Author: omc_admin
In a rare and highly sensitive move, the United Nations Security Council (UNSC) convened behind closed doors to discuss the security situation between India and Pakistan following the deadly terror attack in Pahalgam last month. The attack claimed the lives of 25 tourists and a local pony ride operator, sparking outrage across India and concern in diplomatic corridors around the world. The meeting, held under strict confidentiality in accordance with Rule 48 of the Provisional Rules of Procedure of the UNSC, signifies the fragile regional security balance and the global concern about a potential escalation between the nuclear-armed neighbours. While…
(Oil Price) – The United States is looking to close all loopholes Iran is using to sell its oil to China and warned Hong Kong-based banks last month against facilitating Iranian oil sales to Chinese buyers, Bloomberg reported on Friday, citing unnamed sources with knowledge of the development. In early April, a delegation from the U.S. Department of the Treasury visited Hong Kong, met with bankers in the city, and warned them against allowing Iran to use their services to facilitate payments in the Iran-China oil trade. The U.S. Treasury officials asked the banks to do thorough due diligence to uncover the ultimate…
Occidental and its subsidiary 1PointFive today announced an agreement with XRG, ADNOC’s investment company, to evaluate a potential joint venture to develop a Direct Air Capture (DAC) facility in South Texas. As part of the joint venture, XRG will consider investing up to $500 million for the development of a DAC facility designed to capture 500,000 tonnes of carbon dioxide per year. The Strategic DAC Framework Agreement was signed by Occidental President and CEO Vicki Hollub and ADNOC Group CEO Dr. Sultan Ahmed Al Jaber, during U.S. President Donald J. Trump’s state visit to the United Arab Emirates.…
The EU is already working on the 18th sanctions package against Russia, which will include a lower price cap, sanctions on the Nord Stream 1 and 2 gas pipelines, more shadow fleet tankers designated, and additional sanctions on the Russian financial sector, European Commission President Ursula von der Leyen said on Friday. Representatives of the EU’s 27 member states have just approved the 17th package of sanctions package against Russia, targeting another nearly 200 tankers of the shadow fleet Russia uses to ship its oil to markets. The 17th sanctions package is expected to be officially endorsed and adopted by a meeting…
A federal judge in Texas struck down guidance from a government agency specifying protections against workplace harassment based on gender identity and sexual orientation.Judge Matthew J. Kacsmaryk of U.S. District Court for the Northern District of Texas on Thursday determined that the U.S. Equal Employment Opportunity Commission exceeded its statutory authority when the agency issued guidance to employers against deliberately using the wrong pronouns for an employee, refusing them access to bathrooms corresponding with their gender identity, and barring employees from wearing dress code-compliant clothing according to their gender identity because they may constitute forms of workplace harassment. Kacsmaryk said…
New ESG Strategy: The iShares MSCI World Utilities Sector Advanced UCITS ETF (WUTS) offers ESG-integrated exposure to 51 utility stocks across 23 developed markets. Carbon & Fossil Fuel Cuts: The fund targets a 30% reduction in carbon emissions and fossil fuel reserve exposure versus the parent index. Performance Volatility: Despite strong 2023 returns (+3.6%), the ESG-tilted index has underperformed its parent over the past decade. BlackRock has expanded its sustainable investment suite with the launch of the iShares MSCI World Utilities Sector Advanced UCITS ETF (WUTS), now trading on Euronext Amsterdam. The ETF integrates ESG metrics while targeting global utility…
Egypt is seeking to buy more fuel oil on which to run some of its power plants as natural gas supply is more expensive for the cash-strapped North African country. State-controlled Egyptian General Petroleum Corporation (EGPC) is looking to buy via a tender nearly 2 million tons of fuel oil to be delivered in May and June, a source with direct knowledge of the plans told Bloomberg on Friday. North African and Middle Eastern countries often turn to oil and direct crude burn for power generation, especially with spiking demand for air conditioning during scorching summer temperatures. Egypt’s domestic natural gas output has…
Pillips 66 has entered into a definitive deal to divest a 65 percent interest in its Germany-Austria retail business to a consortium of investment firms Energy Equation Partners and Stonepeak Partners LP. JET Tankstellen Deutschland GmbH operates 970 sites including 843 that are JET-branded, according to Phillips 66. “Phillips 66 will retain a non-operated 35 percent interest in the business through a newly formed joint venture”, the Houston, Texas-based refiner said in an online statement. “This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value”, said Phillips 66 chair and chief executive Mark Lashier. “The newly…
€1 billion bond issuance was significantly oversubscribed, reflecting strong investor confidence in Philips’ financial stability and sustainability strategy. Proceeds will support 2026 debt repayment and fund green projects under Philips’ Sustainable Finance Framework. Competitive pricing achieved: 3.281% yield on 2030 notes and 4.050% yield on 2035 notes. Royal Philips has successfully priced a €1 billion dual-tranche bond issuance under its European Medium Term Note (EMTN) program, reinforcing its capital structure while advancing its sustainability agenda. The offering includes €500 million in fixed-rate notes due 2030 and another €500 million due 2035. The notes were heavily oversubscribed—by more than 3 times…
$2.5B investment to deliver 2.8 GW of renewable energy combining solar, wind, and storage in Andhra Pradesh. Boost to India’s 2030 clean energy goals, with 100% Made-in-India components and advanced, waterless solar tech. 1,500 jobs and long-duration energy storage to support peak-hour demand and investor confidence in AP’s energy sector. ReNew Energy Global will invest INR 22,000 crore ($2.5 billion) to develop one of India’s largest hybrid renewable energy (RE) projects in Andhra Pradesh’s Anantapur district. The facility will generate 2.8 GW of power—1.8 GW from solar, 1 GW from wind—and include a 2 GWh battery energy storage system (BESS),…