London, November 07, 2025, (Oilandgaspress) ––– Swiss trading firm, Gunvor has reportedly dropped its bid to buy $22bn of Lukoil’s international assets after the US moved to block the deal. US Treasury on Thursday stated in a post on X that it would not grant a licence for Gunvor to operate Lukoil’s assets “as long as Putin continues the senseless killings” in Ukraine. It described Gunvor, as the “Kremlin’s puppet”.
Gunvor Group Ltd has signed a US $2.395 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:
Tranche A: US $1.885 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: US $510 million 3-year Revolving Credit Facility with one 364-day extension option
Thanks to strong support from existing and new banking partners the Facility ended up upsized this year again, with additional liquidity successfully raised in both tranches.
The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,775,000,000 364-day tranche of the 2024 European Revolving Credit Facilities Agreement, and the US $350,000,000 3-year tranche of the 2023 European Revolving Credit Facilities Agreement.
The Facility has a US $400 million Accordion Option and complements the existing US $490 million 3-year tranche of the 2024 European Revolving Credit Facilities Agreement.
The Facility continues to come with a comprehensive set of ESG-linked KPIs: reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions to improve the energy efficiency of the shipping fleet; the investment in renewable and carbon reduction projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified. Read More
Gunvor USA LLC, a leading independent commodities trading company and subsidiary of Gunvor Group, announced the successful refinancing and upsizing of its syndicated credit facility to US $2.81 billion. This achievement reflects robust lender confidence in Gunvor USA’s resilient business model and positions the company for exciting growth opportunities in the dynamic energy sector.
“We are thrilled with this successful outcome, which not only bolsters our financial flexibility but also highlights the trust our lenders place in our vision for sustainable growth and market leadership,” said Gary Pedersen, President and CEO of Gunvor USA. The facility, which was significantly oversubscribed, now includes commitments from 24 international banks and financial institutions, an increase from prior levels that incorporates four new banking partners. This expanded lender base underscores the market’s enthusiasm for Gunvor USA’s strategic direction and operational excellence. The refinancing provides enhanced liquidity to support the company’s expanding portfolio of energy commodities, including crude oil, refined products, natural gas, power, and renewables, amid a rapidly evolving global market landscape. The proceeds of the facility will refinance Gunvor USA’s existing $2.335 billion borrowing base facility, which was initially launched in October 2024. . Read More
Lukoil’s international operations faced mounting disruptions on Friday as a U.S. deadline for companies to cut off business with the Russian oil company looms and after a hoped-for sale of the operations to Swiss trader Gunvor collapsed. The U.S. Treasury, which would have to approve any sale as Lukoil is under U.S. sanctions, on Thursday labelled Gunvor a Kremlin “puppet” and signalled its opposition to the deal.
The United States sanctioned Lukoil and larger rival Rosneft last month as part of President Donald Trump’s push to get Russia to the negotiating table over Ukraine. Read More
Greece is aiming to become a gateway for liquefied natural gas (LNG) supplies from the United States to Europe, as the EU tries to wean itself off Russian natural gas completely by the end of 2027. Greek Prime Minister Kyriakos Mitsotakis laid out the plans at the international energy conference in Athens on Friday, called the Partnership for Transatlantic Energy Cooperation (P-TEC). Representatives from more than 20 European countries are taking part in the two-day meeting, as well as US Energy Secretary Chris Wright and US Interior Secretary Doug Burgum. Read More
Interests of the U.S.-sanctioned Lukoil must be respected with regard to international trade and economic relations, Russian media quoted the Kremlin spokesman Dmitry Peskov as saying on Friday, after the U.S. Treasury said the potential buyer of the Russian oil company’s foreign assets, Gunvor, would not be allowed to operate them. “Violations in this area are unacceptable and harm global trade. This is a very big player on the world market. But, on the other hand, this issue does not concern the Kremlin, it relates to commercial relations and trade restrictions that are unlawful from the point of view of international law,” Russian state-owned news agency TASS quoted Peskov as saying. Read More
Solar panels and a complementary green PPA signed between HEINEKEN and EDP will power Rondo’s Heat Battery. The Central de Cervejas e Bebidas Brewery and Malting Plant, part of HEINEKEN Company, in Portugal, is taking a significant step towards decarbonization, operating with clean, zero-emission steam. The project results from a partnership between HEINEKEN, EDP, and Rondo Energy, and marks the first major Heat-as-a-Service agreement in Portugal, combining solar power and thermal storage to decarbonize industrial processes through heat electrification.
