TotalEnergies is silent about the Russian decision approving the sale of Arctic LNG 2 stake
According to a Wednesday decree, Russian President Vladimir Putin approved the sale by TotalEnergies of a 10% share in the sanctioned Arctic LNG 2 Project to Nordline LLC. TotalEnergies has declined to comment on the sale and made no statement about it, unlike in previous divestments. The decree mentions two Russian registered entities called Nordline LLC. Both are linked to private Russian LNG producer Novatek. Novatek did respond immediately to a comment request. Western firms are leaving Russia.
Equinor: Europe's gas reserves could be critical if Hormuz is closed for 1-3 months
Equinor executives said that Europe could face a critical shortage of gas stocks if the disruption in shipping through 'the Strait of Hormuz' lasts for one to three more months. Low inventories and distorted pricing slow down stockpiling. Gas caverns, tanks and cylinders are only 35% or more full in Europe, which is below the seasonal norm of 50%, according to data from Gas Infrastructure Europe. To meet the EU's 90% storage goal between October and December, member states must build a buffer during the summer in the northern hemisphere.
Trafigura CEO: Europe's smelters require long-term protection of prices
Trafigura CEO Richard Holtum said that European smelters require "life support", such as price floor protection or long-term price protection, to keep running and compete with the top-end Chinese plants. The European Union and its Western allies are working to diversify supply chains in order to reduce the over-reliance of their industries on China, especially for minerals that are crucial to the tech and defense industries. Holtum stated that the EU's existing metal smelters can be used to produce strategic minor materials, such as antimony for defence.
Zambia's copper-smelters are planning extended shutdowns to squeeze output and chemical supply
Two?industry? sources said that two of Zambia's biggest copper smelters and sulphuric acids producers would?shut down for extended maintenance this year. This will further squeeze copper output and supply of the chemical needed to process copper and coal. Two industry sources said that the Iran war had disrupted the global supply of critical chemicals and acid, which are used to process copper and cobalt. This has led mines in the neighbouring Congo (the world's largest cobalt producer and second largest copper producer) to reduce usage or even consider reducing output.
OPEC+ discusses oil production boost as US war against Iran disrupts shipments
Two OPEC+ source said that OPEC+ would consider a bigger-than-expected 'oil production increase' on Sunday. This is after the U.S. and Israel war against OPEC+ Member Iran, as well as Tehran's retaliation caused?shipment disruptions throughout?the Middle East. OPEC+ is known for boosting oil production to compensate for disruptions, but analysts say the group has little capacity left to add meaningfully to the supply. The exceptions are Saudi Arabia and United Arab Emirates. Riyadh increased oil production and exports during the last few weeks to prepare for U.S. Sources have confirmed that the U.S.
South Korea approves its first petrochemical restructured deal as glut of supply weighs
The South Korean industry ministry announced on Wednesday that it had 'approved' the first petrochemical sector restructuring project in the country. It offered a package of support worth over 2 trillion won ($1,39 billion) for companies to help them weather a prolonged downturn. The ministry has approved the plan that HD Hyundai Oilbank and Lotte Chemical, along with their joint venture HD Hyundai Chemical, submitted to merge operations at Daesan Industrial Complex. This is the first approval in a roadmap for petrochemical reorganization announced?in August of last year.
Energean International CEO: Egypt has told international oil companies to double their output by 2030
Energean International CEO, Nikolas Katcharov, said on Tuesday that Egypt had directed international oil firms to 'double production by 2030. Existing contracts need to be revised in order to encourage new investment. Katcharov stated that the low gas prices which supported earlier phases of development had "expired" and it was necessary to update terms in order to "encourage companies" to deploy capital at brownfield sites, as well as boost production. He stated that Energean owed Egypt more than $200 million and recently received $80 millions.
Sources say Glencore is close to appointing Citi for merger talks with Rio Tinto as a consultant.
Two people familiar with the matter said that the Swiss miner Glencore was close to appointing Citi as its "lead investment banking firm" for its potential acquisition of Rio Tinto, which could result in the creation of the world's biggest miner worth over $200 billion. Citigroup Global Markets Inc. filed a disclosure with the UK Takeover Panel on January that identified itself as being connected to Glencore Plc, in relation to an possible deal with Rio Tinto, according to filings at the London Stock Exchange. Both the bank and Glencore declined to comment. Citi has had a longstanding relationship with Glencore.
Qatar Energy CEO: By 2030, the LNG glut may be reduced to a gap due to AI power requirements.
Qatar Energy CEO Saad Al-Kaabi said on Monday that the expected global glut of liquefied gas could become a shortage in 2030 due to rising demand for gas and fuels, particularly in Asia. The LNG supply expected between 2026-2029, including projects such as Golden Pass LNG in the U.S. Gulf Coast region and Qatar's North Field Expansion are likely to be significant. Kaabi added that the demand expectation has increased "primarily due to...AI and data center needs". He told LNG2026 that if all of this pans out there will be a deficit, not an oversupply, by 2030.
Equinor sells Argentina assets for $1.1 billion
Norwegian oil company Equinor announced on Monday that it had agreed to sell its onshore assets in Argentina's basin of Vaca Muerta for $1.1 billion to Vista Energy, while keeping all its offshore assets. The company stated that the remaining $550 million will be paid in Vista stock and in future payments of $225 millions. Equinor stated in a press release that the consideration included contingent payments tied to oil prices and production over a period of five years. Equinor said that the transaction included Equinor’s 30%?stake and its 50% holding in Bajo del Toro.
Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States. Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him. India will have the fastest growing energy demand in the world, according to Hodgson, who added that Canada could provide crude oil, natural gas liquefied and uranium. Kpler data shows that Canada does not currently export crude oil or LNG to India.
Source: Rio Tinto consults with three banks on possible Glencore acquisition.
Rio Tinto has hired JPMorgan, along with two other advisers, to help it evaluate its potential acquisition of Glencore. This deal could create the largest miner in the world, worth over $200 billion, according to a source familiar with the situation. Rio Tinto also has Macquarie and Evercore, according to the source. These roles are highly sought after as bankers compete for a piece of the advisory fees, which could be worth more than $100,000,000. The transaction is the latest attempt to consolidate the global mining industry as companies compete to secure metal reserves…
Harbour Energy, UK, enters Gulf of Mexico LLOG market with $3.2 billion deal
Harbour Energy, a North Sea-focused company, announced on Monday that it will purchase deepwater oil exploration and production firm LLOG Exploration at a price of $3.2 billion. This marks its entry into the U.S. Gulf of Mexico. In a press release, Harbour said that the deal would consist of $2.7 billion in cash and $500 millions in Harbour's ordinary voting shares. Gulf of Mexico is a top target for oil'majors like BP, Shell, and Chevron due to its vast deepwater resources,?easy accessibility to U.S. Infrastructure, and long-term potential.
Aramco signs preliminary US deal worth more than $30 Billion
Saudi Aramco, the oil giant, said that it signed 17 preliminary agreements with U.S. firms with a total potential value of over $30 billion during a trip to Washington by Saudi Crown Prince. In a press release, the company said that these projects include liquefied gas, financial services and advanced materials manufacturing, as well as procurement of materials and other services. Saudi Arabian and U.S. officials highlighted billions of dollars in new investments, and the growing financial ties that exist between the two nations on Wednesday.
Glencore reduces Century Aluminum stake from 33% to 33% following tariff-driven rally
Glencore cut its stake in Century Aluminum from 10% to 33%. This has resulted in millions of dollars in profit following the share price rally that was sparked by U.S. Tariffs on Aluminium Imports. On June 4, U.S. president Donald Trump increased the tariffs on aluminum imports from 25% to 50% in order to encourage investment in the production of this metal in the United States. The largest shareholder in Century is Glencore, a London-listed company. It provides Century with alumina as a feedstock to aluminium while purchasing nearly all its North American aluminum production for U.S. clients.
EUROPE GAS-Prices in Europe rise due to cold weather.
The price of Dutch and British gas contracts increased on Tuesday morning, as the cold weather across Europe boosted demand for gas heating and increased withdrawals. LSEG data shows that the benchmark Dutch front-month contract was up 0.35 euros at 31.75 Euro per megawatt hour at TTF hub, or $10.78/mmBtu by 0901 GMT. The British day-ahead price of gas rose 1.50 pence, to 83.75 p/therm. Meanwhile, the front-month contract increased by 1.02 pence. LSEG data show that temperatures in Northwest Europe will drop by 1.2 degrees Celsius over the next week. This indicates a possible milder cold snap.
Venture Global signs a 20-year LNG Supply Deal with Spain's Naturgy
Venture Global announced on Monday that it had signed a 20 year sales and purchase contract with Spain's Naturgy for the supply of 1 million metric tonnes per annum liquefied gas, starting in 2030. This contract is the first long-term contract that Spain has signed for U.S. gas since Venture Global's initial contract in 2018. Venture Global has said that it has delivered 35 cargoes from its Calcasieu Pass facility and Plaquemines facility to Spain. The company said it has already secured 5,75 MTPA in long-term contracts for delivery by 2025. Mike Sabel is the CEO of Venture Global.
Shell abandons two wind farms off the UK Coast after Strategic Review
Shell announced on Monday that it had abandoned the MarramWind project and the CampionWind project off the coasts of Scotland after a strategic review. Shell announced that it sold its 50% share in MarramWind, to ScottishPower Renewables, and returned the CampionWind Lease to Crown Estate Scotland. Although ScottishPower Renewables has said that it will continue to develop MarramWind it is not clear if CampionWind as proposed by Crown Estate Scotland would proceed. Under Wael Sawan's leadership…
Greece signs long-term LNG supply agreement with US
Greece signed a 20-year deal to import 0.7 bcm of liquefied gas each year, starting in 2030. This is its first long term gas supply agreement with the United States. The deal aims to replace Russian gas shipments into Europe. The 20-year agreement comes just months after Trump's administration and the European Union inked a trade agreement in July. Europe pledged to purchase $250 billion of U.S. oil, LNG, and nuclear technology annually over the next three-year period as it sought to phase out Russian natural gas by 2027. Venture Global, a U.S.
Mozambique bonds rise after TotalEnergies lifts force majeure on LNG project
JOHANNESBURG - Mozambique’s only euro bond rose on Monday, after TotalEnergies lifted the force majeure for its multi-billion dollar liquefied gas project. This will allow construction to resume, following long delays. Dollar bonds maturing 2031 rose over 2 cents. Bids were at 89.38cents per dollar as of 1112 GMT. This brought the yield to 12.53 percent, the lowest in two weeks. The lifting of the force majeure is an important sign for this project. Its potential export revenues could transform the Mozambique economy. However, the 13 million tons per year plant is not expected to be operational until 2029.
