Middle East

Maersk and HapagLloyd might add more container vessels to an alliance announced earlier this year if shipping disturbances in the Red Sea continue, the business said on Tuesday. Attacks in the Red Sea by Iran-aligned Houthi militants have because late last year required shipping business to reroute traffic far from the Suez Canal and rather sail around Africa, a longer journey that ties up more capability. Maersk and Hapag-Lloyd in January said they had actually settled on a. brand-new cooperation, starting in February of 2025, to carry a. integrated 3.4 million containers every year with a fleet of 290. vessels,...

Saudi shipping company Bahri said on Tuesday its tanker Amjad was not targeted in a. Red Sea attack, which it had been spared any damage from the. event that struck another tanker that was cruising nearby. The U.S. Central Command stated Yemen's Iran-backed Houthi. rebels assaulted 2 crude oil tankers - the Saudi-flagged Amjad. and the Panama-flagged Blue Lagoon I - in the Red Sea on Monday. with two ballistic rockets and a one-way attack uncrewed aerial. system, hitting both vessels. We unquestionably affirm that AMJAD was not targeted and. continual no injuries or damage. The vessel stays fully. functional...

2 rockets blew up in close proximity to a vessel 130 nautical miles east of Yemen's Aden, The UK Maritime Trade Operations stated on Friday. In an advisory note, UKMTO said the vessel's crew was safe and continuing to the next port of call. It did not mention any damage to the vessel. The Yemeni Houthi militants have actually sunk 2 vessels in their 10-month drone and missile project against business shipping in the Red Sea and Gulf of Aden. They say their attacks are in solidarity with Palestinians in the war between Israel and Hamas in the Gaza Strip...

3 fires have been observed on board a Greekflagged oil tanker in the Red Sea, The UK Maritime Trade Operations (UKMTO) said on Friday, one day after it was evacuated by its team after being assaulted by Yemeni Houthi militants. The Houthis, who manage Yemen's most populated areas, stated on Thursday that they assaulted the Sounion oil tanker in the Red Sea, as the Iran-aligned group has actually been attacking ships in solidarity with Palestinians in the war in between Israel and Hamas in Gaza. Sounion belongs to a company that has ties to the Israeli enemy and breached the...

British security company Ambrey said on Thursday a fire was identified in the Red Sea roughly 58 nautical miles southwest of Yemen's port of Salif. A neighboring vessel observed smoke coming from the water, an event likely related to the destruction of an unmanned surface area vessel, Ambrey stated. Hostile manned, and unmanned craft, have actually been running in the area, Ambrey included. Iran-aligned Houthi militants based in Yemen have released attacks on global shipping in the Red Sea region since November in uniformity with Palestinians in the war in between Israel and Hamas. In action shipowners have rerouted lots...

The oil items tanker Sounion reported being assaulted by 2 small boats and struck by three projectiles in the Red Sea off Yemen on Wednesday, the United Kingdom Maritime Trade Operations (UKMTO) stated. There were no casualties reported amongst the 25 crew members onboard but the Greek-flagged vessel stated it was no longer under command, UKMTO included. The vessel reported being approached by two little craft with approximately 15 individuals onboard and a quick exchange of small arms fire, UKMTO stated. The exchange took place 77 nautical miles west of Yemen's. port of Hodeidah, it said. British security company Ambrey...

The following are the top stories on the business pages of British newspapers. Reuters has not confirmed these stories and does not guarantee their precision. The Times - Karim Bitar, the president of Convatec has cautioned that the medical devices maker's financial investment in the UK would be at risk if regulators do not approve a brand-new wound care product coming from its 45 million euro ($ 49.09 million). acquisition of the anti-infective nitric oxide innovation. platform of 30 Innovation in April in 2015. - Royal Mail is expanding its parcel locker network through. a collaboration with the provider Yeep!...

