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Oil & Gas

Oil & Gas

Austrian OMV gains $141 million in profits from Borouge and Borealis merger during Q2

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

Oil & Gas

Engie buys DNO's Norwegian gas production for four years

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Oil & Gas Refining

Petrobras wins major lots at Brazil's oil auction, beating revenue forecast

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

Oil & Gas

Moscow promises to closely supervise foreign businesses returning to Russia

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

Oil & Gas

Norway GDP growth faster than expected Q1

Statistics Norway (SSB), on Thursday, released data showing that the Norwegian economy's growth was faster than expected in the first quarter 2025. In the January-March timeframe, mainland GDP increased by 1.0% in comparison to October-December. The economists polled had predicted a growth of 0.6%. The Norwegian crown currency rose against the Euro to 11,62 at 0609 GMT, from 11,63 before the release of data. spring budget proposal The central bank of Norway had predicted that the economy on the Norwegian mainland would grow by 0.6% during the first quarter, compared to the last three months in 2024 when it contracted...

Renewable Fuels

HitecVision acquires a 50% stake in TotalEnergies' Polish biogas company

TotalEnergies announced on Wednesday that it has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish producer Polska Grupa Biogazowa. The French energy company stated that the agreement represents a value of 213.6 million euros (190 million Euros). Stephane Michel, TotalEnergies' President of Gas, Renewables & Power, said that the deal would help Polska Grupa Biogazowa continue its growth in Poland, where biogas development is booming. Erlend Elliottsen, CEO of HitecVision and Managing Director, said that the companies have complementary skills which they will use to "scale" PGB in the coming years, through greenfield projects, as...

Oil & Gas Refining

Norway Wealth Fund divests Israel's Paz Retail and Energy Due to West Bank Activities

Norway's sovereign fund, which is the largest in the world, sold all its shares to Israel's Paz Retail and Energy, because the company owns and runs infrastructure that supplies fuel to Israeli settlements on the West Bank. The Council on Ethics of the fund, which is responsible for overseeing the fund's ethical standards, had adopted a stricter interpretation in August, aimed at businesses that support Israel's activities in the occupied Palestinian Territories. In December, the first divestment took place from Israeli telecoms company Bezeq. The fund operates according to guidelines set forth by the Norwegian parliament. It is regarded as...

Oil & Gas

Norway Wealth Fund divests Israel's Paz Retail and Energy Due to West Bank Activities

The world's largest sovereign wealth fund has sold its entire stake in Israel's Paz Retail and Energy, because the company owns and runs infrastructure to supply fuel to Israeli settlements on the West Bank occupied by Israel, the fund said. The Council on Ethics of the fund, which is responsible for overseeing the fund's ethical standards, had adopted a stricter interpretation in August, aimed at businesses that support Israel's activities in the occupied Palestinian Territories. In December, the first divestment took place from Israeli telecoms company Bezeq. The fund operates according to guidelines set forth by the Norwegian parliament. It...

Oil & Gas

Financial Times - April 17

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Gerry Cardinale’s RedBird evaluates takeover of UK’s Telegraph newspaper Trump administration stops Equinor’s $5 billion New York energy project British Steel's Chinese Owner says UK Government must "respect" its rights - Lyft buys European taxi app FreeNow in 175 mln euros deal View the full article RedBird Capital Partners, a company owned by Gerry Cardinale, is preparing plans to acquire The Telegraph to end the two-year-long sale of this British newspaper group. The U.S. has stopped a...

Oil & Gas

Equinor creates new unit to capitalize on the soaring demand for power

Equinor, a Norwegian company, announced on Thursday that it is merging its renewables division with its gas to power plants and energy storage assets in order to increase its electricity business. Equinor said that the move was a response to a surge in demand for energy, fuelled by artificial intelligence, the growth of data centres and the green shift. The vast majority of Equinor's income still comes from oil and natural gas. In a press release, CEO Anders Opedal stated that by combining renewable energy with flexible power offerings we could strengthen our competitiveness in the market and create value....

Power Markets

Orsted CEO: Trump tariffs will impact cost of US projects.

Rasmus Errboe, the CEO of Orsted in Denmark, told the Financial Times that President Donald Trump's tariffs would have "a meaningful impact" on its U.S. projects. Errboe said in the newspaper that the new tariffs would affect Orsted's large wind projects, Sunrise Wind and Revolution Wind, located in the U.S. Orsted published a piece in the FT that called on European capitals for a consistent support of the offshore wind industry every year to help meet targets and reverse costs. Orsted didn't immediately respond to our request for comment. Trump announced earlier Wednesday that he would lower temporarily the heavy...

