Storm Field Services LLC Wed, 28 Sep 2022 15:30:00 +0000 en-US hourly 1 Storm Field Services LLC 32 32 Duplex Stainless Steel Market to be Worth $4.8 Billion by 2027 at 4.4% Growth Rate – IndustryARC Wed, 28 Sep 2022 15:30:00 +0000

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An increase in bridge construction projects will drive the market growth of the duplex stainless steel market.

HYDERABAD, TELANGANA, INDIA, September 28, 2022 / — IndustryARC, in its latest report, predicts that Duplex Stainless Steel Market size is estimated at US$4.8 billion by 2027 and growing at a CAGR of approximately 4.4% from 2022 to 2027. Duplex stainless steel belonging to the stainless steel family is a combination of two of the main types of alloys, i.e. austenite and ferrite, with a 50/50 mix of the two. Moreover, the upcoming bridge construction projects will also boost the duplex stainless steel industry during the forecast period. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the full summary of the report:

Key points to remember:

1. The growth of oil and gas industry projects in the Asia-Pacific region will drive the market. Indeed, there will be a demand for high quality ferrous alloys like duplex stainless steel for use in pipelines, tubes, exploration wells and others which will drive the decorative laminates market.

2. Rising growth in bridge construction projects that require highly durable steel materials like duplex stainless steel will drive the market demand.

3. Growth of super duplex stainless steel due to an increase in pipeline construction and other oil and gas constructions will drive the duplex stainless steel market.

Want to know more about relevant information? Click here :

Segmental analysis:

1. By product type, super duplex stainless steel is expected to account for the largest global market share in 2021 and is expected to grow by more than 3% during the forecast period. Indeed, super duplex stainless steel alloys with a combination of austenite and ferrite are twice as strong as conventional austenitic stainless steels.

2. By end-use industry, the oil and gas industry is expected to account for the largest share of the global market in 2021 and is expected to grow by more than 3.5% during the forecast period. This is due to the increase in oil and gas projects during the forecast period.

3. The Barossa gas field project in northern Australia is currently under construction and consists of six subsea production wells, field facilities and a gas export pipeline connected to the pipeline system Bayu-Undan in Darwin which supplies gas to Darwin LNG. Due to these huge projects involving, the construction of gas pipelines, production wells and other equipment will involve more risk of corrosion and thus increase the demand for the duplex stainless steel market.

Competitive Landscape:

Top 5 Duplex Stainless Steel Industry Players are –

1. Tata Steel

2.Posco Group

3. Arcelormittal S.A.

4. Daido Steel Co.Ltd.

5. Outokumpu OYJ

Click the following link to purchase Duplex Stainless Steel Market Report:

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IndustryARC is one of the world’s leading market research and consulting companies. It produces over 500 unique market reports each year. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your favorite market report from the website, but also get personalized support on specific reports.

Related reports:

A. Stainless Steel Forgings Market

B. Automotive Stainless Steel Tube Market

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The former Bulgarian authorities authorized the construction of a Russian gas pipeline to “isolate Ukraine” Wed, 28 Sep 2022 03:22:00 +0000

The real purpose of the project, as evidenced by the secret service report, was not to “diversify” Bulgaria’s gas supply but only to benefit the Russian Federation.

Photo: President Rumen Radev was aware of the inefficiency of the pipeline

Contrary to the law, the former Bulgarian authorities approved the construction of the Russian Balkan Stream gas pipeline. However, the special services warned that it did not meet Sofia’s economic interests and only aimed to reduce Russia’s dependence on gas transit through Ukraine.

According to an investigation by the independent Bulgarian media in 2016, after Russia refused to implement the multi-billion dollar South Stream project, then Bulgarian Prime Minister Boyko Borissov advanced the idea of ​​a Balkan Stream which would supply gas to Bulgaria and Serbia via Turkey, that is to say bypassing Ukraine.

The following year, Bulgaria’s intelligence service – the state’s National Security Agency – prepared a series of reports for the country’s top leaders – President Rumen Radev, Prime Minister Borisov and the head of the National Assembly (Parliament) Tsveta Karayancheva, who cited the risks of the “gas transmission project at the Turkish Stream facility”, as part of what the future “Balkan Stream” was supposed to be.

The real purpose of the project, as evidenced by the intelligence service report, was not to “diversify” Bulgaria’s gas supply, as the then Prime Minister put it, but only to profit to the Russian Federation, “perhaps by suspending the transfer of gas via Ukraine”, if the project is completed in time.

