Latest News
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Trans Mountain executive says ships will be able load more TMX by the early 2027.
Trans Mountain, the Canadian pipeline operator, expects the dredging work at the Vancouver port to be finished by the end of 2026, or in early 2027. This will allow ships load more oil, according to a senior executive on Monday. Jennifer Pierce, Chief Administrative Officer of Trans Mountain, said this at the APPEC Conference in Singapore. When this dredging project is finished at the end or beginning of 2027 (end of '26), an Aframax could move out of the dock with 100% of its cargo. This will boost our shippers' competitiveness. Aframax tanks can transport up to 800 000 barrels. However, at Westridge Marine Terminal, they are only able to load around 550,000 barrels due to draft restrictions. Trans Mountain operates the newly expanded 890,000-barrel-per-day pipeline, which has been operating at approximately 85% capacity in the second quarter. (Reporting and editing by Florence Tan, Siyi Liu)
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Sources say that Wood Mackenzie has been hired by Japan to evaluate the Trump-backed Alaska LNG Project.
Two sources familiar with the matter confirmed that Japan hired Wood Mackenzie, an energy consultancy, to assess the proposed 800-mile Alaska gas pipeline project and LNG plant. This is a sign of its support for the $44billion project pushed by U.S. president Donald Trump. One of the sources said that the assessment could ease concerns of potential Japanese investors and off-takers about a project which has been stalled for decades because of cost and logistical issues. It is not clear what the scope and cost of this deal will be, nor if any report that results from it will be made publicly available. The Ministry of Economy, Trade and Industry in Japan declined to comment. Wood Mackenzie and Glenfarne, the project developers Glenfarne as well as the state-owned Alaska Gasline Development Corporation AGDC did not respond to comments immediately. Trump, since returning to office in 2017, has pledged to advance the mammoth plan to transport gas from Alaska's remote northern region across the state to be chilled and then shipped overseas as LNG. Trump announced in July that Washington and Tokyo would form a joint-venture to develop the Alaskan LNG Project. Japan hasn't confirmed this plan. The final terms of the trade agreement agreed last week included Tokyo's commitment to explore a potential new offtake agreement for Alaskan LNG. Japan has also committed $550 billion in unspecified U.S. investments, including energy and pipelines. When asked about the Alaska LNG Project, Japan's Trade minister Yojimuto said at a late-July press conference that they were continuing to have close discussions with U.S. government officials. CUSTOMERS KEY Despite Trump’s optimism, several Japanese government officials and leaders in the energy industry have expressed doubts over the projected cost of the project which could make gas more expensive than other sources. Source: Yet, project developers are in discussions with at least five Japanese companies. These include JERA, Japan’s largest LNG buyer, Tokyo Gas, Osaka Gas and trading house Mitsubishi Corp. Inpex is an oil and natural gas explorer, whose biggest shareholder is the Japanese Government. JERA's spokesperson said that it is "considering" this project. Tokyo Gas stated that it was "one candidate for procurement". Inpex stated that nothing has been decided about the project. Osaka Gas & Mitsubishi declined to comment. Alaskan LNG developers already signed non-binding agreements with the state-owned Thai Oil and Gas company PTT Group, and Taiwanese State Energy Firm CPC Corp. Securing a deal with Japan would boost the project's success chances. It is the No. The country is the world's No. A deal of this kind could also open up financing options from Japanese state-owned banks, such as Japan Bank for International Cooperation. JBIC announced earlier this year that it would be willing to provide support, considering factors like any involvement of Japanese companies. U.S. officials are promoting the Alaska project to Tokyo, highlighting its security benefits, comparing it to Middle East projects and pointing out that the project is closer to Japan than the Middle East. They also stress the fact the shipments will avoid choke points like the Straits of Hormuz, Malacca and South China Sea. According to Japan's Finance Ministry, Japan receives approximately one-tenth its LNG from the U.S. and similar proportions of LNG from Russia and Middle East. Australia is responsible for 40%. Wood Mackenzie conducted three studies for the Alaska LNG Project over the past decade, commissioned by AGDC as well as other stakeholders. In a 2016 study, it was ranked poorly in comparison to other projects that could provide Asian markets such as Japan. However, a review of 2022 that took into account different financing structures and cost-reductions found it competitive with U.S. Gulf Coast supplies. Alaska LNG developers have hired Australian engineering company Worley to conduct a cost estimate of the project. The goal is to reach a decision on the investment by the end the year. (Additional reporting from Yuka Obayashi in Tokyo and Katya Glubkova; Editing by Christian Schmollinger).
