Latest News
-
India's GAIL revives plans to buy US LNG after Trump lifts export ban
GAIL India Ltd. will look to purchase a stake or long-term supply of U.S. Liquefied Natural Gas after the Trump Administration lifted its ban on export permits. Gupta said ahead of India Energy Week that "their (Washington) decision to lift their ban will improve LNG supplies and we will revive plans to buy a stake in U.S. LNG or to buy U.S. LNG through long-term contracts." He said that the company will make a final decision following a long-term LNG purchase tendering process. India is currently the fourth largest LNG importer in the world. It aims to increase the gas share to 15% of the energy mix by 2030, up from the current 6.2%. GAIL is India’s largest gas distributor. GAIL was forced to stop its process for buying a stake up to 26 percent in an LNG plant located in the United States in 2023 after Joe Biden, then president of the United States, halted approvals on pending and future requests to export LNG. Gupta stated that global LNG prices may soften after 2026, as new projects in the U.S. are expected to be brought online and increase supply. Asia Spot LNG Prices Last week, the price of British thermal units (BTUs) reached a new high for two months at around $15. This was in response to a rise in European gas prices. Analysts say that the U.S. will provide ample supply to limit prices in this decade. Qatar will expand its liquefaction capability to 142 millions metric tons annually by 2027, from the current 77 million. Hardeep Singh Puri, the Indian oil minister, said that by 2030 India's gas consumption is expected to reach over 500 million standard cubic meters per day (mmscmd). According to the Petroleum Planning and Analysis Cell of the Oil Ministry, India's gas demand increased by approximately 12.5% in fiscal year 2024 compared to the previous year. Gupta stated that India's consumption would increase if the government brought gas under the goods and service tax regime instead of the current multiple taxes on gasoline, in order to make the prices cheaper and uniform throughout the country. GAIL, in its annual report 2023-24, has agreed to purchase 15.5 million tonnes per annum of LNG, including supplies from the U.S.A., Qatar and Australia, as well as traders Vitol Adnoc. The long-term agreements with American companies include the purchase by Berkshire Hathaway Energy of Cove Point and Cheniere Energy Sabine Pass in Louisiana, each receiving 5.8 million tonnes per year (tpy) of LNG. Sources said that in December, Qatar was also awarded a 5-year tender for the purchase one LNG cargo per month starting April. Sources in December said that Qatar was also awarded a five-year tender for the purchase of one LNG cargo a month starting April.
-
British Business - February 10
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times British Airways, Virgin Atlantic and other airlines are asking the Civil Aviation Authority (CAA) to examine Heathrow costs before building a new runway. They fear that passenger fees will increase. AstraZeneca continues to pay Russian doctors and healthcare organisations despite the Ukraine War, citing a need to provide medicine globally and stating medicines are not under sanctions. The Guardian Great British Energy, the state-owned energy company in Britain, faces a difficult search for a new CEO. It will begin recruiting this month. Six months after it was established with 8.3 billion pound ($10.28 billion), there are no obvious front-runners. Stuart Machin is the CEO of Marks & Spencer. He has urged the UK government not to implement the planned taxes and recycling fees, claiming that the retail industry was unfairly burdened. The Telegraph Activist Elliott, a financier who is known for his activism, has acquired a stake in BP. He hopes to influence strategic changes at BP as it struggles with its "net-zero" approach. Virgin Atlantic tripled the number of applications for its status-matching offer, after British Airways announced tighter conditions for its frequent flyer program. The new system will be based on spending from April. Sky News UK Chancellor Rachel Reeves summoned executives of Barclays, HSBC and Lloyds to a meeting on Wednesday, where they will discuss Labour's growth strategy for financial services.
-
Baltic States switch to European grid and end Russia's ties
Estonia, Latvia, and Lithuania announced on Sunday that they successfully synchronised the electricity systems of their countries to the European continental grid. This comes one day after Estonia, Latvia, and Lithuania severed decades-old energy links with Russia and Belarus. The complex switch from the grid that was used by their former Soviet Imperial overlord has been planned for many years. It is intended to bring the three Baltic countries closer to the European Union, and boost energy security in the region. In a social media post, Latvian President Edgars Rinkovics stated: "We did it!" The Baltic countries cut high-voltage cross-border transmission lines in eastern Latvia on Saturday, just 100 metres from Russia's border. They gave away pieces of wire as souvenirs to passers-by. Kaja Kallas - the Estonian EU Foreign Policy chief - called this switch, made earlier this week, "a victory of freedom and European unity". After power cable, telecommunication links, and gas pipelines between the Baltics and Sweden and Finland went down, the Baltic Sea region has been on high alert. The Baltic Sea region is on high alert after power cable, telecom links and gas pipeline outages between the Baltics and Sweden or Finland. Russia has denied involvement. After an undersea cable from Finland to Estonia, which was damaged in December 2012, Poland and the Baltics deployed elite police units, helicopters, and navy assets. Lithuanian military started drills to secure the land connection to Poland. Analysts believe that more damage to the links could drive power prices to levels seen in the Baltics since the invasion of Ukraine when energy prices spiked. The IPS/UPS Grid was the last remaining link between Russia and the three countries. These nations reemerged in the early 90s as independent nations after the fall of the Soviet Union. They joined the European Union in 2004 and NATO in 2007. After the invasion of Ukraine by Russia in 2022, three of Kyiv's staunchest supporters stopped purchasing power from Russia but still rely on its grid to stabilise and control frequencies to prevent outages.
