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Portugal and Morocco seek EU funding, private investors to build power link
Portugal and Morocco said they would ask the European Commission to consider funding a long-promised power interconnector that connects the two countries. They will also explore private sector investment. The crippling power "blackout" in Spain and Portugal that occurred in April 2025 revealed the Iberian Peninsula’s limited electrical links with Europe. This helped revive plans for the Portugal-Morocco connection first studied in 2018. Iberia only has 3% of its total electricity capacity interconnected with neighbouring European countries. This is well below the EU's target of 15% for 2030. A link to?Morocco could strengthen the energy security of Portugal, which is currently only connected with Spain. It would provide an additional source of power in case of interruptions. Maria da Graca Carvalho, Portugal's Minister of Energy, said that Lisbon and Rabat had agreed to discuss the possibility of the power connection?being deemed an Important Project of Common European Interest. Carvalho stated that a new Europe-Africa electric connection would improve energy security and cooperation between the continents. Carvalho told reporters that he had decided to talk to the EC first to determine whether it is interested in taking this project on as an important European one. Portugal and Morocco are pursuing two tracks at the same time -- gaining access to the Connecting Europe financing facility and testing investor interest through a private-sector expressions of 'interest' process by grid operators and utilities. Carvalho stated, "We do not want to overcharge either our contributors or consumers." Benali stated that the two countries wanted to "ensure that we reduce costs,?especially affordability of energy access", for both populations as well as a number sectors. Carvalho stated that it was still too early to say whether the project would include a 'direct subsea cables between Portugal and Morocco, or use infrastructure via Spain which already has a electricity interconnection with this North African country. (Reporting and editing by Jan Harvey; Sergio Goncalves)
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EU waives penalties against oil and gas companies that violate methane laws
Following pressure from the U.S. Government to roll back rules, the European Commission has instructed EU governments that penalties will be waived for three years by oil and gas companies who 'breach their methane emission law. In recent months, the U.S. and?Qatar oil and gas industry?groups and most EU members states demanded that changes be made to the law, warning it would hinder Europe's ability in securing fuel supplies when imported gas is required to meet emission monitoring standards equivalent to Europe's from January 2027. In order to "avoid supply disruptions", the?Commission stated on Monday that EU countries should not impose penalties on companies who violate the?methane laws in 2027 2028 and 2029. Companies that did not comply with the law could be fined up to 20% their annual revenue. The Commission stated that the?changes are justified in the context of tightening global energy markets caused by the?ongoing?blockade of Strait?of Hormuz", disrupting the transit route of a fifth of world's oil & liquefied gas supply. This change will weaken the EU's first ever climate policy that was intended to curb methane leaks, a powerful greenhouse gas, and the second largest cause of climate changes after CO2 emissions. It does not go quite as far as critics would like, since it doesn't amend the law but only temporarily waives the penalties for violating it. A group of 17 EU member states, including Germany, the Czech Republic and others, has asked the EU to postpone the law. Analysts disagree on whether or not the new rules will limit the amount of oil and gas that the EU can obtain from global markets. The "recommendation of the Commission" regarding waivers of penalties is not binding, but it instructs countries on how to apply EU laws. A Commission official said on Monday that national courts were obliged to consider the recommendation, which would help businesses avoid any claims of being penalized for breaking the law. (Reporting and editing by Toby Chopra; Reporting by Kate Abnett)
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How the Houthi blockade of the Red Sea strengthens Iran's grip over global energy supplies
Houthis, who are allied with Iran, in Yemen, will blockade Saudi Arabia's maritime traffic, they announced on Monday. This would further restrict a global market for energy, which is already severely restricted due to Iran's closing of the Strait?of Hormuz. Why it matters, and what it means to the Iran War and the global energy crises: How big is the risk to global energy markets? It's not clear what the Houthis will do to blockade Saudi Arabia along the Red Sea Coast, their northern neighbor. Or if they would return to attacking shipping. Yemen is located on the strait of?Bab el-Mandeb - the southern entrance to the Red Sea - so closing it would create a 'new front' in the conflict between Iran and the U.S. and the energy crisis. The Red Sea is now a vital alternative outlet for Gulf Oil and other products, with Hormuz disrupted. If both major Middle East oil export routes were closed simultaneously, a serious disruption would be the result. The partial blockade of Iran's Strait of Hormuz by Israel and the U.S. after their attack on it on 28 February disrupted the majority of oil and other Gulf exports, causing prices to rise and a global energy crisis. Saudi Arabia responded to this by redirecting more than 70% its daily crude oil exports to Yanbu, a port on the Red Sea. Ships bound for Europe leave Yanbu via the Suez Canal. Those headed to Asia pass through Bab el-Mandeb. According to Kpler's and Signal Ocean's data, Yanbu has shipped an average of 4 million barrels per day over the past few weeks. This is up from 973,000 bpd one year ago. According to Kpler, the total petroleum volume transiting Bab el-Mandeb in June was 7.4 million bpd, which is about 7% global oil production. This