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Source: India revokes grid acces for 17 GW clean energy projects
According to an official document and a source with knowledge of the issue, India has canceled grid access to nearly 17 gigawatts (17 GW) of clean energy projects that have been delayed. This is to give priority to those projects which are already operational or close to completion. Documents show that the state-run Central Transmission Utility of India Ltd. (CTUIL), informed companies such as Adani Green Energy, ReNew Power NTPC Avaada Group JSW Energy, ACME Solar, and ReNew Power about the cancellations. According to a federal agency that oversees interstate transmission access, the affected projects are located within renewable-rich Indian states like Rajasthan, western Gujarat and Madhya Pradesh. Source who requested anonymity said that the grid access terminations took place in the quarter of June after notices had been sent to the companies. The firms are seeking help from the federal regulator for power, the Central Electricity Regulatory Commission. New Delhi has been prompted by India's rising power demand, driven by mechanised agriculture, industrialisation and urbanisation, to streamline grid regulations to better integrate clean-energy projects and ensure uninterrupted supply of electricity for its 1.4billion people. By 2030, the country wants to reach 500 GW in non-fossil energy capacity. The country's transmission network, which stretches over 495,000 circuit kilometers, is behind the growth of its generation capacity. Officials said that the Central Transmission Utility performed manual inspections prior to revoking access, and will continue its efforts to release transmission lines for projects on track to completion. JSW Energy appealed against the revocation. However, the regulator refused to grant interim relief in an order dated 24 June, and asked CTUIL on 10 July to share its response. According to orders on the CERC's website, the petition has been scheduled for October 7. A spokesperson for Adani stated that there was no cancellation of connectivity due to delays in project commissioning dates. He did not provide any further details. Emails seeking comments from the CTUIL and other companies were not answered. India tightened its rules last week to limit the trading of grid access. Developers are no longer allowed to change their source of generation once they have secured connectivity. CERC mandated also that the project promoters retain control of their projects until commissioning. Violations can lead to the forfeiture of bank guarantee and the revocation or connectivity. (Reporting and editing by Nidhi verma, Sonali Paul, and Sethuraman N.R.)
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European stocks rise ahead of the crucial French vote on no-confidence
The European stock market edged up on Monday, a positive start to a week of events that will be dominated by the political uncertainty in France. It is almost certain that France will begin looking for a fifth Prime Minister in three years. Francois Bayrou, the French prime minister, is likely to lose a no-confidence vote on Monday. This comes at a time that Europe's second largest economy is struggling to control its debt. France will also face its first credit rating review later this week. As of 0708 GMT the pan-European STOXX 600 index was up 0.33%, at 551 points. The CAC 40 in France rose 0.4%. French stocks have outperformed the STOXX Index this year despite the fact that the day just began with gains. This is due to rising bond yields, which are at multi-year highs, on the back of concerns about debt-fueled fiscal spending. Oil and gas stocks were the sector leaders with a rise of 1.2%, following a crude oil price increase of 1.8%. The threat of further sanctions against Russian crude following an overnight strike in Ukraine overshadowed OPEC+’s planned production increase. Goldman Sachs, for example, lowered its rating of RyanAir and sent shares down by 2%. Marks and Spencer rose 2.2% when brokerage Citi upgraded the retailer's rating to "buy" (from "neutral") ASML shares, listed in the Netherlands, rose 0.7% after traders responded to a report stating that ASML is expected to become the biggest shareholder of French artificial-intelligence startup Mistral AI.
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Hong Kong's schools and businesses are closed as Tropical Storm Tapah passes.
