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Amman Mineral, an Indonesian copper miner, is one step closer to obtaining export permits
Amman Mineral Internasional, a copper miner in Indonesia, said Saturday that the Indonesian energy ministry had endorsed the export of 480,000 dry metric tonnes of concentrate. The recommendation is valid for six-months from October 31. Amman Mineral requires the support of the Trade Ministry to obtain an export permit. The ministry said that Amman has not yet applied for one. Amman, in a press release, said that the return of copper concentrate exports had allowed it to avoid overloading its storage facilities. It added that this would allow mining to continue. Indonesia has been banning the export of copper concentrates, raw minerals and other raw materials since mid-2023 to encourage domestic processing. Amman, however, was permitted to export up until December 2024. By that date, it was expected to have commissioned a smelter which would process the concentrates into copper casthodes used in making wires, cables, and electronic devices. The smelter temporarily halted operations in July and August of this year due to damage to its flash-converting furnace and sulphuric acids plant units. Amman added that repairs could be completed in the first half 2026. The smelter was already partially operational. (Reporting and editing by Muralikumar Aantharaman; Bernadette Cristina, Stanley Widianto)
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Japan’s KEPCO Buys Majority Stake in Ireland’s Simply Blue Energy
Japan’s Kansai Electric Power Co. (KEPCO) has signed a share subscription agreement with Ireland’s Simply Blue Group’s offshore wind development arm, Simply Blue Energy OSW (SBE OSW).The strategic investment marks KEPCO’s first investment involving management participation in an offshore wind developer.KEPCO will acquire a majority stake in SBE OSW through its wholly owned subsidiary, KPIC Netherlands BV.Simply Blue Energy OSW is actively engaged in multiple offshore wind projects across Europe and elsewhere and possesses extensive experience and expertise in offshore wind development from the early stages of project formation.With KEPCO’s investment, SBE OSW aims to accelerate the expansion of its offshore wind portfolio. “This investment represents a pivotal moment for us at Simply Blue Energy OSW Ltd. The support from KEPCO provides the strength and resources needed to scale our operations and advance our offshore wind initiatives. Together, we are poised to deliver significant contributions to the clean energy transition,” said Hugh Kelly, Co-Founder and CEO, Simply Blue Group.“We are honored to embark on a partnership with Simply Blue Energy, a developer possessing a pioneering spirit and extensive expertise in the field of offshore wind power. Through this collaboration, we aim to further advance offshore wind development for both companies and contribute to achieving a carbon-neutral society,” added Toru Kuwahara, Executive Vice President, and General Manager of Global EX Division of KEPCO.
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Sources say that two more east Texas refineries have returned to normal operation.
People familiar with the plant's operations said that Motiva Enterprises’ 640,500 barrels per day (bpd), Port Arthur, Texas refinery, along with two other refineries in the east Texas Gulf Coast, were now operating normally following repairs. Sources at both plants say that the Motiva refinery in Louisiana and Valero Energy’s Port Arthur refinery with a capacity of 380,000 bpd suffered multiple malfunctions due to a loss of nitrogen gas. Sources familiar with the operations of the plant said that the TotalEnergies Port Arthur refinery, which produces 238,000 bpd, suffered a boiler failure on October 26. This caused the refinery's steam supply to be cut off. Steam is needed both for the production of electrical power and the refining of crude. Marie Maitre, spokesperson for TotalEnergies, declined to comment on the operations of the refinery. No comment was received from Motiva or Valero's spokespersons. Sources claim that the Motiva refinery restarted its units on October 27, after the nitrogen supply was interrupted. Sources claim that Valero's refinery units restarted Tuesday. Sources said that TotalEnergies units were operating again by mid-week. Sources said that TotalEnergies' disruption occurred just days after the refinery completed a two-month planned overhaul. TotalEnergies started the overhaul of the 35,000 bpd Continuous Catalytic Reformer (CCR) in mid-August. The CCR, three diesel hydrotreaters that have a combined throughput capacity of 84,000 bpd and a naphtha hydratreater with a throughput rate 42,000 bpd along with an sulfur block and the 40,000 bpd ACU-2 CDU with its 51,000 bpd Vacuum Distillation Unit-1 (VDU-1 (VDU), ACU-2 was closed, but ACU-1 CDU continued to operate at 150,000 bpd. CDUs work at atmospheric pressure to break crude oil down into feedstock for other refinery units. The VDUs are also capable of converting crude oil to feedstocks but they operate under vacuum pressure. Reformers add octane boosting components to unfinished gas by converting refining waste. Hydrotreaters are used to remove sulfur from motor oils and feedstocks in order to comply with U.S. Environmental rules. Reporting by Erwin Seba, Editing by Muralikumar Aantharaman and Himani Skar