Another report from December 2017 indicates that even then Borisov and Radev knew that Bulgaria would not receive gas due to the Balkan Stream. He said that the Russian “Gazprom” had unilaterally changed the parameters of gas transport through Bulgarian territory, and that the entire volume would pass through Bulgaria in the direction of Serbia, Greece and Macedonia since “the domestic market volume is not provided.”

But the Bulgarian authorities, judging by public statements, did not react to this warning – on the contrary, they made efforts to ensure that the Balkan Stream was built in time, before December 2020. Borisov himself in June of the same year, publicly declared that gas would flow through the pipeline “from various sources – from the United States, from Russia, from Azerbaijan, from Qatar, from Saudi Arabia”.

In addition, the issue of the construction of a Russian gas pipeline was also raised during Rumen Radev’s meeting with Russian President Vladimir Putin in May 2018 in Sochi. After that, the Bulgarian parliament voted to allocate 2.8 billion lei to finance the Balkan Stream.

“The pipeline was entirely financed at the expense of Bulgarian taxpayers, and a huge administrative resource was invested to ensure its timely implementation, including its rapid legalization. This rush to please the Kremlin is accompanied by hundreds of violations of Bulgarian legislation, described in a detailed report of the Council of Ministers inspection, created by order of the Petkov government,” the investigation said.

In particular, new construction equipment purchased with EU funds for completely different purposes was sent to the construction of gas pipelines. Today, this case is being handled by the European Public Prosecutor’s Office. Additionally, the Bulgarian Army’s military logistics units participated in the construction of the Balkan Stream, which helped transport the pipe across the Vit River.

“At the same time, the real diversification of gas supplies through the interconnection with Greece, through which Azerbaijani gas was supposed to flow, was delayed by ruses and administrative procedures of the same GERB government, which built the south, Turkey, the Balkans, and in fact a purely Russian pipeline,” the investigators said.

Following the publication of the investigation, the Democratic Reform Party of Bulgaria said it would ask parliament to set up a commission to investigate the actions of Borisov, Radev and Karayancheva in building the pipeline.

Pure Technologies, Synodon, Honeywell, Perma-Pipe – The Colby Echo News Tue, 27 Sep 2022 02:44:26 +0000

The latest research report from focuses on growth projections for the Global Oil and Gas Pipeline Leak Detection System Market 2022-2028. The report provides a detailed overview of the industry, including quantitative and qualitative information. It provides overview and forecast of the global Oil and Gas Pipeline Leak Detection System market based on type and applications. Historical data is used to derive verifiable market size projections of global and regional markets. The information is collected from secondary and primary sources, which can be demonstrated by business experts.

Porter’s five forces model is used to recognize the competitive scenario in the global Oil and Gas Pipeline Leak Detection System market. The report comprises the industry analysis which aims to provide an extensive view of the Oil and Gas Pipeline Leak Detection System market. Data synthesis processes are used before using the data in static analysis. Data validation is performed after going through various stages such as selection, integration and data interpolation and extrapolation.


The progress profoundly affects the characteristics of the industry in terms of technology and innovations in the product. Benchmarking is based on such figures as production capacity, revenue, product sales, price, gross margins and latest business developments. Business analysts also collect data and analyze trends based on information received from supply-side and demand-side intermediaries in the value chain.

The report is categorized into segments:

  • Acoustic/Ultrasonic
  • E-RTTM
  • Optical fiber
  • Steam detection
  • Mass/volume balance

The report is categorized into segments:

  • Oil and gas production
  • Oil and Gas Transportation
  • Oil and gas storage

Players include in the report cover:

  • Pure technologies
  • Synodon
  • Honeywell
  • Perma-Pipe
  • Advanced Diakont Technologies
  • Siemens
  • Schneider-Electric
  • Enbridge
  • FMC Technologies
  • OMEGA Engineering
  • Pentair
  • TTK
  • Kröhne

ACCESS FULL REPORT: – forecast until 2028

The regions studied for the mentioned market coverage

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
  • Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
  • South America (Brazil, Argentina, Colombia and rest of South America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)

DNV wins three-year contract in the UK for the safe use and conversion of pipelines to transport 100% hydrogen Mon, 26 Sep 2022 09:06:44 +0000

DNV, the independent energy expert and assurance provider, has been engaged to provide the necessary evidence to demonstrate the safe use and conversion of local transmission system (LTS) high pressure pipelines for the transmission of electricity. 100% hydrogen.

