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Petroperu, the Peruvian oil company, changes its board and appoints a new chairman
Petroperu, the state-owned oil company in Peru, announced on Saturday that it had appointed four new members to its board, including a chairman, following the resignation of four previous members. Key Context Four members of the board resigned immediately on November 15: Fidel Augusto Moreno Rodriguez as Chairman, David Quispe Figueroa as Vice-Chairman, Jose Luis Carlos Balta Chirinos, and Cesar Rod Villanueva. Luis Alberto Canales Galvez was named as the new chairman of the company. * Three additional directors have been appointed: Elba Rojas Alvarez De Mares, Jesus Valentin Ramirez Gutierrez, and Oscar Gerio Zapata Alcazar. * The changes have been made in accordance with Law 32103, and Emergency Decree No. 004-2024 which allow the immediate recomposition of Petroperu's board and waive the standard selection procedure. * At a future shareholder meeting, shareholders will decide if new board members are "independent directors." (Reporting and writing by Marco Aquino, Editing by Christian Schmollinger; Daina Beth Sooland; Daina Beth Solomon)
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Iran confirms the seizure of a tanker carrying petrochemical cargo on the Gulf
Iran's state media confirmed that the Revolutionary Guards seized on Saturday a tanker in Gulf water carrying a cargo petrochemicals bound to Singapore due to alleged violations. An official from the United States and sources in maritime security said that Iranian forces had intercepted and diverted the oil tanker into Iranian territorial water on Friday. This was the first time that a tanker had been seized by Tehran since Israeli-U.S. airstrikes on Iran in June. The Iranian state television broadcast a statement by the Islamic Revolutionary Guard Corps, stating that 'the tanker violated for carrying unauthorized goods. The statement did not give any further details about the alleged violations. According to maritime sources, the Talara tanker was sailing near the coast of the United Arab Emirates and carrying a cargo containing high-sulfur gasoil from Sharjah, in the UAE, through the Indian Ocean on its way to Singapore. Columbia Shipmanagement, the vessel's manager, said that it lost contact with Talara on Friday morning at around 20 nautical mile off the coast Khor Fakkan in the UAE. The company said it was working with all relevant parties to restore contact, including maritime agencies and the vessel owner. The ship's owner is Cyprus-based Pasha Finance. The U.S. Military said in a statement that it was aware of this incident and actively monitoring the situation. In recent years, the IRGC of Iran has repeatedly seized commercial ships in Gulf waters, citing maritime infractions such as alleged smuggling or technical infractions, or legal disputes. The U.S. official who spoke on condition of anonymity said that the incident was surprising, since Iran hadn't carried out such operations in the recent months.
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Italy's Snam cancels German gas contract amid Berlin's concerns about China
Snam, the Italian gas grid operator, announced on Friday that it had scrapped its plans to buy a minority stake of Germany's biggest independent gas transmission company. The German Economy Ministry has resisted. Berlin's concern over the 920 million-euro ($1.1billion) transaction is due to the fact that China's State Grid is an indirect shareholder in Snam. This was reported earlier today, citing sources who are familiar with the issue. The Italian group has signed an agreement in April to purchase a 24.99% share in Open Grid Europe Infinity Investments in Abu Dhabi has acquired the owner of's (OGE), Vier Gas Holding, with the aim to enter Germany's gas market, which is the largest in Europe. Snam, in a press release, said that the German authorities had terminated the agreement after an extensive review of foreign direct investments. They also stated that Snam's proposed solutions to obtain regulatory clearance were deemed inadequate. The company said that this development would not affect its financial forecast for 2025. Since the agreement, Germany's Economy Ministry has been reviewing the contract. The German government's resistance is a reflection of the European governments' tougher stance on Chinese investment in Europe because of security concerns. Agostino Scrnajenchi, CEO of Snam, had previously indicated that the company would not pursue an acquisition "come Hell or High Water" during the lengthy approval process. Germany has blocked China's State Grid from buying a stake in 50Hertz, a power grid operator in 2018.
