Latest News
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Trump to host DP World Tour Scottish Championship
The DP World Tour Scottish Championship will be held at the golf course of U.S. president Donald Trump in Aberdeenshire, tour organisers announced on Tuesday. The tournament, which will take place from 7-10 August 2025 and is worth $2.75m, will be the first European Tour event to be held in Scotland at Trump International Golf Links. The Trump Organisation is the owner of Turnberry and Trump International Golf Links, both located south of Glasgow. Guy Kinnings, CEO of DP World Tour, said: "Trump International Golf Links Scotland is already a well-known links course in the UK. It promises to be a great venue for the Scottish Championship's return to our schedule." The R&A, the golf governing body, said that it would love to see Trump's Turnberry as the host venue for The Open but first needs to evaluate the feasibility. Turnberry hasn't hosted the Open Championship since 2009. The R&A announced that it will not be staging championships at Turnberry in 2021 after the January 6, 2017 attack by Trump supporters on the U.S. Capitol. Greenpeace protesters targeted the Turnberry Golf Resort last month. In March, pro Palestinian graffiti was daubed all over the walls of the course. "Gaza isn't for sale" was painted on one green. (Reporting and editing by Toby Davis in Bengaluru)
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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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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)
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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.
EU plan to phase-out Russian gas by 2027
It said that the European Commission would propose next month legal measures for the EU to gradually phase out its imports of Russian gas, including liquefied gas, by the end 2027.
Here are some key details:
GAS AND LNG
Before the full-scale invasion in 2022, Russia supplied around 45% (or a little more) of all gas consumed by the European Union. This share dropped to 19% in the past year and the EU is determined to eradicate it completely as a result of the war.
In plans published Tuesday, the European Commission announced that it will present legal proposals in June to ban new Russian Gas and Liquid Natural Gas (LNG), and to ban EU imports in existing spot contracts by 2025.
Next month, the Commission will propose to ban imports of LNG under long-term contracts until 2027. TotalEnergies, Naturgy and other companies have Russian LNG contracts which extend to 2030.
The EU plan would affect countries such as Hungary and Slovakia which receive Russian gas through pipelines and Belgium, France and the Netherlands which purchase Russian LNG.
Other countries, such as Poland and the Baltic States, have already stopped purchasing Russian gas.
In order to improve the tracking of imports from Russia the Commission will propose rules that require companies to reveal the volume and duration their Russian gas contracts.
The EU has not imposed sanctions against most Russian oil imports. Slovakia and Hungary are the only exceptions. These countries, who have maintained close political ties with Russia, have warned that they will block the gas sanctions which, according to them, would increase energy prices.
The EU will require Slovakia and Hungary produce plans on how they plan to stop using Russian oil by the end of 2027. Both countries import over 80% of their crude oil from Russia.
Only 3% of the total EU oil imports come from Russia now, compared to around 27% prior to the Ukraine War.
The Commission stated that member countries would also have to submit national plans aimed at phasing-out Russian gas by the end of 2027.
NUCLEAR FUELS
In June, the European Commission will propose measures to target Russian uranium enriched. The EU Energy Commissioner Dan Jorgensen stated that this would be equivalent to a tax on imports.
The Commission has not specified a date by which Russian uranium will be phased out.
Five EU countries, Bulgaria, the Czech Republic Finland, Hungary, and Slovakia, have Russian-designed nuclear reactors that run on Russian fuel. All but Hungary have signed alternative supply contracts since 2022. However, the long wait time means they cannot switch immediately.
What happens next?
The European Commission will present its legal proposals in June. They must be approved by the European Parliament, and then by a majority of the member states. This means that one or two countries can't block the plans.
If the EU and its lawmakers want to implement the ban on any new Russian gas agreements by the end the year, they will have to speed up these negotiations.
The legal options that are used will determine the effectiveness of EU measures. However, the Commission has not specified these on Tuesday. Jorgensen stated that the proposals amounted to "force majeure", an unexpected event which companies could use to terminate gas contracts.
Lawyers warn that, in the absence sanctions, it may be difficult for gas buyers to terminate contracts by force majeure without being subjected to financial penalties or arbitration.
Last year, the EU imported 32 billion cubic meters (bcm), of Russian gas by pipeline. It also imported 20 bcm Russian LNG. The rest was "spot" purchase, with only two-thirds under long-term contract. (Reporting and editing by Tomasz Janovowski)
(source: Reuters)