Asia

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...

Three merchant bankers confirmed on Wednesday that Adani Ports and Special Economic Zone (India's largest private operator of ports) plans to return to the local bond market following a hiatus of 17 months. This could be their largest rupee-denominated debt issue. The bankers who declined to be identified because they were not authorized to speak with the media stated that the company was set to raise up to 50 billion rupees (583.57 million dollars) by selling bonds maturing within 15 years. They invited bankers and investors to submit bids on Thursday. The Adani Group did not respond immediately to an...

A senior executive from the Chinese operator of Darwin Port said that the U.S. firm Cerberus was interested in buying the lease. This comes amid an Australian government push to return the port to Australian ownership. Terry O'Connor is the Australia non-executive Director of Landbridge, a Chinese company that operates Darwin Port. He said a Cerberus executive had met with Peter Dummett, Chief Executive Officer at Darwin Port, a fortnight earlier and expressed an interest. However, he hadn't yet spoken to Landbridge's Board. Cerberus has not responded to our request for comment. Landbridge previously stated that the port was not...

China's Ambassador to Canberra criticised Australia's government's intentions to return Darwin Port back to local ownership. He said that the Chinese company operating the strategically located northern Port should not be penalized. In April, during the election campaign, Prime Minister Anthony Albanese stated that his government had been working on a scheme to force Darwin Port's Chinese owner to sell it on the grounds of national interest. In 2015, Australia leased the commercial port to Landbridge for 99 years. This move was criticized by Barack Obama, the U.S. President at the time. In the city's northern part, 2,000 U.S. Marines...

Kerala authorities in southern India were scrambling on Monday to contain a spill after a container ship sank and leaked fuel into the Arabian Sea, as well as releasing 100 containers of cargo into the water. Officials said that the Liberia flagged MSC ELSA3 was traveling from Vizhinjam, on India's southernmost tip, to Kochi, when it capsized on Saturday about 38 nautical mile off Kerala. All 24 crew members were rescued. Kerala's chief minister's statement said that the entire ship was "submerged" since Sunday, without giving any further details on the incident. The Coast Guard is blocking the oil with...

China's Ambassador to Canberra criticised Australia's government's plan to return Darwin Port back to local ownership. He said that the Chinese company operating the strategically located northern Port should not be penalized. In April, during the election campaign, Prime Minister Anthony Albanese stated that his government had been working on a plan for forcing the sale of Darwin Port to its Chinese owner based on national interests. In 2015, Australia leased the commercial port to Landbridge for 99 years. This move was criticized by Barack Obama, the U.S. President at the time. In the city's northern part, 2,000 U.S. Marines...

Both countries announced on Friday that they had extended restrictions to each other's airspace in a tit-fortat move. This comes amid continued diplomatic tensions following a short military conflict between the two neighbours earlier this month. Pakistan Airports Authority stated that the restriction was in place for "all aircraft operated, registered, owned or leased by India" until 4:59 am local time on Friday, June 24, including military planes. (2359 GMT, June 23) India's Civil Aviation Ministry issued a corresponding NOTAM (Notice to Airmen), saying Pakistani-registered, operated, owned, or leased aircraft, including military flights, would be barred from Indian airspace through...

In separate statements released on Friday, Indian conglomerates led Mukesh and Gautam Ambani, billionaires who own Indian conglomerates, said they would invest more to further develop their projects in India's northeast. Gautam Adani, the chairman of Adani Group, announced at an industry conference in New Delhi that his company will invest 500 billion rupees (5.84 billion dollars) over the next ten years to develop infrastructure including roads, highways and green energy projects like hydro and pumped-storage. He announced earlier this year that his ports-to power conglomerate would invest 500 billion rupies in Assam, the state located in northeastern India, to...

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...

The Indian government said Thursday that it was within its legal rights to revoke Celebi's authorization to provide aviation services at the ground level in Turkey without prior notice, as it concerned national security. Celebi’s clearance was revoked by India last Thursday amid increasing public anger following Turkey's support of Pakistan in the recent India - Pakistan conflict. Indians are also boycotting Turkish products, including jams, chocolates and coffee. Celebi has asked the Delhi High Court to annul the cancellation, claiming it was made without warning and on the basis of "vague and unexplained" "national security" fears. However, Solicitor-General Tushar...

CK Hutchison announced on Thursday that the family-run MSC Mediterranean Shipping Company, owned by Italian billionaire Gianluigi Apponte, is the largest investor in a consortium seeking to purchase 43 ports from a Hong Kong conglomerate. Dominic Lai, Hutchison's co-managing Director, spoke at the annual general meeting of the company after weeks of criticism and scrutiny in China over its proposal to sell a majority of its global ports business worth $22.8 billion to a U.S. investment group led by BlackRock. Lai replied: "Yes. It has been since the beginning." CK Hutchison did not disclose the exact ownership of the investors...

According to LSEG and shipping data cited from an industry source, Russia has increased its supplies of oil to Syria. Syria needs it for its refineries. Russia has considered Syria a major gateway for its military and commercial operations in the Middle East. The Kremlin announced in January that Moscow was in negotiations with Syria's newly islamist-led government to maintain its bases in the west. According to LSEG and a source, a tanker that was hit by U.S. sanction, Mitzel, has loaded 140,000 metric tonnes of Russian oil at the Arctic port Murmansk. It is now heading to Baniyas, which...

