Salzgitter sues Thyssenkrupp for HKM joint venture
A spokesperson for the company announced on Thursday that Salzgitter had filed an arbitration case against Thyssenkrupp in order to determine their future financial obligations regarding their steel joint venture HKM. Thyssenkrupp has said that it may need to close or sell HKM, the 50-30-20 joint-venture between Thyssenkrupp and Salzgitter, which employs 3,000 people. Tensions have arisen between the partners due to the uncertainty surrounding the future of a joint venture.
Nigeria grants permits for gas-flaring projects, aiming at $2 billion investment and a 3 GW potential
Nigeria has granted permits to 28 companies as part of a program that aims at ending routine gas flaring in order to reduce carbon emissions and to use some gas to generate electricity. Officials of the Nigerian Gas Flare Commercialisation Programme said that it was a significant step towards reducing gas waste and monetizing it. Gas flaring is controlled combustion of natural gas released during oil extraction.
India's Ministry of Finance urges caution in lending for solar modules as a glut is looming, a letter shows.
A letter from the ministry reviewed by revealed that the ministry urged banks to be cautious when financing new manufacturing capacities of solar photovoltaic modules, due to the possibility of oversupply on the local market. Over the last three years, several Indian companies have increased their solar module production capacity with the aim of exporting to the United States. The U.S. has increased its tariffs on Indian components made in China and is more concerned about the quality of these parts.
The cold weather forecast is driving up gas prices in the Netherlands and Britain
The wholesale prices of Dutch and British gas rose on Wednesday morning as the colder weather forecast increased demand. LSEG data revealed that the benchmark Dutch front-month contract for the TTF hub had increased by 0.34 euros to 31.50 Euros per Megawatt Hour (MWh), or $10.67 /mmBtu at 0913 GMT. The Dutch day-ahead rate was 30.75 euros/MWh, up 0.55 Euro. The British day-ahead contracts was up by 4.9 pence to 68 p/therm.
Statkraft, a Norwegian utility, finds that energy buyers are more hesitant to sign long-term contracts.
Statkraft's CEO stated that the wider economic uncertainty is causing buyers to be less willing to sign long-term agreements for power. The utility also reported a decline in its core earnings during the third quarter. Statkraft, a state-owned company, reported that its earnings before interest and taxes for the period July-September fell from $3 billion to $129.44 million. This is a drop of 3.0 billion crowns compared to 1.3 billion crowns if you compare it with 1.0 billion crowns a year ago.
Minister: Greece wants to complete the Chevron gas exploration agreement this year
The Greek energy minister announced on Friday that the country is working to complete a contract by the end the year with U.S. major oil company Chevron, and its Greek partner Helleniq Energy. This agreement will cover energy exploration off the coast of Greece. Chevron, Greece's largest oil refiner Helleniq and other companies submitted a joint offer in an annual Greek tender to search for gas in deep sea blocks near the Peloponnese Peninsula and Crete.
Panel of OPEC+ stresses the need to fully comply with oil production limits
OPEC released a statement saying that an OPEC+ panel at a Wednesday meeting stressed the importance of full compliance with oil production agreements, and additional output cuts some members must make to compensate for exceeding quotas earlier. Around 1230 GMT, the online meeting of the Joint Ministerial Monitoring Committee began. It included top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia.
India offers large incentives for carbon capture as coal remains a major part of the energy mix
India is planning to launch a national initiative to capture carbon dioxide with significant government incentives as it tries to balance its rising energy demands with climate goals, while still relying heavily on coal. Rajnath Ram said that the initiative, which aims to promote carbon capture, utilisation, and storage (CCUS), could provide funding support ranging between 50% and 100% for selected projects. The CCUS technology captures CO2 at the point of emissions and stores it underground.
Freeport LNG export facility in Texas returns to service on Monday according to LSEG data
Freeport LNG, a U.S. liquefied gas company, had its Texas export plant take on more natural gases on Monday. This was a sign the plant had recovered from an outage that occurred over the weekend. Freeport LNG is one of the most closely monitored LNG export facilities in the world, as the start and end of its operations can cause price fluctuations on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decline due to a lower demand for fuel from the export facility.
French sugar company Tereos wants to expand its power business in Brazil
An executive from Tereos, a French sugar company, said that the company plans to increase its client base in Brazil for power contract sales by tenfold over the next two years. The goal is to reach 1,000 corporate clients. Samuel Custodio is the head of power commercialisation at Tereos Brazil. He said that the growth would be driven by cross selling to existing sugar and alcohol clients, as well as to potential suppliers and partners, and acquisitions.
