DIRS.INFO The most relevant business & tech news

Adani, whose home state is Gujarat in western India, built his business empire from scratch after starting as a commodities trader. Adani's business empire grew rapidly and his wealth ballooned. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. It is not known what was discussed and Adani Group did not respond to a request for comment on Friday. Adani Group's consolidated gross debt stands at $23.34 billion, Jefferies says.

☆ Protesters target BNP in Paris over loan to oil company
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sarah MeyssonnierPARIS, Jan 20 (Reuters) - Protesters from ecological movement Extinction Rebellion rallied outside a BNP Paribas (BNPP.PA) building in Paris on Friday to oppose the French bank's loan to an oil major leading in an East African oil pipeline project. EACOP is the acronym for the $3.5 billion East African Crude Oil Pipeline, a project run by France's TotalEnergies (TTEF.PA) whose construction licence was approved by Ugandan authorities on Thursday. BNP Paribas decided not to finance the EACOP project in 2021, but last year participated in a one-year liquidity loan of $8 billion to TotalEnergies as one of a dozen banks. One protester, referring to the loan, said "this blank check allows TotalEnergies to finance absolutely anything it wants, so yes BNP Paribas may not directly underwrite the project but it still remains the second-largest financial partner." The bank has a goal to finance 30 billion euros ($32.5 billion) of renewable energy projects by 2025.

☆ Exclusive: Harbour Energy to cut jobs due to UK windfall tax
▼ + stars: | 2023-01-18 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

The jobs would be cut in Harbour Energy's headquarters in the North Sea hub of Aberdeen, Scotland, but the extent of the cuts is yet to be determined and will be subject to consultations. Harbour Energy Plc has 1,700 employees worldwide, according to its website. Executives in North Sea companies have urged the British government to introduce a price floor to mitigate the impact of the windfall tax as firms struggle to access new funding. Industry group OEUK said in response to Harbour's announcement that the windfall tax will further undercut spending. Companies including Shell Plc (SHEL.L) and Equinor ASA (EQNR.OL) have already said they will review their North Sea investments.

NEW DELHI, Dec 27 (Reuters) - India is planning a $2 billion incentive programme for the green hydrogen industry, three sources told Reuters, in a bid to cut emissions and become a major export player in the field. The United States and the European Union have already approved incentives worth billions of dollars for green hydrogen projects. GREEN AMMONIA, TOOThe Indian government expects industry to invest 8 trillion rupees in green hydrogen and its derivative green ammonia by 2030, said the industry manager and another government official. The green hydrogen proposal is likely to be called "Strategic Intervention for Green Hydrogen Transition (SIGHT)" and will be split into 45 billion rupees for electrolyser manufacturing for five years and the 135 billion rupees for green hydrogen and green ammonia production for three years, the manager and second official said. The incentive for making green hydrogen is likely to be 50 rupees per kg for three years, they said.

SummarySummary Companies Maersk needed 'new energy' in CEO position - chairmanClerc takes over as shipping boom comes to an endImportant to keep costs down amid high growth - ClercCOPENHAGEN, Dec 12 (Reuters) - A.P. Moller-Maersk (MAERSKb.CO) said on Monday it had appointed company veteran Vincent Clerc as its new chief executive to lead the shipping giant through a period of slowing container demand. "The strong tail winds that benefited the supply chain industries during the pandemic are coming to an end," Maersk Chairman Robert Maersk Uggla told a press conference at the company's headquarters in Copenhagen. Shares in Maersk have roughly doubled since Skou took over as CEO in 2016. Copenhagen-based Maersk is one of the world's biggest shipping and logistics companies, handling supply chains for large customers like Walmart and Nike.

