TC Energy misses its profit forecast due to weakness in US operations and power business
Canada's TC energy missed its third-quarter profit estimates on Thursday due to weakness in the company's U.S. operations, power and energy solutions businesses and pipeline operations. Natural gas consumption is increasing due to AI-driven power demands, industrial applications, and LNG exports. However, price pressures and the competition from coal are still a major market challenge. U.S. Natural Gas Futures declined over 4% sequentially. This is a continuation of a downward trend that began in the 2nd quarter, after four consecutive quarters with gains.
Nvidia joins India Deep Tech Alliance, adding new members and $850 million pledge
Nvidia joined Indian and U.S. Investors in supporting the deep-tech startups of South Asia on Wednesday. The group has added new members, and received more than $850 Million in capital commitments. The India Deep Tech Alliance has welcomed new investors including Qualcomm Ventures. Activate AI. InfoEdge Ventures. Chirate Ventures. In September, the program was launched with an initial $1 billion commitment to support industries like space, semiconductors and artificial intelligence.
Pakistan Cancels 21 Eni LNG Cargoes to Curb Excess Imports
Pakistan has struck a deal to cancel 21 liquefied natural gas cargoes under its long-term contract with Italy's Eni as part of a plan to curb excess imports that have flooded its gas network, according to an official document and two sources.The document from state-owned Pakistan LNG Ltd (PLL) to the country's Ministry of Energy dated October 22 said 11 cargoes planned for 2026 and 10 for 2027 would be cancelled at the request of gas distributor SNGPL.Only the planned January shipment in both years…
Wood Mackenzie warns that China's curtailment of renewable energy will present revenue risks over the next decade.
Wood Mackenzie, a consultancy, said that if renewable energy is curtailed to balance China's grid during times of low or high demand it will pose a risk to investor revenues over the next decade. Wood Mackenzie predicts that solar curtailment rates will average over 5% in 21 provinces within the next decade. According to the latest data from the National New Energy Consumption Monitoring and Early Warning Center, this is an increase from only 10 provinces that experienced the same level of curtailment from January to August last year.
Bulgaria Temporarily Bans Fuel Exports to EU Following Lukoil Sanctions
Bulgaria's parliament temporarily banned on Friday exports of some fuels, mainly diesel and aviation fuel, to EU member states to ensure the stability of the local market following U.S. sanctions on Russia's Lukoil, which runs the country's biggest oil refinery.Last week, Bulgaria announced it would take measures to secure uninterrupted supplies of oil and oil derivatives after the U.S.
West Balkan energy producers should adopt carbon price as EU tax is looming, say campaigners
In a report published on Thursday, an environmental agency recommended that Western Balkans countries work to introduce their own carbon pricing for electricity generation in order to reduce the impact of EU new taxes on fossil fuel generated energy which will be implemented next year. Carbon Border Adjustment will be implemented on January 1, 2026. Importers of goods, including electricity, from outside the EU will be required to pay the carbon dioxide emissions that are associated with the production of their products in their country.
Prysmian will complete the study in 2026 on Sarawak-Singapore Power Export Project
A company official stated that the cable supplier Prysmian is expecting to finish next year the first-end engineering study for a hydropower project from Sarawak, Malaysia, to Singapore. Prysmian, a subsidiary company of Sembcorp Industries and Sarawak Energy Services, selected Prysmian as the preferred supplier in March for the project which will export approximately 1 gigawatts of renewable energy from Sarawak to city state by the year 2020. Detlev WAIMAN, CCO and SVP for Prysmian Transmission Unit…
Italgas announces investment plan for 2031 as it integrates Rete Gas 2i
Italgas announced on Thursday that it will invest $19.5 billion by 2031 to modernize its network and integrate 2i Rete Gas, the recently acquired competitor. The group announced a merger of 5.3 billion euros with 2i Rete Gas last year. It said that it expected the deal to bring efficiencies of up to 250 million euro by then, up from an earlier estimate of 200 millions. The company said that a digitalisation program for 2i Gas assets will generate additional revenues of more than 100 millions euros by 2031. This is up from an earlier estimate of 80million.
Source: Indian Oil and Vitol to join forces in global trading, says source
HYDERABAD (India), Oct. 29 - Indian Oil intends to sign a contract early next year with global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel trading market. This is according to a person with knowledge of the issue. This move represents a major strategic shift by India's biggest refiner. It is attempting to emulate global oil giants such as Exxon Mobil, Shell and others through Vitol’s global trading network and expertise.
Liberia's new mines minister replaces the previous one amid US investment talks
Liberia's office of President Joseph Boakai has announced that it has replaced the mining minister and top regulator in the country, as the West African nation, which is a producer of iron ore, pursues discussions with Washington about investments in its vital minerals sector. R. Matenokay Tingban was the deputy mining minister for former president Ellen Johnson Sirleaf. Wilmot J.M. was the former minister. Boakai's Office said in a Monday statement that Paye is part of a move to improve governance and efficiencies.
