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Industry sources claim that Kazakhstan will increase oil flow via BTC pipeline to 16% in April.
Two industry sources have told?two industry sources? that Kazakhstan will increase oil exports via the Baku-Tbilisi -Ceyhan pipe by 16% in April from March. Two industry sources told?that Kazakhstan plans to increase oil exports via?the Baku-Tbilisi-Ceyhan pipeline by 16%?in April from March. The pipeline, which can move more than a million barrels a day, will deliver oil from the Caspian Sea, a landlocked region, to the Mediterranean Sea, avoiding politically unstable areas such as Iran and Russia's Caucasus. The BTC, which runs 1,768 km (1.100 miles), is vital?for the delivery of Azeri oil and Kazakh crude to global markets through Turkey. The sources, who weren't authorised to talk to the media did not explain why the?supply via the BTC pipeline had been increased. Sources said that Kazakhstan plans to send between 140,000 metric tonnes and 150,000 metric tons of oil via the BTC for further deliveries this month. This is up from 124.500 tons in March. Tengizchevroil, a venture of Chevron, said that "approximately 120,000 tonnes" will be delivered by Kazakhstan's largest oilfield Tengiz. The rest of the oil will come from Kashagan. Tengizchevroil?and?Kashagan?s operator NCOC didn't immediately respond to a comment request. Tengiz has returned to full production following power supply disruptions earlier in the year. Kazakhstan exports?around 80 percent of its oil via a pipeline owned by the Caspian Pipeline Consortium, and its terminal located on the Russian shores of the Black Sea. (Reporting and Editing by Janane Vekatraman).
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SpiceJet ordered to pay $8 Million to lessor of engines by UK court for unpaid rent and maintenance
SpiceJet, the cash-strapped Indian airline, has suffered another setback after a UK court ordered it to pay $8 million in unpaid rent and maintenance charges for three engines. The London Commercial Court gave a summary judgment in favor of Sunbird France?02 SAS on Wednesday over unpaid rent and maintenance. SpiceJet is still under financial stress following the Boeing 737 Max grounding - and COVID-19 pandemic. It has also been losing market share to competitors such as Akasa Air. Unpaid rents date from January 2022 while maintenance accruals go back to November 2019. The lessor sent default notices to the three engines in late 2022. The judgement revealed that SpiceJet hired British solicitors initially, but never submitted a response or defence to Sunbird's application. The airline didn't respond to my email asking for comment. According to the latest results, its auditors warned of a 'lack of certainty' over the airline’s ability to remain a going concern, citing mounting losses and a gap in assets and liabilities.
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Energy Minister: Ukraine will increase gas reserves in advance of winter next year
Denys Shmyhal, the energy minister of Ukraine, said that Ukraine will have 14.6 billion cubic metres (bcm), or natural gas, in underground storage by 2026-2027. He stated?on?Telegram Messenger that the plan of accumulating 14.6 bcm is the "base-case" scenario, while the critical minimum would be an inventory of 13.2 billion cubic meters. Before the previous heating season began in October 2025, Ukraine had stored approximately 13.2 bcm (billion cubic meters) of gas. Shmyhal didn't specify how much gas Ukraine has currently in storage, or?how much they intend to import. "It's clear that the next winter will be as challenging as this one. The forecast could be revised based on the security situation in the future, he added. Shmyhal said that Ukraine's Naftogaz, the state-owned energy company in Ukraine, and the Ukrainian Gas Transmission System Operator were already working to reserve potential capacity for gas imports as well as extend the validity of what is known as the Vertical Gas Corridor. This route enables Ukraine to receive LNG from terminals in Greece. Ukraine was forced to increase its daily gas imports after Russia intensified its attacks against Ukrainian gas production in late last year. Analysts said that imports would likely remain low at least until April. Purchases could increase if the European market prices drop. Global gas and oil prices have risen due to the Iran war. Analysts from Kyiv's ExPro?"consultancy" said that Ukraine finished the heating season for 2025/26 on March 10, and that gas reserves were 9.5 bcm - 1.6 times more than they had been a year earlier. Analysts said that Ukraine could also obtain the gas it needs for the next heating seasons from its domestic production without having to resort to expensive imports. Reporting by Yuliia Diasa and Pavel Polityuk, Editing by Susan Fenton and Elaine Hardcastle
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Bousso: Iran's 'tollbooth' at Hormuz will hardwire higher energy costs
