2025-08-03 23:05
Aug 4 (Reuters) - A handful of independent Chinese oil companies are piling into Iraq, planning multi-billion-dollar projects to develop its vast reserves in a challenge to global and Beijing-backed state majors that dominate output in OPEC's number two producer. Here are details of some of the independent firms' activities in Iraq. Sign up here. UNITED ENERGY GROUP The small Hong Kong-listed company, which produces oil and gas in Pakistan and China's Liaohe oilfield, produces around 120,000 barrels per day of oil in Iraq's block 9, the largest among the independents. UEG won a license last year to explore block Fao in southern Iraq near the Kuwaiti and Iranian borders. The company runs trading desks in Singapore, Dubai and Beijing, managed by former state oil traders. ZHONGMAN PETROLEUM AND NATURAL GAS GROUP Started as an oilfield service company with production assets in China and Kazakhstan, the Shanghai-listed company won licenses last year to explore the East Baghdad (North) block and Middle Euphrates block. Zhongman Petroleum announced in June it would spend $481 million on the two blocks. The company recently entered its first production-sharing contract to develop natural gas in Algeria. GEO-JADE PETROLEUM A consortium led by Geo-Jade agreed in May to invest in the South Basra integrated project that includes ramping up the Tuba oilfield in southern Iraq to 100,000 bpd and building a 200,000-bpd refinery, a rare integrated project won by a Chinese independent. Shanghai-listed Geo-Jade has pledged to invest $848 million, with plans to revive output at the largely mothballed Tuba field to 40,000 bpd by around mid-2027. It also plans to start pumping oil in early 2027 at block Naft Khana in central Iraq, which it won in a 2018 auction, targeting production of 15,000 bpd for 2027. The company is developing the Huwaiza field in Meysan province, aiming to pump 10,000 bpd in the second half of 2027. Geo-Jade also owns small production assets in Kazakhstan and Albania. In 2024 it set up a trading office in Singapore led by a former oil trader at a Chinese state firm. ANTON OILFIELD SERVICES GROUP The Hong Kong-listed company, previously project manager and service provider at Iraq's Majnoon oilfield, became for the first time a project operator last year, winning the license to develop the Dhufriya oilfield in Wasit province in eastern Iraq. https://www.reuters.com/business/energy/chinese-independent-oil-companies-iraq-2025-08-03/
2025-08-03 22:55
Aug 4 (Reuters) - Australia's BlueScope Steel (BSL.AX) , opens new tab said on Monday it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process. The group — comprising Japan’s Nippon Steel (5401.T) , opens new tab, India’s JSW Steel (JSTL.NS) , opens new tab, and South Korea’s POSCO (005490.KS) , opens new tab — brings a combined market value of A$115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets. Sign up here. The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid. Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint A$1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure. Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy. Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment. ($1 = 1.5466 Australian dollars) https://www.reuters.com/business/energy/australias-bluescope-leads-global-steel-giants-push-guptas-whyalla-plant-2025-08-03/
2025-08-03 22:39
SINGAPORE, Aug 4 (Reuters) - Oil prices slipped in early Asian trade on Monday after OPEC+ agreed to another large production hike in September. Brent crude futures fell 43 cents, or 0.62%, to $69.24 a barrel by 2218 GMT while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday. Sign up here. OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. The move marks a full and early reversal of OPEC+'s largest tranche of output cuts, plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4% of world demand. In a statement following the meeting, OPEC+ cited a healthy economy and low stocks as reasons behind its decision. "The actual increases since April have been smaller than the headline number and are primarily composed of barrels from Saudi Arabia and the UAE (United Arab Emirates)," RBC Capital Markets analyst Helima Croft said in a note. "The bet that the market could absorb the additional barrels seems to have paid off for the holders of spare capacity this summer, with prices not that far off from pre-tariff Liberation Day levels." https://www.reuters.com/business/energy/oil-slips-after-opec-agrees-hike-output-september-2025-08-03/
2025-08-03 21:00
WASHINGTON, Aug 3 (Reuters) - A top aide to President Donald Trump on Sunday accused India of effectively financing Russia's war in Ukraine by purchasing oil from Moscow, after the U.S. leader escalated pressure on New Delhi to stop buying Russian oil. "What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia," said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides. Sign up here. Miller's criticism was some of the strongest yet by the Trump administration about one of the United States' major partners in the Indo-Pacific. "People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact," Miller said on Fox News' "Sunday Morning Futures." The Indian Embassy in Washington did not immediately respond to a request for comment. Indian government sources told Reuters on Saturday that New Delhi will keep purchasing oil from Moscow despite U.S. threats. A 25% tariff on Indian products went into effect on Friday as a result of its purchase of military equipment and energy from Russia. Trump has also threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Miller tempered his criticism by noting Trump's relationship with Indian Prime Minister Narendra Modi, which he described as "tremendous." https://www.reuters.com/world/india/top-trump-aide-accuses-india-financing-russias-war-ukraine-2025-08-03/
2025-08-03 20:45
Total of six people dead from mine collapse Prosecutor announces death of final missing worker SANTIAGO, Aug 3 (Reuters) - All five trapped workers at Codelco's El Teniente copper mine have been found dead, a regional prosecutor said on Sunday, after rescue teams cleared more than two dozen meters (78 feet) of underground passages that collapsed in a strong tremor last week. Prosecutor Aquiles Cubillo of the O'Higgins region said on Sunday afternoon that the body of the fifth trapped worker had been found. Sign up here. The latest fatality brings the total death toll from the accident to six, including one person who died at the time of the incident on Thursday evening. Codelco discovered the first trapped worker on Saturday and another three on Sunday. It has not yet commented on the final worker. https://www.reuters.com/world/americas/all-five-trapped-workers-chiles-codelco-mine-found-dead-2025-08-03/
