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BILBAO – Gunvor Group (“Gunvor”), a leading global independent energy trading company, has completed the acquisition of a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. (“BBE”), a 785MW combined cycle power plant located in Bilbao, Spain from bp.

The deal, announced in December 2023, has been approved by all relevant regulatory bodies, including the European Union (EU) Commission’s review of Merger Control (EUMR) and Foreign Subsidies Regulation (FSR).

Ente Vasco de la Energía (“EVE”), the energy agency of Basque Country, holds the remaining 25% ownership stake in BBE.

BBE is Gunvor’s first investment in a power generation asset, while expanding the company’s commitment to developing Spain’s energy sector. Gunvor’s strength in natural gas/LNG and growing power business will complement operations at the plant and contribute positively to Spain’s economy over the long-term.

Happy you will get no arguments from me that a lot of the wind stuff was just hot air.

I think some part of the green make sense ,some might one day make sense,and some might just be white elephants

I respect your view,and agree that there are a lot of people with a very similar view who have totally lost faith in both the renewables and the company

Articles mention a February Investor’s day.

Anyone know where it’s happening.

Would consider it likely to be America.

And that might be sending a message about UK politicians and UK markets?

Also today’s news might get a better welcome in the US if we are turning back into an oil company

Happy BP Bunge is quoting returns of at least 15%.

BPLightsource quotes mid teens

So all the Green stuff is not identical .

Those kind of returns will be very useful if oil price does fall.( not currently looking very likely)

Https://www.forexlive.com/news/bp-shifts-strategy-eyes-investments-in-iraq-and-permian-basin-20241007/

Https://www.chemengonline.com/greasezilla-and-bp-to-collaborate-on-biofuels-production-from-grease-waste/?printmode=1

It’s very rare for a merger to keep everything.

There is usually something that just doesn’t fit, or generate the return you want.

If we do get a large jump in oil price,it’s the time to sell.

Https://www.thenorthernecho.co.uk/news/24628089.government-green-light-bps-net-zero-teesside-project/

It’s not following normal logic for a Middle East conflict.

Normally the next thing would be to de risk for the weekend.

Something is bound to happen over the weekend.

And it’s nearly certain it won’t be good news.

Iran has a lot of enemies,but still a few friends ( and a lot less missiles and drones than it might have had if it had not helped Russia)

Https://www.prnewswire.com/news-releases/enbridge-sanctions-pipelines-to-support-bps-new-deepwater-us-gulf-of-mexico-development-302266183.html

Morning Spights.

Ive been having problems off and on ,getting in for about 2 weeks.

Including having to check I was not a robot

Sunday could not get in for about 15 hrs.

Particularly like

“In a separate report earlier this week, the EIA reported that U.S. oil demand had hit a five-year seasonal high this July, reaching 20.48 million barrels daily. The data is the latest proof that reports of peak oil demand in 2019 were highly exaggerated.

Production, meanwhile, declined in July, the EIA also reported on Monday, suggesting a tightening balance between supply and demand.”

Iran getting mixed up in its own war is very good news for Ukraine.

It’s not exactly going to have drones and rockets and missiles to spare for Russia for a wee while.

Https://m.economictimes.com/industry/energy/oil-gas/reliance-deal-ambani-wont-lose-old-friend-and-energy-giant-bp-despite-end-of-exclusivity-with-reliance/articleshow/113872764.cms

Https://www.bp.com/en/global/corporate/news-and-insights/energy-in-focus/bps-biofuels-business-in-brazil.html

Https://oilprice.com/Energy/Energy-General/Crude-Oil-Inventory-Drop-Falls-Short-of-Expectations.html

Crude oil inventories in the United States fell by 1.5 million barrels for the week ending September 27, according to The American Petroleum Institute (API). Analysts had expected a drop of 2.1 million barrels.

Gasoline inventories rose this week by 900,000 barrels, compared to last week’s 3.438-million-barrel decrease. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data.

Https://www.businesswire.com/news/home/20241001119994/en/Bunge-Completes-Sale-of-its-Ownership-Share-in-BP-Bunge-Bioenergia-Joint-Venture-in-Brazil

Wonder if the BBC and other Media will run with this as BP doing something good.

And will the greenies not want it ( like they bash BP for museums and arts etc) just because it’s an oil company

Https://www.bp.com/en_gb/united-kingdom/home/news/press-releases/bp-and-future-woodlands-scotland-launch-urban-forestry-programme.html

Https://oilprice.com/Latest-Energy-News/World-News/US-Oil-Demand-Shines-as-Chinas-Dulls.html