Latest news with #energyIndependence
Forbes
3 days ago
- Business
- Forbes
Billionaire Enrique Razon To Buy 60% Stake In Lopez Group's Gas Assets For $896 Million
Prime Infrastructure—controlled by casino-to-ports billionaire Enrique Razon Jr.—has agreed to buy 60% of the gas assets of the Lopez family-backed First Gen for 50 billion pesos ($896 million). Under a term sheet entered into by both parties and subject to a definitive agreement, Prime Infra will buy the controlling stake in five existing gas-fired power plants and a sixth facility under construction with a combined capacity 3,247 megawatts, along with an offshore liquefied natural gas terminal, according to a document furnished to Forbes Asia. The assets are all located in Batangas province, south of Manila. The partnership will enable First Gen and Prime Infra to 'further nurture, enhance and expand their natural gas platforms,' helping to secure the country's energy independence, according to the document. The gas plants will boost the profile of Prime Infra, which owns a substantial stake in the Malampaya gas field. The company is investing $800 million on drilling and exploration to boost the output of Malampaya, which has been dwindling in recent years. Prime Infra's power assets include two existing solar farms with a combined capacity of 128MW and two hydroelectric plants, which will have a combined capacity of 2,000MW once completed. For First Gen, the partial sale will help bankroll the $9 billion it plans to invest to quadruple its renewable energy capacity to 13 gigawatts in the six years through 2030. First Gen derives 55% of its capacity from gas while the rest comes from wind, solar, hydro and geothermal. After spending about $1.2 billion in 2024, that included the purchase of the 165 MW Casecnan hydro power facility in Nueva Ecija, north of Manila, it has earmarked another $601 million in capital expenditures this year, with as much as 90% allocated for 140MW of geothermal capacity, while the rest will be spent on a 50MW solar project. The Razon-Lopez deal is the latest strategic partnership to shake up the Philippine energy sector following a $3.3 billion gas and LNG joint venture announced by billionaire Ramon Ang's San Miguel Corp. with Aboitiz Power and a unit the Manila Electric Co. With a real-time net worth of $12 billion, Razon also has interests in global port operator ICTSI and Bloomberry, which owns two casino resorts in Metro Manila. In 2022, he planned to list Prime Infra, which also provides water utility and waste management services, but decided to postpone the IPO due to unfavorable market conditions. Besides their interest in energy, the Lopez family, which has a net worth of $230 million, is also the controlling shareholder of ABS-CBN, once the country's largest broadcaster. It pivoted to online streaming and content sharing with other networks after Philippine lawmakers in 2020 rejected the media company's bid to renew its franchise.
Globe and Mail
22-05-2025
- Business
- Globe and Mail
3 American Companies Investors Need to Know Amid Trump's Tariff Wars
It's difficult to predict precisely what the tariff landscape will look like when the dust settles on the trade conflict, but we can say some things with a high degree of certainty. The current U.S. administration is serious about improving trading conditions for American companies and workers. That counts for both exporters and American companies competing domestically. In addition, President Trump is trying to encourage self-sufficiency in energy and key minerals and metals. That's great news for companies like Freeport-McMoran (NYSE: FCX), Whirlpool (NYSE: WHR), and Cheniere Energy (NYSE: LNG). Here's why. Freeport-McMoran: Helping secure a critical metal for the U.S. The miner dominates the domestic copper market. It provides 70% of the domestically sourced copper for U.S. refined production. That said, the U.S. imports 45% of its refined copper consumption. If the U.S. is going to reduce its dependency on foreign refined copper, Freeport-McMoran will play a significant role. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » There's increasing support for such an approach, with the U.S. Chamber of Commerce writing to the Commerce Department advocating for copper to be included in the list of critical metals and to receive tax credits under the existing section 45X tax credits, and for immediate action to encourage minerals and metals production in the U.S. The good news is Freeport-McMoran is ideally placed to meet domestic demand with potential brownfield projects in Bagdad and Lone Star, Arizona, as well as an exciting leaching initiative to extract copper from existing U.S. stockpiles. In addition, President Trump has requested an investigation of copper imports, which could lead to tariffs on them. The mere threat of tariffs has encouraged the market to pay a premium for U.S. copper of around 13%. Freeport's management estimates that this premium were to remain through the year, it would lead to an $800 million "bottom line" financial benefit. If a tariff of, say, 25% is imposed, Freeport will benefit even more. While none of these events can be guaranteed, the current administration is biased toward supporting investment in copper and domestic provision of it, which is highly likely to improve Freeport-McMoran's profitability. Whirlpool: Evening out the playing field Appliance maker Whirlpool trades with a massive dividend yield, but its $380 million dividend may not prove sustainable if current market pressures persist. Persistently high interest rates continue to pressure the housing market and, in turn, higher-margin discretionary purchases of domestic appliances. Moreover, its competitive position was hit in late 2024 and early 2025 as Asian competitors pushed through imports to the U.S. in anticipation of tariffs. In addition, the pause on tariffs recently announced with China may encourage more near-term imports. With $4.8 billion in long-term debt, and its forecast for $500 million to $600 million in free cash flow (FCF) in doubt, Whirlpool's dividend payout is already questionable. That said, management believes the company will be a net winner from tariffs, not least if the administration closes a loophole that allows Asian competitors not to pay tariffs on the Chinese steel they use in their products. This would result in a $70-per-product cost disadvantage (and a $150 difference in the retail margin) for Whirlpool on large major appliances such as washing machines. On the last earnings call, CEO Marc Bitzer said he had "a high degree of confidence that the new administration will close these loopholes." That would be a significant win for Whirlpool, and if management decides to reset investor expectations, possibly after a dividend cut, Whirlpool could