Latest news with #MarcFerracci
E&E News
05-06-2025
- Business
- E&E News
EU's top Russian LNG buyers refuse to back Brussels' gas ban
BRUSSELS — The European Union's two biggest buyers of Russian liquefied natural gas are refusing to endorse Brussels' plan to ban Moscow's gas, arguing they need more reassurances on the economic and legal consequences of the move before making a decision. France, the bloc's top buyer, told POLITICO it prefers a strategy of hunting for alternative supplies. Belgium, in second place, wants a report detailing the economic fallout before making a decision. 'What we're defending is a European strategy of diversification … which is already on the table,' French Energy Minister Marc Ferracci told POLITICO, referencing France's plan to replace Russian supplies with Qatari products. Advertisement The hesitation runs counter to the EU's other major Russian LNG importers: Spain and the Netherlands. Both told POLITICO they are eager to back the upcoming legislation, which would end Russian gas contracts, banning short-term purchases this year and long-term contracts by 2027. In theory, that would help the countries escape contracts which will otherwise will keep them buying Russian LNG for years.
Yahoo
04-06-2025
- Business
- Yahoo
France, Belgium wary of EU's plan to halt Russian LNG imports by 2027
France and Belgium are not ready to accept the European Commission's latest proposal to phase out Russian liquefied natural gas (LNG), calling for additional assurances, Politico reported on June 3. The two nations, the largest EU importers of Russian LNG, argue they need stronger legal and economic guarantees before committing to the plan. Russia's energy exports remain a major source of revenue for the Kremlin's military campaign against Ukraine. The Commission's proposal, unveiled on May 6, outlines a roadmap to end the bloc's dependence on Russian fossil fuels — gas, oil, and nuclear — by 2027. Although the EU has slashed its reliance on Russian gas from 45% in 2021 to 19% in early 2025, several key member states remain cautious about cutting LNG ties entirely. French Energy Minister Marc Ferracci told Politico that Paris supports diversification but prefers to prioritize securing replacement supplies. France has been sourcing alternative LNG from Qatar and other suppliers, but it remains bound to long-term contracts with Russian firms. "The stock of existing contracts… needs to be legally protected," Ferracci said. Join our community Support independent journalism in Ukraine. Join us in this fight. Support Us France's TotalEnergies, which owns a 20% stake in the Yamal LNG project in Siberia, has a supply contract with Russia's Novatek valid through 2032. Belgium, Europe's second-largest Russian LNG customer, is seeking an "in-depth impact assessment" before backing the Commission's plan. Belgian Energy Minister Mathieu Bihet said Brussels must evaluate how ending imports would affect its LNG terminals and storage infrastructure, which are expected to handle Russian shipments until 2035. The cautious stance by France and Belgium diverges from that of Spain and the Netherlands, who have both expressed readiness to endorse the Commission's strategy. Ukrainian officials and civil society groups have consistently urged the EU to cut these financial lifelines, pointing to the ongoing Russian attacks and occupation. The Commission's proposed cutoff forms part of a broader push to safeguard European energy sovereignty and reinforce the EU's sanctions architecture. The internal divisions among member states risk delaying implementation. Read also: Inside Russia, calls for peace come with conditions — and Kremlin talking points We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
04-06-2025
- Business
- Yahoo
Ban on Russian gas: France and Belgium do not support European Commission's plan
France and Belgium, the two largest buyers of Russian liquefied natural gas (LNG), are refusing to support the European Commission's proposed plan to ban gas supplies from Russia. Source: European Pravda, citing Politico Details: The publication writes that these countries are demanding additional guarantees regarding the economic and legal consequences of this step before making a decision. In particular, France, which buys the most Russian LNG, says it prefers a strategy of seeking alternative supplies. Belgium, which ranks second, wants to see a report detailing the economic consequences before making a decision. "What we're defending is a European strategy of diversification … which is already on the table," French Energy Minister Marc Ferracci said in an interview with Politico, referring to France's plan to replace Russian supplies with Qatari products. The French minister also raised the issue of the "legal certainty" of Brussels' proposal, fearing that private companies could face Russian lawsuits over unfulfilled contracts. France's TotalEnergies, for example, is currently bound by a supply contract with Russia's