Asia

India's Adani Ports and Special Economic Zone raised its ?annual core earnings forecast on Tuesday, driven by a higher-than-anticipated growth ?and the acquisition of an export terminal in Australia. This and?U.S. The stock of the company soared by up to 9.54% after President Donald Trump announced a reduction in tariffs on Indian products, boosting the markets. The company, which is part of the billionaire Gautam adani-led group has raised its upper limit of core?earnings for the fiscal year that ends March 2026 to 228 billion Indian rupees (US$2.53 billion). Ankita Shah said that the revenue growth was in line with...

Shipping data shows that Venezuelan oil exports increased to 800,000 barrels a day (bpd), from 498,000 in December. This was after the U.S. captured Nicolas Maduro, and the end of a blockade on oil, which allowed traders to carry the majority of exports. Washington imposed a crude oil embargo against the U.S. sanctioned country to put pressure on Maduro in December and seized 7 tankers. The blockade caused the accumulation of 40 million barrels crude oil and fuel in tanks and vessels onshore that couldn't be exported, forcing Venezuela's state energy company PDVSA (the Venezuelan government-owned energy company) to reduce...

Due to a limited global supply of liquefied petroleum gas, Saudi Arabia's Aramco and Algeria's Sonatrach raised their official'selling prices' for the product in February between 1% and 5,3%. Saudi Aramco’s February OSP?increased $20 per metric ton, to $545?per ton For propane, the price has increased by $20 per ton. Butane LPG comes in two types: butane and propane. They have different boiling points. LPG is used primarily as a fuel for cars and heating, as well as a feedstock to make other petrochemicals. Sonatrach has increased its February OSP for propane from $500 to $25 per ton. For?butane, the...

Analysts said that the near 9% decline in copper prices over the past two days is a return to "reality" for a market, whose recent surge of record highs was 'ahead of?the fundamentals. More losses are likely. They say that weak demand, increasing stockpiles and the possibility of increased supplies made it clear that copper's record-breaking rally last Thursday to $14,527.50 per metric ton was not sustainable. Alice Fox, Macquarie's analyst, said that prices had risen far beyond the fundamentals. "Investors were rushing into the market and pushing up prices", she added. "We believe the market was in a global...

The Panama Supreme Court annulled CK Hutchison’s contract last week to operate two Panama Canal Ports. This was part of a deal worth $23 billion to sell all the global port assets owned by the Hong Kong-based conglomerate. Court said that the contract of Panama?Ports Company, a subsidiary of CK Hutchison, violated Panama’s constitution because it gave the company exclusive tax benefits and privileges. What We Know: CK 'Hutchison is controlled by Hong Kong’s richest man Li Ka -shing. In March last year, a deal was announced that covered 43 ports in '23 countries', 'including two near the Panama Canal',...

The Panama Supreme Court ruled that a contract signed by a Hong Kong-based company in 1990 to operate the ports at the Panama Canal was in violation of the Panama Constitution and did not serve the public interest. The court released its decision on Friday, but did not explain the reasoning behind it. The decision was first reported by local TVN, and has since been confirmed by an official of the court. The decision was a win for Washington amid intensifying U.S. - China rivalry on global trade routes and President Donald Trump’s attempts to exert dominance over Latin America....

Trafigura has won its London case against Indian businessman Prateek?Gupta regarding fake nickel cargoes on Friday. The High Court of London ruled in favor of the commodities 'trader. Trafigura, a Geneva-based company, claimed that Gupta and his companies were the masterminds of a fraudulent Ponzi scheme??in which they agreed to deliver high-quality nickel 99.8% but instead delivered low-value materials or even worthless ones. Gupta acknowledged he didn't deliver high-grade Nickel cargoes, but claims Trafigura staff designed the scheme. Former Trafigura head nickel trader Sokratis Oikonomou had denied this in his testimony given in November. Judge Pushpinder Saini ruled Trafigura had...

After an accident halted construction on a China backed high-speed railway project, Thai'state railways' is consulting with the country’s top lawyer about terminating contracts. After two separate accidents in which 32 people were killed at two ITD sites in consecutive days of January, the public has become more angry. The government and police are now stepping up their scrutiny on a company whose shares fell 53% during the last year. The board of the railway, which oversees a 609 km (378 mile) high-speed rail linking Thailand with China via Laos, met Thursday to discuss its future contracts with ITD. Anan...

