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Gulp wants to increase dividends, cash flow and bet on the green side of power – Energy

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Oil is creeping into Galp in Lisbon.  Europe is hitting the worst fall in a month - markets

Galp Energia intends to increase cash flow and dividends as it transforms its strategy to focus on renewables, biofuels and hydrogen, said Andy Brown, chief executive of the Portuguese oil company.

In an interview with Bloomberg, Brown admits that his green commitment will now hinge on government support and consumer demand for low-carbon products, re-emphasizing the idea that Gulp will abandon the exploration and exploration of new oil and gas fields. next year.

At Negócios, on the sidelines of the Web Summit – a technology fair that took place last week in Lisbon – the Portuguese company’s CEO has already announced that it is working on an ambitious plan targeting the lithium industry. “It will be something very, very big,” he promised then.

The company is finalizing the details of the first phase of the project, which will go through partnership agreements with other companies in the sector, but not only from Minas Gerais, and should submit them “in the coming weeks”. For Negotsios, however, Andy Brown is advancing some of the goals of what will become an important part of Gulp’s new life.

“The process starts with mining, then lithium hydroxide is processed, cathodes are produced, and finally a battery manufacturing plant. Portugal has unique natural resources and we have very advanced processing capabilities. Resources need to be pooled. Minas Gerais and manufacturers to create a value chain. And let’s see what part of this chain we can position in Portugal, ”explained Andy Brown.

Bloomberg reports that a new industry developing in Portugal dedicated to lithium research will create jobs and economic well-being for the regions this century.

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Galp shares fell in June this year on news that the company plans to invest the same amount of money in low-carbon products as oil in its core business by 2025.

Company improved its outlook for the fourth quarter of this year, building on oil price movements, according to release posted this morning to the Portuguese Securities Market Commission (CMVM).

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Economy

ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 – ECO

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ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 - ECO





ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 – ECO































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Kazakhstan is preparing to supply oil to Azerbaijan instead of Russia – Oil

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Kazakhstan is preparing to supply oil to Azerbaijan instead of Russia - Oil

In the international oil market, a new adjustment of black gold routes may occur. Kazakhstan is preparing to export its oil via Azerbaijan’s largest oil pipeline to circumvent Russia’s threat to close the Black Sea port of Novorossiysk.

After a Russian court threatened to cut off an oil route through which Kazakhstan exports black gold to the world, Astana is preparing to ship its oil from Azerbaijan’s largest oil pipeline as early as September, sources close to the case say, citing Reuters.

For about two decades, Kazakh oil, which accounts for 1% of the world’s oil reserves, was transported through the CPC (Caspian Pipeline Consortium) pipeline, which was sent to the Russian port of Novorossiysk on the Black Sea, from where the oil was shipped. the rest of the world.

However, in July a Russian court threatened to shut down the CPC pipeline to Kazakhstan, prompting the Astana government and foreign companies operating in the country’s oil sector to reach out to other possible partners to ensure that if Russia ceases to act as a bridge between Kazakhstan’s oil and the world There may be other transportation options.

Thus, one of the sources assured Reuters that the Kazakh oil company Kazmunaigas (KMG) is negotiating with the Azerbaijani side to export 1.5 million tons of oil per year through the Azerbaijani pipeline, which transports raw materials to the port of Ceyhan. , Turkey. The contract is to be signed in August, and oil on this route is to start in September.

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However, these agreements may not be enough to ensure that the world receives the same number of barrels of oil from Kazakhstan as before Russia’s possible production cuts.

According to the British agency, this partnership will bring 30,000 barrels of oil per day to countries buying Kazakh oil, which is very small compared to the 1.4 million barrels per day currently transported by CPC.

In addition, two other sources report that Astana is in talks to have another 3.5 million tons of crude oil annually exported via another pipeline to the port of Supsa in the Black Sea region from Georgia starting next year. In a Reuters report, KMG representatives declined to comment on the issue.

Kazakhstan can make a difference in the uncertain future

By seeking to sign these agreements, Kazakhstan can not only ensure its own economic viability, but also ensure that the imbalance between supply and demand for oil on the international market does not worsen.

Oil consumption is expected to rise to 2.1 million barrels a day this year, up 300,000 barrels from the previous forecast, according to International Energy Agency data released this Thursday.

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Caixa Geral de Depósitos may close 23 branches this month – Executive Digest

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The union of workers of the CGD group companies, STEC, has published information received from the administration of Caixa Geral de Depósitos (CGD), announcing that the bank intends to further cut costs and close 23 more branches during August, with more frequency in the Lisbon and Porto areas .

The union warns that with this closure there will be an “inevitable congestion” of other branches in these areas, pointing out that even now they are having difficulty responding to services and recalling that from 2012 to 2022 they left CGD more than 3,300 workers and 300 branches were closed in Portugal.

STEC points to the government’s statement that it “cannot abdicate its responsibility for territorial integrity” and that “it is essential that the state defines the strategic direction that the bank must take, namely its responsibilities in terms of the public interest “. … and the needs of the population, guaranteeing them a service of proximity and quality.”

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