Europe

The latest heatwave in Europe was a painful reminder that climate change is not just about cutting emissions. Temperatures in western Europe soared to over 40 degrees Celsius (104 degrees Fahrenheit). Roads buckled, rails warped, traffic signals malfunctioned, and transport operators implemented speed limits or cancelled services. According to the U.N. Economic Commission for Europe, transport infrastructure in the region is more exposed to thermal stress and deformation of rails as heat extremes increase. Since years, Europe’s infrastructure spending has been dominated?decarbonisation. Investors have focused on windmills, solar panels and electric vehicles. A?different story? of infrastructure is emerging as it...

Three sources claim that discounts for Russian Urals crude have increased to more than $10 per barrel in Indian ports due to a weaker refinery demand and a large supply of alternative products. Between March and June, Urals traded at a higher price than Brent on its two main markets of India and China. This was due to supply disruptions caused by the Middle East conflict. Sources said that the support for Russian crude has waned, as Middle East producers and Iran have resumed exports. This leaves Asian refiners with a variety of options, as well a cooling in demand....

Georgia's economy minister announced on Monday that the country will be taking over full development of the country's first deep water port on the Black Sea. This is the first definite indication that the Chinese-Singaporean consortium has pulled out of the project. Anaklia Deep Sea Port, originally planned as an important infrastructure link connecting Asia with Europe a decade earlier, has been plagued by delays since the Georgian Government in 2020 canceled a contract awarded to a Western-led group?to build it. The port will be the most ambitious infrastructure project in the country to date. It aims to handle approximately...

Authorities in St Petersburg, Russia's second largest city and the surrounding Leningrad area said on Saturday that a major Ukrainian drone strike overnight had hit a local oil pipeline and port. Alexander Beglov, the Governor of St Petersburg, said that the city with a population of 6,000,000 had been subjected to a "large scale" drone attack. The city's oil storage terminal was also hit. He stated that there were no injuries and the aftermath had been handled. Alexander Drozdenko, Governor of the Leningrad Region, said that drones struck the port of Vysotsk on the Gulf of Finland. The port is...

BENGALURU - The state's chief Minister said late Thursday that the MSC Group had not consulted Kerala about its $1.4 billion investment planned in Vizhinjam Port in partnership with Adani 'Ports' and 'Special Economic Area'. Adani Ports announced on Tuesday that MSC will acquire a 49 percent stake in the Vizhinjam port. This is expected to be 'the largest private foreign investment in India’s port infrastructure. The world's largest container shipping company, based in Switzerland, is?MSC. "I conveyed the State Government's strong resentment to the management of?Adani Ports and Special Economic Zone Ltd", Chief Minister V.D. Satheesan?stated?in a?post?on X. The...

According to documents and officials, Europe has taken more aggressive action against tankers that falsely use the Cameroon flag registry for transporting?Russian oil. This includes boarding vessels on sea. The EU has expanded its'mandate for Operation IRINI in the Mediterranean on June 8, allowing it to stop, board, detain and inspect suspected Russian "shadow fleet" ships. Moscow condemned the move. Russia has used these tankers to avoid sanctions, by sailing them under different flags to conceal their true ownership, cargo, and movements. Two European military sources claim that three tankers, the Nelsa and the Oneiroi, which were boarded by IRINI...

According to data from tanker monitoring and documents of the state-run PDVSA energy company, Venezuelan oil exports dropped slightly last month?to 1.24 million barrels per daily from 1.24 bpd in may?as a result of two deadly quakes causing?minor delay at terminals operated. The vast PDVSA infrastructure was mostly unaffected by the twin earthquakes, which left nearly 2,000 dead and hundreds of buildings damaged according to official statistics. The power issue must be resolved before all the oil refineries, including El 'Palito, can resume operation. Documents show that the main oil terminal for the state-owned company in the eastern part of...

The finance ministry announced that Uganda had'signed a EUR110.5m ($126.1m)?agreement? with the local unit of international lender?"Standard Chartered? to help finance the building of a new road in the northeastern region of the country. In a late-night post on X, the Ministry said that a new 115.8 km road would help "reduce transportation costs" and strengthen regional trade. * The road will be built in Karamoja in northeastern Uganda, near the Kenyan border. In recent years, the area has attracted a rush in investor interest because of its vast mineral potential. The Ministry said that the road would 'also support...

