2025-10-21 12:33

LISBON, Oct 21 (Reuters) - Portugal's Galp (GALP.LS) , opens new tab is in advanced talks with several oil majors to sell a 40% stake in its promising offshore Mopane field in Namibia and expects to choose a partner by the end of the year, Executive Board Member Nuno Bastos said on Tuesday. The Mopane field has estimated reserves of at least 10 billion barrels and Galp is seeking to sell half of its 80% stake to a company that would become its operator. Sign up here. "The interest is huge", Bastos said, adding that Galp wanted "a partner that accelerates the development of Mopane as fast as possible ... to get the first oil". LOOKING FOR OTHER OPPORTUNITIES AS WELL "It's critical to understand who is the best partner. There are talks with several major potential partners in Namibia, they are certainly advanced and we expect to have a partner by the end of the year," he told reporters, without naming any of the companies involved. The first oil from Mopane is not expected before 2031 or 2032, he said, and in the meantime Galp is also looking for new opportunities, particularly in Brazil, and Sao Tome and Principe. Galp's oil and gas production is concentrated in Brazil and it expects to produce on average 105,000-110,000 barrels of oil equivalent per day there in 2025 through a 70%-30% joint venture with China's Sinopec (600028.SS) , opens new tab, , which has stakes in several projects. The JV owns 20% of the Bacalhau field in the Santos Basin, which has recoverable reserves exceeding one billion barrels. Bacalhau last week began its first oil production through a floating production, storage, and offloading vessel with a capacity to pump up to 220,000 barrels per day. Bastos said Bacalhau would add 400 million euros ($466 million) of annual cash flow to Galp, "sustaining it over the next 15 to 20 years". ($1 = 0.8575 euros) https://www.reuters.com/business/energy/portugals-galp-advanced-talks-choose-partner-mopane-this-year-2025-10-21/

2025-10-21 12:29

Fire broke out at crude distillation unit overnight MOL says no sign of external tampering MOL assessing refinery damage caused by fire Will consider need to tap strategic stockpiles -MOL BUDAPEST, Oct 21 (Reuters) - Hungarian oil and gas company MOL (MOLB.BU) , opens new tab was gradually restarting units at its Danube refinery following a late Monday fire at one of the plant's crude units, the company said on Tuesday. By midday, the fire was contained and largely put out and there were no injuries, MOL said, with its executive saying there was no evidence of foul play. Sign up here. "We have seen no signs that any external tampering played a role in the outbreak of the fire," Krisztian Pulay, downstream production and development senior vice president at MOL told a news briefing, without elaborating on the cause of the fire. He also said the company had no estimate yet of how it could affect production and would begin assessing the damage in the next 24 hours. The refinery, which has a capacity of 165,000 barrels of crude oil daily, according to MOL's website, largely processes Russian crude delivered via the Druzhba pipeline. It effectively covers Hungary's domestic demand for oil products, International Energy Agency's data shows. The AV3 unit, which sustained the fire, processes over 40% of the refinery's crude intake according to LSEG data. MOL TO CONSIDER TAPPING STRATEGIC RESERVES Hungary's fuel supply was secured, and the company will focus on the domestic market in the immediate future and consider the use of strategic reserves if needed, MOL said in a separate statement on Tuesday. MOL's shares were down 1.5% at 1034 GMT. The fire could disrupt the refinery's production for months, said Tamas Pletser, a regional energy analyst at Erste Investment in Budapest, likely forcing MOL to increase fuel imports or temporarily use Hungary's strategic reserves. At the end of September, Hungary had enough crude and petroleum product reserves to cover 96 days, according to data on the Hungarian Hydrocarbon Stockpiling Association's website. The fire may also affect Hungary's fuel supply to Serbia. Budapest said earlier this month that MOL would increase deliveries to Serbia after the United States imposed sanctions on its Russian-owned NIS refinery. Prime Minister Viktor Orban said that he had discussed the fire with MOL's leadership. "We will investigate the circumstances of the fire at the Szazhalombatta oil refinery with the utmost rigour," Orban wrote in a post on Facebook. https://www.reuters.com/business/energy/mol-says-restarting-units-danube-refinery-not-affected-by-fire-probe-ongoing-2025-10-21/

