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Carlyle sells SierraCol, a Colombian oil company, to Prime Infrastructure Philippines
Carlyle, a private equity firm in the United States, announced on Wednesday that it had agreed to sell its Colombian oil producer SierraCol, to Prime Infrastructure Capital, an infrastructure division of Filipino businessman, Enrique K.?Jr. Sources told 2025 that Carlyle had asked for $1.5 billion to buy the Colombian company, SierraCol, after it bought assets from Occidental Petroleum in 2020. In the oil and natural gas sector, Carlyle reached an initial, non-binding agreement in January to purchase most of the international assets of sanctioned Russian firm Lukoil, and merge Moeve, its European refining company, with Galp, a Portuguese energy firm's downstream business. "This is an area where we have a strong track record and I plan to continue this." Bob Maguire, co-head of Carlyle International Energy Partners CIEP, said that we?have a playbook to execute complex carve outs and strengthen?these businesses. He said CIEP has no set views on the amount of investment that should be allocated to upstream or downstream acquisitions. Parminder Singh, CIEP's managing director, said that the market is a difficult one to operate in because major oil and gas companies are keen to increase their reserves of oil and natural gas while reducing spending on low-carbon projects. Carlyle has said that it has invested $1 billion in SierraCol, mostly on existing assets. This is to stabilize the net production of around 45,000 barrels per day. SierraCol's daily production of 77,000 barrels equivalent to oil is around 10% of Colombia's total production. According to SierraCol's website, the company had a net debt of 618 million dollars and a free cashflow of $205 million for the twelve months ending October 2025. Prime Infrastructure manages energy, water and waste infrastructure. (Reporting and editing by Tomasz Janovowski; Shadia Nasralla is the reporter)
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Mike Dolan: The dangers of US oil-driven redistribution
U.S. indexes of the stock market have so far weathered the oil shock this month well because investors are expecting only a slight GDP impact from higher energy prices. This'resilience' masks the fact that income is shifting from households to 'Big Energy, and this could be a very dangerous trend in an election year. As uncertainty continues to rage about the length and extent of the Iran War, the sharp and volatile rises in energy costs have caused oil and natural gas prices to look structurally higher for the coming year. Fertilizer shipments are also being held up in the Middle East Gulf region, which is causing concern about food costs. The chances of a U.S. rate cut this year are reduced or delayed as inflation has risen again. It's not good news for either the U.S. consumer or economy, until you consider that America is now a net energy exporter. This is a huge windfall for the domestic producers and exporters who are supplying all of that oil and gas in the United States. There's also no threat to their security or any blockage of their product getting to market, unlike their competitors from the Middle East and elsewhere. Carlyle's Jason Thomas, a strategist, points out that in the past 12 months the U.S. had an annualized energy surplus of almost $100 billion. The surge in oil prices is only going to increase this amount. He wrote that "higher gasoline prices could still be thought of as a tax" on U.S. customers, but this is offset by an increase in revenues at home that did not exist in 2007-08 when the energy shock shaved more than 1% off the U.S. GDP. The U.S. is now a net oil exporter for the first since the 1950s. Assumptions of a GDP drop of 2007-08 - one that could halve U.S. economic growth if the price of oil rose today by the same amount - are now out of date. GLANCING BLOW The "ready reckoner", a rule-of thumb guide created by Apollo Global Chief economist Torsten Slok, shows that even if crude oil remains above $100 per barrel until 2027 the shock will fade over time. He showed that while the net effect on headline inflation can be as high at 0.7 percentage points, the effect on real Gdp, unemployment, and core inflation is only 0.1 percentage points. The U.S. has been a net exporter of oil and its energy efficiency has increased significantly in recent years. This means that the economy consumes less oil for every unit of GDP than it did previously (and) this helps to dampen the negative impact of price increases. Some people do not think it will be so easy if the shock continues. Morgan Stanley estimates that, if an oil price jump of 25% caused by a supply shock lasted for four quarters, the real GDP would have been about 1.5% less, with the majority of the damage being in the first three. The issue is, the GDP can still hold up quite well, even though it seems that everyone agrees that rising energy prices and inflation in general act as a tax to households. PRESSURES FOR THE ELECTION YEAR If a sustained oil crisis had the minimal impact on GDP that some claim, then the money from households already in a tight spot is simply being redistributed by the energy companies to the domestic market. The government could step in and subsidizeand cushion household, but this would simply shift the burden to an already stretched Treasury. Since the COVID-19 pandemic, the political toxicity of high U.S.?inflation headlines has been well documented. Wall Street is convinced that the conflict in Washington will not be as severe and should therefore buy the dip, since GDP will continue to grow regardless. A raid on the wallets of households that ends up in the coffers of domestic oil and gas companies might not go over well with voters, especially if they believe the oil'surge' was first triggered by U.S. armed forces. The opinions expressed are those of the columnist, author. This column is a great read! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Uniper pays first dividend in four-years as the government's exit is near
