Sources say China's Norinco sweetens its bid for Congo copper mining as the deal stalls.
China North Industries Corp., also known as Norinco has offered to increase the Congo government stake in its bid to purchase copper and cobalt assets from Chemaf SA to help smooth the way to a deal. The $1.4 billion offer made by China's defence and industrial giant, in June, stalled when Congo state miner Gecamines put forward its own unsolicited proposal for the Chemaf asset. This exacerbated a standoff that was already complicated by U.S. officials who were lobbying against China’s grip on central Africa’s mineral-rich Copperbelt.
ADNOC, the UAE's gas company, has completed a $2.84 billion share sale.
Abu Dhabi National Oil Co. (ADNOC), the energy giant of United Arab Emirates, announced early Friday that it had completed a 2.84 billion dollar market offering for its ADNOC Gas division. ADNOC said in a press release that the offering price was 3.40 dirhams for each share. The sale is the largest share offering in the Middle East and North Africa region (MENA) since the $12,3 billion follow-on offer by Saudi Aramco last June and the largest of recent years. Parent ADNOC has completed the marketing of 3.1 billion ADNOC Gas shares to institutional investors.
The cold weather in the US boosts diesel prices, but masks economic challenges
Since the beginning of the year, the cold temperatures in the Northeast U.S. have led to an increase in demand for heating oil. This has helped to offset the slowdown in recent years due to reduced industrial activity. The Energy Information Administration (EIA), according to its data, reported that the U.S. inventory of distillate fuels - including diesel and heating oil - fell this month to its lowest seasonal level in 2014. The sharp increase in heating oil consumption is reflected by the decline. According to EIA, the four-week average for distillates products supplied is a proxy measure of demand.
Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy. The Caribbean country has expressed interest in exploring Guyana’s Berbice off-shore block. This could require a re-delimitation of an area that was originally explored by a Toronto listed unit of CGX Energy, and eventually returned to the Government.
Draft shows EU to relax state aid rules for green projects
According to a draft document of the European Commission, businesses could be able to get state aid or other financial incentives if they are working on projects that reduce their carbon emissions. The guidelines aim to encourage private investors, such as pension funds, insurance companies, and insurers, to invest in green projects. The Clean Industrial Deal, as the Commission calls it, will be presented by the Commission on Friday 26th February. Public support is needed to accelerate decarbonisation.
Draft shows EU will work to more flexible filling targets for gas storage
A draft EU document revealed that the European Commission would work to develop more flexible targets so EU countries can fill their gas storage before winter. This follows concerns from some governments about Europe's strict deadlines for filling up. In 2022, after Russia cut gas supplies to Europe, the European Union introduced its current targets. Member countries must fill their storage caverns up to 90% capacity by November. Intermediate targets are February, May July and September. The document added that this will "reduce the stress on systems associated with gas storage refilling".
Air Liquide and TotalEnergies invest over 1 billion Euros in green hydrogen projects
Air Liquide, a French industrial gas company, announced on Tuesday a joint venture with TotalEnergies, a French oil giant. The two companies will develop in the Netherlands two large-scale low-carbon hydrogen plants. Air Liquide said in a press release that the two projects represented a combined investment totaling more than 1 billion euro ($1.05 billion). TotalEnergies wind farms will supply the first project in Rotterdam. It is expected to start operation by the end of 2027. This represents an investment of approximately 600 million Euros for each partner.
Japan adopts new policies on energy, climate and industry through 2040
The Japanese government approved new targets on Tuesday to reduce the country's emissions of greenhouse gases through 2040. It also approved a revised energy policy and updated industrial policies for the same time period. The measures are aimed at enhancing long-term stability of policy for businesses. They focus on decarbonisation and ensuring stable energy supplies, as well as strengthening industrial capacities to drive economic growth. Japan's new climate policy aims to cut greenhouse gas emissions from 2013 levels by 60% by 2035, and 73% by 2020, exceeding its previous 2030 target of a 46% reduction.
Enel extends its geothermal licenses in Tuscany, Italy to 2046
Three sources confirmed on Friday that the Italian region Tuscany will extend Enel’s geothermal energy licenses by 20 more years, until 2046, in exchange for investments of nearly 3 billion euro ($3.15 billion), they said. Sources claim that the decision could be made as soon as Monday. Enel declined comment. The geothermal system generates heat within the crust of the Earth. This renewable energy is mainly used for industrial processes, district heating, and electricity generation. Tuscany is the area where most of the country's sites are located.
