Global Energy/Automotive News to July 04, 2024

London, 043, July 2024, (Oilandgaspress): – Houthi group, operating from Yemen, has significantly disrupted maritime security and international trade in the Red Sea.

This has affected the interests of 65 countries and 29 major energy and shipping companies. According to a recent report by the US Defense Intelligence Agency (DIA), the Houthis, despite their claims of targeting Israeli-linked ships in retaliation for Israeli actions in Gaza, have frequently attacked civilian vessels with little or no connection to Israel. Read full article

Saab has received an order from the Swedish Defence Materiel Administration (FMV) for ten combat boats. The order value is approximately SEK 400 million. The contract period begins in 2024 and deliveries will be made continuously over the coming years.
The boats are based on the CB90 Next Generation design and are manufactured by Saab’s shipyard in Docksta.

“Combat boats are advanced platforms that can be used for many different types of missions. We are proud that Saab’s naval capabilities continue to contribute to Sweden’s defence,” says Mats Wicksell, head of Saab’s business area Kockums. Read full article

Vestas has received an 84 MW order to repower an undisclosed wind project in the USA. The repower order consists of 38 V110-2.2 MW turbines.
The orders include supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset.
Turbine delivery begins in the third quarter of 2025 with commissioning scheduled for the fourth quarter of 2025. Read full article

Vestas has received an order for an undisclosed wind project in Argentina. The order includes supply and installation of 21 V150-4.5 MW turbines.
Upon completion, Vestas will also deliver a 30-year Active Output Management 5000 (AOM 5000) service agreement that will optimise energy production while providing long-term business case certainty for the wind farm operations.
Turbine delivery is expected to begin in the second quarter of 2025, with commissioning scheduled for completion in the fourth quarter of 2025.

Vestas pioneered Argentina’s wind energy market with the installation of the country’s first commercial wind turbine in Comodoro Rivadavia in 1994. Read More

Vestas has received a 63 MW order from Kangal Energy, Is Portföy Infrastructure VCIF and Is Portfoy Renewable Energy VCIF to extend the five existing wind parks of Kangal, Bereketli, Akyurt, Karaçayir, Konakpinar wind parks. They are all located in Sivas and Tokat, Türkiye.
The contract includes the supply and installation of a total of 12 V150-4.5 MW wind turbines and two V136-4.5 MW wind turbines, as well as a 10-year Active Output Management 4000 (AOM 4000) service agreement.
“I would like to thank Kangal Energy, Is Portföy Infrastructure VCIF and Is Portfoy Renewable energy VCIF for their trust in Vestas’ 4 MW platform. We are glad to see how the versatility of our portfolio continues to contribute to the expansion of wind energy in Türkiye”, says Head of Vestas Türkiye, Levent Ishak.
Turbine delivery is scheduled for the first half of 2025, while commissioning is expected to take place in the second half of 2025.
Vestas installed Türkiye’s first wind turbine in 1984 and has since then delivered over 2 GW of wind capacity in the country. Read More

During the period from 24 to 28 June 2024, Eni acquired on the Euronext Milan no. 2,682,500 shares (equal to 0.08% of the share capital), at a weighted average price per share equal to 14.2779 euro, for a total consideration of 38,300,341.87 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends.

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

Eni, in partnership with the International Rescue Committee (IRC), inaugurates today the first batch of renovated health centres in Sud-Comoé region, as part of a major project to strengthen the health system in the area and to support the country’s Health National Development Plan 2021-2025.

The rehabilitation works targeted 3 health centres in Ayenouan, Djiminikoffikro and Ono-Salci, upgrading the existing infrastructures to provide better access to hygiene and electricity, as well as the proper management of medical wastes. The interventions also included the supply of ambulances and equipment to prevent and treat complications, particularly related to women and children (e.g. medical aspirators for children and adults, mobile cradles, etc.), and the provision of training programs for health personnel and community health organizations.

Eni’s and IRC’s project, designed together with the Ministry of Health, Public Hygiene and Universal Health Coverage, involves 6 health centers in the districts of Grand Bassam, Aboisso, and Adiaké, and one maternal and infant protection center in Grand Bassam. Works will be concluded in the remaining health centres by 2025. The project fits with both partners’ commitment to strengthen the country’s healthcare system, improving the efficiency and performances of medical facilities in rural areas; the renovated centres will serve around 60% of the population living in the area.

