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Bloomberg News reports that Sinopec is in negotiations to purchase China's largest jet fuel distributor.
Bloomberg News reported that the world's biggest refiner in terms of capacity, Sinopec Group, is in negotiations to purchase China National Aviation Fuel Group, the country's dominant distributor of jet fuel. The report cited people familiar with the talks as saying that the talks are still ongoing. There is no deadline or certainty about a deal. However, if the negotiations were to be completed, Sinopec will take over the assets and operations of CNAF. China Aviation Oil (Singapore), CNAF’s Singapore-based unit responsible for importing jet fuel into China, announced last week that its parent company CNAF would be undergoing a restructuring of the corporate structure with another conglomerate. China's demand is decreasing for gasoline and diesel due to the electrification of trucks and the use cheaper natural gas. However, demand for aviation fuel has grown significantly as a result of passenger and cargo traffic. Sinopec's spokesperson declined to make any comments. CNAF didn't immediately reply to an email request for comments sent after office hours. Could not confirm the Bloomberg story immediately. (Reporting and editing by David Goodman, Louise Heavens, and Dagmarah Mackkos)
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A man charged with attempted murder on 10 counts after a knife attack on a UK train
British police announced that a British man, 32 years old, was charged on Monday with 10 counts for attempted murder in relation to a knife attack which occurred on a train last Saturday. The incident was already not treated as terrorist-related by the officers. In the stabbing incident on the train, eleven people were injured. One of them is a member from the train crew. He remains hospitalized in a critical condition but in stable health. This person was injured while trying to stop those accused of stabbing other people. The attack on a London bound train that stopped in Huntingdon, about 80 miles north-east of London, shocked and angered the nation. Both Prime Minister Keir starmer and King Charles sent their condolences to those who were affected. The Crown Prosecution Service in Britain said Anthony Williams, 32 was charged with eleven counts of attempted killing, one count for assault causing actual bodily injury and two counts for possession of a knifed article. British Transport Police reported that ten of the attempted murder allegations were related to the attack on the train, and the eleventh was linked to an incident in a London station earlier the same day. Williams, a native of Peterborough, in eastern England will appear before Peterborough Magistrates Court on Monday evening, according to the police. They added that the charges had been brought following a review, amongst others, of CCTV footage taken from the train. The Transport Minister Heidi Alexander confirmed Monday that the man had not been known by security services. She refused to comment whether the mental health services knew him. By late Sunday, five of the injured were discharged from hospital. (Reporting and editing by Kate Holton, William James and Sarah Young)
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Statnett, a Norwegian company, will invest up to 20 billion dollars in the power grid by 2030
Statnett, Norway's transmission systems operator (TSO), announced on Monday that it will invest more than twice as much in the next 10 years to meet the growing demand for electricity and protect the grid from climate and security threats. Statnett plans to invest 150-200 billion Norwegian crowns (15-20 billion dollars) over the next 10 years. This is more than twice the amount it spent in the previous 10 year period. Elisabeth Vardheim, CEO of the company, said that investments are driven by a need to upgrade current lines, as well as plans for electrification and business development, as well as new industries driving applications for grid connection. She added, "We'll build more than ever before, but we can't do everything at once." NEED TO PROTECT AGAINST EXTREME WEATHER, MILITARY THREATS Vardheim stated that the cost inflation, lack of resources to complete planned works, and a strained supplier market all require strict prioritisation. Statnett has published its ten-year plan for system development twice since 2023. The latest version gives greater attention to security and preparedness, according to the company. Statnett stated that extreme weather conditions, digitalisation, and an older grid have all contributed to a more fragile power system. Statnett said that it was also considering measures to ensure supply in the event of a more serious scenario, such as a war on Norwegian soil. The Norwegian Crown is worth $1. (Reporting and editing by Terje Solsvik).
