London’s FTSE 100 flat as sinking crude weighs on oil majors

Eni S.p.A. (NYSE:E) plans to deploy a commercial fusion power plant in Europe by the early 2040s, investing over $1 billion in Commonwealth Fusion Systems. Eni also aims to build a business around fuel systems for fusion plants. Commonwealth Fusion Systems raised $1 billion in July, targeting a 400-MW plant in Virginia by the early 2030s. Other oil companies like Equinor, Chevron, Shell, and Cenovus are also investing in fusion technologies.

Iraq plans to raise oil production to 8-10 million barrels per day by 2030. U.S. companies ConocoPhillips and Chevron are expanding their presence in Iraq's oil sector, acquiring interests in key fields. ConocoPhillips is taking a 42% stake in five fields in northern Iraq, while Chevron is advancing projects in southern Iraq, including the West Qurna 2 field. These moves aim to counter Russian and Chinese influence in the region.

Shell is receiving bids for its US petrochemical business, potentially worth $8 billion, from rivals like LyondellBasell and ExxonMobil, as well as private equity firms. The sale may include Shell's ethylene and polyethylene complex in Pennsylvania and other sites. LyondellBasell has a history of acquiring new plants at lower prices, while ExxonMobil is already in related businesses. Kuwait Petroleum may be interested in Shell's ethylene oxide derivatives.

Exxon Mobil (XOM) and LyondellBasell (LYB) are among potential bidders for Shell's (SHEL) US chemicals assets, valued at up to $8B. Other interested parties include Apollo and Kuwait Petroleum Corporation. The portfolio includes four facilities, with Shell seeking to divest weaker-performing operations. Shell is also reviewing European chemicals assets for potential sales.

ExxonMobil and LyondellBasell are among bidders for Shell's U.S. chemical assets, which could be sold for $8 billion. The assets include plants in Louisiana, Texas, and Pennsylvania. Bids were submitted last month, ranging from full to partial acquisitions, according to the Financial Times.

Shell (SHEL) has attracted interest from ExxonMobil (XOM) and LyondellBasell (LYB) for its U.S. chemicals assets, including a $14B Pennsylvania complex. Shell aims to refocus on core operations. Shares of all three companies traded lower. No formal sale process confirmed.