US offers conditional loan of $1.56 billion for Indiana ammonia plant
The U.S. Department of Energy announced on Monday that it has granted Wabash Valley Resources a conditional guarantee of up $1,56 billion for the construction of a low-emissions production facility of ammonia in Indiana. It said that the project would use petcoke as a waste product from oil refining to produce 500…
Money losing natgas producer BKV revives US IPO
BKV Corp, a natural gas producer in the red, said it plans to raise $315 million via an initial public offer of shares. This comes nearly two years after BKV first filed to sell its shares publicly. BKV said it will offer between $19 to $21 per share. The company aims to achieve a valuation up to $1.77bn in its IPO.
Prices for gas in Europe are lower due to steady Russian and Norwegian supplies
The wholesale gas prices in the Netherlands and Britain fell on Thursday morning, as supplies from Russia via Ukraine remained constant. Intercontinental Exchange (ICE) traded the benchmark front-month contract Dutch TTF Hub at 35.40 Euros per megawatt (MWh), down 0.74 euros, by 8:34 GMT. The day-ahead contract on the British market was down 2.28 pence at 85.75 cents per therm.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI…
The price of gas in Europe has reversed its initial gains and is now lower than the oil prices.
The Dutch and British wholesale prices of gas reversed gains earlier on Tuesday afternoon. They fell in line with the oil price and offset initial concerns about rising demand due to cooler weather conditions and U.S. liquefied gas supplies. LSEG data shows that the benchmark front-month contract for the…
BofA: Sugar prices will be supported by a smaller Brazil crop
Bank of America Global Research stated in a Monday note that the benchmark raw sugar price in New York is expected to remain firm and may even go up due to tight global supply of sweetener. The bank's analysts said that cane crushing was below expectations in Brazil, which is the world's biggest sugar producer…
Taiwan's TCC receives Italian approval to take energy storage company NHOA private
TCC Group Holdings, a Taiwanese company, announced on Friday that it has received approval from the Italian government to privatize energy storage firm NHOA. The Italian government has "golden powers" to block or impose conditions on foreign and local takeovers as well as changes in governance affecting companies operating in strategic sectors like energy…
Wall St Week- US stock rally expands as investors wait for Fed
Investors worried about technology stocks can take heart from the broadening rally of U.S. shares. The markets are awaiting key job data and Federal Reserve rate cuts expected in September. Investors are putting their money into less popular value stocks and smaller companies, as the fortunes of big tech stocks like Nvidia and Apple continue to rise and fall.
China will continue to implement low-carbon reforms according to the energy regulator
The energy regulator in China said that China would continue to phase out fossil fuels, and reform its electricity system. It issued a paper on Thursday listing achievements, but lacking new plans for China’s energy transition. Zhang Jianhua, the head of China's National Energy Administration, said that China will continue to reform its electric system…
Harbour Energy, UK to complete Wintershall Dea Asset Deal in September
Harbour Energy, of Britain, said Tuesday that it expected to complete the purchase of Wintershall Dea assets by early September. This is a change from its previous estimate of early in the 4th quarter. Harbour's shares rose 7.2% to 301.10p at the opening of morning trading. The biggest British North Sea…
Brazil sugar group Raizen suspends operations at its plant following fire on canefields
Raizen, Brazil's largest sugar and ethanol manufacturer, said that since Thursday industrial operations had been suspended at its Santa Elisa facility in Sao Paulo due to fires around the plant. It said that it was forced to evacuate its workers from one of the largest plants in the country on Thursday because of the fires.
Lobby says proposed price for Polish offshore Wind auctions is too low
The wind lobby in Poland said that the proposed price of wind power for new Baltic Sea projects was too low, and could undermine development and government goals. The climate ministry of Poland proposed earlier this week a maximum price for auctions starting in 2025 at 471.83 Zlotys (122.71 USD) per Megawatt Hour (MWh).
BHP's return in Argentina is a new sign of hope for copper mines that are still untapped
More than half a dozen officials from the mining industry said that a new incentive program for mining in Argentina has attracted major players like BHP. They are now looking to the South American nation as the next frontier for the copper market. BHP's investment in Argentina last month was the first time in 20 years that BHP had invested in mining.
UK energy prices rise 10% due to extreme weather and geopolitics
The British energy regulator Ofgem raised the price cap for household energy bills on Friday by 10%, from October 1, to a level of 2,250.64 pounds per year. This increase was blamed on extreme weather conditions and conflicts like the war in Ukraine. Brearley stated that the increase in price cap will be difficult for many families.
OPEC faces a moment of truth about planned output increases: Kemp
Saudi Arabia and its OPEC allies will have to make a difficult decision in the coming weeks. They must decide whether they want to proceed with production increases planned for October or postpone them due an uncertain economic outlook. Saudi Arabia and its OPEC?Recent falls in Brent futures prices for the front-month…
Conab raises estimate for Brazil's 2024/2025 sugarcane crop
Conab, Brazil's national agricultural agency, increased its forecast on Thursday for Brazil's sugarcane production in 2024/25 but stated that it would still fall below the previous season due to low rainfall and high temperatures reducing yields in key regions. The agency estimates that the sugarcane production…
Australia approves $13.5 billion project to export solar energy to Singapore
Australia announced on Wednesday that it has given the green light to a A$20 Billion ($13.5 Billion) solar project. The project will ship energy from the giant solar farm located in the north of the country to Singapore via a 4,300 km undersea cable. Tanya Plibersek, Environment Minister, said SunCable’s…
BHP strike in Chile enters its third day, boosting global copper price
The strike at BHP's massive Escondida Mine in Chile, which entered its third full day on Thursday boosted global copper prices. A continuing standoff between BHP and the workers is spreading concerns about the supply of red metal. BHP and the union of workers held an initial meeting Wednesday to try to defuse a strike.
Brazil sugar production drops in July; cane yields fall 10%
Sugar production in Brazil’s center-south area totaled 3,61 million metric tonnes in the second half July. This is a drop of 2.16% on an annual basis. Meanwhile, sugarcane yields have decreased as the crop struggles with drier conditions. Unica, a group of industry experts, said that in its report published on Tuesday…
Ecopetrol's Q2 net profits fall 17.4% to $830.9 million
Ecopetrol, Colombia's largest state-owned oil firm, reported on Tuesday a 17 percent drop in its second-quarter profit. The company cited market conditions. Ecopetrol reported in its quarterly earnings report that the net profit for the quarter ended June 30 was 3.38 trillion pesos (US$830.9 million). The first-half net loss fell by 24%, to 7.39 trillion Pesos.
