2025-01-20 12:50
Jan 20 (Reuters) - German specialty chemicals maker Lanxess (LXSG.DE) , opens new tab said on Monday it expected its fourth-quarter core profit to come in above market expectations. The Cologne-based company expects its quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) pre-exceptionals to be around 159 million euros ($164 million), exceeding market analysts' forecast of 130 million according to a Vara consensus , opens new tab. The chemicals group also expects EBITDA, adjusted for special items, to amount to around 614 million euros for 2024, which is 20% above last year's level and at the upper end of its guidance range of 10-20% growth. "The fourth quarter was positively influenced by a stronger than expected December, in particular due to customers’ pre-buying," the company said in a statement, but flagged the underlying macroeconomic environment has not improved. Shares in the company were up 4.1% as of 1241 GMT. Lanxess will release its 2024 fiscal year results on March 20, 2025. ($1 = 0.9689 euros) Sign up here. https://www.reuters.com/markets/commodities/lanxess-expects-q4-core-profit-above-expectations-2025-01-20/
2025-01-20 12:29
MOSCOW, Jan 20 (Reuters) - Russian President Vladimir Putin announced plans on Friday to build a gas pipeline to Iran aimed at eventually transporting up to 55 billion cubic metres (bcm) per year to the West Asian country. Following are some details and background about cooperation between Iran and Russia in the gas sector: PREVIOUS PLANS ON RUSSIAN GAS SALES TO IRAN Iran has the world's second-largest gas reserves after Russia, but U.S. sanctions have hindered access to technology and slowed development of gas exports. The National Iranian Oil Company (NIOC) and Russian energy giant Gazprom (GAZP.MM) , opens new tab signed a memorandum of understanding worth around $40 billion in July 2022. Gazprom pledged to help NIOC in the development of the Kish and North Pars gas fields and also six oil fields. Gazprom also planned to be involved in the completion of liquefied natural gas (LNG) projects and construction of gas export pipelines. NEW PLANS Gazprom and the National Iranian Gas Company (NIGC) subsequently signed a memorandum of understanding in June 2024 on supplying Russian pipeline gas to Iran. The eventual target of 55 bcm of gas per year through the proposed pipeline announced by Putin on Friday is around the same volume the damaged Nord Stream 1 pipeline was exporting from Russia to Germany. Initial gas supplies to Iran from Russia may total 2 bcm per year. The route may transit via Azerbaijan, Interfax news agency quoted Russian Energy Minister Sergei Tsivilev as saying. IRAN-PAKISTAN GAS PIPELINE Further plans could involve the Iran-Pakistan gas pipeline, as Russia has long planned to participate in the project, which has stalled due to sanctions against Tehran and political rows. India was initially involved in the project but it withdrew in 2009 following pressure from Washington. A political standoff between India and Pakistan also complicated the pipeline plans. Sign up here. https://www.reuters.com/markets/commodities/russias-planned-gas-pipeline-iran-2025-01-20/
2025-01-20 12:26
Chevron has submitted expression of interest Greece plans to launch tender soon Research area to be increased by 25%, Athens says Some already licensed areas in Ionian Sea will be released ATHENS, Jan 20 (Reuters) - Chevron (CVX.N) , opens new tab is interested in energy exploration in Greece, the U.S. oil producer and the country's energy ministry said on Monday. Chevron has submitted a non-binding expression of interest for one open block to Greece's Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), the company confirmed. The government welcomed Chevron's expression of interest. A decision will be issued this week on the exact area of exploration and an international tender will be launched soon, the ministry said in a statement. "It is a very important development, part of our national strategy for energy independence and reducing energy costs," it said. Chevron operates gas fields in Israel and has interests in Egypt and Cyprus. "Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us," a company spokesperson said. The area being looked at ranges from southwest of the Peloponnese peninsula to west of the island of Crete, the Greek ministry said. With the new tender, the research area for exploration will eventually be increased by 25%, or by 11,000 square kilometres (4,250 square miles), government spokesperson Pavlos Marinakis said. The European Union has sought ways to reduce its reliance on Russian gas following Russia's invasion of Ukraine. That has increased the need for Greece to tap domestic resources. Greece, which views gas as a transition fuel as it ramps up its renewable energy capacity, has produced small quantities