2025-12-04 11:45

Shell exits Argentina LNG project due to scope change YPF aims for overall 18 mtpa in YPF-led parts of the Argentina LNG project YPF to seek project financing with JP Morgan in early 2026 LONDON, Dec 4 (Reuters) - The chief executive of Argentina's state-controlled energy company YPF (YPFDm.BA) , opens new tab expects a final investment decision on a $20 billion, 12 million metric ton per year liquefied natural gas project around the middle of next year, he told Reuters on Thursday. Horacio Marin added that he expected YPF and its partners in the project, Eni (ENI.MI) , opens new tab and Adnoc's [RIC:RIC:ADNOC.UL] XRG unit, to have in the region of a third each in equity. Sign up here. Shell (SHEL.L) , opens new tab told Reuters it stepped away from a separate phase of the Argentina LNG project, a a project development agreement with YPF. It cited a significant change in the project scope as its reason for exiting. Marin said the Shell-related phase had halved to 6 mtpa from 12 mtpa, adding that the project phase involving Eni and XRG was the priority and YPF would seek another partner to replace Shell. Exports from the 12 mtpa project phase involving Eni and XRG will likely start in 2030 or 2031, or four years from the potential FID in mid-2026, Marin said. Marin's overall ambition was to bring the YPF-led parts of the Argentina LNG project to 18 mtpa. YPF will use JP Morgan to seek project financing in early 2026 for the 12 mtpa project phase, Marin said. Financing typically covers 70% to 80% of such a project, he added. Assumptions for the project are based on current LNG prices to Asia, Marin said. Argentine LNG exports to Asia are more competitive than U.S. exports to Asia, but less competitive than U.S. exports to Europe, he said. YPF could introduce dividends in 2028 or 2029 depending on oil and gas prices, Marin added. https://www.reuters.com/business/energy/ypf-ceo-sees-green-light-20-billion-argentina-lng-project-mid-2026-2025-12-04/

2025-12-04 11:38

Aurubis advocates for EU export restrictions on recycling materials CEO Haag expects long-term benefits from EU's Critical Raw Materials Act Aurubis earnings miss expectations due to lower concentrate throughput Dec 4 (Reuters) - The CEO of Europe's largest copper producer Aurubis (NAFG.DE) , opens new tab said on Thursday the European Union's Critical Raw Materials Act should have positive long-term effects for the sector, despite tough talks to ensure that recycling materials stay in the bloc. The Critical Raw Materials Act came into force last year, with the 27-country bloc setting itself a target to mine 10%, recycle 25% and process 40% of its needs by 2030. Sign up here. Aurubis CEO Toralf Haag said during a media call the company advocated for export restrictions and customs duties on an EU level to ensure that recycling materials remained in Europe, where he said they were urgently needed to fulfil very strong demand. "We are in contact (with the EU) on this," Haag said, adding that he "would cautiously say that the discussions are very tough", but Aurubis was not letting up. In an interview with Reuters, Haag said Aurubis had not seen much impact from the Critical Raw Materials Act so far, but in the longer term, it expected recycling markets in Europe to be better protected and mining exploration for copper and rare metals to increase. Earlier on Thursday, Aurubis reported annual earnings below market expectations, weighed down by lower concentrate throughput at reduced treatment and refining charges. Its operating pre-tax earnings fell 14% to 355 million euros ($414 million) in the year that ended on September 30, slightly below analysts' average forecast of 359 million euros in a company-provided poll. Aurubis said the result was supported by high contributions from precious metals and sulphuric acid and high demand for copper products. However, that was partially offset by a slight decline in recycling revenues and higher ramp-up costs and depreciation from strategic projects such as the expansion at its plant in Bulgaria, it added. ($1 = 0.8576 euros) https://www.reuters.com/business/aurubis-reports-lower-annual-profit-copper-output-slows-2025-12-04/

