immediate priorities are a cessation of hostilities and the opening of supply routes in order to facilitate humanitarian access." It said that a single, unified peace initiative would prevent Rwanda and (Congo) from forum shopping... favoring mediators perceived as supporting their side. M23 has made rapid advances in the last month, gaining control of North Kivu's lucrative mines for coltan, tin, and gold. This has led to the uprooting of thousands, in one the most severe humanitarian crises around the world. As health workers rush to bury at least 2,000 bodies killed in the Battle for Goma before the disease spreads, aid groups are helping relieve overcrowded hospitals. Volker Turk, the United Nations' chief of human rights, said that prosecutors at the International Criminal Court are closely monitoring reports of rapes, gang-rapes and sexual slavery. The United States warned against possible sanctions for Rwandan and Congolese officials ahead of the summit. This raised the stakes of finding a resolution to the conflict, which is rooted in long-term fallout of the 1994 Rwandan Genocide and the struggle for Congo's minerals resources. M23, a well-trained and professionally armed rebel group led by ethnic Tutsi in Congo's volatile eastern region, is the latest of a long list of ethnic Tutsi rebel groups to emerge. Congo's government claims it is a Rwandan proxy group, but the rebel group denies this. Rwanda denies that it has thousands of troops fighting alongside M23, but claims to be acting in self-defense. It accuses the Congolese military of joining with Hutu militias, which it claims are intent on killing Tutsis and threatening Rwanda. Kinshasa has been repeatedly urged to directly negotiate with the rebels.
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Sources: Lyondell has completed the shutdown of Houston refinery
On Friday, those familiar with the plant's operations reported that Lyondell Basell Industries had completed its final shutdown at its refinery in Houston, which produces 263,776 barrels per day. Lyondell started the previously announced closure of the refinery at the end of January. In an email sent on Friday evening, Lyondell declined to comment on the refinery's status. Some refinery units are in warm circulation while they wait to be emptied from the feedstocks or product that remains. The unit is at the operating temperature but it's not producing any heat. The high temperature allows the liquid hydrocarbons be drained. If the units were allowed to cool, the hydrocarbons in the piping would solidify. Lyondell announced in 2023 that it would shut down the plant in a year after seven failed attempts to sell the refinery. Later, the company extended the time of closure by an additional year until the first quarter 2025. Lyondell said that the refinery producing motor fuel no longer fits with the company’s growth as a global producer of plastic pellets for use in plastic products. Sources at the time said that the company had asked $1.5 billion to purchase the refinery in a 2016 sales campaign. Sources said that another $1 billion may be required to upgrade the refinery, which suffered a series of outages, including a major fire, in 2016. The company will convert existing hydrotreaters along the Houston Ship Channel to use with equipment that will be added after 2027 to produce plastic pellets using recycled items. Hydrotreaters remove sulfur from motor fuels using hydrogen in accordance with U.S. Environmental rules. The Lyondell refinery is the first of two U.S. plants that will be shut down this year. Phillips 66 announced in October that it would close its Los Angeles refinery at the end of 2025. Valero Energy has reviewed the future of two refineries in California for possible closure. The state plans to phase-out the sale of new gasoline powered automobiles by mid-next decade.
