Ukraine Strikes Russia’s Fourth-Largest Refinery, Disrupting 80,000 bpd

By Julianne Geiger - Oct 24, 2025

Russia’s Ryazan oil refinery—its fourth-largest and a key Rosneft asset southeast of Moscow—was forced to halt a major crude distillation unit after a Ukrainian drone attack set part of the facility ablaze this week, industry sources told Reuters.

The targeted unit, CDU-4, handles roughly 4 million metric tons of crude per year, or about 80,000 bpd—nearly a quarter of the refinery’s total capacity. The stoppage, combined with secondary unit shutdowns including a reformer, vacuum gasoil hydrotreater, and catalytic cracker, has sharply reduced output. Rosneft has not commented, but sources say the plant continues limited operations.

Ukraine said it hit the Ryazan refinery, one of a growing number of strikes on Russian fuel sites as U.S.-led peace efforts drag on. Kyiv’s drones have been taking aim at the infrastructure feeding Russia’s war machine, and the Kremlin has been pointing to those same attacks to explain gasoline and diesel shortages at home.

Ryazan processed 13.1 million tons of crude last year, yielding 2.3 million tons of gasoline, 3.4 million tons of diesel, and 4.2 million tons of fuel oil. A prolonged outage could pressure domestic fuel availability further just as Russia heads into winter, when heating demand peaks and logistical networks tighten.

For global markets, the direct supply hit is small, but the symbolism isn’t. Every successful strike deep inside Russia adds to the risk premium baked into oil prices and tests the Kremlin’s ability to protect the infrastructure that underpins its export revenues.

As the Ryazan blaze cools, markets are still watching for how Moscow will respond—possibly with another round of tightened export controls.

By Julianne Geiger for Oilprice.com

Sanctions Halt Oil Flows to Serbia as Russian-Owned NIS Faces Refinery Shutdown

By Charles Kennedy - Oct 24, 2025

Russia-owned Naftna Industrija Srbije (NIS) has halted crude processing as U.S. sanctions choke oil flows to Serbia, triggering fears of a fuel shortage ahead of winter. A shipment of roughly one million barrels of Kazakh KEBCO crude that arrived at Croatia’s Omisalj terminal on 9 October remains blocked after deliveries through the JANAF pipeline were suspended on 8 October, according to multiple industry sources cited by Reuters on Friday. 

The U.S. Treasury’s Office of Foreign Assets Control allowed a sanctions waiver on NIS to expire on 9 October, formally cutting the company off from international crude purchases. NIS, 56 percent owned by Gazprom Neft, runs Serbia’s only refinery at Pan?evo, which processes about 4.8 million tonnes of crude per year and supplies over 80 percent of the country’s gasoline and diesel demand. Without new cargoes, refining operations could stop by early November, officials and traders said.

Serbia’s government has downplayed the immediate risk. President Aleksandar Vu?i? said current inventories are sufficient through the end of the year, but analysts warned that prolonged disruption would force the country to depend on product imports through neighboring EU states.

The JANAF pipeline from Croatia had been Serbia’s primary supply line for Russian and Kazakh crude since 2022. Its closure underscores the limited flexibility of Balkan energy logistics, where few alternative routes exist and domestic storage capacity remains constrained.

Earlier this month, regional analysts said the U.S. measures were likely to hit Serbia’s downstream sector hard, calling NIS’s exposure “a critical vulnerability” for the Balkan state.

Serbia is now seeking replacement cargoes via Hungary and exploring temporary swaps through regional refiners. Whether those can arrive fast enough to keep Pan?evo running will determine if Serbia avoids a full-blown fuel crunch.

By Charles Kennedy for Oilprice.com

Greece Awards Offshore Exploration Blocks to Chevron

By Tsvetana Paraskova - Oct 24, 2025

• Greece has awarded four offshore oil and gas exploration blocks to a consortium led by Chevron, with Helleniq Upstream as a partner, following a tender launched in April.
• 
  
• The concession agreements for the South of Peloponnese, A2, South of Crete I, and South of Crete II blocks are expected to be finalized by the end of the year, with seismic surveys and potential test drilling to follow.
• 
  
• This move is part of Greece's strategy to enhance its domestic energy supply and explore for significant natural gas resources in its waters, similar to discoveries in Egypt and Israel.
• 
  

Greece on Friday announced it is awarding four offshore oil and gas exploration blocks to a Chevron-led consortium. 

Following evaluations and negotiations with Chevron, the joint venture Chevron Greece Holdings – Helleniq Upstream was picked as the selected applicant in the Greek exploration tender launched in April.  

