2025-08-22 12:04
Aug 22 (Reuters) - Energy infrastructure developer ATCO (ACOx.TO) , opens new tab said on Friday it has received approval from the Alberta Utilities Commission on its needs-assessment application for the Yellowhead Pipeline Project. The Yellowhead Pipeline Project, spanning over 230 kilometers (142.92 miles) from the Peers area to Fort Saskatchewan in Alberta with an estimated investment of C$2.8 billion ($2.01 billion), is expected to deliver more than 1.1 billion cubic feet of natural gas per day. Sign up here. The needs-assessment application is the first of two key regulatory filings that require approval from the Alberta Utilities Commission to advance the project. ATCO expects to file a separate application later this year to seek approval for construction of the infrastructure, set to start in 2026, and to begin operations. ($1 = 1.3912 Canadian dollars) https://www.reuters.com/sustainability/boards-policy-regulation/atco-receives-regulatory-approval-yellowhead-pipeline-project-2025-08-22/
2025-08-22 12:02
Potential stronger sanctions against Russia back in focus Prices also supported by US crude stocks drawdown German economic data raises concerns over demand LONDON - Aug 22 (Reuters) - Oil prices were little changed on Friday as hopes for an imminent peace deal between Russia and Ukraine dimmed, putting prices on track for their first weekly gain in three weeks. Brent crude futures were up 8 cents, or 0.12%, at $67.75 a barrel by 1200 GMT. West Texas Intermediate (WTI) crude futures gained 16 cents, or 0.25%, to $63.68. Sign up here. Both contracts gained more than 1% in the previous session. Brent has risen 2.8% so far this week while WTI is up 1.4%. "Everyone is waiting for President Trump's next step," said UBS commodity analyst Giovanni Staunovo. "Over the coming days, it seems nothing will happen." The three-and-a-half-year war continued unabated this week as Russia launched an air attack near Ukraine's border with the European Union on Thursday and Ukraine said it hit a Russian oil refinery and the Unecha oil pumping station, a critical part of Russia's Europe-bound Druzhba oil pipeline. Hungary said deliveries through the pipeline had been halted. Trump is seeking to arrange a summit between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy as part of efforts to broker a peace deal for Ukraine. But arranging such a meeting appears challenging and discussions around potential security guarantees face obstacles, ING analysts said in a client note on Friday. The less likely a ceasefire looks, the more likely the risk of tougher U.S. sanctions on Russia, they said. Meanwhile, U.S. and European planners have presented military options to their national security advisers after the first in-person meeting between the U.S. and Russian leaders since Russia invaded Ukraine. Putin demanded that Ukraine give up all of the eastern Donbas region, renounce NATO ambitions and keep Western troops out of the country, sources told Reuters. Trump pledged to protect Ukraine under any war-ending deal and Zelenskiy dismissed the idea of withdrawing from internationally recognised Ukrainian land. LARGER THAN EXPECTED FALL IN US OIL STOCKS Oil prices were also supported by a larger than expected drawdown from U.S. crude stockpiles in the past week, indicating strong demand. Stocks fell by 6 million barrels in the week ended August 15, the U.S. Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.8 million barrels. Weak economic data from Germany on Friday partially offset the stocks draw, showing that Europe's largest economy shrank by 0.3% , opens new tab in the second quarter, raising concerns over oil demand. Investors were also looking to the Jackson Hole economic conference in Wyoming for signals of a Federal Reserve interest rate cut next month. The annual gathering of central bankers began on Thursday and Fed Chair Jerome Powell speaks on Friday. Lower interest rates can stimulate economic growth and increase oil demand, potentially boosting prices. https://www.reuters.com/business/energy/oil-prices-set-end-losing-streak-ukraine-peace-process-stalls-2025-08-22/
2025-08-22 11:42