The state-owned utility Uniper announced on Wednesday that it would pay a dividend – for the first time in four years – as the group prepares to return to the stock market following an anticipated ownership exit from Berlin. "The ability to pay dividends again is a sign that Uniper has financial stability, and it's a critical component of its viability on the capital markets," said CEO Michael Lewis. Uniper, which had been bailed out in 2022 by the German government during Europe's energy crises, has proposed a dividend per share of 0.72 euro ($0.84) for 2025. The last dividend it paid was in 2021. Uniper forecasts a core profit adjusted of 1 billion to 1.3 billion euro for 2026 compared to 1.1 billion euros in 2025. In 2026, adjusted net income will be between 350 million and 600 million euros. This compares to 544 million in 2018. In the course of reprivatising, Uniper lost its dividend-paying rights as part of the nationalisation of Uniper, which led to Berlin owning 99.12%. Berlin has plans to either sell or list its stake. This is because the EU requires that it be reduced to 25% plus 1 share by 2028. $1 = 0.8595 Euros (Reporting and Editing by Linda Pasquini, with Christoph Steitz)
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It's not over yet!
Rae Wee gives us a look at what the European and global markets will be like tomorrow. Investors should abandon their hope of a quick resolution to the U.S. and Israel war on Iran, and prepare for a long-term conflict. The latest threat by U.S. president?Donald Trump to 'hit Iran hard' over the move to halt the flow of energy through the Strait of Hormuz is not indicative of the war being "complete, pretty much", as he had previously stated. It's hard to imagine how the situation could change so quickly, especially with Israel and the U.S. continuing to exchange air strikes across the Middle East with Iran's military. The Wall Street Journal reported on Wednesday that the International Energy Agency proposed to release the largest amount of oil reserves ever released in order to lower crude prices. However, the moves were choppy. This provided some relief for battered global indices, with Asian indexes staging a recovery while?U.S. futures pushed higher. European futures were mixed. Investors remained on edge, unable to assess the impact of surging energy costs on global growth and inflation. Washington's contradictory messages, in particular added to the confusion. The U.S. Energy Secretary Chris Wright posted on X Tuesday that the U.S. Navy successfully escorted a tanker through the Strait of Hormuz. He then deleted the post a short time later. A spokesperson for the Department of Energy said that a video clip had been removed from Secretary Wright's X account because it had been incorrectly captioned. The Australian dollar has been a big mover on other markets in Asia, with a growing number of analysts predicting that the Reserve Bank of Australia will raise interest rates in the next week. The Federal Reserve, European Central Bank and Bank of England are all due to meet next week. It is expected that the policymakers will adopt a cautious tone or become more hawkish, given the risk of resurgent prices if the energy price spike continues. The U.S. Inflation data for February will be released later today. The following are key developments that may influence the markets on Wednesday. - U.S. inflation data (February) Bowman, Fed's Bowman speaks - ECB's Schnabel, Guindos speak
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Wall Street Journal, March 11,
These are the most popular?stories from the Wall Street Journal. These stories have not been?verified? and we cannot vouch for their accuracy. Officials familiar with the matter say that the International Energy Agency (IEA) has proposed to release the most oil reserves it has ever released in order to lower crude prices, which have risen during the U.S./Israel war against Iran. Boeing announced that it would delay the delivery of some 737 MAX aircraft after discovering a wiring problem on newly constructed aircraft. This is a setback for Boeing's efforts to deliver jets faster. Samsara Eco, an Australian startup that has developed enzymes to eat plastics, is seeking to raise over $70 million. Its recycling technology will focus on essential minerals. Exxon Mobil is planning to move its legal residence from New Jersey to Texas, joining the ranks of other companies who have moved to Texas in search of an environment that's more business-friendly. Bill Ackman, the billionaire investor, filed to make his hedge fund?firm Pershing Square public, along with a brand new investment fund. This bold move was made to capitalize on Ackman's social media fame.
