Latest news with #OSE
Business Recorder
17 hours ago
- Business
- Business Recorder
Japan rubber futures dip on China auto price war, firmer yen
Japanese rubber futures fell on Tuesday, pressured by a stronger yen and prolonged price war in China's automobile sector, which continues to weigh on rubber prices. The Osaka Exchange (OSE) rubber contract for January delivery ended daytime trade down 4.1 yen, or 1.26%, at 321.9 yen ($2.17) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery lost 230 yuan, or 1.51%, to 15,010 yuan ($2,091.61) per metric ton. The most active September butadiene rubber contract on the SHFE fell 290 yuan, or 2.39%, to 11,835 yuan($1,649.18) per metric ton. A Reuters analysis of consumer complaints found widespread inflation of sales figures by Chinese automakers and dealers, a tactic used to boost car sales numbers amid a prolonged price war in the world's largest auto market. This approach masks the true level of inventory held by automakers, potentially causing them to overestimate monthly demand and schedule higher production. Japanese rubber slips on profit-taking Lower automobile prices, driven by fierce competition, exert a downward pressure on rubber tyre prices. Meanwhile, the yen edged up to 148.22 per dollar. A stronger currency makes yen-denominated assets less affordable to overseas buyers. Still, top rubber producer Thailand's meteorological agency warned of heavy rains and accumulations on July 29. Elsewhere, top producer Thailand and Cambodia agreed to a ceasefire on Monday after five days of intense fighting. However, Thailand later accused Cambodian troops of multiple attacks in violation of the agreement. front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 168.5 U.S. cents per kg, down 1.1%.
Hamilton Spectator
20 hours ago
- Business
- Hamilton Spectator
Questerre announces definitive agreement to acquire 100% of PX Energy
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY, Alberta, July 29, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) is pleased to announce that it has entered into a definitive agreement (the 'Definitive Agreement') to acquire 100% of Parana Xisto SA ('PX Energy'), a privately held shale oil production and refining company based in southern Brazil by way of acquisition of the shares of its indirect parent companies, Forbes & Manhattan Resources Inc. ('F&M Resources') and Forbes Participaҫões Ltda (the 'Acquisition'). 'This acquisition is a rare opportunity for us to gain the expertise and capacity to advance our multi-billion barrel oil shale resource in Jordan(1). I'm very pleased we were able to structure it to ensure the Quebec Assets are not affected by this deal.' said Michael Binnion, President and Chief Executive Officer of Questerre. 'PX Energy has operated for over thirty years using technology developed by Petrobras. We believe the PX Energy platform will also provide us with the operational base, deep expertise, and capital foundation needed to advance the Red Leaf oil shale and biofuel technology to the next stage. We are in active discussions with potential co-investors for up to 50% of this acquisition.' Transaction Highlights Assets acquired : PX Energy currently produces approximately 4,500 boe per day, with a targeted increase to 6,000 boe per day by August 31, 2026, supported by growth capital projects currently underway. Purchase consideration : 65 million common shares of Questerre, structured as follows: Quebec asset spin-out : It is anticipated that Questerre's Quebec-based assets (the 'Quebec Assets') will be transferred into a separate sidecar subsidiary company (the 'Quebec Spin-out'). Questerre anticipates either distributing preferred shares of Questerre or of the new entity to its existing shareholders ahead of the closing of the acquisition of PX Energy in order not to dilute its existing shareholders' position in the Quebec Assets. Closing conditions : Completion of the Acquisition is subject to a number of conditions, including satisfactory due diligence review, board approval, standard regulatory approvals (including acceptance from the Toronto Stock Exchange and Oslo Stock Exchange (collectively, the 'Exchanges')) and third-party approvals including satisfactory waivers by the bond holders and convertible noteholders in favor of Questerre. Where applicable, the proposed Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition will be completed as proposed or at all. The Company has retained Clarksons Securities AS, a Norwegian based investment banking firm as financial advisor to advise on the existing outstanding debt of PX Energy including US$80 million in senior secured bonds in Forbes Resources Brazil Holding SA (the parent company of PX Energy). The Company is anticipating that a stronger sponsor will be well received by the debt holders and the holders of US$8 million in convertible promissory notes in F&M Resources. Financial information on Forbes Resources Brazil Holding SA is available online at: . Strategic Rationale PX Energy is a vertically integrated refining and shale oil operation with established ESG performance, favorable cost structures, and a strong growth trajectory. Its operations generate US Dollar-linked revenues with Brazil reais-denominated costs, providing robust margin potential in a dynamic macroeconomic environment. The acquisition strengthens Questerre's oil shale footprint and complements its commitment to advancing environmentally responsible hydrocarbon technologies through its investee Red Leaf Resources Inc. About Questerre Energy Corporation Questerre Energy Corporation is a Calgary-based energy technology company focused on the responsible development of oil and gas resources across the Americas. Questerre