Energy

Lower storage targets to apply for 2025, MEP confirms These may be enacted in July, if negotiators can agree a compromise by the end of June Next round of talks set for 3 June BRUSSELS (ICIS)–Revisions to Europe’s gas storage targets will apply to 2025 once agreed, with talks likely to wrap up quickly, a MEP involved in the negotiations confirmed to ICIS on 14 May. Jens Geier, who represents the European Parliament’s centre-left Socialist & Democratic group in compromise negotiations to agree the final law, told ICIS the intention was to implement the rules for the current gas storage filling season. Speaking at a policy debate on affordable energy convened by Energy Traders Europe in Brussels, Geier said the majority of lawmakers agreed on a need to avoid sending market signals about when to buy gas. “You don’t have to be a socialist to believe that when Germany has to buy, it has to fill up [stocks by two more percentage points] for the first of August, it’s an invitation to raise prices,” Geier said, talking about speculation over changing filling targets. ICIS assessments have shown a correlation between agreement in each step of the revision process and the spreads between the Dutch TTF Q3 '25 and front-winter contracts. The discount averaged €0.548/MWh below Winter ’25 between 9-23 April, correlating with details of the Council position. The discount then widened to €0.955/MWh from 24 April-7 May, after the ITRE committee vote suggested a speedy resolution to negotiations. This is in stark contrast with the first three months of 2025, when the Dutch TTF Q3 ’25 held an average premium of €2.769 over Winter ’25. TRILOGUE TALKS A delegation from the Parliament began so-called trilogue negotiations on 13 May, with EU countries, represented by the Council of the EU, and with the European Commission also attending. The talks aim to find a compromise between positions adopted by the Council and the Parliament. Geier said the first round of discussions went well and that co-legislators were like-minded about not needing the “harsh regulation” of 90% filling targets. “We can believe in the traders that they will provide security of supply,” Geier said, calling for trust in the market backed by penalties if it failed to deliver. Geier told the panel he thought a maximum of two more rounds of talks at political level would be needed to agree a deal, saying most of the work would be done at technical level. He also said he hoped the deal could be concluded before Poland’s Council presidency concludes in June, telling ICIS he hoped the final deal could be endorsed by the full parliament in July. An EU source confirmed the next discussions would take place on 3 June, after a very positive first round.

