Asia

Four market sources reported on Monday that the Russian energy company Novatek would reduce its naphtha exports, and may resume shipments to international markets of stable gas condensate due to an inferno at their complex located in Ust-Luga port. The regional governor stated on his Telegram account that debris from a destroyed Ukrainian UAV caused an early morning fire at Novatek’s Ust-Luga Terminal on 24 August. According to market sources, the complex was closed on Sunday. Two sources say that while the full impact of the fire is not yet known, at least one unit of processing was damaged. According...

Ukraine's largest farming union demanded on Monday that the government lift the wartime ban on imports of nitrogen fertilisers into the country’s maritime ports. They warned that the shortages could affect the yields of the key grain crop in the country. Ukraine banned the import of explosive nitrogen fertilisers at seaports when it began its war with Russia. The UAC Farmers' Union said that while nitrogen fertilisers are still available for import via land or river ports, shortages have become worse during a season of high demand. The UAC stated that the key factor is the prohibition on the importation...

According to two shipping sources, Turkish port authorities are now formally requesting shipping agents to submit letters stating that the vessels they represent do not have any connection to Israel or carry military or hazardous cargo bound to Israel. This is the second step Turkey has taken to punish Israel for its Gaza war with Hamas. Last year, it cut off trade worth $7 billion annually with Israel. Sources said that the harbour master’s office verbally instructed agents to give written assurances. They added that there was not an official circular regarding the issue. According to one source, the instructions...

According to two shipping sources, Turkish port authorities are now formally requiring shipping agencies to provide letters stating that the vessels they are using are not connected to Israel or carrying any hazardous or military cargo bound for Israel. Sources said that the harbour master’s office verbally instructed agents to give written assurances. They added that there was not an official circular regarding the issue. According to one source, the instructions applied to all ports in Turkey. Second source: The letter of guarantee should state that the vessel owners, managers and operators do not have any ties with Israel and...

Investors waited for Jerome Powell, the U.S. Federal Reserve chair's speech on Friday at the Jackson Hole Symposium to determine the direction of interest rates. The markets are looking at whether Powell will buck the market's expectations of a rate reduction next month, following a poor jobs report in July. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. The benchmark index in Qatar fell 0.2% due to declines across the board. Qatar National Bank, which is the largest lender in the region, dropped 0.4%, while Industries...

The traders said that Russia's gasoline exports to Afghanistan and Turkmenistan dropped in July, even before Moscow restricted the exports to ensure affordable supplies on the domestic market. According to data from traders, Russia's gas exports to Afghanistan dropped to 9,500 tons last month, down from 33,950 tonns in June. Turkmenistan's imports also decreased to 19,800 tonns from 39,700 tonns. The data revealed that Belarus increased its supply to Afghanistan at the same time to counteract the Russian decline. Russia implemented official export restrictions for gasoline producers towards the end of July in order to boost domestic supply during the...

Investors waited to hear what Jerome Powell, the U.S. Federal Reserve Chair, would say at a major conference later this week about the direction of interest rates. Powell's Friday speech at the annual Jackson Hole Symposium is the focus of traders, who are looking for any pushback on market expectations that a rate reduction will be coming next month. The dollar is the most common currency in Gulf markets. The benchmark index in Qatar fell 0.6% due to declines across the board. Qatar National Bank, which is the largest lender in the region, decreased by 1%, while Qatar Navigation dropped...

Sources in the industry said that new requirements for ship entry and inspection have significantly hindered Russian grain exports through Kavkaz on the Black Sea. These exports accounted almost a quarter (24%) of all seaborne imports during last season. According to a presidential decree issued in July, foreign vessels must have permission from the port authorities to enter Russian ports and receive approval from the FSB security services. One of six sources said that since the beginning of August around 350,000 tons of grain has been shipped through Kavkaz. This compares to 1.5 million to two million tons per month...

A London court heard that lawyers representing Indian businessman Prateek gupta failed to attend a hearing Monday due to funding problems in a longstanding fraud case brought by commodity traders Trafigura regarding nickel cargoes. Trafigura of Geneva, a major industrial metals trader and oil company, sued Gupta for $60 million in fraud in February 2023. It claimed that it was the victim in a $600-million nickel cargo scam masterminded by Gupta. Gupta said that Trafigura employees designed the scheme in the middle of the case, which substituted low-grade materials like scrap with high-grade Nickel. Trafigura, its employees and the company...

