Latest news with #TimothyGardner
Yahoo
08-07-2025
- Business
- Yahoo
Texas project to build four nuclear plants is in talks with 'hyperscalers'
By Timothy Gardner WASHINGTON (Reuters) -Fermi, a Texas company looking to build four nuclear plants next to a U.S. nuclear weapons complex, said in documents revealed on Tuesday that it is talking with large data managers on leasing agreements for the project. Fermi, co-founded by Rick Perry, a former U.S. energy secretary, wants to build four AP1000 reactors at a facility it is calling a "hypergrid." The up to 11 gigawatt (GW) facility in Amarillo powered by nuclear, natural gas, and renewable energy, is planned near the Department of Energy's Pantex nuclear weapons plant and in partnership with Texas Tech University. Fermi said in its application at the Nuclear Regulatory Commission, which the regulator made public on Tuesday, that it is engaging in talks with many Big Tech companies, known as "hyperscalers," on letters of intent and term sheets, or preliminary documents that are usually non-binding. The application said that the hyperscalers would be tenants, apparently meaning they would not own part of the plants. Fermi did not immediately answer questions about financial arrangements being discussed with Big Tech companies or which or how many hyperscalers it is in talks with. The last two reactors built in the U.S. were AP1000, completed in Vogtle, Georgia. They cost a total of more than $30 billion, according to the U.S. Energy Information Administration. Those plants were delayed by years and came in billions of dollars above projected costs. But nuclear backers say lessons learned should cut construction time and final costs of the next AP1000 reactors. Fermi said in the application that the nuclear complex, which it calls the Donald J. Trump Generating Plant, will be eligible for financing from the Department of Energy's Loan Programs Office. The only time the president tapped the LPO in his first term was for the Vogtle plants. The company said other plans to finance construction and operation include equity capital contributions from institutional infrastructure and real estate investors, structured bond offerings, and clean energy tax credits.
Ya Libnan
04-07-2025
- Business
- Ya Libnan
US imposes fresh sanctions targeting Iran oil trade, Hezbollah
Al-Qard al-Hasan is considered one of the most prominent economic pillars of Hezbollah. It is managed outside the Lebanese economic banking system and is not subject to the Lebanese 'cash and credit' law. By Timothy Gardner and Brendan O'Brien Summary WASHINGTON-The U.S. imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil, and on a Hezbollah-controlled financial institution, the Treasury Department said. A network of companies run by Iraqi-British national Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said. 'Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities,' Treasury Secretary Scott Bessent said. The U.S. has imposed waves of sanctions on Iran's oil exports over its nuclear program and funding of militant groups across the Middle East. Reuters reported late last year that a fuel oil smuggling network that generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since 2022. Thursday's sanctions came after the U.S. carried out strikes on June 22 on three Iranian nuclear sites, including its most deeply buried enrichment plant Fordow. The Pentagon said on Wednesday the strikes had degraded Iran's nuclear program by up to two years , despite a far more cautious initial assessment that had leaked to the public. The U.S. and Iran are expected to hold talks about its nuclear program next week in Oslo, Axios reported. Said's companies and vessels blend Iranian oil with Iraqi oil, which is then sold to Western buyers via Iraq or the United Arab Emirates as purely Iraqi oil using forged documentation to avoid sanctions, Treasury said. Said controls UAE-based company VS Tankers though he avoids formal association with it, Treasury said. Formerly known as Al-Iraqia Shipping Services & Oil Trading (AISSOT), VS Tankers has smuggled oil for the benefit of the Iranian government and the Islamic Revolutionary Guard Corps, which is designated by Washington as a terrorist organization, it said. The sanctions block U.S. assets of those designated and prevent Americans from doing business with them. VS Tankers did not immediately respond to a request for comment. Iran's mission in New York did not immediately respond to a request for comment. The U.S. also sanctioned several vessels that are accused of engaging in the covert delivery of Iranian oil, intensifying pressure on Iran's 'shadow fleet,' it said. The Treasury Department also issued sanctions against several senior officials and one entity associated with the Hezbollah-controlled financial institution Al-Qard Al-Hassan. (Reuters)
Japan Today
25-06-2025
- Business
- Japan Today
Trump says China can buy Iranian oil, but urges it to purchase US crude
An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/File Photo By Timothy Gardner U.S. President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions. "China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also," Trump said in a post on Truth Social, just days after he ordered U.S. bombings of three Iranian nuclear sites. Trump was drawing attention to no attempts by Iran so far to close the Strait of Hormuz to oil tankers, as a closure would have been hard for China, the world's top importer of Iranian oil, a senior White House official told Reuters. "The president continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of U.S. sanctions," the official said. After the ceasefire announcement, Trump's comments on China were another bearish signal for oil prices, which fell nearly 6% on Tuesday. Any relaxation of sanctions enforcement on Iran would mark a U.S. policy shift after Trump said in February he was re-imposing maximum pressure on Iran, aiming to drive its oil exports to zero, over its nuclear program and funding of militants across the Middle East. Trump imposed waves of Iran-related sanctions on several of China's independent "teapot" refineries and port terminal operators for purchases of Iranian oil. "President Trump's greenlight for China to keep buying Iranian oil reflects a return to lax enforcement standards," said Scott Modell, a former CIA officer, now CEO of Rapidan Energy Group. In addition to not enforcing sanctions, Trump could suspend or waive sanctions imposed by executive order or under authorities a president is granted in laws passed by Congress. Trump will likely not waive sanctions ahead of coming rounds of U.S.