2026-01-22 00:09
Reliance last received Russian oil in December To process Russian oil at its Indian market-focused refinery Indian refiners are turning to the Middle East to replace Russian oil NEW DELHI/MOSCOW, Jan 21 (Reuters) - India's Reliance Industries Ltd (RELI.NS) , opens new tab, operator of the world's largest refining complex, is set to receive sanctions-compliant Russian oil in February and March after a one-month pause, four sources familiar with the matter said. Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the sanctioned Russian oil producer Rosneft (ROSN.MM) , opens new tab beyond a November 21 deadline. Sign up here. Like other Indian refiners, Reliance will buy Russian oil from non-sanctioned sellers, the sources said, without elaborating on the number of February and March cargoes that the refiner has booked. It is not clear if the private refinery will continue to buy Russian oil beyond March. Reliance did not respond to a Reuters email seeking comment. REFINERS BOOST MIDDLE EAST CRUDE IMPORTS Despite Reliance's return, India's overall Russian oil imports are expected to stay subdued through February and March, the sources added. Reliance had been importing Russian crude under a long‑term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million bpd Jamnagar refinery complex in Gujarat. The European Union has said from January 21 it will not take fuel produced at refineries that received or processed Russian oil 60 days prior to the bill-of-lading date. Reliance has said it will process the cargoes that arrived after November 20 at its India-focused 660,000 barrels per day plant, allowing it to continue selling fuels to the EU from its 704,000 bpd export-oriented refinery. Refiners in India, which became the top buyer of discounted Russian seaborne crude following the 2022 outbreak of war in Ukraine, are recalibrating their crude import strategies, raising Middle Eastern purchases as they shift away from Russia. "We have faced instances where sanctions were imposed suddenly and we had to cut back," Srinivas T, chief operating officer, refinery and marketing, at Reliance, said last week. Reliance had ramped up purchases from national oil companies elsewhere ahead of time to avoid spot market disruptions, he said. https://www.reuters.com/business/energy/indias-reliance-buy-sanctions-compliant-russian-oil-february-march-sources-say-2026-01-21/
2026-01-22 00:06
LONDON, Jan 22 (Reuters) - Britain handed military contractors including BAE Systems (BAES.L) , opens new tab and Leonardo (LDOF.MI) , opens new tab a 453 million pound ($608 million) contract to upgrade radar systems on Typhoon fighter jets, in a move it said would strengthen defences against Russian threats. The Typhoon is the backbone of Britain's air defence and upgrades to the fleet are important not just to protect the UK but to encourage other countries to order the jets, helping sustain production lines and jobs at home. Sign up here. "As the threats we face increase, and as Russian drones continue to strike Ukraine and violate NATO airspace, this cutting-edge radar capability will keep Britain secure at home and strong abroad for many years to come," Defence Minister John Healey said on Thursday ahead of a visit to Leonardo's facility in Edinburgh. Aiming to boost Britain's stagnant economy, the government is eyeing up new defence deals. It won an 8 billion pound contract to sell Typhoons to Turkey in October, and could secure further sales to Qatar and Saudi Arabia. The government has also said it will lift defence spending to 2.6% of GDP from 2027. The new contract for the ECRS Mk2 radars announced on Thursday will help secure over 1,500 jobs in Britain, and comes after a 205 million pound contract to provide engineering support to the Typhoon was agreed with QinetiQ (QQ.L) , opens new tab on Monday. Separately Italy-headquartered Leonardo is waiting to hear from Britain on its bid for a 1 billion pound contract to build a new medium helicopter. Without it, it has warned it could close a factory in southwest England, which employs 3,000 people. The government has said that the helicopter contract will be decided upon as part of its defence investment plan, which has been delayed from the autumn. ($1 = 0.7451 pounds) https://www.reuters.com/business/aerospace-defense/uk-spend-608-million-radar-upgrade-typhoon-fighter-jet-2026-01-22/
2026-01-21 23:53
Antofagasta wants to develop a copper, nickel and cobalt project in area Biden had blocked mining in the minerals-rich Superior National Forest Conservationists have pushed back on overturning the ban Jan 21 (Reuters) - The U.S. House of Representatives on Wednesday voted to overturn former President Joe Biden's mining ban in northern Minnesota, giving a boost to Antofagasta's (ANTO.L) , opens new tab Twin Metals copper, cobalt and nickel project. The measure now moves to the Senate for consideration and, if approved there, to President Donald Trump, who campaigned in 2024 on overturning Biden's 20-year block on mining across 225,504 minerals-rich acres (91,200 hectares) in the Superior National Forest. Sign up here. Reuters first reported earlier this month that Trump officials and legislators had launched a complex plan to reverse the ban using the novel claim that Biden had not properly informed