14-May-2025

SAO PAULO (ICIS)–Brazilian President Luiz Inacio Lula da Silva had already got several investment deals in the bag midway through his five-day state visit to China – among others, Envision Group has committed $1.0 billion in Latin America’s largest economy to produce sugar-based sustainable aviation fuel (SAF). Green hydrogen, ammonia also within Envision plans for its ‘Net-Zero Industrial Park Energy production, energy storage on focus in Brazil, China firms talks, deals China’s insatiable hunger for grain sees Brazil as the counterweight to US supply SAF: LARGE SCALEWhile Envision Group’s announcement did not disclose any financial details about its Brazilian SAF plans, Brazil’s Planalto Presidential Palace press services said in a separate statement the firm’s investment would stand at around $1.0 billion. The announcement came soon after Lula met Envision’s management in Beijing. “Envision will develop Latin America's first Net-Zero Industrial Park in Brazil. Anchored by the production of SAF, the park will establish a complete green fuel value chain while advancing the development of green hydrogen and green ammonia,” said the company. “We will build Latin America’s first Net Zero Industrial Park in Brazil, creating a green ecosystem centered on SAF, green hydrogen, green ammonia, and renewable energy systems,” said Envision on a post on social media network LinkedIn. “By leveraging Brazil’s abundant renewable resources to drive sustainable growth and continuously innovating to lower the cost of green fuels, this collaboration [is to] contribute positively to Brazil's green transition and reindustrialization.” IT’S ALL (MOSTLY) ABOUT ENERGY The Brazilian president is due to meet “several companies” this week while in his visit to China, eyeing not only investments in Brazil but also partnerships with Brazilian institutions and the creation of research centers. The main objective for the latter would be to generate “technological development” in the energy sector, said the cabinet’s chief of staff, Rui Costa, who is travelling with the President. According to the Brazilian government, agreements with Chinese companies will involve projects in renewable energy – wind and solar energy but also some hybrid projects which will focus primarily on energy storage in Brazilian territory. “Brazil is one of the countries that has invested the most in wind and solar energy, but today it lacks the ability to store this energy,” said Costa. Apart from Envision, CGN Power also said it would invest Brazilian reais (R) 3.0 billion ($535 million) in a wind, solar, and energy storage hub. Lula also met the chairmen of automotive group GAC and the chairman of Windey Energy Technology Group. Within automotive, electric vehicles (EVs) major Great Motor Wall (GMW) said it would invest R6.0 billion in car manufacturing facilities in Brazil. Finally, another deal to highlight would be China’s semiconductor company Longsys commitment to invest R650 million to expand capacity at its Brazilian subsidiary Zilia, potentially helping avoid US tariffs on China-made chips. Meanwhile, Lula also found time in his first two days of state visit to meet with the CEO of Norinco, a conglomerate in the defense sector but whose reach expands also to infrastructure projects such highways, railways, hydroelectric plants, and water treatment plants. On May 13, Lula and China’s President Xi Jinping also had a one-on-one, although the pair had already met a few days earlier in Moscow. RELENTLESS GROWTH IN BILATERAL TRADE According to figures by the Brazilian cabinet, China has since 2009 been Brazil’s largest trading partner. Bilateral trade stood in 2023 at $157.5 billion, with Brazil exporting to China goods worth $104.3 billion and importing goods worth $53.1 billion from China. The growth in bilateral trade continued up to the first quarter of this year. According to the same information by Brazil’s cabinet, between January and March trade between Brazil and China stood at $38.8 billion – Brazil exported $19.8 billion and imported $19 billion. Among the main products exported by Brazil are crude petroleum oils, soybeans, and iron ore and concentrates. Brazil, in turn, mainly imports from China vessels, telecommunications equipment, electrical machinery and appliances, valves and thermionic tubes (valves). MOSCOW STOPOVER CRITICISMBefore landing in China over the weekend, Lula had visited Russia and took part on 10 May in Moscow’s Red Square military parade in which the country remembers the victory of the Soviet Union against Germany. Lula defended his presence in Red Square and argued that did not disqualify him as a potential peace mediator between Russia and Ukraine, the latter suffering a full-scale invasion by the former since 2022. Lula has always sought to develop Brazil’s soft power influence and as a global mediator. Since Russia invaded Ukraine in 2022, however, he has at times stated that Moscow and Kyiv bear equal responsibility for the war, calling them both to settle their differences through dialogue. Front page picture: Lula (left) meeting with Chinese officials in Beijing  Picture source: Brazil's Planalto presidential palace press services Insight by Jonathan Lopez ($1=R5.61)