The Chevron-led bid was the sole applicant in the tender for the blocks, named South of Peloponnese, A2, South of Crete I, and South of Crete II. 

Chevron and Greece now need to finalize the concession agreements. 

After the government finalizes the contract with Chevron and Helleniq Energy, expected by the end of the year, the agreement will need to be approved by Greece’s Parliament and a Greek court of auditors, Greek Energy Minister Stavros Papastavrou said earlier this month.  

These approvals will be necessary before any seismic surveys can be carried out. The oil companies will then have up to five years to locate potential reserves, and any test drilling would take place no sooner than 2030, Papastavrou added.    

Helleniq Energy has partnered with Chevron and last month submitted a bid to participate in the Greek tender for offshore exploration and production of oil and gas in four offshore areas south of the Peloponnese peninsula and south of the island of Crete. 

Greece has been looking to boost its domestic energy supply by installing renewables and boosting offshore gas exploration after the energy crisis of 2022 and the halt of Russian pipeline gas supply to most EU countries. 

Greece hopes its waters could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel.  

In October of 2024, Greece said that a consortium led by the other U.S. supermajor, ExxonMobil, had successfully completed the first exploration phase southwest of Crete and decided to proceed with the second exploration stage. The second exploration phase is expected to last three years, and its minimum requirement pertains to completing the collection and assessment of 3D seismic data.  

By Tsvetana Paraskova for Oilprice.com

UAE Pioneers Gigascale Renewable Energy Project

By Michael Kern - Oct 24, 2025

• The UAE has commenced construction on a $6 billion project that combines a 5.2 GW solar plant with a 19 GWh battery storage system, aiming to provide one gigawatt of continuous renewable energy.
• 
  
• Developed by Masdar and EWEC, the facility is expected to be operational by 2027 and will utilize AI-enhanced forecasting to overcome the intermittency challenges of traditional renewable sources.
• 
  
• This project is projected to avoid 5.7 million tonnes of carbon emissions annually, create over 10,000 jobs, and serve as a global blueprint for nations seeking to meet clean energy objectives and power rapidly expanding technology sectors.
• 
  

The United Arab Emirates has broken ground on a combined solar power and battery storage facility designed to deliver one gigawatt (GW) of continuous, round-the-clock baseload renewable energy. The project, described by developers as the largest and most technologically advanced of its kind, represents a capital investment exceeding $6 billion.

The facility is being developed by Abu Dhabi Future Energy Company PJSC – Masdar and Emirates Water and Electricity Company (EWEC). Once operational in 2027, the system aims to overcome the intermittency challenges traditionally associated with renewable energy sources like solar and wind, according to statements from the companies.

Project Scope and Technology

The new infrastructure will integrate a 5.2 GW solar photovoltaic (PV) plant with a 19 gigawatt-hours (GWh) battery energy storage system. Developers state the design incorporates advanced technologies, including Artificial Intelligence (AI)-enhanced forecasting and intelligent dispatch capabilities for predictive analytics and system optimization.

The groundbreaking ceremony was witnessed by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes' Affairs, underscoring the government's support for the initiative.

According to the developers, the facility is projected to avoid approximately 5.7 million tonnes of carbon emissions annually while providing power at a globally competitive tariff.

Industry Context and Strategic Implications

This development is being framed within the context of the growing global demand for secure, clean, and reliable power sources, particularly to meet the energy needs of rapidly expanding technology sectors.

Ahmed Ali Alshamsi, Chief Executive Officer at Emirates Water and Electricity Company, highlighted the role of the project in supporting the burgeoning digital economy. "Abu Dhabi and the UAE are a global hub for artificial intelligence research, innovation, and adoption, and this project will ensure that the energy needs of this key sector are met sustainably, powering the next generation of economic growth," Alshamsi said.

The integration of gigascale solar power generation with a large-capacity battery system is seen by Masdar as a potential "blueprint" for other nations seeking to meet clean energy objectives by ensuring consistent power supply from renewables. Masdar, which has existing battery storage investments in the United States, the United Kingdom, and elsewhere, is targeting an overall project portfolio capacity across clean energy technologies of 100 GW by 2030.

Executive Commentary and Economic Impact

Executives emphasized the strategic importance of the project in advancing renewable energy integration.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, called the project a step towards "redefining the role of renewable energy for the information age." He noted that the breakthrough is the culmination of Masdar's two decades of work in renewables.

