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Lukoil’s Litasco challenges Bulgaria on Russian crude import ban
The trading arm of Lukoil in Russia, Litasco, is based in Switzerland. It said on Wednesday that Bulgarian measures against it violated the multilateral Energy Charter Treaty and it had filed a dispute notice against the country. Bulgaria has halted Russian crude exports and limited exports of all refined products derived by Russian crude at Litasco's Burgas oil refining facility in the country, which produces 190 000 barrels per day. The government has also made legal changes to seize and sell the assets. The 1998 ECT allows for energy companies to sue government over policies that harm their investments. However, in 2024 the European Union has unanimously decided to withdraw from the treaty due to concerns that it undermines efforts against climate change. The ECT does, however, contain a sunset clause that binds departing members for 20 years to its provisions. The Bulgarian Energy Ministry?didn't immediately respond? to a comment request. In 2023, the country became the fourth largest buyer of Russian oil by sea. It purchased over 100,000 bpd. (Reporting and writing by Shadia Nasralla and America Hernandez; editing by Louise Heavens).
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Pinnacle West reports quarterly profit on increased rates and robust power demand
Pinnacle West Capital announced a 'profit' in the fourth quarter on?Wednesday compared to a loss a year ago, as it benefited from a robust demand for electricity and higher rates of electricity. U.S. utilities are seeking to increase 'customer power bills' in 2026, to fund infrastructure improvements. The country's electrical grids are facing extreme weather conditions and a growing demand from industry electrification as well as data-center expansions. Rate case proceedings are used by regulated utilities to determine how much customers will have to pay for electricity, natural gas, steam, and private water. Pinnacle West also reported that it benefited from increased customer usage and user growth. This led to a 3% increase in operating revenue for the quarter. The company's principal subsidiary, Arizona Public Service provides retail electricity to 1.4 million Arizona households and businesses. The utility reported quarterly revenues of $1.13bn, up from $1.09bn a year ago. Phoenix, Arizona-based utility reported a net income of $15.4 million or 13 cents a share for the quarter that ended December 31. This compares to a loss of $6.82m or 6 cents a share a year ago. Varun Sahay, Bengaluru. Krishna Chandra Eluri, editing.
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A key Meloni adviser suggests a new term for the CEOs of Italy’s major state-controlled companies
A key ally of the?Italian Prime Minister Giorgia?Meloni stated that Italy's state-controlled firms have performed "very well" over recent years, hinting at their chief executives being poised to receive new mandates when a new appointment round looms. In the coming weeks, the CEOs of companies such as energy giants Enel, Eni, and defence group Leonardo will be nominated. This is traditionally seen as an opportunity for politicians to demonstrate their power over certain sectors of the economy. Meloni’s coalition made their first round of appointments just a few?months after taking office in 2023. They reappointed Claudio Descalzi to the top of Eni, for a forth term, and replaced the heads of Enel and Leonardo. Giovanbattista FAZZOLARI, an undersecretary of the cabinet who is often in charge of Meloni's key issues, stated late on Tuesday that "objectively, all state controlled companies have performed well." Three sources said the government is ready to give a second term of three years to Enel's Flavio Cingolani and Leonardo's Roberto Cingolani and confirm Eni’s Descalzi to a fifth record mandate. Sources said that while Meloni’s?coalition, which includes her Brothers of Italy Party, the League, and Forza Italia, seeks continuity in CEO roles, chairmen may be replaced to reshuffle the party representation on company boards. According to LSEG, Eni Enel Leonardo has a combined market capitalisation of 227 billion dollars. Sources said that it was not clear whether Giuseppina di Foggia - who Meloni nominated in 2023 to be the head of power grid operator Terna - would receive a new mandate. Meloni, Italy's longest-serving government since World War Two will be able to reaffirm appointments made three years ago -- a situation that Fazzolari called "anomaly". He told reporters at a press conference in Rome that "we will be faced with this strange situation where we have to decide who is confirmed and who is not".
