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US to invest $8 billion in Azerbaijan energy, according to US officials
Caleb Orr, Assistant Secretary of State for the United States, said that a U.S.-Azerbaijan delegation signed 'commercial agreements' worth more than $8 billion and Washington will invest in Azerbaijan's energy sector. Orr said that the United States wanted to play a bigger role in Azerbaijan’s energy infrastructure projects. Orr responded to a query by saying, "We plan concrete investments in the?energy?sector." He said ExxonMobil was still an important partner for Azerbaijan, after signing a Memorandum of Understanding on new exploration possibilities at the Baku Energy Week?last year. Washington also supports Chevron's new exploration agreement signed during this year’s event. Orr stated that "we expect to be able to assist Azerbaijan in growing its role as the central hub of the Middle Corridor, for energy transit to Europe and the rest of the world." The Economic Dialogue was held in accordance with a Strategic Partnership Charter?signed by U.S. Vice-President?JDVance during his visit to Baku, Azerbaijan, this February. Mikayil Jabbarov, Azerbaijan's Economy Minister, said that Azerbaijan, the United States, and Azerbaijan had identified energy, investment and regional connectivity as key areas of cooperation. (Reporting and editing by Alistair Bell, Nailia Bagirova)
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NEOM, a Saudi company, offers a niche market for Gulf importers
Salam Studio & Stores, a distributor based in Qatar, had gone weeks without receiving its Red 'Bull shipments. This prompted it to try a 'little-used route. In the fourth month of conflict, and despite the effective closure of 'the Strait of Hormuz', its products were scattered across India and Sri Lanka ports, and Gulf hubs that it usually relies on were hit by Iranian fire, and faced capacity constraints. Salam, fearful of losing market shares, chose an untested option: shipping cargo via the Port of NEOM in Saudi Arabia, a Red Sea facility that is now promoting itself as a quicker alternative to traditional trade routes. This demonstrates the extent to which some Gulf companies are willing to go in order to maintain the flow of goods, as the war disrupts regional supply chains. Shipping data suggests that such workarounds are niche and only offer speed for certain cargoes, not a solution for wider supply disruptions. FASTER, BUT MUCH CHEAPER Adam Mulla, the director of distribution at Salam, said that the company initially ordered a single truckload in order to test out the route from Europe to Gulf. This corridor spans both land and sea legs. He said that it took us less time than usual, but the costs were much higher. The shipment arrived in 22 days - almost half the time it usually takes to get from Europe to the Gulf. The company was so encouraged that it ordered 15 additional truckloads. It paid about $10,000 for each load compared to $2,500 per load before the war. Mulla explained that the extra costs were due to higher fuel and insurance prices, rather than port charges. NEOM was the brainchild Saudi Crown Prince Mohammed Bin Salman. It was first unveiled as a futuristic city project a decade before it had to be scaled back due to cost overruns. The port has been repositioned to be part of a more efficient trading corridor. NICHE SOLUTION "Europe-Egypt-NEOM-GCC: your faster route," the port said in a post on its official LinkedIn page, describing a mix of sea crossings and trucking aimed at speeding goods into the six Gulf Cooperation Council (GCC) markets, ?and adding that importers from several European countries were already using it. NEOM didn't provide any details or respond to a?request for comment. However, shipping data shows that its role is still limited. According to Kpler, data firm, the majority of traffic in the port is made up by roll-on/roll off vessels. The port had no container activity until April. Over 95% of the shipping activity is concentrated on just two vessels. "NEOM?remains an niche RoRo port with stable, but limited activity," Kpler added, adding that there had been no signs of a surge in rerouting since the Iran War began. Since late February, Iran has prevented 'nearly all' shipping into and out of the Gulf. This has disrupted a fifth of global oil and gas flow and left hundreds of vessels unable transit the Strait of Hormuz. Salam was attracted to NEOM by the congestion in Jeddah, Saudi Arabia's major Red Sea port. Mulla stated that "they chose NEOM as it has no traffic."