Eni operates in Côte d’Ivoire since 2015 with a wide range of projects from hydrocarbons production to new energies valorization to integrate the country into the biofuel value chain, as well as initiatives to improve access to health and education, in line with its commitment to a Just Transition. Read More

Vestas has received a 347 MW order to power the Pohénégamook – Picard – Saint-Antonin – Wolastokuk (PPAW) wind project in Quebec, Canada. The order consists of 56 Enventus V162-6.2 MW turbines.
The order includes supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset.
Vestas’ EnVentus turbines offer a wide range of standard hub heights and modes of operation that can be combined with an extensive list of technology options to create customised solutions to suit the needs of each unique project.
“This is a significant deal for Canada, and we’re thrilled to partner with Invenergy as they continue to expand their North American wind energy portfolio,” said Laura Beane, President of Vestas North America. “This collaboration, alongside Quebec’s ambitious net zero goals, is confirmation of our shared vision for a clean energy future, and we are pleased to provide our leading EnVentus platform to help meet those ambitions.”
“Along with our partner, Alliance de l’Énergie de l’Est, Invenergy is thrilled to work with Vestas to begin laying the groundwork for the future PPAW Wind Energy Center,” said Louis Robert, Vice President, Renewable Development at Invenergy. “We look forward to building on our existing relationship with Vestas, to support Quebec’s energy transition.”
Turbine delivery and commissioning is expected in 2025. Read More

Airbus SE has entered into a binding term sheet agreement with Spirit AeroSystems in relation to a potential acquisition of major activities related to Airbus, notably the production of A350 fuselage sections in Kinston, North Carolina, U.S., and St. Nazaire, France; of the A220’s wings and mid-fuselage in Belfast, Northern Ireland, and Casablanca, Morocco; as well as of the A220 pylons in Wichita, Kansas, U.S.

With this agreement, Airbus aims to ensure stability of supply for its commercial aircraft programmes through a more sustainable way forward, both operationally and financially, for the various Airbus work packages that Spirit AeroSystems is responsible for today.

The transaction would cover the acquisition of these activities. Airbus will be compensated by payment of $559 million from Spirit AeroSystems, for a nominal consideration of $1.00, subject to adjustments including based on the final transaction perimeter. Read More

Less than a month after announcing the arrival of energy specialist Chanaka Kumarasinghe to lead its Singapore office, Addleshaw Goddard has appointed Matt Gorman, a highly regarded Corporate partner, as part of its continued strategy to establish a market leading Global Infrastructure practice in the ASEAN region, complementing AG’s award winning Middle Eastern and European practices.

Bringing over 20 years of experience advising clients across South East Asia in the energy and natural resources, transportation, logistics and media and technology sectors, Matt specialises in corporate finance, M&A, joint ventures and equity issues by public and private companies, as well as private equity and venture capital.

Matt arrives at Addleshaw Goddard from Reed Smith after joining to launch its Singapore corporate practice in 2015. Prior to that he established and led the Singapore corporate practice of Stephenson Harwood for seven years. Matt’s client base is especially active throughout Asia including Singapore, Malaysia, Thailand, Vietnam, Indonesia and India and he was co-head of Reed Smith’s Indonesia Business Team.

His arrival brings the number of Addleshaw Goddard partners based in Singapore to four.

Welcoming Matt, Jonathan Tattersall, Head of Asia at Addleshaw Goddard said:
“Singapore is the ideal hub from which to build out our Global Infrastructure practice and target new market share in Asia and the Indian subcontinent. We are delighted Chanaka and Matt have chosen to join us. Bringing together alongside our existing team, two of the best known lawyers in their specialist disciplines makes this a compelling and exciting opportunity to fully support clients with their global disputes as well as all their transactional requirements.”

Matt Gorman added:
“AGs increasingly global platform and more specifically its growing reputation in Asia and the Middle East is a really attractive proposition for clients generally and those specifically operating in the energy, infra and construction sectors. I am excited about the opportunity to develop the business alongside Chanaka and the team contributing to the growth of a market leading global infrastructure practice.”

