2025-01-14 11:52
UK government describes cost estimate as 'speculative' French audit body says EDF should secure new investors before committing Costs for Britain's Hinkley Point C project have also risen Jan 14 (Reuters) - Britain could need as much as 40 billion pounds ($49 billion) for the planned Sizewell C nuclear power plant in southeast England, nearly double the developer EDF's initial estimate, the Financial Times reported on Tuesday. New nuclear plants to replace its ageing fleet are key to Britain's efforts to meet climate targets and boost energy security. Sizewell C would generate enough electricity to power around 6 million homes. The FT report cited one senior government figure and two well-placed industry sources whom it said called the revised figure a reasonable assumption in terms of 2025 prices. A spokesperson for Britain's Department for Energy Security and Net Zero called the figure "speculative", adding that "discussions with investors are ongoing and commercially sensitive". EDF declined to comment on the FT report. A spokesperson for Sizewell C did not immediately respond to a Reuters request for comment. Separately, France's top audit body said on Tuesday that EDF should secure new investors in the project before committing financing. Sizewell C would be only the second new nuclear plant built in Britain in more than two decades. EDF's Hinkley Point C is expected to start operations in 2029, having experienced several delays and cost overruns. A year ago, EDF raised the cost estimate of Hinkley Point C to between 31 billion and 34 billion pounds at 2015 prices, up from 25 billion to 26 billion pounds in a prior estimate. EDF initially said Sizewell C would be around 20% cheaper than Hinkley C. In 2020, Sizewell C was expected to cost around 20 billion pounds. ($1 = 0.8195 pounds) Sign up here. https://www.reuters.com/business/energy/uks-sizewell-c-nuclear-project-cost-rise-near-50-billion-ft-reports-2025-01-14/
2025-01-14 11:44
Jan 14 (Reuters) - Canada's Barrick Gold (ABX.TO) , opens new tab on Tuesday confirmed it had suspended operations in Mali and that the government had moved gold stock from the miner's Loulo-Gounkoto site to a bank. Reuters reported on Monday that the authorities had seized gold worth $245 million in an escalation of their long-running dispute with the company. "As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution," it said in a statement. Barrick did not say what amount of gold had been seized. Malian officials did not reply to requests for immediate comment. Sign up here. https://www.reuters.com/markets/commodities/barrick-says-malian-government-moves-gold-stock-site-custodial-bank-2025-01-14/
2025-01-14 11:39
UK bans imports of German pig meat and some other products Follows confirmed German case of foot-and-mouth disease LONDON, Jan 14 (Reuters) - Britain on Tuesday banned imports of hams as well as many other meat and dairy products from Germany to try to prevent foot-and-mouth disease spreading to Britain after a case was confirmed on the outskirts of Berlin last week. The government said that while there were no cases of the livestock disease in Britain, the ban would help stop it spreading and protect British farmers and their livelihoods. German authorities on Friday confirmed the country's first outbreak of foot-and-mouth disease in nearly 40 years in a herd of water buffalo on the outskirts of Berlin. Foot-and-mouth is a severe, highly contagious viral disease of livestock that affects cattle, swine, sheep, goats and other cloven-hoofed animals. While the disease poses no risk to human health or food safety, a particularly severe outbreak in 2001 in Britain culminated in the slaughter of more than 6 million animals, wrecking incomes for many farmers. The outbreak has meant Germany can no longer be classified as free of foot-and-mouth disease, and had been expected to trigger a wave of trade restrictions. Germany's agriculture ministry said on Monday that exports of milk and dairy products, meat and meat products, hides and skins and blood products were "currently hardly possible", adding that it "assumed third countries would immediately impose bans on such goods from Germany". Germany is the third largest exporter of pig meat to the UK with an 18% market share and the second largest exporter of dairy products with a 12% market share, according to Britain's Agriculture and Horticulture Development Board. "It means that ham, gammon and bacon as well as products like salami from Germany will not be allowed into the UK. As such we are expecting some disruption to supply," Mandy Nevel, AHDB's Head of Animal Health and Welfare, said. Between January and October 2024, the UK imported 117,340 metric tons of pig meat worth 448 million pounds ($545 million) from Germany, the AHDB said. Dairy imports totalled 130,000 tons during the same period and were valued at 283 million pounds, while beef and sheep meat imports were much smaller at 6,796 tons (23.2 million pounds) and 85 tons (963,000 pounds) respectively. ($1 = 0.8220 pounds) Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/uk-bans-import-cattle-pigs-sheep-germany-2025-01-14/
