Latest News
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Titanic contractor Harland & Wolff to exit non-core businesses amidst financial obligation woes
Harland & & Wolff said on Monday it will either wind down or dispose of its noncore companies and lay off some employees as the British shipbuilder struggles to remain in service in the middle of a financial obligation crisis. The company, known for building the Titanic, did not define the number of jobs it was planning to cut, however stated it will minimize headcount in the non-core and particular main support locations. The firm's non-care operations consist of the Marine Providers company, the Scilly Ferries company, and the U.S. and Australian systems. The Belfast-based shipyard, which has actually struggled to maintain with competitors and is past due on its credit line, was turned down a 200 million pound ($ 263.94 million) credit center by the UK federal government in July. The firm sent its CEO on immediate leave in July. Its financing chief likewise stepped down recently. Trading of the business's shares has actually been suspended given that July, pending finalisation of its 2023 accounts on a going issue basis. The shipbuilder will keep its core operations running at its 4 shipyards and maintain its interest in the Islandmagee Gas Storage project.
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Taiwan's CPC Corp looks for Oct jet fuel, sources say
Taiwan's stateowned energy company CPC Corp is seeking to buy one area October jet fuel cargo, multiple trade sources said on Monday, marking its very first procurement tender for the fuel this year. The company is wishing to obtain 300,000 barrels of the air travel fuel for Oct. 1-20 shipment to either a couple of berths in Taiwan, they included. The tender closes on Sept. 18 and is valid till Sept. 20. CPC Corp obtained jet fuel in December 2023, for delivery in January this year, Reuters data revealed, adding that the refiner purchased two freights of 300,000 barrels last year. The buying is because of lower refinery production of the fuel due to an overhaul at one of its jet fuel and kerosene processing units in between now and October, one of the sources stated. Taiwan's other main refiner, Formosa Petrochemical Corp, is likewise shutting among its unrefined systems and other refining units for maintenance today.
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Low gas prices, LNG need in spotlight at Gastech conference
Top energy executives and ministers will meet in Houston this week for the yearly Gastech conference, with U.S. markets in focus as growing melted gas (LNG) exports help wean Europe off Russian gas and as Asia moves away from coal. The U.S., when an importer of LNG, has actually gone beyond Qatar as the world's top exporter, with brand-new innovation allowing America's. shale manufacturers to tap huge reserves. Both countries have. significant LNG expansion jobs underway, playing higher. value in international markets from Europe to Asia. The conference comes to the U.S. for the first time considering that. 2019 as the country has also become the world's greatest natural. gas producer. U.S. gas production grew 4% in 2015 to. 125 billion cubic feet per day (Bcf/d). Exports of the. super-cooled gas leapt 12% to 11.9 Bcf/d. Gastech expects to host some 50,000 guests from 125. countries, with sessions on everything from gas markets and. decarbonization to Expert system (AI) and energy. security. Surging supply has actually pressed U.S. gas prices to multi-decade lows this year, hampering producers but benefiting consumers and. LNG companies using record quantities of gas. By 2026, U.S. LNG exports should be double their 2024. levels, with annual feed gas requirements averaging 19.7 Bcf/d. in 2 years' time, stated Matthew Palmer, executive director at. S&P Global Product Insights. Gas prices will be significantly higher in. 2025 as new LNG export jobs boost demand, stated Jim Simpson,. CEO of energy research study company, East Daley Analytics. In the U.S., brand-new export capability development will support. Europe's dedication to divest away from Russian gas following. its intrusion of Ukraine, while using Asian buyers a greener. option for power generation. Venture Global, whose CEO, Mike Sabel will talk to. attendees about the function of LNG in Europe's energy supply mix,. is amongst those companies. The business's Plaquemines LNG export. center in Louisiana will have an export capability of as much as 20. million metric tonnes per year, and is expected to start. operations this year. The U.S. exported some 7.48 million metric lots of LNG in August , approximately 43% of which went to Asia, according to LSEG data. GAS MANUFACTURERS BID THEIR TIME U.S. shale gas companies are banking on brand-new LNG terminals to. boost their market and rates. Poor returns have actually forced some to. cut production