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Chinese refiners are rushing to buy Russian ESPO Blend oil as discounts on the product narrow.
The discount on Russian ESPO blend crude oil for cargoes loading in March has narrowed due to the brisk Chinese demand. Buyers rushed to secure barrels, while Indian refiners remained wary of Western sanctions. Four trade and industry sources report that Russian ESPO blend cargoes loaded in March were traded at a price of?about $7 to $8?per barrel less than ICE Brent to be delivered to Chinese ports. The majority of March-loading ESPO cargoes has been sold. Sources said that some ESPO cargoes loaded in February were sold at discounts of up to $9-$10 a barrel. ESPO blend traded between $1 and 2 higher than ICE Brent during most of the last year. It only dropped to a discount versus ICE Brent in the fall due to new Western sanctions. ESPO blend was also bought in small quantities by Indian?refiners during the past year. Market sources reported that China, which is the biggest buyer of ESPO Blend, which is loaded at the Pacific port Kozmino, in eastern Russia, also absorbed a?significant portion of Urals Oil in January as Indian refiners reduced their Russian oil purchases. According to traders, in March, Urals were traded at a discounted price of between $11 and $12 per barrel shipped to China. China's independent oil refiners have increased their purchases of Russian crude oil, too, after they received new import quotas for crude oil in late 2025. In October, the United States imposed sanctions against Russian producers Rosneft & Lukoil and increased tariffs on India for its heavy purchases of Russian oil. Traders noted that Western sanctions?have complicated payment and shipping for certain Chinese buyers. However, ESPO and Urals are still attractive options for smaller Chinese refiners who seek prompt cargoes. Reliance Industries, an Indian company, will buy up to 150,000 barrels of Russian oil per day from February, for its domestic refinery. This is a sharply reduced amount from the 500,000 barrels a day it had received from Rosneft until most of 2025. Sources say that despite Reliance's return, India's total Russian oil imports will remain low through February and March. There are now more Russian Urals onboard ships and a wider range of discounts on Russian Urals due to the drop in demand from India. According to Kpler, the data analytics company, Asian floating storage oil of Russian origin reached a new monthly high on Wednesday at 10,57 million barrels, up from less that seven million barrels during the previous week.
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RAMPF is chosen by Canada's Horizon to manufacture the main body of their aircraft
Horizon Aircraft, a maker of air taxis, announced on Thursday that it had partnered with RAMPF Composite Solutions for the manufacture of the main body?of its Cavorite hybrid electric vertical takeoff and landing aircraft. Why is it important? Electric vertical takeoff-and-landing aircraft (eVTOL), or electric vertical takeoff-and landing aircraft, are competing for regulatory approval. They also want to lock in their suppliers for a market they believe will be a growth area. KEY QUOTES Horizon CEO Brandon Robinson said that early adopters are expected to be air ambulance, emergency service and critical cargo operators, who often lease aircraft. Military and defense operators will also be among the first to adopt Horizon's eVTOL. CONTEXT Air taxis are expected to grow in the future, thanks to the Trump administration's support for the sector last year. Toronto-based firm Motion Applied partnered with F1 supplier Motion Applied last year to design a motor for its flying taxi. Horizon, unlike some of its U.S. peers like Joby and Archer?which focus on 100% electric models?is betting on hybrid-electric technologies. What's Next? The RAMPF facility in Burlington will complete the manufacturing of the fuselage for the full-scale aircraft prototype. Horizon Aircraft, located in Ontario, will then finish the final assembly. (Reporting and editing by Vijay Kishore in Bengaluru, Anshuman tripathy is based in Bengaluru)
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Alibaba's logistics division to purchase stake in Chinese Zelostech robovan developer
Zelostech, a Chinese robovan company, announced on Thursday that Alibaba's logistics division, Cainiao will take a stake. The Wall Street Journal reported on the deal first. A spokesperson for the robovan developer said, "Cainiao won't become a controlling shareholder of Zelostech." A robovan, or fully autonomous electric vehicle designed for freight, is an example of this. Zelostech Z10 can carry a load up to 1.5 tonnes. Zelostech's email stated that "Zelostech has entered into a deep integration with Cainiao’s autonomous-driving division, and are jointly building a RoboVan Super Carrier for the unmanned cargo sector." The company stated that Cainiao will "contribute" its autonomous-driving technology to the deal, and make an investment in cash. The Journal reported Cainiao’s autonomous-driving?unit will be folded into Zelostech. Zelostech is expected to operate both brands simultaneously. Zelostech has not responded to any further requests for comments. Alibaba didn't?respond immediately to a comment request. Reporting by Ananya Palyekar, Rajveer Pardesi and Disha Mihsra from Bengaluru. Editing by Mrigank Dahaniwala & Sahal Muhammed
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Chinese refiners are rushing to buy Russian ESPO Blend oil as discounts on the product narrow.