Head of Singapore, Chanaka Kumarasinghe, who joined Addleshaw Goddard’s global energy, construction and international arbitration team as a partner from HFW where he has spent the entirety of his 22-year career, has experience advising on and leading international arbitrations on energy projects, construction contracts and oil and gas sector disputes across regions including Latin America, North Sea, Asia and Australia.

Addleshaw Goddard established its presence in Singapore in 2012, providing legal advice across the areas of international arbitration, energy, commodities and natural resources, shipping and insurance recovery work and finance including structured finance and derivatives. Lawyers in the firm’s Singapore office have acted on cradle to grave international construction, energy and infrastructure projects (covering transactional work, project counsel/project dispute avoidance work and arbitrations), cross border project developments, financings, joint ventures and corporate transactions in emerging and frontier markets in the Middle East and Africa, and in Asia, representing multi-national companies, international contractors, terminal operators, financial institutions, renewable energy companies, investors, property developers, E&P companies and other clients in complex transactions, projects and disputes in South-East Asia and across South Asia, the Indian sub-continent, the Gulf region and in Africa. Read More

On the eve of the unveiling of the schedule for Serie A Championship, Lega Serie A and Enilive present the new logo for the competition, now called, for the Italian territory only, “Serie A Enilive”. Enilive, Eni’s subsidiary focused on mobility products and services, is the Serie A’s title sponsor sponsor in the Italian territory for the next three seasons until 2027.

The tagline “Serie A Enilive: muove la passione che ci unisce” will accompany the narrative of an exciting new sporting season. The aim is to increase the visibility of the new Enilive brand, promoting its increasingly decarbonized services and products, which are available across its network of around 4,000 service stations in Italy. The partnership will offer thousands of prizes and exclusive experiences to Enilive customers enrolled in the ‘Enilive Insieme’ loyalty programme. On 29 July, Enilive will launch a competition with over 10,000 VIP Experience tickets in all the Italian stadiums where the 2024/2025 Serie A Enilive matches will be played. Enilive is a world leader in the production of HVO biofuels from renewable raw materials* at its biorefineries in Venice, in Gela, in the SBR biorefinery in the USA and, from 2026, also in Livorno, where another Eni refinery is being transformed. HVO biofuels are an immediately available solution to decarbonize road, air, rail and sea transport, as well as power generation. Over the next three years, the generators that power the audiovisual production of the championship matches, curated and managed by Lega Serie A, will be decarbonized as they will run exclusively on HVO produced by Enilive.

Enilive service stations cater to more than 1.5 million people in Europe, who rely on them every day for refuelling, thanks to a wide range of services and products such as HVOlution diesel biofuel, bio-LPG, biomethane and electric charging. Enilive service stations also offer a wide range of services to people on the move, including the car sharing service Enjoy, as well as Eni Cafés and ALT Stazione del Gusto, a new restaurant project developed in collaboration with Accademia Niko Romito. Customers can also use the service stations for a range of daily tasks, such as paying postal slips or express shopping at Emporium stores. Read More

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 3 July 2024, Barclays Capital Securities Limited1 informed the Company that it had crossed thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows:
• On 27 June 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 231,374
• On 27 June 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (a) of the Transparency Law (right to recall) was 14,701,255
• On 27 June 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law (swaps) was 700,874
• When combined, the above positions equated to 5.14% of voting rights of Subsea 7 S.A on 27 June 2024. Read full article

Escondida | BHP submitted an Environmental Impact Statement (DIA) to the Environmental Impact Assessment System (SEIA), to advance in the “Implementation of the Mining Truck Electrification System in Escondida Norte” project, which seeks to assist the movement of these pieces of equipment inside the mine by means of a trolley system.

The project includes the construction of a new electrical substation and transmission lines both inside and around the Escondida Norte pit. These facilities will electrically assist the movement of trucks inside the mine in the areas where they go up loaded with ore and, consequently, consume more fuel. With this new technology, instead of using diesel, they will be propelled by electrical power, thus reducing the operational greenhouse gas emissions and improving productivity associated with truck performance given the higher travel speed.

