Asia

According to LSEG and two industry sources, Russia's Black Sea Port of Tuapse resumed exports of oil products last week, after a suspension for two weeks due to drone attacks by Ukraine. The local refinery also re-started processing crude oil. According to sources and data from ship tracking, the Gambia flagged tanker Sandhya departed Tuapse with 30,000 metric tonnes of gasoil on November 17, and was heading towards the Suez Canal. On November 18, the Satna, a tanker with the Malawi flag, loaded around 30,000 tonnes of gasoil. The traders claimed that the fuel stored in tanks on these two...

The city's mayor reported that Russian air defences destroyed eight drones on their way to Moscow, just a day after an attack by Ukraine on a heat and power station had cut off the heating for thousands of people outside the Russian capital. According to the Russian Defence Ministry, 10 Ukrainian drones were downed in three Russian regions, including Moscow and Kaluga, as well as Bryansk which borders Ukraine, on Monday. In a press release, Moscow Mayor Sergei Sobyanin stated that emergency services are working on the site of the drones. The drone attack on the Shatura Power Station in...

In a London court on Monday, Trafigura’s former chief nickel trader denied accusations by Indian businessman Prateek gupta that he was involved in a $600-million fraud to exchange expensive metals with cheap or worthless ones. Trafigura, a Geneva-based company, sued Gupta more than two years ago. It claimed that he was responsible for a fraud where he and his firms agreed to deliver high-quality nickel 99.8% pure but instead delivered scrap or steel. Gupta based in Dubai has denied that Trafigura employees devised the plan, creating a complex merry go round of transactions which would appear to boost its status...

A senior government official announced that Tanzania would begin construction on a new port located in the eastern part of the country by December. This will end a decade-long delay caused by government objections over the contract terms initially agreed upon with foreign developers. Bagamoyo Port, a large-scale initiative of a special economic zone, involving industrial parks, rail and road connections, is located approximately 75 km north of Dar es Salaam, the commercial capital. Gerson Msigwa told reporters that on Sunday, the port would have 28 berths, but initially, construction will begin on 14. He said that construction machinery would...

The Maritime and Port Authority of Singapore said that licences for the supply of methanol to be used as a marine oil in Singapore, the largest bunker port in the world, will begin on January 1, 2026. The MPA stated that this is a major step in establishing methanol bunkering at a large scale, and driving Singapore’s ambition to become a sustainable multifuel bunkering center. This move comes after a call for application launched in March of 2025. Three bunker suppliers will receive the licenses: Global Energy Trading Golden Island and PetroChina International Singapore. After assessing the reliability of their...

Sources say that the differentials between Russian Urals crude and other grades are under pressure due to the weakening value of the grade in India's ports. Three sources in the oil trade reported that discounts for Russian Urals crude have tripled in Indian ports since August compared to Brent dated as U.S. sanction drive key buyers from Moscow-supplied fuel. According to traders, the December Urals cargoes are currently trading at a discount of $5-$6 per barrel compared to Brent. This is about three times greater than the $1-2 seen in August. PLATTS WINDOW There were no bids or offers reported...

China's private REIT market, which is still in its infancy, has emerged as an oasis of hope for developers who are strapped for cash. This year, the pipeline for fundraising reached a record $12 billion, driven by investor demand for higher returns. The private REIT market has experienced rapid growth since its launch in 2023. This market is restricted to professionals only. Developers are attracted to the faster and more relaxed approval processes compared to public REITs, and its potential for revitalising income generating assets in spite of the property sector's slump. Analysts said that while public REITs tend to...

Lithuania's Vilnius Airport resumed operations Thursday evening after being closed for over an hour because smugglers balloons appeared again on radar. This was according to the Lithuanian National Crisis Management Centre. The Baltic Republic closed its border crossings to Belarus last month in response to disruptions in airspace caused by weather balloons from Belarus. They reopened the crossings earlier on Thursday. In a press release, Inga Ruginiene's spokesperson said that if hybrid attacks continue to occur, border checkpoints could be closed. Lithuania said that smugglers were responsible for the balloons which caused airport closures in Lithuania. They blamed Belarus President...

