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Saudi and US firms partner on northeast Syria Energy Project
Two people who have direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in northeastern Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year earlier and after the U.S. lifted its most severe sanctions in December. Syria's infrastructure for energy is badly damaged after 14 years of conflict and needs billions in investment. The government is seeking foreign investment to help repair it. Jonathan Bass, CEO of Argent LNG, confirmed that both companies expect to sign a Memorandum Of Understanding for the project within the next few weeks. Bass said: "We are very excited to realise the visions of U.S. president Donald Trump and Syrian president Ahmed al-Sharaa. We will bring the country from darkness to the light." Youssef Qeblawi, the head of Syrian Petroleum Company, did not reply to a comment request. A spokesperson from Hunt declined to comment. Baker Hughes and TAQA?did not respond to emailed comments. In July, the three U.S. firms signed an MOU for developing a masterplan to improve the energy sector of the country. Reports had stated that Saudi Acwa was to be involved in the project. A person familiar with this matter said that while a representative from Acwa was present at a February meeting in which representatives of other companies, including the head of Syrian Petroleum Company, discussed the project, the company does not plan to participate in the actual project. Acwa released a statement saying that the Joint Development Agreement in Syria announced recently is exclusive to studies on water desalination, water transmission and does not include oil or gas exploration or production in any way. The Kurdish-led Syrian Democratic Forces have agreed to integrate with the state, after they were pushed back last month by?government forces. Bass, a proponent for the lifting of U.S. sanctions on Syria who was an early supporter, stated that the goal was to bring Syrians closer together by equitably sharing the resources of the country. He said that "this new development under a single Syrian flag unites east and west by weaving the country together through economic benefits." Saudi Arabia, which is a major ally of Sharaa, announced over the weekend multi-billion dollar investments in Syrian infrastructure, transport and telecoms. U.S. energy company Chevron, in partnership with Qatar's UCC Holding and a firm which plans to produce 5 megawatts of electricity, signed an agreement last week for the exploration of Syrian offshore gas.
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The Kremlin announces that Russia will strengthen its ties with Armenia, Azerbaijan and Georgia after Vance's visit
The Kremlin announced on Wednesday that Russia intends to develop its'relationships with both Armenian and Azerbaijan after U.S. Vice President JD Vance visited these two South Caucasus countries. Vance, the US Secretary of State, signed a deal with Armenia to build a new nuclear power plant. Armenia operates a Soviet-era nuclear?powerplant and wants to upgrade it. Dmitry Peskov, Kremlin spokesperson, said Azerbaijan & Armenia are sovereign nations who have the right to formulate their own foreign policy. He also stated that Moscow has 'deep and mutually beneficial ties' with both nations. "We have a vast range of bilateral relations with Baku and Yerevan that cover all areas. They include trade and economic co-operation, mutual investment, cultural relations and more. "We intend to continue developing our relationships with our partners, so that not only are they beneficial for us but also for them." Peskov stated that Russia is well-positioned to "tender" for any new nuclear power plants in Armenia. Peskov said that Russia, as the world's most advanced country on this subject, is able to withstand the highest levels of international competition. "If partners demand such competition, Russia is able to provide a better quality for many more years at a lower price." (Reporting and writing by Dmitry Antonov, Anastasia Teterevleva/Andrew Osborn; editing by Guy Faulconbridge).
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Eramet: Indonesia nickel volume to be reduced for 2026
The French mining company Eramet said that its nickel joint venture in Indonesia received a 'initial production allowance' of 12 milliard wet metric tons this year. This is down from the 32 milliard it was initially granted for 2025. Eramet's joint venture PT Weda bay?Nickel will apply for an upward revision as soon as it can, according to a statement. It also added that the 2025 allowance had been increased in July last year?to 42 millions wet metric tons. Local media reported on Tuesday that Indonesia had approved nickel mining quotas for 2026 of between 260 and 270 millions metric tons, according to Tri Winarno, an official in the mining ministry. Indonesia's Energy and Mineral Resources Ministry spokesperson said that "all RKABs remain under discussion including?adjustments in the production of various mineral and coal products." The benchmark three-month Nickel?on London Metal Exchange was up 2.2% to $17.880 per metric tonne at 0912 GMT. It had previously gained as much as 2.8% to $17.980, its highest level since January 30. Reporting by Gus Trompiz in Jakarta and Dewi Kerriawati. Mark Potter and Bernadette B. Baum edited the story.
