Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI)…
Macquarie-backed Offshore Sind Developer Corio Cuts Jobs
Corio Generation, the UK-based offshore wind developer backed by Australia's Macquarie Group, plans to cut a small number of jobs roles, a company spokesperson told Reuters.Ballooning costs due to technical and supply chain problems and high interest rates has had many offshore wind sector companies review investments or undertake restructurings."As with many companies in
Total closing in on 2 bln euro deal for renewables developer VSB, Bloomberg reports
Bloomberg News reported that TotalEnergies, a French oil giant, is on the verge of acquiring renewable developer VSB Group. The deal will cost about 2 billion euro ($2,10 billion). TotalEnergies has declined to comment. VSB Group, Partners Group and TotalEnergies did not respond to comments immediately.
Cargill, a giant in the commodities trading industry, plans to reduce around 8,000 positions
Cargill, a global trading company, announced on Tuesday that it will cut 5% or 8,000 jobs from its workforce. Revenues in the most recent fiscal period were down due to low crop prices. Cargill, a privately-held agricultural merchant, is under pressure because the prices of commodity crops, like wheat, corn, and soybeans, are at near four-year lows.
Ørsted to Shed Part of its UK Wind Farm Stake - Bloomberg News
Bloomberg News reported Monday that Denmark's Ørsted had begun selling a stake in the largest wind farm planned for the United Kingdom coast. The report was based on people familiar with this matter. Reports added that the Danish utility is looking to sell around 50% of the Hornsea 3 Project, but did…
Sources say that Venture Global LNG is planning to raise $3 billion from its US IPO.
According to sources familiar with the situation, Venture Global LNG plans to raise up to $3 billion in its New York initial public offering. This could happen as early as this year. The people who spoke to Venture Global said that the company is in discussions with Goldman Sachs, JPMorgan Chase and other banks about the listing plan.
EUROPE GAS - Prices edge up on weaker winds, correction after falling
Dutch and British wholesale prices for gas rose on Friday morning due to a weaker wind production. Meanwhile, the Slovak government-owned gas purchaser SPP denied a report that an agreement was nearing to replace Russian gas by Azerbaijan gas. LSEG data show that the benchmark front-month contract at the Dutch TTF hub…
Bloomberg News: Transocean and Seadrill in merger talks
Bloomberg News reported Wednesday that offshore drilling provider Transocean was in merger talks with Seadrill Ltd. The report came from people who were familiar with the situation. It said that the companies are currently discussing the possible structure of a merger. Bloomberg reported that a final decision had not yet been made…
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Le Monde reported that France's new Premier Michel Barnier was considering a temporary rise in corporate tax for the biggest companies of France, as well as taxation on share buybacks.
Bloomberg News: Chevron and Hess CEO agree that Hess will not be joining the board of directors in a deal with US regulator
Bloomberg News, citing sources familiar with the situation, reported that U.S. Energy Major Chevron agreed with U.S. Federal Trade Commission Hess CEO John Hess would not join its board as part of an agreement to proceed with a $53 billion acquisition deal. The proposed acquisition of all stock, announced first in October, is the largest in the U.S. Oil and Gas industry.
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E.
Palm oil continues to gain on Indonesian supply outlook and biodiesel plans
The price of palm oil in Malaysia rose for the fifth day running on Tuesday. It was its biggest rally in six week amid expectations that supply would tighten and Indonesian plans to increase biodiesel blend rates. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.71% at 3,952 Ringgit ($908.92) per metric ton.
Report says BHP Mulls Oil & Gas Exit
Global miner BHP Group is considering getting out of oil and gas in a multibillion-dollar exit as it looks to speed up its retreat from fossil fuels, Bloomberg News reported on Tuesday, citing people familiar with the matter.The world's biggest miner is reviewing its petroleum business and considering options including a trade sale…
Total Secures $14.4 Bln Funding for Mozambique LNG
French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday.A source with knowledge of the matter said Total has reached a financing agreement with a group that includes around 20 lenders for the first phase of senior debt funding of $14.4 billion.
The Numbers Tell the Story of Oil Industry Crisis
Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S.
McDermott Bankruptcy Filing Imminent -Bloomberg
Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The company did not immediately respond to a request for comment by Reuters.McDermott is discussing a restructuring plan in which its debt could be converted into equity…
GasLog Sees Tighter LNG Shipping Market
GasLog, an international owner, operator and manager of liquefied natural gas (LNG) carriers, is predicting a tighter LNG shipping market, as increasing United States LNG output combines with a seasonal uptick in demand for gas, resulting in rising demand for shipping and higher utilization of the global…
Petronas Signs Offshore Deal with Gabon
Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) has signed an agreement with Gabon for two exploration permits after the African country enacted a new oil law last month.A Bloomberg report quoted Noel Mboumba, Gabon’s petroleum minister saying that the deal follows the enactment of a revised hydrocarbons code last month…
Banks Re-pitching for Aramco IPO Roles
Investment banks are scrambling to re-pitch to advise Saudi Aramco on a possible initial public offering, sources familiar with the matter said, with Saudi Arabia's energy minister confirming plans for the listing to proceed in 2020 or 2021."Bankers previously involved in the IPO are pushing for meetings with Aramco…
Anadarko Bidding War Heats Up
American multinational energy corporation Chevron is working on integrating the hydrocarbon exploration company Anadarko Petroleum, even as it faces a higher rival takeover bid for the oil explorer from Occidental Petroleum Corp, said a report in Bloomberg.However, it is becoming increasingly difficult…
