Europe

The airport director announced on Tuesday that talks are in progress between the Moldovan government and Russia's Lukoil about buying the energy company’s infrastructure at Chisinau Airport as part of an effort to implement U.S. Sanctions imposed last month. Serdgiu Spoiala stated that he did not see any risk of the airport running out of aviation fuel, after the government proposed to buy Lukoil’s facilities on Monday. The sanctions imposed by the United States on Lukoil and Rosneft were linked to the war that has lasted for more than three-and-a-half years in Ukraine. Currently, it is the only supplier of...

Two industry sources said on Tuesday that the Russian energy company Novatek had restored to full capacity its gas condensate facility at the Baltic Sea Port of Ust-Luga following repairs of damaged equipment caused by drone attacks in August. The fire was caused by Ukrainian drones on August 24. This led to the complete shutdown of the operation, including the fuel export loading. It is one of many disruptions in Russia's energy sector as Ukraine intensifies drone attacks during the ongoing conflict between the two neighbours. One source said that the daily processing of stable condensate (a type of lighter...

U.S. president Donald Trump has targeted China as his top economic rival with a cascade on tariffs that are worth billions of dollar. He is trying to reduce a trade surplus, bring back lost manufacturing and cripple fentanyl traffic. In reverse chronological order, here are the key events of this year in U.S. China trade war: China has announced that it will continue to expand access to and investment opportunities for U.S. firms, especially in the services sector. On November 10, China suspends for a full year the port fees it charges vessels with ties to the United States, as...

Fraport, the operator of Frankfurt Airport, reported on Tuesday a 22.6% increase in its core earnings for the third quarter. This was largely due to a reduction in personnel costs resulting from a pension refund. Jefferies, a financial research firm, reported that the German company's quarterly earnings were 593.1 millions euros ($691.7) - well above the analysts' consensus estimate of 533million euros. Fraport has confirmed its financial forecast for the year. However, it expects 63 million passengers will fly via Frankfurt by 2025. This is down 1 million from the previous estimate. The company reported that the number of passengers...

Belgian officials have enlisted foreign forces to help them track or seize drones that are making incursions near its airports and military bases, as well as a nuclear power plant. They claim this is all a result of Russian interference. Last Tuesday, drone sightings caused the authorities to temporarily close Belgium's busiest airport, Brussels Airport. This was one of several recent incursions which also resulted in a brief closure at the cargo hub, Liege Airport, and disrupted a nearby airbase. "We don't say it's Russia. "We're not saying it's Russia. It is impossible to link any incident with a specific...

The giant Russian railcar and tank manufacturer Uralvagonzavod said Friday that it would be restructuring its operations in order to reduce costs. A local report had stated the company planned to cut its workforce by 10%. The Uralvagonzavod plant, located in Nizhny Tagil about 1,400 km east of Moscow in Nizhny Tagil, has been sanctioned for its role in providing tanks to Moscow's Ukraine war. The factory is owned by a state-controlled conglomerate that has ties to one of Vladimir Putin's closest allies. It claims publicly to produce T-90M battle tank and modernise T-72B3M. Local news outlet E1 reported on...

A spokesperson for Skeyes, the air traffic control company, said that operations at Belgium's Brussels Airport had temporarily been halted due to drone sightings on Thursday. The spokesperson did not specify how many drones were sighted. Local media reported that drones were also spotted in other parts, including at a military facility. On Thursday morning, the Belgian government called an urgent meeting of its key ministers and chiefs of security after drone sightings on Tuesday night forced the closure of two airports and one military airbase in what was described by the defence minister as a coordinated attack. Germany has...

The price differential between Urals and Brent for December arrived in India on Thursday, as the flagship blend of Russia was traded at its steepest discount in over a year. This is due to new U.S. sanctions against Russia's top oil producers. The price difference for Russia's flagship Urals oil in Indian ports has widened from $2 to $4 per barrel under Brent for December arrival. This is the largest discount in about a month. According to estimates and shipping and trading sources, Russia's oil imports to western ports will decrease in November due to higher refinery runs but remain...

