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Lukoil is planning asset sales, and Teboil in Finland expects a change in ownership.
Finland's Teboil announced on Monday that it expects Russia’s Lukoil will divest its Finnish petrol station chain as part of Lukoil's ongoing efforts to sell foreign assets. The United States imposed sanctions on Lukoil last month over Moscow's involvement in the war in Ukraine. On Friday, the Trump administration gave potential buyers permission to speak to the Russian firm about purchasing its non-Russian assets. Teboil announced in a Monday statement that Lukoil was currently engaged in active negotiations to sell its foreign assets. Teboil stated that "as a result" of the negotiations it was expected that ownership of the firm would change in the near future. Last month, the Financial Supervisory Authority of Finland said that banks and other Finnish financial institutions are subject to its regulation should be cautious when dealing with Lukoil or companies owned directly or indirectly by it. Helsingin Sanomat, a Finnish newspaper, reported on November 7 that a Teboil representative later stated the chain could run out of fuel because of the U.S. Sanctions. According to Teboil's website, the company is owned by Lukoil and has 430 Finnish service stations. This represents about one fifth of all 2,250 stations in the Nordic countries, according to an industry report from 2024. (Reporting and editing by Terje Solsvik, Anna Ringstrom)
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Trafigura's $600 Million Nickel Fraud Trial Starts in London
Trafigura, a commodities trader in London, filed a $600 million lawsuit against Indian businessman Prateek gupta for fake nickel cargoes on Monday. The commodities trader claimed it was a victim of a fraudulent Ponzi scheme. Trafigura, a Geneva-based company, alleges Gupta is the mastermind behind a fraud where he and his firms agreed to deliver high-quality nickel 99.8% but delivered low-value materials or even worthless material instead. Gupta admits that he didn't deliver high-grade cargoes of nickel, but claims that Trafigura employees devised the scam. They came up with a complex web of transactions to appear as if they were boosting Trafigura's standing in nickel trade. Gupta’s lawyers have filed court documents stating that the scheme involved over 500 trades worth $3.3 billion. The events began in November 20, 2022 when Trafigura received the first complaints regarding cargoes that it sold. 'SYSTEMATIC FRAUD' Trafigura, after receiving concerns from the public, inspected containers in Rotterdam which were supposed to be containing high-grade Nickel. The company's lawyers claim that after the inspections, they found the containers contained carbon steel which was worth only a fraction the value of nickel. Trafigura carried out additional inspections and billed $590 million for the discovery. It then sued Gupta's companies and Gupta in February 2023, claiming "systematic fraud". Nathan Pillow, Trafigura's attorney, said to the High Court Monday: "Trafigura bought rubbish and suffered losses of hundreds of millions of dollars." Trafigura is left with metal that's "worth about 2% of the price we paid" after recovering $10 million in trades valued at more than $500,000,000, Pillow stated. GUPTA DEFENDING CASE Gupta’s lawyers claim that Trafigura executives knew about the deal to "borrow" cheap money from Citi, and then "advance" it to Gupta at a higher rate of interest. In court documents, his lawyers claimed that as long as "the circle kept spinning", all parties involved gained and "nobody was hurt". The COVID-19 virus and Russia's invasion of Ukraine in 2022 sent nickel prices skyrocketing. However, the scheme collapsed when Citi began to push for the return of the cargoes. Trafigura's lawyers say that Gupta's and his companies' defense is "a fiction created after the fact by admitted fraudsters". Gupta is still subject to an asset freezing order, which Gupta tried to lift unsuccessfully in December 2023.