this year. The next 9 months have more opportunity of being. over-supplied than under-supplied since the LNG projects do. not arrive in force up until late next year, stated the president of. Aegis Hedging, Matt Marshall. U.S. producers typically need Henry Hub natural gas. prices above $3 per million British thermals units (mmBtu) to. produce cash flow for more drilling, stated S&P Global's Palmer. Gas rates are currently around $2.33 per mmBtu and have only. traded above $3 a few times this year. Henry Center gas prices are expected to average $2.19 per. mmBtu this year, the U.S. Energy Info Administration. ( EIA) stated today in a regular monthly report, lowering its estimate. by 11 cents from the prior forecast. The general story here is that a manufacturer of natural. gas needs to not expect this market to turn outrageously bullish. with the turn of the year. It is going to require time and this. market is susceptible to lower costs actually until next summer season,. stated Aegis' Marshall. Significant U.S. manufacturers, consisting of Chesapeake and EQT. were preparing to reduce production and defer well. conclusions in the 2nd half of 2024 in August, after prices. sank nearly 40% over the two months prior. As those brand-new LNG projects come online and take in more shale. gas, costs are anticipated to enhance. The U.S. EIA is. forecasting an average Henry Hub cost of $3.14 next year. Our expectation is that as LNG exports increase, the. market will return to stability, moving Henry Hub into the. $ 3-4/ MMBtu variety that will support a boost in production,. said Marshall.
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Apollo signs $1 billion deal with BP for Trans Adriatic Gas Pipeline
The companies announced on Monday that Apollo Global Management had signed a deal worth $1 billion with British energy giant BP in order to finance its stakes in the Trans Adriatic Natural Gas Pipeline. The U.S. asset management company will become a noncontrolling shareholder of BP's unit, which holds a 20% stake Trans Adriatic Pipeline AG. The other shareholders with 20% each are Azerbaijani state energy company SOCAR and Italian Snam. Fluxys, based in Belgium, is also a shareholder. The Trans Adriatic Pipeline operates a natural-gas transportation infrastructure between the Greek border and Turkey, as well as Southern Italy. Trans Adriatic Pipeline AG, the last 880 kilometres of the Southern Gas Corridor Pipeline System, stretches 3,500 kilometres from the Caspian to Europe. The pipeline transports natural gases from the BP operated Shah Deniz field in Azerbaijan's Caspian Sea sector to European markets such as Greece and Italy. As part of BP's financial discipline, the proceeds of this deal will contribute to the $2-3 billion target for BP in 2024 of divestment proceeds and other proceeds. Leslie Mapondera said, "We're pleased to partner up with BP in an agreement that provides our investors with long term exposure to an industry leading infrastructure asset, with a stable and predictable cash flow profile. This will allow BP to achieve its objectives to retain control and execute on its capital-efficiency strategy." BP's share price rose 0.5%, to 406.10p at 0830 GMT. The transaction is expected to be completed in the fourth quarter, and BP will continue to control the unit after the deal has been closed. BP and Apollo also plan to explore additional investment opportunities. These include potential collaboration in gas and low carbon energy assets as well as infrastructure. The companies announced this in a joint statement. (Reporting and editing by Disha Mishra in Bengaluru, and Arunima Kumar in New York; Nivedita Bhattacharjee and Rashmi Aich at Eileen Soreng's office)
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Wall Street Journal - Sept 16
The following are the top stories in the Wall Street Journal. Reuters has actually not confirmed these stories and does not vouch for their precision. - Donald Trump was the target of a 2nd evident assassination effort Sunday when Trick Service agents opened fire on a gunman at his golf club in West Palm Beach, Florida, where the former U.S. president was playing golf just a couple of holes away. Trump was safe, and the suspect fled however was detained shortly later. - Air Canada and the union representing over 5,000 pilots reached a tentative four-year labor contract early Sunday, avoiding a strike at the country's greatest airline that threatened to disrupt domestic and cross-border travel. - Auckland International Airport stated it would seek to raise approximately 1.4 billion New Zealand dollars ($ 865.1 million). as it presses ahead with strategies to upgrade facilities developed some. 60 years back. - Emergency calls to 911 during Georgia's Apalachee High. School shooting rose so rapidly that some individuals needed to wait on. hold to speak with a dispatcher, newly launched records reveal.