Traders said that the discounts for Russian ESPO blend crude oil for March-loading cargoes have shrunk due to a brisk Chinese demand as buyers rushed to secure barrels. Four trade and industry sources report that Russian ESPO blend cargoes loaded in March were sold at a price of $7-8 below ICE Brent for delivery to Chinese ports. The majority of March-loading ESPO cargoes has been sold. Sources said that some ESPO cargoes loaded in February were sold at discounts of up to $9-$10 per barrel. China, the biggest buyer of 'ESPO Blend Oil, loaded from Kozmino Port in eastern Russia which is near China, also absorbed a substantial portion of Urals oil during January, according to market sources. China's independent oil refiners have increased their purchases of Russian crude oil, after they received new import quotas for crude oil in 2025. Western sanctions have made it difficult for some Chinese buyers to pay and ship, but ESPO or Urals are still attractive options if you're a smaller refiner in China looking for quick cargoes. ESPO Blend was traded between $1 and 2 above ICE Brent during most of the last year. It only dropped to a lower price than ICE Brent in the fall due to new Western sanctions. Last year, Indian refiners also purchased small quantities of ESPO blend. According to traders, India's Reliance industries has resumed purchasing Russian Urals from non-sanctioned parties in February and march. Sources say that despite Reliance's return to India, India's total Russian oil imports will remain low through February and March. Russian Urals are now cheaper and there is more Russian oil onboard ships. According to Kpler, the data analytics company, Asian floating storage of oil with Russian origin reached a new monthly high on Wednesday at 10,57 million barrels, up from less that?7 million barrels during the previous week. According to traders, in March Urals were sold at a discounted price of between $11 and $12 per barrel shipped to China.
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Indian renewables companies urge a pause on auctions due to backlog
A presentation by the industry shows that India's renewable producers have urged the government to stop new project auctions, until stranded energy projects find buyers. Three major industry groups made a rare presentation jointly to the federal energy and renewables ministries. They said that more than 42 gigawatts (gigawatts) of auctioned power capacity has yet to be awarded contracts for power supply. Grids in the top-producing renewable states Gujarat and Rajasthan reject some green energy from operational projects - this is known as curtailment. The National Solar Energy Federation of India, the Sustainable Projects Developers Association and the Wind Independent Power Producers Association have all stated that delays in the upcoming transmission lines could lead to further curtailments. According to one attendee, senior government officials said that bidding couldn't be stopped?abruptly. However, they agreed to accelerate efforts to reduce curtailments through resolving the technical constraints. The participant declined to be identified as he wasn't authorised to talk to the media. The federal ministries of power and renewable energies did not respond immediately to requests for comments. The power ministry said previously that it wanted to?accelerate the signing of contracts by speeding up interstate transmission lines. Meanwhile, the ministry for renewable energy has partially blamed curtailments due to a slowing in power demand growth. Avaada Energy has not yet found buyers for the 9.5 GW capacity that it won at auctions. The presentation stated that ReNew Power was looking for buyers for 5GW and JSW Group, 2.7GW. The companies didn't immediately respond to our requests for comments. The industry groups called for the appointment of renewable energy experts to key regulatory agencies, and added that there was confusion caused by multiple agencies having overlapping technical standards. They said that "various bodies?across the eco-system continue to be dominated?by conventional power system expertise." The report also highlighted repeated delays in the transmission infrastructure. One project received five extensions of deadlines on requests for progress reviews every month.
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Ethiopian Airlines cancels flight to Tigray Region after clashes
Ethiopian Airlines cancelled its flights to 'Tigray' on Thursday, and residents in the northern region of the country rushed to withdraw money from banks following clashes between national and regional forces that raised fears of a renewed conflict. Ethiopia's National Army fought against fighters of the Tigray People's Liberation Front from late 2012 for two years. Researchers say that this conflict resulted in the deaths of hundreds of thousands of people through violence, collapse of healthcare, and famine. According to diplomatic and government officials, clashes erupted in the disputed western Tigray region earlier this week. Ethiopian national carrier official: "As from today, all flights have been cancelled." Without giving any reason, the official said. A resident of Mekelle in Tigray’s capital, reported that hundreds of people queued up to withdraw cash on Thursday. However, many banks were out of money. He said: "I tried to withdraw money from three Commercial Bank of Ethiopia branches but was told they didn't have any ..... I checked all the ATMs around town, but none of them had cash. A 26-year old Mekelle resident told how he tried unsuccessfully to send a parcel by air to Addis Ababa, the capital. I was informed that flights were cancelled as of this morning. He said there was also a "shortage" of cash. The Tigray War ended in November 2022 with the signing of a pact of peace, but there are still disagreements over various issues. These include contested territories?in western Tigray, and the delay of disarmament by Tigrayan troops. According to a diplomatic source, short-lived clashes broke out this week between Tigrayan and national forces in western?Tigray. Senior Tigrayan officials said that the regional government reached out to Addis Ababa for an explanation of the flight cancellations, but received no response. Senior officials from the Ethiopian government and Tigrayan government expressed their hope for a reduction in tensions. Both Amhara and Tigray claim Western Tigray to be part of their respective regions, although it is currently controlled by Amhara forces as well as the Ethiopian military.
