Latest news with #American-produced
American Press
21-05-2025
- Business
- American Press
Louisiana delegation urge swift consideration of Cameron LNG project
Commonwealth LNG is a LNG liquefaction and export facility located on the west bank of the Calcasieu Ship Channel at the mouth of the Gulf of Mexico near Cameron. The facility will have six 50,000 M3 modular storage tanks and will be able to accommodate vessels up to 216,000 M3. (Special to the American Press) Special to the American Press U.S. Sen. John Kennedy, a member of the Senate Appropriations Committee, today joined Speaker Mike Johnson, House Majority Leader Steve Scalise U.S. Sen. Bill Cassidy and Reps. Clay Higgins and Julia Letlow — all Louisiana Republicans — in sending a letter to Federal Energy Regulatory Commission chairman Mark Christie in support of the Commonwealth liquefied natural gas project in Cameron Parish. The lawmakers urged FERC to quickly consider the project at the commission's June 2025 meeting. 'We write in support of the Commonwealth LNG project in Cameron Parish, Louisiana, and urge swift consideration of Commonwealth's application before the Federal Energy Regulatory Commission. Specifically, we ask you to add this matter to the June 2025 docket so that this project can move forward as soon as possible,' the Louisiana delegation began. 'Commonwealth LNG's terminal is an important project that will contribute to American energy dominance due to its capacity to process up to 9.5 million tonnes per year of LNG upon project completion. Furthermore, the Commonwealth project represents a direct investment of $4.5 billion in Louisiana, and construction of the terminal will generate 2,000 jobs during peak construction and maintain 200 jobs during regular operations,' they continued. 'Current predictions estimate global LNG demand to increase 60% by 2040, and Commonwealth LNG will support global energy security by supplying American-produced LNG to meet that increasing demand. Meeting global energy demands will reduce global reliance on LNG produced by our adversaries. Upholding Commonwealth LNG's authorization for the Cameron Parish project is crucial to broaden American presence in the global LNG market and ensure national security,'the lawmakers added. 'For these reasons, we urge you to move forward as quickly as possible to uphold the project's authorization during FERC's June 2025 Commission Meeting,' they concluded.
Daily Mail
20-05-2025
- Automotive
- Daily Mail
Japanese car giant risks Trump's wrath as it hikes prices due to tariffs
Subaru is bumping up prices for American cars. The company said customers will see price increased between $750 and $2,055, depending on the trim. New pricing takes effect starting in June. The iconic Japanese automaker didn't explicitly blame prices with the pricing change, but the timing is obvious. Subaru said in a statement that the increases were made in response to 'current market conditions,' per Reuters. The hikes come as more car companies pass rising costs onto consumers, thanks in part to President Donald Trump's 25 percent tariffs on imported vehicles and auto parts. Those tariffs are now rippling through the supply chain — even for cars built in the US, which often rely on global parts. Some of America's biggest car companies have said they expect to slash billions of dollars from their profits as they pay the import levies. GM said it expects to pay between $4 billion and $5 billion annually. Ford, which makes 80 percent of its vehicles in the US, expects to get a $2.5 billion tax. For months, consumer advocates have been warning that the tariffs were expected to increase vehicle costs and insurance premiums. And companies are just starting to announce those increased prices. But they're attempting to minimize the ire from the Trump administration. 'The changes were made to offset increased costs while maintaining a solid value proposition for the customer,' the company said in a statement. 'Subaru pricing is not based on the country of origin of its products.' In April, Subaru started making some manufacturing changes because of the tariffs. The company confirmed that it was hastening decisions to remove the Outback wagon's production from its Indiana plant. For years, the company had relied on free trade agreements to sell the American-produced wagons in other countries, including Canada. But as Trump announced tariffs and Canada retaliated, the company decided to ramp production of the car at its Japanese plants instead. Subaru's CEO, Atsushi Osaki, has said the company is committed to selling its well-loved all-wheel-drive vehicles in the US The company said prices on its cars will rise in June The company has maintained that it will continue to bring new cars to American dealerships. 'We are dedicated to offering our American customers a wide range of options to meet their evolving needs,' Subaru's CEO, Atsushi Osaki, said during this year's New York International Auto Show. At the show, the company unveiled a new, boxy design for the Outback and made the world debut for the Trailseeker EV. But those products are likely to be pricier if the Trump administration decides to keep its current slate of tariffs. Subaru isn't alone. Earlier this month, Ford announced that it increased prices on the Mustang Mach-E, Bronco Sport, and Maverick pickup truck. The three cars, which are all assembled in a Mexican factory, are some of the brand's best-selling cars. Volkswagen also announced that it would print the tariff fee on all new vehicle stickers. That means consumers will be able to read just how much the tariff will cost, just like they can see the cost of add-ons like a sunroof or power seats.