Mubadala Capital and commodities trader Trafigura have actually employed UBS BB and Goldman Sachs to assist offer a Brazilian ironore port they bought a. years earlier from previous oil and mining tycoon Eike Batista,. according to two people acquainted with the matter. Mubadala and Trafigura are seeking to offer the port terminal. in Rio de Janeiro state, called Porto Sudeste, together with an. iron-ore mining project they both own in the state of Minas. Gerais, said one of the sources. The mining task is called. Mineração Morro do Ipê, the source said. Developed in 2016, the mining job consists of...

Iran's Islamic Revolutionary Guard Corps has actually intercepted a Togoflagged, UAEmanaged items tanker carrying 1,500 lots of marine gas oil, the IRGC and British security firm Ambrey stated on Monday. The vessel had actually loaded marine gas oil off the coast of Iraq and was destined for UAE's Sharjah when it was intercepted on Sunday, 61 nautical miles southwest of Iran's port of Bushehr, Ambrey said. Iran's Revolutionary Guards' Navy confirmed seizure of the tanker in a declaration estimated by Iran's state news firm, stating the tanker was systematically participated in fuel smuggling ... and was seized in the depths...

Yemen's Houthis said early on Sunday that they had conducted a joint military operation with the Islamic Resistance in Iraq militant group, targeting four ships at Israel's northern Haifa port. The Houthi military spokesperson, Yahya Saree, stated in a. telecasted statement that the 2 groups released a drone attack. on two cement tankers and two freight ships at the Haifa port on. Saturday. He said the ships belonged to companies that breached. the restriction on entering the ports of occupied Palestine. The Israeli armed force did not right away comment, however. it had actually formerly rejected a similar claim by...

Egypt's current account deficit more than quadrupled to $20.8 billion in the 2023/24 from $4.7 billion a year earlier, mostly due to an increase in the trade deficit and a fall in Suez Canal transit invoices, the central bank said on Tuesday. The country's Suez Canal earnings declined to $6.6 billion from $8.8 billion the previous year, it said in a statement. The decrease came primarily throughout the second half of the 2023/24 with earnings reducing by 61.7% to simply $ 1.8 billion. Egypt's ranges from July 1 to June 30. Such a reduction is because of the Red Sea...

Cyprus will support a multi-billion euro electric transmission cable television linking the power grids of Europe to the Middle East, a source near the matter said on Tuesday. The so-called Great Sea Interconnector (GSI) seeks to link the transmission networks of Greece via Crete, Cyprus and ultimately Israel in a project costing 2.4 billion euros ($ 2.7. billion). As far as Cyprus, the cable television is approximated at 1.9. billion euros. The government chose to support the job at a. cabinet meeting on Tuesday, the source, who spoke on condition. of privacy, stated. The level of Cyprus's participation was. unclear...

Saudi Aramco will increase its stake in melted gas company MidOcean Energy to 49%. and fund its acquisition of a new 15% stake in Peru LNG from. Hunt Oil Business, MidOcean said on Monday. The Saudi oil giant agreed to buy a minority stake in. MidOcean from EIG for $500 million in 2015, its very first foray. into LNG abroad, without divulging the stake's size. Aramco is looking for to reinforce its position in the LNG. market, which is set to grow by 50% worldwide by 2030, particularly. in the United States where LNG capacity is set to nearly double....

The following are the top stories from selected Canadian papers. Reuters has actually not validated these stories and does not vouch for their precision. THE GLOBE AND MAIL - Canadian mutual fund Brookfield is thinking about moving its head office to New york city to set it as much as join a larger roster of stock indexes, as it looks for to expand the pool of potential investors in its stock. - TC Energy's C$ 1 billion ($ 736.92 million) offer to sell a minority stake in its Canadian gas pipeline system to a consortium of Native neighborhoods has been...

A BlackRockmanaged fund has actually purchased a minority stake in a pipeline connecting Saudi Arabia and Bahrain from Bahrain state oil company Bapco Energies, the 2 firms said on Wednesday, as the small Gulf state tries to extract worth from its energy possessions. A fund handled by BlackRock's Diversified Infrastructure service purchased the stake in Saudi Bahrain Pipeline Business ( SBPC), they stated in a joint declaration. No value was disclosed for the deal, which marks Bapco Energies' first asset monetization and is set to support Bahrain, the area's most indebted economy and amongst its tiniest oil manufacturers. Bahrain has...