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

☆ Analysis: Shocked by Ukraine war, Russian neighbour Kazakhstan looks west
▼ + stars: | 2022-11-17 | by ( Olzhas Auyezov | ) www.reuters.com time to read: +8 min

Out of total exports of 68 million tonnes a year, 53 million tonnes of Kazakh oil move through it. The chief executive of Khazakhstan's state oil firm KazMunayGaz said this week that the target of 20 million tonnes was a "medium-term" aim. But getting Kazakh oil to Baku requires either tanker shipments across the sea or the construction of a trans-Caspian pipeline. Smailov said last week that Kazakhstan would start by sending an additional 1.5 million tonnes a year via BTC starting from 2023, gradually rising to 6-6.5 million tonnes. Kazakhstan's Aktau port, the only one equipped to load oil tankers, can handle up to 5.5 million tonnes.

☆ Africa is hosting the UN climate summit. It's also home to 3 oil-and-gas deals announced in just two weeks.
▼ + stars: | 2022-11-16 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +8 min

During the COP27 event, three oil-and-gas deals in Africa have been announced. In the past two weeks — essentially the time of the COP27 summit — three oil-and-gas deals were announced for Africa alone, in Egypt, Nigeria, and Tanzania. That demand is evident even in announcements that purportedly support renewable energy. Plus, the projects are more expensive than building out renewable energy like solar. "If we really want to improve the lives of people, we need to invest in community renewable energy," Elmaawi said.

☆ 'We're not against profits,' White House presidential coordinator says after Biden's tax threats on energy companies
▼ + stars: | 2022-11-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

The president on Monday tweeted: "The oil industry has a choice. But reports of animosity between the White House and America's energy giants are overhyped, says Amos Hochstein, Biden's special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world. Record-breaking oil company profitsSeveral major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. We need more investment in oil production and refining, now."

[1/5] An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. "Among those remaining in the partnerships, few hope to ever recoup pending dividends or commercial debts from PDVSA." Since TotalEnergies and Equinor in 2021 exited one of Venezuela's flagship oil upgrading projects, Petrocedeno, smaller firms have followed. With companies and workers leaving almost en masse, the abandonment of oilfields is visible near Maracaibo Lake, among Venezuela's oldest producing region. Between 2019 and 2021, PDVSA delivered oil cargoes to partners to reduce outstanding debt.

"The Hezbollah leadership scrutinized the understanding line by line before agreeing to it," said one of the sources familiar with the group's thinking. Two Hezbollah lawmakers told Reuters the group was open to the idea of a deal as a pathway to alleviate some of Lebanon’s economic woes. At one point, Hezbollah conveyed its frustration at the slow pace of the talks to Hochstein via Ibrahim, the Western source said. A U.S. official told Reuters Hezbollah had nearly "killed the deal with their provocative rhetoric and actions threatening war". "Once the pipes are in the water, war becomes a long way away," said a source familiar with Hezbollah's thinking.

The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. They cover almost 70,000 workers in Italy, two thirds of them at the former Fiat-Chrysler, which last year merged with France's PSA to create Stellantis, whose brands also include Peugeot and Jeep. Spokespeople for Stellantis and Iveco said they would not make any comment until unions have filed a formal request, in coming days or weeks. The Agnelli family's holding company Exor (EXOR.AS) is a major shareholder in carmakers Stellantis and Ferrari, truckmaker Iveco and agricultural and construction machine maker CNH Industrial. This is separate from a national contract for workers in other parts of the metal and mechanical sector.

☆ France's TotalEnergies plans to spin off Canadian oil sands assets
▼ + stars: | 2022-09-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Nantes, France, June 30, 2022. REUTERS/Stephane MaheSept 28 (Reuters) - TotalEnergies (TTEF.PA) said on Wednesday it is looking to spin off its Canadian oil sands operations and list them on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy. Register now for FREE unlimited access to Reuters.com RegisterCanada's oil sands hold some of the world's largest crude reserves but are more carbon-intensive and costly to produce than many conventional oil projects worldwide. Total has been trying to exit the region for several years and in 2020 wrote down C$9.3 billion ($6.83 billion) worth of oil sands assets. TotalEnergies' oil sands assets will generate $1.5 billion of cash flow in 2022, he added.

Search resuls for: "France's TotalEnergies"

13 mentions found