14-May-2025

BANGKOK (ICIS)–Tough times lie ahead for the Asia’s petrochemical industry amid continued oversupply and a global economic downturn because of US tariffs, but a pivot to sustainable products can help. US-China trade war threatens industries Oversupply, weak demand signal prolonged downturn; plant closures loom Energy transition offers feedstock opportunities Global megatrends, including geopolitics, energy transition, and sustainability are fundamentally reshaping petrochemical demand patterns and the entire industry. The US-China trade war de-escalated this week as both sides agreed to bring down tariffs on each other significantly by 14 May. An all-out trade war between the US and China, the world’s two-biggest economies, could trigger a global recession. There is also a possibility that amid high trade tensions with the US, China could flood the global market with excess products, which may prompt building of trade barriers by other countries After striking an initial agreement to bring down tariffs from more than 100%, the US and China are expected to continue with trade negotiations. In the meantime, uncertainty is dominating markets, leading to soft demand. DIFFICULTIES The petrochemical industry is facing significant challenges, including oversupply, cost volatility, and regulatory shifts, ICIS Chemical Analytics vice president Alexander Lidback said. Amid persistently low demand, firms are shutting plants around the world, notably in Europe, and without significant shutdowns, polyolefin oversupply could persist into the mid-2030s, forcing companies into survival mode. The industry will need to "go through worse to get better", with 2027/2028 being a potential turning point for survival, Lidback said. China's increased capacity, which was "underestimated", is also a contributing factor to oversupply, and global polyolefins capacity significantly exceeds demand currently, ICIS senior consultant John Richardson said. Adaptation through plastics circularity and innovation could be a way for companies to survive, although this also presents its own difficulties, said Bala Ramani, director of sustainability consulting and Asia strategy advisor at ICIS. All three will be speaking at the Asia Petrochemical Industry Conference (APIC) in Bangkok, Thailand on 15-16 May, discussing market challenges and opportunities in the sector. The theme for APIC 2025 is "Ensuring a Transformed World Prosperity”, with a particular focus on “Action for Planet with Innovation and Collaboration”. CIRCULARITY There is a need amid the current demand downturn to adapt to the changing landscape -one of which is by exploring plastics circularity and alternative feedstocks. Sustainable polyolefins present as “interesting opportunity”, especially for integrated polyolefins producers to leverage existing assets for driving incremental value, Ramani said. “By embracing a multi-faceted production model, the polyolefins industry can reduce its environmental footprint, meet evolving regulatory demands, and unlock new value streams in a resource-constrained world,” said Ramani. The path towards circularity sustainability for polyolefins involves several approaches: mechanical recycling, circular polyolefins derived from pyrolysis oil, and bio-circular polyolefins derived from bio-naphtha or other hydrogenated bio-derived oil. Pyrolysis is expected to become a complementary solution alongside mechanical recycling in tackling plastic pollution. In turn, polyolefins producers can maximize the value of pyrolysis oil integration by strategically aligning feedstock procurement, technology, and processing configurations, Ramani said. Europe leads with robust regulations and collaboration, eyeing over 13 million tonnes of sustainable polyolefins by 2040. Asia, however, lags, stymied by fragmented policies despite interest for sustainable polyolefins from markets such as India, Japan and South Korea. “In Asia, early adoption by a few markets and global brands, combined with evolving yet fragmented policies, is building momentum and opportunities, with future growth hinging on regulatory alignment and infrastructure development,” Ramani said. Regulatory fragmentation among Asian countries compared with EU regulatory mandates makes sustainable polyolefins market tricky to scale. South Korea and Japan are paving the way for sustainable polyolefins demand, although Asian investments are likely to target developed markets such as the EU, before pivoting to local and regional markets in the long term. Were EU recycled content targets to be adopted in Asia, the region could unlock over 18 million tonnes of sustainable polyolefins demand by 2040. But while alternative feedstocks and sustainable polyolefins offer opportunities for producers, their widespread adoption faces other hurdles including regulatory uncertainty, high costs, technology scalability and insufficient waste infrastructure. “Amid ongoing industry challenges, sustainable polyolefins are set to drive resilience through resource efficiency, regulatory compliance, and new value creation enabled by circular production models,” Ramani said. Insight article by Jonathan Yee Click here to view the ICIS Recycled Plastics Focus topic page.  Visit the ICIS Topic Page: US tariffs, policy – impact on chemicals and energy. Thumbnail image: Panorama from Golden Mount, skyline of Bangkok, Thailand, (By Walter G Allgöwer/imageBROKER/Shutterstock)