For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper at this world-critical oil chokepoint may leave energy markets exposed and lead to higher prices for many years. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed on Tuesday to a ceasefire for two weeks, mediated by Pakistan. Tehran must halt its blockade against oil and gas traffic in the Strait. According to an Iranian official, the waterway through which a fifth (21 miles) of the world's oil and natural gas passed before the U.S./Israeli war began on Iran six weeks ago could be reopened in a limited way by Friday under Iranian control. Tehran also said on Tuesday that it would charge ships passing through the strait a fee under a permanent deal. The strait is only 34 km wide (21 miles) at its narrowest part between Iran and Oman. Some media reports suggest that Oman is strongly opposing any such toll system under the existing agreements. Others claim that a similar toll system already exists. In an interview with ABC News, Trump stated that the U.S. also considered setting up a joint-venture to charge ships tolls to access Hormuz. It is unclear how such a plan would work in practice. Iran could have the upper hand. Tehran has shown that it can strike dozens vessels with drones, sea mines and missiles. This gives them a powerful advantage even without a formal ban. A toll system in Iran would violate one of the most fundamental principles of international law, namely?freedoms of navigation'. This principle allows ships to transit international waters free of interference by coastal states. The United States has always positioned itself as the global guardian of this principle. It enforces it with naval patrols and through diplomatic pressure. Washington would be forced to make a major strategic shift if it allowed Iran to control the Hormuz Strait. This would also cause a shock to the Middle East's oil and gas industry, which is the lifeline for countries like Saudi Arabia, United Arab Emirates, and Qatar. This would create a layer of permanent political risk, both for Gulf producers and customers. Tehran would have disproportionate control over which ships could transit at what time. Iran could, for example, outright ban Israeli-owned ships, slow Saudi shipments in order to exert pressure on Riyadh or use delays as a leverage in unrelated disputes. Tehran's power over the region's most important trade artery would be deeply unwelcome to its leading exporters, who are all close U.S. allys that have suffered heavy economic and infrastructure damages during Iranian attacks. The implications for Asian buyers would be serious. China, Japan and South Korea rely heavily upon Gulf supplies. Even modest and unpredictable disruptions could have a significant impact on the refining margins and spot prices of liquefied gas and inflation expectations. It is unclear how much damage will be caused by the transit of vessels from Iran to friendly nations like China, India, Iraq, and Pakistan. RISKIER COSTS The toll could be significant financially. According to reports, the toll could cost as much as $2 million for each transit. This is roughly equivalent to the cost of chartering an extremely large crude carrier to travel from the Middle East all the way to China in 2025. In addition to the death toll, increased security risks will increase insurance premiums for LNG carriers and tankers entering the Gulf. This will further drive up transportation costs. The war-risk premiums, which were volatile even before the conflict, are likely to persist as a structural characteristic of the market. Some ships could try to follow the coastline of Oman while transiting Hormuz. This would reduce the overall traffic volume and still expose ships to Iranian missiles, drones, and fast-attack craft. ALTERNATIVE ROUTES OF EXPORT These risks, combined with the uncertainty surrounding relations with Iran, will likely lead Saudi Arabia and UAE to continue using alternative oil export routes that were used during the conflict for months, if they are not years. Saudi Aramco, the state oil giant, began pumping large quantities of crude oil through its East-West Pipeline to the Red Sea Port of Yanbu soon after the war started on February 28. This was done in accordance with contingency plans that were developed for just such a crisis. The pipeline is capable of transporting 7 million barrels a day. Of this, 5 million barrels a day are exported, and the remainder feeds domestic refineries. Kpler data shows that Saudi Arabia exported an average of 3.3 million barrels per day from its west coast ports in March. This is nearly half the volume it will export by 2025. Even these alternatives are vulnerable. An industry source said that the East-West pipeline had been hit by an Iranian attack just hours after ceasefire announcement. Flows were expected to be affected. The UAE also diverted additional volumes via its pipeline to Fujairah's oil terminal outside of the Gulf. Kpler reports that exports from Fujairah increased to 1.6m bpd from averaging 1.1m bpd since 2025. These routes are essential for producers and buyers to hedge against the Hormuz threat, but they do not offer a full solution due to their limited capacity and vulnerability to regional tensions. The mere possibility of Iranian oversight is already changing risk perceptions, even if the full toll system never comes into existence. Saudi Arabia, its allies and Iran would resist any attempt to give Tehran control of the Strait. While the ceasefire is holding, for Gulf oil exporters and gas producers, the battle for Hormuz has just begun. Ron Bousso is a columnist at. 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Sources claim that Tesla is working on a smaller and cheaper EV.
