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Fico: Slovakia will sign a nuclear energy agreement with the US
Slovakia will sign a nuclear cooperation agreement with the United States next week, Slovak PM Robert Fico said on Saturday. The country is moving towards a deal for a new nuclear unit to be built with U.S. assistance. Since last year, Slovakia has been in discussions with Washington to build a large nuclear plant with the U.S. company Westinghouse. Fico stated on Saturday that the plant would have a capacity of nearly 1,200 megawatts, larger than existing units. He said that "in cooperation with our 'American partners,' we would like to build a?new huge block?under purely state ownership, on the site of the nuclear power plant at Jaslovske bohunice." Fico stated that he would like to attend the signing of a more "general agreement" on U.S.Slovak nuclear cooperation on Friday in Washington. He did not provide any further details about the signing. In October, the Slovak Government approved an intergovernmental agreement with the U.S. for the construction of a new nuclear power unit. Fico said in December that U.S. president Donald Trump invited him to sign a nuclear deal in the United States during the World Cup this year.
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FOCUS: Rio Tinto's bid to buy Glencore puts pressure on BHP
Rio Tinto's plans to acquire Glencore, and thus create a global leader in the mining industry, could spur consolidation efforts throughout the copper-hungry sector, and put pressure on BHP to react. The 'bid' could be among the top 10 M&A transactions ever, depending on the final price. It reflects the appetite for scale, which bankers say could lead to mega-deals by 2026. Mark Kelly, CEO of advisory firm MKI Global said, "This is another example that mining is consolidating, and big firms are forced to take corporate action to generate value." Anglo American, a London-listed company, announced in September last year what was at the time the second largest M&A deal for that sector. The plan was to merge with Canada’s Teck Resources, and create a global heavyweight focused on copper. The deal is awaiting regulatory approval. BHP is under pressure to act, say some analysts BHP's $161 billion market capitalisation is most likely to sabotage Rio's talks with Glencore. This could result in a company worth almost $207 billion. BHP may look at another deal if it decides to stay out of current negotiations. Unnamed banking sources said this was the most probable outcome, as the company believes Glencore's portfolio to be too diverse, and that asset sales would benefit the company. To ease competition concerns, regulatory authorities would most likely require some dispositions. BHP has declined to comment. Richard Hatch, an analyst at Berenberg, said that BHP is the most likely to interfere in this deal. BHP, who is primarily interested in copper, could bid to buy Glencore, keeping the copper and selling the rest. The talks between Rio and Glencore are in a preliminary phase. Rio has until the 5th of February to submit a formal proposal, but this deadline could be extended. Both sides have failed to reach an agreement in previous talks. George Cheveley is the Natural Resources Portfolio Manager at Ninety One. Ninety one, a Glencore shareholder, stated that BHP might feel compelled to intervene but may also find it emotionally difficult, given its repeated failures to purchase Anglo American. BHP attempted to buy Anglo American for months in 2024 to try and reinforce its declining dominance in the copper industry. In November of last year, it briefly revived the effort. Sources say that BHP is also preparing to name a new CEO. It will most likely be an internal candidate, who will have to bring about change. BHP has declined to comment about its CEO succession. SIZE DOES MATTER AND SO DOES COPPER Copper is the main reason for mining tie-ups, aside from the desire to scale up and increase margins while containing costs. Copper is the most cost-effective conductor of electricity. Mergers can be an advantage because they provide access to assets that are producing, and avoid the long, expensive, and uncertain process of searching for new reserves. Kelly said, "The copper deal was the real takeaway from this deal and Anglo-Teck. We know that copper is appealing and buyers want to access it." There are alternative targets that could be considered if it fails to bid for Glencore. Kelly said that "Vale and Freeport will both be on the agenda - but it is unlikely they are for sale." Analysts say that BHP could decide to do nothing. Kaan Peker is an analyst with RBC. She said that BHP had a better growth profile for copper than the merged Rio/Glencore, so she didn't believe they needed to do anything. "That being said, if this transaction is successful you may get some pressure from shareholders who will ask: 'How did Rio pull it off when you couldn't do the same with Anglo ?'."?' Reporting by Anousha Saoui in London, Clara Denina and Melanie Burton in Sydney. Charlie Conchie contributed additional reporting. Editing by Veronica Brown (and Barbara Lewis).
