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Uganda's EACOP Pipeline worth $5 billion gets a funding boost
EACOP Ltd, the company responsible for building Uganda's EACOP oil pipeline, announced on Wednesday that it had closed its first external financing round from a consortium of institutions which included commercial banks and Afreximbank. Standard Bank, Stanbic Bank Uganda, KCB Bank Uganda, and the Islamic Corporation for the Development of the Private Sector in Saudi Arabia are among the financiers. The statement stated that "the successful closure of this first tranche is a significant landmark." The statement did not give a value to the financial backing. Uganda's Energy Minister said in October that the partners of the $5 billion East African Crude Oil Pipeline, (EACOP), were injecting additional cash into the project. This was to avoid it stalling because debt financing had been difficult to obtain. Minister Ruth Nankabirwa travelled to Beijing in order to meet potential Chinese financiers. This was seen as vital for the success EACOP, after several Western banks including BNP Paribas Societe Generale, and Barclays pledged to not finance the pipeline due to pressure from climate activists. EACOP, which links oilfields in Uganda with Tanga port, is part of an broader $15 billion plan by TotalEnergies, China's CNOOC, and other partners, to develop the Kingfisher, Tilenga, and Lake Albert discoveries. Sources briefed about the financing agreement told a source on Wednesday that Chinese support is also guaranteed. Oil companies who are already involved in the project will be taking both equity and debt. "The Chinese are in," said the source. (Reporting and editing by Kirby Donovan; Wendell Roelf)
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The truce agreement between Ukraine and Russia has been a disaster within hours
Ukraine and Russia both accused each other on Wednesday of violating a truce negotiated by the United States on energy strikes, while the European Union stated that it would not accept the conditions set forth by Russia in a planned ceasefire at the Black Sea. On Tuesday, the United States and Russia announced separate agreements to pause their attacks in the Black Sea as well as against each other's targets for energy. However, the rhetoric coming from Moscow and Kyiv indicated that they were still far apart. Volodymyr Zelenskiy, the president of Ukraine, stated that the U.S. told Kyiv that the agreements were in effect as soon as the announcements were made. The Kremlin, however, said that the Black Sea Agreement would not come into force until the sanctioned Russian bank is reconnected with the international payment system. Europe stated that this would not be possible until Russia withdraws from Ukraine. The Kremlin claims that it has been implementing a ceasefire on attacks against energy since March 18; however, a senior Ukrainian official stated that Russia had already attacked eight Ukrainian energy installations since this date. The agreements on paper are a tangible move towards a ceasefire following the Russian invasion in February 2022, which unleashed the largest conflict in Europe since World War Two, which rages along a 1,000 km (600 mile) frontline. Donald Trump wants peace quickly, so the United States published on Tuesday two joint statements outlining the agreements with Moscow and Kyiv. However, neither document provided a timeline for the implementation of the agreements. Overnight, Russia claimed to have shot down nine drones including two that were flying over the Black Sea. The Russian government also claimed that Ukraine had attempted to attack a Russian-occupied gas storage facility and energy infrastructures in the Kursk and Bryansk region of Russia. Ukraine denied that it had conducted such strikes. Ukraine's military reported that 117 Russian drone strikes occurred overnight. Local officials reported that the city of Kryvyi RIh was hit by its biggest drone attack yet. Zelenskiy urged the United States (US) to sanction Moscow further, saying that it was not "pursuing a real peace" following the latest Russian drone attack. Zelenskiy, writing on X, said that "launching such large-scale strikes after ceasefire talks is a clear message to the entire world that Moscow will not pursue a real peace." Actions not words Diplomats told us that the majority of restrictions and sanctions imposed by the European Union are the ones the Kremlin wants lifted before the truce at the Black Sea comes into force. The EU has said that it is not targeting the trade of food, grains or fertilisers and it made it clear that it will not change its sanctions as long as Russian forces remain in Ukraine. The EU executive commission spokesperson said that "the end of Russia's unprovoked, unjustified aggression against Ukraine and the unconditional withdrawal of Russian military forces on the entire Ukrainian territory would be the main condition for amending or lifting sanctions." Officials said that European nations attempting to create security arrangements with Ukraine are moving away from sending troops and instead looking for alternative ways to protect Ukraine's skies and seas, and its borders, as they face logistical and political constraints. Un senior European official in defence said that everything would depend on the prospects of a ceasefire. He added that he wasn't optimistic. Since many months, Russian drones have regularly attacked Ukrainian cities at night. Power outages have also been a feature of life in Ukrainian cities as missiles have hit the power grid. However, Russian attacks on gas facilities have increased more recently. Kyiv used drones against Russian oil installations to strike