Meyer Burger talks to bondholders about injecting new capital
Meyer Burger, a Swiss solar panel manufacturer, said that it had entered into advanced negotiations on Thursday with a group holders of its convertible bond maturing in the years 2027 and 2029. The aim is to inject new capital into their business and restructure liabilities under some convertible bonds. The company said that it expects to achieve annual sales between CHF 350 and CHF 400 millions and EBITDA of approximately CHF 70millions by 2026.
Eni, Italy's energy company, will see 2.5 billion euros in net proceeds from its disposals by 2025
Francesco Gattei, the Chief Transition & Finance Officer of Italian energy giant Eni, said that it expects to receive net proceeds of 2.5 billion euros ($2.7billion) from further disposals next year. Eni announced Thursday that U.S. Investment Group KKR will buy 25% of Enilive, its biofuel unit for 2.9 billion Euros as part of Eni’s strategy to spin-off new businesses with high potential growth to fund its efforts in cutting its greenhouse gas emission.
KKR will take 25% of Eni's biofuel unit valued at $13 billion.
The U.S. Fund KKR has bought a 25% stake of Enilive's biofuels business, owned by the Italian energy company Eni. This deal values Enilive at 12.7 billion dollars ($11.75 billion), including debt. Eni said that KKR’s 2,94 billion euro acquisition improves Eni’s financial position and ensures it retains its control over Enilive. This deal is part Eni's'satellite strategy' to attract co-investors for growth businesses.
Teck Resources Q3 profits beat estimates due to higher copper production
Teck Resources, a Canadian mining company, beat its third-quarter profit expectations on Thursday thanks to higher copper production at the Quebrada Blanca mine. According to LSEG, the company reported a profit adjusted of C$0.60 ($0.4340), per share, for the quarter ending Sept. 30. This compares with an average analyst estimate of C$0.37. Teck restructured its business this year, selling 77% of the steelmaking coal unit it owned to Swiss miner Glencore Plc.
The UK will try Glencore's former head of oil in 2027 on charges of bribery
In 2027, Glencore's former oil head Alex Beard will be tried in London on charges of bribery along with five other former employees of the Swiss commodity trading company. Beard was not asked to enter his plea during a short hearing on Wednesday at London's Southwark Crown Court. He had indicated in his first court appearance that he would plead not-guilty. The 57-year old is accused of two counts…
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates who want to succeed Felipe Nyusi in the role of president for the nation. Mozambique is under pressure to adopt fiscal discipline due to rising borrowing costs…
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92.
Meyer Burger's CFO and CEO have left the company
Meyer Burger announced on Wednesday that its CEO and CFO will be leaving the company. This is part of a restructuring program which will see the company lose nearly 20% of their global workforce. Meyer Burger announced that Gunter Erfurt, the company's CEO, will step down and be replaced by Franz Richter, its chairman. The company also announced that CFO Markus Nikles will be leaving. The company announced that it would reduce its workforce by 850 employees at the end of 2025.
Mitsubishi buys stake and offtakes ammonia in Texas from ExxonMobil
The Japanese trading house Mitsubishi announced on Friday that it had reached an agreement in principle to purchase a stake and take delivery of low-carbon ammonia produced by ExxonMobil at its hydrogen plant in Texas. As part of its decarbonisation campaign, Japan aims to increase the use of ammonia and hydrogen in power plants and for other uses, such as steel and automobiles. Mitsubishi stated that ExxonMobil was expecting to produce up 1 billion cubic feet per day (bcf)…
Best estimate of the new Swiss nuclear dawn is decades away
Energy experts and politicians warned that bringing new nuclear power plants online in Switzerland would take decades because of the many political and financial obstacles. This comes after the Swiss government announced its plans to lift an existing ban on new nuclear plants. The Federal Council reversed its decision from 2017 to abandon nuclear power in order to achieve climate goals, and to respond to geopolitical uncertainty, such as the Ukraine War, which has fueled fears of outages.
Spot price increases on German renewables supply
The European power price rose dramatically on Thursday as Germany is expected to have a lower wind and solar production in the coming days. By 0820 GMT the German baseload electricity for Friday had risen 5.1% to 114 euros ($126.40). The French equivalent day-ahead was up 2.65%, at 100.3 euro/MWh. LSEG analyst Francisco Gaspar Machado stated "an increase in the residual load in Germany because of lower wind and solar production outweighing a slight lower consumption".
Switzerland supports EU gas savings drive during the upcoming winter
The Swiss government announced on Wednesday that it had reached an agreement on a voluntary target for gas savings of 15% during the winter period from October 2024 until March 2025, in order to help support European efforts to reduce gas demand after the war in Ukraine. In March, European Union member states extended their voluntary target of reducing gas consumption by at least 15 percent compared to the average consumption between April 2017 to March 2022.
Meyer Burger to halt solar plant in Colorado and plans restructuring
Meyer Burger, a Swiss solar panel manufacturer, announced on Monday that it had suspended plans for an upcoming plant in Colorado. The company said it would take restructuring measures to improve profitability and also suggested the profits might be lower than expected. The company said that its board had requested management to develop a "comprehensive cost-cutting and restructuring program", and board member Mark Kerekes would be stepping down.
Prices spike on tighter supplies
The European spot electricity prices increased strongly on Tuesday in response to the forecasts for a lower supply of wind and solar energy in Germany, and a reduced availability of nuclear capacity in France. Riccardo Paraviero, LSEG analyst, said: "The bullish signals continue. LSEG data shows that the German baseload electricity for Wednesday at 0850 GMT was 11.3% higher at 111.3 Euros ($121.57 per megawatt-hour). The French equivalent day-ahead contract increased 16.1% to 81 euros/MWh.
Meyer Burger delays half-year results while it looks for financing
Meyer Burger, a Swiss solar panel manufacturer, announced on Tuesday that it will postpone its 2024 half year results to September 16 in order to secure additional funding and a strategic partnership. Meyer Burger announced that it will postpone publication of the results which were due to be published on Wednesday. The company did not provide any further details. The money will be used to complete the Colorado and Arizona manufacturing plants.
Brazil: Petrobras receives $45M in Vitol Corruption Settlement
Brazilian state-run oil company Petrobras said that it had received 232.6 million reais ($44.65 million) on Tuesday in a settlement with Swiss energy trading firm Vitol, which was implicated in a sprawling national corruption probe.Petroleo Brasileiro SA, as Petrobras is formally known, said in a securities filing that the settlement was brokered as part of a leniency deal between Vitol and federal prosecutors.The wide-ranging probe…
Gunvor Returns to Profit in 2019
Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.The Geneva-based firm, which reported a 2019 net profit of $381 million after a loss of $330 million in 2018, said on Tuesday it was also helped last year by earnings from gas trading and its European refining business.But the group…
Russian Pipe-laying Vessel Moors at Nord Stream 2 Hub in Germany
A Russian pipe-laying vessel Academic Cherskiy which Moscow can use to finish laying pipes for the Nord Stream 2 gas project, has moored near the German logistics hub in Mukran, Refinitiv Eikon tracking data showed on Monday.Led by the state gas company Gazprom, Nord Stream 2 had to suspend pipelaying works late last year, hit by fresh U.S. sanctions. The project is aimed at doubling existing undersea flows to Germany to 110 billion cubic meters per year.Cherskiy…
Trafigura Merging China Oil Operations in New Shanghai Trading Desk
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office, which has long focused on metals, said the sources. Huang Shufu, from the company's Singapore-based oil team…
Oil Prices Extend Gains on Demand Hopes as Lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%…