Congress. The Interior Department resubmitted the mining ban with the expectation that it would be rejected by Congress and Trump. Were that to occur, a future president could not replicate Biden's ban because of a provision in the 1996 Congressional Review Act (CRA). The House voted 214 to 208 to overturn the ban, which was included in a measure sponsored by Congressman Pete Stauber, a Republican who represents northern Minnesota. Conservationists have rejected the claim that Congress was not properly informed about Biden's move, noting it was detailed in federal publications and in letters to members of Congress. If the ban is lifted, the Trump administration would then be free to reissue mining leases to Chile-focused Antofagasta, which has been trying to develop the mine for decades on land controlled by the federal government. The mine would need to undergo an environmental review and obtain permits. "Reversing Biden's mining ban will protect Northern Minnesota jobs, strengthen national security through domestic production and prevent future overreaches from happening again," Stauber said. Approval by the Senate likely hinges on whether Elizabeth MacDonough, the Senate Parliamentarian, agrees that the mining ban - known as a withdrawal - constitutes a rule under the provisions of the CRA and thus can pass with a simple majority rather than a 60-vote threshold. Republicans hold 53 seats in the 100-person Senate, to Democrats' 47 seats. Antofagasta's Twin Metals subsidiary said it was "very appreciative of Congress for their efforts to overturn an unnecessary and detrimental action that locked out a significant domestic source of critical minerals." Attempts to overturn the ban with the CRA have received strong pushback from conservationists, many of whom have called the plan "unprecedented." "The Senate must reject this attack and the precedent it sets to arbitrarily strike down well-established public lands protections," said Jordan Schreiber of The Wilderness Society, a conservation group that has pushed to block development in the region for more than 50 years. Antofagasta has said it likely will export the mine's copper and other critical minerals for processing overseas. Overturning the mining ban would also boost helium projects in the region. https://www.reuters.com/legal/litigation/us-house-votes-overturn-minnesota-mining-ban-senate-consider-next-2026-01-21/
2026-01-21 23:52
Venture Global has now won two of three arbitration cases brought by major energy firms Repsol's contract with Venture Global involves 1 million metric tons annually for 20 years Venture Global shares rose more than 17% in post-market trading after the announcement HOUSTON, Jan 21 (Reuters) - Venture Global (VG.N) , opens new tab said on Wednesday an arbitration tribunal had ruled in its favor in a dispute with Spain's Repsol (REP.MC) , opens new tab over the U.S. supplier's initial failure to deliver liquefied natural gas from its Calcasieu Pass project under a 20-year long-term contract. The ruling contrasts with a decision on October 9 that saw BP (BP.L) , opens new tab prevail over Venture Global in a similar complaint brought at the International Chamber of Commerce International Court of Arbitration. Sign up here. It also means Venture Global has won two out of the three arbitrations brought against the second largest LNG exporter in the U.S., having first prevailed in an arbitration brought against it by energy major Shell (SHEL.L) , opens new tab. Venture Global shares surged as much as 17% in post-market trading after the company disclosed the win in a regulatory filing. They had already risen nearly 7% in regular trading on Wednesday ahead of the announcement. “We are pleased that another arbitral tribunal has ruled in Venture Global’s favor in the proceeding with Repsol," Venture Global said in a statement. Venture Global repeated its position that it has fully honored the terms of its long-term contracts and is confident it will win the remaining cases. The arbitration panel awarded fees to Venture Global, according to a regulatory filing. Repsol was not immediately available for comment. Shell, which lost an arbitration against Venture Global in August, has challenged that decision in the New York Supreme Court. Other companies, including Italy's Edison (EDNn.MI) , opens new tab and Portugal's Galp (GALP.LS) , opens new tab, have also filed claims against Venture Global that are still pending. They accuse the U.S. supplier of profiting from selling LNG on the spot market - when prices surged after Russia's invasion of Ukraine - instead of delivering them the cargoes they had signed for years in advance. Repsol and Galp used the same law firm in their arbitration cases against Venture Global, a source familiar with the cases told Reuters on condition of anonymity. Galp did not immediately respond to a request for comment. Venture Global has denied the allegations, blaming what it said were delays in moving to commercial operations on a faulty electric system that prevented its Calcasieu Pass export facility in Louisiana from operating optimally. Prior to Wednesday's announcement, the company had lost around 62% of its market value since its IPO last year amid concerns about the legal troubles and a possible supply glut. Repsol signed a purchase contract with Venture Global in 2018 to buy 1 million metric tons per year for 20 years. Under a trade deal recently agreed between the European Union and U.S., Europe pledged to signs deals to buy $750 billion of American energy, including LNG, by 2028. https://www.reuters.com/legal/litigation/venture-global-wins-arbitration-case-brought-by-spains-repsol-2026-01-21/
