Latest News
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Iraq tries to increase exports through Turkey by transporting crude oil from the south of Iraq north.
The trial began on September 13 and lasted two days In 209 trucks, 38,000 barrels of oil were transported. Iran War disrupts Iraqi exports to the south By Aref Mohamed and Ahmed Rasheed BASRA (Iraq), Sept. 16: Iraq has launched a pilot project to transport crude oil from its southern oilfields by road to a Kirkuk oil storage facility. The goal is to increase supplies for the northern export system, and possibly to increase shipments via Turkey's Ceyhan Port. The initiative is part of Iraqi efforts to increase exports through the northern route, after the U.S. and Israeli war against Iran disrupted Iraqi shipments via the Strait of Hormuz. A spokesperson for the oil ministry confirmed that Iraq's Oil Ministry has contracted local company,?KAR Group, to transport crude oil using its fleet tanker trucks. A statement from the state-run Basra Oil Company confirmed that the arrangement had been made. BOC reported that the trial operation began on September 13 and lasted for two days. During this time, a little over 6 million litres crude oil, which is equivalent to 38,000 barrels was transported by 209 tanker truck each with a capacity of 30,000-litres. Saleem al-Rikabi said that the contract with KAR Group was based on the total volume delivered by tanker truck. He added that daily volumes transported depended on a number of factors, including road conditions, security clearances, and loading capacity. KAR Group didn't?respond instantly?to an inquiry for comment. Oil ministry figures indicate that current flows from northern Iraq into Turkey's Ceyhan Port are estimated to be around 200,000 barrels per day (bpd). This is down from 250,000 bpd prior to the Iran War. BOC sources say that the project faces logistical difficulties, including limited truck supply and limited loading infrastructure at southern oilfields. Initial volumes are too small to materially increase exports from the north without an expansion in transport and loading capacities.
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US Farm Agency prepares to reopen New Mexico Port to Livestock Trade next week
U.S. Agriculture Secretary Brooke Rollins announced on Wednesday that the Department of Agriculture is preparing to reopen an New Mexico port for livestock trade after it had been closed due to New World screwworm. Rollins stated during her remarks at the National Association of State Departments of Agriculture conference in Portland, Maine that she intends to travel to New Mexico Wednesday night. Rollins stated, "We are getting ready to reopen that New Mexico port in the next week." After months of port closures because of concerns about the screwworm parasite, the USDA resumed the cross-border trade of livestock with Mexico in late August. According to the agency there are currently two active screwworm infections, both in Texas, one in a horse, and another in a canine. Rollins stated, "What you have all 'proven for the past?20 days in Douglas, is that this situation is manageable and doable. And if we think there is another threat we will shut it down."
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Sources say that two pumping stations on the Saudi East-West Pipeline were damaged by a recent attack.
According to three oil and security sources, two pumping stations that serve the vital 'East-West Pipeline' in Saudi Arabia have been damaged by an attack last week. Saudi Aramco did not reply to a comment request. The company operates the 1,200 km (745 mile) pipeline that runs across the Arabian Peninsula. Saudi Arabia's media office did not respond immediately to a comment request. Saudi officials said that the?pipeline which had helped to relieve the blockage in the Strait of Hormuz was temporarily shut down after an?attack by a drone coming from Iraq. Sources claim that the strike has damaged pumping stations 8 and 9. According to industry estimates, the pipeline is serviced with 11 pumping and two pressure relief stations. Since?six months, the facility has been the main way to export Middle East oil globally. The Strait of Hormuz is largely closed due to war. Saudi Arabia has been able to avoid the disruptions that have crippled the other Gulf oil and natural gas exporters.
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Muto scores as Kobe win the Asian Champions League with a win
Vissel Kobe won 2-1 over Port FC on Wednesday thanks to a deftly executed goal by?Yoshinori muto. The Japanese team?made a perfect start in the league phase of?Asian Champion League Elite?in Thailand. Ren Komatsu, a former 'Japan - international', had given Michael Skibbe and his team the lead at the 10th minute. Issei Tahashi flicked Diego's throw-in into the Port penalty area and Komatsu pounced. In the fourth minute of stoppage time in the first half, he was able to redirect Issam al-Sabhi’s header past his own goal-line. Muto scored the winning goal after being played?on-goal by fellow substitute Yuya Osako. He then lifted a calm finish above Port goalkeeper Michael Falksgaard, as last season's semifinalists picked up all three of their points. Former champions Jeonbuk Motors came back from a goal behind to beat Kashiwa 2-1 in Jeonju. Kenshin Yuba scored an individual goal in the 30th-minute to put Japan ahead. However, Tiago Orobo equalized the score three minutes into second half by scoring a header. Italo scored the winning goal for Jeonbuk at the 69th-minute mark. The Brazilian slid his shot in the bottom right corner of Ryosuke's Kojima. The eight top teams in east and west Asia, who finished first or second respectively in the league phase of the competition (which has increased from 24 to 32 teams) will move on to the knockout round. The 'last 16 matches' will be played on a 'home-and-away basis' in March, while the quarter-finals (quarter-finals), semi-finals (semi-finals) and final in Saudi Arabia will be held centrally in April and may.