Mohamed Jameel Al Ramahi, Chief Executive Officer at Masdar, echoed this sentiment, stating that the project is "the largest and most ambitious in Masdar's history" and demonstrates that renewable energy can be dispatched continuously. "By overcoming the challenge of intermittency, we can provide sustainable power to meet fast-growing demand from advancements in artificial intelligence and other technologies," Al Ramahi added.

Beyond energy production, the project's development is expected to create more than 10,000 jobs and drive the establishment of new manufacturing and service facilities within the UAE. This aligns with the UAE's broader national strategy to position AI as a cornerstone of its economic diversification efforts.

The successful commission of the facility in 2027 would mark a significant step toward demonstrating the commercial viability of large-scale, continuous baseload power from combined solar and storage technologies, potentially shifting conventional reliance on fossil fuels for grid stability. The effort underscores the country's commitment to energy diversification and its role in the transition to non-intermittent renewable power.

By Michael Kern for Oilprice.com 

 

Angola challenges Botswana in high-stakes De Beers bid

Cecilia Jamasmie | October 24, 2025 | 

State miner Endiama seeks Anglo’s majority stake as regional rivals vie for control of the diamond giant. (Image courtesy of De Beers.)

Angola’s state diamond company Endiama has submitted a formal bid for Anglo American’s (LON: AAL) majority stake in De Beers, in a sharp shift from its earlier position of seeking only a minority share.

Endiama chief executive officer José Manuel Ganga Júnior told Bloomberg News the company had presented “a concrete and well-defined proposal” to Anglo and was moving ahead with “subsequent actions.”

The move intensifies the scramble for control of the world’s largest diamond producer, pitting Angola against neighbouring Botswana, which already owns 15% of De Beers. Botswana holds the right to match any external offer and has framed its potential bid as a “matter of economic sovereignty.”

Angola recently overtook Botswana as Africa’s leading diamond producer by value, with 2024 output topping its neighbour’s for the first time in 20 years, according to the Kimberley Process, an international certification body.

Ganga Júnior said Endiama aims to leverage De Beers’ advanced mining technologies and global marketing systems. “These are factors that, if we’re part of De Beers, will automatically allow us to take bigger leaps forward,” he said.

Growing partnership

De Beers and Angola have strengthened ties since 2022, when they signed exploration agreements later expanded to cover processing. That partnership led to the first major kimberlite discovery in Angola in more than three decades, announced in August.

De Beers chief executive Al Cook at the time called Angola “one of the best places on the planet to look for diamonds.”

Anglo American, which holds an 85% stake in De Beers, is selling the business as part of a restructuring launched 17 months ago. Former De Beers executives Gareth Penny and Bruce Cleaver are leading investor groups among several bidders.

Angola’s bid adds a geopolitical dimension to the contest, as diamond-rich nations in southern Africa push for greater control over their natural resources amid mounting competition from lab-grown diamonds. 

De Beers has also drawn interest from at least six other consortia, including billionaire Anil Agarwal, India’s KGK Group and Kapu Gems, and Qatari investment funds.

AI's Dual Role Driving and Derailing Decarbonization

By Haley Zaremba - Oct 24, 2025

• The global energy demand driven by AI integration is creating a significant challenge for power grids worldwide, with experts suggesting the issue may not be resolved within our lifetime.
• 
  
• The scramble to increase power generation for energy-hungry data centers has led to renewed investment in both clean energy alternatives like geothermal and tidal, and a resurgence in fossil fuel projects.
• 
  
• Despite efforts to expand energy and grid capacity, there are serious concerns about whether current infrastructure can handle the ballooning demand, leading to rising energy costs for consumers and a bipartisan pushback against unchecked AI integration.
• 
  

The global energy demand increase being driven by widespread AI integration is creating a complex problem for power grids worldwide. The gap between current energy production capacity and projected need from data centers is so vast that experts are now saying that the issue won’t be solved within our lifetime, and is therefore an issue that will fall on future generations to untangle. 

“The gap between what AI is demanding and what we have everywhere in the world on the grid in terms of generation and transmission is huge and will not be closed in our lifetime,” Dave Stangis, sustainability strategy leader at Apollo Global Management Inc., recently told Bloomberg. “So what is happening around the world, there’s no doubt about it, is what you might call energy addition,” Stangis said. “The world is scrambling to add every source of power.”

The scramble to ramp up power generation capacity to support the proliferation of energy-hungry data centers has driven investment in clean and innovative energy alternatives, but it has also caused a resurgence in fossil fuel investment, and has resurrected fossil fuel-powered plants that were scheduled to be shuttered, and fast-tracked others. 