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CANADA-CRUDE-Discount on Western Canada Select narrows slightly
On Thursday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) decreased slightly. WCS for Hardisty, Alberta delivery in December settled at $11.65 per barrel, which is $1.65 below the U.S. benchmark WTI. This was down from $11.70 a barrel on Thursday. Michael Berger, Enverus analyst, stated that Canadian crude storage levels are below the average for the past five years. Trans Mountain, the pipeline that exports Canadian crude via the Pacific Coast to U.S. markets and Asian ones, has not been apportioned in November. This is another factor contributing to the narrow differential. The industry uses the term apportionment to describe when demand for space on pipelines exceeds its capacity. Berger says it is more difficult to predict the WCS discount over the long-term because of the possibility that policy and regulatory changes could occur in Canada, which would encourage oil producers to increase their production. * Oil prices in the global market rose by more than 2% on Friday, as Russia's Novorossiisk port halted exports of oil following an attack by a Ukrainian drone that targeted a depot at Russia's energy hub. This sparked supply concerns. (Reporting from Amanda Stephenson, Calgary; Editing and proofreading by Tasim Zaid)
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Cheniere expects US LNG plants to use 40 bcf per day of natural gas in the coming years
Anatol Feyegin, Chief Commercial Officer at Cheniere Energy, said that U.S. LNG plants may be able to take up as much as 40 billion cubic feet of natural gases per day over the next few years. According to LSEG data, U.S. LNG plants are using a record amount of natural gas (18 bcfd) to produce LNG. Feygin, speaking at a Federal Reserve Bank of Kansas City seminar, said that the increased demand for gas liquefaction may lead to higher natural gas prices. Prices have risen by 62% in the last year and could become even more costly towards the end of this decade. "You saw it in 22/23 when COVID came out. LNG returned to full utilization, and then increased. Nymex saw an increase in the single digits. Feygin stated that the supply would respond very quickly, indicating that drillers could increase production to meet increased demand. The executive stated that there is concern about a glut of LNG as more capacity is added. However, he said that Asian countries like Bangladesh and Pakistan may be drawn in by the lower prices to increase demand. Feygin stated that the world will need 30 million metric tonnes of LNG each year to meet the global demand growth. The majority of this new capacity will come from the U.S. He said that rising construction costs were behind some of the final investment decisions made in U.S. LNG. Feygin explained that "more than two-thirds" of the FID in this year were completed because fixed-priced EPC contract expires soon and the rush was on to keep the cost of construction of the LNG plant low. Feygin stated that the U.S. gas sector could produce up to 300 mtpa. However, he acknowledged that this rapid growth could be a challenge for some producers who are not prepared to deal with periods of low prices. He warned that only 17% of new capacity from plants which reached FID in this year had been sold on long-term contracts. Many portfolio players were unprepared. Curtis Williams, Houston (Reporting) and Leslie Adler Nathan Crooks Edmund Klmaann edited the article.
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Republican state AGs express concerns over Union Pacific's deal with Norfolk Southern
Nine Republican attorneys general raised concerns on Friday about Union Pacific's plans to purchase smaller rival Norfolk Southern for $85 billion, creating the first U.S. Coast-to-Coast freight rail operator. In a letter sent to the Surface Transportation Board by Tennessee Attorney-General Jonathan Skrmetti, and Kansas Attorney-General Kris Kobach that was seen by, the officials expressed concern about the deal, which they said would result in "undue market consolidation" and "stifle competition, resulting in higher prices, less reliability and less innovation, at the expense America's producers and consumers." If approved, the tie-up could help reshape U.S. freight railroad industry, streamline operations, and eliminate interchange delays at key hubs such as Chicago. Attorneys general from Ohio, Florida and other states, including North Dakota, South Dakota Mississippi, Montana, and Iowa, said that the merger could lead to high shipping costs, which could "kneecap American manufacturers' ability compete with foreign companies." The group also stated that "the downstream impact of the merger poses a significant risk, not only for our industrial base, but also for our agricultural producers." This merger, in the end, could compromise our national safety. Union Pacific responded on Friday by saying that it is looking forward to submitting their application to the STB to "detail how this combination will be good for America, meet the threshold to advance public interest and increase competition." The railroad said it has won the support of key unions as well as others in order to "ensure that rail is not forgotten." Norfolk Southern has not yet commented. The railroads announced earlier on Friday that over 99% of both companies' shareholders voted for the merger. The STB could take between 12 and 18 months to review the deal. Railroads have been struggling with the volatile nature of freight volumes, increasing labor and fuel prices, and increased pressure from shippers regarding service reliability. After meeting with Union Pacific CEO Jim Vena in September to discuss the largest U.S. railroad merger for decades, Donald Trump stated that the merger "sounds great to me". Union Pacific is the dominant freight rail carrier in Western United States. Norfolk Southern, on the other hand, is the leading carrier in Eastern United States. Together, the two railroads form one of four major U.S. class I railroads along with BNSF Railway, CSX Corp and BNSF Railway.