The gas distribution company SGN manages approximately 3100 km of LTS gas pipelines in the UK and leads this project in collaboration with the other UK gas networks.

The LTS is owned and operated by the gas distribution networks. These are the pipelines that connect the National High Pressure Transmission System (NTS) to the lower pressure levels. These pipelines are considered the “backbone” of the energy grid, currently delivering gas from NTS offtakes to towns and cities across the country.

Angus McIntosh, Director of Energy Futures, SGN, said: “The repurposing of the UK’s vast gas networks to transport hydrogen offers an exciting opportunity to deliver deep decarbonisation of the energy system. We are delighted to be working with DNV to undertake off-site testing at their Spadeadam factory. These tests are a key part of our overall program and will provide critical evidence to support our live demonstration of a 30 km gas pipeline conversion to hydrogen. The evidence and results will be representative and scalable for all local transmission assets in the UK, over 11,000 km of pipeline assets and associated plants.

DNV will provide key proof of safety and operation by carrying out a series of offline tests for this project at its remote research facility in Cumbria, North of England. The work program will demonstrate hot work on hydrogen lines, delayed ignition and overpressure testing, burst and fatigue testing, as well as exploring the hydrogen compatibility of fittings and existing pipe connections. As the project progresses, DNV will also support a live network SGN trial by studying the measurement and monitoring of a hydrogen pipeline (the volume of gas that can be “stored” in a gas pipeline), on a section of the local transport network.

Hari Vamadevan, UK and Ireland Regional Manager, Energy Systems at DNV, said: “In the UK’s recently published Energy Security Strategy, hydrogen is labeled as a premium fuel. The UK intends to lead the way in the development of hydrogen as a key domestic energy carrier, indeed recently doubling its ambition to 10GW of low-carbon hydrogen generation capacity from by 2030. The existing infrastructure is in place and SGN is making a huge push to accelerate the UK’s progress towards net zero.

DNV is uniquely positioned to host the offline LTS Futures trial at its state-of-the-art research facility alongside the FutureGrid project for National Grid Gas and the H21 project for Northern Gas Networks. DNV has demonstrated its commitment to the energy transition in general and hydrogen research in particular by investing in the construction of the HyStreet house terrace – used to demonstrate how hydrogen can be safely distributed for heating and cooking in typical British homes.

Read the article online at: of- pipelines-to-transport-100-hydrogen/

Climate relief cannot wait for utopia Sun, 25 Sep 2022 10:30:00 +0000

Since the 1960s, fighting for the environment has often meant fighting against corporations. To fight pollution, activists have worked to thwart new oil drilling, coal-fired power plants, fracking for natural gas and oil pipelines. But today, Americans face a climate challenge that cannot be solved by simply saying no over and over again.

Decarbonizing the economy will require an unprecedented amount of new energy investment. Fossil fuel infrastructure built over centuries must be replaced over the coming decades with clean energy alternatives. The United States will have to build hundreds of thousands of square miles of wind and solar farms; deploy enough battery storage to keep power flowing through the grid even on calm, cloudy days; and at least double the capacity of the country’s transmission lines. And the same laws that environmental groups have used in the past to block or delay fossil fuel projects are now being exploited by NIMBYs in ways that, however well-intentioned, will slow the country’s transition to clean energy. . Windmills off Cape Cod, a geothermal facility in Nevada and what could have been America’s largest solar farm have all been stymied by an endless series of environmental reviews and lawsuits.

The good news is that with sensible reforms, the energy transition is within reach. Private investment in clean energy technologies is skyrocketing, and even Big Oil is beginning to realize that there is no future in fossil fuels.

But that may not be enough for some environmentalists. Jamie Henn, environmental activist and director of Fossil Free Media, recently said rolling stone“Look, I want to take carbon out of the atmosphere, but this is such an opportunity to remake our society. But if we just perpetuate the same misdeeds in a clean energy economy, and that’s just a world of Exxons and Elon Musks, oh man, what a nightmare. Many progressive commentators agree that tackling climate change requires a fundamental reorganization of the West’s political and economic systems.” level of disruption required to keep us below ‘absolutely catastrophic’ temperature is fundamentally, at a deep structural level, incompatible with the status quo,” writer Phil McDuff explained. The Climate Crisis, the climate crisis lawyer insisted Green New Deal Naomi Klein, ‘might be the best argument progressives have ever had’ to roll back corporate influence, tear up free trade deals and reinvest in public services and infrastructure.