Investors are now heartily embracing an all-of-the-above approach to energy production at an unprecedented level, with renewed interest in previously fringe technologies like geothermal, tidal energy,  and nuclear fusion, as well as a resurrection of the traditional nuclear sector. 

“There’s no doubt about it: the external world around investing in the transition has changed,” Stangis told Bloomberg. “From a policy perspective, certain technologies are more in favor today than they were a couple years ago, and others are less. But we still see the tens of trillions of dollars of opportunity – that hasn’t changed, and it’s only growing.”

But even with the rush to add increasing energy and grid capacity to support the runaway AI boom, there is cause for serious concern as to whether energy grids will be able to handle the ballooning demand that is rapidly coming down the pike. Countries including Ireland, Saudi Arabia and Malaysia are already facing serious challenges as the energy needs of their already-planned data centers far outstrip their planned energy additions. In the United States, a recent scientific study found that Americans can expect their energy costs to go up by as much as 70 percent if the government does not invest billions of dollars in generation and transmission capacity over the next few years. 

Indeed, consumers around the world are already bearing the financial burden of ubiquitous AI integration, and it’s beginning to cause a bipartisan groundswell of pushback. What’s more, consumers have no control over Big Tech’s full-steam-ahead approach to AI integration, and may not even be benefitting from it. 

"We are witnessing a massive transfer of wealth from residential utility customers to large corporations—data centers and large utilities and their corporate parents, which profit from building additional energy infrastructure," Maryland People's Counsel David Lapp was quoted by Business Insider earlier this year. "Utility regulation is failing to protect residential customers, contributing to an energy affordability crisis.”

However, while artificial intelligence is posing major threats to global power supplies and increasing rates of energy poverty, it could also hold the solutions to those same problems. Some experts believe that fears over data centers’ increasing energy consumption are overblown. As AI becomes more advanced, increased automation across sectors is expected to make nearly everything we do more efficient, to the degree that large language models are a net energy-saver. Some of the most energy-inefficient sectors, like materials value chains and biotechnology, will be transformed by AI models that can find ‘needle-in-a-haystack’ efficiency solutions that scientists alone cannot. 

By Haley Zaremba for Oilprice.com

 The Swiss National Bank 

SNB sells Rio Tinto stake in new divestment from extractive industries

Reuters | October 24, 2025 | 

Stock image.

The Swiss National Bank has sold its stake in Anglo-Australian miner Rio Tinto, adding to a series of recent divestments from companies in extractive industries, LSEG data shows.

Unsere (Our) SNB, a collection of environmental groups which includes 200 SNB shareholders, said the Rio Tinto divestment was the SNB’s entire stake, valuing it at $227 million. It said the SNB offloaded the 3.8 million shares between June 2 and July 21.

Rio Tinto and the SNB declined to comment.

According to a Reuters analysis of LSEG data based on company filings, the SNB has since 2024 sold stock in oil and gas companies worth more than double the sum it has invested in the sector.

Environmental campaigners encouraged

Among larger recent sales by the central bank, were divestitures in Chevron, BP, Tullow Oil and Enquest, LSEG data shows.

Campaigners have long called for the SNB to sell its holdings in companies they say damage the environment.

“This is an important step in the right direction, but there is still a lot more the SNB should do,” said Asti Roesle, co-coordinator for Unsere SNB.

The SNB, the world’s 10th biggest central bank by size of assets, held a quarter of its 741 billion Swiss francs of foreign currency investments in stocks at end-August.

The reason for the SNB’s latest divestments is unclear.

Coal exit in 2020

The SNB has previously said it pursues a market neutral and passive investment approach, aiming to replicate equity markets and diversifying its investments as broadly as possible.

In the past when the SNB has decided to adjust its strategy in certain sectors, it has announced this – for example its 2020 decision to no longer invest in thermal coal producers.

(By John Revill and Clara Denina; Editing by Mark Potter)

 

Aldebaran spins out greenfield assets in Argentina

Staff Writer | October 24, 2025 | 

Credit: Aldebaran Resources Inc.

Aldebaran Resources (TSXV: ALDE) has officially spun out its exploration-stage assets in northern Argentina while it continues to work on the more advanced Altar project in San Juan province as its sole asset.

The Vancouver-based copper-gold developer first announced its intention to spin out the assets in September, a move that it said would “unlock additional value” for its shareholders by creating a new company focused on advancing a portfolio of exploration projects that have been on hold for the past several years.

