Latest News
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Gas line connection to Exxon's FPSOs in Guyana completed, executive says
A pipeline that would allow Guyana to bring natural gas produced by an Exxon Mobilled consortium to coast has actually been connected to 2 of the job's. drifting production platforms, Exxon's head for Guyana was. reported as stating on Wednesday. The Gas-to-Energy project by Guyana's government aims to. feed a 300-megawatts power plant and a gas liquids (NGL). facility with gas produced at 2 Floating Production Storage. and Offloading (FPSO) facilities that become part of Exxon's. Stabroek block. The 200-kilometer (124.3-mile) pipeline could be in service. by year end, Exxon Guyana chief Alistair Routledge informed regional. reporters, according to Newsroom Guyana. The task, expected to assist lower electricity costs. and decrease emissions as soon as finished next year, will be the first. to make the most of associated gas produced in the nation. Guyana has up until now invested some $400 million in the. development. The Exxon consortium, likewise incorporated by China's CNOOC. and U.S. Hess, briefly stopped crude and. gas output at the platforms in the third quarter to allow the. pipeline connection. Risers have actually now been successfully connected to the. pipeline, and we have been carrying out numerous tests and. de-watering exercises to guarantee whatever is working. properly, Routledge said.
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Airbus confirms deliveries fell to 50 jets in September
Jet deliveries fell 9% in September to 50 airplane, compared to the exact same month last year, the European planemaker stated on Wednesday. The figure, which verifies a current Reuters report, brings deliveries up until now this year to 497 jetliners, up 2% from 488 at the nine-month phase a year back. Plane is targeting 770 deliveries for the complete year after decreasing its goal from 800 jets in July, citing lacks of engines and other parts as the aerospace industry's supply chain struggles to recuperate from the pandemic. Reuters, pricing quote industry sources, reported on Friday that Airbus had actually provided 50 jets in September, leaving it facing a. sprint towards the goal in the typically hectic fourth. quarter. Plane has said it is on track to satisfy its yearly target of. around 770 jets. The figures suggest that Plane would have to deliver 273. aircraft in the 4th quarter to meet its heading target. figure, up 11% from the same quarter last year. Airplane and Boeing supplier Elder stated on. Tuesday it was cutting headcount in response to obstacles in. commercial aerospace manufacturing, sending its shares tumbling. Senior said it was turning to both furloughs and task cuts. in response to a continuous strike at Boeing's business airplane. operations and supply chain problems dealing with Plane.
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Siemens files claim in Texas against Citgo Petroleum parent
Siemens Energy Inc. has actually submitted a lawsuit in a Texas court versus Citgo Petroleum's. parent, PDV Holding, looking for to recover about $200 million from a. promissory note defaulted by Venezuela, according to a court. file seen on Wednesday. Lenders that belong to an auction of Citgo parent's. shares in a Delaware court to pay billions of dollars for. expropriations and debt defaults in Venezuela have begun turning. to other U.S. courts to impose their claims, a technique to acquire. concern when the auction's proceeds are paid. The auction's 2nd bidding round was completed last month. with the choice of an affiliate of Elliott Financial investment. Management as the winner. If the judge ratifies the $7.3 billion. deal, there might not suffice cash to pay more than a. handful of the $21 billion in financial institution claims before the court. Citgo and PDV Holding are U.S. subsidiaries of. Caracas-headquartered state oil company PDVSA. The. dispute between PDVSA and Siemens originates from a deal under. which engineering firm Dresser-Rand Company, acquired by Siemens. Energy, was entitled to get some $166 million pursuant to a. promissory note. SEI got a judgment versus PDVSA from the Southern. District of New York and now seeks to hold PDV Holding responsible as. PDVSA's alter ego for the total of the judgment, which now. surpasses $200 million, the file filed by Siemens said. Gramercy Distressed Opportunity Fund and 2 related. companies have submitted similar lawsuits in Texas and New York City. courts this year, threatening to derail the auction in Delaware,. which is arranged to be completed in the coming months. A court officer designated to supervise the auction has. requested U.S. Judge Leonard Stark block the creditors from. resorting to other courts to pursue the exact same properties. His. decision is pending.