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Caledonia CEO: Bilboes Gold Mine a "game changer" for Zimbabwe
Mark Learmonth, CEO of Caledonia Mining, said on Wednesday that the successful international capital raise?for its flagship Bilboes Gold Mine highlighted Zimbabwe's renewed potential as an investment destination. Caledonia raised $150 million in a convertible bond last month to fund the Bilboes Project, which will, when operational, be the largest mine of gold in Zimbabwe. It already operates Zimbabwe's 80,000-ounce-per-year Blanket mine. Learmonth said on the sidelines a mining conference held in Cape Town, "It is not only a game?changer" for Zimbabwe. "With a project that large and of such high quality, it is not possible to continue believing that Zimbabwe's uninvestable," said he. Caledonia issued bonds as part of its broader strategy to finance Bilboes which will?start producing in late 2028. The mine will be able to produce 200,000 ounces of gold per year by 2029, for a period of ten years. The Bilboes Project requires a total estimated capital of $584 millions, with peak funding needs at $484million. The bond was the largest capital raise in international terms for Zimbabwe since more than a decade. This brought renewed attention to the country following years of economic and political instability. Learmonth stated that "people are starting to remember themselves that risk is prevalent all over the globe." "Zimbabwe is actually becoming, relative speaking, less risky but the quality is outstanding." It's a mix of reward and risk. Zimbabwe's gold output?hit a record high of 47 metric tonnes in 2025, after recovering from an economic and political crisis that saw its production fall to a low of 3 metric tons back in 2008. (Reporting and editing by Alexander Smith; Olivia Kumwenda Mtambo)
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France invests 50 million euros in Imerys Lithium project
Imerys announced that France would 'invest 50 million euro ($59.61 million) in a'minority stake' in Imerys lithium mine project. Other investors could join France in this country's flagship battery metal project. The first time the minerals group announced the Emili Project was in 2022. It aimed to produce 34,000 tonnes of lithium hydroxide annually, which could meet the lithium needs of 700,000 electric cars annually. Imerys announced on Wednesday that the French government's investment would help to?cover feasibility before a final decision is made on investment in the mine. It is currently expected to begin production?in 2020. Alessandro Dazza, CEO of the company, told reporters that they expect to bring in more investors to finance the lithium project. He said that it would not necessarily hold a majority share, but would consider itself the logical option to run the future site. THE TOTAL COST OF PROJECTS RAISED TO 1,8 BILLION EUROS Imerys has increased its initial estimate of the cost of the project from 1 billion to 1.8 billion, but Dazza stated that he expects the final figure to be "significantly lower" than the current estimate. The Emili project involves developing a mine underground beneath an existing Kaolin mine in Central France along with a?processing facility. Imerys said late in October that it was in exclusive discussions with a potential buyer to sell a minor stake in the project. Last year, the timeline for?starting production? was?pushed back to 2030 instead of 2028. This is partly because public debate about the project's impact on the environment.
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Iron ore consumption in China is down after the top consumer releases weak data
Iron ore futures struggled to find direction on Wednesday, before erasing their?early gains. This was despite China, the world's largest consumer, offering financial support. The most-traded May iron ore contract at China's Dalian Commodity Exchange was down by 0.07% to 762.5 Yuan ($110.31). As of 0700 GMT, the benchmark March iron ore was trading at $99.9 per ton on the Singapore Exchange. China's central banks?said on Tuesday that it would increase financial support for domestic demand as a result of?industrial excess and lacklustre consumer confidence, which dampened the growth outlook. Data released on Wednesday showed that China's consumer price inflation decreased in January while the producer price deflation continued. This prompted market participants to call for additional policy measures. The consumer price index (CPI), which measures prices for consumers, increased by 0.2% on a year-over-year basis. This is below the 0.4% rise predicted in a poll. The producer price index (PPI), which measures the cost of goods produced, fell by 1.4% on an annual basis, continuing a trend of deflation that has lasted for years. This continues to affect the profits of industrial firms, and indicates the need for additional policy measures in order to increase the effective demand as well as address the deep-rooted imbalances within the economy. China relies on exports to absorb production capacity. However, a growing list anti-dumping measures in destination countries and trade rules could derail the export-driven growth of demand, especially for Chinese steel exports. According to a ANZ report, as anti-dumping'resistance' grows globally and China signals tighter production, the export momentum will fade in 2026. Total volumes could fall by up to 30%. Coking coal and coke both fell by?0.31%, and 0.86% respectively. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar and wire rod fell by 0.07% and 0.15 % respectively, while stainless steel and hot-rolled coils remained stable at 0.06% and 2.22 % respectively.