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BP will sell US onshore pipeline assets worth $1.5 billion
Sixth Street, an investment firm, has agreed to buy a minority stake in BP's U.S. Onshore Pipeline Assets in the Permian Basin and Eagle Ford Basins for $1.5 billion. The sale was part of a divestment program worth $20 billion that BP is running until the end of 2027 to reduce its debt. It comes at a time when BP is reviewing its oil and natural gas portfolio, and cutting costs. UBS analyst Josh Stone described the announcement as a "small-positive" that is expected to reduce BP's leverage rate by about 1% with a net profit impact of between $100 million and $200 million. BP is under pressure from investors, and activist investor Elliott became its target after a disastrous foray into the renewables sector hit profitability. After the sale, BP’s U.S. Onshore Oil and Gas business, bpx, will own 51% of the Permian assets, and 25% of the Eagle Ford assets. BP will report its third-quarter results in November. Reporting by Shashwat awasthi from Bengaluru, additional reporting by Shadia nasralla and editing by Subhranshu sahu and Jan Harvey
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Athens International Airport's nine-month net profits fall 4.8% due to higher costs
Athens International Airport's (AIA) net profit for the nine months ended on Monday fell by 4.8% despite an increase in passenger traffic. Rising operating costs, as well as a higher variable concession fee, offset modest revenue increases. The main gateway operator in Greece reported that the net profit for nine months ended September 30 was 185.8 millions euros (216.7 million dollars), down from 195.1million euros a year ago. AIA reported that operating expenses increased 14.1% on an annual basis to 180.1 millions euros. This was due to a higher Grant of Rights fee and increased staffing to meet the demand. Minimum wage increases, higher electricity costs and higher maintenance provisions were also factors. The total revenue and other income increased by 3.5%, to 526.9 millions euros. This was supported by a 6.7% increase in passenger traffic to 26.2 million and adjustments to airport charges. AIA reported that revenue from air activities increased by 2.5%, to 397.5 millions euros. Non-air revenues grew 6.7%, to 129.5, thanks to retail growth, despite disruptions to car parking. The tourism industry is the main economic driver in Greece, accounting for over a quarter. $1 = 0.8575 Euros (Reporting and Editing by David Goodman, Conor Humphries and Antonis Pothitos)
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PostNL's losses increase amid dispute over Dutch mail delivery obligations
Dutch postal group PostNL announced a larger than expected operating loss for the third quarter on Monday. It cited growing pressures on its domestic mail operations, as volumes are declining and revenues are concentrated on a few large customers. The company and the Dutch government are at odds over the costs of letter delivery across the country, as the number or letters and parcels sent is declining. The company's request for temporary assistance from the Dutch government, and its subsequent appeal, were both rejected. PostNL's normalised losses before interest and tax grew to 24.5 million euros in the third quarter from 18 million euros one year ago. The company polled analysts who expected a loss in the region of 17 million euro on average. Vincent Karremans, Minister of Economic Affairs, announced in October that PostNL will be permitted to extend the personal mail delivery time in the Netherlands from 2027 to three days. This plan was originally scheduled for 2028 or 2030. The two-day delivery plan announced in June will begin in July 2026. PostNL CEO Pim Berendsen, however, said that the proposal was not sufficient to cover the costs for fulfilling the EU mandated universal postal service in the Netherlands, and repeated his call for a urgent change in Dutch postal regulations. Early September, the company asked to be relieved of its obligation to provide nationwide delivery after its last bid for state assistance was rejected. Berendsen stated in the earnings report that PostNL is expecting a decision soon on its funding request for 2025 and 2020 and Karremans response to its withdrawal. The group said that its normalised annual operating result will be similar to last year's, when it reported profit of 53 millions euros.
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Minister says that the counter-terrorism police are unaware of the identity of a suspect in a UK train stabbing.
Transport Minister Heidi Alexander revealed on Monday that a 32-year old British man suspected of stabbing several passengers in a train on the east coast of England had not been known by security or counterterrorism services. Alexander stated that the attack, which was described by police as not being terrorism, left 11 people wounded, including one member of the crew, who is still in critical but stable condition in hospital. By late Sunday, five of the injured were discharged from the hospital. Alexander, speaking to Times Radio Monday, said that authorities had not flagged the suspect who was arrested for attempted murder before the attack. Alexander stated that the man was unknown to both security services and counter-terrorism police. She could not comment if he had been known by mental health services. British Transport Police reported that officers responded within 8 minutes of receiving the first call for help. The scene was a knife and CCTV footage, reviewed by detectives, showed that a member of the train crew intervened to stop the attacker. Alexander stated that "he literally put himself into danger." There are people alive today who will thank him for his actions. The suspect was apprehended after the emergency stop of the train at Huntingdon (about 80 miles north-east of London). Authorities have said that they are not looking for anyone else involved in the incident.
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AviLease, owned by the Saudi Public Investment Fund, plans to issue a 5-year USD bond
AviLease is a jet leasing firm that has been mandated by the Saudi Arabian Public Investment Fund, which manages a $1 trillion fund, to issue a bond in U.S. dollars for five years, according to IFR, a fixed income news service. In September, it was reported that the company had begun discussions with banks about a debut bond. It could also tap into global debt markets by the end of the calendar year. AviLease has appointed Citigroup, MUFG and Abu Dhabi Commercial Bank as global coordinators. They are also active bookrunners and leading managers, along with BNP Paribas First Abu Dhabi Bank HSBC, Mizuho and BNP Paribas. IFR reported that Al Ahli Bank of Kuwait and BSF Capital as well as Credit Agricole and Emirates NBD Capital were joint passive bookrunners, and Riyad Capital, Natixis and SNB Capital were joint lead managers. It said that investor calls will be held on Monday and Tuesday. AviLease was established in 2022 to help PIF build a domestic leasing giant. In 2023, AviLease bought Standard Chartered Aviation Finance for $3.6 billion. (Reporting and editing by Ros Russell; Rachna uppal)
Contentious COP29 deal reveals climate cooperation tearing at edges
When COP29 President Mukhtar Babayev stepped to the podium at the closing conference of the Baku climate summit on Sunday morning, wishing to clinch a hardfought arrangement on worldwide environment finance, he brought with him two speeches.