be an excellent stock to invest in. Cheniere Energy: Exporting U.S. energy The Biden administration paused approvals for applications to export liquefied natural gas (LNG) from new projects in 2024. The Trump administration immediately ordered their resumption upon taking office. The difference is stark, and it's good news for Cheniere Energy, the largest LNG producer in the U.S. The company owns a 48.6% stake in Cheniere Energy Partners (owners of the major LNG terminal in Sabine Pass, Louisiana). In addition, Cheniere Energy owns the Corpus Christi LNG Terminal in Texas, which it continues to invest in to expand capacity. The company's business model involves purchasing natural gas in the North American market (which the Trump administration wants to encourage) and processing it into LNG for export worldwide. Again, it's no secret that President Trump is actively promoting LNG exports around the globe. Stocks to buy The point of tariffs is to improve U.S. companies' competitive positioning, whether domestically or in international markets. However, the current administration can also do this by encouraging investment in copper, closing loopholes that hurt Whirlpool's competitive positioning, and encouraging LNG investment and export markets. If these things happen, the stocks discussed above will be long-term winners. Should you invest $1,000 in Freeport-McMoRan right now? Before you buy stock in Freeport-McMoRan, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Freeport-McMoRan wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $642,582!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,879!* Now, it's worth noting Stock Advisor 's total average return is975% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of May 19, 2025
The National
17-05-2025
- Business
- The National
Turkey discovers natural gas reserve in Black Sea worth $30 billion, Erdogan says
Turkey has discovered a new reserve of 75 billion cubic metres of natural gas during drilling works in the Black Sea, President Recep Tayyip Erdogan said on Saturday. "With this discovery, we will meet the natural gas needs of homes in Turkey for 3.5 years," Mr Erdogan said during an event in Istanbul. The discovery, with an economic value of around $30 billion, was found in the Goktepe-3 well at a depth of 3,500 metres. Turkey's daily natural gas production at its flagship Sakarya field in the Black Sea has reached around 9.5 million cubic metres, as the country ramps up its energy ambitions both at home and abroad. Turkey, which imports more than 90 per cent of its energy needs, is pushing to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration.
Reuters
17-05-2025
- Business
- Reuters
Turkey finds new natural gas reserve in Black Sea, Erdogan says
ISTANBUL, May 17 (Reuters) - Turkey has discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea, President Tayyip Erdogan said on Saturday. "With this discovery, we will meet the natural gas needs of homes in Turkey for 3.5 years," Erdogan said during an event in Istanbul. The discovery, with an economic value of around $30 billion, was found in the Goktepe-3 well at a depth of 3,500 metres, Erdogan said. Turkey's daily natural gas production at its flagship Sakarya field in the Black Sea has reached around 9.5 million cubic metres, as the country ramps up its energy ambitions both at home and abroad. Turkey, which imports over 90% of its energy needs, is pushing to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration.
Zawya
16-05-2025
- Business
- Zawya
Eswatini's Minister of Natural Resources and Energy to Speak at African Energy Week (AEW) 2025 Amid Critical Mineral and Energy Expansion
Eswatini's efforts to scale up investment in its mining and renewable energy sectors will take center stage at African Energy Week (AEW): Invest in African Energies 2025, with the kingdom's Minister of Natural Resources and Energy Prince Lonkhokhela Dlamini confirmed to speak. Taking place from September 29 to October 3 in Cape Town, AEW: Invest in African Energies 2025 is the continent's premier energy event and will spotlight Eswatini's strategic initiatives to attract foreign investment in critical minerals, support energy independence and advance sustainable development. Prince Dlamini's participation at AEW: Invest in African Energies 2025 reinforces Eswatini's commitment to leveraging strategic partnerships and international forums to attract capital and technology into both its mining and energy sectors. The kingdom recently celebrated a major milestone with the financial close and construction launch of the 13.5 MW Lower Maguduza Hydro Power Project, a public-private initiative that underscores Eswatini's drive to achieve greater energy independence and sustainability through renewables. 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. Eswatini is also making significant progress toward universal energy access through the newly launched Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) project. Backed by international financial institution the World Bank, this initiative aims to connect 50,000 new households – benefitting 200,000 people – to electricity using both on- and off-grid solutions, with a focus on underserved rural communities. Supported by over $100 million in concessional financing, the ASCENT project will enhance energy security, build institutional capacity and improve livelihoods, making Eswatini one of Africa's frontrunners in equitable and sustainable electrification. In the mining sector, Eswatini is actively working to position itself as an emerging market for critical minerals, following the launch of the second phase of a national mineral mapping program in partnership with South Africa's Council for Geoscience in November 2023. Using AI-based geoscientific techniques, this initiative seeks to unlock the country's vast yet underexplored mineral wealth – ranging from gold and iron ore to a broader portfolio of high-demand critical minerals. As part of its outreach to global investors, Eswatini is creating an enabling environment for private sector participation in mineral exploration, production and job creation. Stepping into this picture, Minister Dlamini's participation at AEW: Invest in African Energies 2025 aligns with the goals of Eswatini to open its doors to investors in both energy and mining. By sharing insights into investment opportunities, policy developments and major projects, Minister Dlamini will not only promote greater foreign spending in the kingdom, but position Eswatini as a top destination for energy and mining developers. 'With strong regional partnerships and a focus on innovation, Eswatini is rapidly becoming a compelling destination for critical mineral exploration and clean energy investment,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
