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Data shows that Vietnam has received its first direct cargo of diesel from India in eight years.
According to shiptrackers and traders, Vietnam received its first direct shipment of diesel from India's Reliance Industries via traders in 8 years, after the removal of fuel import taxes facilitated the trade. Vietnam'removed import?taxes for all fuels in March. This was a policy aimed to widen its supply pool, as shipping risks arising from the U.S. - Iran conflict forced buyers to look beyond their usual suppliers. According to shipping data and two trade sources, around 70,000 metric tons of transport and industrial fuel was loaded onto the Panamax tanker Magic Victoria at Reliance’s refinery in Jamnagar. The cargo was discharged from the Van Phong Terminal in Khanh Hoa Province operated by Petrolimex?on August 14-16. It wasn't immediately clear who had sold the cargo to Petrolimex. Reliance and Petrolimex did not respond immediately to requests for comment. Kpler ship tracking data revealed that some barrels of India origin were transported to Vietnam in March via a ship-to ship transfer between the Strait of Singapore, Malacca and Singapore. Analysts?said that by opening its market to other suppliers, Vietnam enabled India to increase fuel exports, and to capitalise on their position as a swing supplier to markets east and west from Suez. India's supply?also helped to cap cash premiums in Asia for 10-ppm gasoline at $5-$6 a barrel, despite fears about tightening supplies in markets west of Suez. LSEG and Kpler'shiptracking' data revealed that Vietnam imported most of its diesel last year from South Korea, and other parts of Southeast Asia. Another trade source stated that it's?still more lucrative for India-origin cargoes to go to markets west of Suez instead of Southeast Asia. (Reporting from Trixie Yap, Hanoi, and Khanh Vu; editing by Alexandra Hudson.)
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Sources say that the new pipeline between Syria and Iraq is still many years away.
Iraq's plans for a 'pipeline' to transport oil through Syria in order to avoid future disruptions to the Strait of Hormuz would likely take four years to build and cost $15 billion, according to sources familiar with the project. U.S. officials and energy executives have billed the plan as part of an effort to reduce the industry’s dependence on the Strait of Hormuz, which has been closed largely by the Iran War. The initial feasibility study is being funded by a consortium that includes Chevron. Over the next two-year period, the Strait will become irrelevant. Last week, U.S. Treasury secretary Scott Bessent stated that the strait would become irrelevant. Bessent stated that "more than 50 or 70 percent" of these exports will be shipped via underground pipelines. Two sources involved directly in the project said that the pipeline between Iraq and Syria would take double the time due to the need for a new infrastructure. Due to the sensitive nature of the issue, both sources requested that they not be identified. NEW INFRASTRUCTURE TO REMOVE OLD WAR-DAMAGED PIPES Iraq is one of the most affected countries by the Hormuz closure. According to SOMO, the state-owned oil company, it exported approximately 3.6 million barrels per day prior to the war. This was mainly via Gulf terminals near Basra. However, in July, only 35.5 million barrels were shipped through Hormuz. The pipeline connecting northern Kirkuk in Iraq to the Mediterranean port in Banias, Syria already exists. However, it was badly damaged by the wars in Iraq or Syria and is not regularly used since 1980. Both sources stated that the plan would cost at least 15 billion dollars and require the construction of a completely new pipeline rather than repairing the existing one. One source said that while a large part of the new pipeline will run along the same Kirkuk to Banias route, sections intact of this pipeline are incompatible with the newly developed specifications, and therefore would not be usable. Second source: The project will include a completely new integrated crude oil pipe system linking Iraq's southern fields and northern fields with a central hub at