Hong Kong closed schools and businesses on Monday, as Tropical Storm Tapah passed within 170 km of the territory. The storm brought gale-force winds and heavy rain to the financial center. Some flights were cancelled. On Monday morning, the damage appeared minimal. Streets were mostly calm. There was no report of major flooding or landslides. The city's mass transit rail system ran at longer intervals. Hong Kong's Observatory stated that the Typhoon 8 warning, which is its third highest, will remain in effect until at least 11:00 a.m. (0300 GMT). The city's Education Bureau said that businesses can reopen after the signal is reduced, but the schools will remain closed for the entire day. On Monday morning, sustained winds of 101 km/h (63mph) were recorded at the airport of Lantau Island. Maximum gusts reached 151 km/h. At 4:55 am, the authorities also issued the Amber Rainstorm Signal, which is its lowest ranking in a 3-tier system. Schools in Shenzhen have also been closed. Reporting by Farah Masters; editing by Jamie Freed
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London Underground workers to begin week-long strike action
London Underground workers will begin rolling strikes Sunday. The action is expected to cause major disruptions for Londoners and bring the network to an end. The staff are staging a series staggered walksouts, so there will be almost no "Tubes" between Monday and Friday. The Docklands Light Railway that connects Canary Wharf with the City of London and its financial centre, the City of London will also not run on Tuesdays and Thursdays. The RMT union stated that the dispute was centered on pay, fatigue, shift patterns, and a reduction of the working week. Eddie Dempsey, RMT's General Secretary said: "They don't want a king-sized ransom but fatigue and shift rotations can have a serious impact on the health and well-being of our members." Transport for London operates the public transport network in London. The union said it would accept only a deal that led to a shorter working week. Staff typically work 35 hours. It claimed to have worked hard to resolve the conflict and offered staff a pay increase of 3.4%. Despite TfL's warning that there would be a severe disruption to train services, some trains in the capital are expected to run during the strike. TfL stated that trains are likely to be very busy. The strikes will also cause disruption to commuters and tourists. Coldplay, a British rock band, has rescheduled two concerts this week at Wembley Stadium, while U.S. singer Post Malone postponed two of his London shows until later in the year. (Reporting and editing by Christina Fincher.)
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Israel claims drone from Yemen hit arrivals hall of Ramon Airport
Israel's Airports Authority reported on Sunday that an Israeli drone, launched from Yemen, struck the arrivals area at Ramon Airport in the Red Sea town of Eilat. The airport said that takeoffs, landings and other operations were suspended. It was working hard to get back to normal as quickly as possible. On Sunday, the Israeli military announced that it was looking into the crash of an unmanned drone launched from Yemen which fell near the airport. The Israeli military stated that the incident is being reviewed without providing any details about the impact. The Israeli military did not say if the drone fell after being intercepted, or if it was a direct strike. Most domestic flights are handled at the airport near Eilat, a resort town on the border of Jordan and Egypt. Houthis, backed by Iran, have launched missiles and drones towards Israel from thousands of kilometers away in an act of solidarity they claim with the Palestinians. Israel retaliated against the Houthi by bombing areas in Yemen controlled by them, including Hodeidah's vital port. In its latest attack, Israel killed several senior Houthi officials including the head government. Since the beginning of the Gaza war in October 2023, the Houthis who control most of Yemen have been attacking vessels on the Red Sea. (Reporting and writing by Steven Scheer, Menna Alaa el-Din, Alexander Cornwell and Bernadette Baum; editing by Tomasz and Bernadette Janowski).
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Russia strikes Ukraine with the biggest air strike of the war and sets a government building on fire
Ukrainian officials reported on Sunday that Russia had launched the largest air strike of the war against Ukraine over the weekend, causing the main government building in central Kyiv to catch fire and killing four people including an infant. Volodymyr Zelenskiy, the president of Ukraine, said that the drone barrage and missiles killed four people, and caused extensive damage in the north, the south, and the east of the nation, including Zaporizhzhia and Kryvyi Righ, Odesa and Sumy, and Chernihiv. Zelenskiy, in a recent post on X.com, said that such killings are a deliberate act and a war prolongation. He also called for allies to reinforce Ukrainian air defences. Witnesses reported that just after sunrise, thick smoke was seen rising from the top floor of the main Government Building, located in historic Pecherskyi District, as it burned. Residents in Kyiv gathered on the street to inspect the damage done to their apartments. Rescue workers were battling to put out the fires. The attack highlighted growing pessimism among Ukrainians and their allies about the possibility of a quick end to the war. Russian President Vladimir Putin, who has been resisting calls for ceasefires and emboldened due to stronger relations with China, refused any call for a truce. Donald Trump has, on the other hand, expressed