2025-01-14 11:31
BERLIN, Jan 14 (Reuters) - Swiss chemicals group Clariant (CLN.S) , opens new tab said it will defend itself against a claim from German rival BASF (BASFn.DE) , opens new tab seeking 1.4 billion euros ($1.44 billion) in damages over allegations that it broke competition law in the ethylene purchasing market. Clariant was served with a claim targeting four companies, of which it is one, on Jan. 9, it said in a statement issued late on Monday. The claim, filed with a Munich court, alleges damages in relation to infringements of competition law on the ethylene purchasing market which was sanctioned by the European Commission in July 2020, according to Clariant. "Clariant firmly rejects the allegation and will adamantly defend its position in the proceedings," it said, adding that it had evidence that the conduct of the parties did not produce any effect on the market. BASF did not respond to an emailed request for comment. Clariant's statement did not name the other companies involved. Clariant shares were down 1.4% as of 1058 GMT. ($1 = 0.9747 euros) Sign up here. https://www.reuters.com/markets/commodities/clariant-fight-14-billion-euro-ethylene-lawsuit-basf-2025-01-14/
2025-01-14 11:20
MOSCOW/KYIV, Jan 31 (Reuters) - Russian forces are starting to encircle the strategically important eastern Ukrainian city of Pokrovsk after capturing a string of villages to its south, and Ukraine has halted production at its only coking coal mine nearby. Following are key facts about Pokrovsk, which Russians call by its Soviet-era name of Krasnoarmeysk, and the battle for control. WHAT IS POKROVSK? Pokrovsk is a road and rail hub in Ukraine's eastern Donetsk region and had a pre-war population of some 60,000 people. Most people have fled and only around 7,000 residents remain, according to a Ukrainian police statement in late January. It lies on a key road used by the Ukrainian military to supply other embattled eastern outposts, including the towns of Chasiv Yar, which is consumed by heavy fighting, and Kostiantynivka in the Donetsk region. Ukraine's only mine that produces coking coal - used in its once vast steel industry and vital for the country's pre-war economy - is around six miles (10 km) west of Pokrovsk. Ukrainian steelmaker Metinvest said in mid-January it had suspended the mine's operations, citing the deteriorating security situation. Its loss threatens to more than halve Ukraine's steel output, the steelmakers' union has said. Since 2014, Pokrovsk has been the site of a major technical university, the largest and oldest such institution in the wider region. The university has been damaged by shelling and many of its windows are now blown out or boarded up. WHY DOES RUSSIA WANT POKROVSK? Moscow says it has annexed Ukraine's eastern Donetsk region and sees taking control of Pokrovsk as an important stepping stone to incorporating the entire region into Russia. Kyiv and the West reject Russia's territorial claims as illegal and accuse Moscow of prosecuting a war of colonial conquest. Control of the city, which the Russian media call "the gateway to Donetsk", would allow Moscow to severely disrupt Ukrainian supply lines along the eastern front and boost its campaign to capture Chasiv Yar, which sits on higher ground offering potential control of a wider area. Squeezing the Ukrainian military's access to the road network in the vicinity would make it harder for Kyiv's troops to hold pockets of territory either side of Pokrovsk, which could allow Russia to advance the front line. Russian forces, according to open source data, have begun to encircle the city in a pincer movement from the southeast and southwest. WHAT IS UKRAINE DOING TO DEFEND POKROVSK? Ukrainian President Volodymyr Zelenskiy on Jan. 26 replaced Brigadier General Andriy Hnatov, the commander of the eastern front which includes Pokrovsk, in a move he said was designed to strengthen the command of troops in the Donetsk region. Hnatov was replaced by Major General Mykhailo Drapatyi, overall commander of ground forces, who kept his previous duties. That followed the replacement in December of General Oleksandr Lutsenko, the commander overseeing defences in Donetsk who had been criticised by some Ukrainian military bloggers and lawmakers for failing to stop Russian troops' relentless push towards Pokrovsk. He was replaced by General Oleksandr Tarnavskiy. Oleksandr Syrskyi, Ukraine's top commander, has said his troops in and around Pokrovsk have prepared for the approaching