Nordic States

German utility Uniper has sold sizeable quantities of its future hydropower output as part of a hedging method, the business stated in a. discussion for an analyst call on Tuesday. Uniper has sold 70% of its German hydropower output for 2025. at an average cost of 126 euros ($ 135.64) per megawatt hour. ( MWh) and 5% of the output in 2026 at approximately 90. euros/MWh, it stated. By contrast, the wholesale benchmark price for. round-the-clock German power from all generation sources in 2025. closed at 95.05 euros on Monday, and at 81.75 euros. for 2026, LSEG information showed. The...

A magnate of Schlumberger NV (SLB), the world's largest energy services company, on Monday predicted self-governing drilling of oil and gas wells will beat self-governing driving cars to market and produce brand-new efficiencies for oil producers. Self-governing drilling is ripe for adoption by much of the world's oil majors, Abdellah Merad, an SLB executive vice president, stated at the Offshore Technology Conference. We believe we will be nearly autonomously drilling even before we can autonomously drive, Merad told the conference. We have currently with many big customers, NOCs (National Oil Business) IOCs (International Oil Companies) and big independents that are...

Nordic forward power rates increased on Monday, with frontquarter agreement striking a more than onemonth high, assisted by drier weather report in the hydropowerreliant region, higher spot prices and more powerful fuel markets. * The Nordic front-quarter contract climbed 2.1 euros to 35.80 per megawatt-hour (MWh) by 1152 GMT. * The Nordic front-year contracts got 0.75 euro to 45.00 euros/MWh. * The strong spot rates and we are reacting to the very strong market in the continent energy space and I think gas is the primary driver here, said Axel Weyler, an originator at Entelios Trading AB. * Carbon front-year...

Houthi militants in Yemen have actually stepped up attacks on vessels in the Red Sea, impacting a shipping route important to eastwest trade. Some shipping companies have actually responded by instructing vessels to sail around southern Africa instead, a longer and for that reason more pricey route. Below are actions taken by business (in alphabetical order): C.H. ROBINSON The international logistics group stated on Dec. 22 it had actually rerouted more than 25 vessels around Africa over the previous week, and that number was likely to grow. CMA CGM The French shipping group has suspended most Red Sea trips however...

Egypt's Gas Holding Company (EGAS) has actually struck a contract with Norway's Hoegh LNG to lease the Hoegh Galleon drifting unit for liquefied natural gas (LNG), the Egyptian petroleum ministry stated on Thursday. The drifting storage and regasification system will be leased to secure additional needs for domestic intake during the summertime, the ministry said in a statement. Hoegh LNG stated the unit would be leased for an interim period from June 2024 to February 2026 and deployed in Ain Sokhna on the Red Sea. The aim of the arrangement was to support energy security in Egypt, it stated in...

Equinor has actually signed a. longterm handle engineering companies to assist drive down the. cost of establishing two overseas oil discoveries that were. previously held off, the Norwegian energy group stated on. Thursday. The contract with the Subsea Integration Alliance, an. oilfield services group making up Subsea7 and. OneSubsea, could help restore strategies to establish Norway's Wisting. field and Canada's Bay du Nord, potentially opening around one. billion barrels of oil. Selecting the provider at this early stage is a brand-new method of. approaching project advancement for us, Equinor job. advancement head Trond Bokn said in a joint declaration with....

Norwegian oil and gas firm OKEA has sent a 6.3 billion Norwegian crowns ($ 571 million) strategy to develop its Bestla oil and gas discovery in the North Sea, the nation's energy ministry said on Tuesday. The discovery, previously called Brasse, is estimated to hold 24 million barrels of oil equivalent in recoverable reserves, which will be produced with a subsea installation linked to the Brage field platform. Production is expected to start in the very first half of 2027, with gross output seen peaking at 26,000 barrels of oil equivalent each day (boed), OKEA said. Norway, Western Europe's largest...

Austrian oil and gas group OMV reported firstquarter outcomes above market expectations on Tuesday, underpinned by a rebound at its chemicals and materials sector. The Vienna-based firm attained a quarterly operating profit adapted to strip out one-off impacts and stock gains or losses of 1.48 billion euros ($ 1.58 billion), 15% above price quotes that saw it at 1.29 billion euros, according to a. company-compiled consensus. The tidy operating profit based upon existing cost of supply. ( CCS) fell by 29% from a year previously as the group's fuels and. feedstock division struggled with lower refining indicator. margins and refinery...

