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Minister: Morocco will begin the tendering process for LNG Terminal
Leila Benjamin, the Energy Minister, said that Morocco will issue a statement of interest within a few weeks for a terminal of liquefied gas near Nador in eastern Mediterranean. Benali informed members of the parliament that "this week we will launch a call for expressions of interest in developing the first phase" of the Nador natural gas terminal. Morocco is looking to natural gas as a way to diversify its energy sources and move away from coal. It also continues to push forward with its renewable energy plans, aiming to achieve 52% of the total installed capacity by 2030 from 45% at present. She said that the new infrastructure would be connected to an existing pipeline used by Morocco to import 0.5 billion cubic metres (bcms) of gas from Spanish Terminals. She said that the terminal would be connected to industrial zones near Kenitra and Mohammedia in the northwestern Atlantic, but did not provide any further details. In May, citing a ministry official, it was reported that the new infrastructure would be a floating storage unit and regasification (FSRU), located at the deepwater Nador West Med Port, which is currently being constructed. The ministry did not respond to a comment request immediately. According to estimates by the ministry, Morocco's gas demand is expected to grow to 8 billion cubic meters in 2027. It currently stands at 1 billion cubic metres. Benali reported that, on the same date, Morocco's electric utility (ONEE), adopted a plan for 2025-2030 to increase installed electricity capacity by 15 gigawatts. This includes 13 GW of renewable energy. She said that this will require a total of 120 billion dirhams (13 bln dollars) in investment. (Reporting by Ahmed Eljechtimi Editing by Marguerita Choy) (Reporting and Editing by Marguerita Chôy)
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Patrushev, a Kremlin hawk, says that trust between Russia and the U.S. needs to be restored
Nikolai Patrushev is one of the Kremlin’s senior hawks. He said that the trust between Russia and the United States, the "great powers", should be restored. Moscow was also ready to resume its cooperation with America on the Arctic. Donald Trump, the U.S. president, has shifted his focus towards Russia to try to end the three year war in Ukraine. He and his administration see China as the greatest threat to the United States. The Kremlin welcomed the opportunity to restore relations with the United States, after the confrontation about Ukraine caused what diplomats in both countries described as the worst crisis ever experienced by their relationship. The Kommersant reported that Kremlin aide Patrushev - a Cold War veteran who helped to formulate the Kremlin’s national security policy - said: "Russia and the United States as great powers have historically borne special responsibility for world fate." "And our experience over the past decades, or even centuries, shows that we have always been able to overcome our differences in the most difficult crisis situations." Trump's pivot toward Russia has deeply worried many of Washington's traditional European allies who fear Washington could turn its back on Europe. Patrushev is a former KGB agent from St Petersburg, where Vladimir Putin was also born. He said that Russia would be ready to resume its cooperation with the U.S. on the Arctic. (Reporting and editing by Guy Faulconbridge; reporting by Vladimir Soldatkin)
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Phillips 66 takes aim at Elliott for Citgo's conflict of interest during board fight
