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Argentina's Vaca Muerta gas-export strategy is a pipeline dream
Gas production is flourishing in Argentina's huge Vaca Muerta shale lands, however complete pipelines and the federal government's freemarket method to spending for brand-new ones might avoid the nation from ending up being a major gas exporter by early next years. About $58 billion worth of new or updated pipelines, processing plants and export terminals is needed to deal with Argentina's. growing production from the world's secondlargest shale gas. reserves Vaca Muerta, which is Spanish for dead cow. But libertarian President Javier Milei has actually changed direct. financial investment by the national government in gas infrastructure with. tax breaks and other incentives, an extreme shift from his. predecessors. The federal government's goal is to export $15 billion worth of. liquefied gas annually by 2032, up from absolutely no presently. Previously, all gas jobs were done by the state as. public works. Now that's not an option, said Daniel Dreizzen,. Argentina's former secretary of energy planning and now director. of Aleph Energy, a consulting firm. The nation's most recent, $710-million pipeline opened this month,. funded by the federal government and a loan from the Advancement Bank of. Latin America and the Caribbean. Milei's federal government called it. the last state job. Milei's austerity drive has actually driven down inflation and decreased. Argentina's financial investment risk, however some financiers are still. waiting to see if the changes will last to pay off long-term. investments. They fear a swing back to leftist Peronism that. intervened in the energy industry before Milei took workplace last. year, setting prices and breaking global agreements. This has actually happened lots of times in Argentina's history and. totally stopped development, Dreizzen said. The most significant. risk is that destabilization. FALLING PRICES While Argentina has enough oil-export infrastructure and. privately-funded expansions under method, Dreizzen said financiers. view gas as less rewarding, its markets harder to reach. and based on tougher government guidelines. Global gas costs have to do with a third of their peak in 2022 due to. increased supply and lower need from a milder-than-expected. winter season. The long-lasting agreements required to justify building new. infrastructure could be obstructed by the early 2030s by LNG. export capability coming online in Qatar and the United States,. buyers' preference for area agreements and the European Union's. goals of minimizing greenhouse-gas emissions, stated Alex Jones, an. LNG expert at research company Energy Aspects. Vaca Muerta's gas output has actually increased five-fold to nearly. 100 million cubic meters each day considering that 2018, however the country's. pipelines can not even deliver enough for usage by Argentina and. neighboring countries. Argentina can transfer around 130 MCM per day and another. 20-40 MCM daily is required to meet present domestic and. local demand, stated Daniel Ridelener, executive president of. the country's biggest gas pipeline operator TGN. Pipeline capacity would need to expand by an additional. 40-130 MCM to support the nation's plans to export LNG,. Ridelener stated. Investment interest from U.S. oil and gas companies in. expanding Argentina's production is at an all-time high, said. Ariel Bosio, founder and vice president of the U.S.-based. Argentina-Texas Chamber of Commerce. This does not suggest they're going to invest right away, but. there's interest, Bosio said, including that business wish to see. the result of 2025 legal elections and currency controls. lifted before committing. TGS, Argentina's other main pipeline business, has actually a. $ 700-million plan to enhance its capacity out of Vaca Muerta by 14. MCM daily. The project is waiting for government approval. before seeking funding. A $2-billion strategy to expand a state-owned pipeline by 20 MCM. per day is expected to go to an international tender procedure. The pipeline prepares depend on building and construction of LNG export. terminals to buy and export the gas. Argentina state-owned energy business YPF plans on. utilizing floating LNG barges as early as 2027 with Pan American. Energy, but YPF's crown gem is Argentina LNG, a. proposed $55-billion megaproject in partnership with Malaysia's. Petronas that would produce 30 million metric heaps. annually onshore by 2032. Jones sees the floating LNG barges as realistic however he is. hesitant about Argentina LNG. It's a coin flip ... less than a coin flip, Jones said. Argentina LNG talks have actually been fluctuating between the partners,. according to local media, although YPF CEO Horacio Marin stated. the company would move forward even if Petronas pulls out. Milei's cabinet chief stated this month that Shell had. strong interest in investing in the terminal. The company stated. in a declaration it is constantly checking out opportunities. During an October oil and gas conference in Neuquen, Shell. senior vice president German Burmeister said Vaca Muerta's. possessions are technically competitive, however Argentina requires more. infrastructure, including roadways, that need foreign-exchange. restrictions to be raised. The world will talk more about Vaca Muerta when we're a. more reliable and credible nation, Burmeister stated.