represents an increase from 4.2 million bpd a year ago. This has helped to stabilize the global oil price by stabilizing the energy market. Last week, it was reported that Saudi Arabia is looking at expanding its crude oil pipeline along the Red Sea Coast. Gulf oil exports flowed freely when the Houthis attacked?Red Sea Shipping in November 2023. Who are the HOUTHIS and do they close RED SEA ENERGY routes on behalf of Iran? In the 1990s the Houthis were a military, religious and political movement that fought guerrilla warfare against the Sanaa government. Since more than a century, they have waged a civil war with the internationally recognized, Saudi-backed government and attacked Gulf neighbours using missiles and drones. The truce of 2022 between Yemen's warring parties largely held up until last week when Yemen's internationally recognised government claimed it had attacked Sanaa Airport to prevent an Iranian plane from landing. The Houthis claimed that Saudi Arabia was to blame and, in response, fired missiles into Abha Airport in the mountainous southwest of the Kingdom. In an interview with Press TV, a senior Houthi, politburo-member Mohammad al-Farah warned that if things continued to escalate, Bab el-Mandeb could be closed. Iran supports the Houthis in its regional "Axis of Resistance", including Lebanon's Hezbollah, and Iraqi Shiite militias. However, its ties to the Yemeni movement is less clear than those with these other groups. Houthis don't recognise Iran's supreme ruler as their ultimate authority religiously in the same manner that Hezbollah or Iraqi groups do. They are motivated primarily by domestic issues, even though they share Iran's ideology. Hezbollah is said to have helped Iran arm, fund and train the Houthis. The Houthis claim to be independent and do not accept that they are Iranian proxies. It is not clear to what extent the Houthis' stance on Bab el-Mandeb, the Red Sea and their own strategic priorities are influenced by Iran. What happened when the HOUTHIS attacked RED SEA SHIPS before? The Houthis started firing on Israel and ships in the Red Sea after the Hamas attack of October 7, 2023 and Israel's devastating Gaza campaign. They said they were doing this in support for Palestinians. The attacks caused a major disruption in global shipping. Maersk and Hapag-Lloyd, among other large companies, diverted around Africa, a route that was much longer and more expensive. Suez Canal Authority data show that the Red Sea traffic is still not recovering. The traffic through the Suez Canal in 2025 will be 52% lower than in 2023 and its lowest level in 50 years. The U.S. led mission to restore freedom of navigation in the Red Sea included repeated strikes against Houthi targets, and a defensive offensive that destroyed hundreds of drones. Some Houthi attacks continued until last summer. They only ended completely after the Gaza ceasefire. The Houthis announced last month that they would ban all ships from the Red Sea linked to Israel after Israel re-launched military attacks on Iran. Maersk announced this month that the threat never materialized and that Hapag-Lloyd and Maersk are now resuming certain Red Sea routes they abandoned last year during Houthi attacks. WHAT HAS THEIR ACTION BEEN DURING THE LATEST IRAN WAR? Hezbollah, the Iraqi groups and even the U.S. military joined the war with rocket and drone attacks after the initial U.S.-Israeli strikes against Iran. The Houthis were relatively quiet. Abdul Malik al-Houthi, the leader of the group, said on March 5, "Our fingers are ready to fire at any time if circumstances warrant it". Iranian commanders warned repeatedly that the Houthis might join the war. In late March and earlyApril, the Houthis launched some missiles and drones attacks against Israel. Esmaeil Quds Force Commander Esmaeil Quaani of the Revolutionary Guards Quds Force said on June 1, they could choke off Red Sea. It may have changed now with their announcement on Monday of the blockade against what they called "criminal" Saudi Arabia as retaliation to what they said the kingdom was sieging its ports and airports including last week's strikes. (Compiled and edited by William Maclean, Jason Neely and Angus McDowall)
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Sources: Russian steel magnate sold shipping firm in Sea of Azov
Four industry sources confirmed that Russian steel billionaire Vladimir Lisin sold a shipping company?operating?in the Sea of Azov, to agricultural logistics group Demetra. They added that the deal had been negotiated before Ukrainian drone strikes on commercial vessels caused shipping restrictions in the region. Volga Shipping transports grain, metals and coal along the Volga, Don and Black Sea rivers. Its cargo volume is more than 15 million metric tonnes per year. On Monday, neither Demetra nor Volga Shipping, nor Lisin's steel company NLMK responded to any requests for comments. Four sources confirmed that Demetra and Lisin-affiliated companies were involved in Volga Shipping. Could not determine the value of?the transaction. The attacks on ships, which threatens to disrupt the exports, have forced Russia, the world's largest wheat exporter, to restrict commercial shipping along the main trade route. Lisin, who controls NLMK - one of Russia's biggest steelmakers - has fallen to sixth position among Russia's wealthiest individuals, down from third place he held in 2024. This is due to the decline of Russia's steel industry. Demetra has emerged as a major player in its agricultural logistics sector. It serves lucrative grain trades with Russia's customers in the Middle East, Africa, and Asia. According to the most recent Russian corporate records, as of the 2nd quarter of 2024 91% of Volga Shipping is owned by Rumelko. This firm is controlled by Lisin. Details of Demetra’s ownership structure are not public. After consolidating its agricultural assets over a five-year period, the state lender VTB sold 45% of its stake in Demetra by 2023. Demetra said in 2023, that a company?whose beneficiary is a state-owned Oman investment fund would become a shareholder. Reporting by Gleb Stlyarov and Olga Popova, Writing by Gleb Brnski, Editing by Mark Trevelyan and Andrew Osborn.
