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Energy Markets

Fossil Fuels

Fossil Fuels

What are the major pressure points in the US-Venezuela relationship?

The United States and Venezuela have a stuffed current history marked by damaged diplomatic relations, sanctions and allegations of criminal activity and coupplotting. U.S. President Donald Trump - who during his very first term used a maximum pressure sanctions policy against President Nicolas Maduro - referred to Maduro as a totalitarian throughout the 2024 U.S. campaign. The administration of former U.S. president Joe Biden reinstated broad oil sanctions in April after it stated Maduro failed to keep guarantees for a totally free election. It likewise imposed targeted sanctions on lots of authorities and increased rewards for the capture or conviction...

Power Markets

Spain's production rates rise 2.3% in 2024 from a decline in 2023

Energy costs lifted Spanish production rates in 2024 following a contraction in the previous year, the National Statistics Institute (INE) said on Friday. Production rates increased 2.3% last year after a 6.3%. decrease in the previous year, when energy rates fell from a. peak in 2022 triggered by the war in Ukraine, INE stated in its. regular monthly report. Rates of oil, gas and electrical power increased 7.5% in Spain in. 2024 after contracting by 20.6% in 2023, INE stated. Following chaos on energy markets in 2021 and 2022. triggered by the COVID pandemic and then the start of the...

Fossil Fuels

Brazil's Petrobras to present deal to Unigel to resume control of leased fertilizer plants, sources state

Brazil's staterun oil company Petrobras is near a deal that would permit it to resume management of 2 fertilizer plants in the northeast of the nation that had actually been leased to chemical firm Unigel, two sources with knowledge of settlements told Reuters. Under the brand-new arrangement, Petrobras would manage the plants, while Unigel would be worked with to run them and offer maintenance for 5 years, stated the sources. It was not immediately clear just how much Petrobras would spend for the services. Unigel has actually already agreed to the deal, but Petrobras' management is awaiting a report by...

Electric Utilities

Spanish federal government extends energy windfall tax by decree

The Spanish federal government has issued a decree extending a momentary tax on energy business into 2025, Prime Minister Pedro Sanchez stated on Monday, after lawmakers voted last week to eliminate the levy. The decree participates in force on Jan. 1, but it will need to be validated by parliament within one month in order to stay valid throughout next year as the minority federal government means - which may prove hard to attain as its partners to the left and right are at chances on the concern. Sanchez said that with the extension, Madrid was supporting the commitments made...

Electric Utilities

Spain's Grenergy shares jump after $962 mln Chile assets sale to KKR

Shares in Grenergy leapt as much as 28% on Wednesday early morning after the Spanish renewable energy company struck an offer to sell a possession portfolio in Chile to ContourGlobal, a KKR company, for an enterprise value of $962 million. The sale will lower take advantage of, unlock worth that the marketplace was not acknowledging and free up capital to speed up the investment plan, analyst Eduardo Inmedio from brokerage Renta 4 said in a note to financiers. Grenergy shares were up 19% in mid-morning trade, partially recuperating from a 28% decline since early November when the business reported a...

Fossil Fuels

Stellantis, China's CATL to invest $4.33 bln in EV battery factory in Spain

Stellantis and Chinese battery maker CATL will invest 4.1 billion euros ($ 4.33 billion) in a factory making electrical vehicle batteries in Zaragoza in northern Spain, they said in a. declaration on Tuesday. They have set up a 50-50 joint venture for the job and. expect to start production by the end of 2026. The capability at the plant might reach 50 gigawatt hours,. depending upon the advancement of the market for electric lorries. in Europe and on assistance from European and Spanish authorities,. they said. The endeavor would bring innovative battery production to a. producing website that is currently...

Electric Utilities

Scottish Power welcomes Grangemouth, ISG employees to use

Iberdrola's Scottish Power stated it is seeking 1,000 recruits next year and has urged workers facing redundancy at the Scottish Grangemouth oil refinery and British construction company ISG to get functions. Britain increased the ambition of its climate targets at last month's annual U.N. climate talks and said it is aiming to produce thousands of green tasks through financial investments in innovation to curb emissions. Glasgow headquartered Scottish Power is investing 24 billion pounds ($ 30.50 billion) in between 2024 and 2028 in power infrastructure required to help Britain satisfy its environment goals. Employees at both Ineos (Grangemouth) and ISG...

