2025-07-21 07:22
Albert Manifold to succeed Helge Lund as BP chairman in October Lund re-elected with reduced support in April Appointment comes as BP navigates major strategy shift July 21 (Reuters) - BP (BP.L) , opens new tab named Albert Manifold, the former boss of building materials producer CRH (CRH.N) , opens new tab, as its new chairman on Monday, as it looks to address investor concerns about its strategy and weak share performance. Manifold, who has not previously held a senior position in the energy sector, will succeed Helge Lund from October as BP navigates a major strategy revamp under persistent takeover and break-up speculation. During his tenure at CRH, its shares soared nearly fivefold. Sign up here. "(Manifold's) impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP's next chapter," said Amanda Blanc, BP's senior independent director, who led the succession process on behalf of the board. Under his 11-year stint as CEO of CRH, the Irish company reshaped its portfolio by buying and selling assets and moved its primary listing to New York in 2023. BP's shares rose 0.5% to 402.05 pence in early London trading. Norwegian national Lund, 62, who has been BP's chair since 2019, fell out of favour with investors after he backed ex-CEO Bernard Looney's ill-fated foray into renewables. He was re-elected in April with sharply reduced support after coming under pressure from activist investor Elliott Management and criticism from climate-focused shareholders. BP said in April that Lund intends to exit the firm, "likely" in 2026. Sam Laidlaw, the former chief executive of British Gas owner Centrica (CNA.L) , opens new tab and Ken MacKenzie, retired chair of mining group BHP (BHP.AX) , opens new tab, were also reportedly approached to succeed Lund. https://www.reuters.com/business/bp-appoints-albert-manifold-chairman-amid-strategy-revamp-2025-07-21/
2025-07-21 07:19
ANKARA, July 21 (Reuters) - The under-utilisation of an oil pipeline between Iraq and Turkey is unfortunate and Ankara wants a "new and vibrant phase" in the matter to benefit both parties and the region, a senior Turkish official told Reuters on Monday. In a presidential decision published in the Official Gazette earlier on Monday, Ankara said the Turkey-Iraq Crude Oil Pipeline Agreement - agreed by Turkey's government in 1973 and put into effect in 1975 - and all subsequent protocols or memorandums will be halted from July 27, 2026. Sign up here. The official said the pipeline had the potential to become a "highly active and strategic pipeline for the region", and added Turkey had invested heavily in its maintenance, while repeatedly noting its importance for regional projects like the Development Road - a planned trade route involving Turkey and Iraq. "A new and vibrant phase for the Iraq-Turkey Pipeline will benefit both countries and the region as a whole," the person said. https://www.reuters.com/business/energy/turkey-wants-new-vibrant-phase-iraq-turkey-oil-pipeline-official-says-2025-07-21/
2025-07-21 07:07
EU sanctions target Russian crude supply, impact uncertain Iran nuclear talks for Friday may affect oil market dynamics U.S. tariffs on EU imports could influence oil demand SINGAPORE/BEIJING, July 21 (Reuters) - Oil prices were little changed on Monday as traders assess the impact of new European sanctions on Russian oil supplies while they also worry about tariffs possibly weakening fuel demand as Middle East producers are raising output. Brent crude futures dropped 10 cents to $69.18 a barrel by 0655 GMT after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was at $67.33 a barrel, down 1 cent, following a 0.30% decline in the previous session. Sign up here. The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees a peace deal in 50 days. ING analysts said the lack of reaction showed the oil market is not convinced by the effectiveness of these sanctions. "However, the part of the package likely to have the biggest market impact is the EU imposing an import ban on refined oil products processed from Russian oil in third countries," the analysts led by Warren Patterson said. "But clearly, it will be challenging to monitor crude oil inputs into refineries in these countries and, as a result, enforce the ban." Iran, another sanctioned oil producer, is due to hold nuclear talks in Istanbul with Britain, France and Germany on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, although U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc. "U.S. tariff concerns will continue to weigh in the lead up to August 1 deadline, while some support may come from oil inventory data if it shows tight supply," IG market analyst Tony Sycamore said. "It feels very much like a $64-$70 range in play for the week ahead." Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war. https://www.reuters.com/business/energy/oil-prices-little-changed-investors-eye-impact-new-sanctions-russia-2025-07-21/
2025-07-21 07:03
ECB policy meeting due on July 24 Japan's government loses upper house control Palladium up more than 1% July 21 (Reuters) - Gold prices climbed on Monday, supported by a weaker dollar as investors monitored developments in U.S. trade talks and awaited potential market-moving catalysts, including the Federal Reserve's policy meeting scheduled for next week. Spot gold was up 0.6% at $3,369.02 per ounce, as of 0654 GMT. U.S. gold futures rose 0.5% to $3,376.40. Sign up here. "Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large," KCM Trade Chief Market Analyst Tim Waterer said. "The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the $3,400 level and perhaps beyond." The dollar index (.DXY) , opens new tab weakened 0.2% against its rivals, making gold less expensive for other currency holders. Investors are eyeing developments in trade negotiations ahead of U.S. President Donald Trump's August 1 deadline, as U.S. Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union. Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, reports said. At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts. Last week, Federal Reserve Governor Christopher Waller said he still believes that the U.S. central bank should cut rates at its policy meeting next week. Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the U.S. tariff deadline looms. Elsewhere, spot silver gained 0.4% to $38.33 per ounce, platinum added 1.1% to $1,437.53 and palladium climbed 1.3% to $1,256.98. https://www.reuters.com/world/china/gold-gains-softer-dollar-investors-await-us-trade-updates-2025-07-21/