Phillips 66 wrote in a Monday letter that activist investor Elliott Investment Management must abandon its efforts to split up the energy company Phillips 66, as it has a conflict of interest with a separate attempt to buy one of Phillips 66's competitors. This salvo is part of a bitter spat that will reach a boiling point at a shareholders meeting next month. Phillips 66 argued against Elliott's thesis of break-up in the letter by claiming that the investment firm had a conflict due to its separate attempts to purchase Citgo Petroleum. Citgo's parent is being sold through a court-supervised public auction. The court re-ran the auction after creditor challenges. Gregory Goff, CEO of Amber Energy, said that he bought a stake in Phillips 66 on April 9. He also backed Elliott’s campaign. Phillips 66 wrote in a letter on Monday that "this conflict is concerning, because Amber Energy executives actively support Elliott's cause to undermine Phillips 66’s strategy." Citgo, the seventh-largest refiner in the United States, is owned by Phillips 66. A Elliott spokesperson responded to a comment request by pointing to a regulatory filing dated April 10. The document stated that Goff’s work with Elliott was "hidden to no one and in no manner represents a conflict, diminishes his independence of views, or impairs its ability to help Phillips 66 grow into a stronger, valuable company". Elliott has nominated four directors for the May 21, 2018 meeting. This is part of a larger campaign, which also includes urging Phillips 66's to sell its midstream division or consider spinning it off and to divest other assets in order to concentrate on its refining operations and increase its share price. Elliott announced that it had invested more than $2.5billion in Phillips 66. This is the second attempt by the investment firm to push for change at Phillips 66. A first effort in early 2024 ended with the addition of a company board member who was endorsed by Elliott. (Reporting from David French in New York, Editing by Leslie Adler & Jan Harvey)
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US Supreme Court rejects CSX's bid to revive antitrust lawsuit against Norfolk Southern
The U.S. Supreme Court refused on Monday to hear the freight rail giant CSX’s bid to revive an antitrust suit accusing Norfolk Southern of restricting illegally access to a major East Coast terminal in Virginia. CSX lost hundreds of millions in profits. The Justices rejected an appeal from CSX against a ruling by a lower court last year that said the Jacksonville, Florida based company had sued too late and missed a four-year window for bringing claims under U.S. Antitrust Law. CSX argued that the statute of limitation should not apply to its lawsuit. CSX filed a lawsuit against Norfolk Southern in Virginia in 2018. The court accused the rival shipper, Norfolk Southern, of conspiring to charge excessive fees for services at Virginia’s Norfolk International Terminals - one of the East Coast's most important terminals. Norfolk Terminal is used by large international container ships to unload cargo on trains and trucks bound for inland destinations. Norfolk & Portsmouth Belt Line is a small railroad, majority owned by Norfolk Southern, that provides track and "switching services" at the terminal. CSX doesn't own the tracks at docks, so it has to pay for access. The suit alleged that Norfolk Southern, Norfolk & Portsmouth Belt Line and Norfolk Southern in 2009 had set a $210 track rate per railcar that is still in effect today. According to the CSX suit, Norfolk Southern's advantage allowed it to artificially raise prices for ocean carriers who rely on Norfolk terminal. CSX claims it is prohibited from entering profitable contracts with ocean carriers. CSX stated that Norfolk Southern's practice to allegedly overcharge for terminal access continued each day it was in place. Therefore, the four-year statute should not have barred the filing of a lawsuit. Richmond, Virginia's 4th U.S. In 2024, the Circuit Court of Appeals upheld a court's dismissal of CSX lawsuit. The 4th Circuit ruled that Norfolk Southern's rail charges did not "inflict any new harm causing a new injury to CSX in the limitations period." In its appeal to Supreme Court, CSX claimed that the 4th Circuit decision created an immunity shield which allows Norfolk Southern to sidestep competition at their terminal in Norfolk. Norfolk Southern, in its submission to the Supreme Court said CSX had "sat on their hands" for 9 years before filing a suit. Norfolk Southern stated that the 4th Circuit correctly determined that the date 2009 when the rate was established "was outside of the statutes of limitations and that maintaining this rate was an inaction which did not retrigger statutes of limitations on a day-to-day basis."
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Gulf issuers are planning more debt sales despite recent market turmoil.
