Latest News
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Minister: Russia's budget for 2025 does not include any Gazprom dividend.
The budget plan for Russia does not include a dividend from state-owned energy company Gazprom this year, said Finance Minister Anton Siluanov to reporters on Wednesday. Gazprom’s directors convene usually in the second half May to recommend dividends ahead of a shareholders meeting in June. If confirmed, the absence of a Gazprom dividend will only add to the difficulties of the government. It owns just a little over half of its share capital, at a moment when it faces falling oil and gas revenue, high inflation and military expenditure, as well as a budgetary deficit. Siluanov said that the budget for 2025 does not include any dividends from Gazprom. Gazprom announced a net income of $14,8 billion for 2024. This is a recovery from a loss in 2023 of nearly $7 billion and raises hopes that dividend payments will resume. Gazprom's own dividend policy, approved in 2019, states that 50% of adjusted net profits should be allocated to dividends. The company paid out 297.1 roubles as dividends for 2020, which is a record. More than half of the amount was paid to the state. Gazprom only paid an interim dividend once since the beginning of the so-called special military operation by Moscow in Ukraine, in February 2022. This was in the autumn of the same year, due to the high gas prices that were in Europe. Gazprom has not paid out its results for 2021, abandoning a dividend annually for the first since 1998 due to high taxes and spending. The company, which made a loss of $7 billion last year - its biggest in a quarter century - due to a huge drop in gas exports into Europe, also left investors and state with nothing. Reporting by Darya Corsunskaya, Gleb Bryanski and Oksana Kobieva; Additional reporting by Vladimir Soldatkin; Editing by Andrew Osborn
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Constellation is focusing on grid-connected AI power projects
Constellation Energy has shifted its focus to data centers that are connected to the U.S. grid, moving away from its previous focus on powering giant server warehouses from their power plants. Big Tech's race for huge amounts of energy to fuel its artificial-intelligence expansion has led to a new type of deal with power companies. These include so-called "co-located" arrangements, which link AI data centres directly to nuclear reactors, rather than waiting in line to be connected to the grid. Co-located data centre projects have been criticized by regulators for the possibility of higher power bills and grid stability impacts caused when electricity is diverted from the grid to single customers such as data centers. Constellation CEO Joseph Dominguez stated on a call with investors that "on-grid sales have become increasingly attractive for us and our customers." I do want to be clear that we believe that behind the meter configurations make sense for certain customers. The Federal Energy Regulatory Commission, after ruling against a proposed Amazon expansion connected to a Talen Energy nucleus site, is now considering new rules around co-located projects. Constellation, the largest nuclear power plant operator, said in FERC documents that it was looking at co-located and off-the grid data center projects on several of its nuclear reactors sites.
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Nigeria's Renaissance stops oil production via pipeline after spill
The independent oil company said that after a spill in Rivers State, Nigeria's Renaissance Africa Energy Co. Ltd halted oil deliveries via its Okordia - Rumuekpe oil pipeline. According to Youths and Environmental Advocacy Centre Nigeria (YEAC), the pipeline that transports crude to Rumuekpe for export via Bonny's terminal experienced a spillage in the Ikata Community in Ahoada East District of the State in the early morning hours of Monday. The spill was first detected by the environmental group's network of volunteers. A spokesperson for Renaissance, the owner of the former Shell onshore subsidiary that operates the pipeline, said the company had halted the production and taken steps to minimize any potential environmental damage. While Renaissance has not disclosed the cause or extent of the spillage, YEAC Nigeria said that it was most likely caused by third-party interference with crude oil spreading in the surrounding environment. Renaissance has informed government regulators, and is currently coordinating an investigation with local authorities and regulatory bodies. Oil spills and pipeline vandalism are a constant problem in Nigeria's oil rich Niger River Delta. They cause pollution, harming local communities and ecosystems. And they often disrupt oil production. Fyneface Fyneface said that volunteers who visited the Okordia Rumuekpe spill site found evidence of vandalism and excavation on the pipeline.