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NEWSMAKER - Gautam Adani is a controversial Indian first-generation tycoon who was indicted by the US.
Indian billionaire Gautam Adan, who was indicted by the New York court over a $265-million bribery scam, is a tycoon of first generation whose meteoric rise has been accompanied with a series damaging controversies both at home and abroad. Asia's second richest person, who narrowly avoided death as one of the many people trapped inside Mumbai's Taj Mahal Palace Hotel in 2008 when gunmen went killing sprees, now faces an arrest warrant from the United States and criminal penalties for fraud and bribery. Adani's business, which ranged from sugar and soybeans to power and ports, lost over $150 billion last year in market value after U.S. based short seller Hindenburg Research alleged that his eponymous company had used offshore tax havens inappropriately. The group has recovered some of its losses and is now valued at $141 billion. It denies all allegations. Adani, a 62-year old high school dropout who had dropped out of high school in the 1960s, briefly became the richest person on the planet after Tesla CEO Elon Musk. Forbes reports that Adani has a net-worth of $57.6 billion and is the 25th wealthiest person in the world. Adani's power and coal projects, as well as other deals, have been questioned by countries like Australia and Bangladesh. Indian opposition leaders, however, have used Adani in their attacks on the Prime Minister Narendra modi government, accusing them of favouritism. Both sides have denied the allegations. U.S. officials said Wednesday that Adani, along with seven other defendants, had agreed to pay bribes in order to get supply contracts which would yield $2 billion profit over 20 years and to develop India's biggest solar power project. Adani Group did not respond to requests for comment about the charges. Adani, who was born on June 24, 1962, in Ahmedabad in Gujarat's western state - Modi’s home state – dropped out of high school after finishing the 10th grade. Adani Group was founded in 1988. He began with commodities trading. He was born into a textile middle class family and built his wealth, unlike other billionaires that inherit their wealth. He is married to Priti Adani and has two sons Karan, Jeet. Both are active in the business of the family company, as many other members. One person who has direct knowledge of the man's dealings said that he runs his empire in a "very hand-on" manner, and he intends to pass this style on to the next family generation when he turns seventy. Adani, in interviews with both local and international media, has described himself as a shy individual and has attributed the rise in his popularity to the political assaults he has endured. He was quick to praise politicians as well. Adani stated on X shortly after Donald Trump won the U.S. presidential election that Trump was "the embodiment" of unbreakable tenacity and unshakeable grit. He also said Trump had the courage to remain true to his convictions. Adani, who congratulated Trump last week, said his group would invest in U.S. infrastructure and energy projects worth $10 billion, but did not provide any details, other than that the investment was intended to create 15,000 new jobs. (Reporting and editing by Munsif Vengattil, Krishna N. Das)
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As geopolitical concerns rise, most Gulf shares are falling
Investors became cautious after geopolitical tensions increased, and most stock markets in the Gulf were quiet in early trading Thursday. Ukraine's Air Force said Thursday that Russia launched an intercontinental missile during a morning assault from the Astrakhan area. Dubai's benchmark index fell by 1.1%, after rising to its highest level in over 10 years during the previous session. Almost all sectors were in the red. Emaar Properties fell 1.8%, while Gulf Navigation dropped 9.8% to 4,49 dirhams per shares, the lowest in almost 1-1/2 years. GULFNAV, the maritime and shipping company, has continued to slide after it reported an 84% decline in quarterly net profits on Friday. Abu Dhabi's benchmark index fell 0.6%, with the majority of its constituents reporting losses. Aldar Properties dropped 1.1%, and Lulu Retail fell 1%. Lulu Middle East, the largest hypermarket chain operator in the Middle East, reported an increase of 126% on its net profit for the third quarter compared to the previous year. However, the profit fell 38% from the previous quarter. International Holding (IHC), Abu Dhabi's biggest listed company, lost 0.2% and Alpha Dhabi Holding (an IHC subsidiary) fell 1.7%. Gautam Adani, the owner of the conglomerate, has been indicted for his role in an alleged bribery scheme by U.S. authorities, plunging it into crisis for a second time in just two years. Saudi Arabia's benchmark index fell 0.2%, with all sectors falling. ACWA Power dropped 1.3% while Jabal Omar rose 1.9%. The developer announced that it had sold a land parcel in Makkah valued at 1.07 billion Riyals. United Development and Qatar National Bank both saw gains of 1.2%, which helped boost the benchmark index by 0.2%. UDC, a developer, announced that it had sold its 40% share in Qatar District Cooling to a third party for QAR 793.5 (US$217.93) million. $1 = 3.6410 Qatari riyals (Reporting and Editing by Bernadette B. Baum)
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Serbia arrests 11 over train station roofing system collapse
The High Prosecutors Workplace in the Serbian city of Novi Sad said on Thursday that 11 people were apprehended in connection with the collapse of a railway station roofing system earlier this month that has actually left 15 individuals dead. The recently remodelled roofing of the station in the northern city collapsed on Nov. 1, eliminating 14 at the time and injuring 3. On Sunday, one of the hurt passed away, bringing total fatalities to 15. The district attorney's workplace stated in a declaration that the 11 were jailed for devoting criminal acts versus public safety following interrogation of a number of citizens and expert analysis of the incident. The statement only offered the initials of those jailed. The catastrophe activated a wave of demonstrations in Serbia, with protesters blaming the mishap on corruption and nepotism amongst the ruling coalition.
