Three chemical plants to be closed by Ineos due to high energy costs
Ineos, the company owned by Jim Ratcliffe, announced on Tuesday that it was halting production at three chemical plants located in Hull. The reason given for this decision is because of the high European gas prices, which have made production too expensive. Since the energy crisis caused by the Russian invasion of Ukraine, and the Middle East conflict compounded it?, European manufacturers have had to struggle to compete with U.S. The company stated that the three plants employ nearly 4,000 workers and produce chemicals for use in medicine, clothing, cosmetics and building materials, as well as detergents and explosives.
Baker Hughes reports that US energy companies have added rigs to their fleet for the first time in 4 weeks.
Baker Hughes, a closely-followed energy services company, said in a report released on Friday that U.S. firms added rigs this week for the first time in four weeks. The total number of oil and gas rigs, a good indicator of future production, increased by three in the week ending September 11. This is its highest level since mid-August. Baker Hughes reported that the rig count is up 52 rigs or 10% compared to this time last year. Baker Hughes reported that oil rigs increased by one this week to 450, the highest level since late August.
Auditors say EU's Russian Energy Exit is failing
Auditors said that the EU's efforts to be independent of Russian oil and gas are faltering as it heads into winter with unusually low stocks. The European?Court of Auditors stated?in a recent report that?the?EU?is not investing enough in order to achieve its aims of replacing Russian energy by diversified fossil fuels and expanding renewable energy, grid infrastructure and increasing energy flows between EU member states over the next several years. Since the full-scale Russian invasion of Ukraine in 2022, the European Union has gradually phased out Russian fuel imports.
The Times reports that the UK will approve Jackdaw Gas Field development in this month.
The Times reported that government sources said Britain would approve new drilling on September 15 to 'develop Shell and Equinor’s Jackdaw North Sea gas field. Shell and Equinor were forced to reapply in 2025 under stricter regulations following a ruling by a court after a legal challenge filed by climate activists. The Department for Energy Security spokesperson said that it would not comment on speculation. Since taking office in July, Prime Minister Andy Burnham has been increasingly concerned about the decision to allow new drilling on the site.
Trump claims Britain is on the brink of disaster citing immigration and energy issues
Donald Trump, the U.S. president, said that Britain is "on the verge of disaster" in an interview with GB News. He expressed concerns about the high energy prices and net zero policies of the country as well as the impact of mass migration. The relationship between Britain and Trump's United States has been turbulent over the past few years. From the heights of a pompous state visit in London in 2025, to heavy criticism in a variety of domestic and international policy areas. On Thursday, Trump reiterated his love for Britain and his admiration of?King Charles.
White House calls for additional refinery waivers in order to lower pump prices
According to two officials in the administration, the White House asked federal environmental regulators for permission to allow small oil refineries across the country to mix less biofuels than originally planned into their gasoline and Diesel. This is part of an effort to ease the pump price. This outcome would?please? the oil industry but cause a backlash among agricultural interests in the Midwest, where they have been fighting ferociously to enforce strong biofuel mandates for the benefit of the country's farmer.
Six countries are interested in EU discussions on windfall profits taxation of oil companies.
A 'letter from their finance ministers on Monday revealed that six European Union countries wanted the 27-nation EU to discuss in September how to tax the windfall profits of oil companies caused by Iran's blocking of the Strait of Hormuz. In a letter addressed to Ireland, the country that currently holds the rotating EU presidency, Germany, Spain Portugal, Italy, Poland, and Austria ask the presidency to place the topic on the agenda for the next EU Finance Ministers' Meeting in Dublin, scheduled to take place on September 18-19.
Filings show that billionaire Peter Thiel has bought a 1% stake in the Argentine Vaca Muerta Oil firm.
According to a filing with the U.S. Securities and Exchange Commission, Peter Thiel, Palantir's chair and cofounder, has 'purchased' a 1% share in Argentina's Vista. Vista is 'one of the biggest oil companies' operating 'in Argentina's Vaca Muerta shale formation. The filing was published on Friday four months after Milei, the Argentine president, met with the tech billionaire at the presidential palace. Milei then told a 'local media outlet that they had discussed economic policies, and Milei expressed his opposition to wealth tax.
Australia commits $1.76 billion to keep Rio Tinto aluminium smelter open
Australia announced on Thursday that it will provide a?A$2.5billion ($1,76billion) to keep Rio Tinto's Tomago aluminum smelter - the largest in the country - open beyond 2028 with a more reliable and affordable power supply. A government statement said that the deal would fund 3 gigawatts for new electricity generation at the smelter. The financial package will be funded jointly by the federal and state governments of New South Wales. Rio Tinto warned that Tomago could be forced to shut down if the company failed to find commercially viable power beyond 2028.
Australia commits $1.76 billion to keep Rio Tinto aluminium smelter open
Australia announced on Thursday that it would be providing A$2.5 billion (1.76 billion dollars) to help Rio Tinto keep its?Tomago aluminum smelter open beyond 2028. A government statement stated that the deal would support the generation of 3 gigawatts for the smelter. The financial package was to be funded jointly by the federal government and the state of New South Wales. Rio Tinto warned in October that Tomago - the largest electricity consumer in the country - could be forced to close down if it fails to secure commercially viable power beyond 2028.
