Saipem stock plunges, banks to step in as underwriters
Saipem (MI:SPM) shares have plunged around 70% from July 11 after the company acknowledged demand for additional shares was less than expected.
HSBC
Inflated expectations? Investors unwind ESG hype cycle
It is a strange time for the oil and gas sector. On the one hand, after years of price weakness, the money is rolling in again as the war in Ukraine and post-Covid disruptions keep prices high.
Kuwait’s Al-Zour refinery starts test runs: reports
Kuwait has started up its giant Al-Zour refinery, Kpler has reported IIR Energy as saying. One crude distillation unit (CDU) at the 615,000 barrel per day plant started up a few days ago, it said.
Stranded asset risk in Africa on the rise
Investments in Africa’s oil and gas risk undermining a move to lower carbon energy sources and are at risk of becoming stranded assets, according to a new report.
Banks still pumping billions into oil and gas despite net zero pledges
Europe’s biggest banks are still pumping billions into the oil and gas sector despite signing up to a landmark net zero initiative.
Aramco closes $12.4bn pipeline sale
Saudi Aramco has closed the $12.4 billion sale of a 49% stake in its pipelines unit, to a group led by EIG.
Banks targeted in StopEACOP campaign
As a final investment decision (FID) looms on Uganda’s oil plans, opposition is targeting financial sources for the export pipeline.
Financial benefits of spinning off renewables assets misses wider decarbonisation issue, warns HSBC
Europe’s oil and gas majors could access a wide pool of investors and “unlock value” by spinning off their renewables assets in initial public offerings (IPOs).
Delek refinances Leviathan debt
Delek Drilling has raised $2.25 billion through a bond issue to refinance debt taken out for its Leviathan project.
HSBC sees oil and coronavirus virus turmoil boosting Middle East deals
A historic crash in oil prices and fallout from the coronavirus pandemic will accelerate asset sales in the Middle East and open up a gap for sovereign wealth funds to make “opportunistic investments,” according to HSBC Holdings Plc.
UK solar firm secures almost £50m backing for Spanish projects
A UK solar energy firm has secured almost £50 million in financial backing to build two large-scale solar farms in Spain.
BP to appoint ex-HSBC man as company secretary
BP has revealed the identity of its new company secretary following the retirement of David Jackson at the end of this year.
Greencoat to manage multi-million renewable investment by HSBC Bank
A UK renewables developer is to manage a £250 million investment from a leading world bank pension scheme.
HSBC quizzed by shareholders over gender and energy policy
HSBC bosses were pressed by shareholders on Friday over the lender’s new energy policy and worries over gender balance at the UK-headquartered lender.
Aberdeen protest against North American pipeline funding banks
A climate change group will stage a protest in Aberdeen over banks’ support for pipeline projects in North America.
Saudi growth at 14-year low as oil prices tumble
Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.
HSBC pitches Petrobras-tainted oil rig bonds nobody wants
In the months since Brazil’s largest bribery scandal broke, bond investors have fled companies tied to the alleged kickbacks. They’ve been far too hasty, according to HSBC Holdings Plc and Mizuho Securities USA. Odebrecht Offshore Drilling and Queiroz Galvao Oil & Gas Constellation are a case in point. Their securities have plunged at least 27% since November 13, when federal police said they found “strong evidence” that at least seven builders, including the parent companies of the two oil-rig providers, formed a cartel to win public contracts. To Mizuho’s John Haugh, the bonds are now a buy because the terms that govern them will likely shield the issuers from any punishment the parent companies may face if they’re found guilty of bribing Petroleos Brasileiro SA, the state oil company.