Haditha, in western Iraq. It would then continue to Banias. The U.S. welcomed the "rehabilitation" and reconstruction of the pipeline. It said it would have an initial transport capacity 2 million bpd crude oil. This would require a significant expansion of the capacity of the old pipe, which was about 300,000 barrels per day. That is less than a 10th of what Iraq exported via the Strait of Hormuz prior to the Iran War. Iraq has restarted its oil exports via pipeline from the Kirkuk fields to Turkey's Ceyhan Port with a targeted capacity of 250,000 bpd. Both sources stated that work on the Iraq to Syria pipeline would take 'around four years. One added, however, that this timeline could also be affected by the need to clear old infrastructure as well as acquiring new land rights from Syria’s?new government. A NEXT POSSIBLE "ACCESS TO THE MARKET" BUT STUDIES ARE STILL REQUIRED Syria and Iraq signed separate memorandums with a consortium made up of U.S. giant Chevron, TI Capital, and Qatar's UCC Holding for technical and financial study in preparation for this project. The Iraqi oil ministry and state-owned Syrian Petroleum Company have not responded to requests for comments on the project, the timeline and cost estimates of the sources. UCC Holding and TI Capital did not respond immediately to comments. Chevron referred to an earlier statement regarding the preliminary agreement, and stated that it does not comment commercial details. A?Chevron executive stated at a press conference last month that the project would offer "another route to the?market" via the Mediterranean. The executive stated that any pipeline must also connect to Iraq's southern fields, West Qurna 2 & Nassiriya. Chevron has entered into negotiations to join these fields. Chevron has not yet completed technical studies that will determine if the existing Iraq-Syria Pipeline needs refitting or expanding, according to the executive. The company hasn't yet provided estimates on the future export capacity of the project. The executive stated that "normally, when it comes to pipelines, there is not 100% capacity on the first day."
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The Gulf markets are easing as Iran tensions and the Hormuz shipping disruptions take a toll
Early trade in the Gulf markets was subdued on Monday as stalled U.S. - Iran diplomacy revived concerns of a 'prolonged Middle East Conflict,' while reduced traffic along the Strait od Hormuz exacerbated 'concerns about energy supplies & trade flows. Tensions remain high after Iran urged Washington on Saturday to "accept defeat", while U.S. president Donald Trump called Tehran "very Evil" and warned Americans to be prepared for high fuel prices. Shipping through the strategic waterway was severely disrupted because there were no significant progresses in peace talks. Trump said that he will soon declare the Strait o?Hormuz as a U.S. Territory. Saudi Arabia's benchmark index fell 0.2%. This was due to a 0.5% drop in Al Rajhi Bank, and a decline of 0.5% at oil giant Saudi Aramco. According to a post made on X, the Civil Defense of the kingdom announced?on Sunday? that there was no danger in Jazan Province. The alert had been issued earlier to warn residents of the potential danger. Qatar's benchmark stock index fell 1% in Qatar. Almost all of its constituents traded in the negative zone. Qatar National Bank, which is the Gulf's largest lender, declined 1.8%. The weekend following the tanker attacks last week saw a marked slowdown in shipping activity. Kpler data revealed that five cargo vessels passed through the waterway on Saturday and none on Sunday. This compares to 31 vessel transits during the previous weekend. Dubai's main stock index fell 0.1% with the top lender Emirates NBD falling 1.3%. The index in Abu 'Dhabi was up by 0.1%. This was largely due to a 14.9% increase in Abu Dhabi Ports, after the wealth fund L'IMAD announced plans to take this firm private. L'IMAD has announced that it will make a conditional offer for the remaining shares of?AD Ports at 6.25 dirhams each.
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Maguire: The power system in India has just reached a tipping point of historic proportions.
