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Indonesian energy company Pertamina merges refinery, shipping and retail operations
Simon Aloysius Mantiri, CEO of Indonesian state energy company PT Pertamina, said that the firm will combine its refinery, retail and shipping units in order to improve its efficiency within its core business. Mantiri said to a parliamentary panel overseeing state-owned companies that "we will perform a downstream integration by merging operations of Pertamina Patra Niaga and Kilang Pertamina Internasional, which we aim to complete by the end 2025." He said that "all these steps were taken to protect the reputation of our company and increase the trust among stakeholders." The Indonesia Attorney General's Office has launched an investigation into Pertamina, with several of its former executives being named as suspects. This probe is centered on alleged corruption between 2018 and 2023. Mantiri said that Pertamina’s non-core businesses will be merged into similar state companies. He said that Pertamina was in talks with Garuda Indonesia about merging its airline Pelita Air and Garuda. The government has long planned to merge the airlines.
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Poland restricts air travel along the eastern border
The Armed Forces Operational Command announced on Thursday that Poland had imposed restrictions on air traffic along its eastern border with Belarus and Ukraine. This comes amid increased tensions after multiple drone incursions in the NATO member's skyspace. Poland, backed by aircraft from NATO allies and armed with a missile, shot down suspected Russian drones early Wednesday morning in its airspace. This is the first known instance of a Western military alliance member firing shots during Russia's conflict in Ukraine. Polish Air Navigation Agency published a late Wednesday statement that said, "Air traffic restrictions in the eastern part of Poland will be implemented at the request of the Operational Command of the Branches of the Armed Forces in the form of the EP R129 restricted zone". According to the statement, restrictions were in effect from 2200 GMT Wednesday until 9 December. The agency stated that flights are prohibited in the restricted area from sunrise to sunset, except for manned aircraft flying in accordance with flight plans, equipped with transponders, and in constant communication with the air authorities. There are also some exceptions for military flights, special purpose flights, and certain call signs. From sunset to sunrise, all flights are banned except for military aircraft. The agency stated that there is a 24 hour flight ban for civilian unmanned aircraft in the EP R129 Zone. The Russian Defence Ministry announced on Wednesday that it did not plan to strike any targets in Poland, but its drones carried out an attack on military installations in western Ukraine. (Reporting and editing by Karol Badohal, Barbara Erling)
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Bousso: Europe is at risk of falling victim to US "energy dominance"
It might seem audacious to the world's biggest natural gas producer that it demands its largest market stop purchasing from a rival. This is exactly what happened this week in Milan at the annual meeting of the global gas industry. U.S. Interior Secretary Doug Burgum delivered a clear message at the beginning of the Gastech Conference. Doug Burgum, the Interior Secretary of the United States, delivered a message that was clear: Europe should cease purchasing gas from Russia. The United States will gladly replace it. Burgum said that American energy dominance is a major part of Donald Trump's agenda in his second term. It aims to bring peace and prosperity around the world. Burgum, the former governor of North Dakota's oil-and-gas-rich state, said: "We can achieve peace around the globe by selling our energy. Our friends and allies don't need to purchase from our enemies." Washington has been increasing pressure on Europe to stop buying Russian oil and gas in order to cut down on the Kremlin war economy. It also wants to put pressure on Vladimir Putin, President of Ukraine to accept a ceasefire. "ENERGY DOMINANCE" Europe has drastically reduced its Russian gas imports since Moscow invaded Ukraine in 2022. It aims to completely phase out Russian gas purchases by 2027 if not sooner. Despite this, the region continues to import Russian gas via the Turkstream pipeline. Importantly, Europe may have just swapped one dependence for another. Most of the Russian pipeline volumes in the region have been replaced with LNG imports, and most of these have come from the United States. The first half of 2025 will see Europe's imports of LNG increase by 25% over the previous year to a record high of 92 billion cube metres (bcm). Over 55% of these imports were accounted for by the United States, with Russia coming in second at 14%. In light of this new reality, Europe is forced to accept the energy agenda of the Trump administration. Ditte Jorgensen, Director General of Energy at the European Commission, told a conference that the EU will continue to enhance its energy partnership with America. She said that the U.S. energy dominance policy is complementary to her strategy of replacing Russian oil in our system. These words are already being translated into action. On Monday, Italy's energy company Edison and Shell signed a deal to increase LNG purchases, among other things, as part of a commitment to strengthen their energy relations. On Wednesday, Italy's Edison energy company signed a contract with Shell for the purchase of around 0.7 millions tonnes per year in U.S. gas starting in 2028. The deal could last up to 15-years. Some EU countries, notably Hungary and Slovakia, are opposed to this U.S. pivot. Both countries rely heavily on Russian gas and oil, and so both opposed the ban on imports earlier this year. Peter Szijjarto, Hungary's foreign minister, said that Hungary "cannot walk out of Russian gas" due to geographical and infrastructure limitations. Actions speak louder than mere words. MVM CEEnergy, a Hungarian wholesaler of natural gas, signed a 10-year contract with Shell on February 2nd. Shell will supply 200 million cubic meters (mcms) of gas per