Europe

The price of Russian Urals Crude Oil in Indian Ports has eased slightly, for barrels arriving March. The market expects supplies to increase as Turkey shipments decline, traders reported on Tuesday. LSEG data and traders' reports show that February Urals crude oil loadings to Turkey from Russia's western port ports fell to their lowest level in the past two years, after Turkey's biggest oil refiner, Tupras stopped buying Russian oil. Sources in the trade said that Russia diverted Urals cargoes to Asia - primarily India - during February. India is the biggest importer of Urals sea cargoes. In Indian ports,...

McKinsey, a consultancy firm, said that Germany's gas consumption could drop between 3% and 7% from its current levels by 2030 while remaining central to the nation's energy supply. McKinsey's researchers have lowered their predictions, but not as much as those of the economy ministry. This is because McKinsey expects a slower than expected transition from gas-burning to electric heat pump boilers and a stronger than expected gas demand for power generation and district warming. Why does it matter? Germany, Europe's largest economy, is at a crossroads in its energy transition. A conservative-led government will likely bring a more sober...

According to LSEG and four sources, the Russian agricultural conglomerate Rusagro began exporting sunflower oil via the St Petersburg Terminal (PNT) at the Baltic Sea in order to alleviate bottlenecks that exist at Black Sea ports. Russia, which is the largest wheat exporter in the world, aims to increase its agricultural exports 50% by 2030. As the Black Sea ports are limited, Russia has turned to its Baltic ports. These ports are typically used for crude oil and refined products. According to LSEG's ship tracking data the first cargo of sunflower oil at PNT was loaded on a tanker named...

After making two holes-in one at the DP World Tour South African Open held at the Durban Country Club, Englishman Dale Whitnell will likely toast his success in the clubhouse. Whitnell, who had never achieved a hole in one in tournament play before, aced both the second and the 12th holes in his second round. Both par threes. His rollercoaster round of 63 leaves him with nine under par for the tournament. He is five shots behind the clubhouse leader Shaun Norris (64), from South Africa. The play was suspended on Friday evening due to poor lighting. Several players were...

CMA CGM, a French shipping company, said that the U.S. proposal to charge high port fees on Chinese vessels would have a significant impact on all companies in the container shipping industry where most vessels are made in China. As part of an investigation into China's growth in the shipbuilding and maritime sectors, the U.S. Trade Representative has proposed a charge up to $1.5m for Chinese-built ships entering U.S. port. Ramon Fernandez, Chief Financial Officer of the company, told reporters that China builds more than half the container ships built in the world. CMA CGM is the third largest container...

STG Engineering is a Russian firm that operates the Tartous port in Syria. The company said that they were continuing their work as normal and that their contract was not cancelled as some Middle East media had reported. Three Syrian businessmen, as well as media reports in January, suggested that the new Syrian ruling administration had canceled the contract signed by former President Bashar Al-Assad. He fled to Moscow after a lightning rebel attack in December. The semi-official Syrian paper Al-Watan quoted Riad Jourdy at the time as saying that port investment contract was annulled because the Russian company had...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times The UK's Ocado Group, an online grocery retailer, is laying off 500 more workers as it reduces its research and development staff amid a difficult outlook for the automated grocery warehouse division. Amanda Blanc, CEO of British insurer Aviva, has said that climate change is "critical" to the company. This is despite the backlash from the financial industry against initiatives like net-zero and the difficulties it faces in meeting its green...

After bad lighting cut short Thursday's opening day of the DP World Tour South African Open, Fredrik From, Sam Bairstow, and Darren Fichardt shared the lead with seven under par. Fichardt had yet to complete his round. The course was covered in huge puddles on Wednesday, and the start of first round was three hours delayed. This left a number of golfers with a lot of time to finish their rounds. From had two eagles on his 65. Both were par fives. Bairstow, on the other hand, managed eight birdies. His round was only marred by a missed shot on...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times BP's chief executive has given up on a goal to reduce fossil fuel production, and is now selling the Castrol lubricants division to investors in an effort to convince them that he will be able to revive the fortunes for the energy giant. After funding dried up, one of Britain's most prominent green finance campaigns, Make My Money, co-founded with Richard Curtis (screenwriter and director), will close. Sky News Heathrow Airport...