14-May-2025

Italian TSO Terna has likely been curtailing solar generation on sunny days with low demand according to traders and publicly available data Market participants told ICIS that curtailments could be bullish for Italian gas and power prices Curtailments aim to safeguard grid stability and could indicate Terna taking cautious approach following Iberian blackout in April LONDON (ICIS)–Several market participants told ICIS that recent curtailments of Italian solar output by the national transmission system operator (TSO) Terna could have a bullish impact on power prices by replacing cheap renewable generation with more expensive gas-fired output. “The Italian TSO has likely been curtailing solar generation, as the forecasts don’t match up with the actual generation levels, especially on festive days with low demand,” a trader told ICIS. A second trader added that the effect would be “decidedly bullish on power and gas". BEAR OR BULL? Italian solar curtailments are indicative of grid oversupply, which is potentially a bearish indicator for power prices. On 1 May, amid the Labor Day national holiday, low demand and sunny weather, pressures Italian electricity prices to zero or near-zero for seven consecutive hours (11:00-17:00) across all zones. Italian load peaked at 27.7GW on 1 May, some 9.3GW below the peak load average for the month of May so far. The combination of low demand and strong solar led to actual solar generation, as reported by Terna, falling behind ENTSO-E’s Day-ahead forecast for 1 May, a discrepancy which could indicate curtailments. Despite being an indicator of oversupply, according to ICIS Italian power analyst Luca Urbanucci, the impact of the curtailments is ultimately bullish. “If Terna is curtailing solar generation more, this means that low-cost renewable generation is being replaced by something more expensive, like gas”, said Urbanucci. A third trader agreed with this view, claiming that “the impact will be more bullish than bearish”. Perhaps in anticipation of increased prospects of solar curtailments, on 27 March the Italian regulator Arera issued Resolution 128/2025/R/EFR to compensate solar producers for curtailed energy, extending a mechanism that previously applied only to wind power. GRID SECURITY The first trader told ICIS that curtailments were “probably made because Terna is having difficulties balancing the grid”. The first trader also explained Terna’s curtailments could be due to safety reasons. "Curtailments are made in order to have more gas-fired power plants running, so that if solar generation should suddenly and unexpectedly drop due to a passing cloud, gas-fired generation can be quickly ramped up and offset the loss,” the same trader said. A second Italian power analyst noted that “we are also witnessing unplanned import reductions made likewise with the goal of leaving more space for Italian CCGTs”. Keeping additional combined-cycle gas turbines (CCGTs) online could provide both additional grid inertia and ramping capability for the Italian grid. The second trader suggested that the curtailments might be linked to the Italian TSO taking a more cautious approach after the major Iberian blackout on 28 April. However, ICIS's Urbanucci was skeptical regarding any recent change in Terna’s approach, stating that he did not believe that “Terna’s recent behavior has been particularly influenced by what happened in Spain.” “The Italian TSO has always been quite conservative in avoiding risks of overloading the grid,” said Urbanucci. In April, Italian solar generation was 15.7% higher than in April 2024. Terna did not reply to questions from ICIS by the time of publishing.

14-May-2025

TORONTO (ICIS)–The government of Canada’s oil-rich Alberta is freezing the province's industrial carbon price at Canadian dollar (C$) 95/tonne ($68/tonne). The decision to freeze the price indefinitely was in response to the US tariffs, which were increasing costs, disrupting supply chains and creating uncertainty for industry, making it challenging to operate efficiently and stay globally competitive, the government said. The freeze would provide certainty and economic relief to companies in oil and gas, electricity, petrochemical, manufacturing, cement, pulp and paper, mining, and forestry, Premier (Governor) Danielle Smith and environment minister Rebecca Schulz said in a webcast press conference on Monday. Smith said that Canada could not get too far ahead of the US in terms of climate policies, otherwise “billions of dollars of investments” would go to the US, instead of Canada. Schulz added that a price above C$100/tonne would make Alberta “wildly uncompetitive.” The price had been scheduled to rise to C$110/tonne in 2026 and continue increasing to C$170/tonne by 2030 – in line with Canada’s federal industrial carbon pricing system, which sets minimum standards. Smith and Schulz said that the government would talk to companies that have been making investments in Alberta, based on industrial carbon pricing. Schulz added that she had already reached out to Dow, NOVA Chemicals and others to “signal” the government’s new direction, given that “it is a very different time that we are in right now.” “It is unfair to artificially increase a carbon tax to benefit a small amount of projects and then leave the entire rest of industry in a position where they are uncompetitive,” she said. “We can’t make the entirety of industry uncompetitive to save one specific project,” she added. Dow announced last month that it is delaying its flagship Canada Path2Zero net zero carbon cracker and downstream polyethylene (PE) project at Fort Saskatchewan, Alberta, until market conditions improve and would not likely revisit it until the end of this year. Trade group Chemistry Industry Association of Canada (CIAC) supports industrial carbon pricing as a tool to encourage companies to reduce emissions in a cost-effective way. However, the trade group has suggested that in light of the ongoing trade and tariff tensions, Canada may want to review its industrial carbon pricing rules. In related news, Alberta's neighboring Saskatchewan province paused its industrial pricing system, effective 1 April. ($1 = C$1.40) Additional reporting by Joseph Chang Please also visit US tariffs, policy – impact on chemicals and energy Thumbnail photo source: Dow