One was crafted around a hoped-for offer being struck, while the other for the possibility of a summit-collapsing deadlock, according to 2 sources familiar with the matter who talked to Reuters on condition of anonymity.
Yes, we had actually prepared various variations of the speech for numerous situations, however as we stepped onto the phase, we were positive in our success, said among the sources, an authorities in the COP29 presidency. In the end, Babayev managed to gavel through the $300 billion financing strategy to assist developing countries cope with the soaring costs of global warming over the next years before critics had time to object, allowing him to read the more favorable speech. He applauded the arrangement as a development and shamed the offer's. skeptics as wrong, even as a lot of the climate deal's intended. recipients knocked it as woefully inadequate.
Babayev's preparation for various results at the divisive. summit in the Caspian Sea country of Azerbaijan showed what. numerous in the audience had already known before it began: the Baku. environment talks were never going to go efficiently.
Expectations for an offer were depressed by worries of a. looming U.S. withdrawal from global environment cooperation,. geopolitical chaos, and an increase of isolationist politics that. had shunted environment change off much of the world's top. top priorities list. Those challenges loomed large in Baku and will continue to. overshadow global climate efforts in the months ahead as Brazil. gets ready for next year's much broader conference in the Amazon. rain forest city of Belem - where the world will plot a. years-long course for steeper emissions cuts and structure. durability in the fight versus environment change.
Multilateralism as a whole is under threat, stated Eliot. Whittington, chief systems change officer at the Cambridge. Institute for Sustainability Leadership. Indeed, the UNFCCC is probably the brilliant area-- showing that. even in the face of exceptionally hostile geopolitics and on. fundamentally difficult concerns, an offer can be made, he stated,. describing the U.N. body sponsoring the annual environment top. But the slow rate of progress, with worldwide emissions still. increasing, has actually raised stress and calls for reform.
This is something that requires to be looked at, when simply a. handful of countries, based upon their own financial interests, can. nearly wreck the whole process, Sierra Leone Environment. Minister Jiwoh Abdulai informed Reuters.
TRUMP RESULT
Among the most significant factors clouding the negotiations in Baku. was the looming return of environment skeptic Donald Trump as. president of the U.S., the world's greatest economy, biggest. historical emitter of greenhouse gases, and leading producer of oil. and gas.
Trump, who takes workplace in January, has pledged to withdraw. the U.S. from the worldwide Paris Arrangement on environment modification, as. he did during his very first 2017-2021 term in the White House, and. has actually called environment change a hoax. Mediators at the Baku conference stated that while the U.S. delegation had helped in developing the climate financing. deal, the nation was not able to take a prominent management. role like it has in past environment tops, and it could not. offer assurances the next administration would honor its. promises.
With the United States, well, the citizens have voted and. that's the way it is. What they're going to do, we do not understand,. South African Environment Minister Dion George said. U.S. officials at the COP29 conference sought to assure global. partners that market forces, existing federal subsidies, and. state mandates would make sure continued renewable resource. implementation even if Trump disengages from the global process.
The war in Ukraine and rising dispute in the Middle East,. meanwhile, have diverted global attention to security and energy. accessibility, and led lots of governments to tighten their purse. strings, experts stated. That made getting a bigger climate financing number hard,. observers to the talks stated.
Even preserving climate finance at present levels in the. current political environment is a substantial battle, stated Joe. Thwaites, senior supporter on international environment finance at. the Natural Resources Defense Council, an environmental group.
The agreement to offer $300 billion every year by 2035 would. in theory triple abundant nations' previous dedications to. provide $100 billion by 2020. That earlier objective was reached in. complete only in 2022, and expires in 2025. The objection of rich nations to provide more cash and. the pressure to conclude even a weak deal ahead of more. political turbulence ended up being a major source of disappointment for. the Least Developed Nations and small island states, who told. the Baku conference they felt sidelined in the negotiations. At one point in the summit's final stretch, negotiating blocs. representing both groups walked out of talks in demonstration,. delaying a deal by hours.
We came in excellent faith, with the safety of our neighborhoods. and the wellness of the world at heart, Tina Stege, the. environment envoy for the Marshall Islands, said at the closing. plenary.
Yet, we have actually seen the extremely worst of political opportunism. here at this COP, playing games with the lives of the world's. most vulnerable people.
India's envoy, Chandni Raina, used her time to roundly. reject the environment finance offer gaveled through by Babayev.
We are disappointed in the result which plainly highlights. the hesitation of the industrialized country celebrations to fulfil. their obligations, she told the summit. Environment advocates said that, while the deal is better than an. outright impasse, the rifts exposed by the conference in addition to. the loss of rely on the procedure amongst poorer countries will. position an issue for Brazil as it gets ready for COP30.
I think this is a hazardous chalice for Belem, and it's going. to be approximately Brazil how they're going to bring back the trust, said. Oscar Sorria, director of the Common Initiative, a think tank. focused on international financial reform.
(source: Reuters)