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Yemen's Houthis have said they will impose a naval blockade on Saudi Arabia
In a televised address, the?Houthis of Yemen, who are aligned with Iran's regime in Yemen, declared an immediate naval blockade on Saudi Arabia. The militant group declared "a maritime ban against the criminal Saudi enemy based on 'an eye-for-an-eye' equation, effective immediately after the issuance of the statement." The Houthis claimed that the blockade was a response to Saudi Arabia’s "continued unjust and oppressive siege" on their people for nearly 12 years, which has led them to plunder our resources and impose a comprehensive air, land and sea blockade. Last week, the group launched missiles against 'Saudi Arabia after accusing it of bombing a?airport that was under its control. This broke a four-year truce in the conflict between Saudi Arabia and the Iran-aligned organization. The Houthis have not claimed any strikes against Saudi Arabia after an informal truce was signed in March 2022 following Houthi attacks on Saudi infrastructure. Reporting by Nayera Awadalla; Editing by Nadine AWADALLA, Aidan Lewis
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India has no plans to increase the ethanol content in gasoline above 20%
Suresh Gopi, the junior oil minister, said that India does not plan to increase the ethanol in gasoline above the current 20%. This is despite fears about further increases and criticisms that the blend reduces vehicle efficiency. E20, the 20% ethanol-blended fuel, was the only fuel available at India's 90000 petrol stations at the end last year. This caused a stir among the motorists of the third largest car market in the world. Gopi stated in written answers to Parliament that any decision to increase the ethanol content in gasoline would only be made after "detailed technical and scientific studies" as well as consultations with all stakeholders, including fuel retailers, automakers, and feedstock providers. No Rollback of E20 Gopi stated that there is no plan to return to E10 or pure gasoline and the government wants to move ahead?with "a superior fuel". He said that the government has not received any complaints about a decline in vehicle performance, engine failures, corrosion and fuel pump problems linked to E20. Vehicles designed for E10 only experience a marginal drop of 3% to 5 % in fuel efficiency when they use E20. If ethanol blends had caused systemic damage to fuel systems or engines, there would have been a large number of warranty claims and service campaigns. Consumer complaints are also likely to have been widespread. DIFFERENTIATION OF ETHANOL IN FEEDSTOCKS India produces ethanol using a variety of feedstocks including maize, damaged foodgrains and broken rice. Diversification also involves shifting the production to less water-intensive plants such as?maize. Its share in India's Ethanol?programme rose from?zero in just five years, to 37% by 2025/26. Gopi stated that India's ethanol blend programmes will ensure water sustainability, food safety, and farmers' interest remain "primordial".