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TSX futures are rising as oil and gold continue to advance.
Futures tied to Canada's major stock index rose Thursday as precious metals continued their rally,?oil climbed on geopolitical worries, and investors assessed the Big?Tech reports from the U.S. As of 6:05 a.m., March futures based on Toronto's TSX Composite Index (S&P/TSX) were up 0.3%. ET. Gold spot gained 1.4% and briefly hovered near $5,600 an ounce. This was due to the demand for safe havens amid continued geopolitical unrest and concern over the autonomy of the U.S. Federal Reserve. The U.S. Dollar's decline?slowed on Thursday but it remained near multi-year lows. Silver prices remained stable, but copper and other metals prices increased. Brent crude futures surged past $70 a barrel for the first since September amid fears of an upcoming U.S. attack on Iran, a major oil producer. Wall Street futures were largely flat, as investors considered earnings from Microsoft and Meta. Microsoft's cloud revenue growth failed to impress, while Tesla and Meta surged in premarket trade after announcing plans to increase capex. The rise in commodity stocks has helped Toronto's?stock benchmark index to close higher on Tuesday, recovering from losses caused by Bank of Canada's flagging of uncertainty about future policy moves. As widely expected, the Canadian central bank left benchmark rates unchanged. On Wednesday, the?Fed held rates at their current level. Chair Jerome Powell noted that risks to inflation and employment had "diminished but still existed." Celestica increased its revenue forecast for the full year 2026, after the bell rang on Wednesday. Canadian Pacific Kansas City, however, slightly missed their fourth-quarter profit expectations. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Jonathan Ananda; Utkarsh T. Tushar Hathi)
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EasyJet exploring Starlink Wi-Fi deal, but economics not right yet
EasyJet held discussions with Elon Musk’s Starlink to offer on-board Wi Fi, but the economics don't?stack-up?for British budget airline, Kenton Jarvis stated on Thursday. These comments follow a spat on social media between Musk and Ryanair's?Michael O'Leary in this month, over the cost to install?Starlink's WiFi service. O'Leary said that the fuel drag caused by 'Wi-Fi antennae' on planes would cost around $200 million per annum, and that only a few budget travellers were 'willing' to pay for the service. Jarvis said that "at the moment...where we are in our discussions with Starlink, economics don't quite work for us", though he added that the product is a "really great one", with high streaming speeds. Jarvis stated that?easyJet is also in contact with other providers on a market he described as "rapidly evolving". Jarvis said that the airline would continue to have conversations with 'Starlink' and other providers, and monitor prices and offerings. Jarvis added that he could not say exactly when the right time would be. (Reporting by Yadarisa Shabong in Bengaluru. Mark Potter edited the article.
Wizz Air announces quarterly loss and shares recovery hopes
Wizz Air reported on Thursday a "third-quarter" operating loss that was in line with its expectations. This comes after it raised its capacity forecast earlier this week on the backs of additional Airbus deliveries as well as the return of previously ground aircraft.
Shares and profits of the airline have been pressured by problems with Pratt & Whitney engines owned by RTX, and conflicts in the 'Middle East and Eastern Europe.
In a press release, Chief Executive Jozsef Vasradi stated that "we are slowly recovering from the engine related aircraft grounding" and that in the next fiscal year we will have 20-25 aircraft grounded on average due to powdered-metal issues.
Wizz Air's shares rose over 10% by 0848 GMT, Varadi stating that he was happy to announce "no surprises, rather benign" results.
The operating loss of Wizz 'Air increased to 123.9 million Euros ($148.5 Million) during the third quarter from 75.9 millions euros a year ago. LSEG polled analysts who expected a 137.95 million-euro loss.
The airline's fiscal year ends March 31.
Wizz Air stated that the larger loss was due to a "previously higher depreciation" charge on older aircraft.
Varadi stated that total unit costs will rise over the previous financial year due to higher maintenance costs and inflation linked costs, uncertainty regarding Pratt & Whitney engines redeliveries as well as increased depreciation costs tied to the retirement schedule for the A320ceo Fleet.
As of December 31, the number of aircraft grounded for engine repairs was down to 33, from 40 one year ago. Varadi said the number would fall to 25 by the summer of 2026 and all aircraft should be back in service by the calendar year 2027.
Varadi stated that "we have a complicated relationship" (with Pratt & Whitney) and that he was confident about the "well-executed plan of recovery".
Wizz Air, which left the Middle East in the past year, recently applied for U.S. permission to fly between Britain and the U.S.
(source: Reuters)