2026-01-21 23:32
Jan 22 (Reuters) - Australian oil and gas producer Santos (STO.AX) , opens new tab forecast higher 2026 production on Thursday, as it ramps up output at its Barossa liquefied natural gas project and starts producing oil from its Pikka project. The country's second-largest independent gas producer expects output of between 101 million and 111 million barrels of oil equivalent for the 12 months ending December 31, compared with its 2025 output of 87.7 mmboe and Visible Alpha's consensus estimate of 108.5 mmboe. Sign up here. Shares of the company rose 2.3% to A$6.195 by 2353 GMT, while the broader S&P/ASX 200 benchmark index (.AXJO) , opens new tab advanced 0.7%. Santos said its Pikka phase 1 project in Alaska was 98% complete at the end of the quarter. The project is on track to produce first oil late in the first quarter of 2026 with an initial oil rate of about 8,000 barrels of oil per day. The company added its share of capital expenditure for phase 1 of the project had increased by $200 million, mainly reflecting inflationary pressure on labour and materials. Santos added it was focusing on increasing gas production from its Barossa LNG project in Darwin, with the first cargo currently being loaded. "Once at full rates, Barossa LNG and Pikka phase 1 together are expected to lift Santos' production by around 25 to 30 per cent by 2027 compared to 2024 levels," CEO Kevin Gallagher said in a statement. The Adelaide-based company also posted a 9% sequential rise in fourth-quarter revenue to $1.23 billion, due to higher LNG and condensate sales volumes. That was largely in line with Visible Alpha's consensus estimate of $1.25 billion. Sales volumes were higher than in the September quarter, driven by improved production at Cooper Basin as it recovered from flood-related disruptions. Meanwhile, gas production from Western Australia rose after planned shutdown activities during the prior quarter. The fourth-quarter revenue, however, was 12% lower than last year mainly due to lower prices. Its average realised crude oil price fell nearly 16% to $66.66 per barrel, and the realised LNG price fell to $10.33 per million British thermal units (mmBtu) from $12.39 per mmBtu the prior year. Santos' quarterly production of 22.3 million barrels of oil equivalent missed the Visible Alpha consensus estimate of 23.1 mmboe. https://www.reuters.com/business/energy/australias-santos-forecasts-higher-production-fiscal-2026-2026-01-21/
2026-01-21 23:08
Jan 22 (Reuters) - Wind and solar power for the first time generated more electricity in the European Union than fossil fuels in 2025, driven by a surge in solar output, data from energy think tank Ember showed on Thursday. Wind and solar made up a record 30% of the 27-country bloc's power last year, overtaking fossil fuels that contributed 29%. Solar alone was responsible for 13% of power generation and expanded by more than 20% for the fourth year running, surpassing both coal and hydro. Sign up here. "As fossil fuel dependencies feed instability on the global stage, the stakes of transitioning to clean energy are clearer than ever," Beatrice Petrovich, senior energy analyst at Ember and lead author of the report, said. Solar generation grew in all EU countries amid widespread solar panel installations, and supplied more than a fifth of electricity in Hungary, Cyprus, Greece, Spain and the Netherlands in 2025. Renewable sources provided nearly half of the bloc's power mix at 48%, even as unusual weather pushed hydro output 12% lower and wind 2% lower. Despite this, wind contributed 17% of electricity in the EU, more than gas. Early 2025 was exceptionally sunny, marked by low wind speeds and low rainfall, but strong solar output helped keep the overall share of renewables stable, Petrovich told Reuters. Fourteen EU countries produced more electricity from wind and solar than from all fossil fuels, reinforcing a structural shift in the region's power system that includes phasing out coal. "Coal power is in its terminal decline. We could say it's becoming history for the EU," Petrovich said in the interview. The fossil fuel's share in the power mix was at a record low of 9.2%. "The next priority for the EU should be to put a serious dent in reliance on expensive, imported gas," she added. Gas generation in the EU rose 8% due to lower hydro availability, lifting gas import costs by 16% to 32 billion euros ($37 billion) for the power sector, the first increase since the 2022 energy crisis. Increased gas usage also lifted average wholesale power prices, which were 11% higher during gas-heavy hours than in 2024. But rapid growth in battery storage, particularly in Germany, Italy and Poland, could help shift solar and wind power to meet evening demand peaks and stabilise prices, Petrovich said. ($1 = 0.8601 euros) https://www.reuters.com/sustainability/climate-energy/wind-solar-beat-fossil-fuels-eu-power-mix-2025-energy-think-tank-says-2026-01-21/