An official revealed that Thai state railways has consulted?the top legal officer of the country about terminating contracts for Italian-Thai Development PCL after an accident marred its construction work on China-backed high speed rail project. After two separate accidents in which 32 people were killed at two ITD sites in consecutive days of January, the public has become more angry. The government and police are increasing their scrutiny on a company whose shares fell 53% during the last year. The board of the railway, which oversees a 609 km (378 mile) high-speed rail linking Thailand with China via Laos, held...

Panamanian President Jose Raul Mulino stated?on Friday? that ports will continue to operate in the 'country despite a?Supreme Court ruling which annulled key port contracts by a Hong Kong-based subsidiary, CK Hutchison. The future of some key ports near the Panama Canal is still unclear after the ruling made on Thursday. Mulino stated that APM Terminals Panama (a Maersk subsidiary) has expressed a willingness to temporarily takeover the operation of the Balboa & Cristobal terminals, after a period of transition during which the current operator will remain. He stated that he has had discussions with multiple companies. Mulino stated during...

The government's media office announced on Friday that Abu Dhabi's new sovereign wealth fund L'imad Holding has taken 'control' of ADQ. This is a major consolidation which creates 'a 'new investment heavyweight' in the wealthy emirate, under the crown prince. The board of L'imad was announced in this month's first public disclosure. It is a new investment heavyweight in the wealthy emirate under its crown prince. The Abu Dhabi Crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan, the eldest child of UAE President Sheikh Mohammed, chairs it. Sheikh Khaled was appointed crown prince of the UAE in 2023....

The government's media office announced on Friday that Abu Dhabi's new sovereign wealth fund L'imad Holding will take control of peer 'ADQ', creating a supersized company with assets worth hundreds of billions of dollars. The board of L'imad was announced in early this month. It is chaired Abu Dhabi Crown Princess Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan who is UAE President, Sheikh Mohammed's oldest son. The media office announced in a press release that Sheikh Khaled is now the new chairman of the newly merged L'imad. Abu Dhabi is the home of sovereign funds which collectively manage assets...

On Monday, U.S. president Donald Trump announced that he had reached a deal with Indian prime minister Narendra Modi. The agreement included a stop to the purchase of Russian oil by India. The U.S. is trying to limit Russia's oil revenues to make it more difficult for Moscow to finance the?war? in Ukraine. Here are some important facts about the oil trade between Russia and India. OIL PURCHASES After the outbreak of the Ukraine war in February 2022, India became the largest buyer of Russian oil by sea. After some Indian refiners halted imports in November under pressure from sanctions,...

Kuwaiti Prime Minister Ahmad Abdullah Al-Ahmad al-Sabah announced on Tuesday that Kuwait Petroleum Corporation plans to invite international oil companies to help Kuwait Oil Company develop recently announced offshore oil discoveries. Al-Sabah said in his opening remarks to the Kuwait Oil and Gas Show, that KPC was in discussions with global financial institutions about a?lease and a?lease-back arrangement for a Kuwaiti crude oil pipeline system. Kuwaiti sources said in January that the country was planning to sell a stake in its oil pipeline network as early as February, a deal which could raise up to $7 billion. Kuwait's Oil Minister?Tariq...

Data from LSEG and market sources showed that Russia's seaborne gasoil and diesel exports increased 19% over the previous month. This was due to a seasonal decline in domestic demand, which prompted traders to ship out more. The data shows that exports were 4,6% lower than in January 2025, as drone attacks, maintenance and other factors affected the output. Sources said that the shipment of ultra-low sulphur diesel through the Baltic port Primorsk - Russia's largest port for?diesel imports - jumped 32.4% in one month, to a new record of 2.256 million tonnes, supported by an increase in production. The...

EIG Global Energy Partners hired PJT Partners as an advisor on how to structure a 'new fund' for its stake in Saudi Aramco oil pipeline assets, as the vehicle that holds it is nearing expiry. Sources said that the so-called continuation funds would allow U.S. infrastructure investors to keep the Aramco stake they bought in 2021 for a longer period of time and bring in new investors. EIG, PJT Partner?and Aramco didn't immediately respond to a comment request. A continuation fund allows a company to continue ownership of an asset after the fund's initial?lifecycle. Firms can sell assets when funds...