Traffic was halted at the Gothenburg-Landvetter Airport on Sweden's west coast on Thursday after one or more drones were observed at the airport, authorities said. In recent months, drones have caused significant disruption in Europe and forced the temporary closure of airports across several countries. Some officials blamed hybrid warfare on Russia for the incidents. Moscow denies any involvement in the incidents. A spokesperson for the civil aviation agency LFV confirmed that "a drone or drones" had been spotted at Landvetter Airport. Police received the report at 1641 GMT, and were on the scene to gather information. According to airport...

CMA CGM reversed its decision to suspend cargo shipments into Mali due to safety concerns and fuel shortages, the French group announced on Thursday after a meeting the authorities. Early in September, the al-Qaeda-linked militant Jama'at Nusrat al-Islam wal-Muslimin announced a ban on fuel imports into this landlocked West African nation. Since then, the group has attacked convoys that were trying to enter the country and reach Bamako. CMA CGM stated in an email that "overland transportation has been severely impacted by security challenges and fuel shortages, in terms of transit times and costs." CMA CGM decided to continue its...

AD Ports Group, based in Abu Dhabi, announced on Thursday that it had signed an agreement to purchase a majority stake in a container port in Syria's major commercial port for $22million. This is the latest indication of how Syria continues to attract investment in its efforts to rebuild. AD Ports, a joint venture with the France-based CMA CGM Group shipping company, will purchase a 20% stake at the Latakia International Container Terminal. The terminal is the dominant trader of agricultural and industrial products, handling 95% of Syria’s container volume. Syria is looking to raise money from international investors to...

CMA CGM announced that it had suspended all cargo shipments from Mali. The French group also said road transport was experiencing difficulties due to safety issues and fuel shortages. Early in September, the al-Qaeda-affiliated militant group Jama'at Nusrat al-Islam wal-Muslimin announced a ban on fuel imports into this landlocked West African nation. Since then, the group has attacked convoys that were trying to enter the country and reach Bamako. CMA CGM India's website said Wednesday that road shipments from Mali have been suspended until further notice. The group issued a statement saying that it would not accept new bookings of...

Three people with knowledge of the situation said that U.S. company GE Vernova is in talks with Germany's Siemens Energy to supply gas-turbines for a $7 billion project aimed at rebuilding Syria's war damaged power sector. In May, Syria signed an agreement with a subsidiary company of Qatar's Power International Holding to build four combined cycle gas turbine power stations with a capacity totaling 4,000 megawatts. The agreement includes a solar component of 1,000 MW. One person said that Siemens Energy and GE Vernova might both win contracts for the project. However, it is too early to predict when agreements...

Two industry sources reported on Wednesday that the Caspian Pipeline Consortium exported oil from Kazakhstan to a Russian Black Sea Terminal in September, but last month, exports fell 13%, from 5.947 millions metric tons or 1.5 million barrels a day. Exports dropped due to maintenance work at Kazakhstan's biggest oilfield Tengiz operated by a Chevron affiliate. According to sources, the exports via CPC from January to October increased by 16% compared to the same period in the previous year to 61.453 millions tons. The CPC reduced its plan to pump oil this year from 76 millions tons to 74million tons...

Following talks between their respective Presidents at the Kremlin, Russia and Kazakhstan agreed to increase their partnership in oil following the talks on Wednesday. Kazakhstan, a landlocked country, is heavily dependent on Russia for its energy exports. More than 80% its oil is exported via a pipeline run by the Caspian Pipeline Consortium that runs to a terminal in Russia's Black Sea. The Russian President Vladimir Putin met with the Kazakh President Kassym Jomart Tokayev on Wednesday, where they discussed gas projects and U.S. sanctions against Russian oil companies. Tokayev, in a televised statement following the meeting with Putin, said:...

E.ON, Europe’s largest energy grid operator, expressed concern on Wednesday that the new rules on how much German power network operators can earn from investments would not reward their funding adequately. Nadia Jakobi of E.ON Finance, who spoke to investors following the presentation of nine-month results said that the uncertainty surrounding the regulation which determines power grid returns over the next five years starting in 2029 was "greater" than what we expected. The German grid regulator is in the final stages of finalising its reform proposal, which includes a cap on the earnings of grid companies to balance the need...