year starting in January 2026. This deal is clearly aimed at reducing the country's dependence on Russia. Overall, Europe seems to be doing exactly what Burgum asks for. EXTREME DEPENDENCE The energy dependency of Europe is expected to be at its highest level ever in the near future. By replacing Russian LNG with U.S. LNG, America's share in EU LNG imports would rise to about 70%. The share could be increased to more than 80% if the 16 bcm additional gas imported via the Turkstream pipe is also replaced. Calculations show that this would be equivalent to 23% of the total imports when you include pipeline imports from Norway and Azerbaijan, as well as North Africa. By comparison, Russia supplied around 40% of Europe’s total gas imports by 2022. Although relying on U.S. Energy carries a lower political risk, this extreme dependency exposes Europe nonetheless to potentially severe disruptions. For example, if hurricanes or heatwaves cause a sudden drop of exports to the U.S. Gulf Coast. Washington's chaotic policymaking since January has shown that there can be political risk among allies. Burgum stated that the U.S. policy of energy dominance is aligned fully with Europe's desire to stop its dependence on Russia. This seems to be the case for now. Who knows how long the energy and security objectives of these allies will be in harmony. The EU should hope that it will be a long time as its over-reliance on energy will leave little room for manoeuvre. You like this column? Open Interest (ROI) is your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Wall Street Journal, September 11,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued growth globally. Opendoor appointed Shopify’s former COO Kaz Njatian as its CEO in response to investor pressure. This signals a pivot towards AI and a return of the founder-led company. The company is also embracing its new status as an meme stock, with its shares up more than 250% this calendar year. After diplomatic discussions and concerns about visa violations and future entry restrictions, approximately 300 South Korean workers who were detained during a U.S. Immigration raid will return to their home country via chartered flight on Thursday.
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Maguire: China's rare reduction in power pollution is offset by increased US emissions
Some people have said that it's pointless for other countries to reduce their pollution, while China continues to build new coal plants and raise its own emissions. The Chinese power sector has so far managed to achieve a rare reduction in pollution due to the use of fossil-fuels. This bodes well for those who track climate change and hope that China's massive pollution trends will soon peak. The cuts in China were more than offset by the sharply increased emissions from power plants in America, where coal-fired electric generation in 2025 has reached a three-year-high. Even if China's emissions drop, global pollution in the power sector will continue to rise this year due to the higher pollution load coming from America. The U.S. offset for pollution also negates the argument it's pointless to reduce pollution when China's emissions are increasing, and shows that other countries could be closer to capping the power sector discharge of the world if they follow China's example. COAL CUTS Data from the energy think tank Ember show that between January and July 2024, China's carbon dioxide emissions from the use of fossil fuels in power production dropped by 30 millions metric tons. This emission reduction represents a 1% drop from the previous year and follows two years of pollution increases in China between January and July. China's fossil fuel power emissions have grown for nine years in a row. A modest reduction in emissions in 2025 will be a milestone in China’s efforts to reduce pollution. The total power emissions due to fossil fuels were 3,24 billion tons CO2 from January to July 2024, compared to 3,27 billion tons from January to July 2024. The first reduction in coal-fired electricity generation since 2022 has played a key role in the drop in emissions. This has also been made possible by an increase of 14% in clean electricity production year-over-year. The total clean electricity produced during the window of January to July was 2,445 Terawatt Hours (TWh), approximately 303 TWh higher than the amount generated in the same months last. The electricity generated by coal-fired plants, which remain China's primary power source, was 3,277 tWh from January to July. This is a decrease of around 30 tWh or about 1% compared with the same months in 2020. The generation of electricity in China from gas-fired power plants was also down around 1% compared to a year earlier. US POWERING UPS While China's power sector reduced coal consumption this year, U.S. energy firms increased it. Coal-fired electricity supply grew by 16% between January and July 2024 compared to the same period in 2019. The total coal-fired electric supply in the United States was 435 TWh from January to July. This is up from 375 tWh one year earlier and represents the highest level since 2022. The increase in CO2 emissions from the spike in coal consumption was 37 million tons more than in the same months of last year. The total U.S. emissions of fossil fuels from the power sector during January-July were 978 millions tons of CO2, compared to 941 millions tons in 2024. The increase in the coal share in the U.S. generation mix, from under 15% to almost 17% in 2025. This increase in coal consumption was driven primarily by the rise in natural gas prices during the first months of the new year. Gas prices are expected to be 65% higher in 2025 than they were in 2024. In order to compensate for lower gas supplies, the power companies burned coal, which was cheaper, but had higher emissions. This caused the pollution surge. CLEANING UP In addition to the higher output of coal, U.S. utilities generated 30% more solar power from January to July than a year ago, as well as 3% more hydro and wind-powered energy. The total U.S. generation of clean electricity from January to July increased by 6%, reaching a record high of 1,155 TWh. The share of clean power in the U.S. electric generation mix increased to a record 44 % from January to July. This is up from just below 43 % the previous year. U.S. utilities still rely heavily on fossil fuels to produce the majority of their electricity, despite the fact that total electricity demand is at its highest level in decades. Many utilities will continue to use coal in their generation mix to reduce costs, as thermal coal is still around 20% cheaper than natural gas. It is possible that U.S. emission levels will continue to rise, pushing global pollution to new heights even if China can manage to limit its fossil fuel consumption for the remainder of the year. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Nepal's army and young protesters in talks to choose interim leader