Oil & Gas

Financial Times – March 31,

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Volvo Cars brings former boss back to provide a'steady' hand Trump threatens to impose secondary tariffs on Russian Oil if there is no agreement on Ukraine Isar declares launch of rocket a success, despite first-time failure to reach orbit Task force urges to eliminate oil and gas windfall taxes before 2030 View the full article Volvo Cars has appointed Hakan Samuelsson as its new chief executive after warning last month of a potentially challenging 2025. Donald Trump,...

Fossil Fuels

Fossil Fuels

Merz: Berlin is still interested in TenneT German business

The German Chancellor Friedrich Merz stated on Monday that the government has not yet decided if it will take a stake of the German division owned by the Dutch state-owned power grid operator TenneT. He also said the Netherlands and Germany were still in discussions. The Netherlands announced last month that it would decide in September if it wanted to sell a minority stake in TenneT Germany, or pursue a partially IPO. This could be Europe's largest deal in 2025. After a failed partial sale of TenneT Germany to the German state lender KfW in June last year, the Dutch...

Fossil Fuels

Reliance acquires Kelvinator, a home appliance maker from Sweden's Electrolux

Reliance Industries announced on Friday that its retail arm had purchased the Kelvinator Brand in India from Sweden’s Electrolux. The Mukesh Ambani led group is now a stronger player in the rapidly growing consumer durables market. Reliance Retail is expanding its private-label product portfolio, as well as its footprint, in the home appliances and electronics segment, which has seen a boom due to urbanisation and rising incomes. Reliance Digital operates stores that sell everything from washing machines to refrigerators and washing machines, as well as smartphones and laptops. Since 2019, the company has sold Kelvinator refrigerators, air conditioning units and...

Fossil Fuels

London's unloved shares are attracting foreign investors

The UK stock market is finally reversing its years-long underperformance compared to the rest of Europe. This comes as a result of a UK/U.S. A trade agreement, a softer regulatory environment and cheap stocks are delivering juicy returns which are beginning to attract foreign investors. The FTSE 100 is up nearly 10% in the last year, and has reached record highs, surpassing the STOXX 600 which is up 7.5%. London's blue chip index performed better on a year to date basis than its European counterpart in the last six week, the longest stretch of its kind since the end of...

Mining

Mineral Resources

Mineral Resources

Boliden CEO anticipates dividend payment to resume

Mikael Stafas, Chief Executive Officer of Boliden's Swedish subsidiary, said in an exclusive interview with the newspaper on Friday that Boliden will resume dividends. He said that the copper and zinc producer has committed to its dividend distribution policy, and will continue to do so until 1/3 of its profit is distributed to shareholders. This was after Lundin Mining acquired the Somincor mines and Zinkgruvan from Lundin Mining. Staffas stated that "even though we had good cash flow this quarter, I believe most people expected the balance sheet to be much stronger after the acquisition." Boliden has not yet been...

Mineral Resources

Volvo CEO wants EU auto tariffs cut to defuse Trump's threat

In an interview on Thursday, the chief executive of Volvo Cars called on the European Union (EU) to reduce its 10% tariff against American-made vehicles, arguing that European carmakers don't need protection from U.S. rivals. Brussels and the auto industry have spent months trying persuade Washington, with its 27,5% tariff, to lower it on imported European cars. Hakan Samuelsson, after the company announced its second-quarter results, said: "If Europe wants free trade then we should lead the way by lowering tariffs to very low levels first." Donald Trump, the U.S. president, has threatened to increase tariffs on European Union imports...

Mineral Resources

Volvo Cars has delayed the start of production at its new Slovak factory until early 2027

Volvo Cars, according to a spokesperson on Thursday, has delayed the large-scale production of its factory in Slovakia from 2026 until early 2027 to optimize the Swedish automaker’s product launch schedule. The Gothenburg-based firm, owned by China’s Geely Holding, hasn't made it public which model will be manufactured at the Kosice plant, except to say that it will be next-generation Volvo. The spokesperson declined to say when the decision was made, but said that it had not been taken recently. Polestar, which is also owned by Geely and will begin production of its new Polestar 7 SUV in Kosice, Poland,...

Mineral Resources

Polestar will make new SUVs in Europe starting 2028

Polestar announced on Thursday that it will produce its Polestar SUV model in a Volvo Cars plant in Slovakia. The EV maker is shifting more production out of China to reduce its exposure to high European and U.S. Tariffs. Polestar announced that the two Swedish firms, both controlled and owned by China's Geely, and Li Shufu its owner, had signed an agreement and the new model will be launched in 2028. The company stated that it is expanding its footprint in Europe to diversify its contract manufacturing business. Volvo's Kosice plant in Slovakia will begin production in 2026 with a...

