2025-02-25 12:34

LAGOS, Feb 25 (Reuters) - Nigeria's state oil firm NNPC on Tuesday announced a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics leader Caverton Marine to overhaul maritime transportation in West Africa. The newly formed company will streamline crude oil, refined products and LNG shipping across West Africa and cater to other oil producers and traders in the region with modern vessels. The companies did not share financial details of the deal, which was signed last week. "By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria's position in global energy logistics," Panos Gliatis, Managing Director of NNPC Shipping, said in a statement. Erik Hånell, President & CEO of Stena Bulk, said the partnership aligns with the group's strategy to expand its presence in key growth markets. Nigeria boasts Africa's largest oil refinery and meets 5% of global LNG demand. Sign up here. https://www.reuters.com/markets/deals/nigerias-nnpc-stena-bulk-caverton-launch-new-shipping-venture-2025-02-25/

2025-02-25 12:28

Company order to help meet growing tourism demand in Japan Order is breakthrough for Brazil-based Embraer in Asia Order worth more than 2.1 trillion yen TOKYO, Feb 25 (Reuters) - Japan's ANA Holdings (9202.T) , opens new tab said on Tuesday it planned to place a company-record order for up to 77 aircraft to replenish its fleet and take advantage of growing demand for travel. The order was its largest ever in terms of aircraft numbers and was worth more than 2.1 trillion yen ($14 billion) at catalogue prices before any discounts, ANA said. Aircraft are typically sold at roughly half their list price, aviation analysts say. The deal includes 68 firm orders and nine options, potentially bringing the overall purchase to 30 aircraft from Boeing (BA.N) , opens new tab, 27 from Airbus (AIR.PA) , opens new tab, and 20 from Embraer (EMBR3.SA) , opens new tab. The firm part of the order includes 18 GE-powered (GE.N) , opens new tab Boeing 787 wide-body jets and 15 Embraer E190-E2 regional aircraft. It also involves 27 Airbus A321neo-family narrowbodies and eight Boeing 737 MAX. Delivery of the planes is expected between 2028 and 2033. Growth in tourism to Japan has exploded in recent years, with annual visitors reaching record numbers. The airline said that its order reflected an expected increase in passenger demand, including from visitors to Japan. "So looking at the growth of the overall market, we want to procure the necessary supply just as it's needed," Daisuke Suzuki, ANA's director of corporate strategy, told a briefing. Suzuki said the Embraer aircraft would allow the airline to "flexibly adjust supply to demand in our medium to long-term domestic operations." EMBRAER WIN ANA's order marks a breakthrough in Japan for Brazil-based Embraer's most recent generation of E2 regional jets and a setback for Airbus, which has been trying to get a Japanese foothold for its A220. Its current fleet does not include any aircraft from Embraer, the world's third-largest planemaker. Embraer's focus is on up to 150-seat single-aisle aircraft, sitting just below Airbus' and Boeing's best-selling A320 and 737 narrowbody families, which carry between 150 and 240 passengers. The deal also illustrates a turning point in Japan's efforts to promote its domestic regional aircraft industry. ANA had ordered at least 15 of the made-in-Japan SpaceJet regional plane that Mitsubishi Heavy Industries (7011.T) , opens new tab was developing, but the programme stalled in 2023 after delivery delays, in part due to difficulty obtaining necessary certifications. ANA Holdings runs passenger and cargo carrier ANA, and low-cost airlines Peach Aviation and AirJapan. It operated 277 aircraft as of end-December and expects its fleet size to be at around 320 aircraft by the 2030 financial year. In January, the company said it would increase the number of international flights in its 2025 fiscal year to meet growing demand, but would maintain last year's level of domestic flights. ($1 = 149.5900 yen) Sign up here. https://www.reuters.com/business/aerospace-defense/japans-ana-buy-least-77-aircraft-boeing-airbus-embraer-2025-02-25/

2025-02-25 11:58

Energy price cap rises to £1,849 due to high wholesale prices Household energy debt nears £4 billion; debt relief mulled LONDON, Feb 25 (Reuters) - Millions of Britons will pay higher energy costs from April after regulator Ofgem said its domestic price cap would rise 6.4% due to soaring wholesale energy prices. That would be the third consecutive quarterly increase and a blow for the government, which had made reducing energy bills one of its aims. It comes after higher-than-expected inflation figures for January. Ofgem's new cap of 1,849 pounds ($2,334.18) a year for average use of electricity and gas is up 111 pounds, or 6.4%, from 1,738 pounds under the previous cap. The hike is higher than expected, with analysts previously forecasting a rise of around 5%. Benchmark British gas prices hit a two-year high earlier in February as cold temperatures led to high withdrawals from Britain and Europe’s gas stores and after a deal to supply Russia gas via Ukraine expired at the end of the year. Wholesale gas and power prices are a major part of the formula Ofgem uses to calculate the price cap. Britain's energy minister Ed Miliband said the government was working to cut the country's reliance on expensive fossil fuels and would increase the number of homes eligible for its Warm Home Discount which offers some people on benefits 150 pounds towards their energy bills each winter. “Alongside this, the way to deliver energy security and bring down bills for good is to deliver our mission to make Britain a clean energy superpower- with homegrown clean power that we in Britain control," he said. Britain has a target to decarbonise its electricity sector by 2030 and cut its use of gas which currently provides around a third of its power. Campaign groups called on the government to offer more support for vulnerable households, such as launching a social tariff or a help-to-repay scheme for customers in debt. Miliband said the government would work with Ofgem to develop a potential debt relief scheme. Ofgem has said the total of household energy debt hit almost 4 billion pounds last year, and that without intervention, this figure would grow. Based on current wholesale energy prices, the cap could fall in July to 1,756 pounds a year, analysts at Cornwall Insights forecast, but they warned that volatile markets mean the forecast is likely to change multiple times before the next cap level is set. ($1 = 0.7921 pounds) Sign up here. https://www.reuters.com/world/uk/uk-energy-regulator-raises-price-cap-by-64-april-2025-02-25/

