2025-10-06 11:50
NEW DELHI, Oct 6 (Reuters) - There is enough supply of Russian oil for Indian refiners in the market as Ukraine's attacks on Russia's energy facilities have reduced its refining capacity and made more crude available, a government official told Reuters on Monday. U.S. President Donald Trump has demanded India stop buying Russian oil, and Washington doubled tariffs to as much as 50% on U.S. imports from India when it refused to comply. Sign up here. But Indian refiners continue to buy Russian oil, said the official, who did not wish to be identified due to the sensitivity of the issue. India is the top buyer of Russian seaborne oil, sold at a discount after some Western nations shunned purchases and imposed sanctions on Moscow for its invasion of Ukraine. Discounts for Russian Urals crude delivered to India have, however, narrowed to about $2-2.50 per barrel below dated Brent for November loading, trade sources said, from discounts of $20–$25 per barrel when the war began in February 2022. Ukrainian attacks on refineries and export pipelines have reduced Russian oil refining by almost a fifth on certain days and cut exports from key ports, pushing Moscow close to reducing its oil production. Russia's refinery outages in September surpassed , opens new tab those in August, due to Ukraine's drone attacks . Indian refiners are also looking at buying more oil and liquefied petroleum gas from the United States, the first source said, adding that this would depend on the outcome of New Delhi's trade negotiations with Washington. https://www.reuters.com/business/energy/enough-russian-oil-available-market-indian-refiners-government-source-says-2025-10-06/
2025-10-06 11:40
Oct 6 (Reuters) - French investment firm Ardian is acquiring one of Ireland's largest energy utilities Energia Group from I Squared Capital, the companies said in a statement on Monday, in a bet on a power supplier poised to serve the booming AI industry. The deal will value Energia at over 2.5 billion euros ($2.93 billion), the Financial Times, which first reported the deal, said citing people familiar with the matter. The companies did not disclose the financial details of the transaction. Sign up here. I Squared Capital acquired the company in 2016 for 1 billion euros. The deal underscores surging investor interest in data centres that cater to the booming market for AI tools and power their growing adoption across the globe. Ireland in particular has become a global hub for data centres and new technology, which grid operator EirGrid predicts will account for 31% of the country's electricity demand by 2030, up from around 20% today. “Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure," Ian Thom, CEO of Energia, said in a statement. Ardian managing director William Briggs said the Irish utility was well placed to benefit from that trend. “Energia is at the forefront of the convergence between energy utilities and digital infrastructure," he said in a statement. Energia also said on Monday it has agreed to partner in the development of a 165-megawatt data centre in Dublin, without disclosing any further details. Energia owns and operates wind farms and gas-fired power plants in Ireland capable of generating around 17% of the country's total electricity demand. ($1 = 0.8540 euros) https://www.reuters.com/business/energy/ardian-acquires-29-billion-irish-utility-energia-ft-says-2025-10-06/
2025-10-06 11:39
WARSAW, Oct 6 (Reuters) - A Polish court ruled on Monday that the Ukrainian diver wanted by Germany over his alleged involvement in explosions which damaged the Nord Stream gas pipeline must remain in custody for another 40 days, his lawyer said. Volodymyr Z. was detained near Warsaw last Tuesday and the court decided he would be kept in custody for seven days. The court decided on Monday to extend his detention while a decision is made on whether to transfer him to Germany based on a European arrest warrant. Sign up here. Described by both Moscow and the West as an act of sabotage, the explosions marked an escalation in the Ukraine conflict and squeezed energy supplies. No one has taken responsibility for the blasts and Ukraine has denied any role. Another Ukrainian man suspected of coordinating the attacks was arrested in Italy in August and has planned to fight extradition to Germany. "The court rejected the prosecutor's request for a 100-day pre-trial detention, instead ordering it for 40 days," Volodymyr Z.'s lawyer Tymoteusz Paprocki told journalists. Paprocki said previously that his client had done nothing wrong and would plead not guilty. A court spokesperson said he would remain in custody until November 9. Germany's top prosecutors' office said in an earlier statement that the diver was one of a group of people who were suspected of renting a sailing yacht and planting explosives on the pipelines, which run from Russia to Germany, near the Danish island of Bornholm in September 2022. He faces accusations of conspiring to commit an explosives attack and of "anti-constitutional sabotage", the German prosecutors added. https://www.reuters.com/world/europe/polish-court-extends-custody-ukrainian-wanted-nord-stream-case-2025-10-06/