Sources say Gulf issuers are working on bond offerings including Saudi Arabia's sovereign wealth fund worth $925 billion. They have braved the debt markets in spite of recent turmoil caused by President Donald Trump's policies regarding tariffs. Investors are struggling to determine where Trump's policies will lead. The markets have been volatile ever since Trump announced his sweeping tariffs in April, even though he has rolled back most of them. Two sources who are directly involved in the matter have confirmed that Saudi Arabia's Public Investment Fund is looking to raise $1.5 billion to $2 billion through a sukuk or Islamic bond over the next few weeks. The fund has raised more than $11 billion in this year. The kingdom is under increasing pressure to increase debt or reduce spending following a drop in crude oil prices that threatens to wipe out tens billions of dollars. Zeina Rizk is co-head fixed income at Amwal Capital Partners. She said that the Middle East's main concern was oil prices. However, both corporations and governments had very strong fundamentals. Reserves were increasing, and everything was going well. Two sources have said that Abu Dhabi Ports Company plans to raise $2 billion over the next few weeks. One source said that Masdar, a renewable energy company, aims to raise $1 billion through a green bond. This was confirmed by another person. Sources added that plans are not finalised. PIF has declined to comment. AD Ports, Masdar and PIF were not available for immediate comment. In recent years, state-owned companies in Saudi Arabia and United Arab Emirates raised debt to finance an acquisition spree abroad. This was part of government mandates that sought to create national champions and diversify the economies. The recent turmoil on the bond market means that issuers will face higher borrowing rates. Rizk stated that she is not worried as long as the markets remain relatively stable, like they did last week. She said that the launch by Mashreq of a $500-million sukuk in Dubai last week is a good indication. Sources said that Saudi Arabia's Banque Saudi Fransi also plans to raise money this week through a bond above the benchmark. Saudi National Bank raised $750m through a dollar bond issued in Taiwan. BSF did not respond to a request for comment immediately. Saudi Arabian banks have played a key role in the financing of mega-projects like NEOM, Qiddiya, and Red Sea Projects, which collectively required hundreds of billions in funding. Fitch predicts a credit growth in the Saudi banking sector of 12-14% by 2025. The lending growth will continue to exceed deposits, further increasing the deposit gap that was predicted at 0.3 trillion Riyals ($79.96billion) in 2024. $1 = 3.7517 Riyals (Reporting and editing by Federico Maccioni, Hadeel al Sayegh)
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Dollar weakness and resilient Chinese demand are driving iron ore prices higher.
Iron ore prices saw a slight decline on Monday. Prices were supported by a near-term demand for ore and weakened U.S. dollars, which outweighed ongoing trade tensions between the U.S. The May contract for the most traded iron ore on China's Dalian Commodity Exchange closed at 715.5 Yuan ($98.15), a 1.27 percent increase. As of 0707 GMT, the benchmark May iron ore traded on Singapore Exchange was 1.69 % higher at $99,15 per ton. In a recent note, Hexun Futures said that the hot metal demand was strong and production at an all-time high. Iron ore demand is usually gauged by the hot metal production. Mysteel, a consultancy, said in a report that "production among China's independent EAF steelmakers has now increased for 10 straight weeks." A weaker dollar also helped to support prices. The U.S. currency fell to a 3-year low on Monday, 98.246 versus a basket. Dollar-denominated goods are cheaper for holders of currencies other than the dollar. Last week, U.S. president Donald Trump expressed optimism that both countries could come to an agreement. China warned against a wider economic deal with the U.S. on its cost, increasing its rhetoric amid a trade war that has spiraled out of control between the two world's largest economies. Coking coal and coke, which are used to make steel, have both gained in value, rising by 1.27% and 1.25 %, respectively. The benchmark steel prices on the Shanghai Futures Exchange were flat. Hot-rolled coils were up by 0.69% and rebar was up around 0.8%, while stainless steel traded flat. $1 = 7.2900 Chinese Yuan (Reporting and editing by Janane Venkatraman, Mrigank Dhaniwala).
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Malaysia Airlines to buy new Boeing jets if China rejects them
Malaysia Airlines parent company, Malaysia Aviation Group is in talks with Boeing to acquire new jets if Chinese Airlines stop taking delivery, according to its managing director, who spoke at a Malaysian news outlet Bernama. Boeing is returning some 737 MAX aircraft to the U.S. after placing them in China before delivering to Chinese customers. It is unclear who made the decision, as neither Boeing nor China have commented on the reason for the return of the jets. Malaysia Airlines didn't immediately respond to our request for a comment. If Boeing delivery slots become available as a result of the tariff war between the United States and China, MAG views this as a window to secure earlier-than-expected deliveries, Bernama reported MAG's Izham Ismail as saying. Ismail, speaking to Bernama, said that MAG was in talks with Boeing regarding the possibility of taking over these slots. Boeing's production has been slowed by increased regulatory scrutiny, a strike and the post-pandemic supply bottlenecks. MAG, which is owned by Malaysian sovereign fund Khazanah Nasional has been steadily expanding and renewing their fleet. They aim to operate a fleet of 55 narrow-body 737 MAX aircraft from the new generation by 2030. It announced last month that it would purchase 18 737 MAX 8 aircraft and 12 737 MAX 10 jets, with the option to buy 30 more. The company also has an agreement to lease 25 737 MAX aircraft from Air Lease Corp. between 2023-2026. Ismail stated that any possible arrangement to take additional planes out of vacated delivery slot would not be included in the Air Lease Corp deal and MAG would have to go to capital markets to raise additional funding. (Writing by Lisa Barrington. (Editing by Gerry Doyle).
