Latest News
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China's ENN and Zhenhua Oil sign LNG deals with ADNOC
China's privately-controlled ENN Natural Gas, and the state-run Zhenhua Oil each signed a contract to purchase liquefied gas from Abu Dhabi National Oil Company. ENN Natural Gas announced on its WeChat official account on Saturday the contract covers annual supplies of around one million metric tonnes for 15 years. This is ADNOC’s largest LNG deal with a Chinese customer. ENN stated that the deal was a major step towards stabilizing and diversifying energy supplies. Shanghai-listed ENN Natural Gas is offering to buy the remaining shares of Hong Kong-listed ENN Energy for approximately $7.65 billion. A Chinese source familiar with the deal said that Zhenhua Oil, a state-owned oil and gas trading company, had also agreed to a five-year contract with ADNOC, starting in 2026, for up 12 cargoes per year. The source declined to give his name as he was not authorized to speak in the media. Zhenhua Oil is building a LNG terminal in Rudong. The first LNG terminal will be operational in the first quarter 2026. ADNOC CEO Sultan Al Jaber was present at the opening ceremony of the new Beijing office, according to a source in the industry who attended, as well as a report from Dubai's China-Arab TV. The report did not give any further details but said that ADNOC signed three LNG deals with Chinese partners on Al Jaber's trip. Zhenhua Oil & ADNOC did not respond to requests for comment on the weekend.
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China Shipbuilders Criticize Trump's "short-sighted" US Port Fees
China's Shipbuilders on Sunday blasted the U.S. Port Fees announced by Donald Trump's Administration on China-linked vessels as "shortsighted". The measure was aimed at China's shipbuilding sector. Trump signed an executive order on Wednesday to revive U.S. shipbuilding while reducing China's hold on the global shipping market. The next day, his government diluted the measures by protecting domestic exporters and vessel owner serving the Great Lakes region, Caribbean and U.S. territory. The dispute over ocean shipping, which carries 80% of all global trade, is just the latest in a trade war that has intensified between China and the U.S., pushing levies against each other's imported goods beyond 100%. China Association of the National Shipbuilding Industry has expressed "extreme anger and resolute resistance" against the U.S. measures, joining the protests of the government and the country's owners of ships. The shipbuilders stated that the decline of the U.S. industry of shipbuilding is due to its protectionist policies and has nothing whatsoever to do with China. It warned that the U.S. restriction would disrupt the global shipping system, cause a rise in shipping costs and increase U.S. prices, as well as harming the interests of the U.S. public. The industry group said that it expected the Chinese authorities to take strong measures to counteract the shortsighted U.S. behavior. On Friday, the government condemned "discriminatory steps" and urged Washington to "correct any wrongdoings." In a press release, the Ministry of Commerce pledged to "resolutely" take the necessary measures to protect our interests, saying that the fees "fully reveal its unilateralist and protective policies and are typical non-market practices". (Reporting and editing by Beijing Newsroom)
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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat capsized and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are common, as old wooden boats are used to transport people between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a fire broke out while a woman was cooking aboard the vessel. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo, and at least 78 drowned. In a separate event, At least 22 people have died After a riverboat sank in December, in western Congo. (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat caught fire and capsized. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are common, as old wooden boats are used to transport people between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. Previous estimates put the number of deaths at 50. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to a temporary shelter set up at the town hall. Those with burn injuries were then taken to hospitals in the area. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo, and at least 78 drowned. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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At least 148 people die after boat catches fire in Congo, media reports say