Oil & Gas

Brazil's federal government and banks in speak to take Novonor's Braskem stake, sources say

Brazil's federal government and numerous of its biggest industrial banks are dealing with a strategy to speed the divestment of engineering group Novonor's majority stake in Braskem, Latin America's biggest petrochemical company, according to six individuals acquainted with the talks. Novonor, which altered its name from Odebrecht after a major graft scandal almost a decade ago, has been checking out a sale for years but stopped working repeatedly to get a deal throughout the line. The group has actually been under pressure to disinvest because, at the height of the Car Wash corruption scandal, it installed its Braskem shares as...

Fossil Fuels

EDP's profit rises 14% to beat estimates, helped by rainfall, Brazil

Portugal's largest energy EDP published on Thursday a strongerthanexpected 14% increase in ninemonth net combined revenue, benefiting from strong rains in Iberia and additional earnings from its Brazilian unit after a complete takeover. EDP????? stole a net 1.08 billion euros ($ 1.17 billion),. beating the typical experts' forecast of 993 million euros in. an LSEG poll, despite smaller sized capital gains. Earnings reported on Wednesday by its subsidiary EDP. Renovaveis, the world's fourth-largest wind energy. manufacturer, fell 53% to 210 million euros. EDP ???? said it scheduled 179 million euros in consolidated. capital gains from the sale of stakes in...

Oil & Gas

US sides with Argentina in conflict over $16 billion YPF judgment

The U.S. federal government sided with Argentina in urging a federal judge not to force the cashstrapped nation to quit its 51% stake in oil and gas business YPF to partially satisfy a $16.1 billion court judgment. In a Wednesday night letter, called a declaration of interest, to U.S. District Judge Loretta Preska in Manhattan, the Department of Justice said it has actually long argued that U.S. courts can not order the seizure of foreign sovereign home situated outside the United States. It also stated it would break sovereign immunity to need Argentina to turn over the shares to 2...

Oil & Gas Refining

United States sides with Argentina in conflict over $16 billion YPF judgment

The U.S. government sided with Argentina in prompting a federal judge not to require the cashstrapped country to quit its 51% stake in oil and gas company YPF to partially please a $16.1 billion court judgment. In a Wednesday night letter to U.S. District Judge Loretta Preska in Manhattan, the Department of Justice stated it has long argued that U.S. courts can not order the seizure of foreign sovereign property located outside the United States. It likewise stated it would break sovereign immunity to need Argentina to turn over the shares to two financiers represented by litigation funder Burford Capital,...

Electric Utilities

Wind energy company EDPR's nine-month profit halves but beats price quotes

EDP Renovaveis, the world's No. 4 wind energy manufacturer, booked a 53% slide in ninemonth profit on Wednesday due to fewer capital gains, though the outcome can be found in ahead of expectations. Net revenue tumbled to 210 million euros ($ 225 million),. above the LSEG agreement quote of 197 million euros. That. consisted of a charge of 65 million euros on jobs in Colombia. EDPR, which is majority owned by Portugal's largest energy. EDP, logged 179 million euros in capital gains from the. sale of stakes in 2 wind tasks and a solar farm - part of. its technique...

Environment

Environment

Netherlands bought by court to slash nitrogen emissions by 2030

A Dutch court bought the government on Wednesday to dramatically cut nitrogen emissions in the Netherlands by 2030, in a judgment that might hurt building and will pressure farmers to decrease livestock. The case was brought by Greenpeace, which said the federal government was refraining from doing enough to lower unlawfully high levels of nitrogen oxide emissions brought on by intensive farming and heavy use of fertilizers, in addition to traffic and building and construction in the densely-populated Netherlands. The court in The Hague said the federal government had clearly failed to abide by European policies to maintain susceptible nature...

Carbon Emissions

Brazil startup partners with agro company to reforest abject Amazon land

Private equitybacked reforestation startup re.green has actually signed a collaboration with Agro Penido to restore 600 hectares (1,482 acres) of land owned by the Brazilian agribusiness company with native species from the Amazon rain forest, it said on Monday. Their partnership is the current deal for the nascent reforestation service in Brazil, home to most of the world's. largest jungle and host of the COP30 U.N. climate summit. this year in the Amazonian city of Belem. Regional start-ups consisting of re.green, AXA-backed. Mombak and Biomas - a firm developed by Suzano,. Santander, Vale, Marfrig,. Rabobank and Itau - have been...

Environment

CORRECTED-Tennis-Sabalenka shines after rain stops play in Melbourne

Aryna Sabalenka opened her bid for a third straight Australian Open title with a 63 62 victory over Sloane Stephens on Sunday after rain had actually gotten rid of a great piece of play on the opening day at Melbourne Park. The front runner did not have it all her own way against the 2017 U.S. Open champ however concluded the win in little bit more than an hour on Rod Laver Arena, one of 3 courts where play continued under closed roofing systems during the deluge. Olympic champion Zheng Qinwen, who lost to Sabalenka in last year's last, reached...