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Dollar weakness and resilient Chinese demand boost iron ore prices
Iron ore prices recovered on Monday as a result of a weaker dollar and near-term demand for ore. However, ongoing trade tensions with China, the top consumer, limited gains. As of 0244 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 0.78% higher. It was 712 yuan (US$97.70) per metric ton. The benchmark iron ore for May on the Singapore Exchange rose 1.23% to $98.7 per ton. In a recent note, Hexun Futures said that the hot metal demand was strong and production at an all-time high. Iron ore demand is usually gauged by the hot metal production. Mysteel, a consultancy, said in a report that "production among China's independent EAF steelmakers has increased for 10 straight weeks." A weaker dollar also helped to support prices. The U.S. currency fell to a 3-year low on Monday, 98.623, against a basket. Dollar-denominated goods are cheaper for holders of currencies other than the dollar. Last week, U.S. president Donald Trump expressed optimism that both countries could come to an agreement. Xie feng, China's ambassador in the United States, urged Washington to find common ground with Beijing on Saturday, warning that China was ready to retaliate if the trade war escalated. Galaxy Futures said that while there are signs that tariff policies are being eased, concerns about tariffs are still affecting the outlook of Chinese steel exports on a medium-term basis. Coking coal and coke, which are used to make steel, have both gained in value, up by 0.95% each and 0.42% respectively. The benchmarks for steel on the Shanghai Futures Exchange were flat. Hot-rolled coil and rebar were up around 0.5%, whereas wire rod was down about 0.27% and stainless steel fell by 0.47%.
Numerous bodies found in flood-hit locations of southeast Spain
An unspecified variety of bodies have actually been found in locations struck by flash flooding in southeastern Spain, the leader of the Valencia area informed press reporters early on Wednesday.
Downpours caused by a cold front moving across southeastern Spain flooded roads and towns on Tuesday, triggering authorities in the worst-hit locations to encourage residents to stay at home and avoid all non-essential travel.
Dead bodies have been discovered, but out of regard for the households, we are not going to supply any further data, said the local leader of Valencia Carlos Mazon.
Spain's state weather condition company AEMET declared a red alert in the eastern Valencia area, with some areas such as Turis and Utiel recording 200 mm (7.9 inches) of rainfall.
Lots of videos shared on social media appeared to reveal people caught in floodwaters, several of them holding on to trees to avoid being swept away.
Other video footage showed firemens utilizing long-line rescue helicopters to assist people caught in floodwaters. A viral video appeared to capture a tornado, a fairly rare phenomenon in Spain.
Reuters could not instantly confirm the videos' credibility.
Radio and television stations were getting numerous calls for help from residents caught in flooded locations or searching for enjoyed ones, as emergency services were not able to reach all impacted places.
If (emergency situation services) have actually not shown up, it's not due to a. absence of means or predisposition, however a problem of gain access to, Mazon. stated, including that reaching particular areas was definitely. difficult.
Video footage showed firefighters saving trapped motorists amid. heavy rain in the Valencian town of Alzira and flooded streets. with stuck automobiles.
Scientists say severe weather occasions are ending up being more. frequent due to environment change. Meteorologists think the. warming of the Mediterranean, which increases water evaporation,. plays a key role in making downpours more severe.
Schools and other vital services were suspended in the. worst-hit areas.
Regional emergency situation services asked for the help of UME, a. military system specialised in rescue operations, in the location of. Utiel-Requena, where farmers' association ASAJA stated the storm. was triggering substantial damage to crops.
(source: Reuters)