Month: September 2023

LISBON (Reuters) — Portuguese oil company Galp said on Monday it had teamed up with Japan’s Mitsui to invest 400 million euros ($426 million) in an industrial-scale plant to produce biodiesel and biojet fuel from waste at its Sines refinery.

The companies will create a joint venture for the project, which will be 75% controlled by Galp, it said in a statement.

Galp also said it had made a final decision to invest 250 million euros on its own in a 100 mega-watt (MW) electrolyser unit to produce green hydrogen to power the refinery.

It said that both plants would start operating in 2025.

The Hydrogenated Vegetable Oil (HVO) plant will have a production capacity of 270,000 metric tons per year.

Portugal’s Galp to invest $426 million in biofuels with Japan’s Mitsui

NEW YORK (Reuters) -The U.S. dollar held steady against a basket of currencies on Monday, hovering near a six-month high as traders looked ahead to interest rate decisions this week from the Federal Reserve, the Bank of England and the Bank of Japan.

Currency moves were largely muted on Monday as investors were hesitant to make big directional wagers ahead of the week’s slew of central bank interest rate decisions.

“The plethora of event risk and central bank meetings coming up is keeping a lid on volatility, and with traders really not wanting to chase moves or take on significant risk before the FOMC, BoE, BoJ, etc.,” Michael Brown, market analyst at Trader X, said.

The U.S. dollar index – which measures the currency against six major counterparts – was about flat at 105.25, not far from the six-month high of 105.43 touched on Thursday. The index rose for its ninth straight week last week, its longest winning streak in nearly a decade.

Resilient U.S. growth has fueled a rebound in the dollar in recent weeks though the rally will likely be tested by a gauntlet of data and Wednesday’s Federal Reserve interest rate decision.

Dollar steady as week of key central bank decisions kicks off