Here are some of the main factors that could affect Swiss stocks on Tuesday: COMPANY STATEMENTS MSC?GROUP Adani Ports and Special Economic Zone in India announced on Tuesday that Switzerland’s MSC Group would acquire a 49% stake in the Vizhinjam Port for $1.4 billion. This, it claimed, was the largest private foreign investment in port infrastructure in India. ECONOMY *June Swiss KOF indicator is due at 0700 GMT. *Swiss May Official Reserves Assets due at 0700 GMT. (Reporting by Zurich newsroom and Gdansk newsroom) |1|For Top News ?in a multimedia Web format on Eikon visit: ?https://bit.ly/2NDFd6g FOR RELATED PRICES, NEWS...

India's Adani?and Special Economic Zone announced?on Tuesday?that switzerland's msc?group will acquire a 49 percent stake in its Vizhinjam?port for $1.4 billion. It said that this is the largest foreign private investment made in domestic port infrastructure. MSC, world's largest container ship?company will invest through its Terminal Investment unit. Adani Ports The partnership is expected to boost cargo volumes and accelerate ramp up at the Kerala based port. Adani Ports said that the investment was part of their strategy to deepen partnerships with global port operators in order to 'drive traffic and accelerate capacity ramp-ups at Vizhinjam. This is one of...

The Federal Aviation Administration has opened an investigation into a JetBlue flight that reported hitting a drone as it approached New York's John F. Kennedy International Airport. The FAA reported that the pilot of an Airbus A321, departing from Las Vegas at the time, reported the incident while the aircraft was on final approach. According to the U.S. regulator, the incident occurred around 7:15 am EDT. The airline reported that the flight landed safely, passengers deplaned as usual, and that the plane had been withdrawn from service after a post-flight check, during which no evidence of damage or collision was...

The Federal Aviation Administration announced that it had?launched a probe after JetBlue reported a JetBlue plane?hitting an unmanned aerial vehicle while approaching New York's John F. Kennedy International Airport in New York on Monday. The FAA reported that the pilot of an Airbus A321, departing from Las Vegas at the time, had reported the incident while the plane was on final approach. According to the agency, the incident occurred around 7:15 am EDT. The airline reported that the flight landed without incident and customers deplaned as normal. A post-flight check found no evidence of damage or a collision. The Port...

Ukrainian drones struck overnight three Russian oil refineries and Russian tankers on the Sea of Azov. The Ukrainian military and Russian local officials confirmed this on Wednesday. Kyiv is continuing its campaign against Russian energy infrastructure. As Ukraine intensifies its drone attacks against Russia's oil refineries, it is hitting targets further and farther from its territory. Kyiv has attacked the largest Russian refinery in Siberia located around 2,700 km (1 700 miles) away from Ukrainian-held territory. Separate statements from Ukraine's General Staff and Special Forces said that drones have hit the TANECO & TAIF NK oil refineries located in Tatarstan?Nizhnekamsk...

Kyiv’s military and local authorities in Russia confirmed that Ukrainian drones attacked Russia’s largest refinery, Omsk in Siberia this week. It was one of Ukraine’s longest-ranged attacks in the war. Fuel shortages are worsened by the drone attacks in Russia. People have reported higher prices and longer queues at filling stations throughout most regions. Here is a list of recent attacks and their impact. OMSK Ukrainian drones attacked the Omsk refinery 'on Monday causing a fire. There were no injuries. Governor Vitaly Khotsenko said that Russian air defences destroyed the majority of drones used in the attack. The extent of...

Prices of oil rose Tuesday after reports of an attack on vessels near the Strait of 'Hormuz rekindled fears that shipping along the vital energy transit route could be disrupted. Brent crude futures rose 89 cents or 1.24% to $72.88 per barrel while U.S. West Texas intermediate crude gained 71 cents or 1.04% to $69.26 per barrel at 0939 GMT. Ole Hansen, analyst at Saxo Bank, said: "This morning's dominant theme is the shooting of a ship in the Strait of Hormuz." This is bringing back some geopolitical risk premium into the price. It's not much compared to what we've...

The Kremlin stated on Friday that the European Union must consider Ukraine's suspected role in blowing up a Nord Stream gas pipeline in September 2022, when deciding whether or not to grant EU membership for Kyiv. Dmitry Peskov, the Kremlin's spokesman, was commenting on German federal prosecutors charging a former Ukrainian officer with being involved in the blasts. The man, identified only as Serhii, was accused of co-perpetrating a war crimes and acting for?Ukrainian government entities. The authorities in Kyiv stated on Thursday that they didn't have enough information about the case to be able to answer in detail the...

