2026-02-04 17:40

Serbia diversifying energy supply, seeks EU gas deals Vucic balances ties with Russia and EU amid Ukraine conflict Vucic faces domestic protests, plans parliamentary elections BELGRADE, Feb 4 (Reuters) - Serbia is diversifying its energy supply away from Russia and is already in talks to buy natural gas via a European Union purchasing mechanism, President Aleksandar Vucic said on Wednesday in an interview with Reuters. The Balkan country, which wants to join the EU, is one of Europe's few remaining buyers of Russian natural gas - over 80% of its supplies come from there. Sign up here. But the EU has pressured Serbia to find alternatives as it tries to reduce cash flows to President Vladimir Putin's Ukraine war chest. Serbia failed to secure a new long-term contract with Russia's Gazprom last year, and a short-term deal reached in December expires on March 31. Vucic said he understood EU policy towards Russian energy, saying "we have to adjust our energy policies to certain demands and requests." "Still we will have big quantities of Russian gas, but we are taking more and more from Europeans," Vucic added in an interview at the presidency in Belgrade, flanked by an EU flag. He said Serbia was aiming to secure 500 million cubic metres of gas annually, about a fifth of its needs, under the EU's communal gas-buying initiative, which it joined last year. Serbia is already purchasing gas from Azerbaijan, via Bulgaria, and construction of a gas pipeline to North Macedonia that would give Serbia access to liquefied natural gas from Greece should start this year, he said. An oil pipeline linking Serbia and neighboring Romania is expected to be completed in 2027. "This is a big diversification," Vucic said. BALANCING RUSSIA AND THE EU Serbia fosters historic cultural and religious ties with Russia. Moscow supports Belgrade in its opposition to the independence of Kosovo, a former, predominantly Albanian, southern province. Vucic has sought to balance relations with the Kremlin and Serbia's EU membership bid. That line has become increasingly difficult to walk since Russia's 2022 full-scale invasion of Ukraine. Serbia's Russian-owned NIS oil company was placed under U.S. sanctions, forcing its expected sale to Hungary's MOL. Meanwhile, Vucic said he is committed to joining the EU. He said the economy had improved, as had living standards and debt levels. "No doubt, since I am president, Serbia will be on its EU path," he said. The EU has long demanded that Serbia must boost the rule of law, media freedoms and root out organised crime and corruption if it wants to join. Critics say recent reforms to the judicial system would reduce its independence, complicating Serbia's route to EU. Vucic said authorities are ready to "scrutinise" the disputed set of judicial laws with European bodies. LOOKING FOR A LEGACY Vucic, a populist, suffered a political blow when a railway station roof collapsed in Novi Sad in 2024, killing 16 people. The disaster triggered countrywide protests, calling for an end to corruption and early elections. Vucic acknowledged that graft is a problem in Serbia and is "dissatisfied" with efforts to eradicate it. "It is about corruption in our state institutions... including politicians." Still he dismissed the demonstrations as a plot by international security agencies - including those from neighbouring Croatia, Albania and Kosovo - to overthrow the government, without providing proof. Officials from those countries have denied such accusations. Vucic's second and final term expires in 2027. Amid street protests, he has said he will call snap elections this year. He said he was not sure what he would do next, but did not rule out returning to party politics or seeking to become prime minister. "I would like to be less engaged in politics or not at all, but taking care of my legacy might require some sort of engagement, we'll see." https://www.reuters.com/business/energy/serbia-seeks-eu-gas-deals-it-reduces-russian-supplies-says-president-vucic-2026-02-04/

2026-02-04 17:39

ABUJA, Feb 4 (Reuters) - Nigeria's NNPC is in talks with a Chinese company over one of the state-owned oil firm's refineries, its chief executive said on Wednesday. NNPC chief executive Bayo Ojulari said the company was seeking experienced operators as equity partners to revive its four refineries after years of losses and underperformance. Sign up here. He said an internal review carried out shortly after assuming his role last April showed the refineries were running at huge losses, with high operating costs and heavy spending on contractors while processing volumes remained low. NNPC's board has approved a strategy to bring in refinery operators with proven expertise rather than contractors, Ojulari said, adding that the company was in advanced talks with several interested parties. "I'm just coming from a meeting with one of the potential investors," Ojulari said, without giving a name. "They are going to the refinery tomorrow to inspect. It's a Chinese company that has one of the biggest petrochemical plants in China." Nigeria has struggled for years to rehabilitate its aging refineries, which have operated far below capacity, forcing Africa’s largest crude oil producer to rely heavily on imported fuel. The government hopes new partnerships will help reverse that trend. Ojulari said the plants have been halted to allow time to assess options for restoring them, coinciding with the launch of Dangote Refinery which offered "breathing space" for domestic fuel supply. He said NNPC was not selling the refineries but would relinquish a portion of their equity to partners to enable the plants to self-finance their operations. https://www.reuters.com/business/energy/nigerias-nnpc-talks-with-chinese-company-refinery-ceo-says-2026-02-04/