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Investor Climate Group relaunches, with looser rules and fewer US members
After a one-year suspension, the Net 'Zero Asset Managers initiative was relaunched?Wednesday. More than?250 members signed up but there were fewer U.S. firms. BlackRock, the largest investor in the world, left NZAM last January after Republican politicians criticized the idea that it could violate antitrust laws. The group conducted a six-month evaluation before issuing a "commitment" statement. There was no explicit requirement that members align their portfolios to net-zero status by 2050 or set a target for 2030. After BlackRock, another 32 U.S. firms left the market, including heavyweights Capital Group and JPMorgan Asset Management, as well as Franklin Templeton. Only 12 U.S. firms joined despite the new rules. During the suspension, there were 44 members. Other companies, like State Street Investment Management and Wellington Management signed up only for their European business. NZAM spokesperson: "While some high profile U.S. asset management firms have stepped down, NZAM still has important U.S. Signatories along with strong participation in Europe, the UK and Asia, as well as the Pacific," We are a pragmatic team that understands the challenges we face and the environment in which we operate. Rebecca Mikula Wright, chair of NZAM’s steering committee, stated in a press release that the level of support sent a “strong signal” to clients, regulators, and other stakeholders, that members are?focused on managing climate challenges. She said that the strong participation at today's relaunch shows?the value NZAM Signatories find in having a credible forum to show their clients how to address climate-related financial risk and capture transition opportunities. Signatories to the new commitment statement would be able to set their own targets and develop their own strategies for reducing climate-damaging emission linked to their investments, as well as report their progress every year. The new statement "reflects the evolution of Climate Investing?from a focus on decarbonising?portfolios to a broader approach that includes decarbonisation along with transition investing, climate solution, adaptation and resilience", said Dan Grandage. Chief Sustainable Investment Officer at Aberdeen Investments. (Reporting and editing by Tommy Reggiori Wilkes Elaine Hardcastle, David Goodman).
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Eagle Nuclear Energy, a uranium exploration company, will go public following a blank check merger
Eagle Nuclear Energy, a company that explores for uranium, will start?trading in Nasdaq tomorrow, after its?merger? with Spring Valley Acquisition Corp?II, a blank-check firm. The listing on Nasdaq is a sign that 'nuclear energy' in the U.S. is gaining traction, after decades of stagnation. This has been fueled by the surge in electricity demand for power-hungry data centres. Eagle Nuclear's flagship Aurora project is located along the border of Oregon and Nevada, one of the biggest undeveloped uranium reserves in the United States. Mark Mukhija, the CEO of the project, said that it does not yet have offtake agreements. However, initial interest has been shown, as supply is expected to be online by early 2030s. The U.S. Department of Energy is also expected to be interested in the pre-feasibility report that the company has completed. Eagle Nuclear anticipates starting production in 2032. However, the timeline may be accelerated if the industry experiences favorable conditions such as support from the?U.S. Mukhija said that the administration of President Donald Trump is a good example. Trump issued an executive order last year to expedite the approvals of?nuclear?reactors. This allowed the DoE the authority to test?reactors even without the Nuclear Regulatory Commission's approval. Mukhija expects that hyperscalers will also start to look at uranium-producing companies, and not just utilities, for a source of power within the next two years. Eagle Nuclear's acquisition of SVAC II 'includes a public-private investment worth $30 million that is expected to finance the company's operation for two years. The uranium miner will start trading under the ticker symbol "NUCL" or "NUCLW." (Reporting and editing by Katha Kaali in Bengaluru)
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Andy Home: Cobalt limits in the Congo expose China's weakness with critical metals