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Ambrey: RSF drones attacked Port Sudan's container port
Ambrey, a British maritime security company, reported on Tuesday the paramilitary Rapid Support Forces had launched a drone strike on Port Sudan facilities. The attack targeted the container terminal escalating the two-year conflict. Ambrey claimed to have obtained video footage of damage done to the terminal, as well as the civilian infrastructure. The city is now reported to be without electricity. Ambrey reported significant GPS disruptions, but no damage was reported to merchant vessels. Witnesses reported that explosions and fires erupted in Port Sudan, Sudan's wartime capital and main port city, on Tuesday. This was part of an ongoing drone attack, which has destroyed the largest fuel depots and damaged the most important foreign aid gateway. Port Sudan is home to the main seaport and airport of the country, as well as the top military command. The Sudanese war has been raging between the army, RSF and civilians since April 2023. This conflict was sparked by a disagreement over a transition from military to civil rule. According to the United Nations, the conflict has caused the displacement of over 12,000,000 people and has forced half the population to suffer from acute hunger. (Reporting and editing by Louise Heavens, Bernadettebaum and Tala Elimam)
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South Korea's MFG purchases about 135,000 T of corn in a private deal
Major Feedmill Group of South Korea (MFG) bought around 135,000 tons of animal feed in a private transaction on Tuesday, without launching an international tender. Two consignments were purchased from a variety of origins. A consignment of approximately 65,000 tons cost and freight included was purchased at a price of $243.30 per ton plus an extra $1.25 per ton for port unloading. It was thought that the seller would be Mitsui Trading House, with an arrival in South Korea around 5 August. The second consignment, a total of 65,000-70,000 tons, was purchased at an estimated cost and freight included (c&f), plus an extra $1.25 per ton for port unloading. It was thought that the seller would be CHS, with an arrival date in South Korea of around August 15th. The second consignment, which is between 65,000 to 70,000 tons in volume, must be declared on June 1. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The United States, South America, or South Africa can all be used as a source for both consignments. The first shipment is shipped between June 21 and 21. The second shipment is sent between July 1 and 3. The Korea Feed Association, which also participated in the deal, continued to purchase corn at a rapid pace this week and last. Buy On Tuesday, a private transaction involved 65,000 tonnes. Importers are reportedly attracted to traders, according to traders Falling Chicago corn prices are weakened due to expectations of favorable planting weather in the United States and predictions that U.S. growers will increase corn sowings for this year. (Reporting and editing by Louise Heavens, Michael Hogan)
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South Korea's MFG purchases 135,000 T of corn in a private deal, traders claim
Major Feedmill Group of South Korea (MFG) bought an estimated 135,000 tons of animal feed in a private transaction on Tuesday, without issuing a tender to the international market. Two consignments were purchased, with the expectation that they would be sourced from a variety of origins. A consignment of approximately 65,000 tons cost and freight included was purchased at an estimated $243.30 per ton plus a $1.25 surcharge per ton for port unloading. Seller believed to be Mitsui trading house with arrival in South Korea between August 5 and 6. The second consignment, which could have a weight of up to 70,000 tonnes, was purchased at an estimated cost and freight rate (c&f), plus an extra $1.25 per ton for port unloading. Seller is believed to be CHS trading house with arrival in South Korea around 15 August. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
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South Korea's KFA purchases about 65,000 t corn in a private deal, traders claim
According to European traders, the Korea Feed Association in South Korea bought an estimated 65,000 tons of animal feed in a private transaction on Tuesday. There was no international tender. They said that corn could be sourced from a variety of origins. The KFA Busan section was said to have purchased the corn from Dreyfus for an estimated $247.99 per ton, including freight and a surcharge to unload additional ports. Arrival of corn in South Korea is expected to be around August 20. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The U.S. Gulf Coast will ship between June 15 and June 10, if the product is sourced from the U.S. Pacific Northwest Coast. From South America, the shipment should be between June 10 and August 10, and from South Africa, between June 20 to July 20. Only 50,000 tonnes of the product must be sourced from South Africa. Last week, traders reported that Korean buyers purchased corn in large quantities. The buyers were apparently taking advantage Chicago corn futures were weakened due to expectations of favorable planting weather in the United States and predictions that U.S. farmers would increase corn sowings for this year. (Reporting and editing by Louise Heavens, Michael Hogan)
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What curbs have India imposed upon Pakistan after the attack in Kashmir?
