AlphaMena on Thursday reduced the price target for petrochemicals manufacturer Saudi Basic Industries (SASE:2010), d/b/a Sabic's, to 64.20 Saudi riyals from 64.60 riyals and kept its add rating.
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SBM Offshore (SBMO.AS) said Thursday it agreed to sell a 45% ownership interest in the floating storage and offloading vessel Chalchi to Nippon Yusen Kabushiki Kaisha.The transaction will involve the transfer of interest in special-purpose companies overseeing the lease and operation of the vessel, with the Dutch offshore floating production company to retain a 55% ownership interest. Completion is subject to preceding conditions, including approvals.Still under construction, the Chalchi vessel will be subject to 20-year lease-and-operate contracts in Mexico with a local affiliate of Australian petroleum exploration and production company Woodside Energy (WOP.F). The vessel has the capacity to store 950,000 barrels of crude oil.
President Donald Trump said he would be willing to meet Iranian Supreme Leader Ayatollah Mojtaba Khamenei if a deal is reached to end the US-Iran conflict, CNBC reported Thursday.Trump said he would be "honored" to meet Khamenei and suggested the Iranian leader could act professionally despite the deaths of family members, including former Supreme Leader Ayatollah Ali Khamenei, during the conflict.The comments come as negotiations remain uncertain, with the US seeking assurances that Iran will not develop nuclear weapons and will reopen the Strait of Hormuz, while Iran is demanding an end to hostilities and the US naval blockade.
enCore Energy (EU.V) announced Thursday the completion of the first phase of construction on the Upper Spring Creek In-Situ Recovery (ISR) Uranium Project's Satellite Remote Ion Exchange (IX) Plant.Construction of the first production wellfield, which will feed the IX Plant, is also nearing completion and will begin uranium extraction once final permits are received, said the company.Among the highlights of the first phase of the Upper Spring Creek ISR Satellite IX Plant construction, the company said that currently constructed portion of the satellite can process 1,600 gallons per minute (gpm) through the facility. This represents 50% of the satellite's planned flow capacity, said the company.The plant's flow capacity is in the process of being doubled, said the company, and added that before the end of June, 75% of the flow capacity is expected to be completed, and the plant is expected to be at 100% capacity by the end of July (3,200 gpm total capacity).The new plant will be capable of producing from the first Upper Spring Creek Project area once connected to the wellfields currently under construction, said the company.Drilling activities for the first 800-gpm module are complete, and wellfield infrastructure for this entire module is nearly completed, stated the company, and added that drilling and infrastructure activities for three other 800 gpm modules are "well underway". Module 2 drilling activities are about 90% complete, it added."This milestone reflects the dedication and teamwork of everyone involved," said William Sheriff, Executive Chairman. "The Upper Spring Creek Project strengthens the Company's operational capabilities by providing uranium-loaded resin feed for our fully licensed Rosita Central Processing Plant ("CPP"). We look forward to continuing this momentum as we move into the operational phase, which is planned in late 2026 once final permits are received."