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Meloni, the Italian leader in the election campaign, has scrapped road tax on most cars.
Giorgia meloni, the Italian Prime Minister, announced on Wednesday that Italy will 'abolish road tax' for 14,5 million cars and motorbikes. This move is estimated to cost more than EUR2billion ($2.31billion) in state funds. The government is looking for ways to increase support in advance of the national elections next year. Meloni’s?conservative alliance is trailing in the polls the centre-left and is under pressure from National Future - a new far-right political party led by Roberto Vannacci that is steadily gaining supporters. Meloni stated in a press release released by her office that "today the government eliminates one of the taxes most disliked by Italians". The benefit is available for 'all motorbikes' and'more than 70% of small and medium-sized vehicles, according to the Cabinet Office. However, each citizen will only be able to use it once. The draft decree that was seen by us before the cabinet meeting indicated that the exemption would only be for one year, between January 1, 2027 and December 31, 2027. It will cost EUR 2,36 billion. Meloni did not reveal where the money would come from to fund the initiative. Italy's public debt is expected to reach 139% of its gross domestic product (GDP) in this year under its latest budget plan. This will replace Greece as the most indebted nation in the Eurozone. The coalition parties welcomed this measure as part the government's agenda to cut taxes, while critics dismissed it for a ploy to divert the attention away from the soaring fuel prices. Rossano Sasso is a senior assistant to Vannacci. Fuel prices have risen in Italy for several months due to the U.S. War against Iran, which has disrupted supplies around the globe. The government had to spend EUR2.8 to date to reduce excise duties.
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Italy eliminates road tax on most cars in the run-up to elections
Giorgia meloni, the Italian prime minister, announced on Wednesday that the government would abolish road tax for 14.5 million cars and motorbikes. The government is looking for ways to increase support in advance of the national elections next year. Meloni stated in a press release issued by her office that "today the government will eliminate one of 'the taxes most disliked by Italians. The benefit will apply to all motorbikes, and to more than 70% small-sized cars. However, citizens are only allowed to use it on one vehicle. The election next year is shaping up to be a close race between Meloni’s rightist coalition and centre-left opposition. The government has not said how much the abolition?of road tax will cost?public finances. Italy's public debt is expected to reach 139% of its gross domestic product this year under its latest budget plan. This will replace Greece as the most indebted nation in the Eurozone.
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Flydubai CEO: We expect to return to full capacity before the end of this year.
Flydubai, the airline of Dubai, expects to return to full capacity before the end of the year. This is as airlines 'across the region' recover from the impact of the Iran War. Ghaith al Ghaith, CEO of Arabian Travel Market, said to the media that by the end of the year, "we will go back to 100 percent, and maybe even more, because we'll be getting more planes." Ghaith said that Flydubai, Emirates sister airline, operates at 85% of its current network capacity. Its load factor (which measures how well a?airline fills available seats) is "good". Flights in the Middle East, and even beyond, were disrupted for weeks by the Iran War, which began at the end February. However, Gulf carriers - some of the largest in the world - have slowly resumed their activities. The EU Aviation Safety Agency issued an advisory this year to avoid the Gulf Airspace due to potential 'risks associated with the war. He added, "Our biggest problem, particularly in Europe, are all the (travel) advisory messages that continue to be issued." The CEO's comments come after the airline announced on Tuesday that it would take a further 11 aircraft this year. This includes seven?Boeing 737-9 MAXs and four Boeing 737-8 MAXs, bringing its fleet to over 100 aircraft.
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Equinor plans LNG growth in early 2030s for European and Asian demands
Senior executives at Equinor said that they hoped to increase their liquefied gas supply portfolio between 10 and 15 million metric tons (tpy) per year in the early part of the next decade to meet demand from Europe and Asia. Ingvar Egeland is Equinor's Vice President for LNG. He said that the Norwegian producer will announce a second LNG deal with an Asian client this week. In May, Equinor signed a 15-year LNG deal with India’s Deepak Fertilizers &?Petrochemicals Corp. Egeland stated that Equinor has been in contact with many counterparts, particularly in India and other places in Southeast Asia. They are interested in finding new sources. The U.S. and Israeli war against Iran has?prevented Qatar, the United Arab Emirates, from exporting the majority of their LNG via the Strait of?Hormuz. A fifth of global LNG supplies used to pass through this Strait, forcing Asian buyers into seeking other sources. Equinor expects to double its portfolio of supplies to 7 million tonnes per year in 2030, when U.S. supplies reach full capacity. The Norwegian LNG plant Hammerfest is responsible for half of the total supply. Egeland stated that Equinor intends to increase its supply to between 10 and 15 million tonnes per year (tpy) by the early 2030s. This will include cargoes with a Brent price to diversify their exposure to prices. He added that the volume does not include Tanzania where Equinor has a project in progress which is being 'delayed' by government negotiations. Tanzania's deputy minister of energy said this week that a new law on LNG investments could be passed by the end the year. Egeland said that the East Coast of the U.S.A., West Coast of Canada, South America and other African countries, besides Tanzania, could be potential new sources of supply.
