2025-08-28 12:26

DUBAI, Aug 28 (Reuters) - Abu Dhabi's ADNOC is selling an around 3% stake in its logistics and services unit through a bookbuild offering, it said on Thursday, as the United Arab Emirates state oil company resorts to more secondary share sales in its businesses. The stake in ADNOC L&S (ADNOCLS.AD) , opens new tab, of up to 222 million shares, will be offered to professional investors in the UAE and institutional investors "elsewhere", ADNOC said in a statement. Sign up here. The deal is expected to increase ADNOC L&S's free float to 22% and "enhance the trading liquidity" of shares in the unit. Created in 2016, ADNOC L&S exports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to more than 100 customers in over 50 countries. The secondary share sale follows an initial public offering of the business in 2023 that raised $769 million for ADNOC, which owns an 81% stake. The deal comes on the back of other secondary share offerings in ADNOC units lately, including in its gas business (ADNOCLS.AD) , opens new tab, which raised $2.84 billion in February in one the biggest share sales in the Middle East in recent years. ADNOC did not disclose the offer price for ADNOC L&S' shares, which closed up 2.3% at 5.43 dirhams ($1.48) apiece on Thursday. The stock is up around 1.5% in the last year, according to LSEG data. The final number of shares on offer and price will be determined at the close of the bookbuilding process, while the settlement is expected to take place on or around September 3, ADNOC said. First Abu Dhabi Bank (FAB.AD) , opens new tab, J.P. Morgan (JPM.N) , opens new tab and China International Capital Corporation (601995.SS) , opens new tab were among banks appointed as joint global coordinators and joint bookrunners for the offering. https://www.reuters.com/world/middle-east/adnoc-sell-3-stake-logistics-services-unit-via-bookbuild-offering-2025-08-28/

2025-08-28 12:21

Aug 28 (Reuters) - Algerian President Abdelmadjid Tebboune signed a decree on Thursday ending the tenure of Prime Minister Nadir Larbaoui and appointing Sifi Ghrieb as acting prime minister, state media reported. (This story has been corrected to change the name of the acting PM to Sifi Ghrieb, not Ghrieb Sifi, in paragraph 1) Sign up here. https://www.reuters.com/world/middle-east/algerian-president-appoints-sifi-ghrieb-as-acting-prime-minister-state-media-2025-07-02/

2025-08-28 12:17

MOSCOW, Aug 28 (Reuters) - Panama-flagged tanker Star Energy was being loaded at Novatek's terminal at the Baltic Sea port of Ust-Luga, where the company's fuel-producing complex was damaged by fire last week, data from industry sources and LSEG showed on Thursday. Debris from a destroyed Ukrainian drone caused a fire at Novatek's Ust-Luga terminal early on August 24, the regional governor said on his Telegram channel. Sign up here. Operations at the complex and fuel loadings were fully halted on Sunday, Reuters sources added. The Ust-Luga complex, with capacity of 9 million metric tons a year, refines stable gas condensate mainly into light and heavy naphtha. It also produces jet fuel, ship fuel component (fuel oil) and gasoil. LSEG data shows that Star Energy arrived at Novatek's Ust-Luga terminal on August 23. The tanker left the terminal early on August 28 and was moving towards the Suez Canal, shipping data showed. The tanker could have taken on board about 120,000 tons of naphtha produced at Novatek's Ust-Luga complex before the fire, the sources said. Over August 1-23 three tankers loaded a total of nearly 350,000 tons of naphtha at the terminal, signalling Singapore as their destination, LSEG data showed. Reuters sources said previously that Novatek could decrease naphtha exports from Ust-Luga port in September by about 300,000 tons because of the fire at its gas condensate refining complex. https://www.reuters.com/business/energy/tanker-loads-naphtha-novateks-ust-luga-terminal-data-shows-2025-08-28/