The Ivory Coast cocoa grinding fell 31.2% on an annual basis in July, to 39,301 metric tonnes, according to data released by the exporters' association GEPEX. Grinders cited poor bean quality and low quantities of the mid-crop. From the beginning of the season 2024/25 in October to the end of July, the total grind of cocoa beans was 515,055 tonnes, a 4% decrease from the same period the previous season. The director of a San Pedro-based international grinding company said that the "quality of the beans" was the main reason for the dramatic drop in July's grinding this year. They...

Gulf stocks had a mixed start to the trading session on Monday, as investors grew cautious in anticipation of this week's Jackson Hole Symposium for clues about the next U.S. Federal Reserve policy move. The U.S. released data on July retail sales on Friday. Although the results were as expected, a weaker consumer sentiment and a softer factory production suggested that tariffs are weighing down on certain parts of the U.S. economy. This clouded the Fed's interest rate path. The traders are pricing in an 85% probability of a 25 basis-point rate cut on September 17 and further easing at...

Firefly Aerospace, the U.S. rocket manufacturer expanding its satellite launch services worldwide, is looking at the option of launching its Alpha rocket in Japan. A Japanese company that operates a spaceport on the northern island of Hokkaido confirmed this Monday. Firefly's Texas-based competitor to Elon Musk’s market leader SpaceX is planning an Alpha launch for Sweden. SpaceX made its Nasdaq debut this month. Space Cotan (the operator of Hokkaido Spaceport, located approximately 820 km 510 mi northeast of Tokyo) and Firefly have signed a preliminary contract to examine the feasibility of launching Alpha, a small-lift rocket, from the spaceport. Adam...

Jakson Engineers, an Indian company, will invest over 80 billion rupees (914 million dollars) in a solar module and cell manufacturing plant of 6 gigawatts in Madhya Pradesh. Both companies are part of Jakson Group - an energy solutions conglomerate that is betting on India's growing demand for clean energy. The government wants to add 500 GW by 2030. The group's manufacturing capacity is 1.2 GW. Gagan Chanana said that the investment would allow Jakson to improve quality, reduce costs, and quickly deploy new technologies. Jakson Solar's Jakson green unit announced earlier this year that they were looking to add...

The oil prices fell on Tuesday after a nearly 2% increase in the previous session. Traders were closely monitoring developments in the Russia/Ukraine conflict to ensure that fuel supplies in the region would not be disrupted. Brent crude dropped 32 cents or 0.5% to $68.48 a barrel at 0448 GMT. West Texas Intermediate crude (WTI crude) also fell 33 cents or 0.5% to $64.47 a barrel. WTI climbed above the 100-day moving Average, and both contracts reached their highest levels in over two weeks. In a recent note, IG analysts stated that the risks of crude oil prices rising further...

The oil prices fell on Tuesday, after spiking nearly 2% the day before. Traders were closely monitoring the developments in the Russia/Ukraine conflict to see if they could have an impact on fuel supply from that region. Brent crude futures dropped 16 cents or 0.23% to $68.64 a barrel at 0005 GMT. West Texas Intermediate crude futures (WTI) also fell 16 cents or 0.25% to $64.64. WTI Futures rose above the 100-day moving Average on Monday. Both contracts reached their highest levels in more than two weeks. In a recent note, IG analysts stated that the risks of crude oil...

Two sources familiar with this matter have confirmed that Alberta, Canada's largest oil producing province, is looking at investing in the refining industry of Japan. This would be an effort to reduce the heavy dependence of the oil exports on the United States, its top trading partner. The sources claim that Alberta's government has begun early talks with several Japanese refiners about a possible joint venture where it would fund the construction of an oil coker unit to allow one or more Japanese firms to process the heavy crude produced by Alberta's oil-sands. The deal would be a first for...

