Spain








Energy Markets

Fossil Fuels

Fossil Fuels

Portugal wants European regulators to lead Iberia's outage investigation

Portugal's acting energy minister said that it wants the European energy regulators, ACER, to conduct an independent investigation to determine the cause of the massive power outage which brought Spain and Portugal almost to a standstill in the last month. Maria da Graca Carvalho stated that Prime Minister Luis Montenegro wanted an independent investigation conducted by the European Agency for the Cooperation of Energy Regulators in order to supplement the technical report prepared by the European Network of Transmission System Operators ENTSO-E. Carvalho, in response to questions, said that "ACER is a suitable entity for coordinating any external evaluation process....

Fossil Fuels

Why Trump's Gulf trillions aren't as big as the headlines

Donald Trump, the U.S. president, concluded his Gulf tour Friday after securing what the White House claims is more than $2 trillion in combined deals for the U.S. It is not clear how that number was arrived at. A total of $700 billion is calculated by adding up all the deals that were announced. Deal inflation is common on major visits, even for a president who prides himself in being an expert at making deals. The trip included large orders for Boeing planes, contracts to purchase U.S. defense equipment, agreements on data and technology, and other contracts. Experts in finance...

Fossil Fuels

Enel and Masdar hold preliminary discussions on energy storage in Italy

Flavio Cataneo said that Enel is in preliminary discussions with Masdar, Abu Dhabi, about the possibility of developing energy storage in Italy. Cattaneo, speaking at a Milan business conference, said that the Italian and Emirati firms already have a partnership in Spain for a portfolio renewable energy assets. They are now exploring ways to expand their alliance into other countries. He stated that there was an understanding between Masdar and the company "to advance also in other geographical areas including Italy where they are interested and Masdar is very happy to be partners". It is important that Italy develops battery...

Fossil Fuels

China Minmetals unit bids for Australian miner to target global potash assets

Yankuang Energy, a coal miner owned by China Minmetals, announced on Monday that a unit of the state-owned company plans to invest $300m to purchase Australian potash miner Highfield Resources. The aim is to expand into potash projects across Canada and Spain. Highfield Resources announced in September that it would raise $220 from Yankuang Energy, among other parties. This deal would make the Chinese coal mining company its majority shareholder. If the agreement is completed, Qinghai Salt Lake Industry, owned by Minmetals, Yankuang and Highfield's largest shareholder EMR Capital would gain control of Highfield. Qinghai will also purchase Yankuang's Yancoal...

Fossil Fuels

Brazil's Unigel approves Petrobras deal on fertilizer plants

Petrobras confirmed a report from Friday that Brazilian chemical company Unigel had approved a Petrobras deal to settle legal disputes relating to two fertilizer factories in the northeastern Brazil. The agreement would allow Petrobras, the state-owned fertilizer company to resume operations at the two plants located in the states Sergipe and Bahia. This is part of President LuizInacio Lula Da Silva's efforts to reduce Brazil's dependence on imported fertilizer. Petrobras leased two nitrogen fertilizer facilities to Unigel under a 10-year contract in 2019. However, both plants have been closed since 2023. Unigel has cited unfeasible conditions for operating due to...

Fossil Fuels

Sources: Brazil's Unigel approves Petrobras' deal on fertilizer factories

Two sources familiar with this matter say that the board of directors at Brazilian chemical company Unigel approved on Friday a deal proposed to them by Petrobras in order to settle legal disputes relating fertilizer plants located in the northeastern part of Brazil. The agreement would allow Petrobras, the state-run fertilizer company to resume operations at the two plants located in the states Sergipe and Bahia. This is part of President LuizInacio Lula Da Silva's efforts to reduce Brazil's dependence on imported fertilizer. Petrobras leased two nitrogen fertilizer facilities to Unigel under a 10-year contract in 2019. However, both plants...