A Moscow car dealer is struggling to meet the 'demand' for new electric vehicles imported from China, as drivers try to avoid a fuel shortage that has caused long queues and skyrocketing prices in much of Russia. In recent weeks, the escalating Ukrainian attacks on Russian energy infrastructure has caused gasoline and diesel to be restricted in many regions. According to calculations, retail gasoline prices have reached some of the highest levels ever recorded in Europe. The Russian EV market has been slowed by the harsh climate and distances in Russia. Some motorists are switching to EVs because of the...

In Moscow, a car dealership struggles to keep up with the demand for new electric vehicles. Drivers are looking to avoid a fuel crisis which has caused long queues and skyrocketing prices in much of Russia. In recent weeks, the escalating Ukrainian strikes against Russian energy infrastructure has caused gasoline and diesel to be scarce. This has led to restrictions in many regions. According to calculations, retail gasoline prices have reached some of the highest levels ever seen in Europe. The vast distances between cities in Russia, the harsh climate and the limited charging infrastructure have all contributed to the...

Three?trade-and-industry sources? said on?Thursday that oil shipments from Russia’s western ports reached a record in 'June, and they are expected to continue at this level in 'July. This is because ongoing drone attacks against domestic refineries will force Moscow to increase crude exports. According to sources, exports from the Baltic port of Primorsk, Ust-Luga and the Black Sea Port of Novorossiysk amounted to nearly 3,000,000 barrels of oil per day in the month of June. The?sources stated that loadings will be close to 3,000,000 bpd in this month. They added that the capacity of the seaports limits the shipments and...

An industry source said that oil production has been restored at the Karachaganak gas field in Kazakhstan, amid increasing natural gas production and increasing supplies to the Russian gas plant just across the border. After the drone attack by Ukraine on Orenburg's gas processing plant on June 24, Kazakhstan cut?gas production? at its Karachaganak Oil and Gas Condensate Field. The oil and gas output of Karachaganak is closely related, so the field cannot produce much if its production of gas is low. In an emailed comment, the?ministry said that gas supplies had already resumed on?June 26 and were flowing at...

German Federal prosecutors announced on Thursday that a 'Ukrainian citizen linked to the Nord Stream Pipeline explosions was?charged as a 'complice of a war crime and disruption of public services. He also faces charges for causing an explosive to occur, and destroying buildings. Serhii, or K as the suspect, is known to German privacy laws, is suspected of acting for?Ukrainian government entities along with other military staff, in order to?destroy pipelines in the year 2022. Prosecutors alleged that the goal was to stop gas deliveries via pipelines permanently and to prevent Russia from using revenue from the natural gas trade...

In a speech to the European Commission in Baku, Ursula von der Leyen, President of the European Commission, said that up to EUR200m ($228m) would be provided as grant funding for boosting transport, energy, and digital links across 'the South Caucasus. Von der Leyen met with Azerbaijani president?Ilham Alyeev along with EU Enlargement commissioner Marta Kos. She said the initiative was intended to support peace between Azerbaijan and Armenia through strengthening regional connectivity and providing targeted assistance to local communities. Armenia and Azerbaijan have been at war for nearly four decades, over the mountainous region Nagorno Karabakh. They reached a...

German federal prosecutors 'have filed charges against a Ukrainian citizen over 'the Nord Stream pipeline explosions, ARD, Sueddeutsche... and Zeit,?German media outlets reported on Wednesday. Federal prosecutors declined comment. The explosion of the Nord Stream gas pipelines that carried Russian gas into Europe was a major flashpoint between Moscow and 'the West. It came just months after Russia invaded Ukraine in February 2022. According to ARD, prosecutors accuse a Ukrainian national known as Serhii K - according to German privacy laws - of 'attacks on civil energy infrastructure, causing explosions and destroying structures. The suspect was detained in Italy's Rimini...

Alexei Likhachev, the CEO of Rosatom, said that fuel shortages had prompted a rise in demand for electric vehicles. He predicted that this would lead more drivers to choose battery-powered cars. Fuel restrictions have been imposed across the country due to intensifying Ukrainian strikes against Russian energy infrastructure. Likhachev, a reporter, said: "We have already seen a significant rise in the use of our electric charging stations." He said that between June 21 and 28 the demand for Rosatom's?over 290 stations of charging rose by 40%. Likhachev said that although the current situation is unlikely to lead to an immediate...