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UN warns that funding cuts may worsen Rohingya crisis
The U.N. Refugee Agency warned on Tuesday that declining funding for humanitarian aid 'could significantly worsen the conditions of around 1.2 millions Rohingya refugees?in Bangladesh nearly nine years after their departure from Myanmar as aid groups struggle to maintain essential services. The United Nations and their partners are struggling to support one of the largest refugee populations in the world as 'global crises' multiply and donor budgets tighten. UNHCR says that the pressure is increasing due to the arrival of 150,000 additional Rohingya Muslims who have fled renewed violence in Myanmar since early 2024. In recent years, funding for international aid has been cut by the U.S. as well as some European countries. The U.N. launched a $710.5-million appeal last month to finance food, shelters, healthcare, education, and protection services. The appeal, which is 26% less than last year, remains at only 60% funding, highlighting the mounting financial pressure. The funding drive comes before the ninth anniversary?of the August 2017 military crackdown that forced 750,000 Rohingya to flee into muslim-majority Bangladesh. UNHCR spokesperson Babar Baloch stated that "for decades, Rohingyas have been forced from their homes in Myanmar’s Rakhine State. Bangladesh has provided protection to successive migrations of refugees since late 1970s." The Rohingya camps remain bleak. The settlements are overcrowded, fragile and constantly threatened by extreme weather conditions, disease, and insecurity. Limited access to basic services further compounds the hardships. Refugees are largely dependent on food aid due to their lack of education and employment. The most vulnerable people, such as women, children, elderly people and those with disabilities, face the highest risks. The conflict in Myanmar continues, and the prospects for safe return are slim. Growing desperation has led some Rohingya refugees to embark on perilous sea voyages to Malaysia or Indonesia. Nearly 900 Rohingya were reported as missing or deceased by 2025, which was the deadliest year ever recorded. "We want the world to remember that we still suffer, year after, year, every day. "We see no clear future and no way of returning home," said Mohammed Jashim from Bangladesh, 35-year-old father of three. UNHCR called upon donors to continue supporting Rohingya refugee until safe returns could be made. (Reporting and editing by Hugh Lawson; Ruma Paul is the reporter)
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Sources say that the CPPIB in Canada and Czech EPH are potential buyers of Uniper.
Four people with knowledge of the matter have said that Canada's CPPIB, and Czech EPH, are expected to formally express?interest in Uniper by next week. The sale could be worth over EUR10 billion ($11.65billion) for the German energy group. Uniper's sale is the largest reshuffle of Germany's utility industry since Berlin bailed out 'it' along with SEFE in 2022 during Europe's energy crisis for nearly EUR20 billion. UBS and JPMorgan will accept letters of interest until the 12th of June. Brookfield, Norway’s Equinor, and France’s TotalEnergies will also likely indicate interest in the parts or the entire 74.12% share of Uniper Berlin listed for sale last month. Sources said that the initial non-binding letters of interest would not contain a purchase amount but rather general information about the parties involved, their ownership structure and how the deal might be funded. The people added that a second round of indicative bids is planned for the summer. A deal could also be reached in the fall. Berlin may also decide to sell an initial stake to an investor, and then divest additional shares later. Fortum Finland, which was once the majority owner of Uniper, but had to sell it as part of the bailout package, is expected express interest in Uniper’s Swedish activities. These include hydroelectric and nuclear power plants. Three people said that RWE, Germany’s largest power producer, and Uniper competitor, may also be involved at some stage. They added that some potential buyers might team up later in the sale process. Fortum has confirmed that it is interested in purchasing Uniper's Swedish nuclear and hydro assets, should they become available. Uniper and the German finance ministry, who oversees Berlin’s stake in the company, both declined to comment. Uniper, CPPIB and EPH declined to comment, as did RWE, TotalEnergies, RWE, CPPIB and Brookfield. According to current sector multiples Uniper's value could range from EUR8.8 billion up to EUR11.4 billion. However, this figure may be further inflated due its EUR4.4 billion net cash position. Berlin will oppose strategic buyers who want to consolidate Uniper or only buy certain assets. Berlin wants to retain a 25% blocking minority plus one share (down from 99.12% at present). Tibor Fedke is a partner in the German law firm,?Noerr. Three people confirmed that SEFE, who was also bailed by?Berlin in the past, is running a parallel sales auction. Some buyers may choose to participate.