President Vladimir Putin stated on Thursday that Russia aims to keep pumping gas through Ukraine to the European Union but included that Moscow could not force Kyiv to keep the transit agreement which expires at the end of this year. As for Ukraine, we are not abandoning this transit, strangely enough. Why? Since we, and Gazprom, intend to satisfy all our commitments to our consumers with whom we have long-term agreements, Putin said. There is a transit contract that ends on December 31 of this year. However if Ukraine refuses this transit, well, we can't. force it, Putin stated. Putin...

The following are the top stories on business pages of British newspapers. Reuters has not validated these stories and does not guarantee their precision. The Times - Britain has suspended some arms sales to Israel in response to fears that UK-manufactured weapons might be used against civilians in Gaza. - UK-focused NEO Energy, which has interests in assets throughout the North Sea, stated it will slow financial investments in all projects it has under development, blaming financial and regulatory uncertainty in the British oil and gas sector. The Guardian - Transportation for London, which runs most of London's. transport network,...

Turkish state energy company Botas and British oil significant Shell will sign a longterm LNG contract on Monday, the Turkish Energy Ministry stated. It said Energy Minister Alparslan Bayraktar would meet with Shell Chief Executive Wael Sawan in Ankara on Monday, after which the minister will make a statement and a long-lasting LNG deal will be signed between Botas and Shell. No even more information on the offer were right away readily available. Botas signed a 10-year LNG contract with ExxonMobil in May, under which Botas will acquire as much as 2.5 million tons of LNG annually from the U.S....

Azerbaijan SOCAR's STAR oil refinery in Turkey will halt operations in early September for as much as 2 months of maintenance, 4 sources familiar with its operations told Reuters on Wednesday. The refinery, with a capacity of more than 200,000 barrels per day, will undergo its very first significant maintenance given that its commissioning in 2018, the sources said. SOCAR will start the maintenance on Sept. 5, according to 2 of the sources. The works will continue for about 2 months, three of the sources said. Among the sources stated the refinery will shut for 45 days. SOCAR's press office...

European consumers will deal with greater prices unless Kyiv agrees to extend an offer on Russian gas transit via Ukraine once it ends on Dec. 31, the Kremlin said on Wednesday. Ukraine has repeatedly said it has no prepare for a brand-new gas transit handle Russia in the middle of the ongoing military dispute. Kremlin representative Dmitry Peskov told press reporters on a day-to-day teleconference that if Kyiv did not extend the deal, Russia could discover alternative routes, such as the prepared Turkish gas center. There are (other) routes, but, naturally, such decisions by the Ukrainian side will trigger severe...

CNPC, Asia's leading oil producer, is reviewing its worldwide technique as it looks to restore dealmaking, eyeing gas liquefaction and deepsea drilling as well as structure on its record of producing more from aging wells, the head of its research arm said. China National Petroleum Corp (CNPC) and its listed arm PetroChina face stagnant oil output in your home and a deficiency of new tasks internationally to increase reserves even as slowing economic growth and rising EV usage wear down domestic need, although mounting geopolitical barriers limit its space to manoeuvre. CNPC may rekindle buying big oil and gas assets...

CNPC is Asia's largest oil producer and it has reviewed its global strategy to revitalize dealmaking. It will focus on gas liquefaction, deepsea drilling, as well as improving its track record in producing more from aging fields. China National Petroleum Corp. (CNPC) & its listed subsidiary PetroChina are facing stagnant oil production at home, a lack of new projects worldwide to boost reserves and a slowing economy and a surge in EV use eroding domestic demand. However, mounting geopolitical obstacles limit their room for manoeuvre. Lu Ruquan is the director of CNPC’s Economics and Technology Research Institute and is actively...