Such comments raise a question: what is the real goal here: to stop climate change or to abolish capitalism? Taking climate change seriously as a global emergency requires an all-on-deck attitude and a recognition that technological solutions (yes, often built and deployed by private companies) can deliver real decarbonization progress before the proletariat seizes the means of production. A massive injection of private investment, made not for charitable purposes but in anticipation of future profits, is precisely what is needed to accelerate the transition to clean energy, which, like all revolutions, will yield unpredictable results. .

The belief that top-down decision makers can choreograph precisely how the clean energy revolution will unfold runs deep in progressive circles. In the manifesto outlining his version of the Green New Deal, Bernie Sanders said: “To achieve our goal of 100% sustainable energy, we will not rely on any false solutions such as nuclear, geo-engineering, capture and carbon sequestration or waste incinerators. Many environmental groups share the Vermont senator’s dislike of these technologies. But the climate emergency demands that we take a closer look at some of them before canceling them altogether. In the face of uncertainty about the best path to decarbonization, policymakers should think like a venture capitalist, placing many bets in the hope that some technologies will fail but the investment portfolio will succeed in its own right. together. The “false solutions” denounced by Sanders could indeed prove to be unachievable. Nuclear energy may never be cost-competitive and geo-engineering may prove technically unfeasible. But we cannot know in advance.

Environmental activists have always been skeptical of nuclear power, but that attitude may be changing. California reversed its decision to shut down the Diablo Canyon plant and Japan announced plans to resume investing in nuclear power, an outcome few expected after Fukushima. This is good news, given that, per unit of electricity generated, nuclear power causes fewer deaths than wind power and creates less carbon emissions than solar (and waste concerns are exaggerated). However, a major barrier to deployment remains: unlike solar and wind, which have seen dramatic cost declines, the construction costs of nuclear power plants have actually increased over time. While this means the current generation of nuclear technology is unlikely to be a major climate tool, advanced nuclear systems such as small modular reactors hold great promise. The potential climate benefits of cost-effective nuclear fission or even nuclear fusion are so great that they are worth strategic bets, even in the long term.

Some forms of geoengineering, such as carbon dioxide removal, would require massive cost reductions to be viable as a climate solution. But the same was true for solar and wind decades ago, and the government was able to accelerate the learning curve in these areas by being an early source of demand and reducing direct costs to consumers. Many progressive environmentalists feel uncomfortable with technologies that lessen the climate impact of fossil fuels rather than banishing them altogether. And yet, we need such options. Some major industries, such as aviation and cement and steel production, will be difficult to decarbonise, and we are already likely to exceed the target of limiting warming to 1.5°C above pre-industrial levels. . The only way to permanently reverse this warming will be to suck the carbon straight out of the atmosphere. More traditional carbon capture and sequestration methods, designed to capture greenhouse gases when they are generated by large sources of pollution, are less promising than carbon dioxide removal since they leave usually residual emissions, but they are certainly better than unmitigated. the use of fossil fuels.

In various other ways, Americans will have to choose between the perfect and the good. Some environmentalists are skeptical of geothermal energy, which requires extensive drilling. Still, it has high potential as a clean baseload power source with a small geographic footprint that can, in theory, be deployed anywhere in the world (if you drill deep enough). One way to accelerate investments in geothermal energy would be to give this clean technology the same expedited permit that oil and gas companies already receive for leases on federal lands.

Yet allowing reform requires a relaxation of regulations and laws dear to many environmentalists. The National Environmental Policy Act mandates reviews that give enormous power to anyone who wants to block or delay a proposed energy project, either out of genuine social concern or self-interest. In practice, this is a major bottleneck for building clean energy infrastructure. According to an analysis of government data by the R Street Institute, 65% of energy projects classified as “in progress” or “planned” are related to renewable energy, and 16% relate to electricity transmission. And nearly 20 times more offshore wind power is locked in licensing than is currently in operation or under construction. U.S. climate spending could exceed more than half a trillion dollars by the end of this decade, but without enabling reform, those investments won’t translate into much physical infrastructure. A new permit reform measure proposed by Sen. Joe Manchin of West Virginia has drawn criticism for accelerating some specific fossil fuel projects, such as the controversial Mountain Valley Pipeline, but in general, clean energy infrastructure has much more to gain. to fossil fuels by streamlining permits, because there is still a lot to build.