Aug 22 (Reuters) - Canadian oil and gas producer Cenovus Energy (CVE.TO) , opens new tab said on Friday it will buy MEG Energy (MEG.TO) , opens new tab in a cash-and-stock deal valued at C$7.9 billion ($5.68 billion), including debt, to create one of the largest oil sands companies in Canada. The two companies, which will combine MEG's Christina Lake oil sands operations in Alberta with Cenovus' neighboring assets, will have a combined oil sands production of over 720,000 barrels per day. Sign up here. MEG Energy in June rejected a hostile takeover offer from Strathcona Resources (SCR.TO) , opens new tab, calling the bid inadequate and not in the best interest of its shareholders, and launched a strategic review to explore better alternatives. James McFarland, chairman of MEG Energy, said on Friday its board and a special committee have "concluded that the proposed transaction with Cenovus represents the best strategic alternative" after considering Strathcona's unsolicited offer and engaging with multiple parties. Strathcona Resources did not immediately respond to a Reuters request for comment on whether it was considering an enhanced bid or other options in response to Cenovus' offer. Cenovus' offer of C$27.25 per share gives MEG an equity value of about C$6.93 billion, according to Reuters calculations. It represents a 27.9% premium to MEG's last close before Strathcona launched an unsolicited bid in May. Under the deal, MEG shareholders will receive 75% of the consideration in cash and 25% in Cenovus shares. The deal, approved by MEG's board, is expected to close early in the fourth quarter of 2025. ($1 = 1.3915 Canadian dollars) (This story has been republished to remove an inaccurate image, with no changes to text) https://www.reuters.com/business/energy/cenovus-acquire-meg-energy-c79-billion-deal-oil-sands-expansion-2025-08-22/
2025-08-22 11:34
Son says mother was excited about wedding, now among the dead Rocks, mud, raging flood waters smashed houses Fiance survived Longer monsoon spell, cloudburst blamed on climate change QADIR NAGAR, Pakistan Aug 22 (Reuters) - Two days before his wedding, Noor Muhammad had a long phone call with his mother, just hours before devastating floods in Pakistan killed her along with 23 family members and relatives. "I cannot explain how happy she was," he said standing by the rubble of his family's large 36-room house, perched on the bank of a flood water channel in Qadir Nagar village. Sign up here. The village in mountainous Buner district has been the worst hit by recent massive rain in the country, accounting for over 200 deaths out of nearly 400 in floods in the northwest since August 15. Buner is a three-and-a-half-hour drive from the capital Islamabad. "Everything was finished," sobbed Muhammad, 25, as mourners sat at his damaged house to offer condolences, saying there was nothing left when he got home except for rubble and heavy rocks, which swept down from the mountains along with mud and raging flood waters, smashing into houses, markets and buildings. "The flood came, a huge flood came, it swept away everything, home, mother, sister, brother, my uncle, my grandfather and children." Muhammad works as a labourer in Malaysia. He arrived at the Islamabad airport on August 15 to drive home where his wedding preparations were in full swing for two days later. Instead, he attended 24 funerals. They included his mother, a brother and a sister, he said, adding that his father and another brother survived because they had gone to pick him up at the airport. The rest of the fatalities were among his uncles' families who shared the house built by his grandfather, and relatives who are attending his marriage. His fiance survived. Her home was away from the worst of the damage. DEVASTATING FLASH FLOODS The flash floods triggered by the worst of this year's monsoon and cloudbursts, which started in the mountainous northwest have spread to other parts of the country of 240 million, bringing death and destruction at a large scale. Authorities have said the longer spell of heavy rain and rare cloudbursts were rooted in climate change due to global warming, fearing the intensity will increase in the coming years. "We and our elders have never seen a storm like this in our lives," said Muhammad Zeb, 28, a resident in Buner. It was a complete chaos, and massive disaster, he added. "You can see for yourself, this was a beautiful place with homes. But now, as you can see, the flood and storm have swept everything away." An unknown number of people remain missing, with dead bodies still being recovered, officials said. The overall death toll across the country in the monsoon rains which began in late June stood at 776, according to the National Disaster Management Authority, which said more than 25,000 people had been rescued in the northwest. The army and air force have joined the rescue and relief efforts. Officials have warned of more storms ahead with another two spells of monsoon rain expected until September 10. Buner received more than 150 mm (5.91 inches)of rain within an hour triggered by a cloudburst in the single most destructive event in this monsoon season. A cloudburst is a rare phenomenon where more than 100mm (3.9 inches) of rainfall within an hour in a small area. Only four people of the 28 in his house survived, Muhammad said. "What else can we say? It's God's will," he said. https://www.reuters.com/business/environment/pakistan-floods-wedding-celebrations-turned-into-24-funerals-2025-08-22/