The HEINEKEN Group, through Grupo Central de Cervejas, Rondo Energy, and EDP have signed an agreement to install a 100 MWh thermal storage battery at the Central de Cervejas e Bebidas Brewery and Malting Plant in Lisbon, Portugal. This will be one of the largest heat batteries in the beverage sector worldwide and will contribute to transforming the facility into one of the most sustainable production centers in the world by operating with clean, zero-emission steam. This partnership also marks the first major Heat-Purchase-Agreement in Portugal, leveraging an on-site renewables and storage solution. The project is subject to customary administrative and regulatory approvals. Rondo’s Heat Battery stores renewable electricity as high-temperature heat, delivering safe, continuous, zero-carbon steam and eliminating the need for fossil-fuel boilers. In this project, EDP will install a 7 MWp solar plant on the grounds of Central de Cervejas e Bebidas to power the Rondo battery, which will then supply the steam required for production processes. The battery will also be charged with renewable energy from the grid through a long-term flexible power purchase agreement (PPA) of 25 GWh per year between Central de Cervejas e Bebidas and EDP. With this PPA, EDP will optimize the delivery of energy, ensuring flexibility and maximizing the use of renewable electricity generated. This tailor-made solution enables HEINEKEN to adopt advanced technology without operational complexity. Read More
Electric vehicles have accelerated the search for more efficient and affordable ways to power next-generation transport.
Electric roads are one of the most promising ideas to be worked on in recent times – highways equipped to charge vehicles dynamically as they move, using inductive or conductive systems embedded beneath the surface.
With trials underway in multiple countries, electric roads are now drawing global attention. But despite strong technical progress, widespread adoption remains challenging due to cost, infrastructure demands, and limited technological maturity..Electrical roads supply energy wirelessly or through conductive rails embedded in the pavement. Vehicles equipped with compatible receivers can draw this power while driving. This enables continuous charging and reduces the need for large onboard batteries.
France’s A10 motorway project demonstrates the viability of this approach. Operated by VINCI Autoroutes and utilizing Electreon’s technology, the system has achieved peak outputs exceeding 300 kW, with heavy trucks, buses, and passenger cars charging smoothly at full speed. Read More
EDP presented its 2026–28 Business Plan, designed to capture electricity demand growth driven by electrification and data centers deployment, with renewables and electricity networks at its core. Key highlights of the plan include:
Deploy ~€12 billion of gross investment between 2026 and 2028 at enhanced returns, including ~€7.5 billion in EDPR (in wind, solar and battery energy storage systems (BESS) of which ~60% in the US), and €3.6 billion in Electricity Networks (of which 2/3 in Iberia) while continuing to strengthen its flexible generation (FlexGen) and clients’ portfolio in Iberia.
Continue to recycle capital to create superior value targeting ~€5 billion in asset rotation proceeds and average asset rotation gains of ~€0.2 billion per year, complemented by ~€1 billion of target disposals in the period to fund core growth markets.
Drive efficiency and agility across the business, maintaining competitiveness with flat nominal OPEX of ~€1.9 billion across the plan horizon and achieving an OPEX/Gross Profit ratio of ~26%, with automation, robotization and AI based assets performance management as growing enablers of efficiency improvements.
Reiterate EBITDA at ~€4.9 billion in 2025 gradually increasing to €4.9-5 billion in 2026 and to ~€5.2 billion by 2028 (+6% vs. 2025E), supported by growth in renewables driven by US market, and higher investments in Electricity Networks in Portugal and Spain.
Net Debt is expected to stand at ~ €16 billion in 2025 and 2026, reducing by ~€1 billion to ~€15 billion in 2028, strengthening the balance sheet, underpinned by disciplined investment and robust cash flow generation, supporting a solid BBB rating with FFO/Net Debt expected to improve from ~19% in 2025 to ~22% by 2028, while keeping a resilient and low-risk portfolio.
Net income moving up from ~€1.2 billion in 2025 and €1.2-1.3 billion in 2026 to ~€1.3 billion by 2028 (+8% vs. 2025E) improving earnings quality profile with a lower weight of asset rotation gains, together with a higher weight of regulated and long term contracted profile and A-rated markets, enabling an uplift in the dividend floor to ~€0.21 per share by 2028 (+5% vs. 2025), with target dividend payout range of ~60-70% over 2026-28, delivering attractive shareholder returns.