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Brazil's Amazon drought interrupts homeowners' lives
Extreme droughts across Brazil's Amazon rain forest area are dramatically changing locals' lives as movement is hampered by recordlow levels on upper stretches of the Amazon River. In the town of Manacapuru, near state capital Manaus, the dry spell has affected navigation on the Solimoes River, which become the Amazon River just downstream and is a crucial lifeline for transporting all type of goods in and out of the town. Boats stranded on sandbanks have actually become a common sight, preventing the transportation of regional products such as fish, bananas, and cassava, along with interfering with the logistics for bringing in basic products like food and water from outdoors. We anchored the boat here, and it was stuck on dry land the next day. We had no chance to move it, said fisherman Josue Oliveira. Calling the situation important, fisherman Francisco da Silva noted that the water has currently begun to turn green, a sign it may quickly end up being risky to consume. We'll need to drink it anyhow, he said, including that getting products from other areas will no longer be possible with the river drying up. Absolutely nothing will make it through. According to the National Center for Tracking and Early Warning of Natural Disasters (Cemaden), the existing drought is the most intense and prevalent Brazil has actually experienced considering that records began in 1950. A weak rainy season in the north-central area has made the situation worse with rising atmospheric temperatures, and land-use changes that have changed forest areas with pastures. On Sunday, Brazil's Supreme Court licensed lifting spending limitations on wildfires and drought in the Amazon and Pantanal areas, as the nation faces the economic impacts of the climate events.
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NZ's Auckland Intl Airport to raise $861.8 million
New Zealand's Auckland International Airport stated on Monday it will carry out an equity raise of NZ$ 1.4 billion($ 861.8 million) for an organized capital investment program. The equity raise makes up an underwritten placement of NZ$ 1.2 billion and a non-underwritten retail offer to raise up to NZ$ 200 million, the business said. The positioning is at an issue of NZ$ 6.95 per share, representing a 7.8% discount to Auckland International Airport's. last closing rate of NZ$ 7.54 on Friday. The airline operator likewise signed an NZ$ 800 million. contract on Monday with Downer EDI's system, Hawkins. Limited, to manage the building and delivery of a new. domestic jet terminal structure. The terminal will bring domestic and international. services under one roofing. The agreement, which becomes part of a NZ$ 2.2 billion new. domestic terminal build, will develop around 2,500 tasks for the. country at peak, the company stated.
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Germany to increase Kazakh petroleum imports, sources say
Germany will indication two agreements to increase oil imports from Kazakhstan for Berlin's primary Schwedt oil refinery, sources informed Reuters on Sunday. German Chancellor Olaf Scholz will be in Kazakhstan and Uzbekistan on Monday and Tuesday, on his first see to Central Asia as Berlin looks for new markets and sources of energy and minerals in the wake of the Ukraine war. Under the contract, a regular monthly supply of 100,000 metric loads of petroleum will be secured up until completion of 2025, with a. 2nd agreement for the supply of as much as 50,000 heaps per month. The PCK Schwedt refinery has actually currently been buying. these extra quantities for 3 months, however they will now. be contractually fixed. Kazakh oil imports have actually kept the Schwedt refinery running. after a sharp drop in Russian oil materials following European. Union sanctions on Moscow for its February 2022 invasion of. Ukraine. Agents of the German subsidiary of Russia's Rosneft. , Rosneft Deutschland, which Berlin put under a. trusteeship last year, will sign the contract in the Kazakh. capital Astana. In 2023, Kazakhstan exported 8.5 million tons of oil to. Germany, accounting for 11.7% of Germany's total oil imports,. and up from around 6.5 million tons before the Ukraine war. That dive made Kazakhstan Germany's third-largest provider. after Norway and the United States, information from Germany's Federal. Stats Workplace showed.
