BP’s North Sea exit is a verdict on scale as much as tax risk
Meg O’Neill’s support for domestic production is compatible with BP’s decision to exit the UK North Sea; the assets remain valuable without meeting the global supermajor’s investment threshold. The 78% headline tax rate has weakened… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
Essar Energy Transition expands financing as Stanlow transition projects approach FID
Essar Energy Transition has expanded a receivables financing facility from $150m to $350m, with NatWest joining ABN AMRO as an equal lender. Natixis has separately increased an existing $100m commitment by $50m, strengthening liquidity at the Stanlow refinery during volatile trading conditions. The facilities support working capital rather than directly financing construction of Essar’s hydrogen, […]
Volta lands $10 billion AI contract before Norway capacity comes online
London-based Volta has raised $300m at a $2.4bn valuation and announced a six-year cloud contract worth $10bn. The agreement covers a 133 MW Norwegian data centre using Nvidia systems, although the customer was not named by Volta. The project shows how AI companies are contracting for power and computing infrastructure before construction is complete. Seven […]