Latest Energy / Automotive News: Saudi Arabia not likely to reverse cuts amid forecasts of impending record global demand surge
London, 16 August, 2023, (Oilandgaspress) : IEA reports global oil demand hit a record 103 million barrels per day in June.IEA said in its monthly report that an average of 29.8 mb/d is needed from Opec during the last quarter of 2023 to balance the market as compared to around 27.9 mb/d the group produced during July-2023,
Cyngn Inc. kicked-off the first leg of its Autonomous Vehicle Roadshow in Sacramento, California with its flagship DriveMod Stockchaser. Cyngn is visiting manufacturing and warehousing facilities in key markets across America to demonstrate the efficiency, safety, and performance of its AI-powered Autonomous Stockchaser.DriveMod, a full-stack autonomous driving solution, is an all-in-one autonomy integration package that enables the conversion of standard industrial vehicles to fully autonomous vehicles by utilizing sensors, computers, and artificial intelligence via Cyngn’s proprietary DriveMod software. DriveMod can be installed on new vehicles off the assembly line or retrofitted into existing vehicles.
The Autonomous Vehicle Roadshow will:
Leverage new developments from Cyngn’s recent Enterprise Autonomy Suite (EAS) 9.1 release that streamlined deployment tools and enables the Company to demonstrate DriveMod Stockchasers operating autonomously within hours of touching down at a new site. Showcase the DriveMod Stockchaser, an autonomous mobile robot for use in manufacturing, warehouse, and logistics industries that has the capability to tow up to 6,000 pounds. Read More
Sasol’s financial results for the year ended 30 June 2023 was impacted by a combination of operational challenges and a volatile global economic landscape which included weaker global economic growth, higher inflation, depressed chemicals prices and higher feedstock and energy costs. The softening of the Brent crude oil price and refining margins in the latter part of the 2023 financial year was offset by a weakening of the Rand/US Dollar exchange rate. Chemicals basket prices were on a declining trend during 2023, and while we have seen some respite in lower feedstock and energy prices, gross margin and global
demand remains depressed particularly in our American and Eurasian operations.
Business performance was further impacted by the underperformance of state-owned enterprises in South Africa, which have constrained our supply chains and resultant sales volumes.
A notable improvement in Sasol’s operational performance was realised in the second half of the 2023 financial year, underpinned by focussed mitigation plans to address the production instabilities experienced earlier in the year.
Sasol’s adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA*) for the year ended 30 June 2023 is expected to decline by between 2% and 16% from R71,8 billion in the prior year to between R60,6 billion and R70,6 billion.
Shareholders are advised that, for the 2023 financial year:
Basic earnings per share (EPS) are expected to be between R10,26 and R16,49 compared to the prior year EPS of R62,34 (representing a decrease of between 74% to 84%);
Headline earnings per share (HEPS) are expected to be between R49,47 and R56,13 compared to the prior year HEPS of R47,58 (representing an improvement of between 4% to 18%); and
Core HEPS (CHEPS**) are expected to be between R41,54 and R51,14 compared to the prior year CHEPS of R68,54 (representing a decrease of between 25% to 39%).
Notable non-cash adjustments (before taxation) for the year ended 30 June 2023 include:
Unrealised gains of R5,8 billion on the translation of monetary assets and liabilities,
and valuation of financial instruments and derivative contracts; and
Net loss of R33,9 billion on remeasurement items, mainly due to:
full impairment of the South African wax cash generating unit (CGU) of R0,9 billion and Essential Care Chemicals CGU in Sasol China of R0,9 billion, and reversal of the full impairment processed in 2019 on the Tetramerisation CGU in Lake Charles of R3,6 billion, as communicated on the release of the 31
December 2022 half year financial results on 21 February 2023; Read More
Neste and ScanOcean have brought Neste’s marine fuel enabling lower greenhouse gas (GHG) emissions to the Swedish market. The first shipment of nearly 600,000 liters (500 metric tons) is now available at the Södertälje terminal for vessels bunkering in the Stockholm area as well as those in transit to Lake Mälaren.
Neste Marine™ 0.1 Co-processed helps the marine sector start reducing its dependency on fossil fuels as the fuel produced by Neste consist also of renewable content. In the production of the fuel, crude oil is partly replaced with renewable raw materials.
“I am proud that we now have solutions to reduce greenhouse gas emissions also in Neste’s marine fuel portfolio. We are very pleased that our long-term partner ScanOcean is offering our lower-emission marine fuel to shipping companies bunkering in Sweden,” says Sveta Ukkonen, Head of Marine Fuels & Services at Neste.
“We already have several interested clients, and we look forward to start delivering the co-processed DMA* in which crude oil is partly replaced with renewable raw materials. This is one of many key steps in ScanOceans journey to build a portfolio of sustainable products and services. The new lower-emission DMA is an extremely attractive fuel in this respect,” comments Jonatan Karlström, Managing Director at ScanOcean. Read More
Hyundai Motor Group Metaplant America (HMGMA) and Georgia Ports Authority gathered on the dock to celebrate the first shipment of parts for the EV Manufacturing facility under construction in Bryan County. “I have been working on this project since the beginning of 2022, and I am very pleased to see the continued progress of our Metaplant thanks to the hard work of our Meta Pros and partners, like the Georgia Ports Authority, the Joint Development Authority and all of the organizations and communities involved in the project,” HMGMA CEO Oscar Kwon said at the morning ceremony. “We are making steady progress at the Metaplant, and the shipment of equipment will be vital to the completion of the project.”