back. Zelenskiy stated: "Everyone affected must receive assistance. There must be strong pressure from all over the world to Russia, including more sanctions and pressure from the United States. In the Ukrainian statements, it was not stated that Russia has hit energy infrastructure in its latest attack. Oleksandr Vikul, the head of military administration, said that at least 15 explosions occurred in Zelenskiy’s hometown, Kryvyi Rih, overnight, during a Russian aerial attack. However, no one was injured or killed. He said, "This is apparently how the occupiers want peace." The governor reported that seven Russian drones had been shot down in the region of Mykolaiv. This southern region has a port which provides access to Black Sea, and it's been closed ever since Russia invaded. The local governor of Okhtyrka, in the border area of Sumy, said that Russian drones had damaged two apartment blocks, an administrative structure, and businesses. The reports of the attacks from both sides could not be independently verified. Reporting by Anastasiia and Pavel Polityuk, in Kyiv; Yuliia and Pavel Dysa, in Gdansk; Lidia Kelly, in Melbourne; and Jan Strupcewski, Julia Payne, and Jan Strupcewski, in Brussels; Writing and editing by Tom Balmforth, Philippa Fletcher, and Ros Russell.
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As more Western shipowners return, the Russian oil shipping rates to India from Baltic ports are reduced.
Two traders reported that the freight rates for Russian oil from its Baltic ports into India have fallen from recent records highs due to an increase in Western shipowner offers after Urals crude prices dropped below a price ceiling of $60 per barrel. The Group of Seven, in coordination and cooperation with the EU imposed a price cap on Russian oil at over $60 per barrel in late 2022, blocking access to Western shipping and insurance services. This was done to limit Moscow's financial ability to fund its Ukraine War. After reaching a record high in early March, the cost of shipping Urals crude oil from the Baltic port of Primorsk to India has fallen to an average of $7 million for a one-way shipment. The price of Urals crude oil in Russia's port fell below $60 a barrel in March. This allowed more Western shipping firms to resume their services, including freight, for Russian oil. On Wednesday, the price of Urals oil shipped from Primorsk port was $57 a barrel. One Urals trader said, "Urals is below the limit of $60 per barrel for quite some time. Many shipowners are now entering the market to offer good prices." If implemented, the freight rates for Russia's oil may continue to fall. The Black Sea maritime security agreements have yet to be implemented. After a new round U.S. energy sanctions announced in January took effect, the price of Russian crude shipping increased sharply. Russian oil sellers had to find new tankers to replace the ones that were hit by the sanctions. The cost of shipping Russian crude oil from Baltic ports to India in January was $4.7-4.9million. Reporting by Jane Merriman (Editing by Jane Merriman).
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Trump's port fee plan is criticized by officials from the fossil fuel and agriculture industries
Representatives of the fossil fuel and agricultural industries are expected to criticize Trump's administration's plans to impose large fees on China-linked vessels entering U.S. port during a Washington hearing on Wednesday. They argue that the move will impede their ability to export anything from coal to soy beans. Proposed fees for China-built ships could reach $3 million per port call in the U.S. The Trump administration claims that the fees would reduce China's military and commercial dominance in the high seas, and encourage a revival of U.S. shipbuilding. However, many other U.S. businesses, including miners and farmers, are concerned the fees will leave them with new costs, and a lack of ships to transport their products to the market. In a March 17 letter to the U.S. trade representative, Peter Bradley, CEO at coal and oil exporter Javelin Global Commodities said: "The reality is that there are not enough vessels suitable for U.S. manufacturers to charter, which would allow them to avoid these fees." Last week, officials from the coal and agriculture industries said that proposed fees made it hard to charter ships for exporting their products. They also caused inventories to increase. United Grain Corp stated in a March 21 letter that early market reactions to port charges have already resulted in a 40% increase of ocean freight costs for commodity shippers. Many of these companies are operating on razor-thin profit margins. This issue, as well as the administration's escalating tariff wars with China and Europe, Canada, and Mexico, have revealed an unlikely faultline that exists between U.S. president Donald Trump and fossil fuel and agricultural companies, which he promised to support in his campaign for office. Wednesday's USTR hearing will be the final one before the administration takes a final decision. Ship operators said the fees would harm their business during a Monday hearing, but representatives of the steel sector expressed their support. According to the agenda, representatives from the American Petroleum Institute (API), the National Mining Association (NMA), the North American Export Grain Association (NAEGA), and the Agriculture Transportation Coalition will speak at the hearing on Wednesday. Reporting by Valerie Volcovici and Lisa Baertlein; Writing by Richard Valdmanis, Editing by Richard Chang
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Greek sources claim that the Greek PM will meet Israel's Netanyahu on March 30 in Jerusalem.
