Trump found guilty in criminal 'hush money' case
Former president Donald Trump was found guilty today on 34 felony counts of falsifying business records in relation to the reimbursement of a $130,000 payment to an adult film star ahead of the 2016 presidential election.
The unanimous guilty verdict, from a 12-member jury in New York, will inject further uncertainty into the presidential election on 5 November, where Trump is the presumed Republican nominee and is leading in many polls against President Joe Biden. Trump is the first former US president to face a criminal trial, and his conviction means he will run for office — on a campaign focused in part on rolling back energy sector regulations and expanding drilling — as a convicted felon.
Sentencing is scheduled for 11 July.
Trump has argued the criminal charges, filed by New York state prosecutors, were "ridiculous" and were a politically motivated attempt to interfere with his campaign.
At trial, Trump's attorneys argued against the credibility of a key witness, Trump's former attorney Michael Cohen, who testified that Trump directed the falsification of the business records to conceal a "hush money" payment to the adult film star following an alleged affair.
"This was a rigged, disgraceful trial," Trump said following the verdict, "but the real verdict is going to be November 5 by the people, and they know what happened here."
Despite the conviction, Trump, if elected, could still serve as president. Trump could face up to four years in prison, and sentencing will be decided by the judge overseeing the case.
Trump is separately facing dozens of other felony charges in federal and Georgia state court, but those cases have faced delays and may not go to trial before the election.
President Joe Biden's campaign said Trump has "always mistakenly believed" he would not face consequences. Biden's campaign said that despite the verdict, it would be up to voters to decide whether Trump is re-elected.
"Convicted felon or not, Trump will be the Republican nominee for president," Biden's campaign said.
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Brazilian banks, IDB plan new Amazon fund
Brazilian banks, IDB plan new Amazon fund
Sao Paulo, 26 July (Argus) — Brazil's three state-owned banks — Caixa, Banco do Brasil and development bank Bndes — and the Inter-American Development Bank (IDB) are planning to launch a new fund to finance sustainability programs in the Amazon forest, they said on Thursday. The plan is to establish an Exchange Traded Fund — to be called ETF Amazon For All — and distribute quotas before the UN Cop 30 climate summit, which will be held in Brazil's Para state, near the mouth of the Amazon, in November 2025. The fund's investment portfolio will be made up of fixed-income securities issued by the three Brazilian banks. The return offered to investors will be based on a reference index to be created. All the funds raised by the three institutions will be allocated to loans for sustainable projects in the Amazon. "This cooperation, aimed at joining efforts in favor of the Amazon's sustainable development and based on an innovative instrument in the Brazilian capital market, reinforces Bndes' commitment to the Cop 30 agenda," the bank's president Aloizio Mercadante said. The fund is "another step towards ensuring that the Amazon" lasts forever, IDB's president Ilan Goldfajn said. The announcement was made during a G20 meeting attended by finance ministers and central bank presidents in Rio de Janeiro this week. Brazil is presiding over G20 this year. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Eni confident on 2024 output, but Libya project slips
Eni confident on 2024 output, but Libya project slips
London, 26 July (Argus) — Executives at Italy's Eni are confident it will achieve the upper end of its 1.69mn-1.71mn production guidance for this year, but start-up of a key Libyan project is set to slip from 2026 into 2027. In a presentation of second-quarter earnings today, A&E Structure was one of two Libyan projects on a list of Eni's upcoming start-ups through to 2028 that will deliver some 740,000 b/d of oil equivalent (boe/d) of net production to the company. A&E Structure is a 160,000 boe/d gas development that will include some 40,000 b/d of liquids production, mainly condensate. A&E Structure is central to Libya's ability to sustain gas exports to Italy, which have dropped in recent years on a combination of rising domestic consumption and falling production. Supplies through the 775mn ft³/d Greenstream pipeline hit their lowest since the 2011 revolution in 2023, averaging 250mn ft³/d. The slide has continued since, with year-to-date volumes of around 160mn ft³/d on track for a record low. Eni's other upcoming Libyan project — the Bouri Gas Utilisation Project development that aims to capture 85mn ft³/d of gas at the 25,000 b/d offshore Bouri oil field — had already been pushed back from 2025 to 2026. For 2024 Eni expects to be "at the upper boundary of its guidance", according to chief operating officer of Natural Resources Guido Brusco. The company had a strong first half, during which output was 1.73mn boe/d — 5pc up on the year — thanks to good performance at assets in Ivory Coast, Indonesia, Congo (Brazzaville) and Libya. Brusco said Eni is in the process of