The Metaplant, which is situated on 3,000 acres and will employ more than 8,000 people, is slated to begin production in the first quarter of 2025. It will be Hyundai’s first state-of-the-art U.S. smart factory and is estimated to produce 300,000 to 500,000 Hyundai, Genesis and Kia electric vehicles. The shipment that arrived at the Savannah port this week is the first shipment of equipment to arrive. The shipment contains parts for a crane that will be used in the stamping facility to move metal presses. Those parts are en route to the mega site for assembly. Read More
General Motors announced today that it will expand vehicle-to-home (V2H) bidirectional charging technology across its retail portfolio of Ultium-based electric vehicles by model year 2026. The first vehicles to receive the technology include the previously announced 2024 Chevrolet Silverado EV RST, followed by the 2024 GMC Sierra EV Denali Edition 1, 2024 Chevrolet Blazer EV, 2024 Chevrolet Equinox EV, 2024 Cadillac LYRIQ and the upcoming Cadillac ESCALADE IQ, which will be revealed on Aug. 9. Building on the company’s plan to deliver a growing suite of energy management products and services through GM Energy, V2H unlocks additional value for EV drivers, who will be able to transfer energy from their vehicles to a properly equipped home when desired. The technology allows consumers to store and transfer energy to help offset electricity needs during peak demand days and mitigate the impact of power outages, making the transition to an all-electric future even more compelling.Customers will be able to leverage V2H technology on compatible GM EVs through GM Energy’s available Ultium Home offerings, and the GM Energy Cloud, a software platform which will allow users to manage the transfer of energy between applicable and connected GM Energy assets and the home.
This announcement underscores GM’s holistic approach to energy management, leveraging the power of Ultium to introduce new technologies and innovative features for residential customers. Developing solutions for Ultium Home that pair with GM’s growing portfolio of EVs provides customers with more choices and greater value across vehicle categories and price points than ever before. Read More
BrightDrop is taking on North America by adding Mexico as the next country to receive its electric vans. With products in the United States, Canada and soon to be Mexico, GM’s e-delivery tech business is helping commercial fleet customers with their electrification needs across the continent. The first two products coming to Mexico are BrightDrop’s flagship electric vans: the BrightDrop Zevo 400 and BrightDrop Zevo 600. BrightDrop launched in the U.S. in 2021 to provide smarter, safer and more sustainable solutions that help decarbonize the movement of goods and services. Following a successful launch delivering real results to some of the world’s biggest brands, BrightDrop expanded its business to Canada in late 2022 where it continues to gain strong demand. BrightDrop EVs are built at GM’s CAMI Assembly plant in Ontario, Canada, the nation’s first large-scale EV factory. After completing the fastest plant conversion in GM’s history, production of the Zevo 600 is ramping up with the Zevo 400 on track to begin in the next few months. Read More
The Fisker Ronin is the world’s first all-electric, four-door convertible GT sports car. Beautifully designed with sleek, powerful lines, the Fisker Ronin represents the height of Fisker’s technology and performance. Starting at $385,000 before any incentives.Fisker says the Ronin will feature an aluminium space frame, with integrated battery cells, with power targeted at more than 1,000bhp and range at a claimed 600 miles. Read More
Harbour Energy announces that it has entered into Sale and Purchase Agreements to sell its business in Vietnam, which includes its 53.125 per cent interest in the Chim Sao and Dua producing fields, to Big Energy Joint Stock Company for a consideration of $84 million. The transaction, which is subject to government approvals, has an effective date of 1 January 2023. Completion is targeted by year end 2023. The divestment results in a country exit from Vietnam for Harbour. Read More
Seplat Energy announces that on 8th August 2023, the Company was served with ex parte Interim Court Orders which were granted by the Federal High Court sitting in Lagos, Nigeria in a bankruptcy court action instituted by Access Bank Plc against Dr. A.B.C Orjiako, for the recovery of an outstanding loan amount that forms the judgment delivered by the High Court of the United Kingdom and registered in Nigeria as a judgment of the Federal High Court.
The Interim Orders restrain Seplat Energy and other companies / financial institutions from dealing with the shares, investments, bonds, assets and funds belonging to Dr. Orjiako (whether held by him directly or via proxy), which are in the custody of Seplat or any financial institution, pending the hearing and final determination of Access Bank’s motion for the appointment of a Special Manager.
Seplat Energy is not a judgment debtor under the UK judgment sought to be enforced. There are no claims against the Company in the bankruptcy proceedings, and the Orders have no impact on the operations of Seplat Energy. Read More
During the period from August 7 to August 11, 2023, Eni acquired on the Euronext Milan no 3,186,122 shares, at a weighted average price per share equal to 13.8733, for a total consideration of 44,202,047.06 euro within the authorization to purchase treasury shares approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $81.21 | Down |
| Crude Oil (Brent) | USD/bbl | $85.10 | Down |
| Bonny Light | USD/bbl | $86.41 | Down |
| Saharan Blend | USD/bbl | $85.59 | Down |
| Natural Gas | USD/MMBtu | $2.62 | Down |
| OPEC basket 15/08/23 | USD/bbl | $ 87.82 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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