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Louis Dreyfus, Tidal Transit JV to Supply CTV for French Offshore Wind Farm
LD Tide, a joint venture between Louis Dreyfus Armateurs and Tidal Transit, has been selected to supply a Crew Transfer Vessel (CTV) for the operation and maintenance services of the 488 MW offshore wind farm, being developed by Ocean Winds in France.The new vessel is scheduled to start operations mid-2025 at the Eoliennes en Mer des Îles d’Yeu et de Noirmoutier (EMYN) offshore wind farm.Following an international call for tenders, Siemens Gamesa has selected LD Tide to provide a high-performance 24-passenger CTV.LD Tide will operate the CTV to ensure the safe transfer of maintenance technicians to the EMYN offshore wind farm.This marks the second contract awarded to LD Tide by Siemens Gamesa, with the first CTV, named Acti’vent, operating at the Fécamp Offshore Wind Farm from October 2023.This new vessel is one of two CTVs currently being built by Strategic Marine, a specialist aluminum shipbuilder based in Singapore, with a strong track record in vessels for the offshore wind industry.Earlier this year, LD Tide placed an order for two CTVs to anticipate the growing demand of the rapidly evolving French offshore wind sector.The StratCat 27 model is known for its high-specification design, accommodating 24 passengers. This design prioritizes safety while also providing high performance and comfort on board, along with a robust and reliable platform, making it well-suited for demanding offshore operations. The CTV will be manned by a French crew and will be operated under French flag.With 61 wind turbines, each rated at 8 MW, the EMYN offshore wind farm will have a total installed capacity of 488 MW, generating 1,900 GWh per year, which is equivalent to the electricity consumption of 800,000 people."We are very pleased to strengthen our collaboration with Siemens Gamesa, a market leader in the renewable energy field. We are expanding our presence in the French maritime industrial sector dedicated to offshore wind,” said Gaël Cailleaux, Renewables Managing Director at Louis Dreyfus Armateurs.
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US Judge to stop plan to send USAID workers on Leave
The Trump administration is prohibited from dismantling the U.S. Agency for International Development by a temporary, "limited" court order. The decision was announced by U.S. District Court Judge Carl Nichols, in Washington. Nichols, who had been nominated as a judge by President Donald Trump for his first term on the job, made the announcement at an hearing regarding a lawsuit filed by the largest U.S. Government workers' Union and a foreign service workers' association, who were suing to stop the Administration's attempts to close down the agency. Nichols announced that the written decision would be released later on Friday. He didn't seem to be inclined to grant the other requests of the unions, such as reopening USAID buildings or restoring funding for grants and contracts. In a letter sent on Thursday to USAID's employees, the administration said that it would keep 611 of its essential staff onboard. The agency has a global workforce totaling more than 10,000. Karla Gilbride said that the "major reduction in force" as well as closing of offices and the forced relocation of individuals was done beyond the authority of the executive in violation of separation of powers. Brett Shumate from the Justice Department told Nichols about 2200 USAID employees who would be placed on paid leave as part of the administration's plan. He added that 500 people had already been put on leave. Shumate stated that "the president has determined there is fraud and corruption at USAID". The judge stated that his order would not allow the immediate placement of these 2,200 employees on administrative leave, and it would also stop the relocation for certain humanitarian workers stationed abroad. Trump accused USAID of fraud and corruption in a Friday post on Truth Social. He did not provide any evidence. He said: "USAID is driving the radical left crazy, and there's nothing they can do about it because of how much money has been spent fraudulently. The corruption is at levels never seen before. "CLOSE IT DOWN!" Trump, hours after his inauguration on January 20, ordered that all U.S. aid to foreign countries be halted in order to align it with his "America First' policy. Since then, USAID has been a mess. It distributes billions in humanitarian aid to countries around the globe. After the executive order, the State Department issued worldwide directives to stop work. This effectively froze all foreign aid except for emergency food assistance. This brought USAID's programs that provide life-saving aid around the world to a grinding stop, a move which experts warned could lead to deaths. Elon Musk is a businessman who is the richest person in the world and an ally of Donald Trump. He has been leading the effort to shrink federal bureaucracy. In fiscal year 2023, the United States distributed, in part via USAID $72 billion for aid around the world. This included everything from women's healthcare in conflict zones, to access to clean drinking water, HIV/AIDS treatment, energy security, and anti-corruption efforts. In 2024 it provided 42% of the total humanitarian aid tracked by United Nations, but that is less than 1% its budget.
