Sources say that the German Economy Ministry is open to the idea of a SEFE-Uniper tie-up.
According to two sources familiar with the situation, the German economy ministry, which is responsible for the ownership of former SEFE Gazprom, would be open to combining the company with a bailed-out Uniper. Deliberations about a partial merger are taking place as the German government, which owns both companies after saving them for a total of 19.8 billion euro ($23.4 billion), during Europe's Energy Crisis, is considering exit options. One person said that while the German economy ministry was in favor of a tie up scenario…
SOCAR is close to acquiring oil refiner Italiana Petroli according to sources
Three sources claim that the founding family of Italiana Petroli is close to selling the oil refinery to State Oil Company of Azerbaijan. This would give the group control of Italy's biggest petrol station network. Two people have said that a deal could be signed with SOCAR as soon as Monday, barring any last minute postponement. Sources did not reveal the financial terms of this agreement. According to sources close to the situation, Brachetti-Peretti's family in Italy is seeking a value of 2,5 billion euros ($2,9 billion) for its company.
Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
After a fierce battle for the seventh-largest U.S. refiner, a U.S. judge began the final hearing on Monday of the sale of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum in order to pay creditors. A bidding war led to the purchase of the property by an Elliott Investment Management affiliate. He had recommended an offer of $7,4 billion by a unit from Toronto-listed miner Gold Reserve. Creditors and bondholders are pursuing the same assets.
Spain increases the cap on grid investments through 2030
Sara Aagesen, Energy Minister of Spain, said that the Spanish government intends to raise a limit on how much investment companies can make in electricity grids until 2030. She expects trunk network investments to be worth 15,94 billion euros (13.59 billion euro). The massive blackout in Spain and Portugal that occurred on April 28, has reignited the debate over investment requirements for power networks. According to Spanish law, energy companies are only allowed to invest a limited amount in networks each year, as the costs will ultimately be borne by the consumers.
Brazil's Cemig plans on leveraging hydroelectric expertise to build new power plants
Reynaldo Passanezi Filho, CEO of Brazil's Cemig state-controlled electricity utility, said that Cemig will use its hydropower experience to invest in clean technologies to boost the country's grid. Cemig has a plan to invest nearly 40 billion reais (7,4 billion dollars) from 2025 to 2029. The company prioritizes power distribution and gradually shifts from network expansion to digitization in order to improve consumer experience. The firm has already begun planning its distribution business and is now focusing more on innovations in the sector…
Spot prices plunge on surge in wind supply
As wind power generation in Germany is expected to increase, the spot electricity price for Friday fell dramatically on Wednesday. German baseload for the day ahead fell by 43.7%, to 75.50 Euros ($88.37), per megawatt-hour (MWh), at 0927 GMT. The French baseload for the day ahead was down by 48.8%, at 10.25 Euros/MWh. Analysts at Engie’s energy scan predict temperatures to remain below average until the end of this week. The strong ramp-up in wind power in Germany will continue to be high at least through the start of next week.
Spanish power utilities warn of a saturated electricity grid
Aelec, the Spanish energy utilities lobby, warned on Tuesday that most of Spain's electricity grid was saturated and needed massive investment to allow for new connections. Aelec analysed the global map of Spanish grid operators. It concluded that over 80% of nodes in the grid could not handle an increase in electricity generated, leading to increased instability and decreased efficiency. Redeia is the main operator and coordinator of the country's grid. Aelec says that to avoid bottlenecks it is necessary to increase investments…
RWE, Apollo Set Up Joint Venture to Channel $3.7B Investment in German TSO
RWE has struck a long-term partnership with Apollo Global Management to secure funding for its 25.1% stake in Amprion, one of Germany’s four transmission system operators, as the country gears up for a decade of record grid investments.Under the agreement, Apollo will provide $3.74 billion (€3.2 billion) in equity to a newly formed joint venture with RWE. The vehicle will hold RWE’s 25.1% stake in Amprion and finance its share of the grid operator’s expansion program.Amprion runs the transmission network across seven federal states…
US Sanctions Shipping Network for Transporting Disguised Iranian oil
The U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.The administration of President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.A senior Iranian official said on Tuesday that the path to nuclear negotiations is not closed but U.S.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures.
