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WhiteWater and partners approve construction of Eiger Express Pipeline
WhiteWater announced on Monday that it and its partners had reached an investment decision for the Eiger express pipeline. The Eiger express pipeline is designed to carry up to 2.5 billion cubic foot per day (Bcfpd), of natural gas, through 450 miles of 42 inch pipe from the Permian basin to the Katy region in Texas. WhiteWater, MPLX LP and ONEOK, as well as Enbridge and WhiteWater, via their Matterhorn joint-venture, made the decision to proceed after securing enough transportation agreements with primarily investment-grade shippers. Midstream companies usually make a final decision about projects after they have secured sufficient supply agreements to get the financing needed for construction. WhiteWater will construct and operate the pipeline, which is expected to go into service by mid-2028. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shashesh Kuber
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Slovak Minister: Russian oil supply to Slovakia could resume today
Denisa Sakova, Slovak Minister of Economy, said that in the best case scenario, Russian oil deliveries to Slovakia via the Druzhba Pipeline, which were interrupted by a Ukrainian attack on Russia last Thursday, could resume as early as Monday. In recent weeks, Russia and Ukraine have intensified their attacks on the energy infrastructure of each other. They have targeted Ukrainian heating supplies as well as Russia's Druzhba Pipeline and other facilities. After a Ukrainian attack on a Russian facility, Slovakia and Hungary announced on Friday that they could suspend their supply of Russian oil for at least five more days. Sakova responded to questions via email by saying that, "According the the latest information this is a outage lasting four to five days." In an ideal case, we can expect the resumption in Slovakia of supplies on Monday. She stated that the supply of oil to customers was not in danger, as the country has 90 days' worth of reserves. After the full-scale invasion by Russia of Ukraine in 2022, the European Union has reduced its energy supply from Russia and is aiming to phase out Russian gas and oil by 2027. Slovakia and Hungary maintain relations with Russian president Vladimir Putin, and oppose sanctions against Russia which Ukraine claims are essential to get Moscow to drop its war demands that it calls unacceptable. The Croatians are also against the phase out of Russian energy via the Druzhba pipe, claiming that they can't rely on a different pipeline coming from the Adriatic coast. Slovakia and Hungary asked the European Commission to ensure supply security on Friday. A spokesperson for the Commission said Monday that the Commission had been in contact with the member states to assess their situation. He added that the supply security was of paramount importance. Last week, the Russian oil supply to Hungary and Slovakia was cut off for the second time due to a Ukrainian strike. The Ukrainian military announced late Thursday that it had hit the Unecha oil-pumping station, which is a vital part of the pipeline bound for Europe. (Reporting from Jan Lopatka, Prague; additional reporting from Kate Abnett, Brussels; editing by Jan Harvey).
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Baltic Sea cable breaches: suspects plead not guilt to sabotage
On Monday, the trial in Helsinki began. The captain and two other officers of an oil-tanker accused of cutting five underwater power and communications cables as they left Russia to sail through the Gulf of Finland pleaded no contest. NATO allies stationed in the Baltic Sea region went on alert following the incident of December 25, one of many suspicious outages of gas and cable pipelines in the area since Russia invaded Ukraine, in February 2022. The Eagle S tanker, according to the prosecution, deliberately dragged the anchor along the seabed in order to cut the Estlink 2 cable connecting Finland and Estonia as well as the four internet cables on Christmas Day. After ordering the ship to enter Finnish territorial waters, Finnish security forces intercepted and boarded the vessel from helicopters. The cable owners claimed damages of tens or even hundreds of millions of Euros. The Cook Islands tanker's Georgian Captain, Davit Vasdatchkoria and its Indian First and Second Officers are facing a 2.5-year prison sentence for aggravated criminal damage and aggravated interference in telecommunications. Tommi Heinonen, the lawyer for Vadatchkoria, called the incident a "marine accident" and, along with the other defendants, denied that the court had jurisdiction over the matter because the cable cut occurred in international water. He said that the anchor of the vessel had fallen due to technical problems in the securing the anchor winch. Prosecutors told the court that on December 25, the Eagle S continued to sail for three hours with a reduced rate of speed after cutting the first cable at 12:26 local time. The crew of the Eagle S answered affirmatively when asked by the Finnish authorities at 3:20 pm whether the anchor was secured and up. This was not true, according to the prosecution. The defence lawyers said that the crew did not have any reason to think the anchor was sunk into the seabed, as the mechanical engineer of the tanker, who isn't on trial, told the defendants that the speed drop was caused by "an engine issue". The prosecutor said that the tanker went on with its journey, and cut four additional cables between 6 and 7:00 pm on December 25. They said this showed a clear criminal intention. The maximum prison term in Finland for aggravated criminal harm is 10 years, while the maximum jail term for aggravated interference with communications can be up to 5 years. The damage was a serious threat to Finland's energy supply and communications, according to prosecutors. Repair costs were estimated at 70 million euros (60 million euro). A Ukrainian was arrested last week over 2022 attacks against the Nord Stream pipelines in Baltic Sea. Both Moscow and Western countries have called the explosions that largely cut off Russian gas supplies in Europe sabotage.