Novatek until 2032 and also owns a 20% stake in the Yamal project, which operates an LNG plant in Siberia. Belgium, which intends to continue receiving and storing Russian LNG until 2035, also wants the European Commission to allay its concerns. Before the EU presents its proposals, "we ask the Commission to present an in-depth impact assessment" of these measures, said Belgian Energy Minister Mathieu Bihet. He said the country would hold technical talks on the measures' impact on Belgium's LNG infrastructure. France and Belgium's hesitation is at odds with the position of Spain and the Netherlands, other major importers of Russian LNG in the EU. Both countries have said they are ready to support the future plan. According to data from the Kpler commodity platform, these four countries imported 16.77 million tonnes of Russian liquefied gas last year, accounting for 97% of total EU imports and more than half of Moscow's global exports. Collectively, they have spent more than €6 billion on LNG purchases from Russia. Support from all four countries will be crucial for the European Commission, as Hungary and Slovakia are likely to try to block the ban so that they can continue purchasing Russian energy resources. In addition, many politicians and industry representatives in the EU are calling for a return to Russian energy supplies after the end of Russia's war against Ukraine, complaining about high electricity prices in Europe. EU countries are currently considering conducting an economic and legal analysis across the Union. One EU representative said that the Commission is preparing "a document that will analyse the impact" of these measures. Background: The European Commission presented a roadmap for completely stopping Russian gas imports by the end of 2027, as well as minimising Russian oil imports. Hungarian Foreign Minister Péter Szijjártó criticised the plan, calling it an attack on Hungary's sovereignty. Slovak Prime Minister Robert Fico also said he did not support the European Commission's proposed roadmap for ending imports of Russian energy. Hungary and Slovakia are the only EU countries that rely on piped Russian gas and oil as their main source. Support Ukrainska Pravda on Patreon!
Yahoo
12-04-2025
- Business
- Yahoo
Why STMicroelectronics NV (STM) Surged On Friday?
We recently published a list of . In this article, we are going to take a look at where STMicroelectronics NV (NYSE:STM) stands against other Friday's top performing stocks. The stock market finished the trading week on a positive note, wiping out earlier losses on Friday, as investors weighed the escalating trade tensions between the US and China. Having been battered this week, Wall Street's major indices all finished in the green, led by the Nasdaq, up 2.06 percent, followed by the S&P 500 with 1.81 percent, and the Dow Jones with 1.56 percent. Ten companies, predominantly under the mining and biopharmaceutical sectors, mimicked gains on the back of fresh industry catalysts that boosted buying appetite. In this article, let us explore Friday's top performers and the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume. A worker assembling the inner circuitry of a semiconductor product. STMicroelectronics grew its share prices by 8.03 percent on Friday to finish at $20.45 apiece as investors cheered news that French Industry Minister Marc Ferracci backed the company's chief executive officer amid allegations of insider trading. In a post on social media platform X, Ferracci offered his full support to STM CEO Jean-Marc Chery after accusations made by Italian Economy Minister Giancarlo Giorgetti that Chery sold shares in STM a day before reporting the company's negative results, adding that the CEO does not have the support of the Italian government. In a statement on Thursday, STM clarified that Chery's sales during the company's blackout period prior to the results were made by its stock plan administrator through an automatic procedure. Despite the claims, STM confirmed earlier this week that its planned investments at new facilities in Agrate and Catania were on track. The Agrate site is expected to double its production capacity by 2027. Overall, STM ranks 9th on our list of Friday's top performing stocks. While we acknowledge the potential of STM as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is as promising as STM but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Reuters
10-04-2025
- Business
- Reuters
French industry minister says he supports STMicroelectronics CEO Chery
PARIS, April 10 (Reuters) - French Industry Minister Marc Ferracci said on Thursday he supported STMicroelectronics ( opens new tab CEO Jean-Marc Chery amid allegations of insider trading by two members of its managing board. "I would like to offer my full support to Jean-Marc Chéry after the recent tensions within the STMicroelectronics Supervisory Board and the announcement of the reorganization plan," Ferracci wrote in a post on social media platform X.