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China's C919 rivals Boeing and Airbus makes its debut outside Asia
China made its Middle East debut of its C919 jetliner at the Dubai Airshow, Monday. It was its first time outside East Asia. The display showcased plans to compete against Airbus and Boeing. The C919 aircraft in white with blue and green detailing took off around 3:30 pm local time (1130 GMT). It made several circle passes in the air before safely landing on the Al-Maktoum International Airport runway tarmac. COMAC, a Chinese aircraft manufacturer, has ambitious plans to compete with the dominant Western manufacturers Airbus & Boeing and their smaller Brazilian competitor Embraer. COMAC's C909 and C919 planes lack certification from Western regulators. They are therefore looking to other markets in order to boost their profile. C919: CHINA’S ANSWER FOR THE BOEING MAX 10, AIRBUS A321NEO On Monday, at the Airshow in London, hundreds of people waited to see the C919 aircraft parked alongside other aircraft. The pilot was seated in the cockpit of the C919 and talked to visitors about how he operated it. COMAC has developed plans for an aircraft family. Visitors took pictures of a C919 stretched variant at COMAC's stand in the main airshow exhibition hall. The aircraft, COMAC stated, would carry 210 passengers, and service the Asia-Pacific region. The longer version is aimed at the Airbus A321neo, and Boeing's 737 MAX 10 – the top end of single-aisle markets where Airbus and Boeing are battling it out for the most highly contested orders. COMAC displayed the regional C909 on the tarmac. This plane was China's very first jet-engined aircraft to enter commercial production in 2016 and enter service. So far, neither model has been a big global success. CHINA TAKES ON THE LAST BASEMENT OF WESTERN MACHINING COMAC also showed materials outlining the C929 wide body jet, originally developed with Russia but now solely driven by COMAC. However, there were few technical details. COMAC officials declined comment on their company's participation at the airshow, and stated that there was no planned media engagement. COMAC stated in a press release that it is "committed to open collaboration and looks forward building stronger and closer relationships with global partners and customers." Gulf countries enjoy strong ties with China. It is the largest trading partner of both Saudi Arabian and UAE. They have also welcomed Chinese firms' cooperation in the past few years in areas such as manufacturing, construction, and technology. Analysts don't expect China to capture a significant share of the global jet industry beyond deals with supporting countries anytime soon, but they say that its presence is a signal of its intention to penetrate one the last bastions for Western manufacturing. Stephanie Pope, CEO of Boeing Commercial Airplanes, welcomed COMAC to one of the industry's most prestigious events. She pledged that the company would maintain its edge by continuing innovation. Competition is good for the industry. Boeing benefits from it. "It makes us better as a whole," she said. (Additional reporting and editing by Adam Jourdan, Joe Bavier, and Tim Hepher)
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Trafigura's $600 Million Nickel Fraud Trial Starts in London
Trafigura filed a $600 million lawsuit against Indian businessman Prateek gupta in London's High Court over fake nickel cargoes on Monday. The commodities trading company claimed it had been the victim of an extremely large fraud. Trafigura, a Geneva-based company, alleges Gupta is the mastermind behind a fraud that it discovered in November 20,22 when it examined some containers that were meant to contain high grade nickel. Trafigura inspected the containers and found that they contained carbon steel, which was worth only a fraction of what nickel is worth. Trafigura then carried out more inspections and incurred a $590-million charge. In February 2023, Trafigura sued Gupta's companies. Gupta admits that the supposedly high-grade nickel cargoes contained low-value material, but says Trafigura employees devised the plan. The parties then traded the difference in price between the cargoes. He claims Trafigura created a complex web of transactions, totaling more than 500 trades worth $3.3 billion. Trafigura's lawyers say that Gupta's and his companies' defense is "a fiction created after the fact by admitted fraudsters." Nathan Pillow said that Trafigura had paid for garbage and suffered losses of hundreds of millions of dollars. Trafigura is left with metal that's "worth about 2% of the price we paid" after recovering $10 million in trades valued at more than $500,000,000, Pillow said. Gupta and former Trafigura executives are expected to testify during the five-week trial.
