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Russian grain exports via Baltic Sea will increase by 30% in 2025.
The Federal Centre for Agriculture Products Safety Evaluation reported on Monday that Russia's grain exports to African countries have increased 30% in the past year. Russia, which is the world's largest wheat exporter and has expanded its Baltic Sea ports, intends to diversify agricultural exports, reduce its dependence on Black Sea routes where Ukraine has attacked shipping infrastructure. The data shows that grain exports this year from Baltic Sea ports totaled 1.3 million tons as of November 12. Of these, 42% went to Africa. The data showed that 93% of all grain exported from these ports was wheat. In Africa, grain was sent from Baltic Sea ports to Morocco, Nigeria and Egypt. It also went to Senegal, Togo Tunisia, Algeria, Cameroon, Togo, Togo and Togo. In recent years, Russia opened two major ports in the Gulf of Finland near St. Petersburg, Vysotsky, and Lugaport. These ports can handle up to 15 millions metric tons of cargo per year. The Russian government plans to export 50,000,000 tons of grain during the marketing season 2024/25 (July - June). Rusagrotrans data shows that exports have been low due to a glut of global harvest and low prices. (Reporting and editing by Susan Fenton; Gleb Bryanski)
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India's power regulator warns of grid violations in renewable energy projects
India's power regulator asked grid operators on Monday to crackdown on renewable energy projects which fail to meet technical specifications, warning that persistent offenders could be disconnected in order to protect grid stability. The Central Electricity Regulatory Commission said that solar and wind power plants' repeated failure to comply with ride-through standards for low-voltage and higher-voltage systems caused them to suffer from generation losses, and their frequency dropped during fault events. Grid safety regulations require that wind and solar power plants remain connected to the grid during voltage spikes and dips due to faults. This prevents them from tripping off and causing grid disturbances. This case highlights the growing concern over grid security in India as it accelerates its renewable capacity additions in order to meet its 2030 clean-energy targets. The petition was filed by the Northern Regional Load Despatch Centre. It stated that several renewable generators had repeatedly failed to comply despite numerous meetings and reminders. The regulator has noted that only two generators, including Adani's hybrid project, have met the full compliance requirements so far. Others have not yet submitted mandatory self-audit reporting. The CERC instructed the Northern Regional Load Despatch Centre (NRLDC) and Central Transmission Utility of India (CTUI) to convene a high-level conference and develop a procedure for addressing persistent violations. This could include the disconnection of generators. The regulator has also requested a new compliance review, detailed reporting of grid events and noncompliance rates. (Reporting and editing by Shreya Biwas; Sethuraman N.R.
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Sanad, Abu Dhabi's Sanad, sees an opportunity in the global aircraft engine crunch
Sanad Aerotech, an Abu Dhabi-based aerospace engineering company, said Monday that it was benefiting from the global shortage of aircraft engines. The firm reported a growing backlog as well as a rapid expansion to new platforms. Airlines are scrambling for spare engines and maintenance capacity. Since the pandemic, global engine makers such as Pratt & Whitney, CFM and others have faced parts shortages and manufacturing issues. This has left airlines with grounded aircraft, and increased reliance on MRO providers like Sanad, who manage shop visits and supply chain bottlenecks. A severe shortage of fuel-efficient engines from the next generation has changed the economics of the market. Some engines can be worth more than their aircraft when sold as spares. Mansoor Janahi, CEO of Sanad (which specializes in MRO), said that the shortage has provided an opportunity. Sanad added 16 new airlines customers this year. The company is backed by Abu Dhabi’s sovereign wealth fund Mubadala ($330 billion), which said that its backlog had increased by 5 billion AED (1,36 billion dollars) to more than 38 billion dirhams (10,35 billion dollars) by the end of June. This was due to demand from airlines who are experiencing supply-chain restrictions. Sanad services engines such as the Rolls-Royce Trent 700, IAE's V2500 and General Electric's GEnx. CFM International's LEAP-1A/LEAP-1B and LEAP-1A/LEAP-1B are also used in Airbus A320neo or Boeing 737 MAX. The company is planning to expand with a new facility that will be tailored for Pratt & Whitney engines GTF1100 GTF1500 GTF1900. ($1 = 3.6729 UAE Dirham) (Reporting and Editing by Frances Kerry).