An army spokesperson announced that the army would resume discussions with the "Gen Z" protesters on Thursday to determine a new interim leader to lead the Himalayan nation. This follows angry demonstrations in which 30 people were killed and the prime minister was forced to resign. Soldiers patrolled quiet streets in Kathmandu after the capital's worst protests for years. The protests were sparked by a ban on social media that was lifted after 19 deaths. Police used tear gas and rubber-coated bullets to disperse the crowds. The spokesperson for Raja Ram Basnet said that the initial talks were underway and would continue to be held today. This was in reference to the discussions about a new interim leader. "We're trying to normalise things slowly." Nepal's Health Ministry reported that 30 people had died and 1,033 were injured as a result of the protests by Thursday. The army issued a statement saying that prohibition orders would remain in Kathmandu for the majority of the day. An airport spokesperson confirmed international flights. These protests are commonly referred to by the term "Gen Z", as most of the participants were young people who expressed frustration over the perceived failure of the government to combat corruption and increase economic opportunities. Raman Kumar Karna is the secretary of Supreme Court Bar Association. They consulted him. Karki, a journalist for the Indian news channel CNN News18, said: "I accepted their request when they asked me." After the resignation of the prime minister, the protests that saw government buildings from the Supreme Court to the homes of ministers including Oli's residence also being set on fire subsided. The Hilton Hotel in Kathmandu and several hotels in Pokhara, a tourist town, were among the businesses that caught fire. (Reporting and writing by Gopal Sharma, Shilpa jamkhandikar, editing by Clarence Fernandez).
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DiDi Global's $740m IPO settlement is likely to be ready by next month, according to plaintiffs' attorney
A Manhattan federal judge is expected to approve the $740 million settlement DiDi Global reached with a lawsuit alleging it defrauded its investors in connection with their initial public offering in mid-October. The class action lawsuit accused DiDi, of hiding and disobeying a Chinese Government order to delay its June 2021 IPO. This raised more than $4 billion and valued DiDi around $67.5 billion. In July 2021, shares of DiDi fell as China's Cyberspace Administration of China banned the company from accepting new customers. They also ordered the removal of DiDi Travel from app stores for smartphones. In July, the regulator fined DiDi a total of $1.2 billion. The plaintiffs' attorney wrote to U.S. district judge Lewis Kaplan, in Manhattan, that all parties were negotiating terms for a settlement and asked all deadlines be halted. Disclosure of settlement Last month, the company set aside $740m, or 5.3bn yuan for the agreement, resulting in a loss of $2.3bn. Outside of normal business hours, lawyers for the plaintiffs have not responded to similar requests. DiDi's lawyers and DiDi did not respond immediately to similar requests. In re DiDi Global Inc Securities Litigation is a case before the U.S. District Court for the Southern District of New York. 21-05807. (Reporting and editing by Chris Reese, Stephen Coates, and Jonathan Stempel from New York)
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JERA Japan to explore LNG exports from Alaska's $44 Billion export project
JERA will investigate the possibility of liquefied gas from the Alaska LNG Project, JERA and Glenfarne announced, while talks continue to sign binding contracts for the $44 billion project. Glenfarne, which assumed the role of lead developer in the Alaska LNG Project in March, has already signed preliminary agreements with Taiwan's CPC, and Thailand's PTT. However, firm deals are yet to be finalized. Glenfarne announced in a press release that it had signed a letter-of-intent with JERA to sell 1 million tons of LNG per year from the project for a period of 20 years on a "free-on-board" basis. In a separate announcement on Thursday, JERA, a joint-venture of Tokyo Electric Power & Chubu Electric Power in Japan, stated that the letter of intent would facilitate information sharing and collaboration between Glenfarne and JERA as it assesses project timeliness and economics. In a statement, Ryosuke tsugaru said, "This LOI is a platform to continue dialogue with Glenfarne and we look forward, as more details are revealed, to deepening understanding of the project." Glenfarne has stated that it will make a final investment (FID) on the Alaska LNG pipeline by the end of 2025, and the LNG export components in 2026. Donald Trump, the U.S. president, has promised to continue the project since he returned to office. The project aims to transport the stranded natural gas from Alaska’s remote north through the state, and then liquefy it to export. Despite Trump’s optimism, Japanese officials and energy executives are concerned that the expected costs of the project could make its gas more expensive than other sources. Reports indicate that Japan has hired Wood Mackenzie as a consultant to review the proposed 800-mile (1,287-km) Alaska gas pipeline, and LNG plant. This indicates that Tokyo may be considering a deeper involvement in this project. Reporting by Rishav chatterjee from Bengaluru; Katya Golubkova from Tokyo; Emily Chow from Milan. Editing and production by David Good and Sonali Paul.
