Western Europe

Tata Steel Nederland announced on Wednesday that major industrial groups from Oman and Germany, as well as the Netherlands, have signed an agreement to develop the first liquid hydrogen import corridor in the world. The group announced in a press release that the corridor would link the ports of Duqm, Oman, Amsterdam, Netherlands, and the key logistic hubs of Germany, including Duisburg. The aim is to allow the importation of liquid hydrogen that complies with RFNBO (renewable fuel of non-biological source) into Europe. Hans van den Berg is the CEO of Tata Steel Nederland. He said: "As a large buyer,...

Since the invasion of Ukraine by Russia in 2022, Germany has sought to import liquefied gas (LNG), to replace Russian gas piped to Germany. The first step was to deploy floating storage units (FSRUs), which receive seaborne LNG. Longer term, it planned shore-based regasification facilities and terminals to import and manufacture ammonia and clean hydrogen. Here are the latest updates: MUKRAN Gascade's OAL pipeline supplies the terminal on Ruegen Island in Baltic Sea with LNG. The private operator Deutsche ReGas announced on April 16 that there were no regasification slots left at Mukran until 2025. They said LNG carriers arrive...

Bloomberg News, citing sources familiar with the situation, reported that Gianluigi Aponte, an Italian billionaire, is the main investor in a group looking to purchase 43 ports from the conglomerate CK Hutchison. Bloomberg reported that the Terminal Investment Ltd. (TIL) of the Aponte family, which according to their website manages a portfolio of diverse container terminals, will become the sole owner of the ports after the deal has been completed. Two of the ports in Panama would then be controlled by BlackRock Inc. BlackRock Global Infrastructure Partners, a subsidiary of BlackRock, will own 51% and TIL the remainder of the...

A court document shows that lawyers for Indian businessman Prateek gupta agreed on an April 16 deadline to disclose information in a longstanding fraud case brought against him by commodity trader Trafigura. The judge had threatened to ban him from representing the case further if he continued to delay. Trafigura of Geneva, a major industrial metals trader and oil company, sued Gupta for $600-million in fraud in February 2023. It claimed that it was the victim in a $600-million nickel cargo scam masterminded by Gupta, in which his companies also participated. Gupta has been granted several delays to comply with...

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Jenner & Block, and WilmerHale are two of the largest law firms in the United States. Both have been attacked by the Trump Administration and filed documents on Tuesday to block the executive orders which threaten their business and ability to represent federal clients. A senior Panamanian official said on Monday that he found evidence of misconduct from a Hong Kong-based company. This finding could cause a delay or even the...

Since the invasion of Ukraine by Russia in 2022, Germany has sought to import liquefied gas (LNG), to replace Russian gas piped to Germany. The first step was to deploy floating storage units (FSRUs), which receive seaborne LNG. Longer term, it planned shore-based regasification facilities and terminals to import and manufacture ammonia and clean hydrogen. Here are the latest updates: MUKRAN Gascade's OAL pipeline supplies the terminal on Ruegen Island in Baltic Sea with LNG. The private operator Deutsche ReGas began a three-month bid round on April 4 to expand Mukran’s long-term capacity for regasification by offering 5 bcm extra...

In recent days, protests by indigenous peoples and poor roads disrupted the shipping of Brazil's bumper soya crop via the river port Miritituba within the Amazon rainforest. This has caused concern for global companies such as Cargill and Bunge who have important operations. Abiove, the association of grain handlers in Nigeria, reported on Friday that road access to Miritituba had been partially or totally blocked for two weeks. This has prevented the shipment of almost 70,000 tons per day of grain, equivalent to almost $30 millions of product value. In a statement issued jointly with the farm group Aprosoja Brasil,...

The poor road conditions and protests by indigenous groups have caused the shipment of Brazil's bumper soya bean crop to be delayed this week at the port of Miritituba, in the Amazon rainforest. This is where major grain traders such as Cargill and Bunge operate. The demand for soy, which is produced and exported by Brazil, the largest producer in the world, has risen dramatically. China is the world's No. 1 soybean consumer, as traders prepare for a potential trade war that could discourage Chinese imports. Miritituba loaded 15 million tons soy and corn onto barges last year, bound for...