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Zelenskiy: Ukraine to receive 100 Rafale aircraft
The Ukrainian president Volodymyr Zelenskiy announced on Monday that he signed a contract with France for the purchase of 100 Rafale aircraft to strengthen Ukraine's military capability to combat Russia's invasion. Zelenskiy visits Paris to meet President Emmanuel Macron. This is at a moment when Russian missile and drone attacks have intensified in recent weeks, and Moscow reports ground advances in Zaporizhzhia's southeastern region. The channel reported that Zelenskiy had told French TV channel TF1/LCI he ordered 100 Rafale jet fighters. The Elysee confirmed that number, without revealing whether they were transfers or purchases. The TV footage shows Macron and Zelenskiy, in front of the Rafale and French and Ukrainian flags and a Rafale aircraft at Villacoublay Military Airport, signing a letter for the purchase of "French defense equipment". "An historic agreement was also prepared with France. There will be a substantial strengthening of our combat aircraft, air defence and other defence capability. This will happen on Monday, according to the schedule of the visit," Zelenskiy wrote in a Sunday post on X. How France could help Ukraine's air defence Since several weeks, there have been discussions about how France could increase its military support to Ukraine's air defenses. However, Macron's government is struggling with political and financial instability, which raises questions as to how much France actually can do. Macron promised last month that he would offer additional Mirage fighter planes after originally promising to deliver six. He also pledged to provide a new batch Aster 30 surface to air missiles produced by the European group MBDA for Ukraine's SAMP/T batteries of air defence. Two people who were briefed earlier on the issue said that the 10-year agreement for strategic aviation would include the delivery to Kyiv, of Dassault Rafale multi-role combat jets. The people who spoke to us said that some of the aircraft could be purchased directly from French stock, but the bulk will be long-term purchases and part Ukraine's effort to increase its fleet to 250 planes in the future, including the U.S. F-16 warplane and Sweden's Gripen. The rigorous training program for pilots of the future would require a lot of time. Two sources stated that Zelenskiy’s visit may also lead to deals for additional SAMP/T systems of air-defence, either from French stock or via long-term orders for next-generation systems such as missiles and antidrone systems. Sources said that it was unclear how these deals would finance. Macron's office stated that the goal of the media briefing was to "put French expertise in the arms industries at the service to Ukraine's defense" and to "enable Ukraine to acquire the systems needed to respond to Russian aggression". According to the schedule of the French presidency, which did not provide any specifics, Zelenskiy is scheduled to attend a morning briefing with various manufacturers including Dassault before signing a contract and a letter-of-intent later that day. In the afternoon, a separate forum will bring together Ukrainians and French companies working in the drone industry to discuss how they can work together. France and Britain have pushed to create a coalition consisting of 30 countries that are willing to send troops or assets to Ukraine, or to its western border, once a peace agreement with Russia has been reached. The key goal is to provide Ukraine with enough long-term economic and military aid to ensure that its army remains strong to deter future Russian attacks. (Written by John Irish, Ingrid Melander and Michel Rose, edited by Mark Heinrich, Frances Kerry).
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Since Russia's invasion in 2022, Ukraine has developed long-range weapons
Last week, Ukraine attacked the port of Novorossiysk in Russia and forced it to suspend its oil exports. The Neptune rocket it used was one of many long-range weapons Ukraine developed since the invasion in 2022. According to Kyiv, here is a list of the new Ukrainian weapons. LONG NEPTUNE Ukraine claims its "Long Neptune", a land-attack cruise rocket with a maximum range of 1,000 km (621 mi), is produced domestically. The missile was developed using the Neptune antiship missile, which had a shorter range before the invasion. Volodymyr Zelenskiy, the President of Russia, announced in March that its range had been increased. On Friday, the military confirmed that it was used to strike Novorossiysk - Russia's biggest Black Sea export hub. Ukraine claims to be producing more missiles. FLAMINGO Also known as FP-5 (Flamingo), this new land-attack cruise weapon is launched from the ground. Zelenskiy claims that it has a range up to 3,000 km (1.864 miles). He hailed it as Ukraine's best missile, and predicted that it would be in mass production before the end of the year. Fire Point is a Ukrainian private defence company that makes it. Zelenskiy stated in October that Flamingo was used against Russian targets, but he did not elaborate. LYUTYI This propeller-powered, long-range one-way attack drone was a mainstay of Ukraine's deep attacks on Russia's energy infrastructure this year. The drone is produced by aircraft maker Antonov and can fly over 1,000 km. FP-1 The FP-1 is a long-range, one-way drone that was developed by Fire Point. It has a range exceeding 1,000 km and has been used extensively to carry out deep strikes