Concerns about civil aviation in Europe are raised by the presence of Russian drones over Poland.
Aviation and insurance experts say that the incursion of Russian Drones into Poland has reignited concerns about the vulnerability of European civil air transport. This is the latest disruption to airlines caused by escalating conflict in the world. Poland, backed by NATO aircraft, shot down drones early on Wednesday. This was the first time that a Western alliance member fired shots in the Russian war in Ukraine.
Airports in Warsaw Chopin, Modlin, Rzeszow, and Lublin, located in the east of Poland, were temporarily closed, before they reopened.
Since the Russian invasion of 2022, some countries bordering Ukraine have reported Russian missiles and drones occasionally entering their airspace, but on a smaller scale. They are also not known to be responsible for shooting them down.
Airline operations are burdened with higher costs and fewer options due to the proliferation of conflict zones in the world. This has also led to increased safety concerns, and disruptions for travel. Airlines are left with less route options due to the closure of airspace around Russia, Ukraine, in the Middle East, India, Pakistan and parts of Africa.
Detours increase fuel costs for airlines and prolong journey times. Eurocontrol, the 41-nation coordination organization, said that Ukraine's closed skies have contributed to increased congestion.
Many international carriers have suspended flights into the region since October 2023 due to concerns about missile and drone interference. The drone attack on Wednesday followed Israel's attempted assassination of Hamas leaders in Doha, the Qatari capital.
Airlines stocks were under pressure due to concerns about disruptions in the travel industry. EasyJet shares fell by 2.2%, their lowest level since April. Shares of British Airways' owner IAG also dropped 4.1%.
The drone incursion occurred early in the morning before most airlines began flying, so flight disruptions were limited.
Polish airline LOT redirected certain flights to the west of Poland, and stated that it expects cancellations and delays.
A spokesperson from budget airline Wizz air, which operates throughout central and eastern Europe said that its security teams had "closely" monitored the situation, and they adjusted flight schedules when airports were closed.
The European Union Aviation Safety Agency stated that no advisory was required for the drone intrusion because of its temporary nature. They also added that Poland's aviation authority were able adequately to handle the incident.
A RISK TO AIRLINES AND INSURERS' EYES
Aviation analysts report that airlines are becoming increasingly cautious about the dangers posed by incursions in civilian flight zones.
"This is, I believe, a wake-up for everyone in Europe who can expect to see this more frequently," said Eric Schouten.
According to two senior sources in the aviation insurance industry, the market is closely watching events unfolding in Poland and Qatar.
One source said that if the market felt that Russian drone incursions in Polish airspace had become more frequent and deliberate or that Israeli airstrikes were likely to continue in the Middle East, this would raise serious questions for insurance companies.
LOT, Lufthansa and airBaltic didn't immediately respond to comments.
The Polish civil aviation authority, as well as the air navigation service, did not reply to a question about additional measures taken to guarantee airspace safety.
WORST CASE SCENARIO
Matthew Borie of aviation risk consultancy Osprey Flight Solutions, the chief intelligence officer, stated that following the drone incident, airlines in Poland may review their risk assessment.
He said they may fly further west in Poland, away from the Russians, Ukrainians, and Belarusians borders. They could also operate during daylight hours, carrying extra fuel, to deal with any potential divertions, he added. This is similar to the steps taken in Middle East. It is possible that a plane could be hit by weapons, either accidentally or intentionally.
Osprey reports that six commercial aircraft have been accidentally shot down since 2001. Three other close calls were also reported. In December, an Azerbaijan Airlines plane crashed in Kazakhstan killing 38 people. According to Azerbaijani sources and the president of Azerbaijan, the plane was shot down accidentally by Russian air defences.
In 2020, Iranian air defence operators mistakenly destroyed a Ukrainian passenger aircraft.
What could go wrong? Schouten continued, "I'm always saying that misidentification is the biggest risk."
(source: Reuters)