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☆ $1 bln metals SPAC deal backed by Glencore, automakers collapses
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In June, global miner Glencore (GLEN.L), Chrysler parent Stellantis (STLAM.MI) and Volkswagen's (VOWG_p.DE) battery unit PowerCo agreed to back the deal through an equity investment. Weak economic data from the world's largest metals consumer China, which it has reported since August, affected the investors' appetite for the deal, a source, directly familiar with the situation, told Reuters. "The deal fell apart over price," said another source familiar with the situation, adding the price was higher than the buyers considered realistic after the nickel price declined. Reporting by Polina Devitt and Clara Denina; editing by Timothy Gardner and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, ACG, Glencore, Appian, Sibanye, Polina Devitt, Clara Denina, Timothy Gardner, David Gregorio Our Organizations: REUTERS, Appian Capital, Chrysler, Reuters, South Africa's, Thomson Locations: Baar, Switzerland, London, Appian, China, Stillwater

☆ Why the volatile South Caucasus is important for oil and gas supplies
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The region is criss-crossed with oil and gas pipelines, though none are in close proximity to Karabakh itself. OIL- Azerbaijan's primary route for oil exports is the Baku-Tbilisi-Ceyhan (BTC) pipeline, which accounts for around 80% of country's oil exports and runs via Georgia and on to the Turkish Mediterranean coast. - Azerbaijan's total oil exports in January-July 2023 were 23.1 million tons (800,000 bpd), of which 76.3% flowed through the BTC. NATURAL GAS- Azerbaijan has plans to increase natural gas exports to Europe. Azerbaijan exported 6.6 bcm of natural gas to Europe in January-July.

Persons: Deniz, Vladimir Soldatkin, Mark Trevelyan Organizations: BTC, BP, Thomson Locations: MOSCOW, Azerbaijan, Nagorno, Karabakh, South Caucasus, Armenia, Baku, Tbilisi, Ceyhan, Georgia, Turkish, Russia, Supsa, Europe, Azeri

☆ Dubai Aerospace flags corrosion in plane leased to India's bankrupt Go First
▼ + stars: | 2023-09-14 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsNEW DELHI, Sept 14 (Reuters) - Dubai Aerospace Enterprise (DAE) Capital has told an Indian court it detected corrosion of some parts and "a greenish deposit" on a plane leased to bankrupt airline Go First, after another lessor complained about "robbed" parts. The lessors currently are only allowed an occasional inspection of the grounded Go First planes, which DAE and others claim are not being properly maintained. DAE court documents show it was worried about a lack of covers on cabin and cockpit seats "which would eventually lead to fungus formation", according to an internal e-mail contained in the filing. Indian media outlet Mint reported on Thursday that another lessor, BOC Aviation, also told the Delhi court about algae formation as the planes were not covered. Go First lessor SMBC Aviation Capital Aviation in May told an Indian court that Indian bankruptcy law, which blocks plane repossession, will jolt the market and spark a confidence crisis.

Persons: Adnan Abidi, DAE, Arpan Chaturvedi, Aditya Kalra Organizations: REUTERS, Dubai Aerospace Enterprise, Go, ACG Aircraft Leasing, BOC Aviation, SMBC Aviation Capital Aviation, Thomson Locations: New Delhi, India, DELHI, Delhi

Go First has been locked in legal disputes with many of its foreign lessors since being granted bankruptcy protection in India in May. Bankruptcy froze its assets and has prohibited the recovery of more than 50 grounded Airbus (AIR.PA) planes. Go First, whose lessors also include Standard Chartered's Pembroke Aircraft Leasing, SMBC Aviation and BOC Aviation, did not respond to a request for comment. The world's second-largest aircraft lessor, SMBC, warned in May that India's decision to block leasing firms from reclaiming Go planes would jolt the market and spark a confidence crisis. Reporting by Aditi Shah and Arpan Chaturvedi in New Delhi; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Adnan Abidi, ACG, lessors, Aditi Shah, Arpan Chaturvedi, Simon Cameron, Moore Organizations: REUTERS, Go, Airbus, Court, Reuters, ACG Aircraft Leasing, Bankruptcy, Pembroke Aircraft Leasing, SMBC Aviation, BOC Aviation, Thomson Locations: New Delhi, India, DELHI, Ireland, Delhi