2025-10-06 11:26
DUBAI, Oct 6 (Reuters) - A new discovery in the Pazan gas field in southern Iran has been made with 10 trillion cubic feet of natural gas, Oil Minister Mohsen Paknejad said on Monday according to his ministry's news outlet Shana. Iran holds the world's second largest natural gas reserves, but most of its production is consumed domestically or lost to flaring, and the country faces a gas imbalance during high demand months. Sign up here. "This field has 10 trillion cubic feet of gas, and if we consider a 70% recovery rate we can reach 7 trillion cubic feet," Paknejad said, adding that the new reserves could help cover Iran's existing imbalances in the coming years. Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it would take 40 months before extraction can begin. https://www.reuters.com/business/energy/iran-adds-10-trillion-cubic-feet-gas-its-reserves-2025-10-06/
2025-10-06 11:22
LNG now covers half of EU gas needs EU dependency on US LNG set to rise further LNG prices more volatile than pipeline gas EU gas storage levels drop to four-year low Oct 6 (Reuters) - Europe will need to import up to 160 additional liquefied natural gas cargoes this winter due to lower storage and a decline in pipeline flows from Russia and Algeria, according to analysts and data, deepening its dependency on U.S. gas. LNG imports will jump to 820 tankers this year from 660 last year, representing 48% of all EU gas supply, with analysts forecasting need for around 16 billion cubic meters (bcm) this winter. Sign up here. A decade ago, LNG covered only 10% of EU gas needs, and the share stood at 23% in 2021 before Russia invaded Ukraine and the bloc cut Russian pipeline imports. The typical modern LNG cargo vessel has a capacity of around 0.1 bcm. U.S. LNG exports saved Europe from a deeper gas crisis in 2022, but that growing reliance has created unease as the Trump administration hit trading partners, including the EU, with tariffs this year. The United States will supply around 70% of Europe's LNG in 2026-2029, up from 58% so far this year, as the EU plans to ban Russian LNG from 2027 and Russian gas from 2028, Energy Aspects analysts said. U.S. gas production and export capacity are surging, while growth from other suppliers will be limited, they said. "Our dependency on the U.S. will grow," said an executive at a major European utility, speaking on condition of anonymity, citing limited options to buy gas elsewhere. Imports from Algeria have fallen. And Europe's top domestic supplier, Norway, also faces a gradual production decline. Prices of long-term gas pipeline imports are generally less volatile than spot LNG prices. That means Europe's gas outlook is increasingly shaped by external risks such as Chinese LNG demand that can trigger price swings and discourage stockpiling, said Arne Lohmann Rasmussen, head of research at investment firm Global Risk Management. EU gas storage stood at 82.75%, or 944 terawatt hours, of capacity as of October 4, down from 94.32% last year and at their lowest levels since 2021, data from industry lobby group Gas Infrastructure Europe showed. Storage levels had dropped below 34% in March 2025, the lowest since 2022. Lower pipeline supply and increased reliance on LNG will require much steeper storage withdrawals and injections in the future, said Florence Schmit, energy strategist at Rabobank. By the end of the current winter in March 2026, storage volumes could drop to a seven-year low of 29% of capacity, according to Kpler. That would add a significant risk premium to EU gas prices in 2026, Energy Aspects said. https://www.reuters.com/business/energy/european-unions-us-gas-use-set-soar-increasing-price-volatility-2025-10-06/
2025-10-06 11:17
Oct 6 (Reuters) - Ares Management (ARES.N) , opens new tab said on Monday that a fund managed by its Infrastructure Opportunities unit has acquired a 49% stake in a diversified U.S. renewable energy platform from EDP Renovaveis (EDPR.LS) , opens new tab (EDPR), valuing the business at about $2.9 billion. The deal brings the total capacity owned by Ares Infrastructure Opportunities funds to roughly 5.7 gigawatts across 11 states and five U.S. power markets since September 2024. Sign up here. The investment manager has been doubling down on renewable energy and infrastructure assets amid rising demand for power, fueled by data centers and the rapid expansion of artificial intelligence. The EDPR deal comprises 10 assets representing about 1,632 megawatts (MW) of capacity, including 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four U.S. power markets. All the projects have already signed long-term power purchase agreements, with an average remaining contract duration of 18 years. Ares said the transaction would expand its presence in key domestic power markets and broaden its exposure to fast-growing clean energy segments. EDPR owns renewable energy assets across Europe, North America, South America and the Asia Pacific. https://www.reuters.com/business/energy/ares-management-buys-stake-edpr-assets-about-29-billion-deal-2025-10-06/
