2025-03-24 18:29

HOUSTON, March 24 (Reuters) - An LNG tanker is expected to arrive in Canada on April 1 to start cooling down LNG Canada's plant in Kitimat, British Columbia, considered the final step before the plant begins production of the superchilled gas. "The delivery is expected in early April and is critical to our safe start-up and commissioning process now underway, and to achieving our first cargo by the middle of 2025," LNG Canada told Reuters on Monday. Sign up here. The company is Canada's first liquefied natural gas export facility and when complete is expected to export 14 million metric tonnes per annum (MTPA) of the superchilled gas. Once LNG Canada enters service, Canadian gas exports to the U.S. will likely decline, traders said, as Canadian energy firms will have another outlet for their fuel and will sell more to other countries. For now, the U.S. is the only outlet for Canadian gas. Canada exported about 8.6 billion cubic feet per day (bcfd) of gas via pipelines to the U.S. in 2024, up from 8.0 bcfd in 2023 and an average of 7.5 bcfd over the prior five years (2018-2022), according to data from the U.S. Energy Information Administration. That compares with a record 10.4 bcfd in 2002. The cooldown period will take three to four weeks to complete, LNG Canada said. The tanker arriving next week is called Maran Gas Roxana. LNG Canada is trying to limit the amount of flaring of natural gas associated with the startup of the plant and to ensure that the plant is working according to specifications as the facility's machinery expands and contracts with the introduction of natural gas, a person familiar with the project told Reuters. LNG Canada is a joint venture of Shell (SHEL.L) , opens new tab, Petronas (PGAS.KL) , opens new tab, PetroChina (601857.SS) , opens new tab, Mitsubishi Corporation and Kogas. https://www.reuters.com/business/energy/lng-canada-start-cooldown-plant-next-week-final-step-before-first-lng-2025-03-24/

2025-03-24 18:23

PORTO MARGHERA, Italy, March 24 (Reuters) - Versalis, the chemical division of Italian energy group Eni (ENI.MI) , opens new tab, on Monday opened a plant in Porto Marghera for the production of plastics made from mechanically recycled raw materials. The opening of this factory, which produces materials for the packaging and construction sectors, is part of a multi-year strategy of the state-controlled group to overhaul its chemical business. Sign up here. A build-up of production capacity in China and high European energy costs have put petrochemical producers under pressure, prompting groups to shut down old plants or sell assets. Eni announced last year it would invest 2 billion euros by 2029 to turn around its chemicals business, which accumulated 3 billion euros in losses in the last five years. To bring the business back to profit, the state-controlled group plans to cut the division's exposure to basic chemicals by mothballing its remaining two cracking plants in Sicily and Puglia and a polyethylene factory in Sicily. The turnaround hinges on starting new activities including plastic recycling, bio-refining and energy storage. (This story has been refiled to amend the wording in the headline) https://www.reuters.com/business/energy/enis-chemicals-unit-opens-new-recycled-plastic-production-plan-2025-03-24/

2025-03-24 14:44

LONDON, March 24 (Reuters) - Credit rating firm S&P Global warned on Monday that the troubles triggered by the arrest of President Tayyip Erdogan's main political rival could be a setback for Turkey's economic reform programme. S&P, which raised Turkey's rating twice last year due to the turnaround efforts, said the arrest and imprisonment of Istanbul Mayor Ekrem Imamoglu and other opposition politicians over the last week "could pose a risk to confidence in Turkey's economy and the stability of the exchange rate". Sign up here. It added that the "second-round effects" of rising uncertainty on household spending, capital inflows, economic growth and inflation could also be "material". It could also interrupt the notable drop in "dollarization" - where Turks keep their money in dollars rather than in lira. Turkish authorities have detained 1,133 people since the start of protests five days ago against the detention of Istanbul Mayor Imamoglu, Interior Minister Ali Yerlikaya said on Monday. The clampdown has roiled markets, sending the lira, stocks and Ankara's government bonds sharply lower, and prompted an outcry from the main opposition party and European leaders. The cost of insuring Turkey's bonds against the risk of a default has also risen to the point where traders are now effectively pricing in a credit rating downgrade. That is unlikely in the short term, however. Both S&P and Fitch have 'stable' outlooks on their BB- Turkey ratings, while Moody's has a 'positive' outlook on its B1 score, which is one notch lower than S&P and Fitch's level. https://www.reuters.com/world/middle-east/ratings-firm-sp-warns-turkeys-tensions-risk-setback-reforms-2025-03-24/