Prices for EUROPE Gas are rising on fears that escalation in the Middle East conflict could disrupt supplies
Dutch and British wholesale prices of gas rose early on Thursday, as fears that an escalation in the Israel-Iran war could disrupt the supply affected the market. LSEG data show that the benchmark Dutch front-month contract was up 0.05 euros to 39.90 Euros per Megawatt Hour (MWh) / $13.41/mmBtu at 0821 GMT. The Dutch August contract increased by 0.33 euros to 40.40 Euro/MWh. The British front-month contracts increased by 2.88 pence to 94.28 per therm. "We do...
Eni CEO: Oil markets do not expect closure of the Hormuz Strait
Eni's CEO, Eni of Italy, said that oil markets were signaling an unlikely escalation of tensions between Israel and Iran or the closing of the Strait of Hormuz. The Strait of Oman, located between Oman and Iran, connects the Gulf of Oman in the north with the Gulf of Oman in the south. It also links the Arabian Sea to the east. Claudio Descalzi, Eni, said at an energy conference that the markets had not yet pushed crude oil prices above $80 or $90 per barrel…
Kuwait looks to public-private partnerships for energy projects that will help end the power crisis
The acting director general of Kuwait Authority for Partnership Projects, KAPP, said that Kuwait hopes new energy projects, involving both state and private investors, will help it tackle its power shortage. One of these contracts is due to be awarded in the next few weeks. Kuwait, a country that is a member of the Organization of Petroleum Exporting Countries, has suffered from a severe shortage of electricity due to rapid population growth…
German sugar refiner Nordzucker turns to South America after EU prices fall
Nordzucker, Germany's second-largest sugar refiner, forecasted a loss for its new financial period on Wednesday due to low EU sugar prices. It said it would diversify into South America in order to reduce its dependence on the European market. Nordzucker announced on Wednesday that its operating profit for the fiscal year 2024/25 had fallen by 76% to 100 million euro ($113.19 millions). Nordzucker stated in…
German sugar refiner Nordzucker anticipates losses as EU prices remain low
Nordzucker, Germany's second-largest sugar refiner, expects a loss for its new financial period as EU sugar prices remain low. The company announced this on Wednesday. Nordzucker reported on Wednesday a 76% drop in operating profit in its fiscal year 2024/25 to approximately 100 million euros (113.19 millions). Sales dropped 5.2% to 2,770 billion euros. Nordzucker stated in a press release that the main reason for the decline in sales was the sharp fall in sugar prices across Europe.
Deutsche ReGas Receives EU Funding for Baltic Sea Coast Hydrogen Project
Deutsche ReGas on Wednesday said it will receive 112 million euros ($126.97 million) worth of public grants from the European Union's Hydrogen Bank for a renewable hydrogen project at Lubmin on Germany's Baltic Sea coast.The grant comes under EU funding schemes to promote electrolysis processes that use carbon-free electricity to kick-start a local economy producing hydrogen as an alternative to fossil fuels.ReGas said the hydrogen production at Lubmin, for which the funding will be spread over 10 years,
SSE Reduces Investment Plans by 15% Amidst Project Delays
British utility SSE on Wednesday cut its five-year investment plans by 15%, or 3 billion pounds ($4.04 billion), reflecting project delays, supply chain disruptions and also changes in the economic outlook.SSE, which has been pushing ahead towards green energy goals, reduced its investment to around 17.5 billion pounds, with its renewables division taking the biggest hit with a 1.5 billion pound cut.Projects that face delays include Berwick Bank…
Sources say that EU countries are seeking extra flexibility in their gas storage targets
EU diplomats have revealed that the EU is considering rules which would allow countries to deviate from the requirement of 90% gas filling before winter by ten percentage points. In 2022, the EU introduced its gas storage regulations to provide EU countries with a buffer during the winter months after Russia stopped supplying fuel following its invasion in Ukraine. Some EU countries worry that the binding…
EEX gains new members with the addition of more OTC trading
The European Energy Exchange EEX is expecting a strong volume increase in 2025, as more market players join the exchange to hedge renewables or use the clearing functions. This was stated by its CEO at the E-World trade show. Peter Reitz, CEO of the exchange, said that in a recent interview, it had seen a 37% increase in its European power futures volumes in January. These have grown by 63% over 2024. Reitz stated that there are two main drivers for the growth of the exchange: new members…
Marubeni targets a net profit of over $4 billion in FY 2027/28
Marubeni, a Japanese trading company, said it aims to achieve a net profit in excess of 620 billion yen (about $4 billion) during fiscal 2027/2028. It also aims for a return on total shareholders of 40%. The company reported a 14.5% increase in its April-December net income to 425.2 billion Japanese yen. It also revised its forecast for the full year to March, from an earlier guidance of 480 million yen. Masumi Kakainoki…