E.ON first-half profits triple August 13, 2012 E.ON, Germany’s biggest energy company, has seen its profits triple in the first half of 2012. Net income for the six months to the end of June was €3.3bn (£2.1bn), up from €900m a year ago. E.ON cited Germany’s accelerated phase-out of nuclear energy, which benefited first-half earnings to the tune of €1.5bn, and a [...]
E.ON profit up on settlement August 7, 2012 OPERATING earnings at E.ON could rise by more than 50 per cent to around €6.7bn (£5.3bn) in the first half, Germany’s largest utility announced in an unscheduled statement ahead of its interim report on 13 August. Last year’s earnings were hit by Germany’s decision to phase out nuclear power by 2022. A settlement with Russia’s [...]
BP weighs the risks of contamination from Russian oil October 18, 2012 MONEY isn’t everything. As the elaborate negotiations over TNK-BP’s ownership continue, BP finds itself in a sticky strategic position, despite a generous offer for its stake. The apparent $28bn bid from Rosneft for BP’s 50 per cent TNK-BP stake looks attractively priced and would enable the UK oil major to extricate itself from a less-than-ideal [...]
E.ON profit rise shows worst could be over August 7, 2012 Cheaper gas supplies helped boost first-half profit at E.ON signalling the worst could be over for Germany’s biggest power company whose earnings were ravaged last year by the government’s decision to exit nuclear power. E.ON said on today first-half earnings before interest, tax, depreciation and amortisation (Ebitda) would be around €6.7bn up from £5.3bn a [...]
A leaner firm already looks like a better takeover target than its rebellious Russian oil subsidiary June 5, 2012 BP has been saying for years that it wants to be a smaller, leaner firm. Lopping off its occasionally combative but always lucrative Russian arm is nevertheless a radical way to streamline. TNK-BP accounted for 29 per cent of BP’s production and 16 per cent of its 2011 profits. And when its “noisy, not dysfunctional” [...]
BP eyes sale of TNK-BP stake June 1, 2012 BP said it was considering a sale of its half-share of Russia’s third-largest oil producer TNK-BP after receiving bid approaches, possibly heralding the end of one of the UK oil major’s most lucrative, audacious and troublesome ventures. The oil company said in a statement on Friday that it had received “unsolicited approaches” and had notified [...]
Gazprom weighing new Turkey deals October 2, 2011 Russia’s Gazprom is mulling new deals in Turkey after it received notification from Turkish state pipeline company Botas that it had decided to end a contract to buy 6 billion cubic metres (bcm) of gas annually, a Gazprom source said yesterday. Botas decided to end the contract to receive gas via the so-called western line [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 24, 2012 FINANCIAL TIMES EDF warns Hollande on nuclear plant Henri Proglio, chief executive of EDF, has warned France’s new president that he will need to discuss compensation with the nuclear power group if he presses on with plans to shut the country’s oldest atomic plant. Dow Chemical wins Kuwait damages Dow Chemical of the US has [...]
Petroplus courted by Russian March 21, 2012 A former Russian energy minister is planning to bid for three refineries owned by bankrupt oil refiner Petroplus, giving hope to workers who fear refinery shut downs and potentially dashing rivals’ expectations that industry overcapacity might be reduced. Fund Energy, an investment vehicle founded by Igor Yusufov, who still sits on the board of directors [...]
Gazprom fills Nord Stream gas pipeline September 6, 2011 GAZPROM yesterday started pumping the first gas through its controversial subsea pipeline from Russia to Germany, bypassing Ukraine, where disputes have halted energy supplies to European countries twice since 2006. The 1,220-kilometre Nord Stream pipeline is the first direct link between western Europe and Russia, which provides for around quarter of the EU’s gas supplies. [...]