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Indian benchmark shares drop as investors remain on edge due to Mideast cues
Indian benchmark shares fell Wednesday - after a recovery in the previous session - as investors were uncertain about the impact of the Middle East War on inflation and growth. Oil prices were also fluctuating. As of 10:40 a.m. IST, the Nifty?50 dropped 0.7% to 24,087 while the BSE Sensex fell 0.8% to 77.556.77. In early trading, the indexes were unchanged. Devarsh Vakil is the head of Prime Research for HDFC Securities. He said: "There's still considerable geopolitical unrest and that's why markets are on edge." Israel and the United States launched what some have described as the war’s most heavy strikes against Iran. This was despite the fact that U.S. president Donald?Trump had said Monday that the conflict might be "over soon." Oil prices have also experienced a temporary drop after the Wall Street Journal reported that the International Energy Agency had proposed a record release of oil reserves to reduce crude prices. This would offer some relief to the battered global stockpiles. The Nifty 50 and Sensex recovered on Tuesday, after logging the biggest drop in a year in the Monday session. They ended near their one-year lows. Since the beginning of the Iran War, the benchmarks have each lost 5%. Reliance Industries, HDFC Bank, ICICI Bank and other heavyweights all saw their shares fall on Wednesday. The midcaps were flat, while the smallcaps rose by 0.5%. Vakil stated that the news of an emergency oil stockpile being released by the International Energy Agency will help keep crude prices at a lower level and encourage market participants. Brent crude futures traded 1.4% lower, at $86.64 a barrel. IndiGo, a budget airline, gained up to 3% in individual stock prices after its CEO Pieter Elbers?resigned. Solar equipment maker Waaree Energies rose up to 2.4% after a deal was struck to buy shares in United Solar Holdings worth $30 million. (Reporting and editing by Sumana Nady and Janane Venkatraman in Bengaluru)
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Iran cracks down on dissent as Iran's military intensifies its air attacks against the combatants in the Mideast war
As the Iranian government, which is under siege in Tehran, warned that its security forces are ready to "fingers-on-the trigger" and confront any renewed antigovernment protests, the U.S. After an exchange of'some of the most heavy bombardments yet in the region on Tuesday, the combatants re-attacked their targets in Israel and Lebanon, as well as the Gulf, early on Wednesday, the war entering its 12th day. The conflict has effectively closed vital shipping routes through the Strait of Hormuz. This has stopped the flow of fossil fuel energy from the oil-rich Gulf. After a massive surge in crude oil price on Monday, the global energy market has fallen and the stock markets have rebounded. Investors betted that U.S. president Donald Trump would try to end this war as soon as possible. The Wall Street Journal, citing sources familiar with the issue, reported Tuesday that the International Energy Agency had proposed to release the largest amount of oil reserves ever released in order to stabilize crude prices. Could not verify the report immediately. The Islamic Revolutionary Guard Corps of Iran has vowed, however, to stop?oil deliveries from the Gulf until U.S. attacks and Israeli attacks cease. Air strikes between both sides have not abated. The Revolutionary Guards claimed that they fired missiles at the U.S. Al Udeid Base in Qatar and at the Al Harir Base in Iraqi Kurdistan on Tuesday night. They then launched drone attacks against a group of U.S. soldiers at Al Dhafra Air Base in the United Arab Emirates, and Juffair Naval base in Bahrain. The Iranian state media announced early on Wednesday that another attack was launched on the U.S. Bahraini military installations. According to an alert from the State Department and a U.S. government official, a drone hit a U.S. diplomatic building in Iraq Tuesday. No one was injured and all were present. The United Kingdom Maritime Trade Operations reported that it received a report about an 'incident' off the coast of the UAE, where the master of a ship said the vessel had sustained damage due to a suspected projectile. IRANIAN MISSILE BARrage Drives ISRAELIS to shelters The military repeatedly warned that Iran had launched missiles "toward Israel" as millions of Israelis were pushed into bomb shelters. This was a sign of Tehran's ability to strike Israel even after two weeks of hostilities. Air raid sirens and Israelis running to shelters and safe rooms