in Russia. Zelenskiy announced the first combat use of Palianytsia in August 2024. In October, the president announced that the weapon named after a Ukrainian bread had been used to hit Russian ammunition depots dozens of times. The Ukrainian Militarnyi Defence News outlet reported that it had a range 650 km (408 miles) with a turbojet motor which allows it to fly 900 km/h, much faster than any normal drone. Zelenskiy said that he expected Ruta to be in mass production before the end of the year. He claimed that in October, it was used to strike the first maritime platform with a range exceeding 250 km (155miles). Peklo is another "drone-missile". Zelenskiy stated in December 2024, that the Ukrainian military had received a first shipment of these weapons. Defence Express, a Ukrainian outlet, estimates that the range is around 700 km (435 mi). The Bars (Ukrainian for "leopard") is a drone missile that was first revealed to exist in April 2025. Last week, the Ukrainian military claimed that they used it to attack Russian targets. (Reporting and editing by Gareth Jones; Tom Balmforth)
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Boeing to study larger jets as Emirates orders 65 more 777X
Dubai-based Emirates announced on Monday that it had ordered another 65 Boeing 777-9 aircraft, cemented its position as world's largest buyer of wide body jets. The U.S. manufacturer agreed to conduct a feasibility study regarding a larger version. Analysts say that carriers usually get steep discounts on large transactions. Emirates has now ordered 270 777X jets, despite delays in the delivery of this world-class twin-engined jetliner. At a press conference, Sheikh Ahmed bin Saeed Al Maktoum, CEO of Emirates, said that the commitment was long-term and supported hundreds of thousands high-value factory positions. Emirate backs feasibility study for 777-10 Emirates stated that its agreement with Boeing provides "strong backing" to a new feasibility report to be conducted by Boeing for the development of a 777-10 family, a larger version of its 777X. Emirates said that the deal gives it the option to convert its 400-seat order for the 777-9 to the 777-10 if Boeing chooses to proceed with this development or to the smaller 777-8 version if Boeing does not. Bloomberg reported earlier that Emirates would be placing an order for several 777X aircraft. The focus of the airshow will be whether or not the airline also orders additional Airbus A350s. Emirates is the biggest customer of the 777X, which has now been seven years behind schedule after a $4.9billion charge and an additional one-year delay. The National in Abu Dhabi recently hosted a podcast by the airline's President Tim Clark. He expressed his hope that Boeing or Airbus will build larger versions of their largest long-haul aircraft, but described both as "very risk averse". Emirates, which is celebrating its 40th anniversary, has been a champion of the Airbus A380 superjumbo to provide its Dubai hub with long haul passengers. Airbus stopped production of the double-decker aircraft in 2021 due to low demand from other airlines. (Reporting and editing by Peter Graff, Joe Bavier and Ahmed Elimam)
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Air India resumes flights to China nearly six years after the last flight
Air India announced on Monday that it would resume flights from New Delhi to China in February 2026 after a nearly six-year hiatus. It also plans to launch a Mumbai to Shanghai route later this year. The carrier stated that the development is subjected to regulatory approvals. The Guangzhou Baiyun International Airport in China announced last month that flights would resume between China and the United States after a five-year hiatus. This marked a cautious easing of tensions on both sides. Air India released a statement saying that the reinstatement of Air India services to Shanghai was a result of recent India-China agreements which restored air links paused at the beginning 2020. Indian Prime Minister Narendra Modi Visit our website to learn more about China attended a regional security meeting of the Shanghai Cooperation Organisation earlier this year for the first time since 2007. Modi and Chinese president Xi Jinping discussed ways to improve trade ties in the face of global tariff uncertainty. Manvi Pant reported from Bengaluru, Sherry Jacob Phillips edited the story and Nivedita Battacharjee provided editing.
Low-cost carrier AirAsia X plans new long-haul European routes, CEO says
Benyamin Ismail, CEO of Malaysian low-cost airline AirAsia X who recently launched flights to Istanbul said that the company plans to launch more long-haul European routes in 2019.
AirAsia X started flying directly to Istanbul from Kuala Lumpur starting November 14.
The airline's return to Europe was a result of a restructuring process after it suffered a severe blow during the COVID-19 epidemic.
AirAsia X operates four flights a week between Istanbul, Malaysia and Kuala Lumpur. The airline offers more than 150 000 seats per year. Ismail said on the sidelines a press event in Istanbul that the airline aims to increase the number of flights to daily between the two cities.
Ismail stated that AirAsia X will connect Asia with European cities via Istanbul, and introduce other long-haul flights to Europe in an effort to expand AirAsia's footprint outside Asia.
He said, "At the very least, one or two cities per year."
He didn't say what European destinations the company is considering.
(source: Reuters)