North Asia

The company's Tuesday records revealed that Nasim Bahr Kish (an Iranian firm) which holds a controlling interest in Russia's Astrakhan Port has made an offer to buy the remaining shares. This includes a 25% share owned by the Russian government. Astrakhan Port is a port in Astrakhan, a city located in southern Russia. This move highlights Tehran's growing involvement in Russia’s export infrastructure, as both countries strengthen their economic ties while under Western sanctions. Kommersant, a Russian newspaper, broke the news first. The Iranian firm would gain full control of one of the most important Caspian Sea Terminals used to...

Sources in maritime security said that a limpet mine could have been responsible for the blast which damaged a Greek oil tanker off the coast of Libya last week. This is the fifth incident in recent months to affect commercial shipping in this region. On Monday, TMS, the Greece-based operator of the Marshall Islands flag tanker Vilamoura, said that the explosion occurred in the engine-room of the vessel as it was leaving the Libyan port Zuetina to head to Gibraltar on 27 June with 1,000,000 barrels of oil. Four maritime security sources stated that a limpet-mine was the likely cause...

Two market sources and calculations show that Russia increased its gasoline exports via railway by about a quarter between January and may, owing to a easing of the fuel embargo. Russia has banned gasoline exports as of March 2024 in order to balance the excessive demand for petroleum and stabilize prices on the domestic market. Fuel supplied to members of the Eurasian Economic Union, led by Moscow, was exempted from this rule. In November, the government lifted an embargo on gasoline supplied by producers. However, it extended restrictions to other exporters such as independent traders or re-sellers. Drone attacks also...

Court documents show that a Moscow court on Tuesday ruled to give the assets of Russia's third largest airport, Moscow Domodedovo to the Russian State at the Prosecutor's General's request. Dmitry Kamenshchik, a Russian businessman or one of his companies owned Domodedovo. According to Russian media Kamenshchik was also a citizen of Turkey and United Arab Emirates. And according to court documents, prosecutors were concerned that the ownership structure of the airport could expose it to foreign influence. Domodedovo has not responded to comments immediately. The Domodedovo investigation is part of a long line of asset seizures that prosecutors have...

According to industry sources and LSEG, Sibur, Russia’s largest producer and supplier of liquefied petrol gas (LPG), doubled the amount of LPG loaded through the Baltic port Ust-Luga from January-May 2025 compared with the same period of 2024, to 418,000 metric tonnes. Sources said that Sibur was able to increase its exports through the shipment of new MGC class (medium-sized gas carriers) gas tankers. Each of these vessels can carry up to 20,000 tonnes of product. LSEG data revealed that the company has also resumed LPG deliveries to India, which it had last done in 2023. Sources said that after...

The availability of tankers in late May and early June allowed for a further reduction in freight rates from Russian oil to India. However, this trend could reverse itself if the proposed price cap by Europe is implemented. The European Union proposed a new sanctions package against Russia for its actions in Ukraine, and suggested that the price cap of Russian crude oil be lowered from $60 per barrel to $45 per barrel by the Group of Seven. The G7 and EU imposed a $60 cap on Russian crude oil by the end of 2022. This would restrict access to...

Maria Zakharova, spokeswoman for the Russian Foreign Ministry, said that on Wednesday, the West had been involved both directly and indirectly in Ukrainian "terrorist" attacks against civilian targets within Russia. The U.S. President Donald Trump’s Ukraine envoy stated that the risk of an escalation in the war in Ukraine had "gone way up" since Ukrainian forces used drones against nuclear-capable aircraft at several airbases inside Russia. The Russian State Investigative Committee accused Ukraine on Tuesday of "acts" of terrorism by blowing two railway bridges up in Russia at the weekend. The explosion of a highway overpass in Russia was a...

The Finance Ministry reported on Wednesday that liquid assets in Russia's National Wealth Fund fell from $40.4 billion to $36.2 billion or 1.3% projected GDP. The ministry bought foreign currency in recent months to replenish the fund, despite plans to use the wealth fund this year to cover the deficit. The Ministry of Transport said that it has transferred 300 billion Russian roubles (about $3.83 billion) in the form of a subordinated loan this month to major banks to finance construction of an high-speed rail between Moscow and St. Petersburg. The finance ministry announced on Monday that the total assets...

