TotalEnergies SE agreed a pair of renewable power deals, selling a 50% stake in a portfolio of assets valued at €1.8 billion ($2.1 billion) to an insurance account managed by KKR & Co. and also buying Shell Plc’s European onshore renewables assets.
Shell Plc announced a significant increase in its second-quarter profits, driven by a boom in oil refining and robust energy trading. The ongoing Iran war has disrupted global oil and liquid natural gas supplies, leading to a surge in prices.
Shell Plc reported a second-quarter profit of $9.84 billion, the highest since the outbreak of the Ukraine war. The surge in earnings was driven by higher oil and gas prices, record refinery utilization, and strong trading, exceeding analyst expectations.
Shell Chief Executive Officer Wael Sawan stated that the company is "built to be able to handle volatility." He added that Shell also had record utilization in its refining business, noting, "We haven't seen that in over a decade."
Nasan Energies, a Namibian fuel retailer that recently bought stations from Vitol Group, plans to expand operations to service the country’s offshore oil industry that includes TotalEnergies SE and Shell Plc.
Nigeria granted Shell Plc a production-linked tax credit for a deepwater project, an incentive that will be offered to other oil majors as Africa’s biggest producer seeks to boost production.
A unit of billionaire Kumar Mangalam Birla’s conglomerate has lined up around $1.5 billion of acquisition financing from Mitsubishi UFJ Financial Group Inc. to fund its purchase of Shell Plc’s renewable energy assets in the country.
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