2026-01-11 11:45
US Treasury's Bessent said frustrated with lack of urgency G7 plus India, South Korea, Australia and Mexico to attend China dominates critical minerals production WASHINGTON, Jan 11 (Reuters) - U.S. Treasury Secretary Scott Bessent will urge Group of Seven nations and others to step up their efforts to reduce reliance on critical minerals from China when he hosts a dozen top finance officials on Monday, a senior U.S. official said. The meeting, which kicks off with a dinner on Sunday evening, will include finance ministers or cabinet ministers from the G7 advanced economies, the European Union, Australia, India, South Korea and Mexico, said the official who was not authorized to speak publicly. Sign up here. Together, the grouping accounts for 60% of global demand for critical minerals. "Urgency is the theme of the day. It's a very big undertaking. There's a lot of different angles, a lot of different countries involved and we really just need to move faster," the official said. Bessent on Friday told Reuters that he had been pressing for a separate meeting on the issue since a G7 leaders summit in Canada in June, where he delivered a rare earths presentation to gathered heads of state from the U.S., Britain, Japan, Canada, Germany, France, Italy and the European Union. Leaders agreed to an action plan at the summit to secure their supply chains and boost their economies, but Bessent has grown frustrated about the lack of urgency demonstrated by attendees, the official said. Aside from Japan, which took action after China abruptly cut off its critical minerals supplies in 2010, G7 members remain heavily dependent on critical minerals from China, which has threatened to impose strict export controls. China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. These minerals are used in defense technologies, semiconductors, renewable energy components, batteries and refining processes. The U.S. is expected to issue a statement after the meeting, but no specific joint action is likely, the official added. US URGES OTHERS TO FOLLOW ITS LEAD “The United States is in the posture of calling everyone together, showing leadership, sharing what we have in mind going forward," said the official. "We're ready to move with those who feel a similar level of urgency ... and others can join as they come to the realization of how serious this is." The official gave no details on what further steps were planned by the Trump administration, which is pushing forward to boost domestic production and reduce reliance on China through agreements with Australia, Ukraine and other producers. The U.S. signed an agreement with Australia in October aimed at countering China's dominance in critical minerals that includes an $8.5 billion project pipeline. The deal leverages Australia's proposed strategic reserve, which will supply metals like rare earths and lithium that are vulnerable to disruption. The official said there had been progress, but more work was needed. "It's not solved," they added. Canberra has said it has subsequently received interest from Europe, Japan, South Korea and Singapore. Monday's meeting comes days after reports that China had begun restricting exports to Japanese companies of rare earths and powerful magnets containing them, as well as banning exports of dual-use items to the Japanese military. The meeting was planned well before that action, U.S. officials said. China was still living up to its commitments to purchase U.S. soybeans and ship critical minerals to U.S. firms. https://www.reuters.com/business/energy/us-push-quicker-action-reducing-reliance-china-rare-earths-2026-01-11/
2026-01-11 10:57
Russia has intensified bombardment of Ukraine's energy system Strikes on Friday leave almost all Kyiv without heating amid cold snap War's fourth winter could be coldest and darkest yet KYIV, Jan 11 (Reuters) - More than 1,000 apartment buildings in the Ukrainian capital Kyiv are still without heating following a devastating Russian attack early on Friday, local authorities said on Sunday. Russia has intensified bombardments of Ukraine's energy system since it invaded its neighbour in 2022. Sign up here. President Volodymyr Zelenskiy said work was proceeding in localities affected by the attacks, noting that the situation was "still extremely difficult", particularly in border regions. "Repair work is still proceeding in Kyiv after the strike that occurred the day before yesterday," Zelenskiy said in his nightly video address. "The main task is to restore power supply to all buildings." Zelenskiy said 200 emergency crews were conducting repairs in the Kyiv region surrounding the capital. "I haven't had electricity at home for about 55 hours. So, in order not to cry, I am simply laughing," said Liza Lazarenko, playing cards with a friend at a school in the capital turned into a humanitarian aid point. "Thank God they turned