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Yemen's main separatist groups denies disbanding
The Southern Transitional Council (Yemen's largest separatist group), denied on Saturday that it was disbanding. This contradicted a statement made by one of its members who claimed the group had dissolved itself. The conflicting statements show a split within the STC. This group, supported by the United Arab Emirates, took over parts of the southern and eastern Yemen last December, in an advance that increased tensions between Saudi Arabia and another Gulf power. Saudi Arabia and UAE used to?work together in a coalition battling Iran's backed Houthis during Yemen's civil conflict, but the STC?advances revealed their rivalry. Saudi-backed fighters largely retook the southern and eastern Yemeni areas that the STC had seized. An STC delegation travelled to the Saudi capital Riyadh, for talks. STC leader Aidarous al-Zubaidi, however, skipped the meetings planned and fled Yemen Wednesday. The Saudi-led coalition then accused the UAE for helping him escape via a flight tracked to Abu Dhabi's military airport. One of the members of the STC announced that the STC has decided to dissolve in an announcement broadcast by Saudi state media on Friday. In a statement released on Saturday, the STC stated that it held an "extraordinary" meeting following the announcement made in Riyadh. It declared it to be "null and void", stating it was made "under pressure and coercion". The group said that its members in Riyadh were also detained and "forced" to make statements. The STC called for a mass protest in southern cities this Saturday and warned against any attempts to target its "peaceful" activities. According to an official directive, authorities in Aden who are aligned with Yemen’s Saudi-backed Government on Friday banned demonstrations in southern city, citing safety concerns.
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Bushfires in Australia ravage homes and cut off power to thousands
On Saturday, thousands of firefighters battled the bushfires that ravaged homes in Australia's south-east. They also cut off power to thousands homes and destroyed vast areas of bushland. Authorities said that the blazes had destroyed more than 300,000.00 hectares (741.316 acres) in Victoria since mid-week, and ten major fires are still burning across the state. The Rural Fire Service reported that several fires near the Victorian border in New South Wales were at the emergency level - the highest rating of danger - as temperatures reached mid-40s Celsius. Authorities said that more than 130 structures including homes have been destroyed, and around 38,000 homes and business are without power as a result of the fires. The fires are the worst to have?hit Victoria since the Black Summer flames of 2019-2020, which destroyed an area as large as Turkey and killed 33 people. Victoria Premier Jacinta Allen told reporters that thousands of firefighters are on the ground to bring fires under control. The Prime Minister Anthony Albanese warned that the country was facing a day with "extremely dangerous" fire weather. This is especially true in Victoria where a large part of the state had been declared a catastrophe zone. Albanese made televised comments from Canberra, saying that his thoughts were with Australians living in these regional communities during this difficult time. Authorities have reported that one of the biggest fires near Longwood, 112 km north of Melbourne, destroyed 130,000 hectares of bushland and 30 structures. It also destroyed vineyards and agricultural lands. Authorities have evacuated dozens of communities in the vicinity of the fires and closed many state parks and campgrounds. The nation's forecaster reported that a heatwave warning was issued for a large part of Victoria on Saturday, and likewise, he said, a fire weather warning was also in effect for broader areas of Australia, including New South Wales. The weather forecaster for the nation said that the temperature in the capital of New South Wales, Sydney, reached 42.2 C on Saturday, which is more than 17 degrees higher than the average January maximum. The forecast predicted that conditions would ease over the weekend, as a change in the wind direction to the south brought milder temperatures into the state. (Reporting from Sam McKeith, Sydney; Editing done by Tom Hogue and Stephen Coates.)