2026-02-04 17:38

Suncor's Base Plant mine to be largely depleted by mid-2030s Potential new 225,000 bpd oil sands mine expansion proposed Suncor's performance improved under CEO Rich Kruger CALGARY, Feb 4 (Reuters) - Canadian oil sands producer Suncor Energy (SU.TO) , opens new tab will present the market this spring with options it is considering for securing long-term bitumen supply, the company's chief executive said on Wednesday. The bitumen supply question will be one of the central themes of a new long-term vision the company plans to unveil at a March 31 investor day, Rich Kruger told analysts on a conference call. Sign up here. "We know it needs to be bold and ambitious, clear and compelling, to keep your interest and support," Kruger said. Calgary-based Suncor has spent a number of years exploring options to sustain the supply of thick, sticky oil sands crude to its Base Plant upgrading facilities north of Fort McMurray, Alberta. Suncor's Base Plant has a production capacity of 350,000 barrels per day, according to the company's website, but its Base Plant mine is expected to be largely depleted by the mid-2030s. One option the company has proposed is a new, 225,000-bpd, open-pit oil sands mine expansion, which would be located adjacent to its existing Base Plant operations. However, it has not made a final investment decision to go ahead with the project and it remains unclear whether such a project would get the go-ahead from Canadian regulators. Suncor has been framing its upcoming investor day as the beginning of the next phase of what has been a remarkable turnaround story for the company. Less than four years ago, the company's previous CEO Mark Little resigned following a string of worker fatalities and operational mishaps that had resulted in Suncor shares significantly lagging its peers. Kruger, a former Imperial Oil (IMO.TO) , opens new tab CEO, was coaxed out of retirement and tasked with reviving the company's flagging fortunes. Since then, Suncor's performance has improved dramatically. On Tuesday, it announced record fourth-quarter financial results, including a new high of 909,000 bpd of production. The company has also reduced its WTI break-even price by $10 per barrel since 2024, relying on automation and workforce reductions to achieve its cost-cutting goals a year ahead of schedule. The market is keenly awaiting Suncor's upcoming investor day to get a glimpse of what it plans, particularly with respect to potential capacity additions and longer-term capital expenditures, said TD Cowen analyst Menno Hulshof in a note. "We are also hoping for improved visibility on how (Suncor's) portfolio/strategy could evolve over the next five, 10 or even 15 years. This remains a key investor question, in our view," Hulshof said. https://www.reuters.com/business/energy/suncor-lay-out-plans-long-term-bitumen-supply-this-spring-2026-02-04/

2026-02-04 17:37

WASHINGTON, Feb 4 (Reuters) - The U.S. Bureau of Labor Statistics said on Wednesday January's employment report will be released next Wednesday after being delayed by the recently ended three-day government shutdown. It said the Consumer Price Index report for January will now be published next Friday instead of Wednesday. The Job Openings and Labor Turnover Survey report for December, which was due on Tuesday, will be released on Thursday this week, the BLS said. Sign up here. https://www.reuters.com/world/us-january-employment-report-will-be-published-next-wednesday-bls-says-2026-02-04/

2026-02-04 17:04

WASHINGTON, Feb 4 (Reuters) - U.S. Treasury Secretary Scott Bessent on Wednesday said that the independence of the Federal Reserve was based on Americans' trust of the central bank, which it lost because it allowed inflation to get out of control and "ravage" their incomes. Bessent, asked at a House of Representatives Financial Services Committee hearing for his views on Fed independence, said that President Donald Trump had the right to publicly express his views on Fed monetary policy decisions, as does Democratic Senator Elizabeth Warren or anyone else. Sign up here. Bessent also repeated that he always supports a strong dollar policy. https://www.reuters.com/world/china/bessent-fed-lost-trust-american-people-over-inflation-threatening-independence-2026-02-04/

2026-02-04 15:58

MILAN, Feb 4 (Reuters) - Italian tax police said on Wednesday they searched the headquarters of third-tier football club Triestina Calcio, owned by U.S. cryptocurrency company House of Doge, as part of a money laundering investigation. The finance police carried out searches at the club's offices in the northeastern city of Trieste and at the homes of 15 people suspected of money laundering, false accounting and invoices for non-existent transactions. Sign up here. The investigation, led by Trieste prosecutors, covers the period from 2022 to 2025, during which the club had three different owners: Atlas Consulting, LBK Triestina Holdings, controlled by U.S.-based LBK Capital, and, from September 2025, House of Doge, the commercial arm of the Dogecoin Foundation. Triestina Calcio, Atlas Consulting, LBK Capital and House of Doge were not immediately available for comment. The investigators are focusing on two areas, two sources with direct knowledge of the matter said. The first concerns 10 million euros ($11.82 million) of public funding received by the club. Checks are under way into how the money was ultimately used, the sources said. The second strand concerns around 40 million euros received by the club via U.S. and Canadian banks. Despite this inflow of funds, Triestina is currently burdened with debts of 60 million euros, the two sources said. ($1 = 0.8464 euros) https://www.reuters.com/business/finance/italy-police-search-house-doge-owned-soccer-club-money-laundering-probe-2026-02-04/