starting up its 30,000 boe/d Cassiopea gas project in Italy, with first production expected next month, and the 45,000 b/d second phase of the Baleine oil project in Ivory Coast is expected to start by the end of this year. At Baleine, Brusco confirmed the two vessels to be used at phase two "will be in country in September and, building on the experience of phase one, we expect a couple of months of final integrated commissioning" before first oil. Eni also said today it would raise its dividend for 2024 by 6pc over 2023 to €1/share, and confirmed share repurchases this year of €1.6bn. It said there is potential for an additional buyback of up to €500mn, which is being evaluated this quarter. Eni's debt gearing is scheduled to fall below 20pc by the end of the year. Chief financial officer Francesco Gattei said these accelerated share buybacks would be possible if divestment deals are confirmed. By Jon Mainwaring and Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Australia’s Ichthys LNG to restart liquefaction train
Australia’s Ichthys LNG to restart liquefaction train
Singapore, 26 July (Argus) — The second liquefaction train at Australia's 9.3mn t/yr Ichthys LNG export terminal plans to resume partial operations today, after going off line unexpectedly during 18-19 July, according to traders. The export facility is operated by Japanese upstream firm Inpex. Repairs at the affected train could take up to a month before it returns to full production, although the train is expected to restart by this weekend, according to market participants. Attempts to restart train two could take place by 26 July. Some delays to deliveries from the facility are expected, although there are also unconfirmed reports that up to two cargoes may have already been cancelled at the time of writing. The overall impact on the market is likely to be limited for now, with continuing weak spot demand from northeast Asian importers. Some term buyers previously requested for their deliveries to be deferred, traders said, although it is unclear just how many requests for deferment were received. But other participants have pointed out that the winter restocking season could soon start and any further impediments to train two's restart could lift prices. Recent temperatures in Japan have been higher than expected, with at least a 70pc probability of above-normal temperatures over the vast majority of the country until 23 August, according to the latest forecast issued by the Japan Meteorological Agency on 25 July. At least one Japanese utility may be considering spot purchases for August, owing to higher-than-expected power consumption because of warmer temperatures. But at least two other Japanese firms could be looking to sell a September and an October cargo each, traders said, which could indicate that the spot market is still sufficiently well-supplied to cope with additional demand from Japanese utilities. The 174,000m³ Grace Freesia departed from Ichthys on 25 July after loading an LNG cargo, according to ship tracking data from Kpler. The export terminal sold a spot cargo for loading over 2-6 June at around high-$9s/mn Btu through a tender that closed on 10 May, but further details are unclear. The US' 17.3mn t/yr Freeport export terminal also faced issues restarting since it was first taken off line on 7 July as a precautionary measure against Hurricane Beryl. The terminal loaded its first cargo on 21 July . All three trains are likely to be back on line as of 26 July, although production at the facility should still be closely monitored, traders said. By Naomi Ong Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Australia’s Empire Energy signs deal to sell gas to NT
Australia’s Empire Energy signs deal to sell gas to NT
Adelaide, 26 July (Argus) — Australian independent Empire Energy has signed an agreement to supply the Northern Territory (NT) with gas from its Carpentaria project in the onshore Beetaloo subbasin. Empire will supply NT with up to 25 TJ/d (668,000 m³/d) of gas over 10 years, starting from mid-2025. This equates to an estimated total supply of 75PJ (2bn m3) of gas. The deal includes scope for an additional 10 TJ/d for up to 10 years if production level at the Carpentaria plant exceeds 100 TJ/d. The firm bought domestic utility AGL Energy's dormant 42 TJ/d Rosalind Park gas plant late last yearwith plans to reassemble the facility on site at Carpentaria, subject to a final investment decision on the project. Gas will be delivered to the NT government-owned Power and Water (PWC) via the McArthur River gas pipeline on an ex-field take-or-pay basis, Empire said on 26 July. PWC in April signed an agreement to buy 8.6PJ of gas from Australian independent Central Petroleum , to supply gas-fired power generation and private-sector customers. Low production at Italian energy firm Eni's Blacktip field, offshore the NT, has led PWC to court new supply while providing a new outlet for prospective producers operating within Beetaloo. The largest Beetaloo acreage holder, Tamboran Resources, has revealed ambitious plans for a 6.6mn t/yr LNG plant to be located near Darwin Harbour's two existing LNG projects, using the basin's shale gas resources as feedstock. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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