None of this means that the United States should let the energy market go wild. On the contrary, the federal government will have to be rigorous to ensure that technologies such as carbon dioxide removal actually deliver on their promises (unlike carbon offsets – a sketchy market rife with fraud and greenwashing). And public investment in clean technologies has already played a vital role in reducing the costs of solar and wind energy as well as batteries.

Yet we cannot succeed in the fight against global warming without giving many alternatives to the status quo the opportunity to evolve and prove themselves. In reality, the false solution to climate change is not geoengineering or nuclear energy, it is the belief that we can only decarbonize the economy by disrupting our economic system, by outright rejecting certain technologies and by rejecting private investment.

Poland could double gas volume from new pipeline in Q4 – The First News Sat, 24 Sep 2022 15:11:18 +0000

Baltic Pipe, a multi-billion investment that will increase Poland’s independence from Russian gas, is set to open on October 1.
Lech Muszynski/PAP

Poland could count on doubling the volumes of gas to be pumped through the newly built Baltic Pipe pipeline in the last quarter of the year after Denmark announced that its section of the pipeline could reach full capacity a month earlier than intended.

Danish gas pipeline operator Energinet said on Saturday that its section of the Baltic Pipe, a gas pipeline that was built to pump natural gas from the Norwegian Shelf across Denmark to Poland, will reach full capacity earlier than expected, from by the end of November instead of January 1, 2023.

Mateusz Berger, Poland’s government commissioner for strategic energy infrastructure, told PAP later Saturday that Polish gas pipeline operator Gaz-System has signaled it is ready to launch the Baltic Pipe.

“We also have good news from Denmark,” Berger said. “Despite ongoing work, the full capacity of the pipeline will be reached sooner than originally planned.”

According to Berger, “this should allow us to double the volume of gas that will be pumped to Poland through the new route in the last quarter of this year.”

Baltic Pipe, a multi-billion investment that will increase Poland’s independence from Russian gas, is set to open on October 1.

Why Investors Are Selling Copper and How a Looming Shortage Will Affect the Economy Sat, 24 Sep 2022 05:03:45 +0000

The price of copper – used in everything from computer chips and toasters to power systems and air conditioners – has fallen nearly a third since March. Investors are selling because they fear a global recession will dampen demand for a metal synonymous with growth and expansion.

You wouldn’t know it looking at the market today, but some of the biggest miners and metals traders are warning that in just a few years, a massive deficit will emerge for the world’s most critical metal – one that could itself- even stunting global growth, fueling inflation by increasing manufacturing costs, and derailing global climate goals.

The recent downturn and subsequent underinvestment is only making the situation worse.

“We’re going to look back to 2022 and think, ‘Oops,'” said John LaForge, head of real assets strategy at Wells Fargo.

“The market only reflects immediate concerns. But if you really think about the future, you can see that the world is clearly changing. It’s going to be electrified and it’s going to take a lot of copper. »

Stocks tracked by trade are near historic lows. And the latest price volatility means that new mining production – which is already expected to start running out in 2024 – could become even tighter in the near future.

Just days ago, mining giant Newmont shelved plans for a $2 billion gold and copper project in Peru. Freeport-McMoRan, the world’s largest publicly traded copper supplier, warned that prices are now insufficient to support new investment.

Commodity experts have been warning of a potential copper crisis for months, if not years. And the latest market downturn is likely to exacerbate future supply problems – providing a false sense of security, stifling cash flow and chilling investment. It takes at least 10 years to develop a new mine and operate it, which means that the decisions producers make today will help determine supplies for at least a decade.

“Major investment in copper requires a good price, or at least a good long-term copper price,” Rio Tinto group chief executive Jakob Stausholm said this week in New York.

Copper is essential to modern life. There are about 30 kilograms in an average car and more than 180 kg go into a single family home.

Metal, considered the benchmark for conducting electricity, is also the key to a greener world. While much of the attention has focused on lithium – a key component of today’s batteries – the energy transition will be fueled by a variety of raw materials, including nickel, cobalt and steel.

When it comes to copper, millions of meters of copper cabling will be crucial to bolstering global power grids, and tons and tons will be needed to build wind and solar farms. According to the Copper Alliance, electric vehicles consume more than twice as much copper as gas-powered cars.

As the world goes electric, net zero emissions goals will double metal demand to 50 million metric tons per year by 2035, according to an industry-funded study by S&P Global.