Slovnaft, the Slovak refinery, has found alternative crude oil supplies to continue diesel exports to Czech Republic after EU exemptions that allowed the company to export products made from Russian oil expired on June 5, said MOL. Slovnaft has exported about half its production and relies mainly on Russian oil via the Druzhba Pipeline. It was granted a temporary exemption to EU sanctions, which allowed the company to process oil for both the domestic and international markets. After June 5, the Russian oil-based product will no longer be permitted to be exported, but they can still be used on the...

A Ukrainian official told reporters on Wednesday that Ukraine had protested at the International Atomic Energy Watchdog over reports that Russia was building power lines in order to connect its Zaporizhzhia Nuclear Plant to their own grid. Yuriy Vitrenko is Ukraine's representative at international organizations in Vienna. He told Ukrainian news agency Ukrinform, that Kyiv views any attempt made by Russia to connect its grid to the occupied plant as a gross violation to international law and Ukrainian sovereignty. The New York Times cited on Tuesday a Greenpeace report that found Russia building over 50 miles (80km) of powerlines between...

On Thursday, the Syrian government will sign an agreement with four companies to expand its electric grid by 5,000 Megawatts. This could double supply in a nation that has experienced severe power shortages for more than a decade. In most areas of Syria, electricity is only available for two to three hours per day. The government of President Ahmed al-Sharaa pledged that power would be increased in the country as soon as possible. According to an invitation sent out by Qatar's UCC Holding whose UCC Concession Investments unit will be the lead developer for the project, the deal launching Syria...

Fixed income news service IFR announced on Tuesday that Saudi oil giant Aramco had launched the sale a three-part dollar-denominated debt, with tranches maturing in five, ten, and thirty years. IFR reported that the oil giant set an indicative price of 115 basis points for the 5-year tranche, and the 10-year and 30 year tranches have initial price guidance at 130 bps and 182 bps, respectively, over U.S. Treasuries. The price is expected to be set later on Tuesday, and the deal will be a benchmark size. This is usually at least $500m. Citi, Goldman Sachs International and JPMorgan lead...

Three sources with direct knowledge of this matter and a document show that the Iraqi oil ministry sued the government of Iraq's semi-autonomous Kurdistan Region over oil and natural gas contracts signed with U.S. companies. The legal challenge is a new obstacle to the restart of oil flows through the Iraqi-Turkish pipeline, which have been stopped since March 2023 despite the pressure from the Trump administration. Masrour barzani, prime minister of Kurdistan Regional Government (KRG), oversaw the signing two energy contracts worth a total of $110 billion in their lifetimes, with U.S. firms HKN Energy, and WesternZagros. Has contacted companies...

Indonesia's energy ministry announced on Monday that it plans to increase its power capacity to 69.5 gigawatts by 2034. Most of this will come from renewable sources. However, the ministry still expects new coal-fired plants to be online. In a new energy supply plan for 2025-2034, the government stated that Indonesia would need to invest 2,967.4 billion rupiah (about 183 billion dollars) in order to realize the expansion. The state utility Perusahaan Listrik Negara is investing 567.6 trillion Rupiah into new power plants, and the government offers investors 1,566.1 trillion Rupiah worth of investment opportunities. Southeast Asia's biggest economy has...

The National Oil Corporation (NOC), which operates in Libya, announced on Saturday that an oil leak had forced the closure of a pipeline located south of the city of Zawiya. Libya's largest refinery is located in Zawiya (40 km/25 miles west of Tripoli), with a daily capacity of 120,00 barrels. The refinery is connected to the country's 300,000-barrels-per-day Sharara oilfield. The NOC published a photo showing a flow of oil leaking in the desert. The company announced in a press release that the flow of oil from the Hamada fields through the affected pipe was immediately stopped. "A team of...

Documents seen by us on Friday show that Niger has requested that Chinese employees who are working on oil projects in the country leave. This could impact dozens of people and strain bilateral relations. Niger, like other West African nations, has tried to gain greater control over natural resources while promoting local employment. Two letters show that the Oil Minister Sahabi Oumarou asked the China National Petroleum Corporation and its refinery SORAZ, to terminate the contracts with expatriates working in Niger since more than four years. A spokesperson for China's Foreign Ministry said that China has "always adhered to principles...

Documents seen by us on Friday show that Niger has requested that Chinese employees who are working on oil projects in the country leave. This could impact dozens of people and strain bilateral relations. Niger, like other West African nations, has tried to gain greater control over natural resources while promoting local employment. Two letters show that the Oil Minister Sahabi Oumarou asked the China National Petroleum Corporation and its refinery SORAZ, to terminate the contracts with expatriates working in Niger since more than four years. In a May 21 letter to SORAZ, Oumarou said that there would be flexibility....

Two people with knowledge of the situation said that Aramco, Saudi Arabia's oil giant, is looking for investors to help finance its $100 billion Jafurah Gas Project. Saudi Aramco is aiming to be a major player in the global natural gas market by 2030 and increase its production capacity of gas by 60% from levels reached in 2021. Jafurah is the largest shale project outside the United States. It will begin production this year, and increase to 2 billion cubic foot per day by 2030. In 2024, the U.S. will produce around 80 billion cubic foot per day of shale-gas....

CPC, the operator of the Caspian Pipeline Consortium in Russia, said that a pumping station damaged in February has been restored to service. This route is Kazakhstan’s main way of exporting crude oil. It also transports Russian oil from the Black Sea to be exported by tanker. A drone attack was said to have damaged the Kropotkinskaya pumping stations. The General Staff of Ukrainian Armed Forces has acknowledged that Moscow accuses Ukraine of having struck the site. CPC delivered products while the pumping station is being repaired. The pipeline transports more than 1% daily oil supply in the world. The...