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Rainy roads slow arrivals of cocoa at Ivory Coast ports
Exporters and buyers say that the damage caused by heavy rains in Ivory Coast’s west, southwest, and coastal regions hampers harvesting, drying, and transporting cocoa beans from ports. Six exporters, six buyers and five cooperatives said that cocoa arrivals in ports have decreased and the quality has deteriorated. Hamed Coulibaly who purchases cocoa from the regions of Duekoue Guiglo and Man said, "Since last week, we've noticed a return of heavy rains which have blocked roads and rendered village tracks completely impassable." He claimed that he had not been able yet to recover the 60 metric tonnes of the commodity his middlemen had already collected in different villages. Seydou Koate, a buyer from Guiglo, said: "I have two cocoa trucks that have been stuck in the tracks toward Blolequin since six days... We can't do anything." Exporter figures estimate that cocoa bean arrivals at ports will be 13,000 tons between October 1 and 6, 2024. This compares to 50,000 tons the previous year. Rain has caused plantations to flood and roads to be cut off in the western Ivory Coast towns of Man and Danane. Geyo Yabayo Buyo in Ivory Coast's main cocoa-producing region have also suffered similar conditions. Lack of sunlight and poor storage conditions have also caused damage to cocoa beans. They turn black and ferment when stored in bad conditions. The quality of the beans arriving is what concerns us most, said an exporter in San Pedro port. He has received 55 tons so far compared with 300 tons at the same time last year. Exporter in Abidjan, who received 45% less cocoa this season than last year, said: "We're receiving very poor-quality products. They are poorly fermented and dried. And they are too humid." The Ivory Coast Coffee and Cocoa Council, however, blamed a delayed seed stock for the reduction in cocoa that has been available this season. Unnamed CCC officials said: "We need to put things in perspective. There is less chocolate in the ports right now because there is less cacao at the moment. It is not due to the condition of the roads." Another CCC official stated that "normally, September's stock is what supplies the first week of October. This year, this has not been the case." "There is no cocoa yet, but we have to be patient." (Reporting and editing by Portia Crowe and Christina Fincher; Ange Aboa, Reporter)
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Air France opens internal probe after airplane flew over Iraq throughout Iranian attack on Israel
Air France stated on Wednesday it had actually opened an internal examination after one of its planes flew over Iraq on Oct. 1 during an Iranian missile attack on Israel. The business said flight AF662 from Paris to Dubai was travelling at the time of the attack through a special corridor used by all airlines in southern Iraq and fifteen minutes later it left the nation's air area, which was not near airplane traffic up until 1756 GMT. Without waiting on instructions from the Iraqi authorities, Air France has chosen to suspend overflight of the nation's airspace by its aircraft from 1700 GMT, the airline company stated. An internal investigation has actually been released into this occasion, it added. Air France likewise stated that another flight returned to Paris, while a third, from Singapore to Paris, made an additional stop in Delhi to get more fuel to take a longer route. The story was initially reported by TV channel TF1 Information.
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Russia's Novak states ball remains in Ukraine's and EU's court on gas transit deal
Russian Deputy Prime Minister Alexander Novak said on Wednesday that there are proposals from European Union partners to continue Russian gas purchases after completion of this year, however that the ball remains in the court of Ukraine and the EU. Despite the war, Russia continues to deliver gas by pipeline throughout Ukraine to other European nations. But Ukrainian Prime Minister Denys Shmyhal stated this week that Kyiv will not extend the gas transit contract with Russia after it ends at the end of 2024. Novak, Russia's point male for energy, said Russia was happy to continue supplying gas after the agreement expires. We have actually consistently revealed our position that the ball is on the side of, let's say, our buying partners and, appropriately, our associates from Ukraine, through which transit is brought out, Novak informed reporters. We have gas, we will supply it, he added. Russian gas deliveries to Europe via Ukraine have actually slowed dramatically given that the start of the war, which prompted the EU to cut its dependence on Russian energy. However nations like Slovakia, Austria and the Czech Republic continue to get Russian gas. Asked if buyers in the EU had actually approached Russia about renewing the offer, Novak said: There specify proposals of willingness, however there is no such information about it being translated into legal actions or files. The EU and Ukraine have actually asked Azerbaijan to help with discussions with Russia regarding the gas transit offer, an Azerbaijani presidential advisor informed Reuters in June. Novak said on Wednesday that there were no conversations on swap handle Azerbaijan for gas transit.
