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Pennpetro Energy Changes Reverse Takeover Target

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Pennpetro Energy (PPP.L) said Wednesday it will pursue a reverse takeover of Indigenous Canadian Energy Holdings as it changes its acquisition strategy.

The proposed acquisition of the Canadian transition energy business is subject to due diligence, funding, a shareholder-approved prospectus, and regulatory clearance. It will be classified as a related party transaction, with the final decision from Pennpetro's independent directors.

The energy projects developer cited the continuing conflict in Ukraine as a key factor behind the board's decision to abandon its previous acquisition plan.

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Equities

Strong Petrochemical Resumes Trading After 21-Month Suspension; Shares Soar 135%

Strong Petrochemical's (HKG:0852) trading resumed on Wednesday after the company met all resumption requirements, according to a Tuesday filing with the Hong Kong bourse.The stock had been suspended from trading since Dec. 31, 2024.The company completed a forensic investigation, internal control reviews, and publication of all outstanding financial results as part of the resumption process.Shares of the firm surged nearly 135% in Wednesday morning trade.

HKG:0852
Equities

Update: Market Chatter: Saudi Arabia Reportedly Tells European Oil Buyers of Shipment Cancellations

(Updates with Saudi Aramco's statement)Saudi Arabia told its buyers in Europe that some crude oil cargoes due for shipment in late September will be cancelled, Reuters reported Tuesday, citing three sources.The cancellation follows Saudi Arabia's recent decision to close the East-West pipeline, seen as an alternative to the Strait of Hormuz, in the wake of an attack.The Middle Eastern country's state-owned oil giant Saudi Arabian Oil Co (SASE:2222), d/b/a Saudi Aramco, declined to comment when reached by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

SASE:2222
Equities

Market Chatter: US-to-Asia Crude Shipping Costs Hit Record High

The cost of shipping US crude to Asia has surged to a record high amid escalating disruptions to Middle East supplies, Bloomberg reported Tuesday, citing Baltic Exchange data.It cost about $44.8 million to hire a very large crude carrier to move 2 million barrels of crude from the US Gulf Coast to China as of Tuesday, an all-time high, and up sharply from $39 million a day earlier, the report said, adding that before the war in Iran broke out in late February, the cost was about $17.8 million.The report said Saudi Arabia closed its East-West pipeline this week, the primary route the kingdom had used to bypass disruptions in the Strait of Hormuz, making US crude supplies even more critical to global energy flows.Buyers in Asia are likely to keep absorbing the elevated shipping costs as long as West Texas Intermediate delivered into Asia remains cheaper than competing cargoes such as UAE's Murban, according to the report. Citing data from research firm Kpler, Bloomberg said six VLCCs are already set to load crude from the US Gulf Coast for Asia in October.Baltic Exchange did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)