on the heating. But at home, honestly, my head is spinning, because there is absolutely nothing to be done without electricity." Zelenskiy said earlier Russia had launched 1,100 drones, more than 890 guided aerial bombs and over 50 missiles, including ballistic, cruise and medium-range weapons, against Ukraine over the past week. On Friday, a missile strike on Kyiv left virtually the entire city without power and heating amid a sharp cold snap, and it was not until Sunday that authorities restored water supplies and partially restored electricity and heating. Zelenskiy said Russia deliberately waited for freezing weather to make things worse for the Ukrainian people, and this was "a cynical Russian terror specifically against civilians". Moscow made no immediate response. The war's fourth winter could be the coldest and darkest yet, with the accumulated damage to the grid bringing utilities to the brink and temperatures, already below minus 12 degrees Celsius (10 F), set to plunge to minus 20 later this week. "Restoration work is ongoing. However, the energy supply situation in the capital remains very difficult," Kyiv Mayor Vitali Klitschko said on Telegram. "According to forecasts, the severe frosts are not expected to subside in the coming days. Therefore, the difficult situation in the capital will continue," he added. NOT ONE DAY WITHOUT ATTACKS THIS WEEK Ukraine's energy ministry said Russian forces had attacked the country's power system again during the night, briefly cutting off electricity to the south-eastern Dnipropetrovsk and Zaporizhzhia regions. "Not a single day passed this week without attacks on energy facilities and critical infrastructure. A total of 44 attacks were recorded," Ukrainian Prime Minister Yulia Svyrydenko said on Telegram. Svyrydenko said the restoration of heat and electricity supplies was proceeding at a record pace, noting significant improvements in Kyiv would require time but could be reached by Thursday. https://www.reuters.com/world/europe/thousand-kyiv-apartment-blocks-still-without-heating-after-russian-strike-2026-01-11/
2026-01-11 09:56
CAIRO, Jan 11 (Reuters) - Egypt has signed renewable energy deals worth a combined $1.8 billion, state TV reported on Sunday. Among the deals were contracts with Norwegian renewable energy developer Scatec (SCATC.OL) , opens new tab and China's Sungrow (300274.SZ) , opens new tab. Sign up here. Egypt hopes to have renewable energy reach 42% of its electricity generation mix by 2030, but officials say the goal will be at risk without more international support. The first project will be the construction by Scatec of a solar energy plant to generate electricity and energy storage stations in Upper Egypt's Minya, an Egyptian cabinet statement said. It would have a generation capacity of 1.7 gigawatts supported by battery storage systems with total capacity of 4 gigawatt hours. A second project will be a Sungrow factory to manufacture energy storage batteries at the Suez Canal Economic Zone. A share of the factory's output would be supplied to the first project, the cabinet said. The deals also include power purchase agreements, with Scatec signing a deal for total capacity of 1.95 gigawatts and 3.9 gigawatt hours of battery storage systems, the Norwegian company said in a statement. https://www.reuters.com/sustainability/climate-energy/egypt-signs-renewable-energy-deals-worth-18-billion-2026-01-11/
2026-01-11 09:01
BERLIN, Jan 11 (Reuters) - The principles of international law apply to everyone, including the United States, German Finance Minister and Vice Chancellor Lars Klingbeil said on Sunday, in reference to President Donald Trump's threats to seize Greenland. "It is solely up to Denmark and Greenland to decide about Greenland's future. Territorial sovereignty and integrity must be respected," Klingbeil said ahead of his departure to Washington for a meeting of finance ministers from the Group of Seven advanced economies. Sign up here. A U.S. military seizure of the mineral-rich Arctic island from Denmark, a long-time ally, would send shockwaves through NATO and deepen the divide between Trump and European leaders. "We increase security in the Arctic together as NATO allies, not in opposition to one another," Klingbeil said. ACCESS TO CRITICAL MINERALS WILL BE G7 FOCUS Monday's G7 meeting will focus on access to critical minerals as Western countries seek to reduce their dependence on China given moves by Beijing to impose strict export controls on rare earths. Klingbeil said Germany has a strong interest in expanding international cooperation in this area in order to strengthen security of supply, reduce dependencies and ensure reliable economic framework conditions. "That is why it is important that we consult with our international partners and - wherever possible - act together," he said. China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. https://www.reuters.com/world/china/international-law-applies-everyone-including-us-says-german-finance-minister-2026-01-11/