2025-10-21 12:24

Rebels looted 500 kg of gold from Congo's Twangiza Mining since May Miner to petition international arbitration bodies M23 rebels seized the mine in May DAKAR, Oct 21 (Reuters) - Rebels occupying Twangiza Mining's gold concession in eastern Democratic Republic of Congo (DRC) have looted at least 500 kilograms of bullion since May, the company told Reuters, accusing some of its own employees of aiding the theft. At current prices, the looted gold is worth around $70 million. Sign up here. The mine is located in South Kivu province, where Rwandan-backed M23 rebels staged a lightning offensive this year that allowed them to seize more territory than ever before. They seized the mine in May. "With the help of some employees, they transported the first batch of more than 50 kg of gold out in a very short time," Twangiza Mining said on Monday in a written response to Reuters' queries about losses since M23 seized the mine. "Since the occupation, they have obtained at least 500kg of gold and secretly transported it through underground channels," the company said. M23 did not immediately respond to a request for comment. Twangiza Mining, which is headquartered in Congo and describes itself as a Chinese firm, said it lost over 100 kg of gold a month since the takeover, in addition to $5 million worth of equipment and materials. The company is preparing to file a formal complaint with international arbitration and Congolese authorities, and has declared force majeure, it said. It accused the rebels of expelling residents, demolishing churches and using Rwandan technicians to extract geological data to resume and expand mining. "There are more than 150 workers left on site. We cannot get in touch with them," the company said. The Rwandan government did not immediately respond to a request for comment. A drone strike on October 15 destroyed power generation infrastructure at the mine. It is not clear who was responsible for the drone strike. Fighting in eastern Congo has killed thousands of people and displaced hundreds of thousands this year. Armed groups have seized several mining sites in the mineral-rich eastern Congo, according to U.N. investigators. A U.N. Security Council briefing last year said M23 rebels were earning around $300,000 monthly from mineral taxes in the coltan-rich Rubaya region. U.S. President Donald Trump brokered a peace deal between Congo and Rwanda in June as part of an effort to stabilise eastern Congo and bring in Western mining investments. Rwanda has consistently denied backing M23 rebels, despite repeated allegations from U.N. experts and regional governments. Qatar has been hosting direct talks between Congo and M23. The two sides missed an August deadline for a peace deal as part of that process but on October 14, they agreed to a monitoring mechanism for an eventual ceasefire. https://www.reuters.com/world/africa/m23-rebels-loot-70-million-worth-gold-congo-mine-since-may-company-says-2025-10-21/