Beyond the horizon of this 2026-28 Business Plan, EDP sees the increase of power demand driven namely by data centers build out in US and Europe enabling accelerated growth in renewables based on a diversified pipeline and repricing upside from re-contracting our operational fleet in US, as well as hybridization, wind repowering and BESS opportunities. In our electricity networks investment needs will continue to be significant over the next decade while our conventional generation fleet should be able to leverage on its increasing flexibility value. Read More
EDP recently signed a long-term, 12-year contract with McDonald’s in Brazil. The partnership was established between EDP and 38 McDonald’s franchisees in the South and Southeast regions of the country and includes the supply of renewable energy with an estimated annual production of over 61 GWh. This energy will power 156 McDonald’s units, including restaurants, cafés, and kiosks, across six Brazilian states.
Energy will be generated at the Solar Novo Oriente plant, the largest photovoltaic complex in the State of São Paulo. With an installed capacity of 319 MWp, the solar park features 82 inverters and more than 558,000 modules, equivalent to the energy consumption of approximately 375,000 households. Read More
Hyundai Motor Group announced a strategic partnership with CuspAI, a frontier AI startup pioneering the discovery of breakthrough materials, to accelerate the development of innovative materials through artificial intelligence (AI) technology.
Hyundai Motor Group and CuspAI have signed a partnership agreement in Cambridge, United Kingdom, to establish a framework for their collaboration across multiple domains.
The rapid advancement of AI technology has established ‘AI for Science’ as an emerging paradigm for addressing complex scientific challenges, particularly by driving innovative approaches in the pharmaceutical and materials industries. Expanding beyond widely known applications like language or image generation, AI for Science can leverage generative AI to analyze extensive scientific datasets, propose novel molecular structures or biological sequences, and significantly reduce the time, cost, and uncertainty involved in research and development.
In this context, Hyundai Motor Group is accelerating the adoption of AI technologies to enhance the efficiency, durability, and stability of next-generation materials, integrating them into its future smart mobility solutions. Read More
Kia Corporation is celebrating multiple victories at the prestigious Red Dot Award: Brands & Communication Design 2025. Winning a total of five awards across four categories, the success demonstrates the company’s continued dedication to enhancing customer engagement and affinity through physical and digital experiences.
Kia claimed two accolades in the Spatial Communication category, for its ‘Kia Design Philosophy Artwork Exhibition – Opposites United’ and ‘the Kia Exhibition Booth at ICN Airport’ projects. These were followed by additional wins in the Interface & User Experience Design category for the ‘Kia AI Assistant,’ the Fair Stands category for the ‘Kia PV5 Story booth at Seoul Mobility Show 2025,’ and the Film and Animation category for the ‘Kia PV5 Adventure Brand Film.’ . Read More
Hyundai Motor Group announced the opening of a new €150m facility at the Hyundai Motor Europe Technical Center (HMETC) in Rüsselsheim am Main, Germany, marking a major milestone in its commitment to European innovation and engineering excellence.
Square Campus is the most significant investment in R&D facilities at HMETC since the opening of the Round Campus in 2003, underpins the development of innovative, market-leading technologies, and will play a vital role in the development of future Hyundai, Kia and Genesis models in Europe. The 25,000m2 site is equipped with the largest semi-anechoic chamber within the Group, allowing unrestricted noise, vibration and harshness (NVH) and drive-by noise testing with complete independence from weather conditions.
Highly advanced dyno facilities at Square Campus play a key role in development, allowing comprehensive testing of vehicles and individual components. These facilities are compatible with all-electric, hybrid and internal combustion engine (ICE) powertrain applications. The site is also equipped with a new electric vehicle (EV) charging laboratory, a state-of-the-art driving simulator, and new facilities for extended electronics system development — including over-the-air-updates (OTA), cybersecurity, and Advanced Driver Assistance Systems (ADAS). Read More
XPeng Motors successfully held the XPeng X9 Kunpeng Super Range Extender Technology Launch Conference at the XPeng Science and Technology Park in Guangzhou. At the conference, XPeng Motors officially launched its new generation range extender technology solution – Kunpeng Super Range Extender, addressing the five major pain points faced by traditional range extender users: short pure electric range, slow charging speed, high overall energy consumption, weak power when the battery is depleted, and high noise levels. The company also announced that pre-sales for the debut model, the XPeng X9 Super Range Extender, are now open. The new car is available in Max and Ultra versions, with pre-sale prices of 350,000 RMB and 370,000 RMB respectively. Pre-orders include a 99 RMB deposit that can be used to offset 5,000 RMB of the purchase price, a limited-time offer of 20-inch star-studded floating wheels worth 8,000 RMB, and a limited-time offer of a cabin upgrade package worth 12,000 RMB. These benefits are valid from today until the car’s official launch date. The XPeng X9 Super Extended Range, as the world’s longest seven-seater with the longest range, boasts a pure electric range of 452km and a combined range of 1602km, leading XPeng Motors into a new era of extended-range technology. The all-new generation of Kunpeng super range extender technology debuts, addressing five major pain points in the industry.