of oil in the past and has attempted to explore its hydrocarbon potential. In October, the country said that an ExxonMobil-led consortium would move to the second phase of seismic research for gas exploration in a block off Crete. In the meantime, some already licensed offshore areas in the Ionian Sea would be released to expand a planned marine park, the ministry said on Monday, adding that an agreement had already been reached with the licensees on the issue. Greece, which in 2020 signed an agreement on maritime boundaries with Italy, aims to create two marine parks in the Ionian and Aegean seas, for the protection of marine biodiversity, sea mammals and seabirds. A government official told Reuters that environmental studies on the Ionian marine park - a first step in defining its boundaries - would be ready this month. Sign up here. https://www.reuters.com/business/energy/chevron-expresses-interest-hydorcarbons-exploration-greece-energy-ministry-says-2025-01-20/
2025-01-20 12:18
NEW DELHI, Jan 20 (Reuters) - Indian state refiners have asked Abu Dhabi National Oil Co (ADNOC) to offer pricing its crude on a delivered basis as well to manage costs, three refining sources said, after fresh U.S. sanctions disrupted supplies and caused freight rates to spike. Refiners in India, which imports over 80% of its oil, have been hit hard by a spike in global oil prices and shipping rates after Washington recently imposed sweeping new sanctions targeting Russian insurers, tankers and oil producers. The world's No. 3 oil importer and consumer became the top buyer of discounted Russian seaborne oil after the European Union shunned purchases and imposed sanctions on Moscow following its invasion of Ukraine in 2022. Russian oil accounted for more than a third of India's imports last year, but U.S. sanctions are tightening supply, pushing the buyer back to traditional Middle East sources. While most Middle East crude producers sell oil on a free-on-board (FOB) basis via long-term contracts to Asian buyers, Russian oil traders have been supplying crude to India on a delivered at port (DAP) basis that includes insurance, shipping and other services borne by the seller. State-owned Indian refiners including Indian Oil Corp (IOC.NS) , opens new tab, Hindustan Petroleum Corp (HPCL) (HPCL.NS) , opens new tab and Bharat Petroleum Corp (BPCL.NS) , opens new tab have asked ADNOC for DAP price quotes, the sources said. "We want our term supplier to give both FOB and DAP quotes," one of the sources said. "There is a possibility we may get better pricing in DAP, especially when freight rates are going to go up." It was not immediately clear if ADNOC would agree to such terms. The Indian state refiners and ADNOC did not immediately respond to Reuters' emails seeking comments. ADNOC sets its monthly official selling prices (OSPs) on an FOB basis and has rarely, if ever, sold term supplies to Asian buyers on a delivered basis, three traders familiar with long-term Middle East oil deals said. In addition to their request to ADNOC, the refiners, which own around 60% of India's 5.14 million barrels per day (bpd) crude processing capacity, planned to put in similar requests with other Middle East suppliers including Saudi Aramco (2222.SE) , opens new tab, the sources said. Under DAP terms, Indian companies would be liable for such cargoes only after they are discharged. While freight rates have mainly risen for Russian oil, that has a ripple effect on the broader markets. "In our spot tender also we give bidders an option to give quotes for both DAP and FOB cargoes. So now we want to extend that option to our term purchases as well," a second of the sources said. "After our due diligence we can decide whether to go for DAP or FOB." Indian state refiners negotiate their term contracts individually. Their combined purchase from ADNOC could be higher in the next fiscal year from April 1 than this year as HPCL operates its upgraded Vizag refinery at full capacity and starts up its new 180,000 bpd Barmer refinery in the desert state of Rajasthan this quarter, the sources said. Sign up here. https://www.reuters.com/business/energy/india-refiners-ask-adnoc-offer-oil-delivered-price-freight-spikes-sources-say-2025-01-20/
2025-01-20 11:34