2025-08-03 20:21
Israel says 4 UN fuel trucks bring fuel to help run hospitals, bakeries and other key services Gaza gravely short of fuel and food since Israel curbed deliveries months ago to pressure war foe Hamas Six more Palestinians die of starvation or malnutrition in past 24 hours, raising toll to 175, Gaza health ministry says Israeli fire kills at least 80 people in Gaza on Sunday, some while trying to reach aid hubs, medics say CAIRO, Aug 3 (Reuters) - Hamas said on Sunday it was prepared to coordinate with the Red Cross to deliver aid to hostages it holds in Gaza, if Israel meets certain conditions, after a video it released showing an emaciated captive drew sharp criticism from Western powers. Hamas said any coordination with the Red Cross is contingent upon Israel permanently opening humanitarian corridors and halting airstrikes during the distribution of aid. Sign up here. According to Israeli officials, 50 hostages now remain in Gaza, only 20 of whom are believed to be alive. Hamas, thus far, has barred humanitarian organizations from having any kind of access to the hostages and families have little or no details of their conditions. On Saturday, Hamas released its second video in two days of Israeli hostage Evyatar David. In it, David, skeletally thin, is shown digging a hole that, he says in the video, is for his own grave. The arm of the individual holding the camera, which can be seen in the frame, is a regular width. The video of David drew criticism from Western powers and horrified Israelis. France, Germany, the UK and the U.S. were among countries to express outrage and Israel's foreign ministry announced that the UN Security Council will hold a special session on Tuesday morning on the issue of the situation of the hostages in Gaza. Israeli Prime Minister Benjamin Netanyahu said on Sunday he had asked the Red Cross to give humanitarian assistance to the hostages during a conversation with the head of the Swiss-based ICRC's local delegation. A statement from The Hostages Families Forum, which represents relatives of those being held in Gaza, said Hamas' comments about the hostages cannot hide that it "has been holding innocent people in impossible conditions for over 660 days," and demanded their immediate release. "Until their release," said the statement, "Hamas has the obligation to provide them with everything they need. Hamas kidnapped them and they must care for them. Every hostage who dies will be on Hamas's hands." Six more people died of starvation or malnutrition in Gaza over the past 24 hours, its health ministry said on Sunday as Israel said it allowed a delivery of fuel to the enclave, in the throes of a humanitarian disaster after almost two years of war. The new deaths raised the toll of those dying from what international humanitarian agencies say may be an unfolding famine to 175, including 93 children, since the war began, the ministry said. Egypt's state-affiliated Al Qahera News TV said two trucks carrying 107 tons of diesel were set to enter Gaza, months after Israel severely restricted aid access to the enclave before easing it somewhat as starvation began to spread. COGAT, the Israeli military agency that coordinates aid, said later in the day that four tankers of U.N. fuel had entered to help in operations of hospitals, bakeries, public kitchens and other essential services. There was no immediate confirmation whether the two diesel fuel trucks had entered Gaza from Egypt. Gaza's health ministry has said fuel shortages have severely impaired hospital services, forcing doctors to focus on treating only critically ill or injured patients. Fuel shipments have been rare since March, when Israel restricted the flow of aid into the enclave in what it said was pressure on Hamas militants to free the remaining hostages they took in their October 2023 attack on Israel. Israel blames Hamas for the suffering in Gaza but, in response to a rising international uproar, it announced steps last week to let more aid reach the population, including pausing fighting for part of the day in some areas, approving air drops and announcing protected routes for aid convoys. U.N. agencies say airdrops are insufficient and that Israel must let in far more aid by land and open up access to the territory to prevent starvation among its 2.2 million people, most of whom are displaced amidst vast swathes of rubble. COGAT said that during the past week over 23,000 tons of humanitarian aid in 1,200 trucks had entered Gaza but that hundreds of the trucks had yet to be driven to aid distribution hubs by U.N. and other international organisations. Meanwhile, Belgium's air force dropped the first in a series of its aid packages into Gaza on Sunday in a joint operation with Jordan, the Belgian defence ministry said. France on Friday started to air-drop 40 tons of humanitarian aid. LOOTED AID TRUCKS The Hamas-run Gaza government media office said on Sunday that nearly 1,600 aid trucks had arrived since Israel eased restrictions late in July. However, witnesses and Hamas sources said many of those trucks have been looted by desperate displaced people and armed gangs. More than 700 trucks of fuel entered the Gaza Strip in January and February during a ceasefire before Israel broke it in March in a dispute over terms for extending it and resumed its major offensive. Palestinian local health authorities said at least 80 people had been killed by Israeli gunfire and airstrikes across the coastal enclave on Sunday. Deaths included persons trying to make their way to aid distribution points in southern and central areas of Gaza, Palestinian medics said. Among those killed was a staff member of the Palestinian Red Crescent Society, which said an Israeli strike at its headquarters in Khan Younis in southern Gaza ignited a fire on the first floor of the building. The Gaza war began when Hamas killed more than 1,200 people and took 251 hostage in a cross-border attack on southern Israel on October 7, 2023, according to Israeli figures. Israel's air and ground war in densely populated Gaza has since killed more than 60,000 Palestinians, according to enclave health officials. https://www.reuters.com/world/middle-east/hamas-says-it-will-allow-aid-hostages-if-israel-halts-airstrikes-opens-permanent-2025-08-04/