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UN warns that funding cuts may worsen Rohingya crisis
The U.N. Refugee Agency warned on Tuesday that declining funding for humanitarian aid could significantly worsen the conditions of around 1.2 millions Rohingya refugee?in Bangladesh nearly nine years after their departure from Myanmar as aid -groups struggle to maintain?essential?services. The United Nations and their partners are struggling to support one of the largest refugee populations in the world as global crises multiply, donor budgets get tighter and the number of refugees increases. UNHCR reported that the pressure on Myanmar has increased with the arrival of more than 150,000 Rohingya Muslims in early 2024. They fled renewed violence there. In recent years, both the U.S. as well as some European countries have reduced funding for international assistance. Last month, UN and Bangladesh launched an appeal for $710.5 millions to "fund food, housing, healthcare, education, and protection services." The appeal, which is 26% less than last year, remains about 60% funded, underscoring the mounting financial pressure. The funding drive comes before the?ninth Anniversary of the August 2017 military crackdown on Myanmar's Rakhine State that forced 750,000 Rohingya refugees to flee into muslim-majority Bangladesh. UNHCR: "Rohingya refugees have been displaced from their homes for decades in Myanmar's Rakhine State. Bangladesh has provided protection to successive refugee movements." The Rohingya camps in Bangladesh remain bleak despite years of aid. The settlements are overcrowded, fragile and constantly threatened by extreme weather conditions, disease, and insecurity. Limited access to basic services only makes things worse. Refugees are largely dependent on aid due to their limited education and employment opportunities. Recent food ration reductions have made the situation worse. Vulnerable groups, such as women, children and elderly people, face the greatest risk. The conflict in Myanmar continues, and prospects for a safe return are slim. Meanwhile, growing desperation has pushed some Rohingya into perilous sea voyages to Malaysia or Indonesia -- with nearly 1,000 reported missing or dead in 2025. UNHCR warned that conditions could worsen without continued international support, and urged donors to continue their support of Rohingya refugee until they can return safely and in dignity. (Reporting and editing by RumaPaul)
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MSC confirms crew is safe after vessel was hit by projectiles on Monday in Iraq's Umm Qasr Port
MSC, the world's largest shipping company, announced on Tuesday that its Sariska V vessel was struck by two projectiles in Iraq's Umm Qasr Port on Monday. All crew members were uninjured and safe. The company claimed that the Iranian Revolutionary Guard had taken responsibility. MSC said the incident was an unprovoked attack against a neutral commercial airline?with no affiliation with the United States or Israel. In a press release, the group stated that it was "deeply concerned" by the unprovoked attacks. It also expressed concern about the danger they pose to innocent seafarers in the region and maritime trade. Iran's Revolutionary?Guards claimed they targeted?the?MSC Sariska V with a cruise-missile, according to?state media.?Declaring the strike as a retaliation against what Tehran claimed?was a previous?attack on a?Iranian ship. (Reporting and editing by Gavin Jones, Elwely Elwelly in Rome)
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Space investing booms as Impulse Space raises $500 Million at a valuation of $4.26 Billion
The startup Impulse Space has announced that it raised $500 million as part of a Series D round of funding. According to a source familiar with the situation, the funding round values SpaceX at $4.26 Billion. Tom Mueller was SpaceX's very first employee. He led the development of rocket engines which helped Elon Musk turn his company into "the world's leading launch provider". Impulse reported that the round was led by 137 Ventures, a venture capital firm, and Banner VC, a venture capital firm. The total capital raised by Redondo Beach-based Impulse is now more than $1 billion. JUST ABOVE LAUNCH ROCKES The fundraising shows a strong investor appetite for companies that are building infrastructure to support the commercial space industry beyond rocket launches. Launch costs are falling and satellite deployments are accelerating. Demand is increasing for vehicles capable of repositioning spacecraft, delivering payloads further into'space, and servicing satellites in orbit. "Launch is pretty much solved." Mueller, CEO of Impulse Space and also CEO at Impulse Space, said that the challenge is to get beyond low Earth orbit. Impulse designs and develops orbital transfer vehicles, propulsion systems and satellite movement vehicles to help move satellites faster once they're already in space. Impulse has said that it has completed three missions and has secured contracts worth hundreds of millions of dollars. Its products include Mira - a maneuvering satellite that is already in orbit - and Helios – a larger space transfer vehicle scheduled for its first flight by 2027. Helios allows commercial customers to launch with a Falcon 9 rocket and reach their final orbit in six, eight, or ten months. "Our pitch is 'launch Helios, and we'll have you there in the same day'," said President and Chief Operation Officer Eric 'Romo. SPACEX IPO EFFECT Investor interest in the space sector soared after SpaceX filed for the largest IPO ever. The filing detailed ambitious expansion plans, including Starlink satellite internet service, artificial intelligence infrastructure and reusable Starship Rockets. Investors are more interested in a new 'wave' of startups that were founded by former SpaceX executives, engineers and managers who built satellite, spacecraft or orbital logistics businesses. The company also announced that Founders Fund and Lux Capital were additional investors in the Impulse funding round. (Reporting and editing by Matthew Lewis in New York City, with Akash Sriram reporting from New York City)
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There are some flights to the Middle East that have resumed but there is still disruption.