Moscow takes control over properties of Western business
Kremlin has been taking possessions of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to claims over halted projects or blocked funds amidst Western sanctions.
Below is a list of the companies impacted up until now.
AGROTERRA
Russia took companies of farming group AgroTerra and put them under momentary management in April, including some backed by Dutch investment companies.
AMEDIA
Putin signed a decree moving Amedia's former assets to state management in September 2023, after the Norwegian publisher left control of its Russian printing houses to Russian journalist Dmitry Muratov in April 2022.
CARLSBERG
The Russian state took control of Danish beer company Carlsberg's stake in regional brewer Baltika Breweries in July 2023, putting it under short-lived management of the government property firm.
COMMERZBANK
A Russian court bought in June that Commerzbank assets worth 94.9 million euros ($ 105.4 million) be granted in damages to a pipeline company in northwest Russia.
Practically all of the properties involved had actually currently been seized by court order.
DANONE
The Russian state took control of the French yoghurt maker's. Russian subsidiary in July 2023 and brought it under momentary. control of the federal government home agency.
Putin removed it from temporary management in March, ahead. of a disposal of its Essential Dairy and Plant-based company in. Russia later that month.
DEUTSCHE BANK
A Russian court in May seized approximately 238.6 million euros. ($ 259.4 million) in securities, realty and savings account of. Deutsche Bank, together with its Russian subsidiary and Deutsche. Bank Innovation Center.
FORTUM
In April 2023, Putin signed a decree that established. control over Fortum's Russian system that runs power plants in. the country.
FRAPORT
Putin signed a decree in December 2023 to put St. Petersburg's Pulkovo Airport under the momentary management of a. Russian holding company, taking control from German airport. group Fraport, Qatar's sovereign wealth fund Qatar Financial investment. Authority and investors from other Gulf states.
JPMORGAN CHASE
JPMorgan Chase stated on May 2 that its possessions in Russia may. be seized after lawsuits in Russian and U.S. courts. It said the. worth of claims and orders to freeze properties surpassed its. offered assets in Russia.
A Russian court purchased in April the seizure of funds in. JPMorgan accounts after state-owned bank VTB sued to. regain its funds blocked abroad, while JPMorgan sued VTB in a. quote to block the effort.
LINDE
A Russian court ordered on Aug. 14 that properties of Linde's. British system worth some $1.15 billion be frozen in a conflict. over a gas processing plant.
OMV
Under decrees from December 2023, Austrian oil and gas. business OMV's stakes in the Yuzhno-Russkoye field and in the gas. extraction Achimov jobs are to go back to freshly developed. Russian business and sold to Gazovyye Tekhnologii. OMV's possessions will then be sold to joint stock business SOGAZ.
RAIFFEISEN
A Russian court froze the shares in Raiffeisen's local arm,. obstructing the sale of the Russian system, the Austrian bank said on. Sept. 5.
ROLF
On Feb. 21, a Russian court ordered that ownership of shares. in Rolf, an automobile dealership owned by a Cyprus-based company, be. turned over to the Russian state, Russian news firms. reported, after it was put under momentary state management. in December.
UNICREDIT
St Petersburg arbitration court bought in May that. UniCredit's assets, accounts and home, and shares in two. subsidiaries be taken as part of a lawsuit over an aborted gas. task including the Italian bank.
UniCredit said the seizure affected just a fraction of its. Russian system's properties, not the entire subsidiary.
UNIPER
The Kremlin on April 2023 took action against Unipro, the. Russian division of German utility Uniper that has 5 power. plants in Russia, presenting external management and a brand-new CEO.
WINTERSHALL DEA
Under decrees from December 2023, Wintershall Dea's stakes. in the Yuzhno-Russkoye field and in the Achimov tasks are to. revert to freshly developed Russian companies and offered for sale. to Gazovyye Tekhnologii, formalising the loss of control that. BASF and Wintershall Dea had actually flagged since January. 2023.
Wintershall Dea is a joint endeavor in between BASF and Russian. billionaire Mikhail Fridman's investment company LetterOne.
(source: Reuters)