CMOC IXM declares Force Majeure on Cobalt Deliveries from Congo
IXM, a commodity trader owned by China's CMOC Group has declared force majeure for deliveries of cobalt from the Democratic Republic of Congo, after the country extended the ban on exports of battery material. In February, the Congo suspended all cobalt exports for four months to reduce oversupply and stabilize prices which were at a nine-year-low of around $10 per lb.
In administration is the parent company of Prax, which owns UK's Lindsey refinery.
Teneo Management Consulting said that State Oil Limited (parent company of Lindsey Oil Refinery) has been placed under administration and insolvency proceedings by the British High Court. State Oil is owned by Prax Group, which also owns the Lindsey Refinery. Teneo announced on Monday that it has been appointed administrator of State Oil.
Thyssenkrupp's deputy chairman votes against the extension of CEO contract due to 'fundamental distrust'
T hyssenkrupp’s deputy chairman, who sold a stake in the steel unit to billionaire Daniel Kretinsky, will vote against the extension of Miguel Lopez’s contract at a board of directors meeting on Friday. He said that Lopez had failed to deliver the turnaround promised of the steel division. Juergen Kerner's comments…
PetroChina aims to reduce risks by increasing North American LNG volume, according to an executive
PetroChina International, trading arm of Chinese oil giant, is interested in North American supplies of liquefied gas. The company wants to reduce its trading risks by negotiating flexible supply agreements, according to a company official on Tuesday. If I look at the portfolio we have today, I'd say that there is a slight over-weighting on duration.
TotalEnergies acquires 40 offshore US blocks operated by Chevron
PARIS, 16 June - French oil giant TotalEnergies announced on Monday that it had acquired a 25 percent interest in 40 federal exploration leases operated by Chevron in the Gulf of Mexico. The outer continental shelf leases consist of 13 blocks located in Walker Ridge, 9 blocks within the Mississippi Canyon region and 18 blocks situated in East Breaks.
Aster Chemicals will increase Singapore's refining capacity following the acquisition of a splitter stake
Aster Chemicals & Energy plans to increase the crude processing capacity of its Singapore refinery to more than 300.000 barrels per day after purchasing a stake in excess of 50% in a unit that splits condensate, according to a statement released on Monday. The Chandra Asri led joint venture with Glencore…
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it continues its international expansion while coping with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it expands internationally and deals with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet.
Turkey will provide Syria with 2 billion cubic meters of gas per year
Alparslan Bayraktar, the Turkish Energy Minister, said that Turkey would provide 2 billion cubic meters of natural gas per year to Syria. Bayraktar, in a joint press conference with his Syrian counterpart at Damascus said that Turkey’s gas exports will contribute to 1,300 megawatts more of electricity production for the country.
Norway's oil-drilling unions are seeking wage mediation in order to avoid a strike
Employers and three unions reported that wage talks with 7,500 oil drilling employees in Norway failed on Wednesday. This could lead to a strike later this year. The Norwegian Shipowners' Association's (NSA) talks with the Safe, Styrke, and DSO unions are to resume at a future date, which is yet to be determined, under the mediation of a state appointed mediator.
Norway Oil Drilling Unions Seek Mediation to Avoid Strike
Two unions have said that wage negotiations involving 7,000 oil drilling employees in Norway failed early on Wednesday. This could lead to strike action later in the year, which would disrupt exploration. The unions have announced that the talks between the Norwegian Shipowners' Association and the Safe and Styrke unions will be resumed at a future date…
Eni sells Plenitude stake to Ares for $13 billion
Eni, an Italian energy company, has announced that it is in exclusive negotiations with Ares Alternative Credit Management to sell a 20% stake of its retail and renewable arm Plenitude. Eni stated that the negotiations are based on a Plenitude equity value between 9.8 billion and 10.2 billion euro, which…
Transmission operator: Ukraine imports more gas
The operator of the national gas transmission system reported that Ukraine increased its gas imports to approximately 15.5 million cubic meters (mcms) per day over the weekend and Monday, compared with 14.5 mcms per day the previous week. After Russian missiles damaged the production facilities to the east of Ukraine…
Exxon to invest $1.5 billion in Nigerian oilfield
ExxonMobil, the world's largest oil company, will invest $1.5 billion in the development of deepwater operations for Nigerian oil companies. This was announced by the Nigerian oil regulator on Wednesday. The capital investment plan, which spans from the second quarter 2025 until 2027, is mainly focused on…
Strategie Grains trims sunseed to keep EU rapeseed forecast.
Strategie Grains, a consultancy in the United Kingdom, has kept its forecast for 2025/26 European Union Rapeseed Production unchanged for the third consecutive month. However it has reduced its outlook for next EU Sunflower Seed Crop. The consultant still expects rapeseed production, the EU's major oilseed crop to reach 19.0 million metric tonnes next season…
BP approves Ginger Gas Project in Trinidad and Tobago
BP said that it has approved the Ginger gas project in Trinidad and Tobago. This is one of ten projects named by Murray Auchincloss, CEO, in a recent strategy overhaul to support BP's renewed emphasis on oil and natural gas. The company stated that Ginger will start production in 2027 and reach a maximum of 62,000 barrels equivalents per day.
Intouch shareholders in Thailand approve merger of energy and telecom with Gulf Energy
Shareholders of Thailand's Intouch Holdings approved a merger with Sarath Ratanavadi, a billionaire who owns the power company Gulf Energy on Tuesday. This merger is expected to be worth nearly $25 billion. Gulf Energy's market capitalisation is $7.72 billion while that of its telecom affiliate Intouch, according to LSEG data.
LSEG data indicates that Freeport LNG will resume service in Texas after a lightning strike.
Data from the financial firm LSEG revealed that natural gas flows at Freeport LNG's Texas export plant were expected to increase on Tuesday, after a lighting strike on a pipe caused it to close on Monday. Freeport is one the most closely monitored LNG export plants around the world, as the start and end of its operations can cause large price swings on global gas markets.
Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors
The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's office announced that…
Ukraine purchases US LNG from Poland's Orlen
Naftogaz, the state-owned energy company in Ukraine, announced on Tuesday that it had purchased 100 million cubic meters (mcm), of U.S. LNG. This month, a senior Ukrainian energy official said that Ukraine could import large volumes U.S. Gas this year via terminals located in Germany, Greece and Lithuania. The fuel will be a shipment from the United States.