increasing frustration towards Moscow ever since he met with Putin last month. However, he has not imposed tougher sanctions against Russia. He said that he is still working on the security guarantees for Ukraine, which he believes will help end the deadliest conflict Europe has seen since World War Two. Kyiv’s European allies have pledged to stand by Ukraine both politically and militarily. However, concrete offers of help, including the possibility for troops on the ground are still being discussed. Zelenskiy stated that he spoke to French President Emmanuel Macron about coordinating diplomatic efforts and next steps as well as contacts with partners. WAR'S LARGEST DRONE BARAGE The Ukrainian Prime Minister Yulia Shvyrydenko stated that it was the very first time during the war the main government building of Kyiv has been attacked, a symbolic blow to an area well-defended in the city. In a blog post, Polish Prime Minister Donald Tusk stated that the Russian attack against Kyiv's Government showed that "continued delaying of a strong response (against) Putin and attempts to appease him make no sense." The Ukrainian air force reported that Russia launched 805 drones and 13 missiles at Ukraine over night, while Ukrainian defence units shot down 751 drones as well as four missiles. This was the largest number of drones Russia used to attack the nation since Moscow launched its full scale invasion in February 2022. According to Tass, the Russian defence ministry claimed that it had conducted strikes against Ukraine's military industrial complex and transport infrastructure. Both sides deny targeting civilians. Timur Tkachenko is the head of Kyiv’s military administration. He said that a baby's body had been pulled out of the rubble at the Darnytskyi District, where an apartment building with four floors was damaged. He said a young woman also died in the attack. The district is located east of the Dnipro River. Interior ministry reported that more than 20 people had been injured in the attacks against the capital. The air alerts in Kyiv, and its surrounding area, lasted more than 11 hour. Klitschko reported that several floors in a nine storey residential building in Kyiv's Sviatoshynskyi District, located west of the city, were partially destroyed. He said that falling drone debris caused fires to start in two nine-storey and a 16 storey apartment buildings. UKRAINE TARGETS RUSSIAN ENERGY Svyrydenko urged the world and Ukraine to increase their weapons arsenals in response to Russian aggression. Svyrydenko stated, "We will rebuild buildings." But lost lives can't be brought back. "Our people are terrorized and killed by the enemy across the country on a daily basis." Ukraine's Defence Ministry said that a meeting of Kyiv’s allies is planned for the next week. Air defences and supplies to support Kyiv’s deep strikes against Russia will be discussed. Ukraine's military claimed it had attacked the Druzhba pipeline in Russia's Bryansk Region, causing "comprehensive damage" to the oil pipeline during an overnight attack. This is part of an overall strategy to target Russia’s vast energy complex. It is the backbone of the Russian economy and is used to fund the war. Vitalii Maletskyi, the mayor of Kremenchuk in central Ukraine, said that dozens of explosions also rocked the city, cutting off power to some residents, and damaging a Dnipro River bridge. Officials from the city of Kryvyi Rih in central Ukraine said that Russian attacks on Kryvyi Rih targeted urban infrastructure and transport, but there were no reported injuries. Oleh Kiper, the regional governor, said that in Odesa's southern city, residential buildings and civilian infrastructure were damaged. Fires broke out in several apartment complexes. He said three people were injured. (Additional reporting from Pavel Polityuk in Kyiv, Yuliia Dysa in Melbourne, and Valentyn girenko in Kyiv; editing by Mike CollettWhite and Alex Richardson.
Chinese agency gives Gazprom AAA rating
The Chinese rating agency CSCI Pengyuan gave a triple-A rating to the Russian oil giant Gazprom, which was blacklisted by the United States. Media reports said Beijing is preparing to reopen their domestic bond market for major Russian energy companies.
"Gazprom’s rating reflects both its strategic importance and its legal ties with the Russian government," CSCI Pengyuan stated.
It added that the firm's "strong business profile" as a global leader in the oil and gas industry, and its significant position on the Russian energy market, underpins its credit profile.
The "AAA", with a stable outlook, rating came only days after Russia and China endorsed the Power of Siberia 2 Pipeline.
Gazprom announced the news during Russian President Vladimir Putin’s visit to China.
The Financial Times, citing anonymous sources, reported that senior Chinese financial regulators informed top Russian energy executives late last month that they would support the plans of their companies to sell "panda bond" renminbi.
Before selling bonds in China, companies usually obtain credit ratings.
CSCI Pengyuan cited the "high geopolitical risk" of Gazprom. This company was sanctioned in 2022 by the U.S. after Russia invaded Ukraine.
The rating agency stated that "Sanctions, geopolitical disruptions and a decrease in the volume and revenue of gas exports in 2023 have negatively affected the company's operation."
As the geopolitical environment continues to change, operational uncertainty persists.
Last month, CSCI Pengyuan assigned an "AAA" rating to Zarubezhneft. This is a mid-scale, upstream oil company owned entirely by the Russian Federation. Shanghai Newsroom, Sumana Niandy (Editing)
(source: Reuters)