Although this forecast is largely speculative given that copper cannot be consumed if it is not available, other analyzes also indicate the potential for an increase. BloombergNEF estimates that demand will increase by more than 50% between 2022 and 2040.

Meanwhile, mining supply growth will peak around 2024, with a dearth of new projects underway and as existing sources dry up. This sets up a scenario in which the world could experience a historic deficit of up to 10 million tonnes in 2035, according to research by S&P Global.

The Goldman Sachs group estimates that miners will need to spend around $150 billion over the next decade to solve an eight million tonne shortfall, according to a report released this month. BloombergNEF predicts that by 2040, the mined production gap could reach 14 million tonnes, which should be filled by metal recycling.

To put the magnitude of this shortage into perspective, consider that in 2021, the global deficit stood at 441,000 tonnes, or less than 2% of refined metal demand, according to the International Copper Study Group. This was enough to cause prices to jump about 25% that year. S&P Global’s current worst-case projections show that the 2035 deficit will be about 20% of consumption.

What does this mean for prices?

“It’s going to get extreme,” said Mike Jones, who has spent more than three decades in the metals industry and is now the managing director of Los Andes Copper, a mining exploration and development company.

Goldman Sachs expects the London Metal Exchange benchmark price to nearly double to an annual average of $15,000 per tonne in 2025.

“All signs of supply point to a pretty rough road if producers don’t start building mines,” said Piotr Kulas, senior base metals analyst at CRU Group, a research firm.

Of course, all of these mega-demand predictions are premised on the idea that governments will continue to push forward with the net zero goals desperately needed to combat climate change. But the political landscape could change, and that would mean a very different scenario for the use of metals (and the planet).

And there’s also a common adage in commodity markets that could come into play: high prices are the cure for high prices. Although copper has fallen from the record high in March, it is still trading around 15% above its 10-year average. If prices continue to climb, it will eventually push clean energy industries to devise ways to reduce metal consumption or even research alternatives, according to Ken Hoffman, co-director of the EV Battery Materials Research Group at McKinsey.

Scrap metal supplies can help fill gaps in mining production, especially as prices rise, which will “bring more recycled metals into the market,” said BloombergNEF analyst Sung Choi.

S&P Global points out that as more copper is used in the energy transition, it will also open up more “recycling opportunities”, such as when electric vehicles are scrapped.

The current global economic malaise also underscores why the chief economist of BHP Group, the world’s largest miner, said this month that copper was on a “bumpy” trajectory due to demand issues. Citigroup sees copper falling in the coming months on a recession, particularly driven by Europe. The bank has a forecast of $6,600 in the first quarter of 2023.

And the demand outlook from China, the world’s largest consumer of metals, will also be a key driver.

If China’s real estate sector contracts significantly, “that’s structurally less demand for copper,” said Timna Tanners, an analyst at Wolfe Research.

“To me, it’s just a big offset” to consumption forecasts based on net-zero goals, she said.

But even a recession will only mean a lag for demand, and it won’t “significantly” affect consumption projections through 2040, according to BloombergNEF. Indeed, much of future demand is “legislated”, thanks to governments’ emphasis on green goals, making copper less dependent on the wider global economy than before, said Mr. LaForge from Wells Fargo.

Moreover, there is little wiggle room on the supply side of the equation. The physical copper market is already so stretched that despite falling futures prices, premiums paid for immediate delivery of the metal have increased.

What’s holding back supply?

Take a look at what’s happening in Chile, the legendary mining nation that has long been the world’s largest supplier of metal. Revenues from copper exports are down due to production difficulties.

In mature mines, the quality of the ore deteriorates, which means production slips or more rock has to be processed to produce the same amount. Meanwhile, the industry’s pipeline of committed projects is drying up. New deposits are becoming increasingly difficult and expensive to find and develop.

In Peru and Chile, which together account for more than a third of global production, some mining investment has stagnated, in part amid regulatory uncertainty as politicians seek a bigger share of profits to address economic inequality. .

A worker among copper crucibles at the foundry of the Chuquicamata copper mine in Chile.  AFP

Soaring inflation also pushes up production costs. That means the average incentive price, or the value needed to make mining attractive, is now about 30% higher than it was in 2018, at about $9,000 a ton, according to Goldman Sachs.

Globally, supplies are already so tight that producers are trying to extract tiny nuggets from unwanted tailings. In the United States, businesses are running into roadblocks. In Congo, weak infrastructure limits the growth potential of large deposits.