Russian authorities announced early Sunday that at least seven people had died and 30 others were hospitalized after "illegal intervention" caused a collapsed bridge and train derailment in the Bryansk region of Russia, which borders Ukraine. Russian Railways announced on Telegram that the train's locomotive, along with several cars, had derailed due to "the collapse of a span-structure of the road bridge in response to an illegal interference with the operation of transportation." Alexander Bogomaz said that two children, including one in a critical condition, were hospitalized. The state-run Russian news agencies cited medics to report that the driver of...

A government minister announced on Friday that Ukraine will need an initial 500 millions euros (566 million dollars) to rebuild its most important infrastructure at the Black Sea ports, which were destroyed by Russian drone and missile attacks. In the course of more than three war years, Russians have damaged almost 400 port infrastructure facilities. Ukraine relies heavily on its seaports, as it ships over 90% of all exports via the sea. Andriy Kazhuba, deputy Minister of Territorial Development, said at the Black Sea Security Forum held in Odesa: "The critical infrastructure for ports and shipping facilities that we've already...

LSEG data and two traders indicate that the imports of Urals oil by Turkey are expected to increase in May, after a top Turkish refiner (Tupras) resumed importing Russian Crude now that its price is below $60 per barrel. Tupras began buying Urals crude again in April, after stopping purchases in February because of U.S. sanctions. Data shows that the price of uranium in Russian ports has been below $60 per barrel since April 3. Tupras did not immediately respond to an inquiry for comment. The Group of Seven (G7) countries have introduced a price cap that prevents Western companies...

Two sources familiar with data on Thursday reported that Black Sea CPC blend oil exports were down to 1.6 million barrels a day in April, or 6.093 millions metric tons. This is down from 1.7million bpd for March. The Caspian Pipeline Consortium does not comment on the results of its operations. According to sources, April shipments comprise 5.523 million tons of Kazakhstan-originated oil from 5.942 million in March, and 0.570 million tons originated from Russia, compared to 0.660 million tons in March. Two industry sources previously stated that CPC Blend oil exported for May was set at 1.5 millions bpd...

Three traders on the Urals crude oil market reported that discounts for Russian's flagship Urals crude for delivery to Indian ports in August have decreased to their lowest levels since 2022 due to high demand and a shrinking supply. Traders said that the lower supply and narrowing discounts of Russian spot barrels will force Indian refiners into looking for alternatives like United Arab Emirates Murban or U.S. West Texas Intermediate grades. The shrinking discount shows that Moscow has managed to maintain its oil sales despite Western sanctions. However, its discounted oil becomes more expensive, even though it is still cheaper...

LSEG data and traders reported that Russian Urals oil supplied to Turkey's STAR refining facility, controlled by Azerbaijan SOCAR in June, reached a record high of 800,000 metric tonnes (about 195,000 barallons per day). STAR has a capacity exceeding 200,000 bpd, making it the largest refinery in Turkey. SOCAR and Russia's Lukoil signed a long-term contract in 2023 for oil supplies. Traders said that the STAR refinery receives the majority of its crude oil from Lukoil. SOCAR did not immediately respond to an inquiry for comment. LSEG data shows that Turkey increased its purchases of Urals Oil in June to...

Ukrainian officials reported on Thursday that a Russian airstrike in Odesa, a southern Black Sea port, on Wednesday killed two people, and injured six others, including two foreigners. Odesa is the hub of Ukraine's seaports, and 90% of its exports to foreign markets are sent through it. This includes millions of tonnes each of metals and grain. "Today an Iskander rocket hit one of the docks at the Odesa port." On Telegram, Oleksiy Kuleba, the deputy prime minister of Ukraine, said that people were unloading metals from a foreign ship flying the flags of Sao Tome and Principe at the...

Calculations showed that the average daily supply of natural gas to Europe by Russian energy giant Gazprom via the TurkStream pipeline dropped by 18.3% from a year earlier in June due to maintenance on the infrastructure. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. According to available data, the total Russian gas exports into Europe between January and June fell from 15.5 billion cubic meters to 8.33 bcm, when excluding supplies via Ukraine. According to calculations based on data provided...