The $1 trillion grid problem in the U.S. could mean a payout of $1 billion for CEOs of power companies
Increased reliability issues in the U.S. electrical grid have led to higher power bills at millions of businesses and homes. The executives who are tasked with fixing it will be rewarded handsomely. According to a study, the CEOs of 15 of the largest U.S. energy companies are sitting on almost $1 billion in stock-based compensation. Analysis of regulatory disclosures shows that the value of their companies' stock-based compensation is set to continue to rise as they invest heavily in fixing America's electric grid.
Siemens Gamesa CEO warns that capacity cuts will be made if Europe’s offshore expansion fails
Siemens Energy warned on Thursday of potential wind turbine capacity cuts in Europe, if governments fall behind in efforts to expand off-shore power. The company said a lack a determination could be an "existential danger" to the industry. Comments by one of Europe's largest industrial firms show growing concern about the future of Europe's manufacturing capability, which has been under pressure due to high energy costs and Asian competitors. Europe's offshore expansion is being hampered due to regulatory challenges. This has caused some developers, such as those in Germany, to reconsider their involvement.
Cristal Union revenues fall 14% as European prices of sugar plunge
French sugar and alcohol maker Cristal Union reported a 14% drop in its annual revenue on Tuesday. It warned that high 'energy costs' and low-duty imports would exacerbate the pressure on European producers who are already under extreme pressure from rock-bottom prices. The revenue of Cristal Union fell to 2,28 billion euros (2,57 billion dollars) for the year ending January 31. A 462 million-euro impairment charge resulted in a 442 million-euro net loss, compared to a 117million euro net profit last year. The?plunging prices of sugar have also led to impairments for European?sugar companies…
The stock markets are still advancing. Helen Jewell gives three reasons why it's worth investing in stocks.
The Middle East conflict has forced oil prices to rise above $100 per barrel, inflamed inflation, slowed growth, and pushed central banks toward tightening. The equity markets have hit records in the past few days but have continued to do so for many months. Three main reasons are at play. First, earnings growth. Earnings are the driving force behind markets in the long-term, and have a significant impact on the present. Goldman Sachs estimates that global earnings will grow by?20%?by 2026. Earnings-per-share expectations have also been revised upwards by 6% following the U.S. and Israeli attacks on Iran.
Spanish wind industry warns EU Windfall Tax could harm investment
AEE, the Spanish wind industry association, warned on Monday that a proposed "windfall tax" on profits of energy companies could have a negative impact on investment in renewable energy at a time when Europe is trying to reduce its dependence on fossil fuels. Five EU countries, among them Spain, proposed to tax the excess profits made during the energy price?rises caused by the Iran War. Exclusively reported on Saturday that the Finance Ministers of Germany and Italy, Spain, Portugal, and Austria jointly requested an EU-wide Tax in a Letter to the European Commission.
Naturgy's profit for the first quarter of 2018 increases 5% due to higher electricity generation and network expansion
The Spanish 'power company Naturgy' reported a 5% increase in its first-quarter profits to 530 millions euros ($620million) due to higher electricity generation and increased network growth in the face of high energy prices caused by the Middle East War. Strikes and the conflict have caused energy facilities to be closed or damaged, which has led to higher fuel prices. Naturgy said that the war-driven surge in gas prices boosted its core earnings, but had no negative impact on its business as it does not have any contracts with the region.
Norway increases its oil and gas revenue forecast for 2026 to $78 billion
The government of Norway said on Tuesday that it expected the state to earn $72.1 billion ($78.71billion) in revenue this year from oil and gas production. This is up from the initial estimate of $557.4billion, due to the Iran War pushing energy prices higher. Norway produces approximately 4 million barrels equivalent of oil per day. However, the minority Labour Government said that the windfall revenues from higher prices should go to its sovereign fund, which is already the largest in the world at $2.2 trillion. Norway, unlike other European countries, has large fiscal surpluses, thanks to the fund.
Six countries oppose EU plan to reduce carbon allowances
A document obtained by revealed that an EU plan to reduce the number of?free CO2 permits?given to industry has been met with resistance from?six countries who have asked for looser rules in order to help companies cope with the impact on energy prices due to the Iran War. This month, the European Commission proposed a new set of rules on how many free emission permits will be given to industries until 2030. Brussels has said that the changes will have a global impact on reducing the 'carbon costs' industry must pay by EUR4 billion (4.66 billion dollars) by the end if the decade.
Italy Business Lobby urges energy reform and investment to revive growth
The head of Italy’s largest business group on Tuesday called for sweeping reforms to revive the near-stagnant country’s economy. He warned that high energy costs and low investment undermined growth. Emanuele orsini, president of Confindustria, said that the price of energy has become a threat to companies. He called for immediate action to lower costs and increase competitiveness. He said that Italy's underperformance over the years is a clear indication of urgent change. He said that the economy has only grown 0.4% annually on average over the last 25 years.
EU to waive penalties on oil and gas companies that violate methane laws for three years
A draft document seen by revealed that the European Union would ask its member states to waive penalties for three years on oil and gas companies who 'breach their methane emission law' in response to disruptions to energy supplies caused by the Iran War. The move was made in response to pressure from the U.S. Government and oil and gas industry associations, which warned that the law could hinder Europe's ability for fuel supply. This would undermine the EU's first-ever climate policy. It was intended to crack down on methane leaks, a powerful greenhouse gas that is the second-largest cause of climate changes after CO2 emissions.