Latest News
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GL Group acquires US oil and gas assets for the first time in Azerbaijan
Azerbaijani energy company GL Group has purchased oil and gas assets in Texas. The company is now the full operator of the four fields. This was the first deal like this for the former Soviet nation. More than 200 wells are included in the assets located near Midland, Permian basin. GL Group headed by Asif Zeynalov did not reveal the value of the transaction,?the reserves or current production. The company stated that the transaction made them 'the first Azerbaijani firm to own and operate upstream oil and gas assets within the United States. The acquisition is part GL Group’s strategy to expand upstream business beyond Azerbaijan. The group's first international investment was made in 2024 when it acquired a 25% stake of Gazelle Energy Limited in Canada, which has a?gas licence in Turkey's Thrace?Basin. The GL Group operates five oil and natural gas fields in Azerbaijan via Salyan Oil Limited?and Taghiyev Operating Company. Separately GL 'Group announced that it had signed a 5-year service agreement with U.S. oilfield services company Baker Hughes. Both companies stated that the agreement covered?operational assistance, technical expertise, and access to oil & gas technologies. (Reporting and editing by Emelia Sithole Matarise; Nailia Bagirova)
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NextEra CEO: We have secured full ownership of the Iowa nuclear plant that is being restarted to power Google data centers.
NextEra Energy CEO John Ketchum announced on Friday that the company has acquired sole ownership of a closed 'nuclear?power?plant? in Iowa, which is being restarted to supply Google data centres. NextEra has acquired the remaining 30% of a minority stake in a Duane Arnold Nuclear Power Plant from two rural utilities. This acquisition took place roughly nine months after NextEra announced its intention to resume operations at the plant. The soaring demand for?electricity in the United States -- fueled by Big Tech's expansion of data centers -- has led to multiple attempts to restart closed nuclear reactors across the country. Constellation Energy, a nuclear power 'plant in Pennsylvania, is re-starting with the help of a Microsoft power purchase agreement. No fully closed reactor has yet been resurrected to produce commercial electricity. Ketchum said on a conference call with investors that his company is on track to produce electricity from the plant by early 2020.
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Freeport LNG will take more natgas Friday, after the unit closed on Thursday. LSEG data
Freeport LNG’s export plant in Texas 'was on track to receive more 'natural gas?on Friday, after one of the three?liquefaction?trains shut -down?on Thursday. Freeport's liquefied gas export plant is closely watched around the globe because its shutdown and restart caused huge price swings on global gas markets. U.S. Gas prices tend to rise when Freeport's liquefaction trains restart. This is because demand for fuel at the plant increases. This is what has happened on Friday so far with?U.S. Gas futures are up by?around 1 percent due to increased feedgas for Freeport. Freeport informed Texas environmental regulators that Train 1 had shut down on Thursday because of a problem with a compression system. LSEG data indicated that the gas flow?to Freeport was on track to increase to 1.3 billion cubic feet per day (bcfd), up from 0.9 bcfd, on Friday. Freeport has been pulling in an average of 1.0 bcfd since July 10 during the maintenance work that is expected to last until late August. Freeport's three liquefaction trains are capable of converting about 2.4 billion cubic feet per day of gas to LNG. A?billion cubic foot of?gas can supply about 5 million U.S. households for one day. (Reporting from Anjana Anil, Bengaluru; and Scott DiSavino, New York. Editing by Nick Zieminski & Nie Williams.)
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Suicide bombing in Pakistan kills 15, including 12 soldiers, army says
The military reported that Islamist militants drove an explosive-laden car into a Pakistani checkpoint in the northwest of Pakistan, killing 15 people. The post was jointly manned by military and police. It was attacked overnight between Thursday and Friday, in the Tank District near the Afghan border. This area has been home to islamist militants for many years. In recent months, the level of militancy in northwest Pakistan has increased dramatically. According to the statement from the military, the army engaged the'militants' who, after failing to breach security at the checkpoint, drove the vehicle laden with explosives into its outer wall. According to a press release, local Taliban militants also known as Tehreek e-Taliban, Pakistan claimed responsibility for the attacks, claiming that four suicide bombers were involved. Since '2007, the Taliban has waged a war on the Pakistani government in an effort to overthrow it and replace it with their brand of strict Islamic rule. Islamabad claims that militants are using'safe havens' in Afghanistan to plan and train attacks in Pakistan. Kabul strongly denies this claim. Afghanistan claims that militancy is a problem in Pakistan. Reporting by Saud Mahsud for 'Dera Ismail, Pakistan and Mushtaq in Peshawar. Writing and editing by Asif Jamkhandikar and Shilpa jamkhandikar.