Environment

Spain's LNG imports to the US are on the rise, representing 35% of total gas supply

Data released on Friday showed that imports of US LNG accounted for 35% of Spain’s total gas imports during the first four month of this year, up from just under 20% one year earlier. Meanwhile, imports of Russian Liquefied Natural Gas (LNG) declined. Since the Russian invasion of Ukraine, Europe has imported more superchilled gas from the U.S. According to Enagas, the Spanish gas grid operator, in the first four month of this year, Spain imported 45,932 GWh of gas equivalent from the U.S. This compares with 24,885GWh one year ago. The U.S. is now the primary gas supplier for...

Fossil Fuels

Financial Times - May 6

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines US coal producer Peadbody has threatened to end deal with Anglo American Eutelsat names a new CEO as Starlink's rival in Europe seeks funding Credit Suisse will pay $511 Million for helping wealthy Americans to hide over $4 Billion Santander earns 7 billion Euros from Poland sales View the full article Peabody Energy has said that if it is not satisfied with the resolution of issues surrounding Anglo American's Moranbah North Mine, then...

Fossil Fuels

MORNING BID EUROPE - Bright signs from Beijing and bad omens for Apple

Ankur Banerjee gives us a look at what the future holds for European and global markets The possibility of a de-escalation in trade tensions between Beijing, Washington and other countries provided a boost to the markets on Friday. It boosted risk sentiment and lifted stocks worldwide just as Apple's earnings reminded investors of the true cost of a trade war. China's Commerce Ministry stated that Beijing is "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145% and that Beijing's doors are open for discussion. China also said that Washington should show "sincerity in negotiations" and be...

Fossil Fuels

Elche's stadium cleanup act bans sunflower seeds snacks

Elche, a Spanish club, has decided to break tradition and ban the sale and consumption sunflower seeds on their own ground. Cleaning up the shells that fans spit led to higher costs and unhygienic situations. Elche plays its home matches at the 31 388-capacity Estadio Martinez Valero, but the popular Spanish snack known as 'pipas" will no longer available to match-going fans. Elche has described the recent "structural problems" that have resulted from eating sunflower seeds. Elche stated in a press release that "the shells clog pipes and drains, they degrade the seats and damage the paint and finishes on...

Fossil Fuels

Companies count the costs of blackouts in Spain and Portugal

Business associations and companies started counting the costs as factories, hotels, and stores in Spain and Portugal slowly returned to normal after the massive blackout of the previous day. CEOE, the main Spanish business lobby, estimated that the outage could shave off 1.6 billion euro ($1.82 billion) or 0.1% of gross domestic product. They noted it would take a week or longer for oil refineries to fully resume their operations, and some industrial ovens were damaged. The meat industry estimates losses up to 190 millions of euros due to the loss of power in fridges, among other things. In some...

Oil & Gas

Petrobras Board approves agreement with Unigel for fertilizer plants

Petrobras, the state-run Brazilian oil company, said that its board of directors had authorized it to sign a settlement agreement with Unigel Chemical Company to settle a legal dispute over two fertilizer factories in northeastern Brazil. Petrobras stated in a filing of securities that the agreement would restore Petrobras ownership over two fertilizer factories located in Sergipe state and Bahia state. Petrobras announced that the plants would resume operations after a process of bidding to contract for services to operate and to maintain them. The deal, however, still needs to be approved internally within Unigel, and it must also meet...

Electric Utilities

Electric Utilities

Enel's Italian shareholders have approved up to 3.5 billion euros in investor rewards

Enel, Italy's largest utility, approved on Thursday a plan for a share buyback and the option to cancel shares acquired without reducing capital. This allows Enel to reward its investors more. The board was given the authority to buy back up to 500,000,000 shares at a maximum cost of 3.5 billion Euros ($3.95 billion). Enel’s board will now decide when and how much to spend on the first tranche. Financial analysts say the utility controlled by the government could spend up to 1 billion euros on the first tranche of buybacks, in an effort to increase the value. Share buyback...