Two Greek sources said on Wednesday that the Israeli Prime Minister Benjamin Netanyahu and Greek Prime Minister KyriakosMitsotakis will meet on Sunday in Jerusalem. One source said that the agenda for the meeting was expected to be lengthy. The last time the two leaders met in Israel was in 2023. Greece condemned Hamas' attack on Israel in October 2023, but called for the end of the Gaza war and respect for ceasefire agreement. The UN says that the uninterrupted and continuous flow humanitarian aid into all areas of Gaza is a top priority, while the displacements of Palestinians may lead to instability in the region. Children from Gaza have been treated in hospitals in Greece. On Sunday, the leaders are likely to discuss war, foreign affairs, and bilateral issues. They may also talk about a project to build a submarine power cable that would connect continental Europe with the East Mediterranean. The Greek grid operator IPTO is constructing the Great Sea Interconnector cable (GSI), which will connect transmission networks in Europe to Cyprus. Later, it will stretch through the Mediterranean Sea to Israel. Greece dismissed media reports this month that the project had The planned link was halted due to financial and geopolitical concerns. However, the government reaffirmed their commitment. (Reporting and editing by Toby Chopra; Renee Maltezou)
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Maguire: Nuclear growth allows South Korea to reduce coal and LNG imports
South Korea's record nuclear power production has helped it cut its imports of thermal coke and LNG by more than a year so far in 2025. This could be a blueprint for other nations that are looking to reduce their reliance on fossil-fuel imports. Since September last year, nuclear reactors have produced more electricity than South Korea’s coal- and natural gasfired plants. This has helped South Korea's utilities to make significant cuts in fossil fuel purchases and usage so far in 2025. South Korea was historically a top four importer of coal and LNG. However, in the first quarter 2025, it reduced the combined imports by 20 percent from 2024. This is due to a greater domestic nuclear production. Continued high nuclear production could lead to further reductions in South Korea's imports of fossil fuels and demonstrate the effectiveness a nuclear fleet has at replacing expensive and highly polluting fuels for power production. NUCLEAR GROWTH According to Ember data, South Korea's nuclear fleet produced a record 17,9 terawatt-hours of electricity in January. This is 20% more electricity than the same month of 2024, and accounts for almost 35% of South Korea's electricity. The South Korean nuclear power supply has steadily increased due to a sustained effort to improve the efficiency of the country's reactors. This is in conjunction with the launch of the Shin Hanul-2 in early 2024. Ember data show that between 2019 and 2024 the total electricity generated by South Korea's nuclei plants increased by 29%. This is from 146 Terawatt Hours (TWh), to 189 TWh. The rapid increase in clean electricity allowed utilities to reduce the coal-fired electricity output by 26 percent and yet still raise overall electricity supply by 6 percent during this same period. The supply of natural gas-fired power increased by 17% between 2019 and 2024. Last year, it overtook coal-fired power for the first time. In 2024, nuclear power will surpass coal and gas plants in South Korea for the first ever time. This will cement its position as the primary energy source of the country. With four more reactors currently under construction, the importance of nuclear power in South Korea is set to continue growing. Import Impact Kpler, a ship tracking firm, has revealed that South Korea will be the third largest LNG importer in 2024 and fourth biggest thermal coal importer. South Korea's thermal coal imports fell 23% in the first quarter 2025 compared to the same quarter last year, while LNG imports dropped 16%. South Korea imported thermal coal in total of just under 14 million metric tonnes from January to March. This is 4 million tons lower than the same period last year. The first quarter 2025 saw South Korea import 10.6 million tonnes of LNG, nearly 2 million less than the first quarter 2024. Both commodities' first-quarter import totals were the lowest they have been in at least 8 years. This could indicate a major shift in the fossil fuel flow across Asia, if it continues through the remainder of the year. The impact of South Korea’s decline in fossil fuel imports could be felt by a wider range of nations, particularly those considering nuclear energy to increase their overall energy supply and reduce their reliance on foreign fuels. South Korea's utilities showed that with the right funding and support, it is possible to improve the efficiency and output of the existing fleet and add new reactors in order to increase overall electricity production. This higher nuclear base will allow us to reduce our dependence on fossil fuels imported from abroad, and create a more independent, cleaner, and self-sufficient power system, which can expand electricity supply in accordance with the domestic demand. These are the opinions of the author who is a market analyst at.
