The money will be awarded via the Advanced Technology Vehicles Manufacturing Loan Program to BlueOval SK, a new joint business venture established by Ford and SK On.

The Inflation Reduction Act has been a "huge challenge,” according to U.K. Business Minister Nusrat Ghani who said that the lure of the U.S. "distorts the market.”

“It’s clear that we’re not far or fast enough down the path to eliminate Russian gas,” said Energy Minister Leonore Gewessler during a June 26 press briefing.

The Department of Commerce plans on distributing over $50 billion in funds to semiconductor projects in the U.S., including $39 billion for semiconductor manufacturing incentives.

The deal’s enterprise value is reportedly split into $2.28 billion for Neptune’s Norwegian assets, which go to Var Energi, and $2.6 billion for the rest.

Traders said Nigeria's surplus was caused by a request for back taxes from shipping companies, which created wariness among firms looking to collect oil barrels from the country.

Combined, the U.S., EU, Japan and India have committed more than $100 billion in subsidies to attract the likes of Intel, Taiwan Semiconductor Manufacturing and Micron.

Hyundai also plans to spend about $85 billion to boost production and make progress in areas such as hydrogen cars, EV batteries and software for future mobility.

Saudi Arabia's Public Investment Fund is reportedly in advanced discussions over a deal for a roughly 10% holding in Vale SA's base metals unit.

China National Petroleum will seal a 27-year liquified natural gas purchase agreement of 4 million tons annually with QatarEnergy, according to a person with knowledge of the matter.