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Portugal's interior minister resigns due to storm response
Maria Lucia Amaral, the Portuguese Interior Minister, resigned amid criticism by opposition parties and communities over what they call a slow and ineffective response from authorities to the devastating 'Storm Kristin' two weeks ago. The office of President Marcelo Rebelo de Sousa announced late on Tuesday that it had accepted the resignation of the Minister at the request from Prime Minister Luis Montenegro. Amaral claimed she no longer met the "personal and political requirements" to fulfill the role. The President's Office said Montenegro would temporarily take over interior until a successor was appointed. Storm Kristin hit central Portugal on the morning of January 31. Its winds reached 200 kph and its heavy rains caused widespread damage, including to homes, factories, and critical infrastructure. At least six people were killed. Direct reconstruction costs are estimated to be more than 4 billion euros. Amaral is the first to resign since the centre-right minor government came into power about eight months ago. Andre Ventura of the far-right Chega Party wrote on X, that the resignation showed the government's inability to deal with adversities. Montenegro, he added, was losing control over the government. How long will it be before the government corrects its other "casting mistakes"? ?he asked. Jose Luis Carneiro, leader of the Socialist Party, told reporters late Monday that Montenegro is "the first one responsible" for the failure of the government to respond to storms. In recent weeks, Portugal and Spain were hit by a series of storms. After the devastation caused by Storm Kristin's?wind, rain and flooding, subsequent tempests Leonardo, and Marta, also brought heavy rainfall, strong winds and further damage. According to the Portuguese Institute of the Sea and the Atmosphere, Portugal is currently feeling the 'indirect effects' of Storm Nils. The storm is not expected directly to hit the country.
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TotalEnergies reports a 13% decline in profit for the fourth quarter due to lower oil and gas prices
TotalEnergies, a French oil major, reported a 13% decline in its fourth-quarter earnings on Wednesday. This was slightly below expectations, as the company's soaring margins from refining fuels, and cash generated by selling stakes in renewables assets, failed to compensate for lower oil and natural gas prices. Total reported a fourth-quarter net profit of $3.8 billion (3,2 billion euros), down from $4.4 billion the year before. According to a LSEG consensus, analysts had predicted $3.9 billion. Total, in an 'year marked by a near doubling of its debt as a result of a series of acquisitions has reduced its share buybacks while increasing oil and gas production during the fourth quarter. This was to compensate for a drop of 15% in Brent crude and 18% on liquefied gas prices. The company reported that it increased production by 5% in the third quarter, but the income from the "exploration" segment fell 21.6% and reached $1.8 billion. Meanwhile e Arnings from the chemical and refining business increased by 215% to $1 billion. TotalEnergies previously stated that margins at European refineries during the period increased by 231% in comparison to the prior year. CEO Patrick Pouyanne attributed?the increase to U.S. Sanctions on Russia's Rosneft, and Lukoil as well as an import ban by the European Union on fuels made from?Russian Oil. The French oil giant?also announced that it would 'buy back $750 millions worth of shares during the first quarter 2026.
Stellantis increases production capacity in Morocco
Stellantis, a car manufacturer in Morocco, plans to double its production capacity in the next few months at its Kenitra plant to 535,000 cars annually, said its Chief Operating Officer for the Middle East & Africa on Wednesday.
Samir Cherfan, at the opening of the expansion of the plant, said that the plant would increase production of supermini-electric cars, including the Citroen AMI, Opel Rocks e and Fiat Topolino, to 70,000 units from 20,000.
Aziz Akhannouch, the Moroccan Prime Minister, said that the 1.2 billion euros ($1.4 billion) of expansion will raise the local sourcing to 75% in 2030. This compares to a current rate of 69%.
Stellantis plans to manufacture hybrid engines as well as three-wheeled cars at the facility.
Kenitra, which was opened in 2019 and has a capacity to produce 200,000 cars by 2020.
The French automaker Renault, as well as parts suppliers, are also located in Morocco.
At the inauguration, Ryad Mezour, Morocco's industry minister said that Stellantis will expand to help Morocco reach a production capacity of 1 million cars.
Official figures show that the country's auto industry exports will reach a new record of 157 billion dirhams (17 billion dollars) in 2024.
In recent years, Chinese battery manufacturers have invested in Morocco's automotive industry to prepare it for the transition to electric mobility.
(source: Reuters)