punctuated darkness in the early morning. No immediate information was available on whether the missiles hit the ground. The Iranian attacks roughly coincided with an Israeli bombardment of Beirut, aimed at eliminating the Iran-backed Hezbollah group that has been firing into Israel in support of the Tehran government. Residents of Tehran described the night before as being the most intense bombardment night in war history. It was hell. A resident, who spoke on the condition of anonymity, said that they were bombing in every corner of Tehran. "My children fear to sleep now." It would seem that ending the war quickly precludes toppling Iran’s leadership. On Monday, the country held massive rallies in support of Mojtaba Khmenei, the hardliner who succeeded his father on the first day of the war. Some Iranians openly celebrated the death the elder Khamenei after his security forces had killed thousands of people in order to suppress anti-government protests. TEHRAN WARNS PROTESTANTS There has been no sign of protest in the middle of the war. And Iran is now clamping down on internal dissent, days after Trump exhorted Iranians to "take advantage" and to overthrow their governments. Ahmadreza Radan, Iran's chief of police, warned against a resurgence of anti-government protests. Radan, a state TV host, said that all of our security forces had their finger on the trigger. The Intelligence Ministry announced on Tuesday that Iran had also arrested dozens more people, including an American citizen, who were accused of spying against the country's enemies. On Tuesday, the White House reiterated Trump’s threat to punish Iran for its efforts to halt the flow of energy through the Strait of Hormuz. U.S. Central Command reported that 16 Iranian mine-laying ships had been "eliminated", near the strait, on Tuesday. Amir Saeid Iravani, Iran's U.N. ambassador, said that more than 1,300 civilians had been killed in Iran since U.S. and Israeli airstrikes began on 28 February. Amir Saeid Iravani, Iran's U.N.?ambassador, said that nearly 8,000 houses, 1,600 "commercial and services?centres", and dozens medical, educational, and energy-supply institutions had been destroyed. At least 11 Iranians were killed by Israeli strikes in Israel, and scores of Israelis killed in Lebanon. Iran has not only targeted U.S. diplomatic and military missions in Arab Gulf States, but also hotels and airports. The Pentagon estimated that in addition to the seven U.S. troops killed, about 140 American soldiers have been injured.
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Iron ore prices rise on the back of a recovery in output and supply constraints
Iron ore futures climbed on Wednesday as the anticipated recovery of hot metal production sparked demand for feedstocks. Lower shipments by top suppliers also provided support. As of 0317 GMT, the?most-traded?contract for May iron ore?on China's Dalian Commodity Exchange was up 0.96% to 788 yuan (114.76 dollars) per metric ton. The benchmark April Iron Ore traded at the Singapore Exchange was up 0.49% to $104.25 per ton. After production restrictions during the annual Parliament holiday, hot metal output is expected to recover. This will spur demand for feedstock. According to a Shanghai Metals Market note, the prices of iron ore in the Chinese iron ore hub Tangshan "remained firm due to tight supply" and that the recent rally for iron ore futures had boosted the market's sentiment. Prices were also supported by lower shipments of?iron ore from China's main?iron-ore suppliers, Australia, Brazil and South Africa. Iron ore stocks at port are record highs Gains are likely to be limited. BMI's report of March 11 stated that China's crude output will fall by 4% due to the authorities reducing excess capacity. The report said that lower export volumes of Chinese?steel are likely to increase global steel prices marginally in 2026. However, global prices will still be?projected? to remain on a downward trend. Coke and coking coal were both up and down on the DCE. The Shanghai Futures Exchange steel benchmarks mostly rose. Hot-rolled coils and rebar grew by 0.18% each. Wire rod was little changed, while stainless steel fell 0.81%. BMI's report said that curbing excess production of hot-rolled coils and rebars supported prices. Reporting by Ruth Chai, Editing by Sherry Jacobi-Phillips. $1 = 6.8663 Yuan
Ghana scraps mining stability pacts and doubles royalties
Ghana's regulator said it would scrap long-term mining investments?stability agreement and double royalties as part of sweeping reforms. The country is Africa's largest gold producer, and wants to reap more benefits from the surging bullion price.