The Russian captain of the container ship that collided with a 'U.S. The London court found the Russian captain of the container ship that crashed into a?U.S. Vladimir Motin was the captain of the Solong tanker when it struck the Stena Immaculate, which had been anchored with just over 220,000 gallons of aviation fuel. The crash on March 10 started a fire that spread to both ships. Mark Pernia was a crew member of the Solong, a Filipino national whose remains have never been located and are presumed to be dead. Tom Little, the prosecutor at Motin's first trial last...

Calculations on Monday showed that the average daily supply of natural gas to Europe via the TurkStream pipeline by Russian energy giant Gazprom rose 10.3% year-on-year in 'January. After Ukraine decided not to renew a five-year deal for transit with Moscow, which expired in January 2025, the only remaining transit route is through Turkey. Calculations show that the total Russian gas supplied to Europe through TurkStream was 1.73 billion cubic meters (bcm) during January, compared with 1.57 bcm in the same period last year. According to calculations based on data from the European Gas Transmission Group Entsog, Russian?gas exported via...

Officials said that Saturday, parts of Ukraine and Moldova - including the capitals of both countries - were plunged into a blackout due to a "malfunction" of high voltage power lines. Later in the day, power was restored. The accident was not linked directly to war damages, but Ukraine's electricity grid suffered as a result of the cumulative impact of Russian airstrikes. This led to severe restrictions in the supply of electricity over the past few weeks. Volodymyr Zelenskiy, the president of Ukraine, blamed ice accumulation on power lines for a cyberattack and dismissed it. In his video nightly address,...

The U.S. 'National Highway Traffic Safety Administration' announced on Friday that a ninth driver has died since 2023 because of a dangerous Chinese airbag inflator. Auto safety agency reported that it had been made aware of 11 U.S. crashes involving death or serious injuries caused by ruptured replacement inflators manufactured in China by Jilin Province Dtiannuo Automotive Safety?System Co. Ltd., also known as DTN. These inflators were likely illegally imported to the United States since May 2023. The latest death occurred in Ohio, in a 2019 Chevrolet Malibu in December. The?NHTSA announced earlier this month that two other drivers died...

Four people with knowledge of the situation said that the CEOs from Siemens Energy and Thyssenkrupp would join Economy Minister Katherina Riege on a trip to Saudi Arabia. The top European economy is looking to diversify its supply of energy. Reiche will travel to Saudi Arabia between February 1 and 3 to expand the economic relationship, according to a spokesperson from her ministry. This comes just days after Reiche stressed the importance of new alliances due to rising geopolitical tensions. The focus of the trip will be energy. This is a crucial issue for Germany, which is?Saudi Arabia’s most important...

Katherina Reiche, Economy Minister of Germany will be joined by the CEOs from Siemens Energy and Thyssenkrupp on a trip to Saudi Arabia. This trip is to highlight a drive to diversify energy supplies in Europe's largest economy. Reiche will travel to Saudi Arabia between February 1 and 3 to expand business relations, according to a spokesperson from her ministry. This comes just days after Reiche emphasized the need for new alliances due to rising geopolitical tensions. The focus of the trip will be energy. This is a crucial issue for Germany, Saudi Arabia's largest economic partner within?the European Union....

The discount on Russian ESPO blend crude oil for cargoes loading in March has narrowed due to the brisk Chinese demand. Buyers rushed to secure barrels, while Indian refiners remained wary of Western sanctions. Four trade and industry sources report that Russian ESPO blend cargoes loaded in March were traded at a price of?about $7 to $8?per barrel less than ICE Brent to be delivered to Chinese ports. The majority of March-loading ESPO cargoes has been sold. Sources said that some ESPO cargoes loaded in February were sold at discounts of up to $9-$10 a barrel. ESPO blend traded between...

Traders said that the discounts for Russian ESPO blend crude oil for March-loading cargoes have shrunk due to a brisk Chinese demand as buyers rushed to secure barrels. Four trade and industry sources report that Russian ESPO blend cargoes loaded in March were sold at a price of $7-8 below ICE Brent for delivery to Chinese ports. The majority of March-loading ESPO cargoes has been sold. Sources said that some ESPO cargoes loaded in February were sold at discounts of up to $9-$10 per barrel. China, the biggest buyer of 'ESPO Blend Oil, loaded from Kozmino Port in eastern Russia...