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Royal Mail owner IDS returns to benefit however warns on cost environment
International Circulation Services reported a firsthalf adjusted operating profit on Thursday, as sustained parcel need helped the British company narrow losses at its Royal Mail company despite a. weakerthanexpected market. Royal Mail's noted losses consist of a problems charge,. mainly due to anticipated extra tax problem reflected in an. about 120 million pound yearly increase in companies nationwide. insurance from fiscal 2025-26. Royal Mail uses about 130,000 individuals in Britain. We are delivering on the changes we can manage, but the. cost environment is getting worse simply at the time when we require to. invest, CEO Martin Seidenberg stated in a declaration, referring to. the increase in national insurance coverage. The group, which likewise owns global parcels network. GLS, said its adjusted operating profit was 61 million pounds. ($ 77.13 million) for the 6 months ended Sept. 26, compared to. a loss of 169 million pounds a year previously. IDS, which accepted a 3.57 billion pound takeover by Czech. billionaire Daniel Kretinsky in May, said it continued to anticipate. the offer to close in the first quarter of 2025. Kretinsky's quote of IDS, the owner of one of the world's. oldest postal firms Royal Mail, is presently being reviewed. under the National Security and Financial investment Act to evaluate any. possible concerns.
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Taiwan purchases approximated 80,000 T of wheat of U.S. origin, traders say
The Taiwan Flour Millers' Association purchased an estimated 80,000 metric lots of milling wheat to be sourced from the U.S. in a tender on Thursday, European traders said. The purchase included 2 40,000 load consignments for delivery in 2025 from the U.S. Pacific Northwest coast. The very first consignment for delivery between Jan. 20-Feb. 3 involved 23,525 lots of U.S. dark northern spring wheat of a. minimum 14.5% protein content purchased an approximated $308.06 a. lot free on board (fob), equating to $349.01 a heap expense and. freight (c&& f) consisting of ocean shipping expenses to Taiwan, they. stated. It likewise involved 10,805 lots of tough red winter season wheat of a. minimum 12.5% protein material bought at $267.12 a ton. fob/$ 308.07 a ton c&& f, and 5,670 lots of soft white wheat of a. minimum 8.5% and maximum 10% protein bought at $236.62 a ton. fob/$ 277.57 c&& f. Trading house Bunge sold the dark northern in the very first. consignment, while CHS sold the difficult red and soft white, traders. said. The 2nd consignment included 24,315 lots of dark northern. spring wheat of a minimum 14.5% protein material purchased an. estimated $306.48 a load fob/$ 348.88 a ton c&& f, they said. It likewise included 10,405 tons of hard red winter season wheat of a. minimum 12.5% protein content bought at $262.09 a heap. fob/$ 304.49 c&& f, and 5,280 tons of soft white wheat of a minimum. 8.5% and maximum 10% protein purchased $237.42 a ton fob/$ 279.82. c&& f. Columbia Grain International was thought to have offered the. dark northern spring in the second consignment, while ADM sold. the hard red winter and soft white. Reports reflect assessments from traders, and further. quotes of rates and volumes are still possible later. The association's tenders typically offer a precise. photo of U.S. wheat export costs in Asian markets.