India's electricity system has reached a new level that is very different from what the data usually tells. India has been considered one of the largest coal markets in the world for a long time, and rightfully so. Coal is still responsible for approximately 70% of electricity production and is the backbone of our grid. A look at the installed capacity mix of the country suggests that something is happening beneath the surface. According to the latest data on capacity from Ember Global Energy Monitor, clean energy sources account for 331.7 gigawatts of installed capacity compared to 302.0 GW for fossil fuels. This?capacity-split gives clean energy a majority share in India's utility electricity mix for the very first time. CLEAN SPLIT This milestone is not important because India suddenly became a clean energy system. This has not happened. It reveals instead a growing tension in India between what it is building and burning. It is important to make this distinction because the generation statistics are a description of today's electric system while the capacity numbers provide a glimpse into tomorrow's. Solar panels and windmills only produce when the weather permits. The capacity mix is a good indicator of where the capital is going, what infrastructures are being built, and ultimately what kind of power system India wants to build. India's transformation appears to be much more advanced than many observers believe. SOLAR SPOTLIGHT Solar power is the most obvious example. In 2010, India only had 0.07 GW solar power. According to Ember, India has 211 GW of solar capacity today. Solar represents 33% of the total utility-scale installed capacity. It is the most popular clean energy source. It is hard to overstate the extent of this expansion. India's solar power fleet is now almost as big as its coal-fired fleet, which has a capacity of 254.4 GW. The solar capacity alone is larger than the entire Indian power system, which was 211.4 GW in 2011, when it had total installed capacity. The pace at which recent additions have been made is even more impressive. India will add 75.5 GW solar capacity between 2025 and mid-2026 compared to just 3.8 GW coal capacity. Clean capacity increased by 80 GW?overall over the period. Fossil capacity grew only by 5.4 GW. This does not mean that India has stopped producing coal. The coal capacity is still increasing and policymakers are committed to increasing dispatchable power to meet the rapidly growing demand for electricity. The challenge for the country is not to replace an existing system of electricity, but rather to build enough power generation capacity to support a rapidly growing economy. GROWTH MARKET India's transformation is different from that of many other developed markets. In Europe, the energy transition has been largely a substitution of clean energy with fossil fuels. India's energy transition occurs as the country's overall electricity demand continues its upward trend. In this way, coal's absolute value can grow even though it is losing ground relative to other fuels. These numbers show this shift very clearly. In 2014, coal accounted for 59% of the installed capacity. By 2026 its share would have fallen to 40%. The total amount of fossil fuels has declined from almost three quarters in 2000 to under half today. The growth of renewables is much faster than coal. This distinction is important because power systems can change slowly and then suddenly. Renewables have been a major part of the energy mix in the last decade, but without fundamentally changing the grid structure. Several milestones suggest that the balance of power is shifting. Solar power was the first to surpass all other sources of clean energy. Hydro was the mainstay of India's nonfossil power fleet. Solar capacity is now roughly four times greater than hydro and wind capacity. Second, there is a growing majority of clean-capacity vehicles. The crossing of the 50% threshold is often symbolic but also attracts policymakers, corporate planners and investors. When a category of technology becomes dominant, subsequent investment decisions reinforce this dominance. Just ahead is the third milestone. Solar capacity now equals?to about 80% of coal's capacity. Solar could overtake coal in India as the largest source of installed power within 10 years if growth rates continue. This would be a significant psychological shift even if coal was the biggest generator of electricity. This is the next step in India's transformation. Next?STEPS It is not a question of whether India can build large-scale renewable energy capacity. This capability has been demonstrated. Now the challenge is to convert capacity growth into generational growth. This means investing in grid infrastructure, transmission systems, storage systems, and flexible energy resources that can balance large amounts of solar output. The success of the project will not be determined by how many solar panels you install, but rather by how much coal they eventually replace. For a long time to come, India will continue to be portrayed as a coal-based country by Generation Data. But the data on capacity tells a very different story. These figures show that the country's future power system is forming much faster than what headline generation numbers suggest. India's coal burning may still be dominated by this fuel. The power sector's centre of gravity has begun to shift based on what India is building. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. 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Vietnam Aviation body: passenger plane returned from Munich to Vietnam after tail strike and tyre pressure warnings
Vietnam's Aviation Authority said that warnings about a low?tyre?pressure and a possible tail?strike were triggered soon after a Vietnam?Airlines Boeing?787?took?off from Munich?on?Sunday, prompting the aircraft to return at the weekend to the German airport. Flightradar24, a flight tracking website, reports that the Hanoi bound aircraft circled around for over two hours in order to burn off fuel before returning to Munich. The aircraft reportedly overran the runway at takeoff after it was reported to have been overrun. In a late-Sunday statement, the Civil Aviation Authority of Vietnam (CAAV), said that warnings had been triggered after takeoff indicating "contact between the tail of the aircraft and the runway as well as low tyre pressurization". Vietnam Airlines had earlier said that the flight was redirected due to a "technical problem". The carrier said that all 271 passengers, as well as 16 crew members, were safe. Munich Airport reported that the aircraft was unable, after landing, to taxi off the runway north under its own power and remained stuck. This affected airport operations. The Civil Aviation Authority of Vietnam (CAAV) said that it is in contact with the German investigation authority, to coordinate their efforts and ask for the prompt 'provision of information about the incident and investigation process. The CAAV stated that the German authorities were leading the investigation under international aviation regulations. They added that the Council for the Investigation of Serious Incidents and Accidents will assist with the investigation. Vietnamese state media reported that Vietnam Airlines had arranged for alternative travel?for affected passengers, on both its own flights and other services?operated?by other airlines. They also provided accommodation, meals, and ground transportation to those waiting for replacement flights. (Reporting and editing by John Mair; Khanh Vu)
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Foreign borrowers flood Asia-Pacific bonds markets with everything from kangaroos and dim sum to kangaroos.
