Latest news with #energytransition
Malay Mail
8 hours ago
- Business
- Malay Mail
Malaysia eyes nuclear energy revival, stronger ties with Uzbekistan, Russia
MOSCOW, June 28 — Deputy Prime Minister Datuk Seri Fadillah Yusof has concluded his eight-day working visit to Uzbekistan and Russia, marking a pivotal step in Malaysia's renewed efforts to strengthen strategic international partnerships. The visit focused on the potential revival of Malaysia's nuclear energy programme, alongside collaboration in the halal economy, tourism, energy investments and Islamic finance. A key milestone was the signing of a non-disclosure agreement (NDA) between MyPower Corporation, a special-purpose agency under the Ministry of Energy Transition and Water Transformation (PETRA), and the Russian state atomic energy agency Rosatom. The agreement paves the way for potential cooperation in the peaceful use of nuclear technology, as Malaysia re-evaluates its long-term energy strategy. As Malaysia advances its National Energy Transition Roadmap, nuclear energy is being seriously considered as a reliable, clean baseload option to diversify the energy mix and achieve long-term climate and energy security goals. Malaysia previously had a robust nuclear development agenda, including plans to commission two nuclear power plants by 2021. However, these plans were shelved, and the Malaysia Nuclear Power Corporation was disbanded in 2018. Today, amid increasing pressure to decarbonise and diversify its energy sources, nuclear energy is once again under consideration as a viable low-carbon option. A recently completed pre-feasibility study yielded encouraging findings, prompting the government to explore implementation pathways that align fully with global safety, security and non-proliferation standards. The visit also reinforced Malaysia's global halal leadership. Both Uzbekistan and Russia expressed strong interest in leveraging Malaysia's well-established halal ecosystem. Additionally, the Uzbek government extended a formal invitation to Malaysia's national oil and gas company, Petroliam Nasional Bhd (Petronas), to consider reinvesting in the republic's energy sector. Petronas had exited Uzbekistan in 2013, but new opportunities in exploration and upstream development have emerged as Uzbekistan seeks to revitalise its energy landscape. Tourism ties were boosted by AirAsia X's launch of direct flights from Kuala Lumpur to Tashkent, operating three times weekly. Recognising the potential to further enhance travel and trade, Fadillah encouraged AirAsia X to expand its route to include Samarkand, a historic Silk Road city and UNESCO World Heritage Site, offering added value for both leisure and cultural tourism. Uzbekistan is also keen to collaborate with Malaysia on carbon trading, and has expressed interest in tapping Malaysia's extensive experience in developing the sukuk market — an area in which Malaysia is widely recognised as a global leader in Islamic finance. — Bernama
Associated Press
8 hours ago
- Business
- Associated Press
S&P Global Ratings affirms Ecopetrol's Stand-Alone Credit Profile (SACP) while adjusting its global credit rating
BOGOTA, Colombia, June 27, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the 'Company') informs that on June 27, 2025, the credit rating agency S&P Global Ratings downgraded Ecopetrol's global credit rating from BB+ to BB and maintained the negative outlook. This action is aligned with the downgrade of the Republic of Colombia's sovereign rating on June 26, 2025. Additionally, the agency affirmed Ecopetrol's Stand-Alone Credit Profile (SACP) at bb+. In its report, S&P stated that Ecopetrol's global rating was adjusted in line with Colombia's sovereign rating and remains capped by it, due to the Company's significance in national revenue generation, its status as a government-related entity, and its role in the country's energy transition. The negative outlook on Ecopetrol reflects the sovereign's outlook. Regarding the stand-alone rating, the agency expects Ecopetrol to maintain its leverage ratio (debt/EBITDA) between 2.0x and 2.5x, with an EBITDA margin close to 40%. S&P also positively highlighted the Company's 2040 strategy, which focuses on growth prospects, reserve replacement, high operational availability of refineries, and strengthening the investment portfolio through business diversification. The full report issued by the agency on June 27, 2025, announcing the rating action, can be accessed in the link below: Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital Markets Carolina Tovar Aragón Email: [email protected] Head of Corporate Communications (Colombia) Marcela Ulloa Email: [email protected] View original content: SOURCE Ecopetrol S.A.