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As tensions in Venezuela rise, US Senators are seeking answers about the 'anti-drug strategy'
The Republican and Democratic leaders in the U.S. Senate Armed Services Committee stated on Friday that the Trump administration has yet to provide any details about its operations against the drug cartels or their legal basis. Since early September, U.S. airstrikes on suspected drug-trafficking boats in the Caribbean have resulted in the deaths of dozens of people. This has caused tension between Washington DC and Caracas. In a rare instance of bipartisanship on the strikes, Republican senator Roger Wicker and Democrat Jack Reed stated in a joint statement that they had not received the information requested from the administration regarding its strategy to combat drug cartels. Reed of Rhode Island is the top Democrat in the committee that oversees the U.S. Military. Wicker of Mississippi is its chairman. The Trump administration claims that the targeted boats were carrying drugs without proving it or explaining publicly the legal justification of the decision. Donald Trump, the president of the United States, has also ordered an extensive military buildup on the Caribbean. In a letter dated September 23, Wicker and Reed stated that they had requested "Execute Orders", relating to anti-drug trafficking activities. In a second letter dated October 6, Wicker and Reed asked for any written opinions regarding the legal foundation for the anti-drug trafficking operations. The legislators said that they did not receive the requested information before Friday. Kingsley Wilson, Pentagon Press secretary, responded in an email when asked for a comment: "Several of these documents were made available yesterday to the Chairman, Ranking Member, and their respective staffs." The Department also provided its fourth bipartisan update on these operations yesterday to Senate staff. Trump denied that he would consider strikes in Venezuela on Friday, contradicting his own remarks from last week amid increasing expectations that Washington could soon expand its operations relating to drug trafficking. (Reporting and editing by Daniel Wallis, Clarence Fernandez, and Patricia Zengerle)
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Prince William's trip to Brazil leaves the Andrew scandal in the past
Prince William will be in Brazil next week to receive his multi-million dollar environmental prize. He hopes to divert attention from the scandal surrounding his uncle Andrew to the causes of the royal family. William, the British heir, will make his first Latin American visit and will see some of Rio de Janeiro’s most famous sights. The goal is to bring the attention of the public to a number of environmental projects in advance the award ceremony for the Prince's Earthshot Prize. The visit came just days after King Charles stripped Andrew of his princely title and expelled him from his mansion. He also banned his brother from public life in an effort to protect the royal brand against any further damage caused by Andrew's links to Jeffrey Epstein, the late sex offenders. FOCUS IS THE EARTHSHOT PRICE William's three-day visit will be devoted to his main environmental philanthropic cause. This is to find innovative ways to combat climate changes and award five winners with 1 million pounds each ($1.3 million). William will visit Sugarloaf Mountain, the Maracana Soccer Stadium, the Christ The Redeemer Statue and the Copacabana Beach where he will be playing volleyball, according to a Kensington Palace spokesperson. Kate, his wife, is currently in remission following cancer treatment and will not join him. South America is not a common destination for British royals, who prefer to travel to Europe or other foreign lands where they are the head of state. Charles has not been to Brazil, Latin America or South America since 2009. The Earthshot events this year will be held a week prior to the United Nations COP30 Climate Summit, which will also take place in Brazil. The prince will be attending in place of his dad. Earthshot Prize CEO Jason Knauf said that the city was the ideal place to host the biggest and best Earthshot yet. The winners will announced on the 5th of November at a ceremony that will include performances by Australian popstar Kylie Minogue, and Brazilian musician Gilberto Gil. The summit will bring together more than 1,000 world leaders, including global mayors, world-leading scientists and some of the biggest philanthropists. (Reporting and editing by Andrew Heavens; Michael Holden)
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Ukraine condemns attack on vital power substations for nuclear plants