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Ukrainian farmers demand lifting of the ban on importing nitrogen fertilisers by sea
Ukraine's largest farming union demanded on Monday that the government lift the wartime ban on imports of nitrogen fertilisers into the country’s maritime ports. They warned that the shortages could affect the yields of the key grain crop in the country. Ukraine banned the import of explosive nitrogen fertilisers at seaports when it began its war with Russia. The UAC Farmers' Union said that while nitrogen fertilisers are still available for import via land or river ports, shortages have become worse during a season of high demand. The UAC stated that the key factor is the prohibition on the importation of grade A ammonium, which is an explosive substance. It also bans the importation of other nitrogen fertilizers, all of which are non-explosive. The report said that if this problem is not solved urgently, the country may face a 30% decrease in the yields of important crops which supply the domestic and international markets. Ukraine exports about 40 million tons of grain per season. Ukraine is also the world's largest supplier of sunflower oil and seeds. The union stated that the yield of commodities depends on the import of mineral fertilisers which are applied during this time of year. The union said that the yield of commodities depends on mineral fertilisers imported at this time of year.
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Finland to try suspects of Baltic Sea cable breaches for sabotage
On Monday, the captain and two officers of a tanker that allegedly cut five underwater power and telecoms cable when it left Russia in 2024 and sailed along the Gulf of Finland will be tried in Helsinki. Investigators concluded that the Eagle S pulled its anchor along the seabed and cut the Estlink 2, a power cable linking Finland and Estonia and four internet lines. This led Finnish security forces, after ordering the vessel to enter Finnish territorial waters, to stop the vessel's voyage and board it by helicopter. The three defendants deny all charges and the captain has told Finnish public broadcaster YLE that the incident was a "marine accident". NATO allies in the Baltic Sea region were on high alert after the incident. It was one of several suspicious gas and cable outages that have occurred in the area since Russia invaded Ukraine. This month, Finnish prosecutors charged the Cook Islands registered tanker's Georgian Captain and Indian First and Second Officers with aggravated criminal damage and aggravated interference in telecommunications. The maximum prison term for aggravated criminal damage is 10 years, and aggravated interference in telecommunications can be up to 5 years. The damage has caused serious problems for Finland's energy supply and communications, according to prosecutors. Repair costs are estimated at 70 million euros (60 million euro). The defendants claim that Finland does not have jurisdiction over the case because the cables were damaged outside Finnish waters. The court said it would also take this argument into consideration. The Eagle S was detained by the Finnish authorities after the cables were severed, and then released again in March. They also upheld a travel restriction on the three defendants now standing trial. An attorney for Caravella LLC FZ in the United Arab Emirates, owner of the Eagle S aircraft, also stated that Helsinki lacked jurisdiction to intervene. A Ukrainian was arrested last week over the 2022 attacks against the Nord Stream pipelines in Baltic Sea. Both Moscow and Western countries have described the explosions that largely cut off Russian gas supplies in Europe as sabotage.
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Vietnam prepares for Typhoon Kajiki when it approaches coast
Vietnam has closed airports, schools and started mass evacuations in preparation for the strongest storm this year. The weather agency of Vietnam said that Typhoon Kajiki was about 110 km (68 mi) away from the central coast of Vietnam, in the north, as of 3:00 GMT. It was expected to land on Monday afternoon. In a Sunday night statement, the government warned that Kajiki was a dangerous storm moving quickly. It would bring heavy rainfall, flooding, and landslides. Vietnam's long coastline, which faces the South China Sea is susceptible to violent storms. These can be deadly and cause dangerous flooding and mudslides. Kajiki will likely hit areas that are less developed than those affected by Yagi last year, which caused around $300 in deaths and $3.3 billion in property damage. The storm is expected to move into northern Thailand and Laos. On Monday, the Vietnamese government announced that 30,000 people were evacuated from coastal zones. The government released a statement saying that more than 16,500 soldiers, and 107,000 paramilitary members were mobilised to assist with the evacuation as well as to be on standby for search and recovery. Authorities announced on Sunday that over half a million individuals would be evacuated. They also ordered boats to stay in port. According to the Civil Aviation Authority of Vietnam, two airports were closed in Thanh Hoa province and Quang Binh. Vietnam Airlines and Vietjet canceled dozens of flights in and out of the area Sunday and Monday. Kajiki, which is currently moving towards Vietnam from China's Hainan Island, skirted around the southern coast on Sunday and forced Sanya City to shut down businesses and public transportation. Hainan, China's most southern province, downgraded its emergency response and typhoon alerts Monday morning. However it warned of heavy rainfall and isolated storms that could affect cities in southern Hainan. Hainan's provincial meteorological authority has said that it expects weather conditions to improve on Monday evening. Local media reported on Sunday night that many residents of Sanya, an extremely popular resort, took shelter in underground garages from the storm. Reports said that some large trees had been brought down, leaving the roads littered with broken branches on Monday morning.