Foreign borrowers are ploughing into Asia-Pacific bonds markets that were once a niche. This shows that not only Big Tech is grabbing funding in an uncertain world with record borrowing. Commerzbank of Germany, Engie, Persil owner Henkel, Singapore Airlines, and the Portuguese Government have all sold bonds this year denominated both in Australian dollars and Chinese yuan. In fact, "kangaroo bond" sales by foreign issuers of Australian dollars have reached a record 'high' this year. This is up about 40% compared to 2025. Hong Kong dollar issuing has also reached a new record. Goldman Sachs reports that Chinese "panda", and offshore "dim-sum" yuan bonds sales have reached record levels of 160 billion yuan (24 billion dollars) and 350 billion respectively. This is a 60% increase compared to the same period last year. Carla Goudge is the head of debt syndicate for Asia-Pacific, HSBC. It's a choice that was not available regularly in this size a few short years ago. According to LSEG, foreign borrowers have increased their bond sales this year in yen currency, a well-established funding currency. Alphabet, the parent company of Google, sold a record amount of bonds this year. But even without that sale they are at their highest level in seven years. Bankers say the Asian rush has helped issuers diversify their funding sources, as AI investments and government deficits have boosted borrowing needs in U.S. and other markets. According to LSEG the global international syndicated bonds sales for 2026 have reached a new record of over $4 trillion, up from $3.5 trillion at the end of July last year. Hampus Falth, Mizuho’s head of the debt capital markets syndicate EMEA said, "It's usually a function larger funding programmes" for most?issuers who are issuing outside their core currencies. He added that bankers also advise clients to act early and diversify funding sources, as the competition for capital is increasing with hyperscalers flooding into major bond markets. SUPPLY and DEMAND In recent years, the number of Asian currency loans has increased. Bankers claim that this reflects an increase in demand caused by the broader boom of Asia's financial assets or Australia's rapidly growing pension fund assets. Beijing's efforts to internationalize its currency have also led to a rise in issuances, which has been attributed to the desire to expand the investor base of dim sum bonds. Christopher Kent, assistant Governor at Australia's Central Bank, said last week that as markets grow, they can gain momentum, because more people are familiar with them. "More investors are coming here to buy these bonds, and more issuers believe that this is a great place to issue for various reasons. So you get some growth, and then the growth leads to more growth." This is also an indication that investors want to diversify their portfolios away from the U.S. Dollar. Falth?said that Asian?investors, central banks, and other financial institutions who previously focused on U.S. dollars are now turning to Australian, Hong Kong, and even euro debt, thereby increasing the demand for debt?sales. China, Japan and other currencies offer lower rates of borrowing, which is attractive to firms that have local operations, but will also keep their cash in these currencies. Clifford Lee of DBS, Singapore's global head of investment banking, stated that panda bonds are issued by European financial institutions and German auto manufacturers. The amount of borrowing that can be sustained by such markets is limited. They are much smaller than the major markets, like the U.S. Dollar and Euro. This does not seem to deter the trend. Kenya and Brazil are also interested in the market. Falth stated that for those who swap back their borrowing into their own currency, from currencies such as the Australian dollar or the yen, they have been able to get a similar price as if they swapped?euros or dollars a lot more frequently this year. Portugal, who raised nearly 2 billion yuan ($300m) in April from the first dim-sum issuance by an euro zone government, converted the cash to euros at a slight cost savings. Rui Amaral, a member of the board for the debt agency, said that "the two main goals" were to diversify (the) investor's base and achieve a cost savings. He added that this issuance might not be an isolated event.