Finnish refiner Neste said on Monday its president and CEO Matti Lehmus would be stepping down and that the business was launching a hunt to discover his replacement. Lehmus will continue as president and president till his follower takes over, the company stated in a declaration. Shares of Finland's Neste plunged in February after the biofuels producer and oil refiner posted fourth-quarter running revenue listed below expectations and anticipate a lower 2024 sustainable items sales margin than in 2015's. Last November, Neste cut 400 jobs internationally as it planned to save 50 million euros ($ 53.60 million) every year to...

China's largest car program opened in Beijing on Thursday with the biggest names showing off their newest electrical vehicles (EVs), underlining how the world's. largest auto market is already in an allelectric state of mind, and isn't recalling. See below for the latest stories on the show, which runs through early next month. > > China's biggest auto program showcases all-electric future, regional brand names control. > > Fight for 'tech high-end' in China as EVs get smarter - and cheaper. > > ANALYSIS-China's EV survival video game produces danger - and power. > > FOCUS-China's BYD seeks to redefine...

Stocks snapped a. threeday winning streak on Thursday as frustrating forecasts. from Facebook and Instagram owner Meta hammered the tech sector,. and Japan's yen sank through 155 per dollar for the very first time. because 1990. Lukewarm U.S. GDP data pressed Wall Street lower at its open,. and Meta's downturn likewise soured the mood. More 'Huge Tech'. earnings are set up for later in the day. MSCI's gauge of stocks across the globe. fell 8.43 points, or 1.12%, to 750.92 by 11:02 a.m. ET (1502. GMT). The Dow Jones Industrial Average fell 659.59 points. or 1.71% to 37,801.33, the S&P...

Finnish refiner Neste's. firstquarter operating earnings missed expert. expectations on Thursday, with the company saying demand for. eco-friendly fuels is lagging behind capacity additions this year,. sending its shares down more than 9%. Neste, which has invested greatly in global renewable. biofuel production from waste and residue, has said it prepares to. exit nonrenewable fuel source production and will convert its last staying. oil refinery into a biofuels plant by the mid 2030s. The company, which produces biofuels in Rotterdam, Singapore. and California in addition to its Finnish website, said its long-term. growth outlook stayed strong however lower biofuel rates...

Boliden will restart production at its Tara zinc mine in Ireland in the 3rd quarter after being closed for almost one year, the Swedish mining group said on Friday. Tara will gradually increase production to reach full capacity from January 2025, Boliden said. The mine was suspended considering that last June after costs of the galvanizing metal hit a three-year low. It is Europe's largest zinc mine and produced more than 300,000 metric lots of zinc focuses a year. Tara's. suspension, together with disruptions at significant Australian mines. had actually triggered a tighter supply of zinc focuses. A contract has...

The Baltic Exchange's primary sea freight index, tracking rates for ships bring dry bulk commodities, was mostly the same on Tuesday as gains in capesize countered weakness in smaller vessel sections. * The general index, which factors in rates for capesize, panamax and supramax shipping vessels, edged greater to 1,685. * The capesize index gained 20 points, or about 1%,. to 2,100. * Average everyday revenues for capesize vessels,. which usually transfers 150,000-ton cargoes of iron ore and. coal, to name a few, increased $162 to $17,415. * Iron ore and steel futures fell amidst risk-off sentiment. ahead of a...

In charge of Spanish steelmaker Acerinox says the European Union ought to do more to curb steel imports from Asia, which are harming a few of the EU's. mills as need and rates deteriorate. China raised steel production by 13% in 2023 while the rest. of the world decreased it due to weaker demand. Indonesia and. China have currently exceeded 70% of the world's steel production. share, Acerinox CEO Bernardo Velazquez informed . With domestic demand not recovering as much as expected,. China's exports of steel items increased by 25% in March. year-on-year to 9.89 million metric lots, the highest...

Britain's benchmark FTSE 100 stock index scored its 3rd successive record high on Thursday, led by miner Anglo American on a buyout deal from BHP Group, while investors cheered incomes from several bluechip companies including Unilever, AstraZeneca and Barclays. The blue-chip FTSE 100 ended the session up 0.5%,. after striking a fresh all-time high of 8,105.59 points earlier. in the day. Anglo American rose 16.1% to an more than 10-month. high after BHP made an offer to purchase the London-listed. miner, valuing its share capital at $38.8 billion. The offer would create the world's biggest copper miner with. around 10%...