-
Lithuania cuts Russian grid connections as Baltics prepares to link up with EU
Lithuania announced on Saturday that it had disconnected its power system from the Russian grid. This is part of a larger plan, which the Baltic states claim will help them integrate more closely with Europe and improve security. After operating independently, Latvia and Estonia will be expected to follow suit at 0700 GMT Saturday. Subject to any last-minute testing, they should synchronise their grids with the EU on Sunday. A spokesperson for Lithuanian grid operators Litgrid stated, "We have disconnected." After the annexation by Russia of Crimea, plans to decouple the Baltics from their former Soviet imperial master gained momentum. The grid was the last remaining link between the three countries and Russia, who reemerged after the fall the Soviet Union as independent nations and joined the European Union in 2004. In order to prevent outages, the Baltic countries depend on the Russian grid for frequency control and network stabilisation. After the invasion of Ukraine by Russia in 2022, three of Kyiv's staunchest supporters stopped buying power from Russia. Lithuania's Energy Ministry has said that it has prepared contingency plans for heavy energy consumers, such as factories. These plans could temporarily disconnect some heavy energy users from the grid if there is a power shortage, in order to maintain essential supply. (Reporting and editing by Terje Solsvik, Andrius Sytas)
-
Trump delays meeting with Panamanian president as tensions over canals simmer
The U.S. president Donald Trump postponed his phone call with Panamanian leader Jose Raul Mulino because of last-minute changes to the agenda. This was announced by the Panamanian government on Friday amid tensions surrounding U.S. threats that it would take over the Panama Canal. The government of Panama said that the foreign office would share the details about the new date after it had been coordinated. Mulino accused the U.S. government of spreading "lies" and falsehoods after it claimed that its vessels could pass through the Panama Canal for free. He also denied claims that China controls and has troops in the Canal, which is a vital shipping waterway connecting the Atlantic Ocean and Pacific Ocean. Panama Canal Authority is an autonomous agency under the supervision of the Panamanian Government that controls and operates the canal. Both leaders were scheduled to address the media at 3:30 pm local time, on Friday afternoon. Mulino announced that following a visit by U.S. Secretary Marco Rubio to his country, it would not be renewing a broad agreement in order to contribute to China’s signature. Belt and Road Initiative , a global infrastructure development plan. (Reporting and writing by Elida Morland, editing by Kyry Madry).
-
Brazil soy sales are lagging due to high freight costs, traders warn
Analysts said that the sale of Brazil's soy crop was lagging, due to high freight costs, an increased local currency, and the extra caution taken by trading companies to complete purchases. According to the consultancy Safras & Mercado, Brazil's soybean crop for 2024/25 has already sold 39.4% more than total production expected. This is higher than the 31,9% recorded in the same time period of 2024. It is still below the average for five years of 43.2%. Guilherme Palahares, Santander Research's head of food and beverage research, said that "Freight was the biggest factor in limiting business." To reduce risk, traders only buy freight services if the soy that they are purchasing has a client who is committed. Brazil heavily relies upon trucks to transport grains to ports. Diesel prices are rising and farmers in the area will need to transport a record crop of soy north of 170 millions tons. The excessive rains in Mato Grosso have also caused problems, as they have hampered harvesting. Truckers are faced with muddy roads and shipping in unusually large volumes when heavy showers occur. According to Mato Grosso's farmer-backed group IMEA, road freight from Mato Grosso's Sorriso port to the riverport of Miritituba has risen by around 40% since January began, reaching 270 reais (46.64 dollars)/ton. The strengthening of the Brazilian currency to 5,8 reais to the dollar has hampered farmers' interest in selling their soy. Santander's analyst stated that Brazilian farmers still expect better prices because of possible problems with Argentinean soy harvest affected by drought. He said that by April they would be more likely sell, as the input bills will be due. According to data from Esalq/USP, Cepea's data, premiums for soybean shipments at the Port of Paranagua in March remained negative. The high freight rates put a lot pressure on the premium, said Francisco Queiroz. He is a soybean analyst with the Itau BBA agro-consulting firm.