Tesla is working on a new smaller and cheaper electric SUV, according to four sources familiar with the matter. In recent weeks, the automaker contacted suppliers to discuss the details of its plan for a compact SUV – which?would not be a variant of Tesla’s current Model 3 and Y's, according to the people. They said that the conversations were about the manufacturing process and specifications of various components. Three of the sources said that the compact SUV will be manufactured in China. One?said Tesla aims to also expand production into the United States and Europe. Two sources claimed that the car would have a length of?4.28 meters, or about 14 feet. This is a lot shorter than Tesla Model Y SUV's, which measures approximately 15.7 feet in length. This effort comes after Elon Musk, the CEO of Tesla Motors, decided to abandon a low-cost EV in 2024 to focus on humanoid and robotaxis. The key question is whether or not this latest effort to create a smaller SUV represents a shift in strategy back to mass market human-driven EVs, or if the new model aligns more closely with Tesla's vision of fully autonomous vehicles. According to a Tesla employee who is familiar with its current product philosophy and one of those familiar with the project, a model like this could serve both purposes. Tesla employee refused to confirm or negate details of a specific vehicle, but stated that, in general the automaker is now looking to build models which?would offer a driverless option but also allow for human-driven options. Tesla is aiming to achieve full autonomy in its entire lineup. However, it realizes that many markets will not see significant adoption of driverless cars for several years. The person stated that preserving the option of building a model with or sans driving controls would enable Tesla to increase sales and keep its factories near capacity. Analysts predict that as Tesla pursues a driverless car future, traditional EV sales will decline for a third straight year. These vehicles provide the majority of Tesla's revenue. Tesla has operated a few robotaxis so far in Austin, Texas. Many of them have human safety monitors on the passenger seats. Tesla did not respond to any requests for comments about its plans for a brand new vehicle. Four people who are familiar with the project have said that it is still in its early stages of development. Couldn't tell if Tesla had given the go-ahead for the production of the car. Automakers have a long history of starting product development and then canceling or delaying it. Tesla presented concept cars for a Roadster sports car and a Semi truck in 2017. However, the company has yet to produce either the supercar or the semi. Two sources stated that Tesla intends to "offer the new car at a significantly lower price than the entry-level Model 3 sedan, which begins at $34,000 in China. The model?3 sedan starts at about $37,000 in America. The sources said that Tesla was planning to reduce costs by using a smaller, lighter battery. This would result in a shorter range compared to the Model Y's 306-327 mile driving range. A person added that Tesla would offer a single motor electric instead of two as a performance option for current Tesla models. This person also said that Tesla wants to make it lighter at around 1.5 metric tonnes compared to about two tons for Model Y. Three people stated that the new model will be produced in the Tesla factory in Shanghai. The timing of the production was not clear, but the people who spoke to us said that it is unlikely the car will be produced this year. TESLA'S STOP-START HISTORY FOR AFFORDABLE EVs Musk has said that the real mission of Tesla, which began in 2008 with the production of luxury electric vehicles, was to manufacture affordable, mass-market, electric-vehicles to fight the climate crisis. The company's sporadic efforts to achieve this goal have failed. Musk stated that Tesla would sell 20 million cars annually by 2020, which is nearly twice the number of Toyota's current global sales lead. Musk's project to build a $25,000 electric vehicle, called "Model 2" among Tesla fans and investors was expected to spur explosive growth in vehicle sales. In 2024, it was reported that Tesla abandoned its plans for the Model 2 but still planned to build a driverless robotic taxi on the same platform. Tesla's main EV competitors in China were already producing cheaper EVs. Musk stated that it was "silly and pointless" to make a $25,000 electric vehicle for human drivers, as Tesla would soon be offering driverless cars. Former Tesla manager, a former Tesla employee, said that a new cheaper traditional car will be radically different from the company philosophy by mid-2025. The manager stated that Tesla had abandoned the mass production of an entry-level vehicle in favor robotaxis, which would lower the cost per mile for both riders and car owners who charge them for trips. Musk and other Tesla executives spoke in vague terms about their plans to build new "more affordable" EVs after scrapping the Model 2. The vehicles were stripped-down models of the current Model 3?and Y, but they came in new "standard' trim levels with only a modest price discount. Tesla's sales have not yet been affected by the $36,990 price for the Model 3 Standard in the U.S. and the $39,990 Model Y. Some investors believe that these prices are too high and will not attract a new buyer class. Is the DRIVERLESS CYBERCAB on Track? Musk and Tesla continue to 'emphasize plans for robotaxis and robotoids, which is effective in maintaining Tesla's eye-popping stock market value. Tesla's stock market value is $1.3 trillion, which is far more than its financial fundamentals. Investors approved last year a compensation package that gave Musk up to $1.3 trillion in Tesla stock, tied to a number of product and financial targets. Automaker says it will begin production of the two-door Cybercab roboticaxi this month. The vehicle was first shown as a concept in 2024 and has no pedals or steering wheels. It is not yet known when the car would be sold or used in a Tesla robotaxi fleet. A spokesperson from the National Highway Traffic Safety Administration confirmed that the automaker had not sought federal approval to sell vehicles without pedals or a steering wheel. (Reporting by Zhuzhu Cui, Zhang Yan, Aditi Shah and Chris Kirkham. David Dolan and Brian Thevenot edited the story.