Norway's Hydro, one of the world's biggest aluminium manufacturers, said on Wednesday it believed markets would enhance later on this year after the group's. core earnings fell more than expected in the very first quarter, hit. by weak need and margins. Changed profits before interest, tax, depreciation and. amortisation (EBITDA) fell 28% year-on-year to 5.41 billion. crowns ($ 497.8 million), lagging experts' average projection of. 5.54 billion crowns in a company-compiled survey. Primary aluminium volumes outside China fell 2% year-on-year. in January-March, hit by muted need from property and. commercial building, especially in Europe, which also saw a. decrease in...

The principles consultant to Norway's $1.6. trillion sovereignwealth fund is evaluating whether to recommend. the financier to divest its multibillion dollar stake in mining. huge Rio Tinto for ecological concerns, the Wall. Street Journal reported on Wednesday, citing individuals familiar. with the matter. The council on principles has actually told Rio Tinto in current months. that it is evaluating the business for ecological damage from. its operations in the Brazilian Amazon, the report stated, mentioning. a letter seen by WSJ. The world's largest sovereign wealth fund, which owns 1.5%. of the international listed shares throughout 8,800 business checks out. financial...

LKAB, a state-owned Swedish mining company, announced in a Wednesday statement that it will reduce its iron ore production due to derailments along a railroad linking Sweden and Norway as well as reduced transport capacity. LKAB announced that it would reduce production by 1 million tonnes annually and may take other measures including laying off employees. Stockpiles of iron ore accumulated after two derailments on the Malmbanan Railway, used by LKAB to transport ore from Norway to Narvik. The mining company reported that derailments in the winter caused traffic to be stopped for 76 consecutive days, resulting in a daily...

By Tuesday, 2000 GMT, the following mergers, acquisitions, and dispositions had been reported: * MP Materials announced that Australian billionaire Gina Rinehart’s mining company has acquired a 5,3% stake in its company, adding to the rare earth investments she already holds. People with direct knowledge said that British Airways' owner IAG will receive an EU antitrust alert about its bid to take full control of Air Europa, after the remedies it has taken failed to satisfy EU antitrust concerns. The two companies have announced that the promoters of IndusInd Bank, a private lender, will purchase a 60% stake of the...

Companies are responding to disturbances to shipping on the shortest path between Europe and Asia. Attacks in the Red Sea region by Houthi militants in Yemen have actually triggered a number of shipping business to reroute vessels. Below are details on how business in different sectors are reacting: VEHICLES ** GEELY: China's second-largest car manufacturer by sales, stated on Dec. 22 its electric automobile (EV) sales would likely be impacted by a hold-up in shipments. ** MICHELIN: the French tire maker said on Feb. 12 logistics problems connected to the Red Sea crisis weighed on its completed product flows, generally...

The business exodus from Russia because its 2022 invasion of Ukraine has actually cost foreign companies more than $107 billion in writedowns and lost earnings, a analysis of business filings and declarations showed. The volume of losses have actually increased by one 3rd since the last tally in August in 2015, underscoring the scale of the monetary hit to the business world from Moscow's intrusion, as well as highlighting the abrupt loss of Western knowledge from Russia's economy. As Russia's intrusion continues in the middle of failing Western military aid, and the granularity of Western sanctions regimes boosts, business still...

A significant bridge collapsed on Tuesday in the U.S. port of Baltimore after being struck by a container ship, plunging cars and trucks into the river listed below. Here is what carmakers and other business that utilize the port, have said about the influence on their operations: ASR GROUP The largest sugar company in the U.S. stated it has 6 to 8 weeks of raw sugar stocks at its Baltimore refinery, which is provided by vessels concerning the port. It stated it does not expect short-term impacts. BERKSHIRE HATHAWAY ENERGY The operator of Cove Point melted gas terminal said its...

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** Scrub Daddy, the cooking area sponge maker that gained popularity after protecting a financial investment on U.S. TV program Shark. Tank, is checking out alternatives that include a sale of the company,. according to individuals acquainted with the matter. ** Superdry CEO and top shareholder Julian. Dunkerton will not be making an offer for the business, both. celebrations said, and the having a hard time British style chain stated it. reached a contract to extend a loan center to assist its. turnaround plans. ** Nutrien...