Local officials cited in media reported that at least 148 bodies were discovered after a motorised wood boat sank and caught fire. According to reports, the boat carried up to 500 passengers including women and kids when it sank in the Congo River, located in the northwest region of the country, on Tuesday. In Congo, boating accidents are very common. Old wooden boats are used as the main means of transport between villages, and they are often overloaded. The reports also stated that officials estimate hundreds of missing people. The previous estimate of 50 dead people was revised upwards. The boat, named HB Kongolo caught fire near Mbandaka after leaving the port of Matankumu to the Bolomba Territory. Sky News reported that about 100 survivors were transported to an improvised refuge at the town hall. Those with burn injuries were then taken to local hospitals. According to Competent Loyoko of the Associated Press, the incident happened when a woman cooking aboard the vessel started a fire. The report said that several passengers, including children and women, died when they jumped into the water, despite not being able swim. In 2024, 78 people died when a boat carrying 278 passengers capsized on Lake Kivu in eastern Congo. In a separate event, At least 22 people have died After a riverboat sank in western Congo in December, (Reporting and editing by Chris Reese in Bengaluru, Mrinmay dey from Bengaluru)
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Russian oil rates from Baltic to India continue to fall as Urals remains under price cap
Two traders reported that the freight rates for Russian oil shipments to India from Baltic ports are dropping further from their recent highs in April, as Urals crude is trading well below $60, increasing tanker supply. The Group of Seven, together with the EU, will impose a $60 per barrel price cap on Russian crude oil by late 2022. This will restrict access to Western shipping services and insurance for purchases above this limit in an effort to reduce Moscow's funding of war. Costs of shipping Urals Oil from the Baltic Ports of Primorsk & Ust-Luga, to India have fallen to an average of $6 million for a one-way shipment. This is down from $7 million in late March and $8 million at the beginning of this year. Early in April, the global oil price fell, pushing Urals crude into Russian ports below $60 a barrel. This allowed more Western shipping firms to resume their services, including freight, for Russian oil. On Thursday, the price of Urals oil shipped from Primorsk port was $53.5 per barrel. After a new round U.S. energy sanctions announced in January took effect, the price of Russian crude shipping increased sharply. Russian oil sellers had to find new tankers to replace the ones that were hit by the sanctions. The cost of shipping Russian crude oil from the Baltic ports to India in January was $4.7-4.9million. Reporting by
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Indian ports continue to offer discounts on Russian Urals despite lower Saudi prices
Four trading sources said that the discount for Russian Urals oil cargoes loaded in May to Brent dated this month remained at this month's levels, even though Saudi Arabia reduced its official selling price of oil. They said that May Urals cargoes were selling at a discount of $2.50-3 a bar to dated Brent, on a DES basis (delivered from ship), which is close to the estimates for April cargoes. "Urals Prices held firm despite Saudi Arabia’s decision to cut prices for the competing Arab Light Oil. Russian barrels are very much in demand," said an Urals trader. Saudi Arabia's Aramco (the world's biggest oil exporter) lowered its official contract price for Arab Light Crude by $2.30 a barrel to $1.20 over the benchmark average Oman/Dubai, in response to an OPEC+ agreement to increase production. The price of Urals FOB (free-on-board) in Russian ports has fallen to its lowest level since 2023, as Brent oil prices have dropped, which is limiting the revenues for Russian oil sellers. Traders said that the price of Urals is supported by the fact that there was a shortage in April-May and refinery runs were higher than expected in Russia. According to industry sources, calculations show that idle oil refining capacities at Russian refineries are expected to fall in May compared to April. This year, drone attacks on Russian refineries led to unplanned outages from January to March. Reporting by Nidhi in New Delhi, and reporters in Moscow. Editing by Kirovan Donovan.