About the project, President of Escondida | BHP, Alejandro Tapia, said that “the electric trolley system is one of the initiatives with which we seek to move towards a safer and more sustainable way of operating hand in hand with technology. This project will allow us to reduce the fuel consumption of our extraction trucks and thus advance our goal of net zero operational greenhouse gas emissions by 2050.”

The initiative considers an investment of approximately US$ 250 million and during its construction phase an approximate workforce of 112 people on average per day and a maximum of 160 people will be required.

The trolley project is in addition to other technological transformation initiatives that the company maintains in different stages of study and execution, including the progressive incorporation of autonomy in its mining equipment. To date, Escondida | BHP has six autonomous trucks in full operation and by 2025 it expects to have the largest fleet of autonomous equipment in South America. Read full article

A consortium of seven companies across five countries has jointly established a supply chain for more sustainable polyester fiber. Instead of fossil materials, renewable and bio-based materials as well as carbon capture and utilization (CCU*) will be used in the manufacturing of polyester fibers for The North Face brand in Japan. The consortium parties are Goldwin, in the role of project owner, Mitsubishi Corporation, Chiyoda Corporation (all three from Japan), SK geo centric (South Korea), Indorama Ventures (Thailand), India Glycols (India) and Neste.

Neste will provide renewable Neste RE™ as one of the required ingredients for polyester production. The polyester fiber produced in the project is planned to be used by Goldwin for a part of The North Face products, including sports uniforms, in July 2024. After that, the launch of further Goldwin products and brands will be considered.

The seven companies apply a mass balancing approach to ensure credible traceability of material streams throughout the supply chain and will jointly continue to proactively promote the defossilization of materials to contribute to a more sustainable society. Read More

Neste will supply sustainable aviation fuel (SAF) to Hotelplan Group, a globally active Swiss travel group in the leisure and business travel sector, to enable Hotelplan to expand the use of SAF across the whole group. Hotelplan purchases unblended, i.e. “neat”, sustainable aviation fuel for a total value of 300,000 Swiss Francs (CHF) via Neste Impact, a solution that enables companies to credibly reduce the carbon footprint of air travel activities.

The purchase of Neste’s SAF is a next step in Hotelplan Group’s broader sustainability strategy, that includes promoting the use of SAF and the removal of CO2 from the atmosphere via innovative technologies such as direct air capture. Flights taken by Hotelplan Group’s customers are the main source of its greenhouse gas (CO2e) emissions, accounting for 87% of such emissions. The SAF purchase from Neste will help Hotelplan Group expand the availability of SAF to its customers as part of booking trips with flights to enable them to choose to travel more sustainably. Hotelplan Group also uses SAF for some of its own business trips. Read More

In the Moray Firth, located in northern Scotland, first power has been successfully achieved from the first series of wind turbines as part of the Moray West Offshore Wind Farm, and exported to the National Electricity Transmission System (NETS). Construction vessels have used the ports of Invergordon and Nigg in the Cromarty Firth, whilst Crew Transfer Vessels (CTVs) operate from Buckie harbour in Moray.

The 882MW wind farm is nearing the end of the construction phase and will become fully operational in 2025 in line with the originally projected commercial operations date.

The Moray West project, under the stewardship of Ocean Winds, has made commendable strides in construction, effectively navigating a rigorous timeline.

Following installation of all foundations, the offshore substations, and array-cables, the rest of the turbine components are currently being pre-assembled at the Port of Nigg prior to offshore installation. At the onshore substation, construction work is being finalised on the 2nd circuit, following commissioning of the first. The export cables are in place, buried within the pre-defined cable corridor, completing the electrical connection between the wind turbines, and the NETS at Blackhillock substation. Moray West, part of Ocean Winds’ 6GW portfolio of secured offshore wind farms in the UK, is expected to inject over £800 million in the local Scottish economy throughout its lifespan, and during construction phases it will create more than 1,500 Full Time Equivalent (FTE) years in Scotland, with 70 long-term operational roles based in Buckie. Read More

