2024-08-21 20:47

WARSAW, Aug 21 (Reuters) - Orlen's (PKN.WA) , opens new tab Czech unit Unipetrol is shutting down production in its Litvinov refinery after an unexploded World War Two bomb was found in a remote part of the chemical complex in Zaluzi, the Czech company said on Wednesday. "After consultation with the Police of the Czech Republic, for precautionary reasons, we have started an immediate safe shutdown of all production and energy units in the refinery part of the production area this evening," Unipetrol said. "The petrochemical section of the plant and the adjacent filling station remain operational for the time being," it added. Production would be shut down in this section until further notice, the company said. Sign up here. https://www.reuters.com/business/energy/orlens-czech-unit-shutting-litvinov-refinery-safety-reasons-after-world-war-two-2024-08-21/

2024-08-21 20:45

NEW YORK, Aug 21 (Reuters) - Nigeria's 650,000-barrel-per-day Dangote refinery is undergoing test runs for gasoline production, with full operation expected by mid-September, according to a note by industry monitor IIR Energy. The $20-billion Dangote refinery, built by Africa's richest man, Aliko Dangote, on the outskirts of Lagos, began operations in January after years of delays. Dangote, which has so far only produced diesel and other distillate fuels, had earlier said that gasoline deliveries from the refinery would start in July. Before that the refinery had aimed to start making the motor fuel by May. It is possible that there could be further extensions, IIR said in a note to clients. Emails to Dangote were not delivered and calls did not connect. Once fully operational, the refinery is set to upend the Europe-to-Africa fuel trade and reduce Nigeria's reliance on imported refined products. Sign up here. https://www.reuters.com/markets/commodities/nigerias-dangote-refinery-set-start-gasoline-output-sept-iir-says-2024-08-21/

2024-08-21 20:01

HOUSTON, Aug 21 (Reuters) - U.S. oilfield services firm Halliburton (HAL.N) , opens new tab on Wednesday was hit by a cyberattack, according to a person familiar with the matter. Halliburton said it was aware of an issue affecting certain systems at the company and was working to determine the cause and impact of the problem. The company was also working with "leading external experts" to fix the issue, a spokesperson said in an emailed statement. The attack appeared to impact business operations at the company's north Houston campus, as well as some global connectivity networks, the person said, who declined to be identified because they were not authorized to speak on the record. The company has asked some staff not to connect to internal networks, the person said. Houston, Texas-based Halliburton is one of the largest oilfield services firms in the world, providing drilling services and equipment to major energy producers around the globe. It had nearly 48,000 employees and operated in more than 70 countries at the end of last year. Cyberattacks have been a major headache for the energy industry. In 2021, hackers attacked the Colonial Pipeline with ransomware, causing a days-long shutdown to the major fuel supply line. That breach, which the FBI attributed to a gang called DarkSide, led to a spike in gasoline prices, panic buying and localized fuel shortages. Several major U.S. companies have suffered ransomware attacks in recent years, including UnitedHealth Group (UNH.N) , opens new tab, gambling giants MGM Resorts International (MGM.N) , opens new tab, Caesars Entertainment CZR.O and consumer good maker Clorox (CLX.N) , opens new tab. While its unclear what exactly is happening at Halliburton, ransom software works by encrypting victims' data. Typically, hackers will offer the victim a key in return for cryptocurrency payments that can run into the hundreds of thousands or even millions of dollars. If the victim resists, hackers sometimes threaten to leak confidential data in a bid to pile on the pressure. The ransomware group DarkSide, suspected by U.S. authorities of the Colonial Pipeline attack, for example, said it wanted to make money. Colonial Pipeline's CEO said his company paid a $4.4 million ransom as executives were unsure how badly its systems were breached or how long it would take to restore the pipeline. Sign up here. https://www.reuters.com/technology/cybersecurity/top-us-oilfield-firm-halliburton-hit-by-cyberattack-2024-08-21/