And then there’s this big contradiction when it comes to copper: the metal is essential for a greener world, but extracting it from the earth can be a pretty dirty process. At a time when everyone from local communities to global supply chain managers are stepping up their scrutiny of environmental and social issues, it is becoming increasingly difficult to secure approvals for new projects.

The cyclical nature of commodity industries also means that producers face pressure to maintain strong balance sheets and reward investors, rather than aggressively rushing into growth.

“The incentive to use cash flow for return on capital rather than for investment in new mines is a key driver leading to a shortage of the raw materials the world needs to decarbonize,” analysts said. Jefferies Group in a report this month.

Even if producers shift gears and suddenly start pumping money into new projects, the mines’ long lead time means supply prospects are all but locked in for the next decade.

Updated: September 24, 2022, 5:00 a.m.

]]> Equinor and Poland’s PGNiG enter into a long-term gas sales agreement Fri, 23 Sep 2022 20:21:54 +0000

Overseas staff

STAVANGER, Norway — Equinor announced a long-term gas sales agreement with Poland’s PGNiG.

The agreement covers 10 years with a volume of approximately 2.4 Gm3 of gas per year to be exported via the new Baltic Pipe.

The Baltic Pipe project connects the Norwegian gas export system to Poland via Denmark and facilitates the transport of the Norwegian gas pipeline to Poland.

“Equinor has been a major energy supplier and key gas supplier in Europe for 45 years. I am very pleased that, thanks to this gas sales agreement, we can also extend our offer as a reliable energy partner to Poland. Equinor is also working with local companies on the development of large-scale offshore wind and solar projects in Poland, and we look forward to further developing our energy cooperation with PGNiG and Poland in the times to come,” said the Vice President. Marketing, Midstream and Processing executive of Equinor. , Irene Rummelhoff.

“Equinor is a strategic business partner of the PGNiG Group which plays a crucial role in our efforts to diversify Poland’s gas supply. The contracts we have just signed foresee gas that will be delivered to Poland via the Baltic Pipe gas pipeline, which translates into a significant strengthening of the energy security of our country,” said Iwona Waksmundzka-Olejniczak, CEO of PGNiG SA. .

The volumes covered by the new long-term agreement reflecting market prices are equivalent to approximately 15% of the typical annual gas consumption in Poland. The agreement is from January 1, 2023 to January 1, 2033.

The Baltic gas pipeline project connects to the Norwegian gas transmission system with the Danish transmission system operator (TSO) Energinet responsible for the components on Danish territory and the Polish TSO GAZ-SYSTEM in charge of the section between Denmark and Poland.

Additional offshore projects

In late August, Aker Solutions BP and PGNiG Upstream Norway’s licensing partners Pandion Energy announced plans to invest NOK 40-50 billion ($4-5.1 billion) in Valhall PWP-Fenris. The partners are on track to submit the PDO towards the end of the year. The AOP will be deliberated at the Storting before the summer of 2023.

In July, ConocoPhillips Skandinavia said it had obtained approval from Norwegian and British authorities for its Tommeliten A gas condensate project in the Greater Ekofisk region of the North Sea. Production is expected to start in 2024. Other partners in the Tommeliten A unit are PGNiG Upstream Norway, TotalEnergies EP Norge, Vår Energi, ConocoPhillips (UK) Holdings, TotalEnergies UK and Eni UK.

In early June, PGNiG Upstream agreed to acquire Wellesley Petroleum’s 40% stake in PL942 in the Norwegian Sea, which includes the Ørn gas discovery in 2019. Subject to approval by Norwegian authorities, PGNiG would join existing partners Equinor and operator AkerBP (each holding a 30% stake).


Rosin: Leadership a unifying process for UCP Thu, 22 Sep 2022 23:00:00 +0000 “We can’t just tell Westjet to put a vaccine passport on all flights only out of Alberta. They’re not going to do that because they’re operating in an international market.

CANMORE – On October 6, the United Conservative Party leadership election will close and Alberta will have a new premier.

Banff-Kananaskis MP Miranda Rosin hopes the new premier will be Travis Toews.

“I am part of his campaign team and believe in him as a leader and a man of character and principle, a unifying force in our caucus and our province,” Rosin said. “I’ve been on tour with him and traveling around the province with him for the past two weeks.”

For Rosin, the tour was an opportunity to see parts of the province she wouldn’t normally see.

