Asia

Calculations and traders reported that the differentials between Russian Urals crude and other grades in Indian ports eased as a result of recent U.S. sanctions against Rosneft, Lukoil and Rosneft. The traders reported that spot discounts for Urals crude have widened from $4 per barrel on a DES-basis last week to $5 to $6 per barrel on an average to Brent dated on a DES-basis. Reliance Industries, India's largest refiner of crude oil, has ceased importing Russian crude into its Jamnagar complex in western Gujarat from November 20, its spokesperson announced on Thursday. PLATTS WINDOW There were no bids or...

China signed an agreement worth $1.4 billion with Tanzania and Zambia on Thursday for the modernisation of the TAZARA rail linking landlocked Zambia to Indian Ocean. China financed the railway in the 1970s for copper exports and fuel imported through Tanzania. It remains a vital trade route, and is widely viewed as a counter to the U.S.-EU-backed Lobito Corridor – a route that runs from Angola to Zambia and the Democratic Republic of Congo. The agreement was signed by Chinese Premier Li Qiang during his first visit to Zambia in 28 years. At a time when Africa’s second largest producer...

Afghanistan's Taliban-led government called on India to increase trade and open cargo hubs within its borders, as the country seeks to diversify away from Pakistan following repeated border clashes. Al-Haj Nooruddin Azizi (the Taliban's Commerce Minister) asked India during the talks to assist in setting up scheduled shipping services for Afghan goods to be moved through the Indian-operated Chabahar port in Iran. His ministry confirmed this. In recent months, Afghanistan's landlocked country has diverted more goods towards Iran and Central Asia after armed conflicts shut down key crossings to Pakistan. The Afghan commerce ministry reported that Azizi met India’s Minister...

Fernando Fauche said that the Dutch port operator APM Terminals would invest $550m to expand Peru's Callao Port starting in January. Fauche, who spoke to journalists at an event to celebrate the start of direct arrivals to the facility in Peru's central coastline, said that the two-year project will increase the terminal capacity to 24,000 container. Port officials confirmed Wednesday that Peru's Callao began offering direct shipping routes in November from China and South Korea. This reduced transit times to approximately 23 days. The service is intended to improve trade relations with Asia and establish Callao as an important Pacific...

In early trading on Wednesday, most Gulf stock markets were subdued due to falling oil prices. Investors awaited the delayed U.S. employment report for clues about the Federal Reserve's rate policy. The price of oil, which is a major factor in Gulf financial markets' performance, fell on concerns about oversupply, but U.S. sanctions against the largest Russian producers have helped to limit losses. Brent crude traded at $64.53 per barrel as of 0810 GMT. The markets are now waiting for the delayed September non-farm employment report. Traders have priced in a 42% probability of a 25 basis-point Fed rate reduction...

Initial investigation has revealed that the Turkish cargo plane which skidded off of the runway in Hong Kong last month killing two airport employees experienced acceleration after landing in one of its four engine. A preliminary report released by Hong Kong's Air Accident Investigation Authority late on Tuesday stated that the flight from Dubai operated by ACT Airlines for Emirates was normal up until shortly after landing. Report: The Boeing 747 cargo aircraft was dispatched without the thrust reverser of engine 4, which is allowed under aviation regulations. After landing, thrust reversers can help to slow down the aircraft by...

The National Transportation Safety Board announced on Tuesday that loose wires caused a power outage on the cargo vessel Dali, which crashed into Baltimore’s Francis Scott Key Bridge on March 20, 2024. Six people were killed and the bridge was destroyed. The NTSB will hold an hearing in Washington, DC to determine the probable causes of the accident that resulted in the death of six construction workers. The staff of the board said that they recommend operators perform periodic inspections on high voltage switchboards, and propose changes to allow ships more quickly recover after a loss of power. The NTSB...