India and Pakistan, two nuclear-armed neighbors, have announced a series of measures to counter each other's actions after an attack on Hindu tourists in Kashmir killed 26 men last month. Take a look at what the South Asian countries have announced in response to the recent crisis. Travel India and Pakistan have closed their only land border that is open and their airspace for each other's aircraft. Both countries have banned all ships flying the flag of the other country from visiting their ports and their own ships have been told not to visit the ports of the other. New Delhi has also revoked almost all Pakistani visas and given them a deadline to return home. Pakistan has suspended bilateral agreements with India and has stopped all trade. India has also prohibited the importation of goods that originate in Pakistan or are transited through Pakistan. India has suspended its 1960 Indus Waters treaty, which regulated the sharing of water from the Indus River system between countries. Pakistan, which heavily relies on water for hydropower and irrigation has declared that any attempt to divert or stop its flow would be considered "an act of war". DIPLOMACY Both countries have reduced their diplomatic staffs and declared the defence advisers of each other in New Delhi or Islamabad to be persona non-grata. Postal Service India has suspended the exchange of all types of mail and parcels arriving from Pakistan via air and surface routes. India has requested that the International Monetary Fund review its loans to Pakistan. Pakistan's recent borrowings include a $7 Billion loan obtained in September and a $1.3 Billion climate resilience loan received in March. SOCIAL MEDIA India has banned 16 Pakistani channels on YouTube, including media outlets like Dawn News and channels by sportspeople such as Shoaib Ahtar. The Indian government has also blocked the social media accounts for some well-known Pakistani personalities. These include actor Fawad Khan whose Instagram account was blocked and former Prime Minister Imran Khan whose X profile is no longer visible. SPORTS Neeraj Chhopra, India's Olympic javelin-medallist, has rescinded an invitation to Arshad Nadeem of Pakistan to attend a meet in Bengaluru later this month. He said it was "completely off the table" following the Kashmir attacks. He invited Paris Olympics Champion Nadeem to attend the Neeraj Chopra Classic, which will bring together the top throwers from around the world on May 24. (Compiled by Sakshi dayal; edited by YP Rajesh & Raju Gopalakrishnan).
Danish trader: Power market can ease grid constraints in Europe
InCommodities, a Danish commodity trader, said that better management of renewable assets on a short-term basis and by balancing the markets could help them integrate into Europe's power system overall and counter grid constraints.
Wind and solar power are increasing in Europe, but their intermittent production is a challenge for grid operators. They need to balance supply and demand all the time.
The blackout that occurred in Spain and Portugal last week was a stark example of the challenges facing European power grids. These grids require trillions in dollars of investment to keep up with the growing green energy output.
InCommodities Asset Management, a subsidiary dedicated to the sector and owned by Goldman Sachs, selected investors, and InCommodities itself, was formed in response to the growing demand for specialist services, according the group.
InCommodities Asset Management's CEO Anders Kring said that the demand for risk-management solutions has increased, particularly after the 2022 Energy Crisis, but also because renewable energy is becoming more prevalent in the energy mix.
He was the head of European Power Trading at competitor Danske Commodities (a subsidiary of Equinor of Norway).
Kring stated that given the delays in building power grids across Europe, it is important to optimise renewable energy, as well as the flexibility of the grid with batteries.
He added, "We won't have a brand new grid tomorrow so we will need to make the most of what we already have."
Kring stated that in the meantime, he believes that dedicating resources towards improving forecasts for renewable energy production, developing advanced weather modelling and algorithms to determine how to best utilize batteries will improve the integration of green energy.
"Each time you put money into this, you'll hopefully get better solutions to help you run the grid better," he said.
Investigations are still underway to determine the cause of the blackout on Iberian Peninsula. (Reporting and editing by David Evans; Nora Buli)
(source: Reuters)