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Oil prices rise after Ukraine attacks on Russian energy sites
Oil prices rose on Monday as Ukraine intensified its attacks against Russia, causing concern that Russian oil supplies could be disrupted. Meanwhile, expectations of a reduction in U.S. rates boosted the outlook for growth globally and fuel demand. Brent crude futures increased 3 cents or 0.04% to $67.76, while West Texas Intermediate crude futures rose 7 cents or 0.11% to $63.73. Officials in Russia said that Ukraine launched a drone strike on Russia on Sunday. The attack caused a dramatic drop in the reactor capacity at one of Russia’s largest nuclear power plants, and ignited a massive fire at the Ust-Luga terminal for fuel export. The acting governor for the region confirmed that a fire was also burning at the Novoshakhtinsk Russian refinery. It had been caused by an attack from a Ukrainian drone. The refinery has a capacity of around 100,000 barrels a day and sells fuel mostly for export. Its annual production is 5 million metric tonnes of oil. Tony Sycamore, IG analyst and market analyst, said that "given the success of Ukraine's targeting of Russian oil pipelines... crude oil risks are shifting up," JD Vance, the U.S. vice president, said that Russia had made "significant concessions", in order to reach a settlement through negotiation with Ukraine. "They have realized that they won't be able install a puppet government in Kyiv. This was a major request at the start. They've also acknowledged the fact that the territorial integrity in Ukraine will be protected by a security guarantee," Vance stated on NBC's program "Meet the Press With Kristen Welker". Donald Trump, the U.S. president, also reiterated his threats to impose sanctions against Russia if there is no progress towards a peaceful resolution in Ukraine within two weeks. Investors' appetite for risk has increased after Federal Reserve chair Jerome Powell signaled on Friday that an interest rate reduction could be made at the U.S. Central Bank's next-month meeting. ANZ analysts wrote in a report that "a risk-on attitude across markets boosted investors' appetite across commodities complex." This was aided by the renewed supply issues across metals and energy. (Reporting from Sam Li in Beijing, and Florence Tan in Singapore. Editing by Sonali and Christopher Cushing.
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Fears of a water war in India sparked by China's mega dam
India is concerned that a Chinese mega-dam planned in Tibet could reduce water flow on a major rivers by up to 85% if it's built during the dry season. This has prompted Delhi to speed up plans for its dam to counteract the effect. Since the early 2000s, the Indian government has considered projects to control the flow from Tibet's Angsi Glacier. This water sustains over 100 million people in China, India, and Bangladesh. The plans have been stymied by the fierce and violent opposition of residents in the border state Arunachal Pradesh who fear that their villages and way of living will be destroyed by any dam. In December, China announced it would build the largest hydropower project in the world in a border country just before the Yarlung Zangbo River crosses into India. New Delhi was worried that the long-time strategic rival – which has territorial claims in Arunachal – could weaponize the control of the river. The Siang and Brahmaputra originate in the Angsi Glacier, and are known in India as the Siang. In May, India's largest power company moved survey material under the protection of armed police near the potential site for the Upper Siang Multipurpose Dam. If completed, this dam would be the biggest in the country. According to two sources who spoke under condition of anonymity, senior Indian officials also held meetings to accelerate construction in this year. One of these was organized by the Prime Minister's Office. The Indian government's undated analysis of the dam's impact in China outlines Delhi's concerns. Four sources corroborate the details, and this is the first report to include them. Beijing hasn't released detailed plans about the dam's construction, but the analysis drew on past work conducted by Indian government-affiliated institutions like the Central Water Commission and accounted for the expected size of the Chinese project, which broke ground in July and will cost nearly $170 billion. Delhi believes the Chinese dam could allow Beijing to divert up to 40 billion cubic meters per year, which is just over a quarter of the water received at a major border crossing, according to sources and documents. This would be most evident in the months that do not include monsoons, when temperatures are high and land becomes barren. Upper Siang's 14 BCM storage capacity would allow India to release water in the dry season. According to sources and documents, the city of Guwahati would experience a 11% reduction in water supply, compared to a 25% decrease if an Indian dam was not built. Sources said that the project could also be used to mitigate any attempt by Beijing, which would release torrents of water downriver. According to the document, and to the sources, if the dam was at its minimum drawdown - when water is stored below 50% of its height- it