13-May-2025

MUMBAI (ICIS)–India has proposed to impose counter duties on select products from the US in response to American tariffs on steel and aluminium, the South Asian nation said in a notice to the World Trade Organization (WTO) on 12 May. The US's tariffs on steel and aluminium were introduced as safeguard measures on 12 March 2025. India reserves the right to suspend concessions or other obligations that are substantially equivalent to the adverse effects of the measure to India's trade, India said in its statement to the WTO. “The proposed suspension of concessions or other obligations takes the form of an increase in tariffs on selected products originating in the United States,” it added. “The US safeguard measures would affect $7.6 billion imports into the US of the relevant products originating in India, on which the duty collection would be $1.91 billion,” the notice said. In April, India had sought consultations with the US under the WTO's safeguard agreement, following the US decision to impose these tariffs. On the request for consultation, the US informed the global trade body that its decision was based on national security grounds and should not be considered as safeguard measures. The US first implemented safeguard measures on imports of certain steel and aluminium products in March 2018. It imposed ad valorem tariffs of 25% and 10% respectively. This was extended in January 2020. It was revised again in February 2025 for an unlimited duration and was raised to 25%. In response, India in June 2019 imposed duties on 28 US products, including almonds, walnuts, phosphoric acid, and iron and steel products among others. The proposal assumes significance as both countries are negotiating a bilateral trade agreement (BTA) with an Indian official team expected to visit the US this month for trade talks. The BTA seeks to more than double bilateral trade between the two countries to $500 billion by 2030. Total goods trade between the two countries stood at around $129.2 billion in calendar year 2024, as per official data. Visit the US tariffs, policy – impact on chemicals and energy topic page for the latest update on the US-China 90-day pause with significantly reduced tariffs while negotiations take place.

13-May-2025

SINGAPORE (ICIS)–Asian chemical shares were mostly higher on Tuesday, after the US and China agreed to significantly reduce tariffs on each other for 90 days. At 01:30 GMT on Tuesday, Japan’s Mitsui Chemicals rose by 0.94%, while Asahi Kasei slipped by 0.54% in Tokyo. South Korean producer LG Chem was down 2.38% in Seoul. Malaysia’s PETRONAS Chemicals Group (PCG) was up by 1.71% in Kuala Lumpur, while palm oil and oleochemicals major Wilmar International rose by 0.98% in Singapore. Japan's bellwether Nikkei 225 was up by 1.84% at 38,335.75, while South Korea's KOSPI Composite inched up by 0.30% to 2,615.03. In China, Hong Kong’s Hang Seng index was up 2.98% at 23,549.46, and the Shenzhen Composite bourse rose by 1.70% to 2,004.13. US chemical stocks closed higher overnight following news of the trade deal. In the US-China agreement announced on 12 May, the US will lower tariffs on imports from China to 30% from the previous “unsustainable” 145%, consisting of a baseline 10% tariff on top of the 20% fentanyl-related tariff. China, meanwhile, lowered its tariffs on the US to just 10% from 125%, while also suspending non-tariff countermeasures taken against the US since 2 April. These new measures will take place by 14 May and last for 90 days, according to a joint statement by both parties. The parties will then continue discussions about economic and trade relations, the statement said. However, uncertainty persists as US President Donald Trump seeks talks with China President Xi Jinping. Meanwhile, the US' hefty "reciprocal” tariffs on other major Asian economies such as Japan, South Korea, India and southeast Asian countries – first announced on 2 April and then suspended for 90 days – may be implemented in early July. Visit the ICIS Topic Page: US tariffs, policy – impact on chemicals and energy. Thumbnail image: At the terminal of Shanghai Port in eastern China on 11 May 2025. (Costfoto/NurPhoto/Shutterstock)