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Trafigura's $600 Million Nickel Fraud Trial Starts in London
Trafigura, a commodities trader in London, filed a $600 million lawsuit against Indian businessman Prateek gupta for fake nickel cargoes on Monday. The commodities trader claimed it was a victim of a fraudulent Ponzi scheme. Trafigura, a Geneva-based company, alleges Gupta is the mastermind behind a fraud where he and his firms agreed to deliver high-quality nickel 99.8% but delivered low-value materials or even worthless material instead. Gupta admits that he didn't deliver high-grade cargoes of nickel, but claims that Trafigura employees devised the scam. They came up with a complex web of transactions to appear as if they were boosting Trafigura's standing in nickel trade. Gupta’s lawyers have filed court documents stating that the scheme involved over 500 trades worth $3.3 billion. The events began in November 20, 2022 when Trafigura received the first complaints regarding cargoes that it sold. 'SYSTEMATIC FRAUD' Trafigura, after receiving concerns from the public, inspected containers in Rotterdam which were supposed to be containing high-grade Nickel. The company's lawyers claim that after the inspections, they found the containers contained carbon steel which was worth only a fraction the value of nickel. Trafigura carried out additional inspections and billed $590 million for the discovery. It then sued Gupta's companies and Gupta in February 2023, claiming "systematic fraud". Nathan Pillow, Trafigura's attorney, said to the High Court Monday: "Trafigura bought rubbish and suffered losses of hundreds of millions of dollars." Trafigura is left with metal that's "worth about 2% of the price we paid" after recovering $10 million in trades valued at more than $500,000,000, Pillow stated. GUPTA DEFENDING CASE Gupta’s lawyers claim that Trafigura executives knew about the deal to "borrow" cheap money from Citi, and then "advance" it to Gupta at a higher rate of interest. In court documents, his lawyers claimed that as long as "the circle kept spinning", all parties involved gained and "nobody was hurt". The COVID-19 virus and Russia's invasion of Ukraine in 2022 sent nickel prices skyrocketing. However, the scheme collapsed when Citi began to push for the return of the cargoes. Trafigura's lawyers say that Gupta's and his companies' defense is "a fiction created after the fact by admitted fraudsters". Gupta is still subject to an asset freezing order, which Gupta tried to lift unsuccessfully in December 2023.
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China's C919 rivals Boeing and Airbus makes its debut outside Asia
China made its Middle East debut of its C919 jetliner at the Dubai Airshow, Monday. It was its first time outside East Asia. The display showcased plans to compete against Airbus and Boeing. The C919 aircraft in white with blue and green detailing took off around 3:30 pm local time (1130 GMT). It made several circle passes in the air before safely landing on the Al-Maktoum International Airport runway tarmac. COMAC, a Chinese aircraft manufacturer, has ambitious plans to compete with the dominant Western manufacturers Airbus & Boeing and their smaller Brazilian competitor Embraer. COMAC's C909 and C919 planes lack certification from Western regulators. They are therefore looking to other markets in order to boost their profile. C919: CHINA’S ANSWER FOR THE BOEING MAX 10, AIRBUS A321NEO On Monday, at the Airshow in London, hundreds of people waited to see the C919 aircraft parked alongside other aircraft. The pilot was seated in the cockpit of the C919 and talked to visitors about how he operated it. COMAC has developed plans for an aircraft family. Visitors took pictures of a C919 stretched variant at COMAC's stand in the main airshow exhibition hall. The aircraft, COMAC stated, would carry 210 passengers, and service the Asia-Pacific region. The longer version is aimed at the Airbus A321neo, and Boeing's 737 MAX 10 – the top end of single-aisle markets where Airbus and Boeing are battling it out for the most highly contested orders. COMAC displayed the regional C909 on the tarmac. This plane was China's very first jet-engined aircraft to enter