2026-01-11 08:54
Jan 11 (Reuters) - Danish shipping company Maersk (MAERSKb.CO) , opens new tab is looking at increasing its use of ethanol as a fuel, which could reduce its dependence on China and boost the industry's decarbonisation efforts, the Financial Times reported on Sunday, citing an interview with CEO Vincent Clerc. Clerc noted that while China dominates the market for fuels such as "green methanol", the U.S. and Brazil are the world's leading ethanol producers. Sign up here. “If all the upside is only in China, then some countries will object,” Clerc told the FT. “But if the upside is more evenly distributed, then more countries will support it . . . It will make the green transition something that more countries can see an upside to.” The shipping sector is facing more difficulty than most in lowering emissions, requiring costly retrofits on existing vessels or new ships that can operate on e-fuels. Late last year, shipping companies Hapag-Lloyd (HLAG.DE) , opens new tab and North Sea Container Line (NCL) won a tender to use low-emission fuels derived from hydrogen on container ships from 2027 for at least three years to reduce CO2 emissions. https://www.reuters.com/sustainability/climate-energy/maersk-explores-more-ethanol-use-green-fuel-cut-reliance-china-ft-reports-2026-01-11/
2026-01-11 01:38
Formentera Partners eyes La Luna and Querecual fields in Venezuela Independent oil firms expected to lead exploration in Venezuela Sheffield sees potential in Venezuela's shale akin to Permian Basin Private family offices may fund independent producers in Venezuela HOUSTON, Jan 10 (Reuters) - Privately-held U.S. oil and gas company Formentera Partners is looking at hiring a technical team to study Venezuela's shale fields, its founder Bryan Sheffield said in an interview with Reuters on Saturday. Sheffield, the son of Pioneer Natural Resources founder Scott Sheffield, said his company was interested in the La Luna field in the Zulia state in the western part of the South American country and the Querecual field in the east. Sign up here. "After speaking with Energy Secretary Chris Wright, I feel like I should hire a team to study the technical side and look at rock and shale fields in Venezuela," said Sheffield, who attended a White House meeting on Friday between oil CEOs and U.S. President Donald Trump and Wright. "We are motivated and interested, but also obviously cautious," Sheffield said, adding that worries about safety, given reports of the presence of armed militia, need to be assuaged. "We want to stay ahead of the pack and be ready when the floodgates open," he said. The U.S. State Department issued , opens new tab an alert telling U.S. citizens still in Venezuela to leave the country immediately, citing reports of groups of armed militias. Sheffield, who was CEO of publicly-traded Parsley Energy before it was acquired by Pioneer Natural Resources, said he expects the exploration wave in Venezuela to be driven by independent oil companies, echoing U.S. Treasury Secretary Scott Bessent's comments earlier this week that the largest oil companies are likely to move slower in terms of making investments in Venezuela, with wildcatters or independent oil companies likely to move much more quickly. "The independent companies will take more risk than oil majors, make money and prove the fields," Sheffield said. The White House meeting on Friday included Bill Armstrong, CEO of Armstrong Oil and Gas which operates in nearby Aruba, Jeff Hildebrand, founder of Hilcorp Energy, Ross Perot Jr, who founded privately-held HKN Energy which has operations in Iraq. The meeting also included U.S. majors Exxon Mobil (XOM.N) , opens new tab, Chevron (CVX.N) , opens new tab, as well as European majors Shell (SHEL.L) , opens new tab, Eni (ENI.MI) , opens new tab and Repsol (REP.MC) , opens new tab. SHALE RESERVES YET TO BE PROVEN While Venezuela has the world's largest crude oil reserves, its shale fields are yet to be proven. It would cost between $500 million and $1 billion to get shale production going in Venezuela, Sheffield estimated, adding that he sees similarities between the shale region in the South American country and the Permian Basin, the U.S.'s top shale production area spread across Texas and New Mexico. Capital from private family offices is likely to back independent producers, Sheffield said, as pension funds and institutional investors tend to be more risk-averse. The U.S. government seemed unlikely to backstop or protect U.S. companies' investment in Venezuela, he added. Trump said on Friday that he wants the oil industry to invest $100 billion to expand oil production. https://www.reuters.com/business/energy/formentera-partners-considers-a-team-study-venezuelan-shale-fields-founder-says-2026-01-11/