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Trafigura and Vitol agree on US Government request to sell Venezuelan oil
Commodities trading houses Trafigura &?Vitol agreed to provide marketing and logistical services for the sale of Venezuelan oil, at the request of?U.S. A Trafigura spokesperson confirmed this via email. First reported on Thursday, citing people familiar with the discussions, that both companies were in negotiations with the U.S. Government for such deals. They were in competition with U.S. producers of oil and other commodities traders for lucrative deals to export Venezuelan oil. U.S. officials have said that they want to control Venezuelan Oil Sales Indefinitely After the U.S. captured South American country's president Nicolas Maduro Saturday. Richard Holtum, the Chief Executive of Trafigura, told U.S. president Donald Trump earlier Friday that the company will be loading its first vessel with Venezuelan crude oil exports next week. Holtum Trafigura has not provided any further information. Trafigura's spokesperson confirmed that the company adheres to all applicable sanctions. Trafigura, according to the spokesperson, has all of the licenses necessary for transactions relating to Venezuela. Vitol, based in Geneva, has also been able to secure?a Preliminary Special License Reports on Thursday included imports and exports for Venezuelan oil. John Addison said, "We are here to make sure that you can move this oil around the globe," at the White House event on Friday. Ben Marshall, Vitol's head of Americas, thanked Trump for giving him the chance to 'work with the U.S. government and the Venezuelan government' to bring the crude oil from the South American nation to the market at an affordable price. "Vitol's long history of working on complex energy deals requiring agile operations, finance and logistics is a testament to its expertise." Marshall stated in a press release that he was "pleased to use our expertise" to help PDVSA move its crude oil and other products to the market.
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Chevron can increase Venezuelan production by 50%: US Energy secretary
U.S. Energy Secretary Chris Wright stated on Friday that Chevron sees a 'pathway to increase its Venezuela production by?50%. His comments came after a meeting between President Donald Trump and oil companies in the South American country. Wright stated that Chevron had "said we could do additional things for them.... which are just approvals and permissions." Wright added that the company "sees a path to grow their production 50% within 18-24 months." Wright said Washington's relations with Venezuela were "fantastic," after the U.S. military seized ousted president Nicolas Maduro in a raid last weekend. Trump met Friday with executives of some of the largest oil companies in the world to discuss Venezuela. Wright replied that the White House had received "tremendous interest" from oil companies on Friday. Trump ordered the U.S. Military to seize Maduro who was brought to New York. The U.N.?human rights office said that the U.S.'s actions in Venezuela constituted a violation of international laws, which made the world less secure. Trump stated this week that the U.S. The U.S. will continue to monitor Venezuela "much" longer than a year. Officials from the Obama administration have stated that they want to maintain control of Venezuela's oil revenues and sales indefinitely. They say this will ensure that Venezuela acts in America’s best interests. Some U.S. competitors and Latin American countries have characterized the U.S.'s actions as "unilateral and illegal acts of bullying." (Reporting and editing by David Gregorio in Washington, Kanishka Singh from Washington)
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New York files suit against the Trump administration for a halt on two offshore wind project
New York's Attorney General sued the Trump Administration on Friday over the suspension of construction on two offshore?wind farms that it says are needed to power a million homes and reduce the state's reliance on fossil-fuels. Letitia J., New York's Attorney General, has filed two separate lawsuits asking the federal court in Washington not to allow President Donald Trump's freeze of federal offshore leases owned by Equinor from Norway and Orsted from Denmark on December 22, 2018. The Interior Department said that it had halted the project due to complaints from?the Pentagon, that wind turbines can cause radar interference which makes it difficult to identify security threats. James stated in a press release that "New Yorkers deserve reliable, clean energy, well-paying employment, and a government which follows the law." The federal government halted the construction of these projects, which had been carefully reviewed. My office is taking steps to stop this'reckless' decision, which puts workers, families and our climate goals in danger. James, a Democrat elected to the House, is one of President Trump's most ardent political opponents. Orsted and Equinor have had their offshore wind projects stalled by Trump who says wind turbines are ugly and inefficient. Both offshore wind developers, Empire Wind and Sunrise Wind, have sued Interior for their multi-billion dollar?New York project. Equinor's Empire Wind warned in court documents that it would likely be terminated if it could not?restart the construction by January 16, and asked a Washington federal judge for a preliminary injunction. Next week, a hearing will be held on this request. Orsted sued for Sunrise Wind as well as a?another project called Revolution Wind that is being built?off the coast of Rhode Island. In September, the company was successful in getting a federal court to block an order from the Trump administration that would have stopped work on Revolution Wind. The Interior Department's pause over offshore wind leases affects Avangrid Vineyard Wind off the coasts of Massachusetts and Dominion Energy Coastal Virginia Offshore Wind Facility. (Reporting from Nichola Groom and Nate Raymond, Los Angeles; Additional reporting by Jack Queen. Editing by Matthew Lewis.)