Yahoo
16-05-2025
- Business
- Yahoo
United States forms AI partnership with UAE
May 16 (UPI) -- The United States and the United Arab Emirates have agreed to form an Artificial Intelligence alliance. The U.S. Department of Commerce announced in a statement that the United States will launch a one-gigawatt AI data center, which in turn will be a part of a five-gigawatt "UAE-U.S. artificial intelligence technology cluster" in the UAE capital city of Abu Dhabi. The cluster will manage the region's computation needs that will operate under American-level security standards and be open to the distribution of new AI infrastructure that can serve on an international level. A group will be formed between the countries within 30 days of its announcement and will "work together to make more efficient the process of inward investments into the United States by UAE Investment Funds," which also involves UAE investment in American digital infrastructure. "We are proud to announce the US-UAE AI Acceleration Partnership," U.S. Secretary of Commerce Howard Lutnick posted to X Thursday. "Together we will build the largest AI data center outside the United States, powered by American companies and high tech manufacturing." The deal was made public as President Donald Trump continues a trip through the Gulf region and stopped to visit a new AI campus in Abu Dhabi, where American-produced AI chips will computationally power the facility and become the largest project of its type anywhere outside the United States. The Biden administration had set an "AI Diffusion Rule" in January, under which the U.S. Commerce Department's Bureau of Industry and Security added exceptions to the facilitation in regard to the export, reexport of transfer of "advanced computing" to ensure the tech ended up with "users in destinations that do not raise national security or foreign policy concerns." The Trump administration rescinded that rule Tuesday, a deregulation that now allows the federal government to make deals with other countries to decide how many American chips they would like to purchase. "The Trump Administration will pursue a bold, inclusive strategy to American AI technology with trusted foreign countries around the world, while keeping the technology out of the hands of our adversaries," said Under Secretary of Commerce for Industry and Security Jeffery Kessler in a Tuesday press release.
Yahoo
08-05-2025
- Business
- Yahoo
Exxon Mobil Says Deal With Japan's Marubeni To Boost Global Energy Supply
Exxon Mobil Corporation (NYSE:XOM) on Wednesday inked a long-term offtake deal with Marubeni Corporation. As per the deal, Marubeni will purchase around 250,000 tonnes of low-carbon ammonia annually from ExxonMobil's Baytown, Texas facility. This facility is projected to produce near carbon-free hydrogen, capturing approximately 98% of CO2, which will then be used to create low-carbon planned facility in Baytown, Texas, is projected to become the world's largest of its kind upon its startup. It will have the capacity to produce up to 1 billion cubic feet of near carbon-free hydrogen daily (with approximately 98% of CO2 captured) and over 1 million tons of low-carbon ammonia annually. The final investment decision for this landmark project is anticipated in 2025, contingent upon favorable government policies and the necessary regulatory approvals. Additionally, Marubeni has agreed to acquire an ownership stake in ExxonMobil's low-carbon hydrogen and ammonia production facility. Barry Engle, president of ExxonMobil Low Carbon Solutions said, "By using American-produced natural gas we can boost global energy supply, support Japan's decarbonization goals and create jobs at home. Our strong relationship with Marubeni sets the stage for delivering low-carbon ammonia from the U.S. to Japan for years to come.' Last week, the company reported first quarter total revenues and other income of $83.1 billion, which missed the consensus of $86.1 billion and adjusted EPS of $1.76, beating the consensus of $1.70. Investors can gain exposure to XOM via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and Fidelity MSCI Energy Index ETF (NYSE:FENY). Price Action: XOM shares are up 0.62% to $105.26 premarket at the last check on Thursday. Read Next:Photo by Ken Wolter via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? EXXON MOBIL (XOM): Free Stock Analysis Report This article Exxon Mobil Says Deal With Japan's Marubeni To Boost Global Energy Supply originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Business Wire
07-05-2025
- Business
- Business Wire
