Latest news with #Equinor
Yahoo
a day ago
- Business
- Yahoo
BASF enters long-term natural gas supply agreement with Equinor
Chemical company BASF has entered into a strategic ten-year agreement with Equinor, securing an annual supply of up to 23 terawatt-hours of natural gas, equivalent to two billion cubic metres. This deal will provide a significant portion of BASF's natural gas requirements in Europe. Deliveries are scheduled to commence on 1 October 2025. Equinor president and CEO Anders Opedal said: 'This agreement further strengthens our partnership with BASF. Natural gas not only provides energy security to Europe but also critical feedstock to European industries. 'I am very happy that our gas also supports BASF's efforts to reduce their carbon footprint. Gas from Norway comes with the lowest emissions from production and transportation.' Natural gas serves a dual purpose for BASF, acting as both an energy source and a raw material for producing essential chemicals. The deal aligns with BASF's objective of diversifying its energy and raw materials portfolio, ensuring competitive terms and supporting the company's sustainability goals. BASF chief financial officer and chief digital officer Dirk Elvermann said: 'We are very happy to enter into this long-term partnership with Equinor for the reliable supply of natural gas for BASF's operations in Europe. 'Equinor is a trusted and valued partner. The supply agreement not only comes with competitive terms but also supports our sustainability targets.' BASF's diverse portfolio includes solutions for consumer goods including sportswear, car interiors, personal care items and agricultural products. The new contract follows Equinor's recent deal with Centrica to supply natural gas to the UK over the next ten years in a contract valued at around £20bn ($27.11bn). "BASF enters long-term natural gas supply agreement with Equinor" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
BASF Signs 10-Year Deal With Equinor, Secures Natural Gas Supply
BASF SE BASFY entered into a long-term agreement with Equinor to secure a substantial share of its natural gas needs in Europe through the annual delivery of up to 23 terawatt hours (TWh), around 2bcm, of natural gas over a 10-year period from Equinor. As natural gas is a crucial feedstock for basic chemical production, the agreement strengthens its availability with deliveries under the deal expected to start from Oct. 1, 2025. BASF requires natural gas, both as an energy source and a raw material. The deal supports BASF's energy and raw material portfolio diversification and efforts to reduce its carbon footprint. Equinor's gas supply from Norway is claimed to have the lowest emissions from production and transportation. The strategic agreement entails the supply of gas on market terms. The partnership builds on the long history of collaboration in supplying gas and liquids to BASF, which develops varied solutions in manufacturing components for car interiors, sportswear, personal care items and agricultural solutions. The terms of the deal are competitive and support BASF's sustainability targets. For Equinor, the deal not only solidifies its role as a key energy provider to BASF, one of Europe's industry giants, but also highlights the strategic edge provided by the low-carbon energy infrastructure. BASFY stock has gained 4.2% over the past year against the industry's 15.3% decline. Image Source: Zacks Investment Research BASFY's Zacks Rank & Key Picks BASFY currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Basic Materials space are Royal Gold, Inc. RGLD, Coeur Mining, Inc. CDE and Carpenter Technology Corporation CRS. While RGLD and CDE currently sport a Zacks Rank #1 (Strong Buy) each, CRS carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for RGLD's current-year earnings is pegged at $7.47 per share, indicating a 42% year-over-year earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 9%. RGLD's shares have gained 13.6% in the past year. The Zacks Consensus Estimate for CDE's current-year earnings is pegged at 69 cents per share, implying a 283.3% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing once, with an average surprise of 136.2%. The Zacks Consensus Estimate for CRS' fiscal 2025 earnings is pegged at $7.28 per share, indicating a rise of 53.6% from year-ago levels. The company's earnings beat the consensus estimate in each of the trailing four quarters. Its shares have gained 141.4% in the past year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BASF SE (BASFY) : Free Stock Analysis Report Carpenter Technology Corporation (CRS) : Free Stock Analysis Report Coeur Mining, Inc. (CDE) : Free Stock Analysis Report Royal Gold, Inc. (RGLD) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 days ago
- Business
- Bloomberg
After A Flush Year for CFO Pay, What's Next?