-Iran nuclear talks, Modell said. The measures provide leverage given Tehran's demand that any deal includes lifting them permanently. Jeremy Paner, a partner at law firm Hughes Hubbard & Reed, said if Trump chooses to suspend Iran oil-related sanctions, it would require lots of work between agencies. The U.S. Treasury would need to issue licenses, and the State Department would have to issue waivers, which require Congressional notification. Oil traders and analysts in Asia said they did not expect Trump's comments to have a near-term impact on Chinese purchases of oil from either Iran or the U.S. Iranian oil accounts for roughly 13.6% of China's oil purchases this year, with the discounted barrels providing a lifeline to margin-squeezed independent refineries. U.S. oil accounts for just 2% of China's imports, and Beijing's 10% tariffs on U.S. oil deter further purchases. PRESSURE ON CHINA China has long opposed what it has called Washington's "abuse of illegal unilateral sanctions." China's embassy in Washington did not immediately respond to a request for comment about Trump's post. Larger purchases of Iranian oil by China and other consumers could upset U.S. ally Saudi Arabia, the world's largest oil exporter. The impact of U.S. sanctions on Iran's exports, however, has been limited since Trump's first administration when he cracked down harder on Tehran. Trump has "flashed the Glock" this year with sanctions on Chinese trading companies and terminals, Modell said, referring to revealing a gun. But the results have been far more "minimum pressure" than maximum, Modell added. State Department spokesperson Tammy Bruce told reporters that Trump had signaled what he wanted to happen and that his administration is focused on delivering that. She would not say what the process would entail. "But clearly we are focused on making sure that (the) guiding hand of President Trump prevails and moves this government forward, so we will have to wait and see when it comes to what that ends up looking like," Bruce said. © Thomson Reuters 2025.
Yahoo
05-06-2025
- Business
- Yahoo
Drillers, unions urge US senators to preserve hydrogen credit
By Timothy Gardner WASHINGTON (Reuters) -A coalition of nearly 250 companies and business and labor groups on Thursday urged top U.S. Republican senators to preserve a credit for the emerging hydrogen fuel industry as they hash out President Donald Trump's tax and spending bill. Oil and gas lobbying group the American Petroleum Institute, a local unit of the International Brotherhood of Electrical Workers, and DuPont urged Senate Majority Leader John Thune and Senator Mike Crapo to extend the construction deadline to December 31, 2029 for hydrogen projects to receive a tax break. The Senate is debating its version of the bill after the House of Representatives terminated the so-called 45V credit for any project which begins construction after the last day of 2025. "If this course of action is adopted by the Senate, it will drive tens of billions of dollars in planned private sector investments out of the United States and into other countries," the groups said in a letter to the senators, dated June 5. "Failing to act now by preserving 45V means ceding the future of hydrogen to China." The Business Council for Sustainable Energy and the Nuclear Hydrogen Initiative also signed the letter. House Republicans slashed the credits which had been included the Inflation Reduction Act, the landmark climate legislation signed by former President Joe Biden, a Democrat. Under the IRA, hydrogen producers got tax credits for projects that began construction before 2033. Industry analysts say clean hydrogen, or hydrogen produced from non-fossil energy sources, or natural gas paired with technology to capture carbon emissions and store them underground, is needed to decarbonize heavy industry and some vehicles. The letter said clarity from lawmakers would spur tens of billions of dollars in private capital, boost domestic manufacturing, and create long-term employment in construction, operations, and technology.
Yahoo
05-06-2025
- Business
- Yahoo
Drillers, unions urge US senators to preserve hydrogen credit
By Timothy Gardner WASHINGTON (Reuters) -A coalition of nearly 250 companies and business and labor groups on Thursday urged top U.S. Republican senators to preserve a credit for the emerging hydrogen fuel industry as they hash out President Donald Trump's tax and spending bill. Oil and gas lobbying group the American Petroleum Institute, a local unit of the International Brotherhood of Electrical Workers, and DuPont urged Senate Majority Leader John Thune and Senator Mike Crapo to extend the construction deadline to December 31, 2029 for hydrogen projects to receive a tax break. The Senate is debating its version of the bill after the House of Representatives terminated the so-called 45V credit for any project which begins construction after the last day of 2025. "If this course of action is adopted by the Senate, it will drive tens of billions of dollars in planned private sector investments out of the United States and into other countries," the groups said in a letter to the senators, dated June 5. "Failing to act now by preserving 45V means ceding the future of hydrogen to China." The Business Council for Sustainable Energy and the Nuclear Hydrogen Initiative also signed the letter. House Republicans slashed the credits which had been included the Inflation Reduction Act, the landmark climate legislation signed by former President Joe Biden, a Democrat. Under the IRA, hydrogen producers got tax credits for projects that began construction before 2033. Industry analysts say clean hydrogen, or hydrogen produced from non-fossil energy sources, or natural gas paired with technology to capture carbon emissions and store them underground, is needed to decarbonize heavy industry and some vehicles. The letter said clarity from lawmakers would spur tens of billions of dollars in private capital, boost domestic manufacturing, and create long-term employment in construction, operations, and technology. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