Calculations and traders reported that the differentials between Russian Urals crude and other grades in Indian ports eased as a result of recent U.S. sanctions against Rosneft, Lukoil and Rosneft. The traders reported that spot discounts for Urals crude have widened from $4 per barrel on a DES-basis last week to $5 to $6 per barrel on an average to Brent dated on a DES-basis. Reliance Industries, India's largest refiner of crude oil, has ceased importing Russian crude into its Jamnagar complex in western Gujarat from November 20, its spokesperson announced on Thursday. PLATTS WINDOW There were no bids or...

China signed an agreement worth $1.4 billion with Tanzania and Zambia on Thursday for the modernisation of the TAZARA rail linking landlocked Zambia to Indian Ocean. China financed the railway in the 1970s for copper exports and fuel imported through Tanzania. It remains a vital trade route, and is widely viewed as a counter to the U.S.-EU-backed Lobito Corridor – a route that runs from Angola to Zambia and the Democratic Republic of Congo. The agreement was signed by Chinese Premier Li Qiang during his first visit to Zambia in 28 years. At a time when Africa’s second largest producer...

Afghanistan's Taliban-led government called on India to increase trade and open cargo hubs within its borders, as the country seeks to diversify away from Pakistan following repeated border clashes. Al-Haj Nooruddin Azizi (the Taliban's Commerce Minister) asked India during the talks to assist in setting up scheduled shipping services for Afghan goods to be moved through the Indian-operated Chabahar port in Iran. His ministry confirmed this. In recent months, Afghanistan's landlocked country has diverted more goods towards Iran and Central Asia after armed conflicts shut down key crossings to Pakistan. The Afghan commerce ministry reported that Azizi met India’s Minister...

Fernando Fauche said that the Dutch port operator APM Terminals would invest $550m to expand Peru's Callao Port starting in January. Fauche, who spoke to journalists at an event to celebrate the start of direct arrivals to the facility in Peru's central coastline, said that the two-year project will increase the terminal capacity to 24,000 container. Port officials confirmed Wednesday that Peru's Callao began offering direct shipping routes in November from China and South Korea. This reduced transit times to approximately 23 days. The service is intended to improve trade relations with Asia and establish Callao as an important Pacific...

Three sources in the oil trade reported that discounts for Russian Urals crude have tripled in Indian ports since August compared to Brent dated as U.S. sanction drive key buyers from Moscow-supplied fuel. Last month, the United States imposed their toughest sanctions to date on Russia's oil sector. They targeted Lukoil & Rosneft. The deadline for companies is Friday to end all business with the two oil producers. Urals crude is a staple feedstock for Indian refiners, since 2023 when Moscow diverted flows to Asia following the European Union's ban on Russian energy. Traders said that supplies to India will...

An Indian official in the foreign ministry announced on Friday that air cargo services will soon be available between India and Afghanistan. The two countries are seeking to restore their ties after their relations with Pakistan soured. Nooruddin Aziz, Afghanistan's Taliban trade minister, made the announcement during his visit to New Delhi. He urged India to increase trade and open cargo hubs, as Kabul sought to access grains, pharmaceuticals and industrial goods after its border with Pakistan was closed following military clashes. Anand Prakash is a joint secretary at the Indian Foreign Ministry. He said that the air freight corridors...

Nicola Canestrini, the lawyer for the Ukrainian suspect in the 2022 sabotage attempt on the Nord Stream pipeline, said that the top Italian court had approved the transfer of the man to Germany. Since he was arrested in Rimini, Italy, in August on an arrest warrant issued by the European Union, the suspect, who is only identified as Serhii in Germany, has fought attempts to have him transferred to Germany. The suspect will be handed over to German authorities within a few days after the Court of Cassation of Rome has made its decision. "However much I may be disappointed,...