“As the MPP for Banff-Kananaskis and someone who spends most of my time in southern Alberta, it’s been great for me to get out and diversify my worldview in the province,” said Rosin said.

As for the leadership race itself, Rosin sees it as something that will unify the party.

“We have the most engaged members we’ve ever had, and I think that’s really good for the members,” Rosin said. “It was a unifying process and it was an opportunity for members of our government to raise their platforms and make their ideas heard.”

An estimated 120,000 people buy memberships to vote in the race.

“I think it’s really positive to see how much we’re seeing the buy-in from Albertans and our members,” Rosin said. “When we come out of this, members will know they’ve had their say. They had a seven times chance if it lasts that many rounds.

Supporting Toews, Rosin also said she saw friendship between the candidates, despite disagreements over policies.

“For the most part, you’ll find that the contestants have been quite friendly with each other and there’s been a friendly, warm tone to their engagement,” Rosin said.

The main topic of the leadership contest was the Sovereignty Act proposed by leadership candidate Danielle Smith. The law, if passed, would theoretically give the province the power to opt out of federal laws.

While she understands the rationale for the proposed law, Rosin said she doesn’t think it will have the impact that many believe it will have.

“The main issues under federal control would be banks, natural resource development and pipeline construction, border control and airlines,” Rosin said. “All of these things are cross-border and go beyond the Alberta border and we won’t be able to say no to these things.”

Rosin compares the law to a good-sounding list of goods, but not much behind it. He is also not supported by Travis Toews.

“We can’t just tell Westjet to put a vaccine passport on all flights only out of Alberta,” Rosin said. “They’re not going to because they’re operating in an international market.”

Rather than sovereignty legislation, Rosin would like to see something else that has a better impact when it comes to Ottawa.

“I understand the frustration and I understand why people are unhappy with Ottawa,” Rosin said. “I think there has to be a plan that can have a real, meaningful impact on this relationship.”

Russia’s Finance Ministry wants to raise oil and gas taxes Thu, 22 Sep 2022 15:16:00 +0000

Pedestrians walk past the building of the Russian Ministry of Finance in Moscow, Russia, March 30, 2021. A sign reads: ‘Ministry of Finance of the Russian Federation’. REUTERS/Maxim Shemetov

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  • This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Sept 22 (Reuters) – A new Russian budget bill will aim to attract more funds from oil and gas producers amid high commodity prices, Finance Minister Anton Siluanov said on Thursday, as part of a the government’s efforts to attack its budget. deficit.

The Kommersant daily said on Tuesday, citing sources familiar with the talks, that Russia plans to raise taxes on the oil and gas sector by 3 trillion rubles ($50 billion) in 2023-25. Read more

The government said Thursday that it had approved a bill on budgets for 2023 and for the period 2024-2025, without citing any parameters. The bill is submitted to parliament for debate and must then be approved by the president.

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Siluanov told a televised government meeting that the main proposals for the new budget were an increase in export duties for pipeline gas exports, taxes on liquefied natural gas and the introduction of import duties. export for fertilizers and coal.

The Finance Ministry also wants to increase taxation of the oil industry by retaining the so-called fuel tax amortization mechanism and changing a mining tax for crude oil, Siluanov said.

The government expects the budget deficit to rise to 2% of gross domestic product (GDP) next year, falling to 0.7% by 2025.

The RIA news agency said the finance ministry expected this year’s budget deficit to reach 0.9% of GDP, or 1.3 trillion rubles ($22 billion).

Olga Belenkaya of brokerage Finam said the expected increase in the deficit would be taken into account by the central bank when deciding monetary policy.

“Even the budgetary parameters that are under discussion could be exposed to a deterioration of the geopolitical context,” she said, citing a mobilization in Russia to reinforce its forces fighting in what she calls a “special military operation in Ukraine as well as referendums on membership. Russia is detained in Russian-controlled territories in Ukraine.

Siluanov said the government plans to focus on domestic borrowing to fill the budget gap.

According to a document seen by the RIA news agency, the ministry plans to borrow 1.7 trillion rubles ($28.7 billion) in 2023, 1.9 trillion rubles in 2024 and 2 trillion rubles in 2025. ($1 = 59.2500 rubles)

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Reporting by Darya Korsunskaya, Maxim Rodionov and Vladimir Soldatkin; Editing by Kevin Liffey, Mark Potter and Jane Merriman

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