Economy

The Climate Threat Global Challenges
Preem’s new owner scraps climate targets – aims to double growth

The oil company Preem, which came under new ownership earlier this year, has also adopted less ambitious climate targets, reports *DI*.

While Preem previously aimed to become entirely climate-neutral by 2035, its new owner, Varopreem, has set a goal to increase the production of renewable fuels—while continuing the production of fossil fuels.

"Our strategy involves continuing to supply the fuels that Europe needs, while simultaneously developing renewable alternatives," says CEO Dev Sanyal, according to the newspaper.

Varopreem was formed when the Swiss company Varo Energy acquired the Swedish firm Preem in January of this year. The company’s assets include Scandinavia’s largest refinery, located in Lysekil.

The company’s goal is to double its revenue between 2025 and 2030. 

Security in Europe
Saab on German collaboration: "We aren't closing any doors"

Saab is not closing any doors. This is the message from CEO Micael Johansson, following a recommendation by the German Ministry of Defence to its government to develop a new combat aircraft in collaboration with Sweden.

He adds that such an undertaking would require political and industrial alignment.

"If the air forces of Sweden and Germany share the same view regarding the capabilities required moving forward, there might be a foundation for industrial cooperation. But we aren't quite there yet." Politico recently reported that the German Ministry of Defence would prefer to enter into a partnership with Sweden and Spain rather than join the existing Global Combat Air Programme, which includes the United Kingdom, Italy, and Japan.

Oil Market
Oil prices rise – investors anticipate a prolonged conflict

Oil prices continue to climb. This morning, Brent crude reached $114 per barrel. The price has risen by nearly 8 percent over the last five days.

The Iran-backed Houthi militia has claimed responsibility for recent attacks on Saudi Arabia’s Red Sea port of Yanbu, as well as for deadly attacks at an oil field in the country, Bloomberg reports. Yesterday evening, U.S. President Donald Trump stated that they had “knocked out” Iran and plan to go “a little further.”

The New York Times reported earlier this week that the United States and Israel have developed plans for new attacks against Iran following the U.S. midterm elections in early November.

“Most traders interpret these latest developments as a sign that oil prices will remain high for an extended period,” Dennis Kissler, head of trading at BOK Financial Securities, told Bloomberg.