Rosneft reduced its share in the Kurdistan Pipeline Company to less than half after talks meant to protect the subsidiary from U.S. Sanctions, an official of the Kurdistan Regional Government told the Kurdistan Regional Government on Wednesday. Last month, the U.S. sanctioned Rosneft, and Lukoil - Russia's largest oil companies - to put pressure on Vladimir Putin, Russian president, to end his war in Ukraine. The sanctions also apply to entities in which these companies own more than 50%. KPC operates Iraqi Kurdistan’s main oil pipeline that transports crude from north Iraq to its connection at the border with Iraq-Turkey...

The coast guard reported that a South Korean passenger ship carrying 267 passengers, crew and cargo got stuck on Wednesday when it ran aground near the southwest tip of the Korean Peninsula. A rescue operation is underway to get them back to land. The Yonhap News Agency reported that South Korean President Lee Jae Myung is currently traveling in the Middle East and has ordered the swift rescue of everyone on board. This will prevent any casualties. Details of the operation will be released as soon as possible. The coast guard stated in a press release that authorities were using...

Robert Fico, the Prime Minister of Slovakia, said that the country is considering filing a lawsuit against the EU for its plan to halt Russian gas deliveries in 2028 due to its war with Ukraine. Slovakia and Hungary are both highly critical of EU plans to phase out Russian oil and gas. Both countries still rely heavily on Moscow for their energy supplies and fear that alternative, more expensive sources will harm their economies. Fico has split ranks with the majority of Europe because of his pro-Moscow position. He said that he had given his ministers for economy, justice and...

Uganda's government-run regulator for the sector said that about three-quarters has been completed of a $5-billion pipeline vital to exporting crude from Ugandan oil fields through Tanzania. Uganda now targets the second half next year for the start of oil production in its Albertine Rift basin, located in the western part of the country. Before production can begin at the $15 billion oil-project owned by Total Energies France and CNOOC China, it is necessary to complete the 1,443-kilometer-long (897-mile-long) East African Crude Oil Pipeline. EACOP, the world's largest electrically heated crude oil pipeline, will connect Uganda's oilfields with Tanzania's Indian...

Sources familiar with the matter say that Novatek, a Russian producer of liquefied natural gases, has reduced the price of its cargoes between 30% and 40% since August in order to encourage Chinese buyers to buy sanctioned gas produced by its Arctic LNG 2 Project. The purchase has ended the commercial limbo of the $21 billion project that is subject to the most severe sanctions the U.S., Europe and Russia have imposed against Russia. Washington wants to stop the flow of oil revenue into Kremlin bank accounts as U.S. president Donald Trump increases pressure on Moscow to end their war...

Four of the eight main opposition coalitions won seats in Georgia's Parliament just over a month ago. All but one of the eight leaders are either in prison, exiled or facing criminal charges. The ruling party wants to outright ban the main opposition groups. Many in the tiny South Caucasus nation of 3.7 millions have been shocked by the slide towards one-party rule. Georgia was a democratic country that appeared to be on the rise in the years after the fall of the Soviet Union. It seemed poised to join the EU, and escape Russia's influence. Brussels' assessment, however, says...

Four of the eight main opposition coalitions won seats in Georgia's Parliament just over a month ago. All but one of the eight leaders are either in prison, exiled or facing criminal charges. The ruling party wants to outright ban the main opposition groups. Many in the tiny South Caucasus nation of 3.7 millions have been shocked by the slide towards one-party rule. Georgia was a democratic country that appeared to be on the rise in the years after the fall of the Soviet Union. It seemed poised to join the EU, and escape Russia's influence. Brussels' assessment, however, says...

Christmas Island, Australia's isolated Indian Ocean outpost, has enough electricity to support a Google data centre, without depriving the locals. However, its arrival could lead to a push towards renewable energy, said the island's largest employer and the technology giant. Alphabet’s Google confirmed a report on Monday that it would build a data center on the tiny, uninhabited island situated 350 km south of Indonesia. The company said that it would build a subsea data cable connecting Christmas Island with the Maldives, Oman and two new hubs in order to "deepen resilience of the internet infrastructure within the Indian Ocean...

Five sources familiar with this process said on Monday that U.S. major oil company Chevron was examining options to purchase global assets from sanctioned Russian oil giant Lukoil. Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion. Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine. Five sources confirmed that Chevron was looking at...