Ireneusz Fafara, the chief executive of Orlen's Czech refinery, said that after June 30th, it will no longer purchase Russian oil. Orlen said that the contract with Rosneft to supply Russian oil to the Litvinov Refinery in Czech Republic is the last contract linking it to Russian oil. Fafara said at a press conference that "we freed Central Europe today from Russian oil." In April, the Czech Republic announced that it was becoming Fully independent The completion of the capacity upgrades of the TAL pipeline from the west has resulted in the first time ever that Russia will be able...

Calculations based on two sources indicate that Russia's daily oil output from its western ports is expected to be 1.93 million barrels a day in July. This is a slight decrease from the plan for June, due to an anticipated increase in refinery runs. Daily oil loadings in Russia from Primorsk and Novorossiisk, as well as from Kazakhstan's KEBCO, and Siberian Light grades of oil, will decrease by 3% from this month. According to calculations based upon data from industry sources, the offline primary oil refinery capacity of Russia is expected to fall by 3.7% from June to 3,21 million...

A document published on Friday revealed that Germany may change its foreign trade laws to prevent the Nord Stream 2 company from being takenover. This is part of Berlin’s efforts to stop any resumption in Russian gas imports. Since the beginning of the Ukraine conflict, Germany has been looking for alternatives to cheap Russian gas. The German Chancellor Friedrich Merz said he would ensure that Nord Stream 2, a project the country had once backed, wouldn't go into operation. However, the country currently has no legal way to stop the sale of assets owned by Russian giant Gazprom. The Nord...

Two industry sources said that Kazakhstan's Tengizchevroil exported 100,000 metric tonnes of oil to Germany via Russia's Druzhba pipe last month, as it ramped up production. TCO is 50% owned by Chevron, 25% by ExxonMobil, 20% KazMunayGaz, and 5% Lukoil. Tengiz is the largest oilfield in Kazakhstan. The consortium declined comment. The Caspian Pipeline Consortium is Kazakhstan's primary oil export channel. It ships around 80% via Russia's Black Sea Terminal. The world's biggest landlocked country, however, is trying to diversify its routes of export. Chevron announced in January that it had started a $48 billion expansion at Tengiz. This is...

Tanjug News Agency reported that the United States had postponed its sanctions against NIS, a Russian-owned Serbian Oil Company for a forth time. NIS has secured three waivers so far, with the last expiring later this Friday. NIS, which has a majority ownership by Russia's Gazprom and Gazprom in Pancevo (just outside Belgrade), operates Serbia's sole oil refinery. The plant has a capacity of 4.8 millions tons per year and can meet the majority of Serbia's oil needs. The sanctions could threaten its crude oil supplies. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on...

Transneft, Russia's oil pipeline monopoly, has seen its oil flow continue to fall this year despite the OPEC+ agreement and technological challenges. This was confirmed by Maxim Grishanin on Friday. He also stated that due to the decline in turnover, the revenues would not reach the level typical of the last 10 years until 2030. Transneft, which operates 67,000-kilometre-long (42,000-mile) oil pipeline network, handles more than 80% of all the oil produced in Russia. Transneft CEO Nikolai Tokarev stated that the company will ship 447 million metric tonnes (around 8,94 million barrels of oil per day) in 2024. This includes...

Two traders have said that Russia will increase the ESPO Blend oil loadouts at its Far East Kozmino Port in July from 3.6 millions metric tons to 4 million metric tonnes (about 970,000 barrels per daily) from 3.6million tons in June. The traders reported that oil exports from Kozmino were reduced in June due to planned maintenance. Exports of ESPO Blend reached 4.2 millions tons in May. Calculations showed that ESPO loadings at Kozmino would increase by 7.5% on a daily average in July compared with June. Calculations showed that July is one day more than June. ESPO Blend Oil...

Officials and managers of companies have stated that Russia, the country with the largest reserves of natural gas in world, is looking for ways to use its surplus gas to run data centres. This comes as European exports continue to fall. According to calculations, the conflict in Ukraine caused Gazprom to see its gas exports to Europe reach a peak between 175 and 180 billion cubic metres in 2018-2019. By 2024, however, it is estimated that this will drop to only 32 bcm. This level will drop by half again in this year, following the suspension of Russian gas transit...