Source: Indian Oil and Vitol to join forces in global trading, says source
Indian Oil is planning to sign a contract early next year with the global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel markets. This comes after the state-run refiner sought to expand their footprint. This move represents a major strategic shift by India's biggest refiner. It is attempting to emulate global oil giants such as Exxon Mobil, Shell and others through Vitol’s global trading network and expertise.
ONEOK reports higher third-quarter profits as acquisitions payoff
ONEOK, the U.S. oil and gas pipeline operator, reported a higher profit in the third quarter on Tuesday. This was due to the robust volumes in Rocky Mountain Region as well as the effect of a number of acquisitions. ONEOK has diversified its portfolio over the last two years through acquisitions, including a Gulf Coast NGL pipe system from Easton Energy as well as Medallion Midstream, EnLink Midstream, and Medallion Midstream. ONEOK acquired the remaining 49.9% of NGP XI Midstream Holdings' stake in the Delaware Basin Joint Venture in June for $940 million.
After US sanctions, Bulgaria takes measures to protect its Lukoil refinery
Zhecho Stankov, Bulgaria's Energy Minister, said that the country is taking steps to ensure an uninterrupted supply of oil and derivatives following the U.S. sanctions imposed on Russia's Lukoil which operates the largest oil refinery in the country. U.S. president Donald Trump imposed new sanctions on Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This sent shockwaves throughout Europe where Lukoil operates a network filling stations and stores, transports and refines crude. Lukoil, Bulgaria's largest crude importer.
Chandra Asri buys Exxon Singapore's retail fuel stations
Chandra Asri Pacific announced on Friday that it would acquire Exxon Mobil’s retail petrol stations with the Esso brand in Singapore, as the U.S. giant streamlines its downstream operation. In a press release, the Indonesian conglomerate stated that the deal should be finalized by the end this year. The value of this deal, which includes almost 60 stations and related supply agreements, has not been disclosed. Chandra Asri, the Indonesian company, said that it will continue to use Esso as its brand name…
The US and India are the new drivers of copper demand as China's juggernaut slows.
Over the next decade, copper consumption in India and the United States will overtake China as the demand for the metal in China slows. Beijing's expansion of industrial and infrastructure has fueled a rally which has seen copper prices soar to over $10,000 per metric ton, from $1500 25 years earlier. Analysts expect that other factors, such as demand and prices, will increasingly influence copper's price. Producers, consumers, traders, and investors will need to adapt to the market's many drivers.
A2A CEO: Milan's data center capacity will increase tenfold within five years
The Chief Executive of A2A, an energy group, said that data centres in the financial capital of Italy, Milan, are expected to increase their capacity by around two gigawatts over the next five-year period, which is a tenfold rise from the current levels. A2A, a utility that will provide the electricity needed, can expect to see a boost in revenues from the rapid expansion of data centers, required to drive artificial Intelligence. Milan's data centres have a capacity of 200 megawatts, but the city's peak demand for electricity is currently 1.5 GW.
Portugal's proposal on grid returns for EDP still lags behind European peers
Portugal's energy market regulator ERSE announced on Thursday that it would increase the returns on the grid assets of EDP, the country's biggest utility. However, the proposed return is still below what EDP's counterparts in other European countries enjoy. The crippling blackout which hit Spain and Portugal in April has reignited the debate on investments and remuneration of power networks, as well as their integration with renewable energy sources and to meet higher demand for power, such data centers.
UK Targets Lukoil, Rosneft, Shadow Fleet with Sanctions
Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under the Britain’s Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.The two companies were considered strategically significant to the Kremlin…
Spain's gas infrastructure is ready for a faster Russian LNG ban. CEO of the company says
Enagas, the Spanish gas grid operator, is prepared to ban Russian Liquefied Natural Gas by 2027 in case the EU moves up its phase-out date to this date. This was stated by Arturo Gonzalo, CEO of Enagas. The EU is currently negotiating legal proposals that will end Russian gas and oil imports in January 2028. Sanctions would also ban Russian LNG one year earlier. This is part of Brussels' efforts to deny the Kremlin revenue to fund its Ukraine war. Gonzalo stated in an interview that he thought a ban on Russian LNG by 2027 was feasible from an infrastructure perspective.
Sources claim that Colonial Pipeline will cut jobs.
According to two sources with knowledge of the situation and a statement from the company, The Colonial Pipeline Company informed its employees that it plans to reduce some positions this week. In response to questions about job cuts, the company stated: "We informed our employees that a recent evaluation to ensure our organization was best aligned in order to continue meeting our business strategies and priorities safely will result in some changes to team structures and individual roles." It was not possible to determine the extent of the job reductions immediately.