1. World’s second-largest steelmaker closes European plant
Due to soaring natural gas and energy prices, ArcelorMittal, the world’s second-largest steel manufacturer, said in a statement last Friday that it would close one of the two blast furnaces at Bremen steel plant in Germany from the end of September until further notice due to “soaring energy prices”.
ArcelorMittal said that high energy prices are weakening the competitiveness of steel production, and it is taking this step in Germany because it cannot operate all its plants in an economic way. The steel giant also cited weak market demand, negative economic prospects and the persistently high cost of carbon dioxide in steel production as the reasons for its decision.
2. Baker Hughes announces restructuring
Baker Hughes, an American oil service giant, announced on Tuesday that it would restructure to simplify its organization and improve its profitability, so as to better prepare for energy transformation. The oilfield product and service provider said it expected to save at least $150 million in costs, reorganize four product companies into two business units and streamline its corporate structure. From October 1, the company will have two business units, namely, oilfield services and equipment (ofse) and industrial and energy technology (IET).
3. Shell sells California upstream business for $2 billion
Shell said on September 1 that it agreed to sell its shares in aera energy company in California to ikav, a German asset management company, at a price of $2 billion, ending its upstream business in California. The transaction is yet to be approved by the regulatory authorities and is expected to be completed in the fourth quarter of this year.
Aera is headquartered in Bakersfield, California, USA. founded in 1997, aera is currently the largest oil and gas producer in California, operating about 13000 oil wells. In 2021, the company’s oil and gas production is about 95000 barrels of oil equivalent, accounting for about one fourth of California’s oil and gas production.
4. Us natural gas giant EQT energy acquires exploration and production company THQ with us $5.2 billion
EQT energy, the largest natural gas producer in the United States, signed an acquisition agreement on Tuesday to acquire THQ, an exploration and production company located in West Virginia, for a total value of $5.2 billion to expand its business in the Marcellus shale.
THQ is backed by tug Hill operating, and this transaction also includes a natural gas pipeline transportation company in Appalachia under tug Hill.
Post time: Sep-08-2022