The new company — called Centauri Minerals — will hold six greenfield projects spanning over 430 sq. km across Salta, Jujuy and Catamarca provinces. Currently, the most advanced is Rio Grande, located 9 km from the Lindero gold-copper mine owned by Fortuna Mining. Based on drilling last completed in 2012, the project has a resource of 71 million tonnes grading 0.30% copper and 0.36 g/t gold in the indicated category and 41 million tonnes at 0.23% copper and 0.28 g/t gold in the inferred category.

Another notable project is Aguas Calientes, which has a well-mineralized surface but has not seen drilling since 2019.

New subsidiary

Leading the new subsidiary will be Sam Leung, a director at Aldebaran who previously worked at Adventus Mining (sold to Silvercorp Metals last year) and Lundin Mining, both of which have projects in South America.

As part of the spin-off, Aldebaran will “sell” the exploration assets to Centauri in exchange for 40 million shares of the subsidiary, representing 78.1% of those outstanding. The remaining shares will be sold at C$0.50 each to investors as part of a private seed financing for around C$5.7 million.

The funds would allow Centauri to execute its exploration initiatives, including the completion of a technical report on Rio Grande and field programs at Rio Grande and Aguas Calientes in preparation for drilling. It also plans to use the proceeds for administrative purposes ahead of a proposed initial public offering or go-public transaction in 2026.

Meanwhile, Aldebaran will continue to develop the 80%-owned Altar project as its lone asset. A resource update last year outlined 2.4 billion tonnes in measured and indicated resources grading 0.42% copper and 0.07 g/t gold, for 22 billion lb. of contained copper and 5.1 million oz. of gold. The company’s goal for next year is to advance the project towards a prefeasibility study.

Aldebaran Resources’ stock inched 0.6% higher on the spin-off announcement, giving the company a market capitalization of C$580.5 million ($414.3 million).

 

CMOC to invest $1.1B to expand Congo copper mine

Reuters | October 24, 2025 | 

Credit: Kisanfu Mining

China’s CMOC Group will spend $1.08 billion to expand its KFM copper mine in the Democratic Republic of Congo to add about 100,000 metric tons of output per year, it said on Friday.

It will launch the second phase of its KFM project in 2027. The first phase of KFM reached full capacity in 2023.

The investment comes as copper supplies face possible shortage amid mine worldwide disruptions, including the suspension of Freeport’s flagship Grasberg project in Indonesia.

CMOC owns 71.25% of KFM through its Hong Kong-based subsidiary and also operates the Tenke Fungurume mine in Congo. Both mines are key suppliers of copper and cobalt, metals key for energy transition.

CMOC said the KFM expansion will strengthen its position in the global market but warned of possible risks from price swings and the DRC’s political and economic uncertainty.

(By Dylan Duan and Tony Munroe; Editing by Louise Heavens)

Trilogy Metals jumps as US reinstates Alaska road permits

Cecilia Jamasmie | October 24, 2025 | 

Camp at one of the Upper Kobuk Mineral Projects, in Alaska’s Ambler Mining District. (Image courtesy of Trilogy Metals j.)

Canada’s Trilogy Metals (TSX: TMQ) (NYSE-A: TMQ) saw its shares surge Friday after US authorities reinstated critical federal permits for a controversial 340-km (211-mile) access road in Alaska’s Ambler mining district. 

The Ambler road is seen as vital infrastructure to unlock one of the richest undeveloped copper regions in the world

Shares rose 15% in New York to $5.97 and 5% in Toronto to C$7.71, boosting the Vancouver-based company’s market cap to C$1.3 billion.

The US Army Corps of Engineers, the Bureau of Land Management, and the Alaska Industrial Development and Export Authority (AIDEA) re-issued the permits following President Donald Trump’s recent order to restore approvals originally granted in 2020 but revoked under the Biden administration in 2024.

The reinstated authorizations include a 50-year right-of-way across federally managed lands, enabling AIDEA to resume road planning, engineering updates, and budget preparations.

Trilogy chief executive officer Tony Giardini said the road “will provide access to a mining district that has the potential to strengthen the United States’ ability to secure domestic supplies of copper and other critical minerals.”

Opposition

The Ambler road project remains divisive. Environmental groups and Indigenous communities argue the road would bisect the Western Arctic Caribou Herd’s migration path and damage subsistence lifestyles. The Sierra Club said 89 Tribes and First Nations have formally opposed the project, which would cross Gates of the Arctic National Park.

Earlier this month, the US government invested $35.6 million in Trilogy, becoming a 10% shareholder and acquiring warrants to increase its stake by another 7.5%.

Trilogy owns 50% of Ambler Metals, a joint venture with South32 (ASX, LSE, JSE: S32), which owns the Upper Kobuk mineral projects, including the Arctic and Bornite copper-rich deposits.