China's dominance in critical mineral supply chain is not as absolute as it might appear. Cobalt is an example. According to the International Energy Agency, China will account for 78% global refined output of battery metal by 2024. It lacks significant mining capacity at home, making it heavily dependent on imports. The export controls of the Democratic Republic of Congo have exposed this vulnerability. This is the biggest?source of cobalt intermediate products? for Chinese processors. Congo suspended exports of cobalt in February and implemented a quota-based system in October. The fourth quarter of the year saw a near-standstill in shipments to China, and local prices are now surging due to an intense scramble to get units. As the U.S. attempts to loosen China’s grip on Congolese mineral wealth, the competition for Congolese Cobalt will only heat up. EXPORT CONTROLS The Congo has set export quotas of 18,125 tons metric for the fourth quarter 2025, and 96.600 tons including 10% strategic allocation for this year. Export shipments?came to a complete stop in the last three months of the year due to delays in implementing the scheme. According to Benchmark Mineral Intelligence, the Cobalt Institute's consultancy, the first truck carrying cobalt left the country only in January. Operators can roll over their Q4 2025 allocations to this year, but because exports to China typically take three months to arrive in the country, China is experiencing a severe supply shortage. PINCH POINT Congo's export restrictions have pushed up the price of refined cobalt on CME from $10 per lb to $25 in 2025. But this is just part of the story. The price of intermediate products, such as Congolese Hydroxide, is based on the cobalt content. In February, this "payable" traded at about 55% of metal price. Now, it is regularly quoted at an unheard of 100%. Due to the shortage of intermediate products, buyers have been forced to turn towards cobalt metal stock held by China's Stainless Steel Exchange (Wuxi), which is the country's leading cobalt trading platform. At the end of January, more than 3,250 tonnes of cobalt, or 37%, of the exchange stocks were removed from Wuxi registered storage warehouses. The Congo is the only alternative supplier of China. Indonesia is the main cobalt producer, as it is a nickel by-product. BMI says that even with increased Indonesian production in this year, the amount won't fill the gap created by Congo's limited export flows. COMPETITION China was the dominant player in Congo until recently, sourcing copper and cobalt for its domestic refineries and smelters. That's changing. The Congo's export controls on cobalt are part of an overall restructuring?of the mineral sector, as the country tries to make more money from its natural resource wealth. The U.S. helped mediate between Kinshasa, Rwanda and other parties to end the violence that has been raging in eastern Congo. The deal opened up the country to U.S. investments. The U.S. international development?finance corporation announced plans in December to take a stake into a joint venture that will market the government's portion of copper and cobalt. U.S. buyers will have first refusal. The new rail link linking the Angolan Port of Lobito to the Congo is central to U.S. Policy in Central Africa. It's a strategic corridor that rivals the Chinese-backed alternative railway from Dar es Salaam, Tanzania. Chinese cobalt purchasers are not only facing lower imports from the Congo, but also increased competition in what is being mined. ACHILLES' HEEL China's Achilles heel is its mining industry, which controls the global cobalt supply chain. Rare earths and other minerals are also critical. China, the largest rare earth miner in the world, is not self-sufficient. It imports raw materials such as terbium and dysprosium from Myanmar. China will be more dependent on supplying mining inputs from third parties as its own demand for raw materials increases. China's cobalt purchasers are discovering that this dependence will become increasingly problematic. Andy Home is a journalist. His opinions are his. You like this column? Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance is available. Follow ROI on LinkedIn, X 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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Chevron's West Qurna 2 Oilfield in Iraq poised to increase production with Chevron, Minister says
Iraq's Oil Minister said that Chevron is in exclusive talks with Lukoil to take over the West Qurna 2 oilfield. Iraq is seeking to increase its oil and gas production. Oil majors are competing to expand their operations, after years of political insecurity. Hayan Abdel-Ghani, the Oil Minister of Iraq, told Kurdish TV Rudaw in an interview that production could increase to 750,000-800,000. bpd once Chevron took over operations. The U.S. The?U.S. Iraq, which is the second largest oil producer in the OPEC+ Group, comprising Organization?of Petroleum Exporting Countries (OPEC) and its allies, including Russia, has plans to increase the capacity of oil production to over 6 million bpd before?2029. Iraq's oil production has increased to over 4 million bpd by 2025, from 2.5 million bpd prior to the U.S. invasion of 2003. The country 'has not reached ambitious targets of 12 million bpd that were promised after the war, but 'has often produced more than its OPEC+ quota. Chevron didn't respond to a comment request immediately. The deal would increase Chevron’s footprint, giving it control over one of the largest oilfields in the world. This field accounts for almost 10% of Iraq’s production and 0.5% of global supplies. Chevron has already committed to developing several fields in the country, as part of its international