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US EPA rejects Colorado haze plans to retire coal plants earlier
The U.S. Environmental Protection Agency rejected Colorado's plan on Friday to comply with regional haze regulations by closing its coal plants. It said the state "needs" the plants to continue running to maintain reliable power. The agency stated that Colorado's plan to reduce pollution from sulfur dioxide and nitrogen oxidation, which causes haze and smog in national parks and wilderness regions, violated the Clean Air Act since the state failed to?get the consent of one of the coal plant targeted for an early retirement. Why it's important The Trump administration is extending the life of coal-fired plants in order to meet the increasing demand for electricity due to the construction of data centers to power artificial intelligence. KEY QUOTE In a recent statement, EPA Administrator Lee Zeldin stated that "reliable baseload sources are essential for Powering the Great American Comeback" and ensuring families with cost-effective energy. CONTEXT Last year, the administration issued five emergency orders in order to keep retiring coal plants operating. The most recent was on December 30, when Energy Secretary Chris Wright gave an order to "keep a Craig, Colorado coal plant operational even though it is set to retire by 2025." BACKGROUND Colorado ordered that three coal plants, which were due to be retired in 2030, would have to close two years sooner to comply with the state's regional haze control plan. The EPA'said that it would either help Colorado rewrite their plan or impose a new one to the state. Colorado has also set a goal of reducing greenhouse gas emissions from 2050 to zero.
China CNPC's international oil, gas financial investment
China National Petroleum Corp (CNPC), Asia's biggest oil and gas producer, has over the past 3 years built a worldwide portfolio with possessions in 33 nations.
The company's overseas production went beyond 100 million metric loads, or 2 million barrels per day of oil equivalent, for the first time in 2019 and has given that preserved that level, according to its Economics and Technology Research Study Institute.
CNPC and its noted car PetroChina has given that 2002 invested an approximated $38.6 billion in upstream possessions outside China, versus Sinopec's $49.7 billion and CNOOC Ltd's $36. billion, according to consultancy Wood Mackenzie.
The nationwide champ's most acquisitive period was. between 2009 and 2013 with 29 offers clinched worth almost $28. billion, according to LSEG's offer records.
Below lists some of the primary financial investments CNPC and PetroChina. have made consisting of refineries, according to business. sites, data from LSEG and Rystad Energy.
Central Asia:
Kazakhstan - In 2005, CNPC paid $4.1 billion for Canadian. firm PetroKazakhstan that is engaged in oil production, refining. and fuel marketing.
CNPC AktobeMunaiGas was the business's first oil and gas. financial investment in Central Asia and stays a significant source of equity. production and capital.
CNPC and KazMunaiGaz (KMG) each holds a 50% stake in. MangistauMunaiGas, Kazakhstan's fourth-largest oil firm. The 2. companies likewise each own half of the Shymkent Refinery.
In 2013, CNPC bought an 8.33% stake in the huge Chevron-led. Kashagan field for $5.4 billion.
Turkmenistan - Fully owns the Amu Darya task, CNPC's. initially abroad natural gas financial investment that began production in. 2007. Turkmenistan is China's biggest gas provider.
Russia
Owns 20% of Yamal LNG, and 10% in Arctic-2 LNG, both led by. Russia's largest LNG manufacturer Novatek.
Middle East
Iraq - The largest investor producing under service. agreements at significant oilfields Rumaila, West Qurna, Hafayi and. Ahdab with combined output of approximately 900,000 barrels each day. ( bpd).