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More Kazakh farming exporters complain of concerns with transit to Russia
Some Kazakh rice and corn exporters are not able to deliver their products to Russia, Kazakhstan's Grain Union said on Wednesday, in what appeared to be an expansion of a Russian block on grain transit from Kazakhstan after Moscow implicated Astana of breaching plant health regulations. Russia is a key transit nation for major Kazakh exports such as oil and uranium, and trade tensions might make market players worried about the stable supply of those commodities. The Russian state agricultural guard dog, Rosselkhoznadzor, said last week it would block the issuance of phytosanitary certificates for grain, grain products, sunflower seeds, tomatoes, and peppers from Kazakhstan. The Kazakh federal government stated it asked for proof of the purported violations from Russia, and the Kazakh state railway business said grain exports via Russia would continue and even boost this month. But market gamers state Russia's choice has actually affected deliveries. The scenario has actually not been dealt with, as far as I. understand, Yevgeny Karabanov, the head of analytics at the. grain union stated. ( Grain) transit continues through paths where freights do not. require to be unloaded from one methods of transportation and loaded. onto another one. For example, to the Baltic nations,. Azerbaijan, Belarus. However Kazakh grain cargoes are no longer delivered via Russian. ports, Karabanov stated. In addition, there are complaints from business that. supply rice and corn - which were not discussed in the. Rosselkhoznadzor letter - from Kazakhstan to Russia, he stated. Trucks loaded with those items are being turned away at. the border. A Russian market source, speaking on the condition of. privacy because they were not authorised to comment openly,. confirmed that there were problems with Kazakh transit and shared. a document listing items that were banned for import if they. had Kazakh phytosanitary certificates. The list includes not only all major grains, but also wheat. flour, corn, rice, soy beans, lentils, some nuts and melons. Kazakhstan's farming and trade ministries and. Rosselkhoznadzor in Russia did not immediately react to a. ask for comment.
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Pakistan to curb motion of Chinese nationals throughout SCO conference, state sources
Pakistani authorities are looking for to curb motions of Chinese people during the Shanghai Cooperation Company conference next week because of a. security danger from militant groups targeting them, according to. 3 security authorities and an internal security note. The decision has come after the killing of 2 Chinese. engineers in a bombing near Pakistan's Karachi global. airport on Sunday declared by separatist militant group Baloch. Liberation Army (BLA). The meeting of the SCO, which makes up nine full members,. including China, India, Iran and Russia, is scheduled for Oct. 15 and 16 in Islamabad. Chinese Premier Li Qiang is anticipated to. get here in the city prior to the conference. Orders have been gotten from concerned authority that. Chinese relocation of all types including intra-city/ inter-city/. airport etc to be stopped from 14 to 17 Oct 24 in connection with. SCO summit and various delegations go to, the alert, shared. with several Pakistani security agencies and seen ,. said. Three top security authorities who got the alert said it. had actually likewise been conveyed to Chinese authorities. All concerned to ensure that Chinese are conveyed it in. advance so that crucial moves are changed before that. No. violations will be accepted during this period, the alert stated. The Chinese embassy in Islamabad and Pakistan's interior. ministry did not respond to a Reuters ask for remark. The bombing was the current in a string of attacks versus. Chinese nationals in Pakistan over the last four years,. including a March suicide bombing that eliminated five Chinese. engineers dealing with a hydropower project. Beijing contacted Islamabad to carry out more strict. security measures. BLA, the biggest of a number of ethnic insurgent groups that has. combated the federal government for decades, targets Chinese. interests - consisting of the tactical port of Gwadar on the. Arabian Sea - as it implicates Beijing of helping Islamabad exploit. regional resources. It has actually formerly eliminated Chinese citizens and. attacked China's consulate in Karachi. The security officials state the latest attack in an extremely. safe location was a total security failure which all senior. staff accountable for Chinese security in Karachi had been. removed from service. Pakistan's interior ministry is mainly responsible for. the security of Chinese nationals and their interests.
Italgas signs $5.8 bln deal to buy smaller competing 2i Rete Gas
Italy's most significant gas distributor Italgas stated on Saturday it had actually accepted purchase smaller rival 2i Rete Gas in a 5.3 billion euro ($ 5.8 billion) offer, consisting of financial obligation.
A merger would mark a major step in the debt consolidation of Italy's gas distribution sector and also create a leading gamer in Europe, Italgas CEO Paolo Gallo stated in a declaration.
The equity worth of the transaction is 2.06 billion euros, while 2i Rete Gas' net financial debt and other net liabilities at the end of 2023 totaled up to 3.246 billion euros, Italgas said.
The gas supplier will cover the expense of the deal via a. bridge financing at first financed by JP Morgan and. syndicated to a group of banks consisting of Banco BPM, BofA. Securities, Citi, JP Morgan, Morgan Stanley and Société. Générale.
It will then launch a 1 billion euro rights concern to. refinance the swing loan with the objective of keeping its. existing credit score profile.
Italian facilities fund F2i has a 64% stake in 2i Rete. Gas. Dutch pension fund APG and buyout group Ardian together. hold the remaining 36.1% under the automobile Finavias.
Closing of the deal is expected in the very first half of. 2025, subject to regulative approvals.
Gas circulation is a regulated service in Italy with the. nation's energy authority accountable for setting fees on the. fuel transportation and rois needed to update the. network.
JP Morgan served as monetary adviser for Italgas, Legance. functioned as legal consultant, and Foglia and Partners was accountable. for tax matters. Rothschild supported Finavias on the offer.
JP Morgan, BofA Securities and Jefferies have actually offered a. fairness opinion to Italgas' board relating to the deal.
(source: Reuters)