Latest News
-
CPC reports that two of three oil moorings it has are operational
The difference between Brent and Urals crudes dated on Monday was stable, while Caspian Pipeline Consortium said that two of their three oil moorings were now operational. CPC, which transports about 1.5% global oil, has announced that it has brought back one of its Black Sea docking points after maintenance to offset the risk of export restrictions. CPC announced late last week that it had shut down the second oil mooring due to an oil leak, limiting terminal export capacity to only one mooring. This mooring is not capable of handling the full export volume. CPC announced that its third oil mooring is back in operation after planned maintenance was performed on Monday. Traders said that CPC Blend oil was not affected by the accident because it was resolved quickly. Hardeep Singh Puri said that India does not profit from Russian oil imports. Its purchases have stabilized markets and kept prices from increasing to $200 per barrel. PLATTS WINDOW On Thursday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window. Three sources with knowledge of the situation said that Saudi Aramco, Iraq's SOMO state oil company and India's Nayara Energy have all stopped selling crude to the Russian-backed refiner in India after the European Union imposed sanctions in July. (Reporting by Editing by Sandra Maler)
-
Slovak Prime minister Fico will meet Xi and Zelenskiy in the next week
Fico announced on Monday that the Slovak prime minister Robert Fico would hold bilateral meetings this week with Russian President Vladimir Putin and Chinese President Xi Jinping at China's World War Two Anniversary celebrations in Beijing. In a Friday statement, he announced that he would meet Ukrainian President Volodymyr Zelenskiy in the eastern part of Slovakia. Fico has had tense relationships with Zelenskiy, who is the leader of a NATO member and EU country, but opposes Western sanctions against Russia. Fico has also broken ranks with European Allies. In December, he met Putin in Moscow. Fico is the only European Union leader who will attend the celebrations of Xi's birthday in Beijing. Xi, along with the leaders of North Korea and Iran and Myanmar, will be flanked in a display of solidarity by the West. Fico stated in an email that he "respects every victim of the struggle against fascism" and has stood in the past with respect before memorials in Moscow or Washington. "I regret and admit that I don't understand why only Slovakia is going to be in Beijing." "A new world order, new rules for multipolarity, and new balance of power are being created, which is very important for world stability." He stated that it was important to take advantage of the chance to meet world leaders and that he informed EU officials about his trip. He did not specify his agenda for the meetings with Zelenskiy or in Beijing. The Slovakian government reacted angrily when Ukraine refused to renew the contract for Russian gas shipping to Slovakia at the end last year. This forced Slovakia to look for alternative suppliers and use other routes to get Russian gas. The Slovakian government is also keen to continue the imports of Russian crude oil via the Druzhba pipe, which temporarily stopped in the last two weeks following Ukrainian attacks against the pipeline in Russia. (Reporting and editing by William Maclean in Prague and Rod Nickel.)
-
Wizz Air CEO: Deal with Pratt & Whitney will help clear the engine servicing block.
Wizz Air's CEO said on Monday that the company is negotiating a deal to speed up the maintenance of its jet engines. Delays in servicing have caused large parts of the European low cost carrier's fleet to be grounded. A defect in the powder used to manufacture high-pressure turbo-compressor discs and turbines has affected certain Pratt & Whitney GTF engine, disrupting global airlines, including Wizz which fly Airbus A320neo family jets. If the unreported discussions result in a contract, it could help Wizz to get its fleet up and running faster, boost investor trust, and lift the struggling carrier's share price. The company's departure from the Abu Dhabi Market earlier this summer gave it some additional support. The defect has hit Wizz Air’s all-Airbus aircraft fleet particularly hard, as the industry struggles with delays in supply chains for repairs and maintenance. The groundings have contributed to Wizz Air's shares being among the worst performers on the European airline market over the past year. Wizz aims to complete the accelerated agreement with Pratt & Whitney before reporting its first half year results on November 13th, Jozsef Varradi stated. He said that the P&W talks were in a broader sense related to a deal announced in Paris for additional engines in June. Varadi said in an interview that "we're going see a lot more engines going into workshops for maintenance work." "The improvement is that these engines are recovered earlier." Varadi said to Bloomberg in early February that he aimed to turn Wizz Air around by the middle of 2027. He did not mention the Pratt & Whitney acquisition. (Reporting and editing by Jan Harvey; Joanna Plucinska)
-
Minister: Hungarian section to new oil pipeline from Serbia will be completed by the end of 2027
Peter Szijjarto, the Hungarian Foreign Minister, said that the Hungarian segment of an oil pipeline planned from Hungary to Serbia would be completed by 2027. Szijjarto said in a press release following a meeting he had with Serbia's Energy Minister that Hungary had imported around 5 billion cubic meters of gas through the Turkstream pipeline via Serbia by the end August. This means this year's imports of gas via Turkstream may reach a record. Szijjarto stated that the Hungarian oil company MOL will accelerate the construction of a new crude pipeline, allowing Serbia to receive Russian Urals crude. He said that MOL would soon complete the first phase in Hungary. Permissioning and environmental preparations were also underway. The Hungarian segment of the pipeline will run 190 km. After a Ukrainian attack on a Russian facility, the Russian oil supply to Hungary and Slovakia was suspended for several days in late August. Russia and Ukraine have intensified their attacks on each others' energy infrastructure in recent weeks, destroying Ukrainian heating supplies and Russia's Druzhba Pipeline, as well as other facilities. This is because U.S. president Donald Trump has been pushing for an agreement to end the conflict. After the invasion of Ukraine by Russia in 2022, the European Union has reduced its energy supply from Russia and is aiming to phase out Russian gas and oil by 2027. EU members Slovakia, Hungary and Romania have maintained their relations with Russian President Vladimir Putin. They oppose this phase-out. (Reporting and editing by Joe Bavier; Krisztina than)
-
Analysts say that Airbus is on a sprint to meet its target after 60 deliveries in August.