The lessors have so far unsuccessfully argued in Indian courts to get their planes back, citing concerns that parts could go missing and hurt their assets. In a non-public filing dated July 28 and reviewed by Reuters, ACG submitted pictures and details to the Delhi High Court, listing missing parts from two Airbus A320 planes it inspected. These included the captain's "side stick" used to fly the aircraft, a tiller that helps steer it while on the ground, engine fan blades that were "completely missing", a partly missing toilet seat and an escape slide that had been removed. The filing does not say who took out the parts or how they went missing. Go First, whose lessors also include Standard Chartered's Pembroke Aircraft Leasing, SMBC Aviation and BOC Aviation, did not respond to a request for comment.

Persons: Adnan Abidi, ACG, Pratt, Aditi Shah, Aditya Kalra, William Mallard Organizations: REUTERS, NEW, Go, ACG Aircraft Leasing, Bankruptcy, Reuters, Court, Airbus, Pembroke Aircraft Leasing, SMBC Aviation, BOC Aviation, Raytheon, Whitney, Thomson Locations: New Delhi, India, NEW DELHI, Ireland, Delhi, U.S

☆ Glencore, automakers to back $1 bln nickel, copper SPAC deal in Brazil
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. Glencore will invest $100 million in ACG equity. Stellantis and mining investment fund La Mancha Resource Capital will each provide an equity investment of the same amount, while PowerCo will make a $100 million nickel prepayment. During the process, ACG will become ACG Electric Metals and issue new shares, making Glencore, Stellantis and La Mancha owners of 51% and leaving 49% for free float, Artem Volynets, ACG chief executive, told Reuters. The deal "will establish ACG Electric Metals as a premier supplier of critical metals into the western EV value chain," Volynets said.

Persons: Arnd, ACG, Mick Davis, PowerCo, Artem Volynets, Appian, Sibanye, Volynets, En, Rusal, Polina Devitt, Clara Denina, Kirsten Donovan, Jason Neely Organizations: REUTERS, Chrysler, Company, Santa, Appian, Chartered, Citigroup, Blue Resources, Metals Acquisition Corp, Glencore, La, La Mancha Resource, Metals, Reuters, South Africa's, Hong, Thomson Locations: Baar, Switzerland, Brazil, London, New York, Western Europe, North America, La Mancha, Stillwater, Santa Rita, Hong Kong

☆ Stellantis SPAC deal has suitably decent airbags
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters Breakingviews) - Carmakers are in a race to lock in battery metals like lithium. For shareholders, the risk is that they tie up capital in expensive supply deals, or mines in far-flung locations with poor governance. Stellantis’s (STLAM.MI) investment in a London-based special purpose acquisition company deal looks like a neat fix to those challenges. In a complex deal, halfway between an IPO and a SPAC takeover, it will buy the Serrote and Santa Rita mines in east Brazil for $1.1 billion. Besides the original SPAC investors, the bulk of that will likely come from a public offering, and new anchor investors like Stellantis.

Persons: Nat Rothschild’s Vallar, Artem Volynets, Neil Unmack, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Twitter, Brookfield, Thomson Locations: London, Santa, Brazil, Teck, China

☆ BP produced 20.4 mln tonnes of oil in Azerbaijan in 2022 - ministry
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

Companies Bp Plc FollowBAKU, Jan 13 (Reuters) - BP (BP.L) produced 20.4 million tonnes of oil in Azerbaijan in 2022, the energy ministry said on Friday. Gas production from the Azeri-Chirag-Guneshli (ACG) field totalled 13.4 billion cubic metres (bcm), the energy ministry said, while 25.2 bcm was produced from the Shah Deniz gas project. Reporting by Nailia Bagirova Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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