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Italy picks former Terna CFO Scornajenchi to run gas grid group Snam
State lender Cassa Depositi e Prestiti announced on Thursday that the Italian government had chosen Agostino Scornajenchi to replace Stefano Venier, as CEO of Snam's gas grid group. Snam is controlled by the right-wing government of Prime Minister Giorgia Melons through CDP. Venier was appointed while the previous government, led by Mario Draghi as Prime Minister, was still in office. Scornajenchi is currently the head of CDP's venture capital division. He was Terna’s chief financial officer from November 2012 to November 2023. Snam shareholders will likely approve CDP’s proposal during a May 14 meeting. Snam, under Venier's three-year mandate as CEO, helped reduce Italy’s dependency on Russian gas. This was achieved by establishing two new LNG terminals, and increasing supplies from North Africa, and Azerbaijan. Venier has also signed a contract with Edison for the purchase of three gas storage facilities and begun work on boosting the transport capacity of the network from the south to the north to increase the flexibility in the national gas infrastructure. Snam, a partner in the first Italian carbon capture and storage (CCS) project, has received the support of European Commission to build a grid for transporting green hydrogen into northern Europe. The group, which earns the majority of its profits from regulated activities such as gas, LNG transportation and storage management, posted a 14 percent increase in its core adjusted profit to 2,75 billion euros last year ($3 billion). ($1 = 0.8880 euros) (Reporting and editing by Alvise Armillini and Keith Weir, with Francesca Landini & Giuseppe Fonte)
India prepares to hike rural real estate subsidies to over $6.5 bln after election obstacle, sources say
India prepares to increase state aids on rural housing in the upcoming federal spending plan by as much as 50% from the previous year to more than $6.5. billion, after obstacles for the prime minister's celebration in. elections, two government sources stated.
The prepared walking in real estate subsidies is part of a more comprehensive. federal government initiative to boost costs on rural infrastructure. consisting of town roadways and a jobs program to assist countless. young people stuck in the agriculture sector amidst minimal. producing jobs.
If authorized, it would mark the largest annual boost in. federal spending on the rural housing program since its. inception in 2016.
The federal government is worried over prevalent rural economic. distress, driven by greater food inflation and slow development in. farmers' earnings, said one of the government sources with. knowledge of budget plan discussions.
Prime Minister Narendra Modi's Bharatiya Janata Party. ( BJP) is needing to rely on allies to run the government for the. very first time in a decade, after the opposition did much better. than expected in a bitterly battled national election that ended. last month.
Under the PM Awas Yojna( Rural) real estate plan, the. government aims to help with building of an extra 20. million homes over the next few years, after providing aid for. more than 26 million homes for bad families over the past. eight years.
Financing Minister Nirmala Sitharaman is anticipated to announce. information of plan throughout the budget plan discussion later this month.
We anticipate a considerable increase in allotments for a number of. rural schemes this year, consisting of housing, roadways and jobs. programme, said the second government source, keeping in mind federal. subsidies for rural housing could surpass 550 billion rupees. ($ 6.58 billion), up from 320 billion rupees last .
He said state spending on the rural tasks program was. anticipated to increase substantially from an earlier quote of. 860 billion rupees, but the federal government may look for parliament. approval for this extra costs later, not as part of the. budget plan.
He said a separate proposal for increasing costs on. village roads was also under factor to consider, from earlier. quotes of 120 billion rupees in the existing .
Both sources spoke on the condition of privacy as they. were not authorised to discuss spending plan proposals with the media.
Throughout pre-budget consultations, financial experts and industry. leaders advised the federal government to increase rural costs to. promote customer demand, keeping in mind that personal usage was. growing at half the speed of nearly 8% annual economic growth.
The sources said to develop 20 million houses for the poor in. the rural areas, the federal and state governments are expected. to designate as much as 4 trillion ($ 47.89 billion) over the next couple of. years, with the federal government contributing around 2.63. trillion rupees.
A financing ministry spokeswomen didn't comment when asked. about spending strategies.
Last month, shortly after assuming workplace, Modi's cabinet. revealed plans to assist in the building and construction of 30 million. homes in rural and city locations, without disclosing financial. information.
The Ministry of Rural Advancement has proposed increasing. state aids to about 200,000 rupees ($ 2,395) per real estate. unit, up from 120,000 rupees previously, mentioning rising expenses of. raw materials, the second official stated.
(source: Reuters)