2025-10-21 12:19

China controls 70% rare-earth mining, 85% refining Rare-earth-free motors are years from mass production China pricing undermines new rare-earth mines abroad LONDON/BERLIN, Oct 21 (Reuters) - Global automakers are scouring the globe for crucial rare earths ahead of looming Chinese export controls, with executives worried they could lead to parts shortages and plant closures. Rare earth magnets power motors in car parts such as side mirrors, speakers, oil pumps, windshield wipers and fuel leakage and braking sensors. They play an even bigger role in EVs. Sign up here. While a U.S.-China deal diverted a supply threat, stockpiles were depleted by similar restrictions earlier this year, while Beijing has also made it harder to get export licenses. China has since dramatically expanded export curbs, with companies facing global supply shortages. Consultancy AlixPartners estimates China controls up to 70% of global rare-earths mining, 85% of refining capacity and about 90% of rare-earths metal alloy and magnet production. The new Chinese export control list includes elements like ytterbium, holmium and europium, also used in making cars. "The situation is very tense," said Nadine Rajner, CEO of German metal-powder supplier NMD, adding customers want to source rare earths from anywhere but China. As part of efforts to counter Chinese dominance, on Monday President Donald Trump and Australian Prime Minister Anthony signed a critical minerals agreement that includes U.S. investments in rare earth mining projects in Australia. NMD's Rajner said that while there are plenty of rare earths available in countries like Sweden, they do not have the mines or refining capacity to make them usable. And for heavy rare earths, China controls 99.8% of global refining capacity, making alternative sources negligible. "We are pretty much sold out and have limited stocks," Rajner said. Rare earths can be recycled from old cars, but that industry is in its infancy. Neutral, a Renault-backed company, currently recycles rare earths from 400,000 cars a year in France and has contracts with 15 brands in Europe. But "the challenge is scaling up these activities," said Neutral CEO Jean-Philippe Bahuaud. 'ALREADY BEEN DEPLETED' Even if Chinese suppliers can fulfil fresh orders before the November 8 export controls take effect, the journey by sea to Europe can take 45 days and the threat of a rare earth bottleneck is among several headaches facing the auto industry. China has also placed export restrictions on lithium-ion batteries and battery materials, triggering concerns over parts supplies for electric vehicles. And last week, an intellectual-property dispute between China and the Netherlands involving little-known Dutch chip-maker Nexperia, sparked fears of factory closures because it supplies a large amount of chips car parts and components. Automakers also face the challenge of U.S. tariffs and are expected to detail the costs in their third-quarter earnings. But China's hold over the industry through its control of rare earths ranks among the thorniest problems. "They can shut us down in two months, the entire auto industry," said Ryan Grimm, Toyota Motor's (7203.T) , opens new tab North America group vice president of purchasing supplier development. Bruno Gahery, president for France, Benelux, West and South Europe at supplier Bosch (ROBG.UL), said he expected the autos industry to "overstock rare earths" ahead of the deadline. But an executive at a magnet supplier for Hyundai (005380.KS) , opens new tab said that while it built inventories earlier this year, "most have already been depleted" and supplies are tight. Some Chinese rare earths exporters received a rush of orders from overseas clients immediately after new export controls were announced on October 9, three industry sources told Reuters. RARE EARTH FREE MOTORS Automakers are taking steps to reduce their reliance. Some such as General Motors (GM.N) , opens new tab and major suppliers such as ZF (ZFF.UL) and BorgWarner (BWA.N) , opens new tab are developing EV motors with low-to-zero rare-earth content, while BMW (BMWG.DE) , opens new tab and Renault (RENA.PA) , opens new tab have produced rare earth-free motors. Monumo has used AI and deep-tech simulation to help clients cut rare earth content in motors already in production, which CEO Dominic Vergine said has led to an average reduction of 24% among the UK firm's customers, which include several of the world's top 10 carmakers, he said. Automakers are also pushing hard to improve rare earth-free motors for the next generation of EVs. Yet most of those motors are years away, as are efforts to develop new rare earth mines and processing plants outside China, which Beijing can undermine by keeping prices low, industry experts say. Experts say the U.S government is taking the threat far more seriously than Europe. Andy Leyland, co-founder of supply chain specialist SC Insights, said Beijing has focused on beating others on price and will continue to do so. "The Chinese can always undercut them," he said of efforts to develop rare-earth free motors, adding that faced with cheaper motors with rare earth magnets automakers may find it hard to justify more expensive components. "So it's a really risky investment." Meanwhile, China is expected to keep exerting its power over supplies of rare earths. "This is not the end of export controls," said Jan Giese, a senior manager at rare-earth trader Tradium. https://www.reuters.com/business/autos-transportation/concerned-carmakers-race-beat-chinas-rare-earths-deadline-2025-10-21/

2025-10-21 12:04

Oct 21 (Reuters) - Kuwait's Ministry of Public Works has signed a contract with Turkish construction company Kuzu to build a wastewater treatment plant and its related works for the South Al-Mutlaa city project, it said on Tuesday. The contract, valued at 149.6 million dinars ($488.9 million), will use a hybrid system combining conventional and renewable energy sources, ministry spokesperson Ahmed Alsaleh told Reuters. Sign up here. The signing of the contract coincides with a visit by Turkish President Tayyip Erdogan to Kuwait, during which he will hold talks with the Emir and sign agreements covering the defence industries, energy, investment, and trade. The plant will serve residents of the Al-Mutlaa city development and produce around 400,000 cubic metres of tertiary-treated water per day for agricultural and other uses, the ministry said in a statement. The Al-Mutlaa city project is located in northern Kuwait, about 40 km from Kuwait City, and includes more than 28,000 housing units. Under the contract, the Turkish company will "build, operate, and maintain" the treatment plant. ($1 = 0.3060 Kuwaiti dinars) https://www.reuters.com/sustainability/climate-energy/kuwait-signs-500-million-wastewater-treatment-plant-deal-with-turkeys-kuzu-2025-10-21/

2025-10-21 11:56

MADRID, Oct 21 (Reuters) - Spain has imposed a temporary ban on exports of live cattle following an outbreak of the highly-contagious lumpy skin disease, Agriculture Minister Luis Planas told reporters on Tuesday. Lumpy skin disease is a virus spread by insects that affects cattle and buffalo, causing blisters and reducing milk production. It does not pose a risk to humans but often leads to trade restrictions and severe economic losses. Sign up here. "We have temporarily suspended exports of live animals to prevent the spread of the disease; France has done the same," Planas said. France imposed a similar ban on cattle exports and events such as bullfighting on Friday. The Spanish outbreak was detected on a farm with 123 dairy heifers near Girona in the northeast, after three animals showed symptoms on October 1. https://www.reuters.com/business/healthcare-pharmaceuticals/spain-bans-live-cattle-exports-over-lumpy-skin-disease-outbreak-2025-10-21/