Energy

Bloomberg Germany said it’s discussing the decision by Russia’s Gazprom PJSC to halt gas flows to Poland and Bulgaria with European Union partners, and although it views the move with concern, security of supply is currently guaranteed. “All in all, gas flows are currently at a stable level but we are monitoring the situation very closely,” the economy ministry in …

Bloomberg China’s biggest oil refiner posted increased profits for the first quarter even as the country’s worst pandemic outbreak threatens a pullback in fuel demand. Sinopec reported 23.3 billion yuan ($3.6 billion) in net income, an increase of 24% from the same period last year, according to an exchange filing. The Chinese oil giant, officially known as China Petroleum & …

  Bloomberg Liquefied natural gas importers in Asia are bracing for higher spot prices as Russia’s move to cut some supply to Europe is poised to further tighten the global market. Moscow is cutting off gas to Poland and Bulgaria, making good on a threat to halt flows to countries that refuse President Vladimir Putin’s new demand to pay for …

  Bloomberg Commodities trading giant Cargill Inc expects some of its freight vessels to be powered by clean marine fuel before the end of this decade. In 2020, Cargill shipped almost 200 million tons of iron ore, grains and other goods around the world. It has as many as 700 vessels on the water at a time, and most of …

  Bloomberg Sprng Energy Pvt is nearing a deal for Shell Plc to acquire the Indian renewable power producer for about $1.8 billion including debt, people with knowledge of the matter said. An agreement between Sprng’s private equity owner Actis and the energy giant could be signed in two to three weeks after Shell beat out rival bidders, the people …

  Bloomberg Philippine conglomerate Ayala Corp plans to acquire wind projects in the US in line with a target to boost its renewable energy capacity to 5,000 megawatts by 2025. Ayala unit ACEN got board approval to enter the US renewable energy market through a partnership with UPC Solar & Wind Investments LLC and Pivot Power Management. They will acquire …

  Bloomberg The UK’s energy regulator Ofgem will investigate how local energy markets can cut costs and reduce the environmental impact of powering the country. The energy crisis and the war in Ukraine is driving up living and manufacturing costs in Britain. Overall, the average family will be $1,433 worse off over the next 12 months, according to the Resolution …

  Bloomberg Mozambique plans to establish a sovereign wealth fund later this year as it prepares to start natural gas exports that the government says may generate $96 billion of revenue for the world’s third-poorest nation. The authorities are in the process of finalising draft legislation that will govern the management of the fund, Finance Minister Max Tonela said in …

  Bloomberg Poland could be free of its Russian gas dependency by October when a new pipeline into the country is set for completion, according to Shell. A report commissioned by the energy major’s Polish unit said that “a complete abandonment of oil from Russia is possible, but the process will lead to higher prices for fuels and other products.” …

Bloomberg Democratic Republic of Congo added Glencore Plc’s giant Mutanda copper and cobalt operation to a list of projects that could face renegotiation, just as the key battery metals mine is in the process of restarting. The move to probe Mutanda comes as Congo President Felix Tshisekedi increases his scrutiny of extractive deals made under his predecessor, Joseph Kabila. Congo …