Welcome to CFO Briefing, a newsletter devoted to corporate finance and what leaders need to know. This week, I take a closer look at what's driving CFO pay for 2026 and chat to the finance chief of Norwegian energy giant Equinor. But first, here's some other news that caught my eye:
Time of India
5 days ago
- Business
- Time of India
No pressure on India on Russian crude, will buy crude from wherever required to meet demand: Oil Minister Puri
New Delhi: India's oil minister Hardeep Singh Puri today asserted the country will continue sourcing oil from "wherever necessary" to safeguard its interests and ensure energy security. This comes days after U.S. President Donald Trump's statement that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days Speaking at Urja Varta 2025, a flagship upstream oil and gas conclave of the Directorate General of Hydrocarbons (DGH), Puri said the country feels 'no pressure' and has enough supply options to ensure uninterrupted fuel availability even in turbulent times. 'We will buy from wherever we have to because the Prime Minister's commitment is to the Indian consumer,' Puri said at a public discussion on India's energy roadmap. Responding to the US threat, he added, 'I don't feel any pressure in my mind, and I don't think my boss's mind is wired to feel any pressure.' Russia now supplies around 35 per cent of India's crude oil, up from just 0.2% before the Ukraine conflict in early 2022. The minister said India has significantly diversified its sources—buying from 40 countries now compared to 27 earlier—and is ready for any global supply disruption, including a hypothetical closure of the Strait of Hormuz. 'We have 21 to 25 days of oil stock. Even if the Strait is closed for a few days, we can manage. I'm not unduly worried,' he said, adding that more oil is entering the global market from new players such as Brazil, Guyana and Canada. Puri also dismissed concerns over a potential price cap breach on Russian crude. 'Russian oil was never sanctioned, only capped. If we get oil below the cap, we will buy it. Why not? It benefits the consumer,' he said. India currently imports energy worth $15 billion from the US and may increase it to $25 billion. The minister confirmed LPG imports from the US account for about 10% and pointed to new contracts under discussion with Norway's Equinor and others. Amid sanctions on Iran and Venezuela, Puri said oil from those countries continues to reach the market, though India has refrained from buying since 2019 due to international restrictions. 'If it's a sanction we have agreed to, we won't violate it." Despite growing global pushback against fossil fuels, India is doubling down on domestic oil and gas exploration. The government has opened up 2.57 lakh square kilometres—its biggest ever offering—for bidding under the 10th round of the Open Acreage Licensing Policy (OALP). A total of 22 states are participating in the exploration drive. 'We had 3.5 million sq km of sedimentary area. We've already opened up 1 million sq km, including previously declared no-go zones,' Puri said, attributing the shift to clearance from defence and scientific agencies. 'Earlier, DRDO and Navy would say, 'no-go'. Now the PM has said, open it up.' The government is also pushing for more private and global participation in oil exploration by compensating technical partners for surveys and offering first right of refusal on finds. 'Petrobras is working with Oil India. We will pay them for services, and if oil is struck, they get priority,' he said. The changes have been formalised under the revamped Overhaul of Oilfields Regulation and Development Act, replacing the 1948-era law. The new law introduces a single permit system, stability in lease conditions, and removes archaic clauses that hindered investment. Puri said, 'It's not about changing laws in Shastri Bhavan. We did wide stakeholder consultations, took global best practices, and made the changes.' On enforcement, Puri said the government is taking action against firms that won blocks but failed to develop them. 'Many companies sat on unrealistic bids for 10–12 years. We're now cancelling those,' he said. Asked if global majors will invest under the new regime, Puri said the investor mood has changed. 'Earlier, no one wanted to explore. Now they see India as a long-term opportunity. The economic centre of gravity is shifting. India is growing at 6.5%—much faster than the economies we've overtaken.' Though over 85 per cent of India's crude demand is still met through imports, Puri said the ratio may gradually fall with rising domestic production, higher ethanol blending, and the adoption of green hydrogen and EVs. 'We were at 1.4 per cent ethanol blending, now we're at 20 per cent. Green hydrogen tenders are going below $4/kg. These changes will alter the energy basket,' he said. Asked about the use of AI in oil sector operations, Puri said its adoption is growing in refineries and exploration, though data is still being compiled for a clearer impact assessment. In the final stretch of the conversation, the minister addressed criticism of India's continued investment in oil exploration. 'In 1976, Shell predicted oil would peak by 2000. Today, no one will even say 2030 or 2040. Even as we transition, we need fossil fuels to bridge the gap. That's the reality.'
Yahoo
7 days ago
- Business
- Yahoo
Trump-Backed Investors Go $90B Big in Pennsylvania
Some of the largest energy, utility and tech companies in (and outside) the U.S. joined President Donald Trump at the Pennsylvania Energy and Innovation Summit and pledged $90 billion in investments to develop the state's AI sector. The president told the Pittsburgh audience on July 15 that the U.S. is well ahead of China in the development of artificial intelligence technology, and that investments and permit reforms would keep America in front. 'We have the hottest country, and we're going to keep it that way,' Trump said. The summit brought together some of the biggest players in the energy and tech business. Investment firm Blackstone made the largest commitment, announcing a $25 billion investment to energy infrastructure and data center development in northeast Pennsylvania, as well as a joint venture with PPL Corp. to develop power generation. Several energy companies also made pledges: Norway's Equinor said it would invest $1.6 billion to boost natural gas production at its Pennsylvania facilities and explore linking its gas production to power for data centers; Canada-based Enbridge plans to invest $1 billion to expand it natural gas pipelines into Pennsylvania with projects announced in the next 18 months; and Canada-based TC Energy plans to invest $400 million to modernize its Pennsylvania midstream network. Other companies invested in different types of electrical generation. Brookfield and Google announced that they had agreed to develop 3,000 megawatts (MW) of hydro-powered assets within the U.S. The companies' first contracts, totaling $3 billion together, will be executed in Pennsylvania, Brookfield said in its announcement. Westinghouse, the world's largest designer of nuclear power plants, said the company would invest $6 billion and have 10 new nuclear plants under construction in Pennsylvania by 2030. Trump has focused on bringing economic development to Pennsylvania. During his 2024 presidential campaign, he pledged to sign deals that would spur investment in the state. Pennsylvania GOP Sen. David McCormick, a Pittsburgh resident serving his first term, said he created the summit to help the region play a role in the ongoing AI data center development race with China. In an earlier interview with the Wall Street Journal, McCormick said he was frustrated with the lack of new industrial development in the Keystone State. While Pennsylvania sits on the Marcellus Shale, the state has had difficulty landing data center campuses. Most of the development in the area has happened in Virginia or, more recently, Ohio. State business and educational leaders have created an AI Strike Team to bring development. 'What's happening here today is absolutely historic,' McCormick said to Trump at the close of the summit. 'Your presence and those investments showcase Pennsylvania's story to the world.' Sign in to access your portfolio