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Secret realities about John Prescott, Britain's former deputy PM, dead at 86
Here are key realities about John Prescott, Britain's combative former deputy prime minister, who has died after a fight with Alzheimer's disease, his household stated on Thursday: - Prescott, 86, acted as deputy prime minister in Tony Blair's Labour federal government from 1997 to 2007 and received a. peerage in 2010. - Born in Wales to a railway signalman and a domestic. helper, he was constantly fiercely protective of his working class. roots. He went to sea at 17, as a steward on a high-end cruise. ship, where he boxed to amuse travelers. - He entered parliament in 1970 and ended up being deputy leader of. Labour in 1994. He was an effective avenue in between the. figureheads of Blair's revamped New Labour and the. traditionalists of Labour's grassroots. He likewise functioned as peace. broker in the stuffed relationship in between Blair and his future. follower, the then-Chancellor Gordon Brown. - Prescott was persistently lampooned by the media and. challengers for his lack of oratory skills. He mispronounced words. or made grammatical mistakes, triggering sketch authors to. cruelly suggest his speeches would make as much sense played. backwards. - He aimed a left jab at a male who threw an egg at him. throughout the 2001 election project, measuring up to his image as a. bare-knuckle political leader of the old school. His label in the. media was Two Jags, from having 2 high-end Jaguar vehicles. - In April 2006, Prescott acknowledged a long extra-marital. affair with his diary secretary Tracey Temple, 24 years his. junior. The affair, which included sex sessions in his office,. triggered numerous females to come forward and accuse him of sexist. behaviour towards them. His spouse Pauline stood by him. - That July parliament launched a complete investigation into. his contacts with American billionaire Philip Anschutz, who. intended to open a substantial casino at the Millennium Dome in London. Prescott met him several times and had even remained at his cattle ranch. Police said consequently Prescott would not deal with prosecution.
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Russian gas flows to EU by means of Ukraine unchanged in spite of Austria row
Russia's gas exports through Ukraine to Europe have actually been stable on Thursday, Kremlincontrolled gas giant Gazprom stated, in spite of a. contractual row with Austrian energy company OMV. Gazprom said it would send 42.4 million cubic. metres of gas to Europe by means of Ukraine on Thursday, the same volume. it has shipped every day given that Nov. 12. Russia's Gazprom stopped supply to OMV on Saturday over a. legal dispute, the Vienna-based business said. Gazprom has. not commented. It is still not clear where the gas volumes meant for OMV. have actually been rerouted. Information from transmission system operator Eustream revealed that. elections, or requests, for circulations to Austria from Slovakia. were stable from the previous 2 days, but about 12% below. levels seen in November before Russia stopped gas supply to OMV. Elections to the Czech Republic from Slovakia remained in line. with levels seen this month. Elections into Slovakia from. Ukraine were constant versus previous days on Thursday, and those. for circulations leaving Slovakia were also little bit altered, the data. showed.
Bangladesh gets offers in 50,000 T wheat tender consisting of Russian
The lowest offer in an global tender from Bangladesh's state grains buyer to purchase 50,000 metric lots of wheat on Thursday was $292.14 a. metric ton liner out, European traders said.
Russian wheat was once again provided in the tender, partially with. other origins, following debate in Bangladesh's previous. tender in October being knotted in unofficial Russian grain. export limitations.
The deal was thought to have been sent by Russian. trading home Aston for wheat sourced from a series of 28. optional origins thought to consist of Russia.
3 other companies took part in the tender.
Cereal Crops used $299.95 a lot for Russian wheat,. traders stated.
Intra Organization provided $295.38 for wheat optionally from. Ukraine, Russia, Romania, Bulgaria, Argentina, the United States. and Canada.
Aditya Birla Global Trading provided $304.32 for wheat. sourced from Russia, Ukraine, Romania, Bulgaria, Poland or. Argentina.
Russia, the world's biggest wheat exporter, has tried to. limitation grain deliveries to global markets to cool domestic flour. and bread costs with measures consisting of a minimum export rate,. greater export taxes and limitations on foreign business. exporting Russian wheat.
In Bangladesh's Oct. 22 tender, 2 dealerships, Agrocorp and. SMC Food DMCC, were amongst three participants offering grain on. an optional origin basis that might have included Russian wheat.
Russia's Grain Exporters Union sent out a letter to Russian. traders stating Agrocorp and SMC Food DMCC were not on its list. of foreign dealers with off-take agreements with Russian. companies to export Russian wheat.
Agrocorp and SMC Food DMCC were not reported as. participating in Thursday's tender.
Bangladesh typically does not make instant decisions about. wheat purchases which can take some time to be verified. CIF. liner out terms consist of ocean shipping and ship discharging expenses.
Reports reflect evaluations from traders and even more. price quotes of prices and volumes are possible later.
(source: Reuters)