Latest news with #TsvetanaParaskova
Yahoo
15-05-2025
- Business
- Yahoo
Eni In Talks to Sell 20% of Its $13-Billion Low Carbon Unit Plenitude
Eni has launched exclusive talks with investment fund Ares Alternative Credit Management to potentially sell 20% in its low-carbon energy business Plenitude, which has an enterprise value of over $13.4 billion (12 billion euros), the Italian energy giant said on Thursday. 'The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects,' Eni said in a brief statement. At the end of 2023, Eni agreed to sell 9% in Plenitude to Energy Infrastructure Partners (EIP). Plenitude is active in the market of power generation including renewable energy sources, the sale of energy and energy solutions, and an extensive network of EV charging points. For years, Eni has been taking a different approach to conventional and green energy development, unlike any of the other major international oil and gas firms. The Italian major is divesting or creating joint ventures to operate oil and gas assets internationally while grouping some low-carbon initiatives and projects into separate firms. Eni says that its so-called 'satellite model' of managing various divisions is based on creating separate entities that can independently access capital markets to finance their own growth and be suitable for specialized investors. 'By being open to new investments, the satellite model allows us to reduce the capital absorption required to support new businesses, while safeguarding shareholder remuneration, which continues to be fed by the Free Cash Flow generated by traditional activities,' the Italian energy group says. Francesco Gattei, Chief Transition & Financial Officer, Chief Operating Officer, and General Manager of Eni, notes that 'satellites are the way we solve the energy transition equation, by managing new and traditional businesses and growing in both while ensuring continuity and security of sources, the availability of financing while pursuing all our business objectives.' By Tsvetana Paraskova for More Top Reads From this article on
Yahoo
14-05-2025
- Business
- Yahoo
Ethiopia Secures $1.6 Billion Energy and Minerals Deals
Ethiopia secured more than $1.6 billion worth of investment deals – most of these with Chinese firms – in its energy and minerals sectors at the end of the Invest in Ethiopia High-Level Business Forum 2025, the Ministry of Finance of the East African country said in a statement. Ethiopia is currently looking to enact reforms and boost its economy via private-led growth, including by attracting investments in its natural resources. Last year, the country reached a deal with the International Monetary Fund (IMF) for a $3.4 billion Extended Credit Facility (ECF) arrangement to support Ethiopia's Homegrown Economic Reform (HGER) Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. At the closing ceremony of the business forum in the capital city Addis Ababa, Ethiopia signed on Tuesday a number of investment deals. China's Huawei Mining Processing Company Limited agreed to a planned investment totaling $500 million for mineral exploration, processing, and the development of a special economic zone focused on minerals. Sequa Mining and Processing PLC – a joint venture between Ethiopian and Chinese companies – plans about $600 million in investment to develop coal mining projects in the East African country. Hanergy New Energy Technology Company Limited & Jandu signed a deal for a planned investment of $360 million to establish a solar cell manufacturer in Ethiopia. Toyo Solar Manufacturing Development PLC signed an agreement to invest $14 million to further increase its Ethiopian solar cell capacity. Additionally, Sesar Energy Advancing Solutions signed a deal for a planned investment of approximately $100 million in the first phase and an additional $150 million in the second phase to support local solar energy development. Ethiopia is known for having deposits of coal, opal, gemstones, kaolin, iron ore, soda ash, and tantalum, but only gold is currently mined in significant quantities. By Tsvetana Paraskova for More Top Reads From this article on 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
13-05-2025
- Business
- Yahoo
Venture Global Doubles Q1 Revenue as LNG Export Projects Ramp Up
U.S. LNG exporter Venture Global more than doubled its first-quarter revenue from a year earlier as its Plaquemines and Calcasieu Pass plants have launched operations and exports in recent months. Venture Global reported on Tuesday revenues of $2.894 billion for the first quarter of the year, more than double compared to $1.414 billion for the same period in 2024. Net income dropped by 39% to $396 million, largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps, the company said. Income from operations jumped by 75% on the year, primarily due to higher LNG sales volumes and higher LNG sales prices, which resulted in a greater total margin for LNG sold, Venture Global noted. The company expects adjusted core earnings – or EBITDA – to be in the $6.4 billion – $6.8 billion range for the full year, with the midpoint above the Wall Street consensus of $6.54 billion. Venture Global now expect to export 145-150 cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025, including those already shipped in the first quarter. Last month, Venture Global started contractual deliveries from its first LNG export project, Calcasieu Pass, to its long-term customers amid an ongoing dispute with major oil and gas firms over the delays to the official commercial operations date at the export project. Shell, BP, and several other European energy majors have been in a dispute with Venture Global after the U.S. LNG exporter refused to start deliveries to them under long-term contracts in favor of selling its LNG on the spot market, making billions of dollar, according to the clients. Last week, the biggest U.S. LNG exporter, Cheniere Energy, reported higher revenues for the first quarter compared to a year earlier as demand for American LNG continues to grow and natural gas prices have strengthened. U.S. LNG exports jumped by 20% between January and April from a year earlier as buying activity in Europe remained strong amid a cold winter and low gas inventory levels. By Tsvetana Paraskova for More Top Reads From this article on Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Morgan Stanley Predicts Slump in Big Oil Profits
Earnings at the biggest international oil companies are set to slump later this year and in 2026, threatening the pace of buybacks, as a substantial oil market surplus would weigh on prices. Last week Morgan Stanley joined other major investment banks in slashing oil price forecasts amid expectations of a larger market surplus later this year as OPEC+ plans to raise output much more than previously expected. Morgan Stanley cut its oil price forecasts for the remainder of the year, anticipating a bigger glut. The bank revised down its projection of Brent Crude prices to $62.50 per barrel in the third and fourth quarters of this year, down by $5 per barrel from the previous forecast. Now the bank expects Brent prices to fall below $60 per barrel by the first half of 2026 due to tariff-driven demand weakness and supply growth from OPEC+ and non-OPEC+ producers, according to a more recent note cited by Reuters. Due to the expected weaker prices, Morgan Stanley expects buybacks at Big Oil to be reduced by between 10% and 50%, with net debt at the international majors rising. Shell is the top pick of Morgan Stanley among the European majors, while BP was downgraded to 'underweight' from 'equal-weight', as its debt ratio leaves it more vulnerable to changing macro conditions. TotalEnergies, the French group, could see lower volatility in earnings, due to its higher integration along the value chain, according to Morgan Stanley. During the first-quarter earnings, the majors maintained their dividend and shareholder distribution policies as most met or exceeded analyst expectations of first-quarter profits. BP and Chevron reduced the pace of their share buybacks for the second quarter, but the others, Exxon, Shell, and TotalEnergies, maintained their guidance on repurchases despite the slump in oil prices at the start of the second quarter. By Tsvetana Paraskova for More Top Reads From this article on 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