Power Markets

Spain's grid denies that solar is to blame as a blackout blame game explodes

Spain's grid operator denied Wednesday that solar power was responsible for the country's biggest blackout. Prime Minister Pedro Sanchez, however, came under increasing pressure from his critics to explain what went awry. After a power failure that caused trains to stop, airports to close, and people trapped in lifts, Sanchez’s opponents blamed low investments in a system which increasingly relies upon intermittent solar and wind energy. Sanchez announced an investigation by the government and stated that he wanted answers from private companies who feed electricity into the grid. He said that he had not ruled out the possibility of a...

Electric Utilities

RWE is facing growing criticism from investors as the returns on renewable energy are declining

RWE's shareholders will increase the pressure on Germany’s top power company on Wednesday. They'll demand bolder measures to close a gap in valuation with competitors, including larger share buybacks or even a special distribution. The German utility is also the second largest developer of offshore wind farm in the world. It has come under increasing criticism for its capital allocation policy, most notably by activist investor Elliott. The U.S. investor disclosed last month a stake worth around 1.28 billion euro ($1.46 billion) and urged the group to increase its existing share buyback program by up to 1.5 billion euro. RWE...

Mining

Mineral Resources

Mineral Resources

Euronext rebrands ESG to aid European defense firms

Euronext, the European exchange operator, announced on Tuesday a number of measures designed to encourage investment in the defence industry. These include helping companies list their shares on stock markets or launch new bonds more quickly. The move comes after a push by the Trump administration to reduce the reliance on U.S. weapons and increase investment in the sector. Stephane Boujnah, CEO and Chairman of Euronext, said that the company was responding to "a new geopolitical system" by renaming ESG, which is an acronym for Environmental, Social and Government-driven investments, as Energy, Security and Geostrategy. Euronext released a statement saying...

Mineral Resources

Source: Stellantis and Leapmotor prefer Spain for the production of B10 EV

The Chinese embassy in Spain reported that Stellantis, its Chinese partner Leapmotor and their Spanish plant plan to invest $200 million in the factory. A person with direct information on the matter had said Spain would be the best place for producing the B10 electric cross-over car for the European market starting in 2026. Both companies are looking for a location in Europe where they can produce the model that made its debut in Europe in September. Stellantis factories in Germany or Slovakia were also under consideration. The Chinese embassy stated that the factory in Zaragoza is where they intend...

Mineral Resources

Source: Stellantis and Leapmotor prefer Spain for the production of B10 EV

A person with first-hand knowledge of the situation said that Stellantis, along with its Chinese partner Leapmotor, considers Spain to be the best candidate for producing the B10 electric cross over on the European market starting in 2026. Both companies are looking for a location in Europe where they can produce the model that made its debut in Europe in September. Stellantis factories in Germany or Slovakia were also under consideration. The person who refused to be identified said that both firms have increased their efforts to procure more components from Spanish suppliers to qualify for government subsidies at the...

Mineral Resources

India's April to January finished steel imports from S. Korea, China and Japan reached record high

According to preliminary government data, seen on Tuesday, India's finished-steel imports from China and South Korea, as well as Japan, reached a record in the first ten months of this financial year. India, which is the second largest crude steel producer in the world, reported that it was a net steel importer and shipped record amounts of finished steel between April and January. The data revealed that South Korea imported 2.4 million tons of finished steel, an increase of 11.7% over the previous year. South Korea was India's largest exporter of this alloy during that period. The total amount of...

Mineral Resources

Wall Street prepares for possible fallout when Trump tariffs against Canada and Mexico are near

The Trump administration has delayed the implementation of new tariffs against Mexico and Canada for a month. The reprieve will end on Tuesday. The U.S. Commerce secretary Howard Lutnick confirmed that the tariffs against Canada and Mexico will take effect on February 2. Donald Trump, however, will decide if the proposed tariff rate of 25% is maintained. Canada exports mainly crude oil, other energy products and cars and car components as part of North American auto manufacturing chains. Mexico exports a variety of goods from the auto and industrial sectors. What top brokerages say about the impact of tariffs on...