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What are the main issues in US negotiations with Ukraine and Russia?
Here are some issues that Russia and the U.S. are discussing during talks to pave the way for the end of the war in Ukraine. ENERGY INFRASTRUCTURE On March 18, President Vladimir Putin accepted a proposal from U.S. president Donald Trump that Russia and Ukraine cease attacks on the other's infrastructure energy for 30 days. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine would support this proposal. The proposed 30-day blanket truce was not reached, as the U.S. and Ukraine both wanted. Since then, both sides have reported that they continue to strike their energy facilities. NUCLEAR PLANTS According to a U.S. press release, Trump suggested during a phone call with Ukrainian president Volodymyr Zelenskiy, on March 19, that the U.S. might be able to help Ukraine run its nuclear power plants, as well as owning and operating some of Ukraine's energy infrastructure. Zelenskiy denies that Trump discussed ownership, but he did say the Zaporizhzhia nuclear facility in Ukraine - Europe's biggest nuclear plant - was one of the topics. Russia and Ukraine accuse each other of putting the plant at risk by attacking it. Zelenskiy stated that Kyiv was ready to discuss U.S. participation in modernizing plant if the plant were returned to Ukraine. BLACK SEA SHIPPING On March 24, U.S. officials and Russian officials met in Saudi Arabia to discuss a Trump initiative for a maritime ceasefire along the Black Sea. The Black Sea Grain Initiative, which was launched in July 2022 by the United Nations and Turkey, allowed for the safe exportation of almost 33 million metric tonnes of Ukrainian grain. The World Bank's Global Commodities Outlook from April 2024 stated that both Russia and Ukraine shipped grain without major issues. Zelenskiy said that he supports the idea of a maritime ceasefire. Kyiv, however, has not commented on Trump's Black Sea Initiative. It could use Mykolaiv in addition to the three other ports located in Odesa to export grain, iron ore, and other commodities. Since 2022, Ukraine has caused significant damage to Russia's Black Sea Fleet, forcing Moscow out of its base on occupied Crimea. PRISONER CHANGES Russia, Ukraine and both sides announced on March 19 that they had exchanged 175 prisoner of war. Russia also handed over 22 Ukrainian prisoners as a gesture of goodwill. Zelenskiy stated that the 22 Ukrainians are "severely injured warriors" and were persecuted by Russia for fabricating crimes. NATO MEMBERSHIP Putin wants Ukraine to drop its official ambitions to join NATO. In its constitution, Ukraine states that joining NATO is a priority and that this would be the most effective way to guarantee security as part of any peace agreement. John Coale said last month that the United States has not ruled out a potential NATO membership or a negotiated go back to Ukraine's pre-2014 border. U.S. defense secretary Pete Hegseth said this prospect was unrealistic. Trump said that he did not believe Russia "would allow" Ukraine to join NATO. UKRAINE POST-WAR SECURITY Ukraine, whose NATO membership is not imminently in the cards, wants to strengthen its military as well as secure continued support from Europe and America. This will be part of any future peace agreement. After a peace agreement is signed, Britain and France plan to build a force of foreign ships, planes and troops in or around Ukraine as a deterrent. Some Russian officials said that they would not accept a Ukrainian military force of this size. Moscow also said that a reduction in Ukraine’s military was a condition for a peace agreement. WESTERN SANCTIONES, ELECTIONS Putin said that he wanted the Western sanctions against Russia to be eased. He also wants a presidential elections in Ukraine. Ukrainian law prohibits elections to be held during martial laws and Ukrainian officials claim that it's not the place of Moscow to dictate a date for an election. Under Biden, the United States led a broad campaign of sanctions against Russia. This included measures to limit Russia's oil and gas revenue such as a $60 cap per barrel for Russian oil exports. According to sources, the Trump administration is examining ways in which it can ease sanctions if Moscow agrees on ending the war. Trump has also hinted at the possibility of large-scale tariffs and banking restrictions on Russia until peace was