integrates leading-edge technologies with a disciplined capital strategy to unlock long-term value while maintaining strong environmental and social governance standards. About PX Energy Inc. PX Energy is a Brazilian shale oil and refining company operating since the 1990s. It employs advanced pyrolysis technology, integrates mining and refinery operations, and maintains some of the region's lowest carbon intensity per barrel. With secured offtake agreements and robust infrastructure, PX Energy is a platform for scalable, sustainable energy production. More information about PX Energy is available online at All information contained in this news release with respect to PX Energy was supplied by the F&M Resources, for inclusion herein, without independent review by Questerre, and Questerre and its directors and officers have relied on F&M Resources for any information concerning the PX Energy. For further information, please contact: Questerre Energy Corporation Jason D'Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) Advisory Regarding Forward-Looking Statements This news release contains certain statements which constitute forward-looking statements or information ('forward-looking statements') within the meaning of applicable securities laws in Canada. Any statements about Questerre's expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as 'anticipates', 'aims', 'strives', 'seeks', 'believes', 'can', 'could', 'may', 'predicts', 'potential', 'should', 'will', 'estimates', 'plans', 'mileposts', 'projects', 'continuing', 'ongoing', 'expects', 'intends' and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes, but is not limited to, statements in respect of: The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trend which have been used to develop such statements and information, but which may prove to be incorrect, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation, the following risk factors: Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company's Annual Information Form for the year ended December 31, 2024, and other documents available on the Company's profile at . Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Barrel of oil equivalent ('boe') amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act')), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. (1) There is no certainty that it will be commercially viable to produce any portion of the resources. In October 2016, Questerre commissioned an independent assessment of its oil shale resources in Jordan (the 'Millcreek Report'). The Millcreek Report was conducted by Millcreek Mining Group, an independent qualified reserves evaluator, as defined by NI 51-101 with an effective date of September 30, 2016. The assessment was prepared in accordance with NI 51-101 and the COGE Handbook. The assessment indicated a best estimate of discovered petroleum initially in place of between 7.8 billion barrels to 12.2 billion barrels. Given the preliminary nature of the Millcreek Report, it does not contain any estimates regarding the timing or cost to obtain commercial development nor has Questerre finalized the specific technology to be used. Please reference the Annual Information Form for the year ended December 31, 2016, and dated March 24, 2017, as filed under the Corporation's profile on .
Toronto Star
20 hours ago
- Business
- Toronto Star
Questerre announces definitive agreement to acquire 100% of PX Energy
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY, Alberta, July 29, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) is pleased to announce that it has entered into a definitive agreement (the 'Definitive Agreement') to acquire 100% of Parana Xisto SA ('PX Energy'), a privately held shale oil production and refining company based in southern Brazil by way of acquisition of the shares of its indirect parent companies, Forbes & Manhattan Resources Inc. ('F&M Resources') and Forbes Participaҫões Ltda (the 'Acquisition').
Business Recorder
a day ago
- Business
- Business Recorder
Japanese rubber slips on profit-taking
SINGAPORE: Japanese rubber futures fell on Monday, pressured by profit-taking after recent gains, while softer demand also weighed on market sentiment. The Osaka Exchange (OSE) rubber contract for January delivery ended daytime trade down 7.6 yen, or 2.28%, at 326 yen ($2.20) per kg. *The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 390 yuan, or 2.52%, to 15,065 yuan ($2,101.67) per metric ton. The most-active September butadiene rubber contract on the SHFE lost 365 yuan, or 2.96%, to 11,955 yuan ($1,667.81) per ton. Vietnam's tyre sector continues to struggle due to higher fixed costs, excess inventories in China, and sluggish demand, Japan Exchange Group said in a report on Monday. Following a sharp rise in rubber prices over the past two weeks, profit-taking by funds has emerged, leading to a short-term pullback, a Singapore-based trader said. The trader added that such corrections are healthy, emphasising that an overly rapid rise is unsustainable in the long run. Still, rainfall disturbances in domestic and foreign production areas persist, restricting rubber tapping and providing support to prices, said Chinese commodities data provider Longzhong Information. Top rubber producer Thailand's meteorological agency warned of heavy rains and accumulations from July 28-29. Elsewhere, the United States and European Union agreed to 15% tariffs on automobiles. Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres. Meanwhile, oil prices rose as the US-EU agreement lifted trade optimism. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil. The front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 170 US cents per kg, down 3.3%.
