Latest news with #Sinopec
Zawya
5 days ago
- Business
- Zawya
Sonatrach Chief Executive Officer (CEO) to Spotlight Algeria's Energy Investment Boom at Africa Energy Week (AEW) 2025
Africa Energy Week (AEW) 2025: Invest in African Energies is proud to announce the participation of Rachid Hachichi, CEO of Sonatrach, as a speaker during the high-level NOC-IOC Forum. Representing one of Africa's most strategic national oil companies and a key player in global energy markets, Hachichi will provide critical insights into Algeria's dynamic investment landscape, Sonatrach's ambitious growth strategy, and the company's evolving partnerships with global energy majors. Sonatrach is at the forefront of Algeria's push to expand its hydrocarbon output and attract foreign capital. The company has continued to secure high-value partnerships, most recently signing an $850-million hydrocarbon development and exploration contract with China's Sinopec, aimed at boosting production in the Zarzaitine oilfield. Additionally, Sonatrach has revived operations at the Alrar gas complex, a key development for meeting both domestic demand and export obligations. In 2024, Algeria made eight new hydrocarbon discoveries and has targeted daily production of 1.2 million barrels by 2025, driven by enhanced oil recovery and the launch of a new licensing round. Hachichi is expected to spotlight how Sonatrach is capitalizing on these developments to strengthen Algeria's position as Africa's leading LNG producer and a top-three gas supplier to Europe, while leveraging its geographical advantage and robust infrastructure. With a view toward sustainable energy, Sonatrach is also making inroads into green hydrogen development. The company recently hosted a delegation from Spanish energy firm Enagás to discuss collaborative projects aimed at supplying Europe's growing demand for clean hydrogen. As Algeria positions itself to provide 10% of Europe's green hydrogen by 2040, Sonatrach's participation at AEW 2025 will underscore the NOC's integral role in this emerging sector. Moreover, Sonatrach continues to drive energy diplomacy and regional partnerships, such as the recent long-term gas supply agreement with Slovenia's Geoplin, reinforcing Algeria's reliability as a supplier amidst global market shifts. 'Sonatrach is not only advancing Algeria's position as an energy powerhouse, but also sending a clear message to global investors: Algeria is open for business. Their participation at AEW 2025 will be instrumental in showcasing the strategic partnerships, ambitious upstream developments and energy diversification efforts that are redefining investment opportunities across North Africa,' said NJ Ayuk, Executive Chairman of the African Energy Chamber. With Algeria allocating $50 billion through 2027 – 71% of which is earmarked for exploration and production – Sonatrach is opening up new avenues for international investment, backed by a series of regulatory reforms offering more attractive terms for foreign partners. As international energy companies intensify their presence in Algeria, AEW 2025 will host discussions on how Sonatrach is forging a path toward greater energy security, investment diversification and sustainable growth. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Reuters
6 days ago
- Business
- Reuters
Portugal's Galp eyes 40% oil output rise in Brazil with new field
LISBON, May 29 (Reuters) - Portugal's Galp ( opens new tab expects to boost its oil and gas production in Brazil by around 40% over the next few years, when the promising offshore field Bacalhau reaches peak output, executive board member Nuno Bastos told reporters. Galp produces 110,000 barrels of oil equivalent per day (boepd) in Brazil through a 70%-30% joint venture with China's Sinopec ( opens new tab, , which has stakes in several projects. The JV owns 20% of the Bacalhau field in the Santos Basin, where a floating production, storage and offloading (FPSO) vessel, with a daily capacity of 220,000 barrels, arrived in February. Norwegian energy company Equinor ( opens new tab, which holds a 40% stake and the operatorship of Bacalhau, expects the FPSO to start producing the first barrels in the third quarter. "Once the FPSO reaches plateau over the next few years, Galp's production in Brazil will increase by around 40%," Bastos, who heads the upstream business, told reporters on the sidelines of an energy conference late on Wednesday. It took 11 months for another FPSO in the Tupi-Iracema field, in the same basin, to get from the first oil to its maximum steady production capacity of 150,000 boepd, and in Bacalhau it should take longer as in this case the plateau is 220,000 boepd. "We are working to make it as fast and efficient as possible," he said, without committing to an exact date. Equinor estimated that the field holds more than 1 billion barrels in recoverable reserves for its first development phase. U.S. oil major ExxonMobil (XOM.N), opens new tab holds the remaining 40% of Bacalhau.