A U.S. Diplomat said that despite the aggressive spending cuts of President Donald Trump, the United States is committed to funding the Lobito Rail Corridor, which will help transport vital minerals from central Africa's copperbelt into the West. The U.S., through the International Development Finance Corporation (IDFC), set up in Trump's first year in office, has pledged $550 million in loan support for Lobito. Lobito is seen as a key component in countering Chinese control of copper and cobalt in the region. Trump's cuts in spending had caused concern for projects like Lobito, which plans to go to Angola and...

According to Norwegian authorities, the insurance documents issued by a small Norwegian firm to cover up the forgeries were bogus. The documents were used to circumvent international sanctions and hide the age of the oil tankers. Romarine AS, a Norwegian-registered company, claimed to be an insurer. Their website listed dozens of tanks believed to be a part of Russia’s shadow fleet. This included vessels that were under Western sanctions. The FSA stated that the company is not registered by the Financial Supervisory Authority of Norway (FSA) as an insurer. Western nations have sanctioned hundreds of ships that they suspect Russia...

Analysts say that the Chinese media's scathing criticism of CK Hutchison for its planned sale of Panama ports to a U.S.-based group highlights Beijing's growing grip on Hong Kong, and its vulnerability to global tensions. According to the announcement of the sale on March 4, the definitive documentation for port operations near Panama Canal should have been signed by April 2. However, sources claim that the signing will be delayed as it is not a strict deadline. CK Hutchison didn't immediately respond to a comment request. Wednesday was supposed to be the beginning of a larger deal in which a...

Denmark's A.P. Moller Holding, a subsidiary of Denmark's A.P. APMH already owned 47% of Svitzer's shares prior to the bid. The independent board members of the towing company unanimously approved the offer. APMH is the controlling shareholder of Danish shipping giant A.P. Moller-Maersk . APMH stated in a press release that the stock market listing did not generate the investor interest expected. A delisting will allow Svitzer to continue its growth. It added that Svitzer must grow its business to maintain its market position in an industry fragmented and competitive, undergoing consolidation. Svitzer shares have risen 8.2% to 216.4 Danish...

Siemens Energy raised its outlook on Wednesday for the current financial year. It cited a strong performance across all its business areas, which provide equipment and service to the global energy industry. The group expects to increase sales by 13-15% in 2025 compared to 8-10%. The free cash flow before tax is expected to be around 4 billion euro ($4.55 billion). Siemens Energy cited a "positive development in business" without giving more context. The second-quarter profit of Siemens Energy before special items grew more than five times to 906 millions euros. This is a margin that beat the consensus by...

Fingrid, the Finnish grid operator, said that repair work on the damaged undersea electricity line EstLink 2 between Finland and Estonia is scheduled to begin in May. The line should be ready for commercial use by July 15. In December, Finnish authorities seized in the Baltic Sea a ship that was suspected of causing the failure of four internet lines and the underwater power cable. Fingrid announced in a press release on Wednesday that it was installing a new cable on the seabed, to replace the one already there. The distance is approximately one kilometer (0.62miles). Nexans is carrying out...

The National Energy System Operator (NESO), which is responsible for the UK's electricity grid, said that the National Energy System Operator expects the power grid to be well-supplied this summer due to the renewable energy generation and the cheap imports of power from Europe. In its summer outlook for April to October, NESO stated that the electricity transmission network may need to operate below its lowest level ever at certain points. This would be less than June 2020, when COVID-19 lockdowns reduced electricity demand to below summer normal levels. The peak demand for electricity is expected to be 29,7 GW...

The head of Germany's grid regulator announced on Tuesday that the A-Nord link had been approved. This means it will be operational in mid-2027, as part of a major infrastructure upgrade for transmitting wind energy from north to south of the nation. Klaus Mueller, President of the Bundesnetzagentur said he expects approval for a Second Line, Ultranet, to be granted in the second half year. This will show "the rightly anticipated network expansion is accelerated and made a reality". Mueller oversees the construction of 9,600 km (5,965 mi) of high voltage grids that are needed to help Germany use more...