-
Azeri BTC daily loads to decrease 6% in March
The differentials between Urals and Azeri BTC crude oil were unchanged on the Friday while daily Azeri BTC oil loadings at Ceyhan are set to drop 6% in march. Azeri BTC crude exports to Turkey's Ceyhan Port are set at 16,99 million barrels for March, up from 16,33 million barrels during February, according to a schedule seen on Friday. Calculations showed that daily oil loadings from Ceyhan would decline by 6% from February's plan in March, due to the fact that the following month will be three days longer. Two sources with knowledge of the plans said that Chevron was speeding up expansion at Kazakhstan's Tengiz Oilfield. This would increase its production to around 1%. PLATTS WINDOW On Friday, no bids or offers for Urals BTC, Azeri BTC Blend and CPC blend were displayed in the Platts Window. The Russian Federal Anti-Monopoly Service could impose a one-month-long ban on the export of gasoline by large producers to stabilize wholesale prices before the planting season. This was reported Friday by state news agency TASS. The oil ministry reported on Friday that India's fuel consumption in January was at its lowest level since October but up 3.2% compared to last year, with 20.49 millions metric tons. Reporting by
-
Venezuela's PDVSA resumes imports of light crude as production declines
According to documents from the company and data on vessel tracking, Venezuela's PDVSA state oil company has begun importing light crude regularly as its own production of medium and lighter grades is decreasing. This creates bottlenecks in producing blends that can be exported. Venezuela, which is sanctioned by the United States, and Iran signed a swap deal that allowed PDVSA import crude oil and condensate from 2021 to 2023. They could then use these products as diluents in its heavy oil. Debts and disagreements about projects have caused the exchange to be halted since last year. This has left the Venezuelan company with few options for sourcing imports. A vessel with about 600,000 barrels (unidentified) of imported light crude was discharged in December at the main terminal of PDVSA, Jose. According to shipping records, a tanker with a similar amount of light oil was discharged in the same port by another vessel last month. TankerTrackers.com, a ship tracking service, reports that the Liberian-flagged vessel which discharged crude in January left China's Dongjiakou Port. It was not possible to determine the origin of the crude oil immediately. PDVSA didn't immediately respond to a comment request. In January, the company increased its crude and fuel exports to 867,000 barrels a day (bpd), including nearly 300,000 bpd for the United States. This was after the Trump administration warned of a possible reduction in U.S. crude imports. Independent calculations show that the country's total crude production increased slightly from 1,01 million bpd to 1,05 million in January. Sources close to the operations say that PDVSA has been struggling to supply enough diluents to its oil blending operations for years. However, in recent months, this struggle has worsened as production at Monagas North, an important region for producing some of the lightest crude grades for the country, has decreased due to a shortage of gas to reinject into oilfields. Sources said that a key gas processing facility, which suffered a major explosion in November, hasn't fully recovered the supply of gas to PDVSA oilfields. Venezuela will import about 73,000 barrels per day (bpd) of Iranian crude and condensate in 2022. This number will drop to around 40,000 in 2023. According to LSEG vessel tracker data and PDVSA records, PDVSA made only sporadic purchases last year of foreign crude, with an average less than 15,000 bpd. In recent years, PDVSA has been able to stabilize its discharge of heavy naphtha imported from joint venture partners including U.S. Chevron. This has contributed to fewer operational hiccups in the main production region of the country, the Orinoco Belt.
Dozens of passengers fall sick on Royal Caribbean Cruise Ship
According to the U.S. Centers for Disease Control and Prevention, 90 passengers and crew members on a Royal Caribbean Cruise in the Gulf of Mexico fell ill with a gastrointestinal disease causing vomiting and diarrhea.
Cruisemapper.com reports that "Radiance of the Seas", a ship from Tampa, Florida, departed on Saturday to embark on a seven-day western Caribbean cruise. The ship will visit Mexico, Honduras, and Belize. The CDC's vessel hygiene program received a report of an outbreak of gastrointestinal illness on Tuesday.
Royal Caribbean, based in Miami, did not respond to a comment request immediately.
About 89 passengers, or 4%, of the 2,164 cruise passengers on board have reported feeling sick. The CDC also reported that two members of the 910 person crew were sick.
The CDC reported that Royal Caribbean had increased cleaning aboard the ship, taken stool samples for testing, and isolated sick individuals. Cruisemapper.com reports that the ship will return to Tampa Saturday, February 8.
According to the CDC, stomach bugs are usually caused by norovirus. Norovirus is a highly contagious, diarrhea-causing virus. Radiance of the Seas is still not known to have been the source of the illness.
(source: Reuters)