His lawyer announced on Tuesday that a Ukrainian suspected of being involved in the blasts at 2022 Nord Stream has ended a hunger-strike he started on October 31. Italian authorities had pledged to protect his rights. According to his lawyer Nicola Canestrini, the detainee identified as Serhii in Germany under privacy laws, stopped protesting after being assured that he would receive food that met his medical needs. The Italian authorities have not yet commented. Serhii k. refused to eat in protest of prison conditions, and what his lawyer claimed was the failure to provide him with a proper diet. Canestrini...

Sources say that CPC Blend oil was revised down to 1.45 million barrels a day (bpd), from 1.55million bpd in November. Two sources confirmed that the November loading schedule has been cut due to the cancellation of two Suezmax cargoes, each weighing about 130,000 tons, supplied by Tengizchevroil led by Chevron. In October, Kazakhstan's oil output declined due to a decrease in TCO production. Sources said that CPC Blend oil exports have also been affected by the lower output of Kazakhstan's Karachaganak Oilfield, operated Karachaganak Petroleum Operating. This oilfield had to reduce production because of a Ukrainian drone attack on...

In an opaque market, the differentials between urals crude and other grades remained stable on Monday as participants assessed the impact of sanctions placed on Lukoil last month and Rosneft the previous month on the supply of this grade to India and Turkey. Sources in the trade said that two Indian state refiners bought 5 million barrels from spot markets as they continued to search for alternatives to Russian oil supplies. Sources said that Lukoil declared force majore at its Iraqi field of oil, while Bulgaria was preparing to seize the Burgas refinery as its international operations buckled due to...

The British military chief announced on Sunday that Britain will send experts and equipment to Belgium in order to combat drone sightings which have caused airports to temporarily close. In the past week, drones were spotted flying over Belgian airports and military base. Drones had caused significant disruptions across Europe during recent months. Richard Knighton (head of Britain's Armed Forces) told BBC that the Belgian counterpart asked for help and that equipment was on its way. He said that he and the defence secretary had agreed, at the end last week, to send our personnel and equipment to Belgium in...

Hungary claimed on Saturday that it had received an indefinite waiver of U.S. sanctions for the use of Russian oil and natural gas. However, a White House representative reaffirmed that this exemption was only valid for one year. Last month, U.S. president Donald Trump imposed sanctions related to Ukraine on Russian oil firms Lukoil & Rosneft. These sanctions carried the threat of additional sanctions against entities who buy oil from these firms. Viktor Orban met Trump, a Trump ally for many years, at the White House last Friday in order to push for a reprieve. Hungary heavily relies on Russian...

Hungary announced on Saturday that it has been granted an indefinite exemption from U.S. sanction for its use of Russian oil and natural gas. This is contrary to a White House official, who claimed it was only granted a year-long exemption. Last month, U.S. president Donald Trump imposed sanctions related to Ukraine on Russian oil firms Lukoil & Rosneft. These sanctions carried the threat of additional sanctions against entities who buy oil from these firms. Viktor Orban met with Trump, a longtime ally of Trump, at the White House last Friday in order to push for a reprieve. Hungary heavily...

The U.S. president Donald Trump invited the Hungarian prime minister Viktor Orban to his White House for a Friday discussion on Hungary's dependence on Russian oil, at a moment when Trump is working to wean countries off it. Orban, who has been a Trump ally for many years, arrived in the White House Friday at noon to have his first bilateral with Trump since the Republican Leader and former New York Businessman returned to office in January. Both leaders share a similar anti-immigration position, but the issue of Russian oil has caused a rift in their relationship. Trump has demanded...

MSC, a Swiss transport company, has announced that it will no longer accept bookings for Mali because of security concerns and a fuel shortage caused by a blockade imposed on the country by militants linked to al Qaeda. The Jama'at Nusrat al-Islam wal-Muslimin's (JNIM's) two-month-old blockade of fuel on the landlocked West African nation has almost paralysed Bamako's capital. The group attacked fuel tankers trying to reach Bamako. This was a blow to the military-led regime and raised fears that the jihadists could try to establish their rule. MSC posted a statement on its website Thursday stating that road transport...