Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends
According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111 billion plan to its board for 2025-2029. The filing stated that the business plan allows ordinary dividends starting at $45 Billion for the period and up to $10 Billion in extraordinary dividends. The proposed plan is about $9 billion more than the previous plan, which was for 2024-2028.
Exporters group says Brazil is likely to export record volumes of soybean meal by 2024.
According to the local grain traders' lobby Anec, Brazil's soybean meals exports will likely set a record in 2024, surpassing the previous best mark recorded in history in 2023. According to the US Department of Agriculture, Brazil will once again be the world's second largest soybean meal exporter in 2023/24. It had previously been the leader in 2022/23…
Brazil millers claim current sugar prices are limiting production growth
Brazilian millers said that the current reference price for raw sugar is not high enough to justify investments in new plants and that marginal gains from production adjustments in existing plants are nearing their limit. The sugar demand is growing at a rate of 2% annually, but production has been affected by factors like climate change and policies that blend biofuels with gasoline in India.
Eletrobras and Ocean Winds have agreed to evaluate offshore wind projects in Brazil
The Brazilian power company Eletrobras signed a Memorandum of Understanding with Ocean Winds on Tuesday to study the development and deployment of offshore wind farms. In the future, offshore wind farms will be a key technology for generating large amounts of renewable energy in Brazil. The world's sixth-largest producer of onshore energy…
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by natural river flow rather than cascading water from towering dams. Santo Antonio Jirau and Belo Monte…
Brazil's Prio talks to Sinochem about buying Peregrino Oil Field stake
In a filing with the Securities and Exchange Commission on Wednesday, Brazilian oil company Prio said that it is in discussions with Sinochem of China about the possible purchase of a stake within the Peregrino Oil Field. Prio said that no binding agreement had been reached yet, after the newspaper Folha de S.Paulo published earlier…
Manager of China's Sany says that the company plans to start European production by 2026.
Sany, a Chinese wind turbine manufacturer, is planning to begin production in Europe in 2026. The company is already in advanced discussions with potential European clients. In April, the European Union launched an investigation into the subsidies that Chinese turbine manufacturers received as Europe sought to protect its own industry.
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 and exporter "because of the dry weather conditions and recent wildfires" in Sao Paulo.
Fires in Brazil add to sugar problems despite minor damage
Recent fires in Brazil's sugarcane fields have helped to drive prices up to a five week high and exacerbated the problems with the crop. The world's biggest sugarcane producer is still suffering from fires despite their limited damage. Experts say that the mills will suffer from the fires, and the burned fields will have problems next year.
Official: PCC, a criminal gang, is the prime suspect in setting fire to Brazil's farmland.
A senior official in the state of Sao Paulo said that some of the suspects who set fire to sugarcane crops in the state admitted to police that they were linked to a gang, and that their actions against crime by the government was a form of retaliation. The fires started last week quickly spread through parched fields over the weekend. This was the height of the dry season in the country.
Sugar cane fields are ravaged by wildfires in Brazil's southeast
On Saturday, wildfires spread through sugarcane fields of northern Sao Paulo State. The smoke clouds that accompanied the fires covered the nearby towns to such an extent that officials banned outdoor sports. Due to a ban, the Brazilian Championship soccer match in Ribeirao Preto was cancelled. This city is located in the westernmost region of Sao Paulo.
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. The…
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, sugarcane crushing for the period reached 51.31 millions tons…
Energy @ Sea: Powering Up in the Blue Desert
Last year marked the beginning of the United Nations Decade of Ocean Science for Sustainable Development, lasting from 2021 until 2030. With 10 years comes 10 challenges—goals for regional, national and global participants to work towards for positive, collective impact on our oceans. Included in the 10 are ocean-based solutions for climate change…
Methane Emission Reduction takes Center Stage of UN GHG Report
In four decades of climate negotiations, the world has focused intensely and exclusively on the most abundant climate-warming gas: carbon dioxide. This year, scientists are urging a focus on another potent greenhouse gas – methane – as the planet's best hope for staving off catastrophic global warming.Countries must make "strong…
Top U.S. LNG Exporter Launches Effort to Measure Emissions
Cheniere Energy Inc, said on Thursday it would quantify carbon emissions from its suppliers and production sites and supply the information to customers.LNG buyers have begun asking suppliers for natural gas sourcing data and greenhouse gas emissions to reduce their own carbon footprints. Several LNG producers are proposing adding…
Big Oil Stuns Brazil in Back-to-back Auction Flops
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA.The only block awarded in Thursday's bidding went to Petrobras, as the Brazilian state-run firm is known…
Petrobras to Sell Natural Gas Assets
Brazilian state-owned oil firm Petroleo Brasileiro SA has reached an agreement with anti-trust regulator Cade to sell off a series of natural gas transportation and distribution assets, the company said in an exchange filing on Monday.Petrobras, as the company is commonly known, said it had pledged to sell stakes in pipeline networks including a 10% stake in Nova Transportadora do Sudeste (NTS) SA, 10% in T
Engie Crosses 1.5 GW Renewable Capacity in India
French power group Engie’s total renewable capacity in India now exceeds 1.5 GW. The company recently bagged a 200 MW onshore wind project in the state of Gujarat from Solar Energy Corporation of India.ENGIE is all set to sign a 25-year power purchase agreement (PPA) with Federal Government entity, SECI.Earlier, Engie won a 280 MWp solar project from Gujarat Urja Vikas Nigam Limited.
Brazil Sets Parameters for Mega Oil Auction
Brazil's national energy council on Thursday published updated parameters for a massive oil auction scheduled for later this year, including minimum levels of profit-sharing with the government, while also urging a shakeup in the refinery sector.The country is set to auction off rights to excess oil in the so-called transfer-of-rights (TOR) offshore area in October…