The Prime Minister Donald Tusk announced on Tuesday that Poland had identified two individuals responsible for the explosion that occurred on a rail route leading to Ukraine. He added that these were Ukrainians that collaborated with Russian intelligence, and that they fled to Belarus. The explosion on the Warsaw-Lublin Line, which connects Poland's capital with the Ukrainian border, came after a wave arson, cyberattacks and sabotage in Poland and other European nations since the beginning of the conflict in Ukraine. Warsaw said that Poland is now one of Moscow's main targets because it acts as a hub to aid Kyiv....

Rostec, a Russian state-owned conglomerate, said that on Tuesday its defence exports had fallen by half since the year 2022 due to domestic orders becoming a priority in light of the conflict in Ukraine. However, Rostec expects a recovery within upcoming months. Sergey Chemezov, Rostec's chief executive officer, told reporters that until 2022 Russia ranked second in the world in terms of defence exports after the United States. However the volume has dropped "because we had to supply the majority of our production to our own army". He said that sanctions have caused problems in both the civil and defense...

Gulf stock markets fell in the early trading on Tuesday as caution prevailed before delayed U.S. data, which could give clues about Federal Reserve policy easing timeline. Weaker oil prices also dampened sentiment. Thursday will see the release of September's non-farm payrolls in the United States. The markets have reduced their bets for a Fed rate cut in December, with just over 40% of the market pricing a 25 basis-point reduction. This is down from 60% earlier this month. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the...

Gulf Air said that it signed an agreement with Boeing on Tuesday to purchase at least 12 Boeing 787 Dreamliner aircraft. Gulf Air announced that the finalized purchase agreement, which was signed at the Dubai Airshow and consists of 12 Dreamliner aircraft, with the option to buy six more, is a culmination of the announcement made in July, when the airline said it would be buying 12 aircraft, with the option to buy six additional. An official at the White House said that the Gulf Air agreement was valued at around $7 billion. This deal is part of Bahrain's commitment...

The global trading company said that the largest single shipment of low-sulfur fuel oil in Pakistan was delivered to ship refueling by Vitol Cnergyico. This will allow large vessels to refuel in Pakistan to sail longer routes, from east to western without stopping anywhere else. It will also give Pakistan a better local supply of marine fuel that is environmentally friendly. The shipment was the first batch of Cnergyico fuel to meet low-sulphur standards set by the International Maritime Organization. After importing the first U.S. crude cargoes, in August and Septembre, Cnergyico began to produce it. Vitol delivered VLSFO at...

Nicola Canestrini, the lawyer for the Ukrainian suspect in the 2022 sabotage attempt on the Nord Stream pipeline, said that the top Italian court had approved the transfer of the man to Germany. Since he was arrested in Rimini, Italy, in August on an arrest warrant issued by the European Union, the suspect, who is only identified as Serhii in Germany, has fought attempts to have him transferred to Germany. The suspect will be handed over to German authorities within a few days after the Court of Cassation of Rome has made its decision. "However much I may be disappointed,...

Rosneft reduced its share in the Kurdistan Pipeline Company to less than half after talks meant to protect the subsidiary from U.S. Sanctions, an official of the Kurdistan Regional Government told the Kurdistan Regional Government on Wednesday. Last month, the U.S. sanctioned Rosneft, and Lukoil - Russia's largest oil companies - to put pressure on Vladimir Putin, Russian president, to end his war in Ukraine. The sanctions also apply to entities in which these companies own more than 50%. KPC operates Iraqi Kurdistan’s main oil pipeline that transports crude from north Iraq to its connection at the border with Iraq-Turkey...

The coast guard reported that a South Korean passenger ship carrying 267 passengers, crew and cargo got stuck on Wednesday when it ran aground near the southwest tip of the Korean Peninsula. A rescue operation is underway to get them back to land. The Yonhap News Agency reported that South Korean President Lee Jae Myung is currently traveling in the Middle East and has ordered the swift rescue of everyone on board. This will prevent any casualties. Details of the operation will be released as soon as possible. The coast guard stated in a press release that authorities were using...

Robert Fico, the Prime Minister of Slovakia, said that the country is considering filing a lawsuit against the EU for its plan to halt Russian gas deliveries in 2028 due to its war with Ukraine. Slovakia and Hungary are both highly critical of EU plans to phase out Russian oil and gas. Both countries still rely heavily on Moscow for their energy supplies and fear that alternative, more expensive sources will harm their economies. Fico has split ranks with the majority of Europe because of his pro-Moscow position. He said that he had given his ministers for economy, justice and...