The essence of a range-extended vehicle is a pure electric vehicle with a range extender. The best range extender comes from the best pure electric vehicle. Kunpeng Super Range Extender Technology is the result of XPeng Motors’ eleven years of pure electric technology. It features an industry-leading combination of “ultra-fast charging large battery + large fuel tank” and is equipped with a third-generation 1.5T high-efficiency turbocharged intercooled engine, addressing the five core pain points of traditional range extender users. Read More .
Bentley Motors has proudly unveiled its latest tribute to the Armed Forces, a one-of-a-kind Bentayga EWB Azure, specially designed for Remembrance Day in the UK. The 2025 design, developed by Bentley’s design team in collaboration with the colleague-led BeReady network is focused on the Battle of Britain and is a tribute to the 17 colleagues who tragically lost their lives whilst building the Merlin Aero Engine when the bomb dropped over Crewe 85 years ago and honours all those who have served.
The final design is a Satin Artica White Bentayga EWB which features bold artistic artwork and metallic gold details. The side of the car features the silhouette of an aircraft, sat just behind the wing vent. From this aircraft falls a number of poppies which grow in size as they descend down the car, depicting the poppies falling from the plane. Initials, in gold metallic, are placed on pillars to commemorate each of the 17 people lost. Finally, the number 85 features on the grille and bespoke poppy embroidery carry on the anniversary homage inside the car. Read More
Bentley Prague has commissioned its first Mulliner collection, celebrating the historic role played by Crewe and a group of heroic Czech airmen. In a remarkable Mulliner project, the Czech Squadron Collection has been created with the full cooperation of the British Ministry of Defence and includes four unique Bentleys featuring the insignia and mottos of four wartime RAF squadrons in which Czech airmen served.
The colours and trim selected for each Bentley pay tribute to the aircraft of their respective RAF squadrons. Laser-etched squadron insignia feature on the headrests of each model, a technique pioneered by the Mulliner team for the Czech Squadron Collection. Bespoke treadplates feature the outline of each squadron’s primary aircraft, along with that squadron’s motto. The Continental GT, GT Convertible and Flying Spur also feature the Bentley Rotating Display with bespoke dial bezels in St James’ Red, Beluga and Signal Yellow – colours which featured prominently in the livery and insignia of the Czech Squadrons. Read More
100 years after the birth of the first Bentley ‘Super Sports’, the nameplate returns to Bentley for only the fourth Supersports model in history. The new Bentley Supersports will be the lightest, most driver-focused and first rear-wheel drive Continental GT ever. Like the original, the new Supersports will be rare, with a limited production run.
More details will be released when the Supersports is unveiled in New York, at 20:30 local time on Thursday 13 November; 01:30 GMT on Friday 14 November. Read More
Volkswagen of America, Inc. is collaborating with global super star J Balvin and his Vibra en Alta Foundation to create a first-of-its-kind platform to celebrate and support emerging Latino musical talent in the U.S. Together, Volkswagen and J Balvin will spotlight three rising artists — Cami Sanabria, Vibarco, and Samur — providing each with resources and opportunities to amplify their music, produce original videos, and connect with broader audiences through authentic storytelling.
At the heart of the collaboration is J Balvin’s cherished 1997 Volkswagen Gol – a Brazilian manufactured cousin of the Golf – which has represented his journey from break-out musician to global star. During his time as an emerging artist, J Balvin drove his VW, nicknamed “Rayo,” across his native Colombia to early recording sessions and performances. The car served as both a trusted companion and a symbol of determination, helping him accomplish his dream. Today, J Balvin is utilizing Rayo to pass that same spirit to a new generation of Latin music artists.