2025-08-22 11:33
ANKARA, Aug 22 (Reuters) - Turkey has broken ground on a railway connection from its northeastern Kars province to Azerbaijan's Nakhchivan exclave, moving to take advantage of a U.S.-brokered peace deal signed this month between Azerbaijan and Armenia. The railway will be part of the Southern Caucasus transit corridor, to which the U.S. gained exclusive development rights. It is meant to boost economic ties between Azerbaijan and Armenia and boost energy exports. Sign up here. Management and development of the so-called Trump Route for International Peace and Prosperity, which will run through southern Armenia and connect Azerbaijan's mainland with the Nakhchivan enclave that borders Turkey, was a stumbling block to initial peace efforts. The 224-kilometre (140 mile) railway will connect Turkey's Dilucu border gate with Nakhchivan and its main railway line in neighbouring Kars, Transport Minister Abdulkadir Uraloglu said at a groundbreaking ceremony. It will have capacity to carry 5.5 million passengers and 15 million metric tons of cargo a year. "This corridor will strengthen economic cooperation between Turkey, Azerbaijan and Armenia, and reinforce regional peace," Uraloglu said, adding that the project will help open borders and normalise diplomatic relations in the Southern Caucasus. Turkey last month secured 2.4 billion euros ($2.8 billion) in green financing for the railway from a group of lenders including Japan's MUFG Bank, Sweden's EKN and Austria's OeKB export credit agencies, and a unit of the Islamic Development Bank. When the sections of the railway in Nakhchivan, Armenia and mainland Azerbaijan are completed, an international trade route stretching from China to Britain will be more efficient, Uraloglu said. ($1 = 0.8621 euros) https://www.reuters.com/world/middle-east/turkey-breaks-ground-rail-line-azerbaijans-nakhchivan-2025-08-22/
2025-08-22 11:24
Fed Chair Powell to deliver Jackson Hole address at 1400 GMT Markets put chance of Fed rate cut next month at 71% Dollar gains as traders rethink rate cut bets Aug 22 (Reuters) - Gold slipped on Friday due to a firmer dollar, with markets awaiting U.S. Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium for more insight on the Fed's monetary policy path. Spot gold was down 0.2% at $3,330.70 per ounce by 1058 GMT, while U.S. gold futures for December delivery were 0.4% lower at $3,372.70. Sign up here. The dollar index (.DXY) , opens new tab rose to a near two-week high, making gold more expensive for overseas buyers, as investors pared back expectations for a Fed rate cut in September. UBS analyst Giovanni Staunovo said the moderately stronger dollar was playing an important role in gold's dip today, while Fed officials' comments pointed to the next FOMC meeting "being an intense one, with some favouring large cuts, while others (favour) no move at all." Fed officials on Thursday appeared lukewarm to the idea of a rate cut next month as investors geared up for Powell's speech, due at 1400 GMT on Friday. Futures markets indicate a 71% chance of a quarter-point rate cut next month, according to CME's FedWatch tool. Non-yielding bullion tends to do well in a low interest rate environment. "The cut is priced in, but Powell will keep all options on the table and not commit to any decision," Staunovo added, "There is a lot of data between now and the next Fed meeting and clarity on potential revisions when the BLS is reviewing historical data is also needed." Recent labour market data showed U.S. jobless claims rose last week by the most in nearly three months, while unemployment claims the previous week hit a near four-year high. The challenge for Fed policymakers is that even though there are signs of labour market weakening, inflation remains above the central bank's 2% target and could go higher due to the Trump administration's aggressive tariff hikes. Elsewhere, spot silver was down 0.4% at $38 per ounce, platinum fell 1.3% to $1,335.31, and palladium fell 0.2% to $1,108.59. https://www.reuters.com/world/china/gold-slips-dollar-firms-spotlight-powells-jackson-hole-remarks-2025-08-22/