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Airlines warn manufacturers not to release the next generation aircraft too quickly
Airline executives warned Boeing and Airbus on Monday not to rush into a 'new genration of commercial jets' without making sure their technology was mature enough. Paul Kent, Chief Commercial Officer at BOC Aviation told the Airline Leaders Summit at the Farnborough Airshow that he was not interested in seeing a new narrowbody by 2030. Kent said: "When you launch an aircraft, but they aren't mature when you start, and then you develop that maturity by introducing the program, you will need to continue to run it for many years to make it economically viable." Michael O'Leary warned Ryanair's CEO Michael O'Leary against "overfocusing on new technologies" during the airline's earnings call for its first quarter. "Until someone gets Star 'Trek travel and you start beaming them around the world...instead of flying." O'Leary stated that he believes we'll be dealing with 737 Maxes or Airbus Neos for 10 to 15 years. British Airways' Chief Executive Sean Doyle stated that they would be interested in?seeing what Airbus develops. Doyle stated, "We would be interested in what they are working on." (Reporting and editing by Kirsty Donovan, Sharon Singleton, and Joanna Plucinska)
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Archer, Anduril unveil autonomous aircraft platform for defense, commercial markets
Archer Aviation, a defense technology company and Anduril unveiled on Monday a codeveloped autonomous aircraft platform. Aerospace startups are increasingly relying on partnerships to lower costs and accelerate commercialisation. The platform, which was developed under the?agreement of 2024, is intended for both 'commercial?and'military applications. Anduril unveiled the defense variant called Thunder on Monday at Farnborough Airshow. This is a Group 5 autonomous assault rotorcraft designed to fly with current and next generation crewed attack aircraft. Adam Goldman, CEO of Archer, said that the company chose to build a specific aircraft instead of retrofitting an existing aircraft. "Andruil did a great job identifying needs, and then building ahead to meet those 'needs' before any programs were announced... Goldman stated that they identified a specific need and built an aircraft to meet it. "When you are looking at a large-scale product for the defense sector, it is important that they be designed and built to cater to that specific customer. Archer, known for its electric air taxis and commercial platform, will unveil their commercial variants this week. Electric vertical takeoff-and-landing aircraft developers are looking to expand their services beyond the urban air taxi market. This sector was once hailed as a trillion dollar industry, but certification delays, infrastructure obstacles, and high capital requirements have weighed on it. Shane Arnott is Anduril Industries senior vice president for programs and engineering. Hybrid-electric propulsion is also being used by more air taxi companies to improve their?mission flexibility and extend the range beyond the short?urban hops. They are hoping to reach a wider market and reduce losses. The Archer-Anduril Platform uses a hybrid-electric powertrain with tilt rotors that can 'variate rotor speeds depending on flight conditions. It is capable of supporting missions such as?military strike, cargo movement, distant logistics, and other operations in austere areas, according to the companies. The partnership is a way for Archer to enter the defense and heavy-duty commercial market, while the future of the air-taxi industry looks cloudy. Multiple test flights have been completed using surrogate full-scale aircraft as a way to validate key systems. Thunder's initial flight is scheduled for 2027. Reporting by Shivansh Tiwary in Farnborough and Cassell Bryn-Low, England. Editing by Sharon Singleton.
Ukraine introduces big strikes on Russian cities
Ukraine struck Russian regions with a major drone and missile attack overnight, destructive factories in a minimum of 3 cities, authorities and media said.
The Shot Telegram channel said that Russia had actually downed more than 200 Ukrainian drones and 5 U.S.-made ATACMS ballistic rockets.
The enemy has organized an enormous combined strike on the territory of the Russian areas, the Two Majors war blogger stated.
Roman Busargin, guv of the Saratov area about 720 km ( 450 miles) southeast of Moscow, said the cities of Saratov and Engels, on opposite banks of the Volga River, had been subjected to a mass drone attack and there was damage to 2 industrial websites. Schools had actually moved to remote learning, he stated.
Ukraine assaulted the same area recently and declared to have actually struck an oil depot serving an airbase for Russian nuclear bomber airplanes, causing a substantial fire that took five days to put out.
The independent Astra news outlet reported a fire at an commercial website in the city of Kazan, east of Moscow, as a. outcome of a drone attack.
Alexander Bogomaz, the governor of the Bryansk region in. western Russia, stated Ukraine had actually launched a major rocket attack. but did not say which missiles had been used.
Flight limitations were imposed at airports in Kazan,. Saratov, Penza, Ulyanovsk and Nizhnekamsk, Russia's aviation. watchdog said.
Nizhnekamsk, in Russia's republic of Tatarstan, is home to. the major Taneco refinery. Shot stated attack sirens were sounded. at the refinery. Reuters was not able to right away validate the. report.
ROCKET RISKS
There was no instant comment from Russia's defence. ministry. Reuters could not confirm the use of U.S.-supplied. ATACMS rockets, as reported by Shot.
Ukraine first fired ATACMS and British Storm Shadow. rockets into Russia on Nov. 21 in 2015, prompting Moscow to. respond by launching a brand-new intermediate-range hypersonic. ballistic missile called Oreshnik, or Hazel Tree, at. Ukraine.
The Kremlin has actually said Russia will strike back, consisting of. potentially with more Oreshnik launches, every time Ukraine. strikes it with those weapons.
President Vladimir Putin said in November that the. Ukraine war was intensifying towards a worldwide dispute after the. United States and Britain permitted Ukraine for the first time to. launch their missiles deep inside Russia.
President-elect Donald Trump has actually pushed for a ceasefire and. negotiations to end the war quickly, leaving Washington's. long-lasting assistance for Ukraine in concern.
Russia's 2022 intrusion of Ukraine has actually left tens of thousands. of dead, displaced millions and activated the biggest crisis in. relations in between Moscow and the West given that the 1962 Cuban. Missile Crisis.
(source: Reuters)