Volkswagen will work with Vibra en Alta to spotlight emerging artists, to help champion the next generation of Latin talent, and drive a new era of representation. This joint effort includes producing unique music videos for each artist, with Rayo integrated into content as a visual centerpiece. A Rayo-inspired, custom-wrapped Golf GTI will make its public debut within the Volkswagen booth at the 2025 Los Angeles Auto Show beginning Friday, November 21. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $59.68 | Up |
| Crude Oil (Brent) | USD/bbl | $63.62 | Up |
| Bonny Light 07/11/25 CBN | USD/bbl | $65.69 | Down |
| Dubai | USD/bbl | $64.73 | Down |
| Natural Gas | USD/MMBtu | $4.35 | Up |
| Murban | USD/bbl | $65.78 | Up |
| OPEC basket 05/11/25OPEC | USD/bbl | $65.51 | — |
| At press time November 07, 2025 . |
A team from the Max Born Institute (MBI) in Berlin and DESY in Hamburg has built the world’s first plasma lens capable of focusing attosecond pulses, a feat that could transform ultrafast physics. The breakthrough dramatically boosts the power of attosecond light used to probe the fastest electron motions in atoms and materials Attosecond pulses are used to freeze and film electrons in motion, offering a window into the most fundamental processes of matter.In their experiments, the researchers showed that the plasma lens could focus light across a wide range of XUV wavelengths, with its focal length adjustable by tuning the plasma density.
Even more impressive is that it achieved a transmission rate above 80 percent, meaning most of the light passed through intact. . Read More
Aker Solutions has signed a five-year enabling contract with ExxonMobil Canada Properties, a partnership, as operator of the Hebron platform. The contract is an extension for brownfield maintenance and modification (M&M) services on the Hebron platform.. The brownfield M&M contract is a significant1 five-year extension to the original engineering, procurement, and construction (EPC) enabling agreement awarded in 2015. Aker Solutions has delivered platform-wide upgrades and modifications to the Hebron platform since 2015 and has provided multi-disciplinary services to the East Coast Atlantic region for more than 30 years. Read More
Aker Solutions has secured a sizeable four-year contract extension to provide onshore and offshore inspection services. The extension follows the customer’s decision to exercise an option included in the current agreement. Aker Solutions will continue to deliver inspection services across more than 15 operating facilities in Norway. The contract extension takes effect from January 1, 2026.
The agreement covers a wide range of inspection services, including conventional and advanced inspections as well as planning and engineering services. Read More
The Koenigsegg Sadair’s Spear has established a new lap record for homologated production cars at WeatherTech Raceway Laguna Seca on November 4, 2025. Despite a strict 90 dB noise limit on the day — a challenge met by fitting an additional, heavy muffler behind the rear of the Sadair’s Spear — factory test driver Markus Lundh achieved a blistering lap time of 1:24.16, verified by Racelogic.
With minimal time on track, this achievement highlights the outstanding performance of the Sadair’s Spear and Koenigsegg’s proven in-house engineering solutions — even while contending with the added pendulum weight of the auxiliary muffler mounted behind the car.
Christian von Koenigsegg commented on the record:
“We knew that the Sadair’s Spear had the potential to beat the lap record. To achieve this feat with the added muffler behind the car shows the potential for even greater performance on a less noise-restricted day. That the everyday-usable and livable Sadair’s Spear — with Autoskin, electric seats, sound deadening, amplifiers, and more — can outperform stripped-out track cars is a true testament to the depth of engineering that goes into our creations. I am very proud of our results and achievements, made possible only through solid and passionate teamwork.” Read More
Baker Hughes Rig Count: International -25 to 1059, :U.S. -4 to 546 Canada -12 to 187
U.S. Rig Count is down 4 from last week to 546 with oil rigs down 6 to 414, gas rigs up 4 to 125 and miscellaneous rigs down 2 to 7.
Canada Rig Count is down 12 from last week to 187, with oil rigs down 11 to 127, gas rigs down 1 to 60 and miscellaneous unchanged at 0.
International Rig Count is down 25 from last month to 1,059 with land rigs down 8 to 833, offshore rigs down 17 to 226
The Worldwide Rig Count for October was 1,800, down 12 from the 1,812 counted in September 2025, and down 164, from the 1,964 counted in October 2024.
| Region | Period | Rig Count | Change |
| U.S.A | October 31, 2025 | 546 | -4 |
| Canada | October 31, 2025 | 187 | -12 |
| International | October 2025 | 1059 | -25 |
| Baker Hughes |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Victor Cole , victor@oilandgaspress
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