The Ukrainian Foreign Ministry condemned on Friday what they called Russian attacks on critical substations that supply external power to Ukraine's nuclear reactors. A ministry statement released late Friday stated that Russia had carried out "targeted attacks" on these substations. It added that "Deliberate attacks on civilian energy installations which directly affect the safe operations of nuclear facilities bear the hallmarks and are a grave breach of international humanitarian laws." The ministry referred back to a Thursday statement by the U.N. nuclear monitor, the International Atomic Energy Agency. It reported that military activity had "caused damage to critical substations for nuclear safety and security" in Ukraine. IAEA reported that incidents near two nuclear power plants, South Ukraine and Khmelnitskyi, led to each plant losing its external power line. The IAEA added that a third station at Rivne was forced to reduce the power at two of its reactors. The incident did not indicate which party might be behind it. Russia and Ukraine accuse one another of military activities that threaten the safety of Ukraine's four nuclear power plants, especially Zaporizhzhia. In the first weeks of the invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Plant, Europe's biggest with six reactors. In its statement, the IAEA referred to ongoing efforts to connect the second of the two external powerlines to the Zaporizhzhia Plant. This is vital for keeping nuclear fuel cool and preventing meltdowns. The plant does not generate any power right now. The IAEA and the Ukrainian statements were not met with any Russian response. The Zaporizhzhia Plant's external links were unavailable for 30 days between September and October. This forced officials to use emergency diesel generators. Kyiv and Moscow both blamed each other for the outage, and both claimed to have disrupted efforts to fix it. (Reporting and editing by Ron Popeski)
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The Trump Administration announces $100 Million in funding for upgrading coal plants
The U.S. Department of Energy announced on Friday that it will make $100 million available for refurbishing and modernizing existing coal-fired plants. This move is part the Trump administration’s efforts to reverse the decline in coal usage in the United States. Last month, the Energy Department announced that it would invest $625 million in expanding coal-fired power generation. In recent years, the number of coal-fired plants has decreased due to the concerns over the impact of fossil fuels on the environment and public health as well as the competition from natural gas. According to the administration of Donald Trump, coal is a good way to deliver the huge amounts of electricity required by the U.S. for data centers. Chris Wright, U.S. Energy Secretary, said: "The Biden and Obama Administrations targeted America's coal workers and industry for years. This resulted in the closing of reliable power plants, and increased electricity costs." "Thank goodness, President Trump is ending the war on American coal. He's restoring common-sense energy policies that place Americans first. These projects will keep America's coal-fired plants operational and provide the United States with the reliable, affordable energy it needs to power its future and keep the lights on. Environmentalists claim that Trump's efforts to support coal are in direct opposition to the global effort to reduce carbon emission and combat climate changes. The Energy Department announced that the funds will be allocated in three strategic areas, including advanced wastewater management systems, fuel switching systems between coal and gas, and coal-natural-gas co-firing.
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Angola looks to local markets after debt costs consume nearly half of the 2026 budget
Angola will spend nearly half of its budget for 2026 on debt repayments, highlighting how the rising costs of servicing are forcing governments in Africa to depend more on their domestic markets to fund themselves. The draft budget of the finance ministry, released on Friday, showed that 32.9%, or 10.9 trillion Kwanzas ($11.95 Billion), would be used to repay loans, and 13%, which is 4.3 trillion Kwanzas (4.3 trillion dollars) for interest payments. The total debt service will consume about 45.9%. Angola expects to borrow 7.1 trillion kwanzas in 2026 from domestic sources, compared to just 1.7 trillion from external creditors. This reflects a trend of frontier markets relying on domestic funding as foreign currency access is more expensive and risky. The budget deficit in Luanda is estimated to be 2.8% of the gross domestic product (GDP), down from 3.3% in 2025. The second-largest crude oil producer in Sub-Saharan Africa, which is trying to control costs because of volatile oil prices by cutting total expenditures, has announced that it will cut its total spending by 4,7%, to 33 trillion kwanzas. The draft budget is based on a crude price of $61 a barrel. Brent crude futures traded at around $65 last Friday. The economic growth rate is projected to increase to 4,2% by 2026 from just 3% in the year 2025. The government has also expressed concern over the rapid increase in tax waivers and incentives, referred to as "fiscal exemptions", which grew from 184 billion Kwanzas (Kwanzas) in 2018 up to 3 trillion Kwanzas by 2024. The government is concerned about the impact of these exemptions, which are mainly granted to non-oil sector, on Angola's revenue and fiscal stability.