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EU wheat falls on reports of Ukraine shipping protection proposal
Euronext Wheat Futures dropped?more? than 6% after reports that Ukraine was looking at possible ways to keep vessels moving through its Big Odesa port. This raised hopes for Black Sea exports. The price of front-month milling wheat for September on Paris' Euronext fell?6% at 1320 GMT to EUR228.75 ($260.02), after falling as low as EUR226.25 per ton earlier. Chicago's most popular wheat contract was down 4% at the same time. ExpertGrain Media reported that under 'the proposal', shipowners would notify both Ukrainian authorities and Russian authorities prior to vessels calling at ports in either of the countries. Ships registered under participating flag states would be spared from being targeted. It said that China, India, and certain Arab countries were viewed as potential participants. Second, a temporary ceasefire window of two to three days would be created for vessels to enter and exit ports. I was unable to confirm this report immediately. ExpertGrain stated that no?formal agreement had been announced and details are still being negotiated. ($1 = 0.8797 euros) (Reporting by Sybille de La Hamaide, Editing by Louise Heavens)
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Tanker switches Asia voyage via Suez amid Houthi warnings, owner says
Torm, the owner of the Danish flagged oil products tanker Torm Innovation, announced on Friday that the vessel will be sailing to Asia via the Suez Canal with its cargo after Houthi threats against shipping in the southern Red Sea. Yemen's Houthis, who are aligned with Iran, declared a naval blockade on Saudi Arabia?on?Monday. This could open a new front in the Iran War against the U.S. and expand the threat of global energy and trade outside the Gulf. The vessel will sail via the Suez Canal and around Cape Town to Asia, due to the current security situation on the southern Red Sea. The cautious approach we take to the safety of our crew is our top priority, according to a spokesperson for?Torm. Torm has suspended transits in the southern Red Sea region since January 2024. "Only after careful case-by-case analysis did we have a few ships transiting this summer", said the spokesperson. We will continue to closely monitor the situation as it evolves. According to shipping and trade data, the?Torm Innovation?loaded a cargo of approximately 500,000 barrels naphtha in the Saudi port of Yanbu on the Red Sea, with Japan as its final destination. On Friday, the vessel was sailing northwards through the Red Sea with the Suez Canal listed as its destination. If the Bab el-Mandeb 'gateway' in the southern Red Sea that leads to the Gulf of Aden is not available, it will add 30 more days to the journey for critical fuel shipments from Asia to Asia. Closed Bab el-Mandeb is a major alternative for Saudi Arabia to the Strait?Hormuz and could increase fears about shortages. The Red Sea hasn't?fully recovered from the Houthi attacks off Yemen's coastline that began in November 2023, in solidarity with Palestinians during the Gaza War. The attacks by the?group on merchant ships ended only with the Gaza ceasefire in October last year. The Houthis have claimed responsibility for at least one Saudi oil tanker that was attacked off the southern Saudi Port of Jizan near Yemen. Suez Canal Authority figures show that the 'earlier Houthi attacks' on Red Sea shipping has caused volumes to drop by more than half since 2023. Last year, they reached their lowest level in at least fifty years. Reporting by Jonathan Saul, Ahmad Ghaddar and Helen Popper; Editing by Elly Hardcastle and Helen Popper
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Owner Torm claims that oil products tankers rerouted their voyage to Asia via Suez in response to Houthi warnings
The owner of the Danish flagged oil products tanker, Torm Innovation, announced on Friday that the vessel will sail to Asia via the Suez Canal with its cargo due to the current security situation in southern Red Sea. The Iran-aligned Houthis declared a naval blocade on 'Monday against Saudi Arabia, opening up a new front in the war between the United States and Iran. This could threaten global energy supplies and trade beyond the Gulf. The vessel will sail via the Suez Canal and around Cape Horn to Asia, due to the current security situation on the southern Red Sea. Torm's spokesperson stated that this reflects the 'prudent approach we take to crew safety which is?our top priority. According to shipping data, the tanker?loaded a cargo of naphtha? at the Saudi Red Sea Port of?Yanbu?, with Japan?as a destination. (Reporting and editing by Jonathan Saul, Ahmad Ghaddar)
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Poste Italiane to develop new 70 MW data centre in AI push
The head of Italy's largest financial conglomerate, Poste Italiane, said that the company plans to build a 70-megawatt data centre in northern Lombardy as part of a plan to create a large hub for running AI models on a massive scale. Poste's bid of 13 billion euros ($15,3?billion) for Telecom Italia comes at a time when European telecoms -groups are investing in AI infrastructure to support strategic industries such as healthcare and defence. Matteo Del Fante, the Chief Executive of Poste who already holds a 20% stake in TIM, told analysts that Poste has supported TIM's data centre projects including a 20 megawatt facility. Del Fante stated that the location, the power supplier, and the financing for the "larger project" had already been identified with the support of Italy's largest banks. Europe is lagging behind the United States when it comes to AI investment and infrastructure. Italy also faces a significant increase in energy costs compared to France and Spain. TIM, with 125 megawatts installed capacity in data centres, is one of the top three operators in Italy. The total installed capacity of?the country is only 15% that of Germany.
Boats beached on the Danube in Serbia and Croatia due to record-low water levels reveal old shipwrecks
The water of the Danube had receded several hundred meters in Novi Sad, Serbia. Barges were moored on the deeper parts of the river.
The Danube reached record lows in Croatia and Serbia this week, exposing hundreds square kilometers of sandbanks, after the prolonged heatwaves that affected waterways across Europe. Serbia's fuel exports for July fell to 25 percent of the monthly target, as low water levels on the Danube forced barges and tanks to operate at 30 to 40 percent of their cargo capacity.
Low?water levels on the Danube, Tisa, and Sava rivers, which are navigable, have also affected fisheries and tourism in Serbia. Experts warn of the long-term impact this will have on wildlife. Vladimir Stakic is the publisher of Serbia's Angling Magazine. He believes climate change to be at fault.
Stakic, who was standing on rocks at the bottom of the Sava River, Belgrade, said that the low water levels were due to the climate change-related lack of rain, and the increased temperatures.
In Croatia, low water levels uncovered a freighter that had sunk in 1937. Rusted hulks from a German river flotilla that was scuttled during World War II have emerged in eastern Serbia and are a danger to navigation.
A restaurant owner in Belgrade placed a set of chairs and a table on a pile?of rocks that appeared in the middle?of the river.
The hydrometeorological service of Serbia has predicted a slight rise in the Danube over the next few days, due to rains upstream.
(source: Reuters)