Mining

Mineral Resources

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,...

Mineral Resources

Spain's Celsa offers British and Norwegian steel mills to Sev.en GI

Spanish steelmaker Celsa has sold its mills in Britain and Norway to Se.ven GI, the Czech mutual fund said on Thursday, validating an earlier report on news site El Confidencial. A spokesperson for Se.ven GI, owned by billionaire Pavel Tykac, decreased to state just how much the fund had actually spent for the assets after El Confidencial, citing market sources, said the cost tag was 600 million euros ($ 632.10 million). Celsa, Spain's biggest privately owned industrial group, has been working on offering its foreign possessions considering that February under a restructuring strategy. However, its Polish system, its biggest foreign...

Mineral Resources

Europe's STOXX 600 flat in unstable trading; realty weighs

Europe's main stock index closed flat after an unstable session on Wednesday as investors remained on edge over geopolitical tensions between Ukraine and Russia which continued to cast a shadow over the markets. The pan-European STOXX 600 held its ground at 500.53 points. It declined for a fourth straight session - logging its longest losing streak in over 2 months. It touched a three-month short on Tuesday in the middle of an investor rush to safe-haven assets. Ukraine fired a volley of British Storm Shadow cruise rockets into Russia on Wednesday, a day after it fired U.S. ATACMS rockets upon...

Mineral Resources

China's Chery to delay Barcelona production start to Q4 2025, Spanish partner states

Chinese carmaker Chery will postpone the start of car production in Spain to the fourth quarter of 2025, an executive at its Spanish partner Ebro said on Thursday, about a year behind a previous schedule. In September, Ebro already said Chery would delay production at its Barcelona plant, its very first in Europe, till near year from late this year without giving a more exact time. The project has not been cancelled. There has actually simply been a. readjustment, Ebro's chief executive, Pedro Calef, said in an. interview at the plant. We have reasons to think we will have a...

Mineral Resources

India's April-Sept steel imports led by China, govt data programs

India's imports of steel over the period from April to September were led by shipments from China, according to provisional government information evaluated by Reuters on Friday, and the South Asian country stayed an internet importer of the alloy. The world's second-biggest manufacturer of unrefined steel imported 4.7 million metric lots of the ended up metal from April to September, up 42.2% from a year ago, the information revealed. China exported 1.4 million metric lots of steel to India throughout the duration, up 36.7% from a year back. Hot-rolled coil was India's most significant import, comprising 44% of general completed...

Mineral Resources

Steelmaker Acerinox expects weak need to persist into 4th quarter

Spanish steelmaker Acerinox posted a sharp drop in thirdquarter net revenue on Tuesday as a. outcome of a weak stainless steel market in Europe and North. America that it said will likely continue through the fourth. quarter. Its shares fell 4.1% by 0844 GMT, making them amongst the. greatest losers in Spain's blue-chip IBEX 35 index. Net profit dropped 32% to 48 million euros ($ 52 million). on profits down 16% to 1.31 billion euros. Earnings fell regardless of a. 21% increase in output as operations resumed at its steel mill in. Cadiz in southern Spain after a five-month strike....

Mineral Resources

Spanish steel maker Sidenor reveals tender offer for Talgo shares

Spanish steel maker Sidenor sent out a letter stating it was considering a tender offer for part or all the shares of train maker Talgo, the latter said late on Wednesday in a filing to the stock exchange regulator. Talgo did not say whether Sidenor divulged the stake it intends to buy or at what rate. Independently owned Sidenor is headquartered in the Basque Nation and runs numerous steel mills in northern Spain. Sidenor's move comes two months after Hungarian consortium Ganz-Mavag last month withdrew a previous tender offer for the Spanish train maker following the Spanish government's veto on...

Mineral Resources

Volkswagen's CUPRA 'at danger' from prepared EU tariffs, says brand name CEO

An electric vehicle made in China and created in Spain by Volkswagen's CUPRA brand name would be wiped out if the European Commission followed through with planned import tariffs of 21.3% on the automobile, the brand's CEO informed Reuters. Raising the price of the Tavascan, an all-electric SUV selling for around 52,000 euros ($ 57,500), to cover the expenses was not an alternative in the existing European financial environment, said Wayne Griffiths, who heads up the SEAT and CUPRA brand names under Volkswagen's SEAT S.A. subsidiary. Nor was moving production to another place after the company had currently purchased developing...