Reuters
6 days ago
- Business
- Reuters
Sinopec sets up $690 million hydrogen-energy-focused venture capital fund
May 29 (Reuters) - China's state oil and gas major Sinopec ( opens new tab, has established a venture capital fund focused on hydrogen energy, with an initial size of 5 billion yuan ($690 million), the company said in a statement on Thursday. The fund, the largest in China dedicated to investment across the hydrogen value chain, will target early-stage investments and incubation of key materials, core equipment and proprietary technologies with high growth potential. The fund is managed by Sinopec Private Equity Fund Management Co, a wholly owned subsidiary of Sinopec Capital Co. External partners include Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co. Sinopec has also taken equity stakes in 13 companies involved in the hydrogen energy industry chain and has built 11 hydrogen supply centers for fuel cells and 144 hydrogen refueling stations across China.
Reuters
25-05-2025
- Business
- Reuters
Australia's Origin Energy raises lower end of full-year profit forecast
May 26 (Reuters) - Australia's Origin Energy ( opens new tab on Monday raised the lower end of its previous fiscal 2025 underlying profit outlook due to operational improvements and wholesale portfolio benefits. The energy retailer now expects full-year underlying earnings before interest, taxes, depreciation and amortization (EBITDA) to be between A$1.3 billion ($844.35 million) and A$1.4 billion, compared to the previous outlook range of A$1.1 billion to A$1.4 billion. Origin also said it now projects a loss of up to A$100 million in its share of annual underlying EBITDA from Octopus Energy, due to unseasonably warm weather across March and April in the United Kingdom and one-off impacts. Origin had previously estimated a positive contribution of up to A$100 million. Earlier this month, Origin announced an anticipated cut in its EBITDA share from Australia Pacific LNG (APLNG) for the six months ended June 2025 after APLNG reduced prices on sales to China's Sinopec ( opens new tab. ($1 = 1.5396 Australian dollars)
The Age
24-05-2025
- Business
- The Age
ASX treads water on Friday as Rio Tinto slides, banks advance
The big four banks are in positive territory. National Australia Bank added 0.9 per cent; Commonwealth Bank, the biggest company on the ASX, added 0.7 per cent; ANZ Bank rose 0.8 per cent; and Westpac closed flat. Loading Energy stocks are mixed. Woodside was down 0.6 per cent and Santos added 0.5 per cent. Power and gas supplier Origin Energy slipped 1.1 per cent on expectations of a $55 million half-year earnings hit after agreeing to cut the price of giant liquefied natural gas cargoes it ships from Queensland to China's Sinopec. Sinopec, which holds a 25 per cent stake in the Origin Energy-backed Australia Pacific LNG joint venture on Queensland's Curtis Island and is also its major customer, had asked for a review of its long-term LNG purchase agreement to reflect sliding international oil and gas prices. The global gas market is facing the prospect of an oversupply in the second half of this decade as a wave of new production projects come online. Myer closed 5.4 per cent up after issuing a trading update that showed sales had declined across the recently acquired Apparel Brands, but it had overall a modest uptick in sales across its department store business. Myer's total sales lifted 1.9 per cent to $837.2 million for the second half of fiscal 2025 to date (16 weeks). Total sales at Apparel Brands, which includes Jay Jays, Dotti, Portmans, Just Jeans and Jacqui E, fell 3.9 per cent to $211.2 million. Chief executive Olivia Wirth blamed higher discounts across the retail sector, higher costs of doing business and the cost of fixing a robot warehouse bungle as factors behind the financial performance. The group will host its investor strategy day next Wednesday. The ASX lost 0.5 per cent on Thursday. The Australian dollar regained losses from overnight to be 0.3 per cent higher at US64.31¢ at 12.40pm AEST. Loading Wall Street trading remained choppy throughout most of the day following Wednesday's big slump for the S&P 500. That loss has put the benchmark index on track for its worst week in the past seven. The S&P 500 slipped 2.60 points, or less than 0.1 per cent, to close at 5842.01. The Dow Jones fell 1.35 points, or less than 0.1 per cent, to 41,859.09. The Nasdaq composite rose 53.09 points, or 0.3 per cent to 18,925.73. Technology stocks did most of the heavy lifting for Wall Street. The majority of stocks within the S&P 500 lost ground, but gains for technology companies with outsized values offset those losses. Google's parent Alphabet jumped 1.4 per cent and Nvidia rose 0.8 per cent. The choppy trading this week and the sharp decline for stocks on Wednesday follow several weeks of mostly gains that had brought the S&P 500 back within 5 per cent of its all-time high. 'We've had a good bounce here, but the market is looking for some excuse to take some money off the table,' said Wells Fargo Investment Institute senior global market strategist Scott Wren.