Three industry sources have confirmed that the Russian Ryazan refinery has halted operations following an attack on Monday by Ukrainian drones. Sources said that the main crude distillation unit, CDU-6 at the refinery caught fire during the attack, and the plant had completely suspended oil processing. Rosneft did not reply to a comment request. Ukraine's military reported on Monday that some of their drones hit the Ryazan refinery overnight. At least five explosions occurred in its proximity. Pavel Malkov is the governor of Ryazan. Telegram, a messaging app, reported that debris from the destroyed Ukrainian drones caused a fire in...

The Russian Ministry of Economic Development announced on Sunday that Myanmar and its close friend Russia had signed a memorandum of understanding on cooperation for investment in a Dawei special economic zone, which includes construction of an oil refinery and a port. The document was signed during the visit of a Russian delegation to Myanmar by Maxim Reshetnikov, the head of Russia's ministry. Reshetnikov, quoted by the Russian Ministry in a press release, said that the text of the memo contains the basic parameters for several large infrastructure and power projects being implemented in Myanmar jointly with Russian companies. We...

The Russian port agency reported that a Liberian-flagged cargo vessel carrying corn from a Russian to Turkey port is trying to stop the water leakage after it sustained a crack earlier this week in the Sea of Azov. The vessel Pavel Grabovskiy was loaded with 2,939 tonnes of corn. The vessel, Pavel Grabovskiy, was loaded with 2,939 tons of corn. In a statement released by Rosmorport on Thursday, it was stated that water was being pumped from the damaged ballast tanks and additional equipment to pump water would be arriving soon. Rosmorport sent a statement to the media on Friday...

The Czech pipeline operator Mero announced on Tuesday that oil flows via the Russian Druzhba pipeline to the Czech Republic have stopped again. However, there is no shortage of oil, the company said. Mero released their statement after Czech Industry Minister LukasVlcek was quoted by news agencies as saying that the flow of water had stopped. Lukas Vlcek, a CTK reporter, said: "Refineries are prepared in the Czech Republic for such a situation. We also have a robust state material reserve system. I can assure everyone that we will have enough oil to meet the needs of both households and...

Kazakhstan will increase its oil exports via the Caspian Pipeline Consortium pipeline (CPC) to 6.7 millions metric tons by March from 5.4million tons in February. This was revealed in written answers to questions. The amount proposed is equal to approximately 1.71 million barrels per day of oil (bpd). Calculations predict that oil supply from the oil fields of Kazakhstan to the pipeline will increase 12% on a daily basis compared to February. This year, March is three extra days than February. According to the Energy Ministry, Kazakhstan's average daily output of oil and condensate in February was 287,000 tons, or...

The economy ministry stated on Monday that Germany's energy autonomy from Moscow is vital and that it has not been in discussions with Russia about a "possible gas supply via pipeline" through the Nord Stream 2 pipeline which is partially damaged. The ministry responded to a Financial Times report that said a longtime ally of Russian president Vladimir Putin was lobbying for the United States in order to restart the $11 billion dollar project. After the Ukraine War, Norway became Germany's largest gas supplier. In terms of its security policy, the German government considers independence from Russian gas to be...

Genesis Energy announced on Monday that it has sold its soda-ash manufacturing and related activities to an indirect unit within WE Soda, for $1.43 Billion. This will allow the pipeline operator the opportunity to concentrate on the midstream sector. Genesis shares were trading at $13.00, up 1.3% in premarket trade after the company announced that $1.01 billion would be used for debt reduction and to buy back shares. Grant Sims, CEO of Genesis, said in a press release that the transaction gave Genesis financial flexibility to simplify our capital structure faster. Alkali operations or soda ash make products such as...

Fingrid, the Finnish operator of the power grid system, said that it had reached an agreement with its Estonian partner Elering to waive the right for the two companies to seize the Eagle S oil-tanker. Finland claims the tanker broke a Baltic Sea cable in December. The Cook Islands Eagle S, registered in Finland, was boarded on December 26 by the Finnish coast guard. It still sits at a Finnish port while investigators investigate the case of the breakage of Estlink 2's power cable and the four fibre-optic Internet lines. Fingrid stated in a Sunday statement that the cost to...