(Reuters) – General Motors (GM.N), opens new tab will pay a $145.8 million penalty and forfeit credits worth hundreds of millions of dollars after a U.S. government investigation found excess emissions from approximately 5.9 million GM vehicles, government agencies said on Wednesday.
The Environmental Protection Agency said GM has agreed to give up approximately 50 million metric tons in carbon allowances after the multi-year investigation found vehicles from the 2012-2018 model years were emitting more than 10% higher carbon dioxide on average than GM’s initial compliance reports claimed. Read More

(Reuters) – The German government on Wednesday launched a project to build a nationwide fast-charging network for heavy-duty vehicles as Berlin aims to decarbonize the transport sector by 2045.
Greenhouse emissions in Europe’s biggest economy fell to the lowest level in 70 years in 2023, but the transport sector has consistently failed to meet its climate targets.
Germany aims for about a third of its heavy road haulage to be powered by electricity or run on electrically produced fuels such as synthetic methane or hydrogen by 2030. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$83.15Up
Crude Oil (Brent)USD/bbl$86.67Up
Bonny LightUSD/bbl$86.00
Saharan BlendUSD/bbl$85.61
Natural GasUSD/MMBtu$2.43
Murban CrudeUSD/bbl$86.68Up
OPEC basket 03/07/24USD/bbl$87.06Down
At press time 04 July 2024

The Organization of the Petroleum Exporting Countries (OPEC) today launched the 2024 edition of its Annual Statistical Bulletin (ASB).
The publication and its key highlights were presented by HE Haitham Al Ghais, Secretary General of OPEC. The launch featured a presentation, a panel discussion with key OPEC experts and a Q&A session with participants. A special video highlighting the publication’s key findings was also screened during the event.

In its 59th edition, the ASB continues to provide a broad range of data on the global energy and oil industries, in addition to various key economic indicators, serving as a leading and reliable source of data for policymakers, decision-makers, academics and analysts, among others. The publication features data on supply and demand, import and export, exploration, and other activities, including statistics covering OPEC’s 12 Member Countries and 10 countries participating in the Charter of Cooperation (CoC).

In his remarks, the OPEC Secretary General highlighted that “OPEC is very proud of the Annual Statistical Bulletin, which has greatly expanded since its inaugural release in 1965 and continues to go from strength to strength,” noting that its latest edition “contains detailed data on all chains of the oil industry, including key statistics pertaining to OPEC Member Countries and non-OPEC oil-producing countries.”

“OPEC firmly believes that real-world data, grounded in reality rather than ideology, should drive policy formation, including when it comes to planning future energy pathways,” HE Al Ghais stressed, adding that OPEC “believes that the public availability of reliable and transparent data is more crucial than ever in supporting informed decision-making and commentary, especially in today’s complex energy landscape.”

The hybrid event was attended by officials and representatives of OPEC Member Countries and countries participating in the CoC. Read full article

The Organization of the Petroleum Exporting Countries (OPEC) will host the 9th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on 9-10 July 2025, under the theme “Chartering Pathways Together: The Future of Global Energy”.
The OPEC International Seminar is regarded as one of the premier events in the energy industry. It fosters dialogue and cooperation among industry stakeholders by facilitating open and candid discussions on topical issues affecting the petroleum and energy sectors.

Participants customarily include Ministers from OPEC Member Countries, countries participating in the Declaration of Cooperation, and other energy producing and consuming nations, as well as heads of international organizations, executives of energy companies and financial institutions, along with other industry leaders, policymakers, experts, members of academia and journalists.

OPEC Secretary General, HE Haitham Al Ghais, stated, “The OPEC International Seminar has gained a global recognition due to its outstanding record for the calibre of speakers and participants and the quality of discussions that address the most pressing issues related to the energy industry. We look froward to welcoming all our guests to Vienna in July 2025 for what will be an engaging and exceptional event.”

The 9th OPEC International Seminar will examine a broad range of topics related to the energy and petroleum industries, including energy security, energy transitions, technology and innovation, sustainable development and the world economy.