Trump is already losing the trade war with China in South America
The incoming Donald Trump White House is already losing a trade war with China in the South American copper giant Peru. This is part of a larger power realignment in the resource-rich region near Washington.
Peru, the second largest copper exporter in the world, is set to host leaders of Asia-Pacific Economic Cooperation this week. China's President Xi Jinping will attend and inaugurate a major new Chinese-built port in Peru. The world's No. 2 copper exporter is hosting leaders of the Asia-Pacific Economic Cooperation this week. China's president Xi Jinping will attend and officially inaugurate a new port built by China in Peru. Joe Biden, the outgoing U.S. president, is also invited.
Peru is a microcosm of broader challenges facing the White House in South America. China has been gaining ground rapidly, thanks to its appetite for South America's major exports, including corn, beef, copper, soybeans, and lithium-containing battery metals.
This has made Beijing the preferred trade partner for countries from Brazil to Chile and Argentina. Washington's regional influence is being eroded by this trend, which was accelerated under Trump's "America First" policy during his first term and again under Biden.
Li Xing is a professor at the Guangdong Institute for International Strategies. He said that the strategic value of this region is that it is in the backyard of the United States. It also helped to counter U.S. Presence around the Indo-Pacific, and offset trade war risk.
"China cannot build military bases in the Middle East because it is too sensitive, and would make China's conflict against the United States more pronounced. It has first made progress with economic ties."
Peru is a good example of this dramatic change. UN Comtrade data shows that China's lead in trade with the United States increased to $16.3 billion a year ago, a dramatic shift from just a decade earlier when Washington was dominant. This has been accompanied by investment in everything from mining to energy.
China overtook America in 2015 for trade with Peru. The gap widened under Trump's former administration between 2017-2021 and again under Biden.
"China is entering the region aggressively. It is learning fast and is ready to stay for the long-term," said Eric Farnsworth. He is now with the Council of the Americas and America Society.
"Unless the United States prioritizes regional economic policies in a more meaningful and effective way, the area will continue to tilt towards Chinese interests."
The U.S. Embassy in Lima has not responded to a comment request. Washington officials have warned repeatedly that Chinese investments in the region come with strings attached, and said that the United States was a more reliable investment partner.
'SINGAPORE of LATIN AMERICA - SINGAPORE'
Chancay, a new megaport located 80 km (50 miles), north of Lima, is a beacon for change. The state-owned Cosco Shipping of China is building it and promises shorter sea routes for both Peruvian as well as Brazilian goods to Asia.
The United States is concerned about the security of the port that will be opened by Xi while he's in Peru. But, more importantly, it will boost the trade route from the region to China.
Raul Perez-Reyes, Peruvian Minister for Transport and Communications and Communications, said at the port that "we will have direct routes into Asia, especially to ports in China. This will reduce the time by 10, 15, or 20 days, depending on the route."
He said that the port would compete with Mexico’s Port of Manzanillo, and then Long Beach in California.
Our goal is to make Latin America the Singapore of Latin America.
The port on the Pacific coast is driving other investments in order to improve connectivity. This is especially true for Brazilian soy producers who want to reduce shipping costs, travel times, and save money by avoiding the Panama Canal. Peru's government wants to push a $10 billion rail project.
This could lead to more Brazilian soy being transported via land from Brazil to Peru, and then onwards to China. Brazil's trade with the No. In recent years, Brazil's trade with the world's no.
However, most local officials and diplomatic representatives adopt a cautious approach. Both China and the United States, they say, are important partners. They admit, however, that China has paid more attention to Latin America.
A senior Peruvian official, speaking under condition of anonymity, said that Peru is "open to doing business with any country". The official explained that China concentrates its investments on Latin America and Africa, which are rich in resources.
He said that Peru hoped, during APEC, to sign an agreement with China, to upgrade the 2009 free trade agreement. This agreement mainly relates to intellectual property and electronic commerce, as well as customs procedures.
'SIGNALS of Enthusiasm'
Clemente Báena Soares said that the Chancay Port would be a big boost for Brazil's soybean farmers by cutting journey times almost in half to Asia.
He called on Peru to reduce red tape for Brazilian haulers, such as the load limits on highways connecting the two countries.
Jose Tam, President of the Peru-China Chamber of Commerce said that China is more proactive than other countries in South America when it comes to boosting its trade and investment relations.
Tam, the head of the association which includes copper mines like MMG Ltd’s Las Bambas or Aluminum Corp’s Chinalco, said that China is the most enthusiastic in the area.
Mario de las Casas said Peru's pivot to China was not political, and that it was open for investors from anywhere. The trend was business-related, with less U.S. investments available.
"Let the United States invest. It hasn't done so in many years," said he, adding that Peru is well-positioned to profit from any global trade tensions. "Here, there are no good guys or bad guys. There are only interests."
(source: Reuters)