The National
12 hours ago
- Business
- The National
Rare earths and real risk: Why the global supply chain needs a rethink
They are buried in our smartphones, embedded in EV motors, and essential to jet engines and wind turbines. Yet most people could not name a single rare earth element. This quiet invisibility belies their strategic importance. As the world accelerates towards a more digital and electrified future, rare earths have become indispensable – and increasingly, a source of geopolitical friction. The global supply chain behind these elements is under pressure. China currently produces nearly 70 per cent of rare earth ores and holds more than 95 per cent of global refining and separation capacity. For heavy rare earths, that number is closer to total control. This concentration gives China significant influence over price, availability and access to materials that power the energy transition and advanced defence technologies. In short, it is not just an economic advantage. It is a position of systemic control. But the challenges do not end with geographic concentration. The industry also struggles with what is known as the 'balance problem'. Not all rare earths are created equal. High-demand elements like neodymium and praseodymium, crucial for permanent magnets in electric vehicles and wind turbines, are co-mined with lower-demand elements such as cerium and lanthanum. Producers must extract and process everything, regardless of market demand. That creates inefficiencies, price distortions and sustainability concerns. This imbalance has strategic consequences. Without careful co-ordination, demand for magnet rare earths could outpace supply within the next decade. That does not mean catastrophe, but it does mean rising costs, tighter margins, and a squeeze on industries that depend on long-term stability. Momentum is finally shifting. As the urgency to diversify supply chains intensifies, ion adsorption clay (IAC) deposits have come into focus – and not just in China and Myanmar, where they have long been tapped. Exploration efforts are under way in countries like Brazil, Uganda and South-east Asia, offering new access to heavy rare earths. Unlike traditional hard-rock mines, IAC operations can reach production in just four to seven years, giving them a distinct strategic and commercial advantage. Refining is the next major hurdle. Mining rare earths without the ability to refine them only shifts the bottleneck, it does not solve it. Today, the vast majority of REE concentrates – even those mined outside China – are still sent back for processing. But that is beginning to change. Companies like Lynas in Malaysia, MP Materials in the US, and Neo Performance Materials in Estonia are building local refining capacity. These efforts mark early steps towards a more regionally balanced and secure supply chain. Innovation is also reshaping what's possible across the value chain. Manufacturing techniques like grain boundary diffusion allow for the reduction of dysprosium and terbium usage without compromising performance – a potential game changer given their sensitivity to supply shocks. Meanwhile, magnet recycling and by-product recovery from sources like phosphogypsum offer alternative streams of material with lower environmental impact. A co-ordinated, multinational response is essential. The US, Japan and Australia have launched public-private initiatives to diversify rare earth supply chains and strengthen refining capabilities. It is not just about securing raw materials. It is about ensuring that economic resilience and national security are not tied to a single point of failure. For those deeply involved in the rare earth ecosystem, from miners and refiners to end users and policymakers, the issues at stake go well beyond geology or engineering. They are a test of foresight and preparedness. The companies and countries that invest, innovate, and collaborate today will be the ones best positioned to thrive in the next era of industrial transformation. The 20th century was powered by oil. The 21st will be driven by rare earths. Those who recognise this early and act decisively will shape the future.
Yahoo
14 hours ago
- Business
- Yahoo
S&P Global Ratings affirms Ecopetrol's Stand-Alone Credit Profile (SACP) while adjusting its global credit rating
BOGOTA, Colombia, June 27, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company") informs that on June 27, 2025, the credit rating agency S&P Global Ratings downgraded Ecopetrol's global credit rating from BB+ to BB and maintained the negative outlook. This action is aligned with the downgrade of the Republic of Colombia's sovereign rating on June 26, 2025. Additionally, the agency affirmed Ecopetrol's Stand-Alone Credit Profile (SACP) at bb+. In its report, S&P stated that Ecopetrol's global rating was adjusted in line with Colombia's sovereign rating and remains capped by it, due to the Company's significance in national revenue generation, its status as a government-related entity, and its role in the country's energy transition. The negative outlook on Ecopetrol reflects the sovereign's outlook. Regarding the stand-alone rating, the agency expects Ecopetrol to maintain its leverage ratio (debt/EBITDA) between 2.0x and 2.5x, with an EBITDA margin close to 40%. S&P also positively highlighted the Company's 2040 strategy, which focuses on growth prospects, reserve replacement, high operational availability of refineries, and strengthening the investment portfolio through business diversification. The full report issued by the agency on June 27, 2025, announcing the rating action, can be accessed in the link below: Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital MarketsCarolina Tovar AragónEmail: investors@ Head of Corporate Communications (Colombia)Marcela UlloaEmail: View original content: SOURCE Ecopetrol S.A. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
20 hours ago
- Business
- Reuters
California should support fuel imports, find ways to retain refiners, regulator says
NEW YORK, June 27 (Reuters) - California's energy regulator on Friday issued recommendations to Governor Gavin Newsom to support timely fuel imports and explore ways to retain operations at existing refineries in the state. Newsom had earlier this year asked the California Energy Commission to recommend changes to the state's energy transition efforts, as it faces higher fuel costs from Phillips 66 and Valero's decision to shutter refineries supplying about 20% of the state's total fuel production capacity.