Isaac Tandoh said that the changes were part of a "broad" overhaul aimed at balancing the government's desire to increase mining profits with investor confidence.
A VIOLATION OF MINING STABLITY AGREEMENTS HAS OCCURRED
African governments tighten mining rules in order to take advantage of high prices. They often raise royalties and local content demands, which has led to clashes between global miners and African governments over cost and contract certainty.
Ghana is the sixth largest gold producer in the world. Tax and royalty agreements are usually locked in for five to fifteen years, in exchange for investment of $300 million to $500 millions for mine expansions and builds.
Renewal is only available to companies that meet certain conditions. These include extending the mine life for at least three more years and increasing production by 10%.
Newmont, AngloGold Ashanti and Gold Fields are currently operating under stability agreements. They did not respond immediately to requests for comments.
Tandoh stated that the changes to be written into legislation will mean Newmont’s stability agreement, which expired in December, will not be renewed. AngloGold Ashanti, Gold Fields and other companies will phase out similar agreements when they expire in 2027.
The draft bill, which is expected to be presented to Parliament in March, proposes that royalties start at 9%, and rise to 12%, if gold reaches $4,500 an ounce or more, about double the current range of 3% to 5%. The spot gold price is currently around $4,990 per ounce.
Reforms include stricter rules on local content for procurement in Ghana and the support of Ghanaian companies.
Tandoh stated in an interview last week that "renewal (of investment stability agreements) will not happen." "Renewal of (investment stability agreements) is conditional and not automatic," Tandoh said during the interview last week.
He said that all development agreements would be scrapped because they had been abused.
We've seen some companies using revenue from Ghana to purchase mines in other countries while refusing even to pay basic obligations such as contributions to district assemblies. This cannot continue."
NEWMONT REQUESTED RENEWAL OF EXPIRED AGREEMENT
Ghana was the first to introduce stability agreements during the early 2000s. These agreements helped unlock foreign investment worth billions of dollars, which allowed Ghana to surpass South Africa as Africa’s largest gold producer.
Newmont's Ahafo agreement, for instance, established a corporate tax rate of 32.5% and a royalty scale ranging from 3% to 5% (rising up to 3.6%-5.6% within forest reserve areas). Inputs that met the criteria were also eligible for duty and VAT exemptions. A revised 2015 agreement revealed that the extension was linked to a $300 million minimum investment, and targets on mine life, output and Ghanaian jobs.
Tandoh stated that Newmont had requested an extension. However, the government is aiming to phase out this regime and replace it with broader rules which "indigenise", more value in the home country and enforce stricter compliance.
He said that authorities "listened" to the concerns of smaller and newer projects regarding the proposed royalty increases and would strive for a formula which preserves investment and raises revenue when prices are higher.
Tandoh denied that the harsher conditions would scare away capital. "They are operating under harsher conditions and still making profits." "Mining is all about numbers," said he.
The Ghana Chamber of Mines didn't immediately respond to comments. Maxwell Akalaare Adombila & Emmanuel Bruce. Editing by Veronica Brown and Mark Potter.
(source: Reuters)