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Trump: Nippon Steel to invest in US Steel but not purchase it
On Friday, U.S. president Donald Trump stated that Nippon Steel’s $14.9 billion offer for U.S. Steel will take the form an investment rather than a purchase. However, two sources who are familiar with the situation said that the Japanese steel company has not withdrawn their bid. Nippon has been pursuing U.S. Steel for over a year. Trump had repeatedly condemned the proposal, but on Friday, he made more moderate remarks in the Oval Office, alongside Japanese Prime Minister Shigeru. Ishiba. U.S. Steel has not responded to a comment request, and Nippon Steel refused to comment on Friday evening. The investment was not clear and it wasn't known what the specifics of the transaction were. However, Trump stated that he will meet with Nippon Steel's head next week to "mediate and arbitrate" the deal. Nippon Steel will do something "very exciting" about U.S. Steel, Trump said Friday while sitting next to Ishiba. They'll look at it as an investment, rather than a purchase. A White House official confirmed that the U.S. President referred to Nippon Steel incorrectly as Nissan, the Japanese automaker. After a volatile trading session, the company's stock ended Friday down almost 6%. Stocks initially rose on a CBS report stating that Trump might consider approving the deal. However, they fell after Trump stated in an earlier statement Friday that he had not changed his mind. Trump made his comments a day after meeting with U.S. Steel CEO David Burritt in the White House. Both Biden and Trump pledged to destroy the proposal ahead of the November U.S. Presidential election. Nippon Steel made a number of concessions in an attempt to win over public opinion. Trump said to reporters that he had not changed his mind about his opposition to this deal. Trump stated last year that he was "totally against the purchase of U.S. Steel, a once powerful and great company in America, by a foreign firm, this time Nippon Steel of Japan." United Steelworkers president David McCall stated in a statement on Friday that the union has not had any contact with the company or administration about Nippon Steel's investment in U.S. Steel. In a press release, he stated that "our concerns about Nippon Steel's continued interest" in U.S. Steel remained unchanged. Joe Biden, the former president, blocked a $14.9 billion Nippon Steel bid for U.S. Steel last month.
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The oil price is set to fall for the third consecutive week on account of tariff concerns
The oil prices ended the day with gains after new sanctions on Iran's crude imports were imposed. However, prices fell for the entire week due to investors' concerns about President Donald Trump's renewed tariff war against China and other countries. Brent crude futures settled on $74.66 per barrel, an increase of 37 cents or 0.5%. They are expected to drop more than 2% in the coming week. U.S. West Texas Intermediate finished at $71.00 per barrel, up 39cents or 0.55%. John Kilduff of Again Capital LLC said that the news reports about the Trump administration's planned tariffs have slowed the gains made following the sanctions announced Thursday. "We're just trying to make our way through the sanctions/non-sanctions, tariff talk from the White House," Kilduff said. Kilduff stated that WTI is now trading at a price of about $70 per barrel. This seems to be the lowest point in the range. He said, "I'm not sure if the oil prices are low for the President. But we'll have to see." Phil Flynn said that traders were closely watching Trump's statements throughout the day on Friday to see if there was any change in U.S. policy which could quickly reshape markets. Flynn stated that Trump gives and Trump takes. Treasury Department announced on Thursday that it would impose new sanctions against a handful of individuals and tankers involved in the shipment of millions of barrels per year of Iranian crude oil to China. This is part of a gradual move to increase pressure to Tehran. Michael Haigh is the global head of commodities at Societe Generale. He said that the imposition of tariffs, as well as the pauses, should be bullish on the oil market, because they add uncertainty. You haven't noticed this reaction because demand is a concern. "Tariffs and tit-for-tat responses by nations hurt global GDP and oil demand." Trump announced a 10% tariff for Chinese imports, as part of an overall plan to improve U.S. Trade Balance. However, he suspended plans to impose steep duties on Mexico and Canada. In a Friday note, analysts at BMI stated that "downside pressure" has been generated by the recent news about tariffs. Concerns over a possible trade war have fuelled fears of a weakening in oil demand. Oil prices fell on Thursday, after Trump reiterated his pledge to increase U.S. production. This unnerved traders after the U.S. reported a larger than expected jump in crude inventory. (Reporting and editing by Erwin Seba and Anna Hirtenstein; Sudarshan Varadhan, Jeslyn Leerh, and David Gregorio.)