Time of India
18-07-2025
- Business
- Time of India
New work rules in Oman: Certification now mandatory for engineering and finance professionals
From August 2025, engineers and accountants in Oman must secure official certification to obtain or renew work permits/Representative Image TL;DR: As of August 1, 2025, engineers in Oman must hold an Oman Society of Engineers (OSE) classification certificate approved by the Sector Skills Unit (SSU) before securing or renewing work permits. From September 1, 2025, a similar certificate will become mandatory for 20 accounting and finance roles. The Ministry of Labour is enforcing the changes through its e-services system and will not issue or renew permits without proper credentials. The aim is to standardize professional qualifications, enhance competency, and bolster Omanisation goals . New Engineering Permit Rules (Effective August 1, 2025) The Ministry of Labour announced that anyone working or seeking to work as an 'engineer' must first secure a professional classification certificate. This must be issued by the Oman Society of Engineers (OSE) and approved by the Sector Skills Unit. As of that date, no work permit in engineering will be issued or renewed without it, via the Ministry's online platform. Mandatory Accounting Qualifications (From September 1, 2025 A similar requirement will apply to 20 specific accounting, finance, and audit roles, including CFOs, external/internal auditors, controllers, cost accountants, and more. These positions will require a Sector Skills Unit Professional Classification Certificate for Accounting, Finance and Auditing for any new or renewed work permit. The following roles in the accounting and finance sector will require professional certification: Accounts Technician Assistant External Auditor Assistant Internal Auditor Internal Auditor External Auditor Cost Accountant Credit Analyst Financial Analyst Accounts Manager Tax Manager Chief Financial Officer (CFO) External Audit Manager Internal Audit Manager Senior Internal Audit Manager Financial Controller Senior External Audit Manager Head of Internal Audit Department Chief Financial Officer (CFO) External Audit Partner Chief Audit Executive The Ministry confirmed that no exceptions will be made. Employers and foreign professionals must now apply via the e-services portal and obtain the necessary certifications prior to work permit issuance or renewal. Non-compliance may result in denial of applications or unexecuted renewals. Policy Context: Skill Standardization & Omanisation These measures align with wider Omanisation and professional competency goals, increasingly seen in GCC countries seeking to enhance workforce quality. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Oman's move echoes similar steps in Saudi Arabia and UAE, where accreditation and licenses are required for specialties like engineering, finance, and healthcare. Why It Matters: Upskilling & Local Workforce Integration Professional uplift : Certification ensures that engineers and finance specialists meet national competency benchmarks. Talent localisation : By elevating qualification standards, Omani professionals gain competitive advantages, aligning with Vision 2040 goals. Regulatory consistency : A structured evaluation process reduces permit fraud, improves sectoral accountability, and sets clear guidelines for employers and workers. Local engineering firms and audit practices are reportedly checking eligibility lists to prepare affected staff for compliance. No major backlash has surfaced online, though global recruitment agencies note companies are beginning internal skill audits and credential upgrades. Next Steps & Employer Guidance Employers and professionals should: Identify affected roles: designate engineering and finance positions listed. Initiate certification: request classification from OSE/SSU via official portals. Submit early: allow time for certification, ideally before July 2025 deadlines. Monitor e-services: permit issuance linked directly to certification approval. Oman's enforcement of professional classification for engineers and accountants is a significant labour-market upgrade. With clear deadlines, digital enforcement, and no exemptions, this signals a strong regulatory shift: credentials matter, and Omanisation remains a national priority. By following these steps, employers can ensure uninterrupted operations and compliance; professionals can secure their roles; and Oman's agenda for a qualified, local talent base gains momentum.