Marubeni and ExxonMobil's Low-Carbon Ammonia Deal Marks Major Step in Unleashing New Energy Supply
SPRING, Texas & TOKYO--(BUSINESS WIRE)--Marubeni Corporation (Marubeni) and Exxon Mobil Corporation (ExxonMobil) (NYSE: XOM) have signed a long-term offtake agreement for approximately 250,000 tonnes of low-carbon ammonia per year from ExxonMobil's facility in Baytown, Texas, which is expected to produce virtually carbon-free hydrogen with approximately 98% of CO 2 removed and low-carbon ammonia. Marubeni will supply the ammonia mainly to Kobe Power Plant, a fully owned subsidiary of Kobe Steel, Ltd. (Kobe Steel). Marubeni has also agreed to acquire an equity stake in ExxonMobil's low-carbon hydrogen and ammonia facility. ExxonMobil's facility is expected to be the world's largest of its kind upon startup, capable of producing up to 1 billion cubic feet (bcf) daily of low-carbon hydrogen, which is virtually carbon-free 1, and more than 1 million tons of low-carbon ammonia per year. Contingent on ongoing supportive government policy and necessary regulatory permits, a final investment decision is expected in 2025. 'This is another positive step forward for our landmark project,' said Barry Engle, president of ExxonMobil Low Carbon Solutions. 'By using American-produced natural gas we can boost global energy supply, support Japan's decarbonization goals and create jobs at home. Our strong relationship with Marubeni sets the stage for delivering low-carbon ammonia from the U.S. to Japan for years to come." 'Marubeni will take this first step together with ExxonMobil in the aim of establishing a global low-carbon ammonia supply chain for Japan through the supply of low-carbon ammonia to the Kobe Power Plant,' said Yoshiaki Yokota, Senior Managing Executive Officer, Member of Corporate Management Committee, Supervisor of Energy & Chemicals Div. and Power & Infrastructure Services Div., Marubeni Corporation. 'Additionally, we aim to collaborate beyond this supply chain and strive towards the launch of a global market for low-carbon ammonia. We hope to continue to actively cooperate with ExxonMobil, with a view of utilizing this experience and relationship we have built to strategically decarbonize our power projects in Japan and Southeast Asia in the near future.' By Japan's fiscal year 2030, Kobe Power Plant aims to co-fire low-carbon ammonia with existing fuel, reducing CO 2 emissions. Through this supply chain, Marubeni aims to assist the decarbonization of not only Japan's power sector but also its hard-to-abate sectors, such as the steel manufacturing industry, chemical industry, transportation industry and others. About Marubeni: Company Name: Marubeni Corporation Head Office: 4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo Establishment: December 1949 Representative: Masayuki Omoto (President and CEO) Main Business: Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields including lifestyle, food & agri business, metals & mineral resources, energy & chemicals, power & infrastructure services, finance, leasing & real estate business, aerospace & mobility, next generation business development and next generation corporate development. Additionally, the Marubeni Group offers a variety of services, makes internal and external investments, and is involved in resource development throughout all of the above industries. Website: Follow us on LinkedIn About ExxonMobil: ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs. The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit and ExxonMobil's Advancing Climate Solutions. Follow us on LinkedIn or contact +1(737) 272-1452 Cautionary Statement Statements of future events, investments, contractual obligations, or partnerships in this release are forward-looking statements. Actual future results, including final investment decisions, project plans, partner participation, timing, capacities, and costs could differ materially depending on a number of factors including the ability to execute operational objectives on a timely and successful basis; implementation of U.S. and Japanese government frameworks for capture and storage, hydrogen, ammonia and other lower-emission technologies; U.S. permitting policies, processes and timing; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; and other factors discussed under the heading Factors Affecting Future Results in the Investors section of our website at Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement. 1 References to virtually carbon-free hydrogen pertain to hydrogen expected to be produced at ExxonMobil's Baytown, TX facility, where approximately 98% of CO 2 is removed and permanently stored.