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Trump may meet Zelenskiy, Ukraine's Zelenskiy, next week
Donald Trump, the U.S. president, said on Friday that he was likely to meet with Ukrainian President Volodymyr Zelenskiy next Monday to discuss Ukraine’s war against Russian invaders. Trump didn't specify whether the meeting would be face-to-face or via videoconference. He mentioned the possibility when he answered questions from reporters during an Oval Office reception for Japanese Prime Minister Shigeru. Ishiba. Trump stated that he would "probably" meet with Zelenskiy "next week." He also expressed his interest in meeting Russian president Vladimir Putin, with whom he has always maintained a "good relation." When asked for the location of such a meeting, Trump replied "I'm right here" in Washington. He also said that he wouldn't be traveling to Ukraine. Trump, speaking of Russia's three year old invasion of Ukraine, said: "I would like to see that end. Just on a human level." "I would like to see this end. It's a silly war." Trump stated that he would like to speak to Zelenskiy regarding the security of Ukraine's assets, such as rare-earth minerals. He also wants "an equivalent amount" in return for U.S. assistance. "We'd like them to equalize." According to Andy Yermak, Zelenskiy’s chief of staff, Ukraine wants to continue U.S. assistance in its war against Russia. Yermak told Kellogg that he spoke to him about the battlefield situation, safety of Ukrainian civilians, and the upcoming Munich Security Conference.
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CFE Engineers Delivers Suction Piles for Chevron’s Jansz-lo Compression Project
CFE Engineers Asia, a subsidiary of provider of rigging and mooring equipment solutions Franklin Offshore, has completed the fabrication and load-out of 12 suction piles for Chevron’s $4 billion Jansz-lo compression project offshore Western Australia.Franklin Offshore was awarded the fabrication project for the 12 mooring suction piles by Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering).Chevron hired Hanwha Ocean in early 2022 for the construction of the field control station for the Jansz-Io Compression Project. The value of the contract awarded by Chevron to Hanwha Ocean was approximately $545 million.Fabricated in Singapore, each of the 12 suction piles weighed around 375 tonnes, totaling nearly 4,500 tonnes.The massive piles were lifted using Franklin Offshore's NEXUS High Performance Synthetic Sling capabilities, making them one of the heaviest ever manufactured.The suction piles are said to be critical components of the FSC, a cornerstone of plans to leverage enhanced production from the Jansz-Io field.“The Jansz-Io compression project aims to extend the operational life of the Jansz-Io field. The addition of the new field control station and the associated mooring system, including the suction piles fabricated by CFE Engineers, will play a pivotal role in achieving this objective.“Successfully fabricating and delivering these mammoth structures highlights the remarkable technical and engineering expertise available from our people at CFE Engineers,” said Edmund Chan, COO & Director of Franklin Offshore.The Jansz–Io gas fields are located within production licenses WA‐36‐L, WA‐39‐L, and WA40L, about 200 km off the northwest coast of Western Australia in water depths of approximately 1,350 meters.Chevron, as the operator of the Gorgon gas project, and its partners agreed in July 2021 to proceed with the Jansz-Io Compression (J-IC) project, with the investment estimated at around $4 billion.Chevron said at the time that it would take about five years to finish the construction and installation work.
Document shows that Chile's Codelco aims to increase copper production by 1.39 million tonnes in 2025.
According to a government order that has not been published, Codelco is aiming for 1.391 metric tons this year.
Documents show that the firm is also investing $4.727 billion in 2025, consisting of $3.972 plus Value Added tax. If the copper production target is met, it would be an increase over last year's 1,328 million tons. It will also maintain the momentum of the company as they look to revive output which has been affected by delays in projects, accidents, and declining ore grade.
The document stated that Codelco used a copper cost estimate of $4.30 a pound to calculate its budget. It also assumed a cash price of $1.98 a pound. The company expects to generate operating revenues of $22.23 billion, resulting in a net profit before tax of $3.105.
The investment amount for 2025 is slightly higher than $4.6 billion that the company invested in the year 2024. The investment focuses primarily on key mines that need to be overhauled to handle lower grade ore.
Codelco's 2025 production target would be the second year in a row that it has increased its output. In 2024, the company managed to reverse its production slump of 25 years after a mad rush at the end year took it over the 2023 figure. Insiders at the company and employees said that the strategies, such as delaying maintenance and reducing the downtime, are hard to maintain, because the company is still struggling with lower ore grade and delays in major project to revamp its main mines.
Codelco has reported an EBITDA consolidated of $4.022billion from January to September of 2024. It will announce its final financial results at the end March.
(source: Reuters)