expansion. Baghdad has signed a series of?agreements, including with Exxon and BP, to increase production. This deal may also improve relations between Baghdad, Washington and other oil majors. Washington had threatened to restrict Iraq's access if Iranian-backed organizations were included in the new government. The agreement with Chevron brings Iraq closer to Western energy interests, as a U.S. company replaces a Russian company that was sanctioned over its involvement in Ukraine. Lukoil declared force majore at West Qurna?2 after being hit with sanctions by President Donald Trump to end the Ukraine war. Iraq transferred the field temporarily to BOC, the state-run Basra Oil Company in January. Iraq's cabinet announced in January that an "amicable agreement" had been reached with Lukoil. Chevron said that the final deal must be approved by both Iraq's Cabinet and the U.S. Office of Foreign Assets Control. (Reporting and editing by Clarence Fernandez Kim Coghill David Goodman, Stephanie Kelly Additional reporting by Nayera Abedallah)
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Valterra Platinum owes Valterra Platinum 100 million dollars in unpaid export proceeds
South Africa's Valterra Platinum said that the Zimbabwean government owes it $100 million for 2025 export proceeds. The Zimbabwean government has begun making payments to settle these arrears. Zimbabwe only allows exporters to keep 70% of their foreign currency proceeds, and convert the rest into local currency. According to the Zimbabwean mining chamber, Valterra and other companies in the platinum industry have been delayed payments by the government due to the retention rule. The government has cited cash-flow constraints as the reason for the delays. Zimbabwe's Ministry of Finance and Reserve Bank didn't immediately respond to an inquiry for comment. ZIMBABWE MINING PRODUCES AROUND 7% OF THE?CONCENTRATE EXPORT CFO Sayurie Naidoo said to analysts on a call about results that "it's around $100 million" which we haven't had access to. Naidoo said that "we have been in contact with the Reserve Bank of Zimbabwe as well as the Ministry of Finance and we are already receiving some funds for 2026. We expect to get the rest of the money over the next few months." Valterra's Unki Mine in Zimbabwe produced about 219,700 pounds of PGM Concentrates in 2025. This is about 7% the group's contentrate production last year. Earnings Doubling in 2025 Valterra announced on Wednesday that its headline earnings for the full year 2025 will double to 16.7 billion Rand ($1.05 'billion), driven by higher platinum price and cost reductions. This sent its shares up over 10%. The earnings were boosted by a 26% increase in the price of the platinum group metals, and?5 billion rand worth of cost-savings. The company, which demerged last year from the Anglo American Group, announced a final dividend of?43 rand per share. This brings its total payouts to 2025 up to?12 million rand. Spot platinum prices have more than doubled since 2025, and reached a record of $2,757.69 per ounce on 26 January. This was due to a?scarce supply? and a rising demand for precious metals. Platinum, which is used in catalytic convertors to reduce vehicle emissions, has also been driven up due to the European Union's U turn on a ban of combustion engines by 2035.
Travel advisories are being issued by countries in the Middle East as tensions with Iran rise
Amid the rising tensions between Washington and Tehran, several countries have started to withdraw dependents of diplomats and 'non-essential personnel from certain locations in?Middle East. Or they advise citizens to postpone travel to Iran.
Here are some of the most popular moves:
AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the?dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage?citizens of Israel and Lebanon who are considering leaving to do so while commercial options are still available. Foreign?Ministry X Account
SERBIA: Serbia told its citizens in Iran to leave the country as soon as they could due to?increased tensions and a risk of deterioration of security?. (Foreign Ministry)
POLAND: Polish citizens should leave Iran as soon as possible. (Prime Minister Donald Tusk).
UNITED STATES - The U.S. has pulled non-essential employees and their eligible family members out of its embassy in Lebanon due to tensions with Iran. (Senior State Department Official)
SWEDEN: Foreign Ministry has advised citizens to leave Iran immediately by January 12, 2026. In February, the Foreign Minister stated that people who chose to remain in Iran should not expect?government assistance to be evacuated. Foreign Ministry Website
Indian Embassy in Iran has advised all citizens in Iran to leave the country using any means of transportation, including commercial flights. Indian embassy posted on X on February 23, 2026.
Cyprus has advised its citizens to leave Iran immediately after January 13, 2026. (Foreign Ministry)
Singapore advises citizens to postpone all travel to Iran. Singapore Foreign Ministry (Editing and proofreading by William Maclean, Niveditar Bhattacharjee).
(source: Reuters)