2025-12-04 11:38

Investment in desalination crucial for country's water supply Plans to launch tenders for new desalination plants next year Minister says all new plants will be powered by renewable energy MARRAKECH, Dec 4 (Reuters) - Morocco, which has endured seven years of drought, plans to supply 60% of its drinking water from treated seawater by 2030, up from 25%, its water minister said, as Rabat accelerates investment in desalination plants powered by renewable energy. The push is crucial to ensure steady water supply and Morocco's status as a key producer and exporter of fresh produce amid climate change, with droughts having dried up some of its main water reservoirs and depleted underground resources. Sign up here. The North African country plans to produce 1.7 billion cubic metres of desalinated water annually by 2030 from projects under construction and plants for which it will hold tenders starting next year, Nizar Baraka told Reuters on Thursday on the sidelines of the World Water Congress in Marrakech. The largest plant - with planned investment of about 10 billion dirhams ($1 billion) - will be located near Tiznit, 615 km (382 miles) south of the capital Rabat. It will have a capacity of 350 million cubic metres and will supply urban centres in the country's food basket as well as farmlands, he said. "Studies are underway as part of preparations for the plant's tender, to be announced by mid next year," Baraka said. Besides the northern cities of Nador and Tangier, plants are also planned in Rabat in partnership with French group Veolia (VIE.PA) , opens new tab, as well as in Tantan, where the government is considering building a port dedicated to green hydrogen and ammonia exports, Baraka said. Morocco currently operates 17 desalination plants producing 345 million cubic metres annually. Four additional plants are under construction with a combined capacity of 540 million cubic metres, scheduled to be ready by 2027, including a major facility in Casablanca, the country's most populous city. "All new desalination plants will be powered by renewable energy," Baraka said. Morocco has also faced rising temperatures that worsened evaporation in dams. To counter this, it installed floating solar panels on a dam near Tangier to reduce evaporation, which causes the loss of 30% of the country's surface water, according to the minister. "The experiment will be expanded to include dams in the south and mountainous regions," Baraka said. https://www.reuters.com/sustainability/climate-energy/morocco-secure-60-water-needs-desalination-minister-says-2025-12-04/

2025-12-04 11:37

LONDON, Dec 4 (Reuters) - Britain is to identify suitable sites across the country for a potential large-scale nuclear plant, including in Scotland, the energy minister said on Thursday. Britain’s Labour government has said nuclear plants will play an important role in helping the country meet its climate targets, decarbonise its electricity sector and create jobs. Sign up here. “I've commissioned (Great British Energy-Nuclear) to identify suitable sites across the UK that could potentially host another large-scale nuclear project, including in Scotland,” Energy Secretary Ed Miliband said at an industry event on Thursday. Scotland currently has an effective ban on new nuclear facilities, with the Scottish National Party opposed to new projects and able to block them through devolved planning powers. “In the end, these are going to be decisions for a Scottish Government. But you know, we want to maximise the opportunities for the whole of the United Kingdom,” Miliband said. There are currently eight sites approved for nuclear development in Britain. Last month, the government selected the Wylfa site in North Wales for its first small nuclear power station. The decision angered the United States which had wanted a large, U.S.-led plant built there as part of its greater involvement in the UK's energy sector. Any plans for new large nuclear projects would be subject to financial decisions taken in future government spending reviews, Miliband said. Britain has pledged almost 18 billion pounds ($24.02 billion) to the large-scale Sizewell C nuclear plant, being built in eastern England, which is expected to cost a total of 38 billion pounds. Great British Energy-Nuclear is a UK government-owned organisation focused on coordinating and advancing the nuclear energy sector. Miliband said the organisation would report back on potential new sites in autumn next year. ($1 = 0.7495 pounds) https://www.reuters.com/business/energy/britain-seeks-new-sites-large-nuclear-plants-energy-minister-says-2025-12-04/