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White House claims that Alibaba is assisting Chinese military to target US, reports FT
Financial Times reported on Friday that Washington accused the online marketplace Alibaba of providing technology support to Chinese military operations targeting targets in the United States. The memo was cited by the White House. The FT reported that the national security memo contains declassified top-secret intelligence about how the Chinese group provides the People's Liberation Army (PLA) with capabilities the White House believes could threaten U.S. Security. The report didn't specify what capabilities or operations are involved or if the U.S. is trying to respond. Alibaba shares in the U.S. fell 4.2% following the news. Alibaba issued a statement saying that "the assertions and innuendos contained in the article were completely false." "We doubt the motivation behind this anonymous leak which The FT admits they can't verify. This malicious PR campaign clearly came from an rogue voice that was looking to undermine President Trump’s recent trade agreement with China. The Chinese Embassy in Washington has not responded to an immediate request for comment. (Reporting and editing by Susan Heavey, Matthew Lewis, and Jasper Ward from Washington)
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Airlines urge FAA to stop flight cuts because controllers are paid
After the government shutdown ended, major U.S. Airlines are asking the Federal Aviation Administration (FAA) to remove the mandatory 6% domestic flight reductions at 40 major airports. The cuts were imposed in order to address safety concerns regarding air traffic. The FAA's order, which requires far more drastic cuts, is not being followed by most airlines. Cirium, a firm that provides aviation analytics, reported airlines cancelled just 2% of flights on Friday, down from 3.5% Wednesday and Thursday. The FAA and union officials announced that air traffic controllers, and other FAA staff, began receiving their back pay on Friday. This is equal to approximately 70% of the amount they owe, excluding overtime. Officials told that airlines have privately argued to the FAA to stop the cuts, and some plan to cancel few or no flights this Saturday. After Congress voted for reopening the government following a 43-day shut down, FAA decided to reduce those cancellations on Wednesday. The FAA did not increase the cuts to 8% or 10% as announced previously. Instead, they remained at 6%. Transportation Secretary Sean Duffy stated Friday that only a handful of controllers had been absent on Thursday, as operations have improved dramatically. Duffy stated, "We are reviewing the data and working hard to restore the airspace to normal." Separately, on Friday, a group led by Rick Larsen (the ranking member of Transportation and Infrastructure Committee) asked the administration to provide specific safety data and compare it to the previous six months. The Democrats said that it appeared the administration took this decision without consulting key aviation stakeholders. United Airlines announced that it had cancelled 134 flights for the Friday after canceling 222 flights Thursday. There are about 3,500 fewer air traffic controllers than the FAA needs to meet its target staffing levels. Before the shutdown, many had already been working six-day weekends and mandatory overtime. Since October 1, when the 43 day shutdown began, there have been tens or thousands of cancellations and delays in air traffic. (Reporting and editing by David Shepardson, William Maclean.)
Promising teenager skaters, ex-world champs amongst victims of Washington air crash
All 64 people aboard a flight from Wichita, Kansas-- 60 guests and four team members-- and the 3 soldiers on a U.S. Army helicopter were believed dead after the 2 aircraft collided in a fiery explosion near Washington, D.C.
. The victims consist of figure skaters, family members and coaches who had actually been participating in a national training school for top young skaters in Kansas. Amongst the victims were Yevgenia Shishkova and Vadim Naumov, former world champs in pairs figure skating who coached young skaters in the Boston area.
Here is what we understand about a few of the victims:
SPENCER LANE AND JINNA HAN
Spencer and Jinna, both around 16 years of ages, qualified nearly every day at the Skating Club of Boston in Norwood, Massachusetts, according to the club's executive director, Doug Zeghibe. The Lane household lived in Rhode Island, and the Han household lived in the Boston area.
The two young skaters had actually been attending U.S. Figure Skating's National Development Camp in Wichita, an elite training camp that followed recently's U.S. national championships for skaters viewed as the future of the sport, Zeghibe said.
Spencer, in the best way possible, was an insane kid-- extremely talented, exceptionally talented, Zeghibe informed reporters at the club on Thursday morning. Has not been skating that long and simply rocketing to the top of the sport - extremely fun, extremely cerebral, an excellent thinker.
Spencer published a picture of the wing of the airplane before it removed from Wichita on Instagram, according to media reports, with a caption listing Washington as the location.
In another post, he stated qualifying for the camp had actually been a. longtime objective. He thanked Shishkova and Naumov, to name a few,. for an amazing experience.
Jinna was a terrific kid, Zeghibe stated.
Fantastic parents, excellent professional athlete, excellent competitor, enjoyed. by all, he told reporters.
Spencer's mother, Christine, and Jinna's mom, Jin, were. likewise on the aircraft. Both were good example parents who made a lot. of sacrifices to assist their kids excel in the sport, Zeghibe. stated.
YEVGENIA SHISHKOVA AND VADIM NAUMOV
The Russian-born Shishkova and Naumov, who were wed, won. the world champion in pairs figure skating in 1994 and had. coached at the Skating Club of Boston because 2017.
They were talented and the upper class, stated Ludmila. Velikova in St. Petersburg, where she trained both skaters when. they were kids. Zhenya (Shishkova) trained with me from the. age of 11 and Vladik (Naumov) from age 14. They resembled my own. children.
The couple's kid, Maxim, also a skater, ended up in 4th. location in the men's totally free skate at the U.S. national championships. recently. He left Wichita after the competition and was not on. Wednesday's plane.
Zeghibe described Vadim Naumov as an old-school coach who. used the rigorous Russian approach to his trainees. Shishkova, Zeghibe stated, was extremely difficult and durable, as. many female pairs skaters are.
You might not see Genia without breaking into a smile, he. said, using a label.
INNA VOLYANSKAYA
Russian-born Volyanskaya, a skating coach in the Washington. area, was on board the aircraft, according to a X post from U.S. Agent Suhas Subramanyam and a report from the Russian. news agency TASS.
Volyanskaya competed as a sets skater for the Soviet Union. in the 1980s. She coached young skaters at the Washington Figure. Skating Club, according to the club's site.
In a statement on Thursday, the club did not verify whether. any member or coach was on the flight however stated it was. devastated by news of the crash.
More information will be posted when appropriate, the club. stated.
(source: Reuters)