2025-02-25 11:58

Taleveras sued NLNG for non-delivery of 19 cargoes in 2020-2021 NLNG's appeal rejected; $260 mln awarded to Vitol, $120 mln to Glencore NLNG reviewing ruling; Shell, Eni declined comment; no response from TotalEnergies Feb 25 (Reuters) - Trading houses Vitol and Glencore will receive $380 million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed. The case heard in London's High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022. Taleveras sued Nigerian venture, known as NLNG and involving Shell(SHEL.L) , opens new tab TotalEnergies (TTEF.PA) , opens new tab and Eni (ENI.MI) , opens new tab as partners, four years ago. These three companies are minority shareholders in NLNG , opens new tab, along with the Nigerian state-owned oil company which has 49%. Last week, Taleveras had NLNG's appeal rejected, according to an official video of court proceedings. A full written judgment is due to be released in the coming weeks. NLNG runs Nigeria’s biggest LNG plant, which covers around 5% of global supply. NLNG said it was reviewing the ruling and declined further comment. Shell and Eni declined to comment, while TotalEnergies did not respond to a request for comment. Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021. Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents. The trading houses took legal action against Taleveras for non-delivery, leading to a chain of litigation. The lost appeal means NLNG will need to pay Vitol around $260 million and about $120 million to Glencore, the documents said. Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment. European benchmark gas prices swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted supplies to Europe. When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions. In one such case, Shell (SHEL.L) , opens new tab and BP (BP.L) , opens new tab pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveries. In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays. Taleveras was founded in 2004 by Igho Sanomi, one of Nigeria’s independent energy traders. The company is now based in Dubai. Sign up here. https://www.reuters.com/markets/commodities/vitol-glencore-win-380-million-award-nigerian-lng-litigation-2025-02-25/

2025-02-25 11:57

Feb 25 (Reuters) - China's total gold imports via Hong Kong in January fell 44.8% from December to their lowest since April 2022, Hong Kong Census and Statistics Department data showed on Tuesday. WHY IT'S IMPORTANT China is the world's leading consumer of gold, and its purchasing activities can significantly influence global gold prices. The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. BY THE NUMBERS China imported a total 13.816 metric tons in January, down from 25.007 tons in December, the data showed. CONTEXT As one of the best-performing assets of 2024, spot gold gained around 27% last year, the biggest annual jump since 2010. This year, it has continued its record-breaking rally with prices hitting all time high at $2,956.15 on Monday. Meanwhile, demand for physical gold in China has remained significantly low, with buyers avoiding purchases due to record high prices. Gold exports from Switzerland to China plunged 99% on an annual basis, Swiss customs data showed last week. Elsewhere, India's gold imports are set to tumble 85% in February from year ago levels to their lowest in 20 years, with demand sapped by record prices for the precious metal, a government official and three bank dealers told Reuters. Sign up here. https://www.reuters.com/markets/commodities/chinas-january-total-gold-imports-via-hong-kong-hits-near-three-year-low-2025-02-25/

2025-02-25 11:53

BRUSSELS, Feb 25 (Reuters) - The EU Commission on Tuesday said it will present plans to make Europe's ailing steel sector more competitive and to shield it from looming U.S. trade tariffs in the spring. Its action plan will follow a 'strategic dialogue' with key representatives of the sector chaired by commission president Ursula von der Leyen on March 4. Europe's steel industry called on the EU Commission in November to take immediate action to avert what it termed the sector's irreversible decline. It urged the EU to come up with plans addressing trade, the EU's carbon levy on imports, energy and scrap as part of broader proposals to help companies reach the EU's 2050 carbon neutrality goal. Since then, U.S. President Donald Trump has announced plans to introduce new 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties. "The steel industry is a key sector of our European single market. At the same time this industry is of utmost importance in our fight against climate change," von der Leyen said in a statement. "We want to ensure that the European steel industry is both competitive and sustainable in the long-term." On March 4, steel manufacturers, raw material suppliers, and other parties related to the sector will discuss how to enhance competitiveness, drive decarbonisation and electrification and ensure fair trade relations, the Commission said. Commission Vice President Stephane Sejourne will then launch a "dedicated steel and metals action plan" in the spring, it said. Sign up here. https://www.reuters.com/markets/commodities/eu-promises-support-steel-sector-us-trade-tariffs-loom-2025-02-25/