Mineral Resources

Europe stocks continue record run on defence sector boost

The European share market reached a new high on Tuesday, as defence stocks rose on the prospect of higher military spending in the area. However, a Capgemini led drop in IT shares capped the gains. The STOXX 600 pan-European index rose by 0.2%, to a new record of 555.42. The aerospace and defense index jumped 1%. After European Commission President Ursula von der Leyen announced that the Commission would propose an exemption for defense spending from EU budget limits, the sector grew by 4.6% Monday. This is its largest one-day increase since Russia invaded Ukraine, in February 2022. Defense stocks...

Mineral Resources

Take Five: the big Trump tariff countdown

The deadline for President Donald Trump to impose tariffs is fast approaching, while the U.S. releases data on jobs and the markets gauge the new AI landscape before major tech companies report. Bank of England is deciding on interest rates, and lenders across Europe are also publishing their results. Kevin Buckland, Saqib Ahmad, Lewis Krauskopf, and Amanda Cooper, in London, provide a guide to global markets for the coming week. 1/T DAY Everyone wants to know the severity of Trump's tariffs. From currency traders and bond investors to Fed officials and other foreign powers. Trump's promise to impose 25% tariffs...

Mineral Resources

European carmakers stocks fall after Trump's inauguration

Shares in some big European carmakers fell sharply on Tuesday on unpredictability over possible new tariffs after Donald Trump took office as U.S. President. Trump did not right away enforce tariffs as previously assured however stated he was thinking about enforcing 25% tasks on imports from Canada and Mexico on Feb. 1 over prohibited immigrants and fentanyl crossing into the United States. European carmakers such as Stellantis and Volkswagen have centers in Mexico which produce cars and trucks for the U.S. market. Stellantis shares fell around 2% by 0813 GMT, while the broader European vehicle sector was down around 1%,...

Mineral Resources

Venezuela AG requests Interpol red notice for opposition's Leopoldo Lopez

Venezuela attorney general of the United States Tarek Saab said on Monday his office has actually asked for an arrest warrant and Interpol red notification versus opposition figure Leopoldo Lopez, who spent years in detention in Venezuela and has actually lived in Spain given that 2020. Lopez has actually slammed the federal government in current days amidst opposition protests to President Nicolas Maduro's third inauguration. Lopez stated on X on Saturday that a proposal from former Colombian President Alvaro Uribe that military intervention was required in Venezuela ought to be seriously. considered. Maduro was sworn in for another six-year term...

Mineral Resources

STOXX 600 muted ahead of inflation data, eyes very first monthly gain in 3

Europe's STOXX 600 opened on a soft note on the final day of an unstable week, with financiers assessing France's political uncertainty and awaiting euro zone inflation data to see if a larger European Reserve bank rate cut is on the cards for December. The pan-European main stock index was flat at 0815 GMT, bracing for its 5th weekly decline in six. The index was still on track for a modest month-to-month gain in three, even though the possibility of Europe being a U.S. tariff target and France's political problems have actually dampened investor belief towards the bloc, to name...

Oil & Gas

McEwen Copper seeks $2.5 bln for Argentina copper mine Los Azules

Canada's McEwen Copper is hunting for financiers to raise $2.5 billion to move on with building of Los Azules copper mine in Argentina, company Vice President Michael Meding stated in an interview. McEwen Copper, part of McEwen Mining, is among numerous international companies seeking to draw out copper in the mountains of northern Argentina, an area mostly untapped for the product due to the nation's hard capital controls and volatile economy. A reward program under President Javier Milei is now spurring activity, including from significant gamers such as miner BHP, after the nation's only copper mine closed in 2018. Los...

Mineral Resources

Heidelberg Products buys US firm Giant Cement for $600 mln

Heidelberg Materials has actually struck an offer to buy U.S. business Giant Cement Holding and its subsidiaries for $600 million, it said on Thursday, the current acquisition by the German company to expand its grip in the United States. The deal, to be finished in the first quarter of 2025, is expected to contribute around $60 million in incomes before interest, taxes, devaluation and amortisation (EBITDA). in the first year of operation, before significant additional. synergies, Heidelberg stated in a declaration. The acquisition ... will even more enhance our cement. footprint in the growing Southeastern U.S. and New England. markets,...