As regional carriers rebuild their schedules following war-related disruptions, some airlines are slowly restoring flights to the Middle East. However, the conflict continues disrupting wider traffic flows. Middle Eastern airlines increased capacity following severe disruptions linked to the Iran War, but many carriers outside the Gulf still divert Europe-Asia flight to avoid the area. The latest flight information is listed below alphabetically: AEGEAN AIRLINES Thessaloniki-Tel Aviv flights are cancelled until June 26 by Greece's largest airline. Dubai flights are cancelled until August 31. Erbil and Baghdad flights will be cancelled until July 2. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are canceled until October 24. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. AIR FRANCE-KLM Air France has suspended Tel Aviv flights through June 14. Air France suspended its flights to Beirut, Dubai and Riyadh from June 2 to June 17. KLM has suspended flights from Dubai to Riyadh until August 2, and until July 12 to Dammam and Riyadh. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh through August 31. The U.S. carrier extended the suspension of service for the Atlanta-Tel Aviv routes through December 18, and plans to resume New York JFK-Tel Aviv flights starting September 6. The airline said that the launch of its Boston to Tel Aviv route was 'delayed until further notification. FINNAIR It has also cancelled all flights to Doha until October 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will only resume Dubai flights in October. British Airways, owned by IAG, has delayed the resumption of flights to Dubai, Doha, and Tel Aviv until August 1, and plans to reduce Middle East flights when services resume. The airline also plans to reduce the number of flights to Dubai, Doha and Tel Aviv. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 1 and until July 31. Polish Airlines has canceled flights to Riyadh and Beirut between March 31 and June 27. LOT will operate its winter route from Dubai to Riyadh in October. LUFTHANSA GROUP SWISS, ITA Airways, and Lufthansa plan to resume flights by July. Brussels Airlines suspended its operations until October 24, 2018. ITA Airways, SWISS, and Lufthansa will continue to suspend their flights to Dubai through September 13. Airline companies including Lufthansa SWISS Austrian Airlines and Bruxelles have suspended flights until October 24 to Abu Dhabi, Amman Beirut Dammam Riyadh Erbil Muscat Tehran Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil to June 22, and Dubai to Abu Dhabi and Amman to October 24. ITA Airways has also extended its suspension of flights to Riyadh through June 30. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR The low-cost airline has delayed the launch of its Tel Aviv, Beirut and Beirut services until June 15. QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is to increase to five weekly return flights from three, and the Perth to Singapore service will go from daily to ten a week. A 'updated schedule' will be implemented gradually for flights starting in mid-April until late July. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension until?August 2 and added services on the Singapore London Gatwick route until?October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights until June 30, including to Dubai, Bahrain and Erbil. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until the middle of September. All flights to Medina have been suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Matt Scuffham and Alexander Smith edited by Milla Nissi, Susan Fenton, Jonathan Ananda, Milla Nissi-Prussak, and Jonathan Ananda.
ADNOC resumes exports of naphtha via an alternative route to Oman, traders claim
The price of Asia's naphtha has fallen to its lowest level since early March, as Abu Dhabi National Oil Co (ADNOC), resumed exports via the Omani Port of Sohar in May, according to traders. This could provide an alternative supply route, which would ease the supply crisis caused by the U.S. and Israeli war against Iran.
ADNOC stopped exports of petrochemical feedstock of around 1 million metric tonnes per month from its Ruwais Refinery in April, after the war curtailed shipping via the Strait of Hormuz.
Last month, the United Arab Emirates producer resumed exports by using tankers to transport cargoes to the refinery in the Gulf and then transferring them onto other tankers in the Sohar port to export to Asia. This process is known as ship to ship transfers.
ADNOC’s?workaround' provides an alternative route for buyers who are reluctant to risk their ships crossing the strait. This allows more oil products?to reach Asia.
Shipping data showed that two of these tankers, Minerva Pisces, and Torm Gwyneth loaded naphtha around May 30, from ADNOC controlled?vessels, and are headed to Asia.
The traders said that more tankers could have loaded ADNOC Naphtha through Sohar. However, shipping data may not reflect all vessel movements.
ADNOC's spokesperson stated that "we do not comment on our vessel's position, movement or routing as a policy."
NAPHTHA PRICES TUMBLE
Prices for Naphtha
On Tuesday, the benchmark naphtha prices in Asia for the second half of the month of July dropped to $788 per ton. The margin fell to $84 per ton.
The price of naphtha is also being affected by the destruction of demand, as an insufficient supply of feedstock leads to widespread shutdowns and force majeures at petrochemical plants across Asia.
The International Energy Agency predicts that global naphtha consumption will fall by 80,000 barrels per day this year to 7,136 million bpd.
One Indian trader stated that naphtha is unlikely to reach its March peak levels due to the weak demand and market expectations. Reporting by Mohi Nrayan, Editing by Florence Tan & David Goodwin
(source: Reuters)