Uganda's government-run regulator for the sector said that about three-quarters has been completed of a $5-billion pipeline vital to exporting crude from Ugandan oil fields through Tanzania. Uganda now targets the second half next year for the start of oil production in its Albertine Rift basin, located in the western part of the country. Before production can begin at the $15 billion oil-project owned by Total Energies France and CNOOC China, it is necessary to complete the 1,443-kilometer-long (897-mile-long) East African Crude Oil Pipeline. EACOP, the world's largest electrically heated crude oil pipeline, will connect Uganda's oilfields with Tanzania's Indian...

Sources familiar with the matter say that Novatek, a Russian producer of liquefied natural gases, has reduced the price of its cargoes between 30% and 40% since August in order to encourage Chinese buyers to buy sanctioned gas produced by its Arctic LNG 2 Project. The purchase has ended the commercial limbo of the $21 billion project that is subject to the most severe sanctions the U.S., Europe and Russia have imposed against Russia. Washington wants to stop the flow of oil revenue into Kremlin bank accounts as U.S. president Donald Trump increases pressure on Moscow to end their war...

Four of the eight main opposition coalitions won seats in Georgia's Parliament just over a month ago. All but one of the eight leaders are either in prison, exiled or facing criminal charges. The ruling party wants to outright ban the main opposition groups. Many in the tiny South Caucasus nation of 3.7 millions have been shocked by the slide towards one-party rule. Georgia was a democratic country that appeared to be on the rise in the years after the fall of the Soviet Union. It seemed poised to join the EU, and escape Russia's influence. Brussels' assessment, however, says...

Four of the eight main opposition coalitions won seats in Georgia's Parliament just over a month ago. All but one of the eight leaders are either in prison, exiled or facing criminal charges. The ruling party wants to outright ban the main opposition groups. Many in the tiny South Caucasus nation of 3.7 millions have been shocked by the slide towards one-party rule. Georgia was a democratic country that appeared to be on the rise in the years after the fall of the Soviet Union. It seemed poised to join the EU, and escape Russia's influence. Brussels' assessment, however, says...

Christmas Island, Australia's isolated Indian Ocean outpost, has enough electricity to support a Google data centre, without depriving the locals. However, its arrival could lead to a push towards renewable energy, said the island's largest employer and the technology giant. Alphabet’s Google confirmed a report on Monday that it would build a data center on the tiny, uninhabited island situated 350 km south of Indonesia. The company said that it would build a subsea data cable connecting Christmas Island with the Maldives, Oman and two new hubs in order to "deepen resilience of the internet infrastructure within the Indian Ocean...

Five sources familiar with this process said on Monday that U.S. major oil company Chevron was examining options to purchase global assets from sanctioned Russian oil giant Lukoil. Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion. Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine. Five sources confirmed that Chevron was looking at...

India's power regulator asked grid operators on Monday to crackdown on renewable energy projects which fail to meet technical specifications, warning that persistent offenders could be disconnected in order to protect grid stability. The Central Electricity Regulatory Commission said that solar and wind power plants' repeated failure to comply with ride-through standards for low-voltage and higher-voltage systems caused them to suffer from generation losses, and their frequency dropped during fault events. Grid safety regulations require that wind and solar power plants remain connected to the grid during voltage spikes and dips due to faults. This prevents them from tripping off...

Two industry sources and LSEG data show that the Russian port of Novorossiysk resumed oil loadings Sunday, after a suspension lasting two days due to a Ukrainian drone and missile attack. Novorossiysk suspended oil exports on Friday, a move that equates to 2.2 millions barrels of oil per day or 2% global supply. Oil prices rose by over 2% globally on the back of supply concerns following the attack. According to two anonymous industry sources, loadings have resumed. According to LSEG, two tankers - the Suezmax Arlan and Aframax Rodos - are loading oil on the port's berths. Two oil...