13-May-2025

HOUSTON (ICIS)–Freight rates from China to the US are likely to rise in the near term now that a 90-day pause on extreme tariffs has been negotiated, but in the longer term, it is likely rates will continue the downward trend seen prior to the “Liberation Day” announcement, according to shipping industry analysts. Peter Sand, chief analyst at ocean and freight rate analytics firm Xeneta, said politicians on all sides will argue over who has won, who has lost and who has the better deal, but the most important point is that we will now see goods flowing more easily between the world’s biggest trading nations. “The spiraling trade war was catastrophic for businesses, so there will be huge relief that diplomacy appears to be returning,” Sand said. Judah Levine, head of research at online freight shipping marketplace and platform provider Freightos, said rates will rise, but not explode. “The volume rebound will probably signal the start of an early peak season that will keep rates elevated – but we might not see last year’s $8,000+/FEU highs due to a more competitive, well-supplied carrier landscape already keeping rates lower year on year," Levine said. Levine said he expects tighter capacity as carriers work to reposition vessels and reduce the number of blank sailings that were used to support rates during the height of the tariff war. Sand agreed, noting that carriers responded to falling volumes from China to the US by slashing container shipping capacity and redeploying it onto other trades, such as the Asia to Europe route. “It takes time to shift capacity back again, so a revival in volumes from China to US may mean shippers have to pay a little over the odds in the short term,” Sand said. Lars Jensen, president of consultant Vespucci Maritime, said to expect an immediate surge of cargo from China to the US, based on two reasons: first, there is already a large amount of cargo ready to go, as US importers have been adopting a "wait-and-see" strategy over the past month and abstained from shipping cargo which is already ready. Second, the 90-day pause expires in the middle of the usual peak season for holiday-related goods going to the US. “We should therefore expect a possible pull-forward of cargo creating a shorter, sharper, peak season from basically right now,” Jensen said. US ports were already beginning to see fewer vessels arriving or scheduling arrivals because of the trade war, but Jensen said the 90-day pause could lead to a swift change. “With the expected surge in cargo, we should also expect that the US ports which are right now facing a massive drop in cargo volume will switch to face a surge of cargo with a substantial risk of bottleneck issues and delays as a consequence,” Jensen said. Average spot rates are down by 56% and 48% from China to the US West Coast and US East Coast, respectively, since 1 January, despite an uptick of 18% and 12% on 1 April, according to Xeneta data. Rates have fallen slightly since then but remain elevated compared with the end of March. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), which are shipped in pellets. They also transport liquid chemicals in isotanks. Visit the US tariffs, policy – impact on chemicals and energy topic page Visit the Logistics: Impact on chemicals and energy topic page

12-May-2025

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 9 May. INSIGHT: Mexico’s automotive tariffs raise specter of recession, rest of LatAm more resilient Mexico remains the potential largest victim of the change in US trade policy, but practically no country in the world would be spared from an impact, analysts said this week. US Celanese to cut rates if demand falters further in increasingly 'uncertain' H2 – execs Celanese will aim to weather what is becoming an increasingly “uncertain” second half of 2025 by reducing inventories and keeping firm cost controls, but also by reducing operating rates if demand is not there, the CEO at the US-based acetyls and engineered materials producer said on Tuesday. Braskem-Idesa launches its ethane import terminal in Mexico Braskem-Idesa (BI) officially launched the Terminal Quimica Puerto Mexico (TQPM) on Wednesday, according to a notice from the company. US-UK announce trade deal to open up markets for chemicals, ethanol, agriculture, autos, steel and aluminium, aircraft The US and UK announced the first trade deal since the US 2 April ‘Liberation Day’ tariffs which would open up UK market access for US chemicals, machinery, beef, ethanol and other agricultural products, government officials said. Canada’s Pembina assures on US tariffs and Path2Zero delay Pembina Pipeline does not expect material near-term impacts from the US tariffs or from the delay of Dow’s Path2Zero petrochemicals project in Alberta province, the top executives of the Canadian midstream energy company told analysts in an update on Friday.

12-May-2025

SINGAPORE (ICIS)–The US and China have agreed to de-escalate trade war with sharp cuts on tariffs by 14 May 2025, for an initial period of three months, according to a joint statement issued on Monday by the world’s two biggest economies. The statement was a result of a two-day closed-door discussions between officials of the two sides in Geneva, Switzerland over the weekend. The US will suspend the 24% tariffs on Chinese goods for 90 days, while retaining the remaining ad valorem rate of 10% announced on 2 April.  Tariffs announced on 8 April and 9 April will be removed. On China’s side, Beijing will lower its tariffs on US imports to 10% and suspend the 24% duties for 90 days, with other charges to be scrapped. Additionally, China will adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the US since 2 April 2025. After taking these actions, the parties will establish a mechanism to continue discussions about economic and trade relations, the statement said. Visit the ICIS Topic Page: US tariffs, policy – impact on chemicals and energy.

12-May-2025