UAE - In 2018 won 10% stake each in two ADNOC offshore. oilfield concessions under a 40-year deal that cost $1.2. billion. That followed an 8% interest won in 2017 for $1.8. billion in Abu Dhabi's huge onshore oilfield concession.
Qatar - Deal in 2023 for 5% stake in one export train of. melted gas (LNG), chained with a 27-year offtake. offer.
Iran - Entered production sharing contract at MIS oilfield. in 2005 and drilled very first exploration well in 2007.
Used billions of dollars developing the North Azadegan. oilfield, which began production in 2016 of about 80,000 bpd of. crude in addition to gas. Business nevertheless halted production. there after U.S. reimposed sanctions on Iran in 2018.
APAC:
Australia - PetroChina purchased Arrow Energy in 2010 for $2.5. billion by means of a joint venture with Shell, in its first investment. in Australia's coal-seam gas sector. In 2013 bought BHP's. stake in Browse, Australia's biggest untapped gas resource, for. $ 1.63 billion.
Indonesia - In April 2002, acquired Devon Energy's Indonesia. possessions for $249.9 million, consisting of oil and gas production. sharing contract of Jabung block in Sumatra.
Singapore - Via totally controlled Singapore Petroleum Corp . CNPC controls half of Singapore Refining Business in a joint. endeavor with Chevron.
Japan - Owns 49% of a 115,000-bpd refinery in Chiba
Europe:
Formed 2 joint endeavors in 2011 with British firm INEOS,. PetroIneos Trading and PetroIneos Refining. The joint ventures. run France's 210,000-bpd Lavera Refinery and Scotland's. 200,000-bpd Grangemouth refinery.
Americas:
Canada - Wholly-owned MacKay River Oilsands and Dover. Oilsands projects in Canada that process tar-like fuel into. bitumen, along with Duvernay shale gas and Groudbirch tight gas. jobs.
Own 15% interest in Shell-led LNG Canada, located in. Kitimat, British Columbia, that has an annual gas export. capacity of 7 million lots due for very first gas in 2025.
Brazil - Holds 10% stake in sub-salt deepwater Libra. field in a consortium led by Petrobras.
Peru - CNPC's very first investment destination where in 1993. the company became operator of three oil obstructs in the Talara. oilfield. In 2002 bought 45% stake in Pluspetrol for about $200. million.
Venezuela - CNPC started purchasing the South American. country 3 years ago with an objective to establish large resources. in the Orinoco belt which holds the world's biggest heavy oil. reserves.
These financial investments were financed by $50 billion in loans. China extended to Venezuela because 2007 under former President. Hugo Chavez, but CNPC stopped fresh investments in 2009, focusing. instead on preserving a small number of existing projects.
CNPC holds 40% in Sinovensa, a joint venture with PDVSA that. produces tar-like crude from the Orinoco.
Relationship in between the 2 nations began to fray in 2015. as Venezuela asked for a modification in payment terms on its debts. amidst a thrashing of oil prices and decreasing oil production.
Africa
Sudan and South Sudan - One of CNPC's very first financial investment. areas starting in 1996.
In 2009 CNPC acquired 41% of block 3/7 that produces Dar. Mix crude and 40% of the 1/2/4 field which produces Nile Blend. crude.
Also operates in block 6 and owns half of the 100,000-bpd. Khartoum refinery.
Chad - Controls Block H and owns 60% stake in 20,000-bpd. N'Djamena refinery
Niger - Began producing oil at Agadem field in 2011; built a. 1,950-km pipeline that carries crude from Agadem basin to Port. Seme of Benin for export.
Mozambique - Bought in 2013 a 20% stake for $4.2 billion. in gas-focused Rovuma venture establishing overseas block 4 in the. offshore Rovuma basin in collaboration with Eni and Exxon Mobil.
CNPC likewise holds a 20% stake in Eni-operated Coral South. floating liquefied natural gas job that sources gas from. Rovuma.
Libya - checked in 2005 an expedition and production. sharing agreement with Libya National Oil Co for block 17-4 in. offshore Pelagian basin.
(source: Reuters)