Mineral Resources

Volvo Cars sales drop 12% in June; fully electric cars fall 26%

Volvo Cars, based in Sweden, reported Wednesday that sales volume had fallen for the fourth consecutive month due to trade tariffs as well as a weaker demand for electric vehicles. Volvo Cars, owned by China's Geely in majority, announced in a press release that it had sold 62 858 cars in the month of June, down 12% from a year ago. In April, the group, in response to tariffs, retracted its earnings forecasts for the next two-year period. The sales of electric vehicles fell by 26%, accounting for 22% in total sales. The sales of all electrified vehicles, including plug-in...

Mineral Resources

Greenland grants EU-backed critical Metals Project Permit to Mine

Greenland granted a permit for a project backed by the European Union to mine molybdenum. This metal is used in aerospace, defence, and energy, and China has placed export restrictions on it. After U.S. president Donald Trump expressed interest in buying it earlier this summer, the resource-rich Arctic Island has seen increased activity in its mining industry over the last month. The government of Greenland said that the permit was given to Toronto-listed Greenland Resources, a company supported by the European Raw Material Alliance and which holds the license to the Malmbjerg Project in eastern Greenland. According to the company,...

Mineral Resources

Autoliv tries to avoid disruptions caused by China rare earths

Autoliv, the largest manufacturer of airbags in the world, and seatbelts has set up a taskforce to combat China's You can restrict yourself to certain areas. The CEO of the company said that the group is focused on exporting rare earth magnets and doesn't expect a production halt in the next few weeks. CLEPA, the European association of auto suppliers, warned on Wednesday that more shutdowns could be expected due to the shortage of rare Earths caused by China’s export restrictions. Autoliv's factories are still operating, according to CEO Mikael Bratta in an interview at the group strategy update. When...

Mineral Resources

S&P reduces Volvo Cars' rating outlook citing US tariffs and competition in China

S&P lowered its outlook on Volvo Cars' BB+ rating to "negative" on Friday from "stable". The company said that the increased competition in China and the U.S. Tariffs were harming the growth prospects of the company. Last month, the Swedish automaker, owned by China's Geely in majority, retracted its earnings guidance. It also announced cost-cutting measures, including the layoff of 3,000 workers, mostly white-collar, due to a drop in demand. S&P stated in a press release that "the negative outlook for Volvo Cars reflects the company's large exposure to U.S. tariffs on imports, and its increasing marginalisation on the Chinese...

Mineral Resources

Volvo Cars will cut 3,000 jobs as part of a restructuring

Volvo Cars, based in Sweden, announced on Monday that it would cut 3,000 jobs - mostly white collar - as part of the restructuring announced last week. The company is struggling with high costs and a slowdown in demand for electric vehicles as well as uncertainty about trade tariffs. Volvo Cars is owned by China's Geely Holding and announced a program to cut costs by 18 billion Swedish crowns (US$1.9 billion). The company also warned that layoffs were inevitable. According to the earnings report, 43,500 employees worked full time for the automaker and 3,000 were employed by staffing agencies. Volvo...

Mineral Resources

Top EU exports most at risk from Trump's new duties

U.S. president Donald Trump threatened again on Friday to intensify his trade war. He recommended a 50% tariff for goods from the European Union starting on June 1, sending European stock prices crashing. Eurostat reports that the United States will be the bloc's largest export partner by 2024, accounting for 20,6% of all exports. According to data, the most important export group of the EU to the U.S. in 2024 was pharmaceuticals, followed by motor cars, aircrafts, and related equipment. Germany was the third largest exporter to the United States of the EU, with 161 billion euro worth of goods....

Mineral Resources

Greenland grants a Danish-French mining group permission to mine green rock in response to Trump's interest

Greenland handed a mining permit of 30 years to a Danish and French mining group on Wednesday. The group is aiming to mine a lunar-like rock which could provide a climate-friendly option in aluminum production. Since Donald Trump, the U.S. president, expressed interest in buying it in early this year, the Arctic island, rich in minerals and oil, as well as natural gas, has attracted international attention. Greenland Anorthosite Mining, which is developing an area in western Greenland, was granted the permit. The company has the backing of French investment group Jean Boulle Group, as well as state investment funds...

Mineral Resources

Sandvik, a Swedish company, aims to save $103 million annually

Sandvik, a Swedish manufacturer of metal-cutting equipment and mining equipment, said it aimed to save 1 billion Swedish crowns (about $103.3 million) annually by 2030. The company made the announcement in advance of its Investor Days on Tuesday. Sandvik said it will split its Manufacturing and Machining Solutions into two separate business areas and plan to implement restructuring measures within the Machining Business throughout 2025-2030 in order to improve its geographical footprint and increase its regionalisation. In 2024, Manufacturing and Machining Solutions will account for about 40% of Sandvik’s revenue. In recent quarters, it has been hit by a weak...