commercial production in 2016 and enter service. So far, neither model has been a big global success. CHINA TAKES ON THE LAST BASEMENT OF WESTERN MACHINING COMAC also showed materials outlining the C929 wide body jet, originally developed with Russia but now solely driven by COMAC. However, there were few technical details. COMAC officials declined comment on their company's participation at the airshow, and stated that there was no planned media engagement. COMAC stated in a press release that it is "committed to open collaboration and looks forward building stronger and closer relationships with global partners and customers." Gulf countries enjoy strong ties with China. It is the largest trading partner of both Saudi Arabian and UAE. They have also welcomed Chinese firms' cooperation in the past few years in areas such as manufacturing, construction, and technology. Analysts don't expect China to capture a significant share of the global jet industry beyond deals with supporting countries anytime soon, but they say that its presence is a signal of its intention to penetrate one the last bastions for Western manufacturing. Stephanie Pope, CEO of Boeing Commercial Airplanes, welcomed COMAC to one of the industry's most prestigious events. She pledged that the company would maintain its edge by continuing innovation. Competition is good for the industry. Boeing benefits from it. "It makes us better as a whole," she said. (Additional reporting and editing by Adam Jourdan, Joe Bavier, and Tim Hepher)
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Low-cost carrier AirAsia X plans new long-haul European routes, CEO says
Benyamin Ismail, CEO of Malaysian low-cost airline AirAsia X who recently launched flights to Istanbul said that the company plans to launch more long-haul European routes in 2019. AirAsia X started flying directly to Istanbul from Kuala Lumpur starting November 14. The airline's return to Europe was a result of a restructuring process after it suffered a severe blow during the COVID-19 epidemic. AirAsia X operates four flights a week between Istanbul, Malaysia and Kuala Lumpur. The airline offers more than 150 000 seats per year. Ismail said on the sidelines a press event in Istanbul that the airline aims to increase the number of flights to daily between the two cities. Ismail stated that AirAsia X will connect Asia with European cities via Istanbul, and introduce other long-haul flights to Europe in an effort to expand AirAsia's footprint outside Asia. He said, "At the very least, one or two cities per year." He didn't say what European destinations the company is considering.
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Trafigura's $600 Million Nickel Fraud Trial Starts in London
Trafigura filed a $600 million lawsuit against Indian businessman Prateek gupta in London's High Court over fake nickel cargoes on Monday. The commodities trading company claimed it had been the victim of an extremely large fraud. Trafigura, a Geneva-based company, alleges Gupta is the mastermind behind a fraud that it discovered in November 20,22 when it examined some containers that were meant to contain high grade nickel. Trafigura inspected the containers and found that they contained carbon steel, which was worth only a fraction of what nickel is worth. Trafigura then carried out more inspections and incurred a $590-million charge. In February 2023, Trafigura sued Gupta's companies. Gupta admits that the supposedly high-grade nickel cargoes contained low-value material, but says Trafigura employees devised the plan. The parties then traded the difference in price between the cargoes. He claims Trafigura created a complex web of transactions, totaling more than 500 trades worth $3.3 billion. Trafigura's lawyers say that Gupta's and his companies' defense is "a fiction created after the fact by admitted fraudsters." Nathan Pillow said that Trafigura had paid for garbage and suffered losses of hundreds of millions of dollars. Trafigura is left with metal that's "worth about 2% of the price we paid" after recovering $10 million in trades valued at more than $500,000,000, Pillow said. Gupta and former Trafigura executives are expected to testify during the five-week trial.