Climate group: Methane emissions in Brazil's beef-rich country are increasing
Brazil's methane emission increased by 6% between the years 2020 and 2023. The world's biggest beef exporter released 21,1 million tons of this potent greenhouse gas. This was the second highest level in history. According to a report released on Wednesday by the Climate Observatory, 34 of Brazil's total methane emissions are attributed to the beef and dairy cattle industry. This accounted for approximately 14,5 million tons in 2023. That is the equivalent of 406 millions tons of CO2 equivalent.
Brazil is the largest beef exporter in the world. Methane emission levels are rising.
According to a study released by the Climate Observatory on Wednesday, three-fourths of Brazil's methane gas emissions were linked to beef and dairy cattle production, which accounted for 14.5 million tons of total emissions in 2023. This is the equivalent of 406 millions of tons of carbon dioxide (CO2) equivalent. According to a report released on Wednesday by the Climate Observatory, Brazil's methane emissions are largely linked to the production of beef and dairy cows. In 2023, this equated to 14.5 million tonnes of emissions, or 406 millions tons of CO2 equivalent.
As the price cap increases by 2%, millions of Britons will see their energy bills increase.
After Ofgem raised its price cap to 2% in October, millions of British households who are already struggling with tight budgets will be faced with higher energy bills. This is despite the fact that the government is trying to reduce energy costs. The regulator, which is a non-ministerial department of the government, has raised prices after the inflation rate reached its highest level in 18 months, in July, and as the government faces increasing pressure regarding the affordability of the net zero plan. The cap has been increased by 35 pounds for the period July-September.
ConocoPhillips to Buy 4 Million Tons LNG from Sempra's Port Arthur Phase 2 Project
U.S. oil and gas producer ConocoPhillips said on Thursday it would secure 4 million tonnes per annum of liquefied natural gas from Sempra's Port Arthur LNG Phase 2 project in Texas to serve key global markets.Commercial activity in the U.S. LNG sector has picked up pace after President Donald Trump lifted a moratorium on new liquefied natural gas export permits soon after taking office in January.ConocoPhillips will buy LNG over a 20-year term on a free-on-board basis…
ConocoPhillips will purchase LNG from Sempra Port Arthur Phase 2 Project
ConocoPhillips, a U.S. oil-and-gas producer, announced on Thursday that it will secure 4 million tonnes of liquefied gas per year from Sempra’s Port Arthur LNG phase 2 project in Texas for key global markets. The commercial activity in the U.S. liquefied gas sector has increased since President Donald Trump lifted his moratorium on new export permits for liquefied natural gases shortly after taking office. ConocoPhillips said it would buy LNG for a period of 20 years on a "free-on-board" basis. According to the U.S.
Nayara Energy Relies on Dark Fleet to Transport Fuels
Indian refiner Nayara Energy, backed by Russia and under European Union sanctions, is relying on a dark fleet to import oil and transport refined fuels, according to shipping reports and LSEG flows.Nayara, which controls about 8% of India's 5.2 million barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions in July, a move that prompted shippers to back out, forcing the refiner to cut its crude runs.India, the world's third-largest oil importer and consumer…
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry, as the latter is relying on cheap natural gas and abundant supplies to expand. The increasing competition between power companies and LNG exporters for U.S.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry, as the latter is relying on cheap natural gas and abundant supplies to expand. The increasing competition between power companies and LNG exporters for U.S.
Norway spy chief accuses Russian hackers of dam sabotage April
The head of Norway's counterintelligence agency revealed on Wednesday that Russian hackers temporarily took control of a Norwegian dam earlier this year. This is the first official time Oslo has attributed the cyberattack by its neighbor. Authorities previously stated that on April 7, while in control of the Bremanger dam, west Norway, the hackers opened a flooding gate and released 500 litres of water (132 gallons per second) for four hours until the attack was detected. The attack did not result in any injuries.
Norway spy chief accuses Russian hackers of dam sabotage April
The head of Norway's counterintelligence agency revealed on Wednesday that Russian hackers temporarily took control of a Norwegian dam earlier this year. This is the first official time Oslo has attributed the cyberattack by its neighbor. Authorities previously stated that on April 7, while in control of the Bremanger dam, west Norway, the hackers opened a flooding gate and released 500 litres of water (132 gallons per second) for four hours until the attack was detected. The attack did not result in any injuries.