SMA Solar, a German company, will cut 1,100 jobs and lower its full-year forecast
SMA Solar Technology, a German supplier of solar power components, announced on Wednesday that it plans to reduce up to 1,100 positions worldwide and lower its forecasts for this year. This comes nearly two months after the company announced a restructuring plan. SMA Solar began a restructuring program for the entire company in September to reduce costs by up to 200 millions euros.
Official: China hopes US climate collaboration will continue whoever wins the election
A senior official in the Chinese government said that China hoped the United States would be able continue to work with other countries to combat climate change regardless of the results of the presidential elections next week. The 2015 Paris Agreement was made possible by the cooperation between China and the United States. They are the two largest emitters of greenhouse gases that cause climate change.
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor. He will replace Filipe Nyusi, who was previously a radio announcer.
TotalEnergies denies knowing about alleged torture and killings at Mozambique Liquefied Natural Gas site
PARIS, September 26 - French oil giant TotalEnergies responded to a report in the media by saying that it was unaware of the torture and killings allegedly committed on site of the future Mozambique Liquefied Natural Gas plant. Politico reported earlier Thursday that Mozambican soldiers working out of this site, which has not been completed, had rounded up 180 to 250 local men and locked them inside shipping containers.
Natgas producer BKV is valued at $1.56 billion in its NYSE debut
BKV shares rose by 3.1% on their New York Stock Exchange debut on Thursday. This gives the U.S. Natural Gas Producer a market cap of $1.56 Billion. Companies looking to list shares have a new window of opportunity as the long-awaited rate-cutting cycle of the U.S. Federal Reserve begins. Several companies are also speeding up their plans in order to avoid the uncertainty that will result from the November presidential elections.
Biden administration finalizes the solar lands plan and touts progress
The administration of U.S. president Joe Biden announced on Thursday that it had finalized plans to expand solar power on federal lands across 11 western states. This is part of an overall push to accelerate the permitting and construction process for large infrastructure projects. The White House is looking to speed up the approval of projects ranging in scope from wind and solar…
Brazil Okays Shell, Total, BP, Others for Pre-Salt Bids
Brazil's oil industry regulator ANP said on Wednesday it has approved six energy companies to bid for four pre-salt blocks in the Campos and Santos Basins to be auctioned on Sept. 28.The companies approved to bid are Shell, Total, BP, Germany's DEA, QPI from Qatar and Chinese-owned CNODC Brasil Petróleo e Gás Ltda.
Pemex CEO: We Must Move to IPO, but Will Take Years
IPO can protect against politicians' influence -CEO. The chief executive of Mexico's national oil company Pemex said on Wednesday it must move towards a stock exchange listing like Saudi Arabia's Aramco <IPO-ARAM.SE> has done but that such a step would take years. Speaking at an oil conference in London, Carlos Trevino pointed to a call by the head of Mexico's National Hydrocarbons Commission to float a minority stake in Pemex. "I think he is right," Trevino said.
Exxon Leads Oil Majors in Aggressive Offshore Brazil Bids
Exxon Mobil Corp roared into Brazil's prolific offshore oil fields again on Thursday, clinching eight blocks in partnership with other oil firms eager to lap up the country's choice reserves ahead of presidential elections later this year. Exxon along with Petrobras and Qatar Petroleum Intl shelled out 2.8 billion reais ($844 million) for a block in Brazil's offshore Campos basin as the American oil major seeks to aggressively replace dwindling reserves.
As Iran Oil Tenders Near, Investors Still in the Dark on Terms
Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January.
French PM Will Not Bow to Labour Reform Protestors
French Prime Minister Manuel Valls is determined not to join a long list of politicians who have conceded defeat to protesters, he told the Journal Du Dimanche (JDD) newspaper, as the government prepares to dig in its heels on labour reform. The hardline CGT union has organised street protests, train strikes and refinery blockades to pressure the government to scrap plans that would make it easier for companies to hire and fire workers.
Petrobras Corruption Hearing Opens with Shouting Match
The opening of a Brazilian congressional probe into alleged corruption at state-run oil company Petroleo Brasileiro SA erupted into a shouting match on Thursday when lawmakers rushed the dais and accused the probe's leader of seeking to manipulate the outcome. The dispute highlights the rising tension in Congress two days after a federal prosecutor asked the Supreme Court to open investigations into 54 individuals for their alleged role in a giant price-fixing…
Sri Lanka Cuts Fuel Price Ahead of Elections
Sri Lanka slashed fuel prices by up to nearly 6 percent on Saturday to reflect falling global oil prices and said it would forgo subsidies and allow market forces to determine prices at the pumps from now on. The fuel price reduction comes ahead of snap presidential elections in January and two months after it cut energy prices across the board. "Don't link this to the election in any way.
Brazil Suspends Auction to Dam Tapajos River
Brazil has canceled an auction to sell rights to build a hydroelectric dam on the Sao Luiz do Tapajos River in the lower Amazon Basin, a 30 billion real ($13 billion) project that has outraged environmentalists and Indian rights groups. "The dam on Sao Luiz do Tapajos that was planned for auction this year will be pushed back until next year," Altino Ventura, the Energy Ministry's secretary for development, told reporters on Wednesday in Sao Paulo.
Mozambique: $30b Invested for 2018 LNG Export
More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG), with the first exports due to start in 2018, the national oil company said. The investments will be made to develop the northern ports of Pemba and Palma, where a giant logistics base and LNG production plants…
Egypt Opens Tender To Import Fuel In July-Sept 2014
Egypt has launched a tender to import hundreds of thousands of tonnes of petroleum products in the third quarter of 2014, an energy official said on Saturday, as the country tries to stave off a summer energy crisis. Egypt's government wants to avoid major power blackouts during the months of increased consumption in the summer, when outages are worsened by a dilapidated grid and a wasteful subsidies system.
Brent Above $110 on Geopolitical Worries
Ukraine, Libya turmoil fuel investor worries; U.S., Chinese data supports oil demand prospects. Brent crude held above $110 a barrel as U.S. crude futures pushed higher on Friday, supported by the crises in Ukraine and Libya as well as positive economic data in the world's top two oil consumers, the United States and China. Both Brent and U.S. crude futures were on track to post consecutive weekly gains.
Brent Steady Above $110 as Ukraine, Libya Support
Brent oil held above $110 a barrel on Friday, supported by the crises in Ukraine and Libya as well as positive economic data in the world's top two oil consumers, the United States and China. Investors are keeping watch on Ukraine, a main gas supply route to Europe from Russia, where presidential elections are set for Sunday. Kiev said more than a dozen servicemen were killed on Thursday in clashes with pro-Russian separatists…
Brent Rises On Libya, Pulls U.S. Oil Up
Brent rose modestly on Tuesday supported by instability in Libya, pulling U.S. oil for July delivery higher in spite of expectations for an increase in domestic stockpiles. The El Feel and El Shahara oilfields in western Libya were still shut more than a week after the government said protests there were over, an official said, and output was flat at 210,000 barrels a day. Violence…
Brent Crude Oil Extends Rally
Front-month Brent highest since March 4. Brent crude oil rose to a 2-1/2 month high on Thursday, continuing a two-day rally backed by ongoing violence in Libya and positive economic data in China and the United States, but U.S. crude retreated modestly from the previous session's gains. Both benchmarks surged in price Wednesday after a U.S. Energy Information Administration report showed crude stocks fell by 7.2 million barrels last week…