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Lala becomes tropical storm, affecting more than 200,000 in Hawaii. 100 homes are damaged.
At midday on Sunday, more than 200,000 'utility customers' were without power in Hawaii. Hurricane Lala had brushed past the 'Big Island and was subsequently reclassified as a tropical storm. According to poweroutageus.com, about 219,000 customers in Hawaii were without electricity as of 12:05 pm HST (2205 GMT). State officials stated during a press conference that the number of outages on Oahu had dropped from 220,000 to 130,000 by Sunday morning. Hawaii's Governor Josh Green announced on Sunday that state officials had received reports about at least 100 damaged homes. Lala moved west-northwest with a speed of almost 16 mph. (26 kph). The maximum sustained wind speeds were near 65 mph. (105 kph). As of 11:00 am HST (2100 GMT), the National Hurricane Center's latest advisory indicated that Lala was just slightly below the hurricane threshold of 73mph. (117kph). According to the advisory, a?tropical cyclone warning is still in place for Maui and Oahu counties. Hawaiian Electric warned its customers Saturday night that repairs were being hindered by hurricane-force winds and rain flooding roads. A state official reported that Lala caused flash floods in Hawaii's south areas "like we've never experienced". Officials from the state also warned residents to stay inside after at least one death was reported in a car accident. One official told a Sunday morning press conference that "it's not the day to go to the beach." The Hawaii Department of Transportation released a video showing flood waters flooding roads. According to the National Weather Service, two homes were swept away. Officials said that 117 people had taken refuge in shelters by Sunday morning. Hawaii's Department of Transportation said all airports had been reopened. However, officials advised that travelers should check with their airline for the latest information.
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Wildfires kill an elderly couple on the Greek island of Salamina
Authorities reported that an elderly couple died and a number of other people were injured as fast-moving fires swept through the Greek island of Salamina, west of Athens, on the largest holiday weekend of summer. Heatwaves across Europe have caused droughts, dried out vegetation and strained water resources, which has led to wildfires in Spain and France. The Greek coast guard reported that more than 500 people had been evacuated, and a couple of elderly men died near the area where the fire began. The strong winds that had caused fires to spread across Greece abated in the afternoon. The fire broke out during Greece's busy summer getaway period around the Assumption Holiday on August 15, when many Athenians travel to nearby islands like Salamina, which is easily accessible by Piraeus' main port. Local reports state that five people were taken to a?health clinic in the area after their homes were damaged. To contain the fires, 192 firefighters, as well as 14 helicopters and aircraft, and volunteer crews were called in. The island was flooded with?firefighting ships?and the Coast Guard, and preparations were made for possible sea rescues from coastal areas that are in danger. Salamina was under a warning of high wildfire risks on Sunday. The cause of these fires is not yet known. The fires are a few days after tourists and residents fled villages in northern Greece's Halkidiki region as a wildfire, fanned on by strong winds, engulfed trees and houses near a resort. Reporting by Ivana Skularac, Editing by Christina Fincher & Alexander Smith
Abu Dhabi's wealth fund L'IMAD is planning to buy port operator AD Ports.
L'IMAD Abu Dhabi sovereign wealth fund, led by the crown prince of the emirate, plans to bid for all shares in 'Abu Dhabi Ports', the global port operator. It announced this on Monday. L'IMAD owns a wholly-owned?subsidiary ADQ that holds 75.42% of the shares in?AD Ports. It is now looking to purchase the remaining share capital through a voluntary conditional cash offer. According to's calculations, the offer represents a 23 percent premium over AD Ports's closing share price of 5.10 dirhams for August 14. This value would put AD Ports at more than 31.2 billion dirhams (approximately $8.6 billion).
L'IMAD stated in the statement "sufficient resources are available to ADQ?to satisfy the full cash consideration due?to AD Ports?shareholders?under the terms of the offer?".
(source: Reuters)