2024-08-21 19:38

BUENOS AIRES, Aug 21 (Reuters) - Argentina's economic activity fell 3.9% in June compared to the same month last year, official data showed on Wednesday, as the economy shrunk again during the month after a rare rise in May. The June downturn was double the 1.9% contraction expected by analysts surveyed by Reuters. The maximum drop predicted in the survey estimated that the beleaguered South American economy would shrink by 3.2%. Tough austerity measures championed by libertarian President Javier Milei aiming at reining in triple-digit inflation have taken a toll on consumption, as well as in the key building and manufacturing sectors. According to the data, construction was down nearly 24% year-on-year in June, while manufacturing activity dipped 20% for the month. Argentina's grains-driven farm and ranching sector, meanwhile, saw the most growth of any sector, as activity surged more than 82% in June. Sign up here. https://www.reuters.com/world/americas/argentina-economy-stalls-again-june-challenge-milei-2024-08-21/

2024-08-21 19:22

QUITO, Aug 21 (Reuters) - The most viable scenario for the shutdown of Ecuador's 43-ITT oil block in the country's Amazon is a closure which takes place over five years and five months, according to a government document presented to the country's constitutional court and seen by Reuters. A year ago a majority of Ecuadoreans voted to shutdown the block to protect the Yasuni reserve, with the top court granting one year for the removal of oil infrastructure in the region. "We're going to start closing some wells, there has been no investment in ITT since the referendum, we have already identified the plan, it's a pretty extensive document on technical issues, but the plan is to get started," Energy Minister Antonio Goncalves told a local news outlet. The document outlines two other scenarios for the shutdown and says wells could begin to be turned off from this month, but that the quantity of wells and their closure dates depend on studies. Environmentalists and Indigenous groups in Ecuador warned President Daniel Noboa at the start of this year that he risked legal action if he did not comply with the referendum. Noboa had floated the idea of postponing the block's closure to shore up funds needed to crackdown on organized crime throughout the Andean country. Sign up here. https://www.reuters.com/business/energy/most-viable-shutdown-scenario-ecuador-yasuni-block-take-five-years-document-2024-08-21/

2024-08-21 18:36

Canadian dollar gains 0.2% against the greenback Touches its strongest since April 10 Price of US oil decreases 2% Canada-US 2-year spread narrows 6.2 basis points TORONTO, Aug 21 (Reuters) - The Canadian dollar rose to a four-month high against its U.S. counterpart on Wednesday as the prospect of Federal Reserve rate cuts helped underpin investor sentiment, despite the risk of a railway stoppage that could hurt the domestic economy. The loonie was trading 0.2% higher at 1.3590 to the U.S. dollar, or 73.58 U.S. cents, after touching its strongest intraday level since April 10 at 1.3576. The currency has benefited recently from "a shift in market confidence," as investors anticipate the Fed will soon begin an easing cycle, said Darren Richardson, chief operating officer at Richardson International Currency Exchange. U.S. employers added far fewer jobs than originally reported in the year through March, underscoring the growing concerns the Fed has about the health of the labor market as it gears up to start cutting interest rates in September. The data weighed on the U.S. dollar (.DXY) , opens new tab, which extended recent declines against a basket of major currencies. Domestic data had little impact, showing that producer prices were unchanged in July from June and rose 2.9% year-over-year. Analysts say the Bank of Canada has shifted its focus from suppressing inflation to boosting the economy. Activity could suffer if Canada's two big railroad operators halt operations as planned on Thursday should labor agreements remain out of reach. Recent declines for the price of oil could also weigh on Canada's commodity-linked economy. U.S. crude oil futures were trading 2% lower at $71.72 a barrel. Canadian government bond yields eased across the curve, with the 2-year down 2 basis points at 3.246%. Still, the gap between Canada's 2-year rate and the U.S. equivalent narrowed by 6.2 basis points to roughly 67 basis points in favor of the U.S. note, the narrowest gap since mid-July. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-climbs-4-month-high-investor-confidence-grows-2024-08-21/