Uncertainty Surrounds Guyana Gas Development
Doubts are growing over Guyana's pick of a little-known U.S. startup to craft and develop projects to monetize its vast untapped natural gas resources that could cost up to $30 billion. Year-old Fulcrum LNG faces financing hurdles that could derail its selection. Ultimately, the South American nation may end up relying on a consortium led by Exxon Mobil, which controls all the production in the new energy hotspot. So far the top U.S. oil producerhas focused on oil.
Guyana has been pressing Exxon to come up with a plan to convert its about 16 trillion cubic feet of gas reserves into valuable exports such as liquefied natural gas (LNG), or relinquish areas where gas has been discovered so they can be developed by others.
When Fulcrum was chosen in June, its founder and former Exxon executive Jesus Bronchalo said on LinkedIn he was "delighted and honored" to be selected "to design, finance, construct and operate the required gas infrastructure."
Since then, Fulcrum has not identified any financial backers, casting doubt over its ability to pull off the work, and leading government officials to now describe its selection as tentative. "No project has been awarded to anyone. We're in an exploratory phase," Guyana's Vice President Bharrat Jagdeo told Reuters last month. That is a change from the ministry of finance's description of the awarding of the contract as among its economic achievements this year. Guyana's president, who announced the award, said an agreement, that may or may not include Exxon, was expected next year.
Meanwhile, the opposition People's National Congress party is skeptical about the award. Fulcrum LNG "lacks requisite experience and a demonstrated ability to raise the type of multi-billion dollar finances required," said Elson Low, an economist and advisor to the PNC.
FULCRUM'S LEVERAGE
Guyana picked Nevada-registered Fulcrum LNG, which it said offered "the most comprehensive and technically sound proposal," among the 17 bidders, including China's third-largest oil firm CNOOC, U.S. gas pipeline giant Energy Transfer, and the No. 4 U.S. LNG exporter Venture Global LNG.
Ira Joseph, an LNG market expert and senior researcher at Columbia University's Center on Global Energy Policy, said it would be "very difficult" for a startup to raise the financing for a multi-billion-dollar infrastructure project. "Why isn't Exxon building the LNG plant itself? It is very hard to raise that kind of money to make a project work, (Guyana) would have to bring in one of the big players like TotalEnergies or Shell," Joseph said. Besides pairing with U.S. oil service Baker Hughes and construction contractor McDermott , Fulcrum's proposal would include financing from the U.S. Export-Import Bank and the participation of private equity firms and an environmental partner, the government said.
The U.S. Export-Import Bank and McDermott did not reply to requests for comment, and Baker Hughes referred questions to Fulcrum. Bronchalo, who is Fulcrum's CEO, secretary, treasurer, director and president, and the only other person associated with the company, the technical director, did not respond to requests for information.
Exxon's consortium with Hess and CNOOC has discovered more than 11 billion barrels of oil off Guyana's Caribbean coast since 2015, and produced 500 million barrels of crude from its Stabroek block since 2019, turning the tiny country overnight into a significant global oil producer. So far, Exxon's only planned use for the gas is a small gas-to-power project.
The project to develop gas independently was conceived as a way for Guyana to create a new revenue stream apart from the oil, which is entirely exported. Gas would develop the country’s manufacturing and food sectors and help make it a regional energy powerhouse.
Last year, the country's take from royalties and fees was $1.6 billion, compared with $6.33 billion in profit that went to the consortium. Exxon's Guyana country manager Alistair Routledge told Reuters the company would make a decision on tapping newer discoveries containing mostly gas by mid-2025. Fulcrum "may have better data and more knowledge than the government to push Exxon in that direction," said Guyana's vice president. Jagdeo said Guyana wants Fulcrum to work with Exxon, but would push forward with or without it. If, however, Exxon does not act on the discoveries or auction the acreage to others willing to develop the gas, Guyana could claw back some offshore land, he said.
(Reuters)