2025-07-21 06:50
COPENHAGEN, July 21 (Reuters) - Vaar Energi (VAR.OL) , opens new tab has discovered oil and gas at the Vidsyn prospect in the Norwegian Sea, the Norwegian oil company said on Monday. Preliminary estimates indicate that the discovery holds recoverable reserves of between 25 million and 40 million barrels of oil equivalent, Vaar said in a statement. Sign up here. The company said it will evaluate the discovery and consider development as a tie-in to the existing Fenja oil and gas field. "Together with Vaar Energi, we will work hard to put it into production faster than is the norm in Norway," Bijan Mossavar-Rahmani, chairman of DNO (DNO.OL) , opens new tab, which owns a 7.5% stake in the field, said in a separate statement. Vaar Energi owns 75% of the exploration permit, while Sval Energi holds the remaining 17.5%. https://www.reuters.com/business/energy/norways-vaar-energi-makes-oil-gas-discovery-norwegian-sea-2025-07-21/
2025-07-21 06:43
Hydro project located on Yarlung Zangbo in Tibet Project to dwarf Three Gorges Dam on Yangtze River Start of construction fuels surge in engineering, related shares in stock market India, Bangladesh have expressed concern about the dam's impact HONG KONG/SHANGHAI, July 21 (Reuters) - China's Premier Li Qiang announced construction had begun on what will be the world's largest hydropower dam, on the eastern rim of the Tibetan Plateau, at an estimated cost of at least $170 billion, the official Xinhua news agency said. Commencement of the hydropower project, China's most ambitious since the Three Gorges Dam on the Yangtze, was seized by Chinese markets as proof of economic stimulus, sending stock prices and bond yields higher on Monday. Sign up here. Made up of five cascade hydropower stations with the capacity to produce 300 billion kilowatt-hours of electricity annually, equal to the amount of electricity consumed by Britain last year, the dam will be located in the lower reaches of the Yarlung Zangbo. A section of the river tumbles 2,000 metres (6,561 feet) in a span of 50km (31 miles), offering huge hydropower potential. India and Bangladesh have already raised concerns about its possible impact on the millions of people downstream, while NGOs warned of the risk to one of the richest and most diverse environments on the plateau. Beijing has said the dam will help meet power demand in Tibet and the rest of China without having a major effect on downstream water supplies or the environment. Operations are expected sometime in the 2030s. China's CSI Construction & Engineering Index (.CSI399995) , opens new tab jumped as much as 4% to a seven-month high. Power Construction Corporation of China (601669.SS) , opens new tab and Arcplus Group PLC (600629.SS) , opens new tab surged by their 10% daily limit. "From an investment perspective, mature hydropower projects offer bond-like dividends," Wang Zhuo, partner of Shanghai Zhuozhu Investment Management said, while cautioning that speculative buying into related stocks would inflate valuations. The project will drive demand for construction and building materials such as cement and civil explosives, Huatai Securities said in a note to clients. Shares of Beijing-listed Hunan Wuxin Tunnel Intelligent Equipment Co (835174.BJE) , opens new tab, which sells tunnel construction equipment, surged 30%. So did shares of Geokang Technologies Co Ltd (830879.BJE) , opens new tab, which makes intelligent monitoring terminals. Cement maker Xizang Tianlu Co Ltd (600326.SS) , opens new tab and Tibet GaoZheng Explosive Co (002827.SZ) , opens new tab, producer of civil explosive materials, both jumped their maximum 10%. BROADER IMPACT The Chinese premier described the dam as a "project of the century" and said special emphasis "must be placed on ecological conservation to prevent environmental damage," Xinhua said on Saturday. Government bond yields rose across the board on Monday, with the most-traded 30-year treasury futures falling to five-week lows, as investors interpreted the news as part of China's economic stimulus. The project, overseen by the newly formed state-owned China Yajiang Group, marks a major boost in public investment to help bolster economic growth as current drivers show signs of faltering. "Assuming 10 years of construction, the investment/GDP boost could reach 120 billion yuan ($16.7 billion) for a single year," said Citi in a note. "The actual economic benefits could go beyond that." China has not given an estimate on the number of jobs the project could create. The Three Gorges, which took almost two decades to complete, generated nearly a million jobs, state media reported, though it displaced at least a similar number of people. Authorities have not indicated how many people would be displaced by the Yarlung Zangbo project. The Yarlung Zangbo becomes the Brahmaputra River as it leaves Tibet and flows south into India and finally into Bangladesh. NGOs say the dam will irreversibly harm the Tibetan Plateau and hit millions of people downstream. The chief minister of Arunachal Pradesh, Pema Khandu, said earlier this year that such a colossal dam barely 50km from the border could dry out 80% of the river passing through the Indian state while potentially inundating downstream areas in Arunachal and neighbouring Assam state. Some experts also express concerns for a project in a seismically active zone. ($1 = 7.1788 Chinese yuan) https://www.reuters.com/sustainability/climate-energy/china-embarks-worlds-largest-hydropower-dam-capital-markets-cheer-2025-07-21/