2025-03-24 14:35

March 24 (Reuters) - Sam Altman's cryptocurrency project World Network is in talks with Visa (V.N) , opens new tab for a stablecoin payments wallet, CoinDesk reported on Monday citing a person familiar with the plans. A deal will bring Visa card functionality to World Network wallets and allow stablecoin-based payments to merchants that are part of the payments giant's network, the report said. Sign up here. It underscores efforts by industry players to integrate crypto into the payments ecosystem, as the digital asset moves towards mainstream acceptance. Visa and Tools for Humanity, the company behind World Network, did not immediately respond to Reuters' requests for comment. World Network was co-founded by OpenAI chief Altman. Its core offering is World ID, which the company describes as a digital passport to prove its holder is a real human and tell the difference from AI chatbots online. https://www.reuters.com/technology/sam-altmans-world-network-talks-with-visa-stablecoin-wallet-coindesk-reports-2025-03-24/

2025-03-24 13:58

BRASILIA, March 24 (Reuters) - Brazil's Finance Minister Fernando Haddad said on Monday that the government is sticking to next year's primary surplus target even though it will be a challenge, as it prepares to submit its 2026 fiscal goal proposal to Congress. Achieving the primary surplus "will not be easy, but we will pursue it," Haddad told an event hosted by newspaper Valor when asked whether he would formalize the previously projected primary surplus target of 0.25% of gross domestic product (GDP). Sign up here. He added that the plan had the approval of leftist President Luiz Inacio Lula da Silva. By law, the government must submit its fiscal target proposal for the following year to Congress by April 15. Last year, the process sparked intense market turmoil after the government softened its 2025 fiscal target, opting for a more gradual adjustment in the years ahead than initially planned when it approved a new fiscal framework in 2023. The framework ties primary balance targets to a cap on spending growth. Haddad said he believes there could be positive surprises surrounding inflation this year, noting that Brazil's currency is starting to settle at levels "more or less in line with our peers." "I think it's still a little off," he added. The Brazilian real has gained over 7% against the U.S. dollar year-to-date, partly recovering from a more than 20% plunge last year. Haddad said that a bumper crop, currency dynamics and geopolitical factors could favor Brazil this year. In 2024, the U.S. Federal Reserve's delay in cutting interest rates had created a more challenging environment for Latin America's largest economy, he said. https://www.reuters.com/world/americas/brazil-pursue-2026-primary-surplus-target-despite-challenges-minister-says-2025-03-24/

2025-03-24 12:29

WARSAW, March 21 (Reuters) - The Polish government has approved on Friday draft legislation easing rules to build onshore wind farms, a key step in delivering a 2023 election pledge to boost power production from renewable energy sources. The new rules, which need to be approved by parliament, cut the distance required between planned installations and residential locations, while keeping permitting more restrictive for projects close to national parks and protected natural areas. Sign up here. "The Council of Ministers has just adopted, by circulation, the draft law on onshore wind farms," Climate Minister Paulina Hennig-Kloska wrote on social media platform X. The previous government of the Law and Justice party blocked the development of onshore wind for most of its eight years in power, but renewable output has been growing at the expense of coal-fired power which still dominates the mix. In 2024, nearly 30% of Polish electricity was generated from renewable sources. The liberalisation of wind permitting rules creates the potential to install about 41 gigawatts of onshore wind capacity by 2040, according to the Polish Wind Energy Association. The country currently has nearly 11 gigawatts of installed wind capacity. https://www.reuters.com/business/energy/polish-cabinet-approves-liberalisation-wind-farm-rules-2025-03-21/