ArcelorMittal delays planned green investments for EU
ArcelorMittal is the second largest steelmaker in the world. It announced on Friday that it was delaying green investments due to uncertainty over European Union regulations. ArcelorMittal received 850 million Euros ($885 million) from the French Government in January to support its 1.7 billion Euro decarbonisation programme in France through 2030 at its Dunkirk site and Fos-sur-Mer site.
Officials say that South Africa has a significant reworking of its long-term energy plan.
Officials said that a reworked long-term South Africa power plan would be soon presented to the cabinet. The plan is designed to put an end to the electricity blackouts which have plagued the country over the past decade. Only in January was the last plan released, which laid out scenarios for power supply up to 2050. The plan included a wide range of energy sources, including nuclear, renewables, and natural gas. Coal, the current dominant power source, was also covered.
Azerbaijan, summit host, warns that COP29 will not succeed without G20 support
Azerbaijan, the host of the COP29 Climate Summit, said that leaders from the world's largest economies should send a strong message about the urgency to combat global warming. The appeal came at a meeting of the Group of 20 leaders (G20) in Brazil, where climate was just one of many topics on their agenda. Others included war in Ukraine and Donald Trump's victory in the election. Nearly…
Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s efforts to reduce Russia’s revenue from oil sales which it could use to fund its war in Ukraine. Sovcomflot's revenue for the nine months of 2012 fell by 22.2%, to $1.22 Billion.
Al Nowais, according to Italy's Maire, has bought 5% of Nextchem in order to target the Middle East
It was reported by Italy's Maire on Wednesday that Yousef Al Nowais bought a 5% share in Nextchem. This valued the subsidiary of the engineering company at $1.33 billion. Al Nowais is one of the company's shareholders and has owned a stake of 4.73% for more than 10 years. He paid 62.5 millions euros for 5% in Nextchem which provides technology solutions for companies working on energy transition. The move was made to boost Nextchem's service in the Middle East.
The pledge of financing by the Development Bank gives COP29 an early boost
COP29 negotiators have welcomed a commitment by major development bank to increase funding for poor and middle-income nations struggling to combat global warming. This is a positive start to the two week summit. The World Bank and a group of lenders announced on Tuesday that they would increase the finance amount to $120 billion in 2030. This is a 60% increase over the amount of 2023. It's very helpful. Ryan added that this alone will not be enough.
The pledge of financing by the Development Bank gives COP29 an early boost
COP29 negotiators said that the pledge of major development banks, to increase funding for poor and middle income countries who are struggling to combat global warming was a positive start to the two week summit. Tuesday, a group of lenders including the World Bank announced that they would increase this financing to $120 billion, which is a 60% increase from the amount in 2030. It's very helpful. Ryan added that this alone will not be enough.
YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.
The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation. Vaca Muerta has the second largest shale-oil reserve in the world and is also home to one of the largest shale-gas reserves.
OPEC is optimistic about global oil demand and does not see a peak in sight
Haitham Al Ghais, secretary general of the Organization of Petroleum Exporting Countries in Abu Dhabi, said that oil demand is expected to be very high in the near and medium term. He said that while there are challenges, the overall picture is not as bad as it sounds. The so-called "peak demand" will not occur as long as the global economy grows. Ghais stated that the oil producing group was optimistic about the global economy. He noted growth in the U.S.
Ukraine drones target ethanol plants in Russia, Telegram channels say
Russian channels on Telegram said that Ukrainian drones attacked ethanol plants in Russia’s southern region Voronezh. The regional governor confirmed the report, saying the attack caused two injuries, ignited a fire, and damaged two industries. Alexander Gusev said that the regional governor Alexander Gusev confirmed on Telegram that firefighters had extinguished the fire which injured two workers in the Anninsky District of the region.
Russia says it is too early to tell if the market will be ready for additional oil in Dec
Alexander Novak, the Russian Deputy Premier, said that it was still too early to determine if the market will need the additional volumes of oil the OPEC+ group plans to produce beginning in December. His comments could set the stage for a discussion on whether or not to implement the increase in oil production agreed upon by the group. He said the group, including Russia and Saudi Arabia included…
Germany's Thyssenkrupp reviewing green steel production plans
Thyssenkrupp, a German steel company, said that it will review its plans to produce green steel after a report Sunday suggested it might halt a major project of decarbonisation. The conglomerate, which is in crisis, said that it was reviewing its plan for its steel business, including the "green transformation", referring to carbon-neutral steel production, one of industrial processes most polluting.
Russia aims to increase coal exports to India
Alexander Novak, Russian deputy prime minister, said that Russia was interested in increasing its coal exports to India in order to meet the growing demand for fuel in Asia. China is still the largest buyer of Russian coal, but Moscow says India could overtake China by the beginning of the next decade due to Beijing's plans for reducing coal use in power generation. India is increasingly relying on coal for its record-breaking power demand.
Russia's Novak believes that oil volatility is easing despite Middle East turmoil
Alexander Novak, Russian Deputy Premier Minister, told Al Arabiya News that he expects the volatility in oil prices to subside after the Middle East tensions have triggered it. Geopolitical risk has already been factored into the price fluctuations. Novak, who oversees the Russian economy as a whole, has said that the economy is still suffering from sanctions and will withstand any pressure or price cap imposed by the West on oil.
TotalEnergies begins early production of Fenix gas in Argentina
TotalEnergies, a French oil company, said that natural gas production had begun earlier than expected at Argentina's Fenix off-shore field. The $700-million project was originally scheduled to start operating in November. It has a daily production capacity of 10,000,000 cubic meters of gas, which represents 8% of Argentina’s total production. Gas from the Fenix Field off Argentina's southern coast will be used for domestic consumption.
Moscow claims that the EU has lost its mind over increased military aid to Ukraine
The Russian Foreign Ministry said on Friday that the European Union has "lost their mind" and is heading towards ruin by providing additional military aid to Ukraine. According to a letter from the German finance ministry, Germany will approve an additional 400 million euros ($450 millions) of military aid for Ukraine to help it fight Russia. These funds will be added to the 8 billion euro budget for Ukraine in 2024.
Credit Agricole, a French bank, has bought stakes in 11 wind farms
Credit Agricole, a French bank, announced on Friday that it had purchased stakes up to 32 percent in 11 wind farms located in France. By 2050, France aims to be carbon neutral by having 45 gigawatts of offshore wind installed. Due to the complex permitting procedures and multiple appeals filed against projects, France is behind other countries in offshore wind. The European Union also wants to see more wind power in this region.
British Business – Sept 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP engineers will now be required to take faster decisions based on AI-generated information about oil and natural gas exploration, following a recent agreement with Palantir Technologies. Hostmore, a British restaurant operator…
Glencore's former head of oil is charged with bribery in a UK court
Alex Beard, former Glencore head of oil, appeared before a London court Tuesday to answer bribery allegations relating to Glencore's operations in Africa. Beard's lawyer told the London Westminster Magistrates' Court that he will plead guilty. The 57-year old is accused of two counts of conspiracy for corrupt payments made to officials of government-owned oil companies and government officials in Nigeria from 2010 to 2014 and in Cameroon, between 2007 and 2008.
APPEC and Japan's JERA consider Vietnam gas-fired energy plant investment
A senior executive from Japan's largest utility, JERA, said on Wednesday that the company plans to invest in a gas-fired plant in Vietnam as part of its efforts to transition away from coal and towards cleaner fuels. By 2030, power plants that use domestic gas or imported liquefied gas (LNG), with LNG as the major contributor, will be a vital source of energy in Vietnam. The total installed capacity of these plants is expected to reach 37.33 GW.