IEA: Global electricity demand will grow by 4% until 2027
The IEA released a report Friday that predicted the global electricity demand to increase by 4% – or more than Japan's total annual consumption – each year until 2027. However, the expansion of energy sources with low emissions should help counteract this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies. China will account for more than half the growth with a 6% annual growth rate. China's power demand has grown faster than its economy since 2020…
IEA: Global electricity demand will grow by 4% until 2027
The IEA reported on Friday that the global electricity demand will grow more than Japan's total annual consumption through 2027. However, the expansion of energy sources with low emissions should help to offset this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies. China will account for more than half the growth with a 6% annual growth rate. China's power demand has grown faster than its economy since 2020, spurred by a power-hungry industrial sector and the rapid expansion of electricity-intensive manufacturing of solar panels…
China is ready to deepen and improve ties with the UK
China is willing to improve and stabilize bilateral relations with the United Kingdom, as well as to cooperate more in the areas of infrastructure, trade, and investment. This was stated by the Chinese Foreign Ministry in a Friday statement, citing their minister. Wang Yi visited Britain for the first time since a decade on Thursday. He met with the Prime Minister, Foreign Minister and National Security Advisor. Wang, in his meeting with Keirstarmer, the UK Prime Minister, said that China and UK must strengthen their strategic communication, increase mutual trust, and show responsibility as major nations.
TE Connectivity to Acquire Richards Manufacturing
TE Connectivity entered into a definitive agreement to acquire Richards Manufacturing Co. from funds managed by Oaktree Capital Management, L.P. and members of the Bier family, long-standing owners and leaders of the business. The transaction will strengthen TE's position in serving electrical utilities in North America by combining complementary product portfolios and adding the expertise of the Richards team, enabling TE to benefit from strong growth trends in underground electrical networks.Richards is widely recognized as a best-in-class provider of utility grid products and…
Researchers say that China's coal power construction in 2024 is at a 10-year high.
Researchers said that China has begun construction of 94,5 gigawatts in coal-fired energy in 2024. This is the largest number of new projects since 2015. It will hinder the country's move away from fossil fuels. Since 2023, power shortages have prompted a surge in new coal projects. The country is the world's largest coal consumer and greenhouse gas emitter. Qi Qin is a researcher at CREA's Centre for Research on Energy and Clean Air. The report's main author, Qi, said that this could present challenges to global climate efforts.
Prices fall in Europe amid profit-taking and temperature revision
The wholesale gas prices in the Netherlands and Britain fell Wednesday morning, as profit-taking took place after Tuesday's new two-year peak. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was 1,35 euros lower at 55.10 Euro per megawatt hour by 1307 GMT. The Dutch April contract is down by 2.48 Euros at 55.12 euro/MWh. The front-month contract in Britain fell 4.54 pence, to 134.41 cents per therm. A gas trader stated that forecasts for the average temperature in North-West Europe have been slightly revised upwards from the weekend.
EIA: US power consumption will reach new highs by 2025 and 26.
The U.S. Energy Information Administration stated in its Tuesday Short Term Energy Outlook that the U.S. will reach record levels of power consumption in 2025 and in 2026. EIA projects that the demand for electricity will increase to 4,179 billion Kilowatt Hours (kWh) by 2025, and to 4,239 billion in 2026. This is an increase from a previous record of 4,082 billion in 2024. EIA predicts that by 2025, residential customers will consume 1,524 billion kWh of electricity. Commercial customers will consume 1,458 trillion kWh and industrial customers 1,054 trillion kWh.
Texas industry asks EPA for state approval of carbon storage projects
Texas oil, gas, and industrial groups asked the new EPA Administrator on Tuesday to expedite Texas' request for the approval of carbon capture and storage project instead of the Federal Government, in order to boost private investment, and unleash capture technology. The groups, which included the Texas Oil and Gas Association and Texas Association of Manufacturers asked Environmental Protection Agency Chief Lee Zeldin "to expedite and approve" Texas' application for "primacy." The state would be able to store and capture carbon underground, instead of waiting for the EPA to approve such projects.
China will roll back clean energy subsidies after boom
China's top economic planner said on Sunday that it is taking steps to reduce subsidies for renewable energy after an explosion in solar and wind installations. China has surpassed its own record for solar installations by 45% in 2024. China has installed more than 6 times as much solar power in China today, according to the International Renewable Energy Agency. China's rapid installation of clean energy has allowed it to reach its 2030 goal six years earlier than expected. This is a testament…
Australian shares are led higher by banks and retailers.
Australian shares followed Wall Street's rise on Thursday. Financial stocks and consumer discretionary companies led the charge, after investor concerns about a global war of trade began to fade. As of 2350 GMT, the S&P/ASX 200 Index rose by 0.9% to 8,490.7. The benchmark closed Wednesday 0.5% higher. Overnight the Dow Jones Industrial Average in the U.S. rose 0.71%. The S&P 500 increased by 0.39%. Nasdaq gained 0.19%. Investors ignored the comments of President Donald Trump, who said that the U.S. wanted to develop the economically-destroyed Gaza Strip.
WEC Energy's quarterly profit increases as it expands its data center services
WEC Energy Group announced on Tuesday a profit that more than doubled during the fourth quarter. The electric utility benefited from lower operating costs and higher revenues as it expanded its service to Microsoft data centers. U.S. energy companies, like Milwaukee's WEC Energy, are embracing the rise in demand for electricity due to the proliferation of AI data centres and the electrification or buildings and industries. WEC plans to provide electricity for a campus of 3.3 billion dollars in data centers being built by Microsoft in southeast Wisconsin.