DAVOS, Switzerland, Jan 20 (Reuters) - Circle CEO Jeremy Allaire expects U.S. executive orders "imminently" from incoming President Donald Trump, which he said could allow banks to trade crypto, offer crypto investments to wealthy clients and hold it in portfolios. Circle is the issuer of the USDC stablecoin , a digital token pegged to the value of the U.S. dollar. USDC is the world's second largest stablecoin by market value and ranked as the eighth largest cryptocurrency by CoinGecko. Trump has promised to be a "crypto president" and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets following his inauguration on Monday. The incoming president's own newly-created cryptocurrency soared on Monday to nearly $12 billion in market value. Allaire said he would like to see the repeal of the Securities and Exchange Commission's Staff Accounting Bulletin 121, which he said "effectively made it punitive for banks and financial institutions and corporations even to hold crypto assets on their balance sheet". "That's something I think to watch closely in terms of EOs (executive orders)," Allaire said during an interview with the Reuters Global Markets Forum at the start of the World Economic Forum's annual meeting in Davos this week. "I'm strongly in favour of repealing it and I would hope that President Trump would take that action," Allaire said, adding that Circle already counted banks as commercial partners. Allaire also expects renewed activity from Congress on digital asset regulations. "We expect Committee work to be very active, literally in the coming weeks," he said. (Join GMF, a chat room hosted on LSEG Messenger, for live interviews: https://lseg.group/4ajdDTy , opens new tab) Sign up here. https://www.reuters.com/technology/circle-ceo-expects-imminent-us-executive-orders-widen-crypto-2025-01-20/
2025-01-20 11:26
Houthis have carried out more than 100 attacks on ships Shipping executives are still cautious Say expect to return when situation becomes clearer LONDON, Jan 20 (Reuters) - Yemen's Houthis will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented, the Humanitarian Operations Coordination Center (HOOC) said. The Sanaa-bsed HOCC, which liaises between Houthi forces and commercial shipping operators and is associated with the Houthi military, said it was stopping "sanctions" against vessels owned by U.S. or British individuals or entities, as well as ships sailing under their flags. "We affirm that, in the event of any aggression against the Republic of Yemen by the United States of America, the United Kingdom, or the usurping Israeli entity, the sanctions will be reinstated against the aggressor," it said in an email sent to shipping industry officials dated Jan. 19. "You will be promptly informed of such measures should they be implemented." The HOCC said the Houthis would stop targeting Israeli-linked ships "upon the full implementation of all phases of the agreement". Many of the world's biggest shipping companies have suspended voyages through the Red Sea and diverted their vessels around southern Africa to avoid being attacked. The Iran-backed Houthis have carried out more than 100 attacks on ships since November 2023 and sunk two vessels, seized another and killed at least four seafarers. They have targeted the southern Red Sea and the Gulf of Aden, which are joined by the narrow Bab al-Mandab strait, a chokepoint between the Horn of Africa and the Middle East. Hamas released three Israeli hostages in Gaza and Israel freed 90 Palestinian prisoners on Sunday, the first day of a ceasefire suspending a 15-month-old war. CAUTION Executives from shipping, insurance and retail industries told Reuters last week that they were not ready to return to the Red Sea trade route because of uncertainty over whether the Houthis would continue to attack shipping. A spokesperson for Germany container shipping group Hapag-Lloyd said on Monday the company was still monitoring the situation, adding: "We will return to the Red Sea when it is safe to do so." The Houthis have attacked ships in recent months based on outdated information, Jakob Larsen, chief safety & security officer with shipping association BIMCO, said. "In recent months, they have made several false claims about successful attacks, thereby slightly undermining their credibility," he said on Monday. "Assuming the ceasefire holds and the U.S. also refrains from using force, shipping companies are expected to gradually resume operations through the Red Sea." Insurers were also were waiting for test voyages to determine if war risk premiums would ease, market sources said on Monday, asking not to be named. Higher war risk insurance premiums, paid when vessels sail through the Red Sea, have meant additional costs of hundreds of thousands of dollars for a seven-day voyage for any ships still sailing through the area. The Houthis hold the Bahamas-flagged Galaxy Leader and its 25 crew members, which was seized by the militia's commandos in international waters in November 2023. "The Filipinos, Mexicans, Romanians, Bulgarians, and Ukrainian who were on board are desperate to leave Yemen," the vessel's owner Galaxy Maritime Ltd and manager STAMCO Ship Management said on Monday. "Some have been hospitalised with malaria and one can only guess at their mental state." Sign up here. https://www.reuters.com/world/middle-east/yemens-houthis-will-target-only-israel-linked-vessels-after-gaza-ceasefire-says-2025-01-20/