could absorb all excess water from a Chinese infrastructure breach. Two sources claim that India is considering the idea of keeping 30% of its dam at all times empty to accommodate surges. In response to questions, a spokesperson from China's Foreign Ministry said that the hydropower project "has undergone rigorous scientific studies on safety and environment protection and will not negatively impact the water resources or ecology of downstream countries." The spokesperson said that "China has always taken a responsible approach to the development and use of transboundary river systems, and has maintained a long-term relationship and communication with countries downstream such as India and Bangladesh." Modi's Office and the Indian Ministries responsible for Water and External Affairs did not reply to questions. State-owned hydropower giant NHPC did not respond to a comment request either. India's Foreign Ministry has confirmed that S. Jaishankar, a top diplomat in India, raised concerns over the dam when he met with his Chinese counterpart August 18. In August, a Jaishankar deputy told lawmakers that the government had taken measures to protect the lives and livelihoods in downstream areas. This included building the dam. India was accused of weaponizing the water by Pakistan, an ally of China with whom it had a brief clash in May. Delhi suspended its participation this year in a 1960 treaty on water sharing with Islamabad, and it is now considering diverting the flow of another important river away from its neighbour downstream. Delhi claims that the tribunal lacks jurisdiction. DEVELOPMENT OR DESTRUCTION? In May, when NHPC workers were moving surveying materials near Parong village, angry locals destroyed their machinery, destroyed a bridge nearby and looted tents sent by police to guard the operation. The majority of these people are from Arunachal, the Adi, who farm paddy, sweet lime, and oranges in the misty hills and valleys that the Siang nourishes. Villagers have installed makeshift checkpoints on regional roads in order to prevent NHPC employees from entering. This has led to security personnel trekking miles to reach the potential site of the dam, sometimes at night. According to two sources, at least 16 Adi village are expected to disappear from the storage area. This will directly affect an estimated 10,000 people. Leaders of the community say that more than 100,000 people are affected. Odoni Pabin, an Adi grocery store owner and mother of two, said, "The cardamom we grow, the paddy, the jackfruit, and the pear that we produce on this land, help us educate our children and provide for our family." "We will fight this dam until it is destroyed." Arunachal chief minister has backed the dam. He is a Modi party member and has called the Chinese plan an existential danger. The project "will ensure water security and flood moderation in order to counter potential water surges", the state government stated in a press release. It added that it had decided in June that detailed compensation discussions would be held with families who could be affected. Alo Libang is an Adi lawmaker who represents a region that would be submerged under the Indian project. He believes locals can be persuaded to relocate if they receive generous compensation. Three sources cited instructions from Modi’s office and said that NHPC plans to spend over $3 million for education and emergency infrastructure in order to encourage villagers to relocate. According to the Arunachal Government and dozens locals, this is a sign of progress. Three villages in the region recently agreed to allow NHPC officials to carry out dam related work. India's history is dotted with activist movements that have slowed down large dam projects or forced them into a scale-down. Four sources claim that even if the Upper Siang Dam is approved, it will take at least a decade for the dam to be built. This means that the project will likely be finished after China's project. Beijing is expecting to generate power in the early-to mid 2030s. Two sources stated that the delay would make an Indian project vulnerable to a sudden release of water by Beijing during the monsoon, which could cause a flood and wash away temporary dams. Adi activists and international experts have warned that the construction of large dams on seismically active Tibet or Arunachal can increase risks to downstream communities. Sayanangshu modak, an expert in the India-China relationship on water at the University of Arizona, said that the Chinese "dam" is being constructed in a seismically active zone and in one where extreme weather conditions are common. He said that extreme weather events can cause mudslides and landslides as well as glacial lake flooding. "That raises concern about dam safety... It's a legitimate concern, and India should engage China."
Evergrande's debt has reached a point of default and delisting.
China Evergrande Group delisted from Hong Kong's stock exchange Monday. It was one of the biggest removals in terms of market value and volume.
Evergrande, once China's largest developer, faced a financial crisis in 2021. The developer, along with a number of its competitors, has defaulted on their debt obligations due to slowing sales and decreasing fundraising options.