The previous (8th) International Seminar, which was held in July 2023 in Vienna under the theme “Towards a Sustainable and Inclusive Energy Transition,” attracted a record number of participants. The two-day event was attended by more than 1,000 participants, including 17 Ministers from OPEC Member Countries and non-OPEC countries, 18 CEOs, 13 heads of international organizations and 89 journalists. Source, HTL Group


Vestas has received a 347 MW order to power the Pohénégamook – Picard – Saint-Antonin – Wolastokuk (PPAW) wind project in Quebec, Canada. The order consists of 56 Enventus V162-6.2 MW turbines.
The order includes supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset.
Vestas’ EnVentus turbines offer a wide range of standard hub heights and modes of operation that can be combined with an extensive list of technology options to create customised solutions to suit the needs of each unique project.
“This is a significant deal for Canada, and we’re thrilled to partner with Invenergy as they continue to expand their North American wind energy portfolio,” said Laura Beane, President of Vestas North America. “This collaboration, alongside Quebec’s ambitious net zero goals, is confirmation of our shared vision for a clean energy future, and we are pleased to provide our leading EnVentus platform to help meet those ambitions.”
“Along with our partner, Alliance de l’Énergie de l’Est, Invenergy is thrilled to work with Vestas to begin laying the groundwork for the future PPAW Wind Energy Center,” said Louis Robert, Vice President, Renewable Development at Invenergy. “We look forward to building on our existing relationship with Vestas, to support Quebec’s energy transition.”
Turbine delivery and commissioning is expected in 2025. Read full article

Hyundai’s all-new 2024 Santa Fe has been named Best U.S.- Built SUV by American Cars and Racing. The publication’s awards honor the best new or significantly updated 2024-model-year vehicles assembled in the U.S. The American Cars and Racing’s editorial team determined the winning vehicles by assessing their innovation, appeal, value, and overall excellence. The awards were given out in five categories: Car, Truck, SUV, Luxury Vehicle, and Sports Car. More than a dozen vehicles were eligible in the U.S.-Built SUV category this year, but Hyundai’s Montgomery, AL-built Santa Fe prevailed. The award was announced Wednesday, live on Fox News network’s morning show, ‘Fox & Friends’.

“Hyundai’s all-new Santa Fe is all about exceeding customer expectations,” said Ricky Lao, director, product planning, Hyundai Motor North America. “With its spacious three-row interior, user-friendly infotainment and eye-catching styling, the Alabama-built SUV is making an impact in today’s highly competitive midsize market.” Read full article

Since the launch of Clio IV and ZOE in 2012, the center of the dashboard of Renault vehicles has featured a multimedia touch screen. Initially small, this screen offered basic functions such as navigation and audio settings. With the meteoric evolution of digital technology, drivers are looking for a more intuitive, user-friendly experience. Today, this is offered by the unified OpenR screen in the shape of an upside-down L, found for example on Scenic E-Tech Electric and Austral. It sets the current benchmark in terms of design, ergonomics, and innovation.

How do the brand’s designers put these demands at the heart of the development process for new model screens? How do they anticipate needs and trends to create the right type of screen at the right time?

The evolution of in-cabin touchscreens is, above all, a story in motion. To find out more, we called on the expertise of Stéphane Maiore, Chief Interior Designer at Renault, and Marc Pinel, Chief Advanced Experience Design.

2014 marks a major change, at odds with the automotive standards of the time: the fifth generation of Renault Espace is equipped with a vertical – rather than horizontal – 8.7″ touchscreen, again with the aim of offering users an experience like smartphone use. Thanks to connectivity, this screen provides access to weather forecasts, real-time traffic information and local search. Read full article

Aramco, one of the world’s leading integrated energy and chemicals companies, has signed definitive agreements to acquire a 10% equity interest in HORSE Powertrain Limited, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group and Geely Automobile Holdings Limited (“Geely”). HORSE Powertrain Limited was formed on May 31, 2024, by Renault Group and Geely and is incorporated and headquartered in London, UK.

Aramco will acquire a 10% equity interest in HORSE Powertrain Limited in equal parts from Renault Group and Geely, which will each retain 45% equity stakes. The price to be paid by Aramco at closing, which is subject to customary closing conditions including the receipt of regulatory approvals, will be based on a €7.4 billion enterprise valuation.

This investment will enhance Aramco’s contribution to the global energy transition through the development and commercialization of more sustainable mobility solutions. The agreements also include collaboration arrangements for Aramco and Valvoline on technologies, fuels, and lubricants to collectively improve the performance of HORSE Powertrain Limited internal combustion engines (ICE).