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Zelenskiy: Ukraine to receive 100 Rafale aircraft
The Ukrainian president Volodymyr Zelenskiy announced on Monday that he signed a contract with France for the purchase of 100 Rafale aircraft to strengthen Ukraine's military capability to combat Russia's invasion. Zelenskiy visits Paris to meet President Emmanuel Macron. This is at a moment when Russian missile and drone attacks have intensified in recent weeks, and Moscow reports ground advances in Zaporizhzhia's southeastern region. The channel reported that Zelenskiy had told French TV channel TF1/LCI he ordered 100 Rafale jet fighters. The Elysee confirmed that number, without revealing whether they were transfers or purchases. The TV footage shows Macron and Zelenskiy, in front of the Rafale and French and Ukrainian flags and a Rafale aircraft at Villacoublay Military Airport, signing a letter for the purchase of "French defense equipment". "An historic agreement was also prepared with France. There will be a substantial strengthening of our combat aircraft, air defence and other defence capability. This will happen on Monday, according to the schedule of the visit," Zelenskiy wrote in a Sunday post on X. How France could help Ukraine's air defence Since several weeks, there have been discussions about how France could increase its military support to Ukraine's air defenses. However, Macron's government is struggling with political and financial instability, which raises questions as to how much France actually can do. Macron promised last month that he would offer additional Mirage fighter planes after originally promising to deliver six. He also pledged to provide a new batch Aster 30 surface to air missiles produced by the European group MBDA for Ukraine's SAMP/T batteries of air defence. Two people who were briefed earlier on the issue said that the 10-year agreement for strategic aviation would include the delivery to Kyiv, of Dassault Rafale multi-role combat jets. The people who spoke to us said that some of the aircraft could be purchased directly from French stock, but the bulk will be long-term purchases and part Ukraine's effort to increase its fleet to 250 planes in the future, including the U.S. F-16 warplane and Sweden's Gripen. The rigorous training program for pilots of the future would require a lot of time. Two sources stated that Zelenskiy’s visit may also lead to deals for additional SAMP/T systems of air-defence, either from French stock or via long-term orders for next-generation systems such as missiles and antidrone systems. Sources said that it was unclear how these deals would finance. Macron's office stated that the goal of the media briefing was to "put French expertise in the arms industries at the service to Ukraine's defense" and to "enable Ukraine to acquire the systems needed to respond to Russian aggression". According to the schedule of the French presidency, which did not provide any specifics, Zelenskiy is scheduled to attend a morning briefing with various manufacturers including Dassault before signing a contract and a letter-of-intent later that day. In the afternoon, a separate forum will bring together Ukrainians and French companies working in the drone industry to discuss how they can work together. France and Britain have pushed to create a coalition consisting of 30 countries that are willing to send troops or assets to Ukraine, or to its western border, once a peace agreement with Russia has been reached. The key goal is to provide Ukraine with enough long-term economic and military aid to ensure that its army remains strong to deter future Russian attacks. (Written by John Irish, Ingrid Melander and Michel Rose, edited by Mark Heinrich, Frances Kerry).
Lukoil is planning asset sales, and Teboil in Finland expects a change in ownership.
Finland's Teboil announced on Monday that it expects Russia’s Lukoil will divest its Finnish petrol station chain as part of Lukoil's ongoing efforts to sell foreign assets.
The United States imposed sanctions on Lukoil last month over Moscow's involvement in the war in Ukraine. On Friday, the Trump administration gave potential buyers permission to speak to the Russian firm about purchasing its non-Russian assets.
Teboil announced in a Monday statement that Lukoil was currently engaged in active negotiations to sell its foreign assets.
Teboil stated that "as a result" of the negotiations it was expected that ownership of the firm would change in the near future.
Last month, the Financial Supervisory Authority of Finland said that banks and other Finnish financial institutions are subject to its regulation should be cautious when dealing with Lukoil or companies owned directly or indirectly by it.
Helsingin Sanomat, a Finnish newspaper, reported on November 7 that a Teboil representative later stated the chain could run out of fuel because of the U.S. Sanctions.
According to Teboil's website, the company is owned by Lukoil and has 430 Finnish service stations. This represents about one fifth of all 2,250 stations in the Nordic countries, according to an industry report from 2024. (Reporting and editing by Terje Solsvik, Anna Ringstrom)
(source: Reuters)