Russians by repeatedly strengthening their defensive positions and he has spoken of sending new reserves, ammunition and equipment to bolster the defenders. Russian forces have taken control of villages and settlements south of Pokrovsk. Ukraine says Moscow has been throwing everything it has at trying to break through, while sustaining huge losses. Moscow says Ukrainian forces are taking serious losses. Neither side discloses full casualty figures. In November, Zelenskiy visited Pokrovsk, where he spoke to troops defending the city and handed out military awards. WHAT DOES POKROVSK LOOK LIKE NOW? Even though the blue and yellow Ukrainian flag is still flying over Pokrovsk, the city is a shadow of its former self, with no electricity, gas, heating or piped water. Reuters footage published on Jan. 27 showed the facades of apartment blocks badly damaged, deserted streets, and some elderly residents who had been sheltering in a basement being evacuated. In earlier video published on Dec. 20, shell fire could be heard nearby, "dragon's teeth" anti-tank obstacles had been placed on some roads and a small shop selling groceries was operating on a power generator. Many of the residents interviewed by Reuters said they refused to leave because they had nowhere else to go and few financial resources. Sign up here. https://www.reuters.com/world/europe/why-is-russia-seeking-capture-strategic-city-pokrovsk-eastern-ukraine-2024-08-27/
2025-01-14 11:18
First cargo of Bretaña crude discharges at US Gulf Coast Bretaña is a heavy sweet crude with minimal metals US refiners seek alternatives for Mexican heavy crude HOUSTON, Jan 14 (Reuters) - Peru's niche Bretaña crude oil is gaining popularity in the United States, with the first cargo discharging in the U.S. Gulf Coast this month as U.S. refiners seek alternatives for declining Mexican heavy crude. Bretaña, a rare heavy sweet crude with minimal metals, is produced in the Peruvian side of the Amazon rainforest. It is then barged along the Amazon river and loaded onto larger ships that depart from Brazil. The vessel Radiant Pride transported about 300,000 barrels of Bretaña from Manaus, on the banks of the Negro river in Brazil, and discharged on Jan. 2 in Houston, ship tracking data from Kpler and LSEG showed. The cargo was bought by oil major Shell (SHEL.L) , opens new tab, a source said. Shell declined to comment. "Given the drop in heavy sour crude from Mexico to the U.S. Gulf Coast over the last year, we are starting to see new heavy grades being pulled in to backfill this loss - this is a trend we only expect to continue," said Matt Smith, an analyst at Kpler. U.S. imports from Mexico fell to their lowest on record in 2024 as the Latin American country's oil production fell and a larger portion of output remained at home to be refined. Two cargoes of Peru's Bretaña, a relatively new entrant into the market since production began in 2018, discharged at the U.S. West Coast last year - one at Marathon Petroleum and another at PBF Energy (PBF.N) , opens new tab terminals, the Kpler data showed. Marathon Petroleum declined to comment. PBF Energy did not immediately reply to a request for comment. PetroTal Corp (TAL.TO) , opens new tab, the producer of Block 95 where the Bretaña oilfield is located, bought the assets from Canadian producer Gran Tierra Energy (GTE.TO) , opens new tab in 2017, and currently produces about 20,000 barrels of oil per day, according to Chief Executive Officer Manuel Zúñiga. Challenges with transporting the crude via a pipeline operated by Peru's state oil firm Petroperu (PETROBC1.LM) , opens new tab led to a brief halt in exports between 2022 and 2024, Zúñiga said. Petroperu has struggled in recent years to keep the line operational amid spills and social conflict interrupting its flow. Three cargoes of Bretaña headed to the U.S. West Coast and one to the U.S. East Coast between 2020 and 2022, Kpler data showed. About 90% of the Bretaña crude produced by PetroTal is exported, and the remaining is transported by barges to Petroperu's refinery in Iquitos, Zúñiga said. PetroTal has a contract with Houston-based Novum Energy under which Novum buys the crude for export and arranges its transportation, Zúñiga added. Novum did not immediately respond to a request for comment. While PetroTal hopes to increase production, permitting delays as well as reliance on barges are a current limitation, Zúñiga said. "You need access to the pipeline," Zúñiga said, adding that the company is working to secure use of the infrastructure. Petroperu said last year that it would hold negotiations with producers in the Peruvian jungle so that they can use the pipeline with a fair rate to help cover operational costs. Sign up here. https://www.reuters.com/business/energy/perus-niche-bretaa-crude-oil-gains-popularity-us-2025-01-14/