Aramco, Renault Group, and Geely share the view that successful decarbonization of the automotive industry will require a combination of various technologies — including highly efficient ICE, transmissions and hybrid powertrains, alternative fuels such as lower-carbon synthetic fuels and hydrogen, as well as vehicle electrification — to support an orderly energy and mobility transition around the world.

HORSE Powertrain Limited’s mission is to lead the race towards ultra-low emission next generation technologies, and Aramco’s unique capabilities, including a global network of R&D centers where research on synthetic fuels, hydrogen, and ICE optimization is conducted, will facilitate development of long-term sustainable and accessible decarbonized solutions. Read full article

Managing Director of the Renault brand in the UK, Guillaume Sicard, is appointed VP Renault Brand for the market area France, replacing Ivan Segal as of October 1. In his new role, Sicard will report to Ivan Segal, recently appointed VP Sales and Operations for the Renault brand.

As Managing Director of the Renault brand in the UK, in a complex post-pandemic environment, Sicard has delivered a significant business expansion and steered Renault’s re-emergence as a leading player in the UK market. Sicard has extensive automotive experience in France, in development of international markets and will continue to implement the Renaulution strategic plan in France and reinforce the Renault brand’s leadership in its home market. Adam Wood is appointed as Managing Director, Renault brand UK and Country Head Renault Group UK, replacing Sicard. His appointment marks a homecoming, as he returns to Renault UK having started on the company’s graduate programme after achieving a French degree from University of Bristol, before going on to achieve a Master of Science (MSc) qualification in International Business from the University of Nottingham. Read full article

Baker Hughes Rig Count: U.S. -7 to 581 Canada +10 to 176
U.S. Rig Count is down 7 from last week to 581 with oil rigs down 6 to 479, gas rigs down 1 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 10 from last week to 176, with oil rigs up 7 to 116, gas rigs up 2 to 59 and miscellaneous rigs up 1.
International Rig Count is down 25 rigs from last month to 953 with land rigs down 3 to 740, offshore rigs down 22 to 213. International Rig Count is down 12 rigs from last year’s count of 965, with land rigs up 11, offshore rigs down 23.
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.

RegionPeriodRig CountChange
U.S.A28 June 2024581-7
Canada28 June 2024176+10
InternationalMay 2024953.-25
Baker Hughes

JLR confirmed it has hired more than 1,500 former armed forces personnel globally over the last decade, as the nation honours Armed Forces Week in the UK.

This year marks the 10th anniversary of JLR signing the Armed Forces Covenant and 10 years of working in partnership with Mission Motorsport, the Forces’ Motorsport Charity, leading to the UK’s largest luxury car maker employing an average of 150 veterans a year

Last year, JLR engaged with over 500 service leavers and hired over 180 former service personnel as part of a programme to help armed forces leavers to find employment opportunities and maximise their transferrable skills.

The transition into civilian life after finishing a forces career can be challenging, as civilian recruiters may not always fully appreciate military CVs and their unique skillsets.

JLR supports veterans by employing a dedicated Armed Forces Engagement Manager, running an Armed Forces Community support network, providing CV and interview advice and offering prospective employees site visits. Read full article

Alpine joined A$AP Rocky, who presented its first ready-to-wear collection at Paris Fashion Week. The collection, designed by A$AP Rocky, Joshua Jamal and Bede Marchand, combines art and commitment, and questions conventional definitions of fashion. Featuring 30 non-conformist pieces, including pieces by Coucou Bebe, the brand’s first fashion show was held on Friday 21 June at the hôtel de Maisons, with music from A$AP Rocky’s forthcoming album providing the soundtrack. In the hotel courtyard, Alpine also exhibited the Alpenglow, its spectacular hydrogen-powered prototype, and the A290, its new 100% electric hot hatch.

A$AP Rocky arrived at his show at the wheel of an Alpine A110 R, a radically sporty model from the French brand, allowing the guests to discover the vehicle.

This moment was a clear demonstration of Alpine’s desire to continue to question convention in order to create a more creative and daring world. By supporting the launch of American Sabotage, Alpine once again demonstrates its commitment to uncompromisingly explore new creative ideas to help build an international, creative and non-conformist brand. Read full article


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