Airbus must deliver planes faster than ever before to meet its annual goal after delivering 60 aircraft in August. Industry sources and analysts stated this on Monday. Delays in the delivery of engines and cabin equipment have hampered the world's biggest planemaker from achieving its 7% target for deliveries this year. Deliveries affect revenue, cash generation, and airline growth plans. Analysts said that if confirmed, the tally would be about 60 aircraft, which is a significant increase over the normal summer slump. However, the cumulative 2025 deliveries will still be about 3% below the same point in last year's total, with 433 jets. Airbus has declined to comment before the release of monthly data this Friday. The planemaker confirmed in July that it will increase its annual delivery target to 820 aircrafts, from 766 by 2024. Airbus and CFM have been engaged in a tug-of-war as airlines compete for spare engines to keep up with the assembly lines of new aircraft. In July, it said that Pratt & Whitney was also experiencing delays in delivering engines. (Reporting and editing by David Goode)
-
Bosnian truckers block the movement of goods to protest against taxes and barriers
Bosnian truckers blocked all movement of goods in the Balkan nation on Monday, claiming that the government failed to support the transport industry. Around 600 trucks were parked in front of cargo terminals near borders with Croatia and Serbia, as well as the capital Sarajevo. The motor vehicle club BIHAMK in Bosnia said that passenger traffic was not blocked, but had slowed. The protests were organised by Logisticsa, an organisation representing 47,000 transport workers, under the slogan, "That's Enough", after months of talks with Bosnia's many levels of government had failed to produce any results. Velimir Pelelic, chief coordinator of Logistika, said at a press conference that "our supply chains were halted throughout the country." The 600-strong group Logistika wants the government to address administrative barriers and high taxes, which it claims threaten the survival of an industry worth $5.50 billion. The European Union has set a cap of 90 days for Bosnian truckers to stay in the EU without having to leave, out of the 180 allowed per year. Peulic stated that this has forced many Bosnian companies to reregister in the EU member countries of Croatia and Slovenia, and many Bosnian motorists to leave their home country. He said: "Stop arresting Bosnians in the EU." 48 Bosnian drivers were detained throughout the EU because they exceeded the 90-day period, even though all they did was their jobs. Truck drivers want to see a reduction in border procedures and a refund on excise tax on oil, along with a greater digitalisation of the system that will reduce red tape and queues. Bosnia's Communications and Transportation Ministry announced that it has begun to tackle some administrative barriers and procedures and they should be finished by the end of next month. Peulic stated that negotiations with the government and protests would continue. ($1 = 0,8542 euros) Reporting by Daria Sucic, Editing by Gareth Jones
-
Kim Jong Un's slow train to China:
Yonhap reported that North Korean leader Kim Jong Un traveled to Beijing by train from Pyongyang on Monday. The slow, but highly specialized form of transportation has been used by the leaders of this reclusive nation for decades. Experts say it is not known which bulletproof train he took, but he has in the past used bulletproof trains, which offer a more secure and comfortable environment for a large group, including security guards and food, as well as a place where agendas can be discussed before meetings. Kim, who became leader at the end of 2011, has traveled by train to China, Vietnam and Russia. What's inside the trains? Ahn Byung Min, a South Korean expert in North Korean transportation has stated that multiple trains are needed for security. Ahn explained that these trains each have between 10 and 15 carriages. Some of them are only used by the leader as a bedroom. Others carry medical staff or security guards. He added that they also have room for Kim's desk, communications equipment and a restaurant. They may even include several carriages to transport two armored Mercedes. In 2018, a video by North Korean state TV featured Kim with Chinese top officials in a train car with pink couches. The video showed a carriage that housed Kim's office. It had a desk, a chair and a map on the wall of China and Korea. State TV footage from 2020 showed Kim on a train, visiting a typhoon hit area. The carriage was decorated with flower-shaped lights and fabric chairs printed in zebra. In his 2002 book, "Orient Express", Russian official Konstantin Pulikovsky describes a journey of Kim Jong Il's father Kim Jong Un made to Moscow over a period of three weeks. According to the book, live lobsters and cases of Bordeaux wine and Beaujolais were also flown into that train from Paris. How does it cross borders? Ahn explained that when Kim Jong Un traveled to Russia in 2023 to meet with President Vladimir