An industry source said that Kazakhstan's oil production fell during the first two weeks in April compared to the average for March, but it is still higher than the OPEC+ quota after months of overproduction. Sources said that the central Asian country's crude oil production, excluding the gas condensate was down by 3% between April 1-13 compared to the average of March at around 1.82 million barrels a day. This is due to a decline at the Chevron Tengiz Field, they added. Kazakhstan, a country in the top 10 oil producers, has consistently exceeded the quotas established by OPEC+. This...

The oil prices fell for the second consecutive week on Friday, amid investor concerns about a recession caused by the growing trade war between China and the United States. Brent crude futures fell 25 cents or 0.39% on the day to $63.08 per barrel at 1312 GMT, while U.S. West Texas Intermediate Crude dropped 30 cents or 0.50% to $59.77. Brent and WTI will both decline by 3.8% and 3.5% respectively this week, after losing about 11% each last week. Brent fell below $60 per barrel this week, its lowest level since February 2021. Analyst Giovanni Staunovo of UBS said...

Due to pollution in the past, activists oppose drilling The government promises to increase the number of jobs and schools Experts say that new oil revenues could be used to fund the cleaning of old sites Bukola Adebayo Nigeria is resuming drilling. Tribal chiefs are gathering their families every Saturday to rally support for the government's plans to pump oil in Ogoniland. This ancient kingdom has been plagued by oil leaks, fires, and pollution over decades. Meetings can last late into the evening as tensions rise and tempers flare up between Ogoni elders and community leaders. He said that those...

The oil prices fell by more than two dollars per barrel on Thursday. This erased the previous session's gains as investors re-evaluated a planned pause of sweeping U.S. Tariffs, and shifted their focus to an intensifying trade war between Washington, D.C., and Beijing. U.S. West Texas Intermediate Crude Futures dropped $2.28 or 3.7% to settle at 60.07 per barrel. Brent crude futures dropped $2.15 or 3.3% to $63.33 per barrel. Both contracts gained more than 2 dollars a barrel after U.S. president Donald Trump suspended the heavy tariffs that he announced against dozens U.S. trading partner a week earlier, marking...

Interfax reported Thursday that the Energy Ministry had been in contact with Kazakhstan's oil producers to reduce the output. The country was producing more than its OPEC+ quota. Kazakhstan has been pumping more oil than the limit set by the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, for several months. OPEC+ member countries have been pressuring Kazakhstan to reduce production to honor the agreed quotas. Interfax reported that Kazakhstan's Energy Ministry said Thursday the country had exceeded its OPEC+ quota for March, but would fulfill its commitments by April and compensate partially for its earlier...

Amprion, a German grid company, announced on Thursday that it will increase its investment in its transmission network to 40 billion euros in five years, up to 2029. This is to upgrade the lines and cables to allow for renewable electricity transmission. The amount represents a 32.4% rise from the 27.5 billion euro in the previous five-year rolling plan published last year. "We are well-positioned with our funding strategy," said CEO Christoph Mueller. He was referring to an 850 million euro increase in capital in late 2024, by shareholders including power utility RWE. Amprion, along with three other German companies...

The oil prices dropped by around 1% as U.S. president Donald Trump intensified his trade war against China. He also announced a 90 day pause in tariffs on other countries. Brent futures dropped 73 cents or 1.1% to $64.73 a barge by 01:08 a.m. GMT. U.S. West Texas Intermediate Crude futures declined 49 cents or 0.8% to $61.86. On Wednesday, the benchmarks settled 4% higher after falling as much as 7 % during the session. Trump increased the tariff rate on China from 104% to 125%. This is effective immediately. China has also announced a new import tax on U.S....

Sources familiar with the situation say that Serbian oil company NIS struggles to find oil traders overseas, and its former clients in Serbia are looking for alternative fuel suppliers because of the impact of U.S. sanctions on operations. NIS is owned by Gazprom Neft, a subsidiary of Gazprom, and is therefore one of Russia's remaining oil assets in Europe. The only oil refinery in the Balkan nation is vital to Serbia's energy safety. NIS's dominant position on the Serbian market, combined with the logistical challenges of the landlocked nation, makes it difficult for other companies. NIS is the supplier of...