2025-12-04 11:30

SAN JUAN, Argentina, Dec 4 (Reuters) - In Argentina’s rapidly growing pistachio heartland, rows of trees bearing the ripening yellow fruit dot the dry landscape, a sign of how this agricultural region is striving to capitalize on its favorable climate to cash in on worldwide demand for the nut, which has been driven by the popularity of pistachio-filled Dubai chocolate. The country's pistachio acreage has quintupled in the last five years to about 25,000 acres, according to the National Network to Study Pistachio Trees in Argentina, formed by scientists in 2023. Most of the trees are in San Juan, a mining and farming province nestled against the Andes mountain range. Sign up here. Planters say there is room for much wider expansion. The network has identified 65,000 square km -- 16 million acres -- in the provinces of San Juan, Mendoza, San Luis and La Pampa with hospitable temperatures for pistachios, which take about seven years from planting to bear significant fruit and need arid, hot summers and chilly winters. While the world's leading pistachio producers, the United States, Iran, and Turkey, far surpass Argentina, the South American country is the only significant grower on the continent and producers say it has the potential to become an important exporter, especially when the northern hemisphere is off-season. “Without a doubt, Argentina can turn into a great producer,” said Alberto Aguilera, who manages the pistachio groves in San Juan province for SolFrut, which with nearly 3,000 acres will be among the largest producers once it begins to harvest in earnest in 2027. “You have land, water, and the climate conditions.” Pistachio growers in Argentina mostly use rootstock seeds from California, which has about 500,000 pistachio-bearing acres. According to The Wonderful Company, which grows between 15% and 20% of the U.S. crop, there is tight supply for pistachio kernels as an ingredient and snack. “People can’t get enough of it,” said Stephen Vasquez, executive director of the Administrative Committee for Pistachios, which regulates the quality of almost all pistachios produced in the U.S. That includes Argentines. With the increased popularity spurred by creamy pistachio-filled "Dubai chocolate," which went viral on TikTok , opens new tab in 2023, companies have branched out to produce pistachio dulce de leche and pistachio pastries. Even the country's oil and gas company, YPF, is marketing its own pistachio alfajor, a traditional Argentine cookie. 'THEY SAID I WAS CRAZY' Marcelo Ighani, 74, an Iranian immigrant, told Reuters that people thought he was crazy when he began planting the country’s first pistachio crop in the 1980s in San Juan province. In November at his Pisté company’s plant nursery, six female workers listened to music while preparing pistachio rootstocks. Since 2023, Pisté has more than doubled the rootstock it produces annually – which it uses itself or sells to farmers – to 400,000 plants expected in 2025. “We have a lot of unsatisfied demand that we can’t meet,” said Ighani’s son, Maximiliano, who helps run the business. In a 2024 report on pistachios, Argentina’s Federal Council of Investments said the country exports a third to half of its pistachios. Most go to Italy, followed by Russia, Australia and other Latin American nations. Producers told Reuters they expect exports to increase as more investors jump into the market, satisfying the internal demand, and more pistachio trees bear fruit. While there are no official estimates, industry leaders say only a small fraction of the country’s pistachio acres currently produce nuts. SolFrut began planting pistachios in 2019 on land it had used for growing olives, and invests about $12,000 per acre, according to José Chediack, president of Grupo Phronesis, which includes SolFrut. While acknowledging that pistachio is enjoying "a very good moment," he is wary about how long the boom will last. He said the nut's potential could be boosted if improved macroeconomic conditions under President Javier Milei result in banks offering lower interest rates and more years to repay loans. Faced with falling global wine consumption, some producers have replaced vineyards with pistachios and other nuts. Foreseeing pistachio's potential even before the current boom, the province of Mendoza - famed for its Malbec grapes - put out a press release in 2020 that boasted of its growing pistachio acreage, called the nut “green gold” and included a recipe for pistachio-and-cheese empanadas. Ramiro Martins, a third-generation wine producer in Mendoza, has planted about 250 acres of pistachio that he expects to start harvesting in 2026. He also converted his vineyards to grow almonds and walnuts. “We understood that the market was moving towards more healthy trends,” he said. “We really have put a lot of hope and luck in this project.” PISTACHIO FEVER In San Juan province, which has a population of about 800,000, pistachio trees have the third highest acreage of any agricultural product, following vineyards and olive groves. “Pistachio will have a very strong impact on the economy of San Juan,” said Miguel Moreno, the province’s agriculture secretary. “This sustained demand has surprised everyone and I think is an incentive for long-term investments.” Pistachio fever is clearly visible here. At the Tres Cumbres alfajores factory, a worker spreads pistachio paste between two cookies. Nearby, the Habana artisanal ice cream store offers three themed flavors: classic pistachio, pistachio with white chocolate and Dubai chocolate pistachio – the last two added this year. But when Graciela Gomez visited with her grandson recently, it had run out of plain pistachio. She stared in disbelief. "There's no pistachio. How can that be?" she asked. https://www.reuters.com/business/boosted-by-dubai-chocolate-craze-argentina-bets-pistachios-2025-12-04/

2025-12-04 11:29

BUDAPEST, Dec 4 (Reuters) - Hungary's Viktor Orban announced an 11% hike in the minimum wage for 2026 on Thursday after employers and employees reached a deal, despite an economic stagnation that has forced his government to slash growth forecasts for this year and next. Facing a strong opposition in elections likely to take place in April, Prime Minister Viktor Orban's government has already announced wage hikes in the public sector, as it tries to boost consumption and revive the economy. Sign up here. After strong wage growth in recent years, a weak economic performance and surging energy costs, companies will find it hard to finance next year's minimum wage rise, analysts said. In Poland, Central Europe's largest economy, the minimum wage will rise by 3% next year while the economy is expected to grow by 3.5%, according to analysts' median projection. Hungary's economy is expected to grow by about 2% after three years of stagnation. Orban told a briefing that the minimum wage would rise to 322,800 forints ($987.97) per month, while the minimum wage for skilled workers will increase 7% to 373,200 forints. These numbers are slightly below those agreed by employers and employees in late 2024 under a 3-year agreement that has had to be modified after the economy stagnated this year. "Companies will still be pushed into a difficult position," said Peter Virovacz, an analyst at ING. "Average wage growth will remain close to 10% in 2026. That's a lot for an economy that has been stagnating for three years." Virovacz said companies would either be forced to raise prices to cover rising labour costs, or they will lay off staff. Orban, whose Fidesz party is trailing behind its opposition rival, has announced large-scale tax cuts for families, wage hikes, food vouchers for pensioners, a pension top-up to be paid in February and a subsidised housing loan programme to shore up its support. ($1 = 326.73 forints) https://www.reuters.com/business/world-at-work/hungarys-minimum-wage-rise-11-2026-despite-weak-economy-2025-12-04/