2025-08-28 12:00

European storage is at 76% of capacity, likely to reach 90% by October Easing LNG demand in Asia to increase flows to Europe LNG oversupply to grow sharply by 2030 LONDON, Aug 28 (Reuters) - European gas traders have faced a stressful race against the clock in recent summers as they have scrambled to refill depleted gas storage facilities ahead of winter. But with demand in Asian markets sagging, Europe can expect a surge of liquefied natural gas imports over the coming months, giving the continent’s traders and governments a lot more breathing room. Sign up here. Ensuring that European gas supplies were at near-maximum levels before cold weather sets in was once a relatively niche concern, but it became a political imperative after the region sharply reduced pipeline gas imports from Russia following its invasion of Ukraine in 2022. In that year, the EU introduced rules, which have since been eased, requiring storage to reach 90% capacity by November each year, measures that created price distortions, disrupted supply and led to a hectic scramble for supplies. No such rush is expected this year. True, European storage is only at 76% of capacity, or roughly 85 billion cubic metres, as of August 25, according to Gas Infrastructure Europe (GIE) data. That’s down from 92% a year ago and the 10-year average of 80.5%. The region saw LNG imports drop from a yearly peak of around 11 million metric tons in March to an expected 7.4 million tons in August, according to data from analytics firm Kpler, due to weaker regional demand as well as stronger buying from Asia. That is largely a mirror image of Asian LNG imports, which spiked in August at 26 million tons, compared with an annual low of 21 million tons in February. But Asian buying is expected to slow significantly during the rest of 2025 due to high inventories in China and other importing nations, freeing up LNG volumes for Europe. This rise in LNG imports is expected to help offset the reduction in regional supplies resulting from seasonal maintenance work being completed at several Norwegian gas fields through late September. So storage is still set to easily reach 90% by the start of the heating season in October – no scrambling required. SUPPLY BOOM In what is likely welcome news to European governments, the summer LNG storage refilling frenzy is unlikely to return for at least the next five years. Global LNG capacity is set to increase from 550 billion cubic metres last year to 590 bcm this year and to 649 bcm in 2026, before reaching 890 bcm in 2030, according to LSEG estimates. The growth has been driven primarily by the United States, where exports in the first seven months of 2025 have surged by 22% from a year earlier to 83 bcm, according to LSEG data. This reflects the commencement of operations at several large Gulf Coast liquefaction facilities including Venture Global's (VG.N) , opens new tab Plaquemines LNG. While supply is set to largely equal demand this year, the market is expected to see a glut of nearly 50 bcm in 2026 and as much as 200 bcm in 2030, based on current projections. Clearly, such a large supply-demand disparity will lead to curtailments in LNG production, with the United States likely to make the first cuts, given that producers there are more price-sensitive than in other regions. CONSUMER IMPACT European gas prices certainly could fluctuate significantly during the coming winters based on the weather. For example, last winter was significantly colder than the previous two, leading to a large draw in inventories, which put upward pressure on prices. For now, though, the burgeoning oversupply in the market appears to be good news for consumers, who are set to benefit from several years of relatively low LNG prices, which, in turn, could help stimulate industrial activity on the continent. European leaders may also be able to breathe a sigh of relief, as this market dynamic could enable them to successfully pursue their two-pronged goal of reducing reliance on Russian gas supplies while also lowering their voters’ energy bills. Enjoying this column? Check out Reuters Open Interest (ROI), , opens new tabyour essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI , opens new tab can help you keep up. Follow ROI on LinkedIn , opens new tab and X. , opens new tab https://www.reuters.com/markets/commodities/europe-gas-markets-escape-hectic-lng-summer-storage-race-2025-08-28/

2025-08-28 11:52

Fed's Williams signals rate cut is possible Euro resilient despite prospect of French government collapse LONDON/TOKYO, Aug 28 (Reuters) - The dollar fell on Thursday as traders added to bets that the Federal Reserve will cut interest rates next month after New York Fed chief John Williams signalled such a move was possible. The U.S. currency has been under renewed pressure from President Donald Trump's ramped-up campaign to exert more influence over monetary policy, and as he attempted to fire Lisa Cook, one of the Fed's governors. Sign up here. The currency fell against the euro even after France's prime minister on Monday unexpectedly called a confidence vote for next month, which looks likely to result in the fall of his minority government. Williams said in a CNBC interview on Wednesday that it was likely rates can fall at some point but policymakers must see what upcoming data indicate about the economy to decide if a cut at the Fed's September 16-17 meeting is appropriate. Key among data releases before that meeting are the PCE price index on Friday - the Fed's preferred inflation measure - and the monthly payrolls report a week later. Traders currently lay around 84% odds of a quarter-point rate cut next month, and have priced in a cumulative 55 basis points of easing by year-end, according to LSEG data. Trump's push to place hand-picked, dovish-leaning candidates on the central bank's decision-making committee also pulled short-term yields lower, even though his attack on Governor Cook could spark a protracted legal battle after she sued to keep her job. "Short-dated U.S. yields remain near their recent lows, and most would conclude that this week's (attempted) removal of the Fed's Lisa Cook by President Trump is dollar-negative," said Chris Turner, global head of markets at ING. The dollar index , which gauges the currency against six major peers, edged 0.17% lower at 97.952, following two days of declines. The euro was 0.23% higher at $1.1665. Against the yen, the dollar slipped 0.3% to 146.88 yen. Japan's chief trade negotiator Ryosei Akazawa canceled a trip to Washington at the last minute on Thursday, delaying an announcement of the details of Japan's $550 billion investment pledge in the United States as part of a tariff deal. A government spokesperson said the decision was taken after talks with the U.S. side revealed some points that need further discussion "at the administrative level". The dollar slipped to its lowest level against China's offshore yuan since November, last down 0.3% to 7.1275 yuan in offshore trading . https://www.reuters.com/world/middle-east/dollar-edges-lower-september-fed-cut-bets-grow-2025-08-28/

2025-08-28 11:50

LAHORE, Aug 28 (Reuters) - More than one million people have been evacuated from Pakistan's Punjab province due to flooding caused by heavy rain, the provincial disaster authority said on Thursday. Sign up here. https://www.reuters.com/sustainability/climate-energy/more-than-1-mln-people-evacuated-pakistans-punjab-due-floods-2025-08-28/