Denisa Sakova, Slovak Minister of Economy, said that in the best case scenario, Russian oil deliveries to Slovakia via the Druzhba Pipeline, which were interrupted by a Ukrainian attack on Russia last Thursday, could resume as early as Monday. In recent weeks, Russia and Ukraine have intensified their attacks on the energy infrastructure of each other. They have targeted Ukrainian heating supplies as well as Russia's Druzhba Pipeline and other facilities. After a Ukrainian attack on a Russian facility, Slovakia and Hungary announced on Friday that they could suspend their supply of Russian oil for at least five more days....

On Monday, the trial in Helsinki began. The captain and two other officers of an oil-tanker accused of cutting five underwater power and communications cables as they left Russia to sail through the Gulf of Finland pleaded no contest. NATO allies stationed in the Baltic Sea region went on alert following the incident of December 25, one of many suspicious outages of gas and cable pipelines in the area since Russia invaded Ukraine, in February 2022. The Eagle S tanker, according to the prosecution, deliberately dragged the anchor along the seabed in order to cut the Estlink 2 cable connecting...

On Monday, the captain and two officers of a tanker that allegedly cut five underwater power and telecoms cable when it left Russia in 2024 and sailed along the Gulf of Finland will be tried in Helsinki. Investigators concluded that the Eagle S pulled its anchor along the seabed and cut the Estlink 2, a power cable linking Finland and Estonia and four internet lines. This led Finnish security forces, after ordering the vessel to enter Finnish territorial waters, to stop the vessel's voyage and board it by helicopter. The three defendants deny all charges and the captain has told...

Oil prices rose on Monday as Ukraine intensified its attacks against Russia, causing concern that Russian oil supplies could be disrupted. Meanwhile, expectations of a reduction in U.S. rates boosted the outlook for growth globally and fuel demand. Brent crude futures increased 3 cents or 0.04% to $67.76, while West Texas Intermediate crude futures rose 7 cents or 0.11% to $63.73. Officials in Russia said that Ukraine launched a drone strike on Russia on Sunday. The attack caused a dramatic drop in the reactor capacity at one of Russia’s largest nuclear power plants, and ignited a massive fire at the...

Oil prices rose on Monday as Ukraine intensified its attacks against Russia, causing concern that Russian oil supplies could be disrupted. Meanwhile, expectations of a reduction in U.S. rates boosted the outlook for growth globally and fuel demand. Brent crude futures increased 6 cents or 0.09% to $67.79 by 0050 GMT. West Texas Intermediate crude futures also gained 9 cents or 0.14% to $63.75. Officials in Russia said that Ukraine launched a drone strike on Russia on Sunday. The attack caused a dramatic drop in the reactor capacity at one of Russia’s largest nuclear power plants, and ignited a massive...

Kazem Jalali, Iran's envoy in Russia, said in comments published on Monday that Iran expects supplies of Russian natural gas through Azerbaijan to begin soon. This is because almost all issues in the negotiations with Gazprom are resolved. We hope that this will happen very soon. "We are currently in negotiations with Gazprom and most issues have been resolved," TASS quoted Jalali. We need to reach a common price. "If that is resolved, everything can be launched." Moscow and Tehran signed an agreement in April for 55 billion cubic meters of Russian gas after Gazprom had signed a 2024 memorandum...

His lawyer confirmed that an Italian appeals court confirmed on Friday the arrest of a Ukrainian suspected by Germany of coordinating the attacks on three Nord Stream pipelines in the Baltic Sea 2022. Serhii, 49, a man whose full name has been given to the court, but who is only identified as Serhii under German privacy laws was arrested near Rimini, an Italian coastal town, on Thursday under a European warrant. The lawyer stated that the appeals court of Bologna (about 120 km north-west from Rimini) would convene on September 3 to discuss his possible extradition back to Germany. However,...

The following is a list of recent attacks on energy sites in Russia. Russia is one of the largest energy producers in the world. DRUZHBA PIPELINE Hungary and Slovakia announced on Friday that oil deliveries via the Druzhba pipe could be suspended for a minimum of five days after the latest Ukrainian military attack on the Unecha pumping station located in Russia's Bryansk Region. The Ukrainian military confirmed on 13 August that drones had also struck Unecha Pumping Station. A large fire and damage were reported. The crude flow through the Druzhba system was not affected. NOVOSHAKHSTINSK Authorities said that...