Putin at the summit, the wheel assemblies of the train had to be reconfigured because the rail gauges are different between the two countries. Kim Han-tae is a former South Korean train engineer and author of a book about North Korea's railroads. While China does not have such a requirement, a Chinese engine pulls the train after it crosses the border because a local train engineer knows the rails system and signals. According to media images, Kim's special train carriages were usually pulled by DF11Z engines, Chinese-made engines with the China Railway Corporation emblem, and at least three serial numbers. Ahn noticed that the serial numbers of the engines were either 0001 and 0002, indicating China provided him with engines reserved only for senior officials. When Kim traveled across China in 2019 to his summit with U.S. president Donald Trump in Vietnam his train was drawn by a locomotive red and yellow emblazoned China's railway logo. Ahn stated that the train could reach speeds up to 80 km/h (50mph) in China, as opposed to a maximum speed of 45 km/h (28mph) for North Korea. Who uses the trains? Kim Il Sung's, Kim's, grandfather, was the North Korean founding leader. He travelled regularly abroad by train during his reign, until his death in 1995. Kim Jong Il only used trains to travel to Russia three times. This included a 20,000 km journey to Moscow in 2001. The carriage from his mausoleum is displayed in his train. He was reported to have died of a heart attack late 2011, while riding on one of the trains. State propaganda has focused on the train as the main vehicle for the Kim family to travel long distances by train in order to meet North Koreans. State television in 2022 showed Kim Jong Un on what they called an "exhaustive tour by train" of North Korea, inspecting corn crops and promoting a "communist paradise". (Reporting and editing by Frances Kerry, Josh Smith, and Ju-min Park)
-
Data shows that Russian LNG exports between January and August fell by 6.3%.
LSEG released preliminary data on Monday showing that Russia's exports in January-August of liquefied gas decreased by 6.3% compared to a year ago, to 19.3 millions metric tons. This was due to a steep decline caused by the Yamal LNG Project. U.S. sanctions against Ukraine have also slowed down LNG exports, particularly from Russia. The new Arctic LNG 2 facility has been effectively frozen due to the difficulties Moscow faces in finding buyers. Ship-tracking data provided by Kpler and LSEG revealed that China received its first LNG shipment from the sanctioned Russian Project last week. This was just days before a summit between Russian President Vladimir Putin, and Chinese President Xi Jinping. LSEG data show that in August, Russia's exports of LNG fell by 24.5% on an annual basis to 2.07 million tons. This is up 3% compared to July. In the period January-August, Russian LNG exports into Europe fell by 16.8% on an annual basis to 9.4 millions tons. In August, the decline was 38.5% on an annual basis. Novatek's Yamal Gas plant reduced total exports by 41% in August, compared to the previous year. This could be due to maintenance. The plant's deliveries were the lowest they have been since December 2023. Exports of Yamal LNG fell by 7.7% on an annual basis to 12 million tonnes since the start of the year. Sakhalin-2 (a Russian company with a focus on Asia) controlled by Gazprom increased its exports 6.6% year-on-year to 6.5 millions tons in the period January-August. (Reporting and Editing by David Goodman).
Tens of thousands march through the capital of Serbia to demand snap elections
On Monday, tens of thousands silently marched through Belgrade to honor the 16 victims killed in a railway station roof collapse. They demanded snap elections that they hoped would force President Aleksandar Vucic out of power and his ruling SNS Party.
Around 7 pm (1700 GMT), the protesters, who were invited by students from high schools, gathered in front of Belgrade's old railway station. Sixteen students from high school walked along the Savski trg square while holding a white rose as the names of victims were read.
In addition to Novi Sad and Kragujevac, protests also took place in Aleksinac.
"Corruption is at the core of all our social problems." "Elections are the only way to solve this problem," said Srdjan a 35-year old scientist who attended the demonstration.
The 16 deaths in Serbia last November triggered months of protests throughout Serbia. This has shaken Vucic's SNS party.
The protests had been mostly peaceful up until the 13th of August, when clashes resulted in the injuries of dozens police officers and civilians.
The protesters are calling for early elections to remove Vucic from power and have accused the corruption of the Novi Sad train station disaster.
Students, anti-corruption groups and opposition groups have accused Vucic of having ties with organized crime, using violent tactics against political opponents, and suppressing freedom of the media - accusations they deny. (Reporting and editing by Andrea Ricci; Ivana Sekularac)
(source: Reuters)