Iraq's Ministry of Oil announced on Saturday that it had invited international companies under the umbrella of the Association of the Petroleum Industry of Kurdistan, (APIKUR), as well as firms contracted by the Kurdistan Regional Government to a Baghdad meeting on March 4. The ministry stated that the talks will address existing contract issues and look for agreements aligned with international best practices in oilfield development, while protecting national interests. Discussions are also expected to be held with the Kurdistan Region Ministry of Natural Resources, as part of ongoing efforts to streamline oil activities between Baghdad & Erbil. Baghdad had...

Calculations showed that the Russian energy giant Gazprom's natural gas exports via the undersea TurkStream pipe to Europe reached a new record of over 55 million cubic meters (mcms) per day in this month. The 1,100 kilometres (684 miles), long trunk lying on the Black Sea bed remains Russia's only pipeline gas exporting routes to Europe. Gas transit via Ukraine has been closed on January 1, following the expiration of an agreement to transport Russian natural gas via its neighbour. The twin TurkStream pipeline has a capacity of 15,75 billion cubic meters (bcms) per annum. Entsog is a European gas...

Baghdad is expected to announce the resume of oil exports through the Iraq-Turkey Pipeline in the next few hours, according to a statement from the Iraqi Oil Ministry. Iraq will export 185,000 barges per day via the state oil marketer SOMO. This quantity will increase gradually, according to a ministry statement. The Turkish government halted oil flows through the Ceyhan Pipeline in March 2023, after the International Chamber of Commerce ordered Ankara pay Baghdad damages of $1.5 billion for illegal exports from 2014 to 2018. Kurdistan regional government announced on Sunday that the Iraqi Kurdistan government had reached an agreement...

LSEG data and traders' reports show that February Urals crude oil loadings to Turkey from Russia's western port ports fell to their lowest level since December 20,22, after Turkey's biggest oil refiner Tupras ceased buying Russian oil. Tupras announced last week that it had stopped purchasing Russian crude oil due to U.S. Sanctions announced on January 10, against Russian energy companies, and tankers transporting Russian oil. LSEG's data and calculations show that the average amount of oil delivered to Turkey by Russia, consisting solely of Urals crude, was around 110,000 barrels a day in February. This is down from about...

BELGRADE (Feb. 27) - According to President Aleksandar Vucic, a U.S. Treasury report, the United States has lifted sanctions on Serbian Oil Company NIS for 30 days. The company is owned by Russian companies, and operates the only oil refinery in Serbia. Vucic uploaded a picture of the document to his Instagram page. It was not possible to confirm it immediately. We got an extra 30 days of NIS. Vucic wrote in his blog: "This is great news for Serbian citizens." On January 10, the United States imposed sanctions on Russia's petroleum sector and gave Russian oil company Gazprom a...

After reopening domestic refineries after maintenance, oil loadings in Russia's west ports are expected to drop compared to February. However, other plants that were hit by drones may spoil this expectation. Two market sources stated that the exports and transits of Urals, KEBCO, and Siberian Light grades from Primorsk and Novorossiisk in March would be around 1.8-1.85 millions barrels per day. Calculations show that this is a drop of 8% per day compared with the revised lifting plans for Feburary. Calculations based on data provided by LSEG and other sources indicated that Russia's total offline primary crude oil refining capability...

Repairs to damage to a pumping-station on the Russian section of Kazakhstan's main export oil pipeline will take at least two months, Caspian Pipeline Consortium said on Wednesday. A Ukrainian drone attacked the Kropotkinskaya Pumping Station in Russia's southern Krasnodar Region on February 17. This sparked market concerns over supply from Kazakhstan. Kazakhstan is a supplier of more that 1% of world oil. The impact of the flow on the economy was a subject of conflicting reports. Tengizchevroil said that the flow of oil from Kazakhstan's Tengiz field via CPC was uninterrupted. Alexander Novak, Russian Deputy Premier, stated that volumes...