achieved. RUSSIAN-HELD TERRITORY Russia wants control of all four partially-occupied eastern Ukrainian areas it claims as its own. It also wants the Crimean Peninsula, which it annexed and seized in 2014. Unnamed sources at a private Putin event told Russia's Kommersant that Putin wants the U.S. formally to recognise Luhansk and Donetsk as part of Russia, along with Crimea. Ukraine has said that it will not recognise Russian sovereignty on Ukrainian territory, but it is aware it will need to be returned diplomatically in due course. UKRAINIAN MINERALS Kyiv has been in talks with Washington about a deal that would give the United States a financial reward for the development of Ukrainian resources, namely rare earths which are used to make electronics. The deal fell apart after the disastrous meeting between Trump and Zelenskiy in the White House at the end last month. On March 19, the White House announced that it was moving beyond just a deal framework to focus on a long term peace agreement. Trump announced the next day that a rare earths deal would be signed in a very short time.
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The rupture of the Ecuador SOTE pipeline released 25,116 barrels.
In a recent statement, Ecuador's National Disaster Management Agency said that the rupture of Ecuador's SOTE oil pipeline spilled more than 25,000 barrels. The spill affected three rivers, wildlife, and at least 5300 people. Petroecuador, in a separate press release on Tuesday, confirmed the magnitude of the spill and stated that they had collected 30,257 gallons of crude oil mixed water prior to a separation procedure. Petroecuador, the state-owned oil company, was forced to declare force majeure after a rupture caused by an avalanche. The pipeline was shut down for six days. The company resumed the export of Oriente crude, but has not lifted its declaration. In a report posted on the National Secretariat for Risk Management's website, published Monday night, "EP PETROECUADOR stated that containment barriers and dikes were installed in the Viche region and that 25,116 barrels of oil were spilled across 80 km." According to the report, the spill affected at least 294 acres of agricultural land, three rivers and nine beaches in the coastal province Esmeraldas. Petroecuador has said that it has allocated $4,000,000 for contingency plans. It is also maintaining ground monitoring, conducting overflights to the affected areas and providing provisions to affected families. (Reporting and writing by Alexandra Valencia, Julia Symmes Cobb, Aida Pelaez Fernandez; editing by Leslie Adler).
Panama's vessel registry claims that it is not a place for sanction evasion
The Central American nation's Maritime Authority announced on Wednesday that Panama had made progress in removing vessels from its registry if they did not meet the standards of its flag. This was a response to criticisms by the United States that it had allowed sanctioned nations to move ships under the Panamanian flag.
Officials and congressmen from the United States have accused Panama for not doing enough to enforce sanctions against vessels and shipowners from countries such as Russia, Iran and Venezuela. Donald Trump, the U.S. president, has used these arguments in threatening to take over the Panama Canal.
Washington has asked Panama to cancel the registrations of dozens ships that are suspected of transporting oil or other commodities sanctioned by the United States, or of engaging in ship-to-ship transfers in order to conceal the origin or country of cargoes.
Panama's Maritime Authority announced that the latest evaluation of its registry, conducted by an independent fleet-monitoring firm, showed 96.5% compliance to international safety and environment standards.
In a press release, the Panama Maritime Authority said that it had intensified fleet purge activities, removing vessels from its registry that did not meet required standards. It added that the registry was "not a refuge for sanctions evasion."
In a press release, Ramon Franco said, "We maintain a policy of zero tolerance for any attempt to misappropriate the Panamanian Registry."
The authority didn't disclose how many vessels had been removed from the registry.
According to the Maritime Authority, S&P Global’s consultancy IHS Markit reported that Panama's registry will add a net of 468 ships in 2024 for a total 8,773 vessels under its flag.
(source: Reuters)