This timeline shows how the debt crisis has developed at Evergrande - the world's largest developer.
AUGUST, 2021
Evergrande has halted construction on many projects in the country due to unpaid payments.
China's central banking and banking watchdog summons senior executives to issue a rare warning: Evergrande should reduce its debt risk and put stability first.
SEPTEMBER, 2021
Two offshore bond coupons totaling $131 million were not paid. Payments have a grace of 30 days.
Evergrande hires financial advisors to explore options and warns of the cross-default risk amid plummeting property sales.
NOVEMBER, 2021
Hui Ka Yan, Evergrande's founder, sells 1.2 million shares for HK$2,68 billion ($343 millions), reducing his stake from 77% to 67.9%.
MARCH, 2022
Evergrande has suspended trading of its shares citing the inability of its property management arm to produce audited results by March 31. The investigation also revealed that banks had seized deposits worth $1.87 billion ($13.4 billion) from its property management division.
NOVEMBER, 2022
China Construction Bank Asia seizes the mansion of Evergrande's founder, located in Hong Kong’s exclusive The Peak residential area.
JANUARY, 2023
Evergrande says its then auditor PricewaterhouseCoopers resigned over disagreements over matters related to its 2021 accounts.
FEBRUARY, 2023
A committee of independent experts has found that Evergrande directors have fallen "below standard" for their involvement in the diversion of loans from unit Evergrande Property Services back to group.
MARCH, 2023
Evergrande announces plans to restructure its offshore debt, giving creditors the option of swapping their debt for new bonds or equity-linked instruments that are backed by both Evergrande and two Hong Kong listed companies.
APRIL, 2023
Evergrande reports that 77% of holders of Class-A Debts and 30% holders of Class-C Debts have expressed their support for Evergrande's restructuring proposal.
JULY, 2023
Evergrande posted net losses of 476 bn yuan, and 105.9 bn yuan, for 2021, and 2022, respectively, as opposed to a profit in 2020, when its operation was normal.
AUGUST, 2023
Evergrande reported a 33 billion-yuan (66,4 billion-yuan) loss from January to June, compared with a loss of 66.4 billion-yuan a year ago.
Evergrande shares are traded again after 17 months. 79% of the market value has been lost since they were last traded.
SEPTEMBER, 2023
China's National Administration of Financial Regulation has approved the establishment of a state owned insurer that will take over Evergrande Life Insurance. Evergrande Life Insurance is a 50% invested company.
The police in southern China have arrested some employees of Evergrande Financial Wealth Management (an indirect wholly-owned subsidiary of Evergrande).
Evergrande postpones the scheme meeting originally scheduled for September 25-26. The company cites the need to reassess restructuration terms.
Evergrande has said that it is unable to meet the qualifications for issuance of new notes, as its flagship unit onshore Hengda Real Estate Group is under investigation by regulatory authorities for a suspected violation of disclosure of information.
Evergrande claims that the founder of Evergrande is under investigation for suspected crimes.
OCTOBER, 2023
Hong Kong High Court grants Evergrande five weeks to revise and present a concrete debt restructuring plan in order to avoid liquidation.
NOVEMBER, 2023
Evergrande revises its debt restructuring proposal at the last minute to creditors offshore before the hearing.
DECEMBER, 2023
Evergrande receives another adjournment by the Hong Kong court. This gives it more time for finalising a revised offshore debt restructuring plan.
Evergrande's Ad hoc Bondholder Group says that it is strongly opposed to the revised restructuring terms.
January, 2024
Evergrande’s New Energy Vehicle Unit Group says that its vice chairman Liu Yongzhuo has been arrested and is being investigated for criminal charges.
Evergrande Property Services has announced that its units have filed a lawsuit against Evergrande in order to recover the 11.4 billion yuan pledged guarantees on deposit certificates.
Evergrande’s ad-hoc bondholders group joins liquidation petition against developer.
A Hong Kong court issues a liquidation notice to Evergrande at an hearing on Jan 29, 2019. The trading of its shares is suspended.
March, 2024
China fines Evergrande’s flagship onshore unit 4,18 billion yuan, the company’s chairman 47 million and bans him from the securities markets for life for illegal bond issuance.
Evergrande liquidators start legal action against the chairman, his former wife and former executives in order to recover approximately $6 billion.
August, 2025
Hong Kong Stock Exchange cancels Evergrande's listing effective August 25 as the shares have not resumed trading after 18-month suspension.
Evergrande liquidators claim to have sold assets worth $255 million 18 months after the company's liquidation, but they've received claims from creditors totalling $45 Billion.
(source: Reuters)