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After a report about a warship being escorted near the UK, Kremlin said that Russia had 'the right' to defend itself against 'piracy.
The Kremlin announced on Thursday that Russia had the right to defend itself against what it called piracy, after Britain's Telegraph newspaper reported that a Russian Navy frigate had escorted UK sanctioned tankers across the English Channel. The?Telegraph reported that a Russian frigate named Admiral Grigorovich escorted through the English Channel two UK-approved oil tankers: the Russian-flagged Enigma and the Cameroon flagged Universal. Dmitry Peskov was asked by the media about the report. He said that Moscow has seen many cases of what he called 'piracy in international waterways.' And that Russia will act to ensure the safety of their own shipping. "We have seen repeated incidents of piratery in international waters over the last few months." Peskov, who spoke to reporters, said that these incidents of piracy, among other things, have harmed Russian Federation's economic interests. "The Russian Federation considers that it is entitled to take measures to protect its own interests and will?certainly? do so." Keir starmer, the British Prime Minister, said in a statement last month that he authorized the military to board and detain Russian vessels in British waters. This was to 'disrupt' a network that his government claims allows Moscow to continue to export oil to Western countries despite Western sanctions. (Reporting and Writing by Dmitry Antonov; Editing and Revision by Andrew Osborn).
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Mitsui O.S.K. CEO of Mitsui O.S.K. says he is waiting for government guidance on safety and vessel departure from the Gulf.
Mitsui O.S.K. Lines' chief executive wants to "start moving their vessels stuck around the Strait of Hormuz as soon as possible" but needs guidance from the Japanese Government. On Tuesday, U.S. president Donald Trump announced a 'two-week ceasefire' with Iran. This came less than two hours before the deadline he set for Tehran to either reopen Strait of Hormuz and thereby avoid devastating attacks against its civilian infrastructure. There is still no sign that Iran has lifted the blockade on the strategic waterway. This has caused the biggest disruption in global energy supply history, and has snarled the supply chains. Jotaro Tamura is the president and chief executive officer of MOL, the Japanese shipping giant. In an interview. When asked about the?conditions, he replied: "It must be confirmed that safety risks are sufficiently low."
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Portugal's TAP profits slump 92% due to one-off charges, but bookings are solid
Portugal's TAP airline said that its 2025 profits?fell by 92% because of a one-off charge in the fourth quarter which?outweighed increased revenue from higher passenger numbers and better margins. TAP stated that it is "actively" monitoring the developments of the 'Iran -war and will "respond quickly" to any changes in operating conditions. TAP CEO Luis Rodrigues stated that, despite the challenging environment with its cost inflation, significant supply chain and operation constraints and industry-wide, TAP "maintained resilient profit margins and strengthened their financial position". Rodrigues stated that TAP would?launch two routes to Brazil increasing its network to 15 destinations. It will also expand operations at Porto by adding new routes and creating a maintenance center. The state-owned carrier, which will be?partially privateised, has booked a profit of only 4.1 million euro ($4.78m), down from a previous 53.7m euros in 2024. The airline's fourth consecutive year of profitability was achieved in this year. The fall was mainly due to an 'unique 42 million euro charge in the fourth quarter from a downward valuation of deferred assets, future tax credits that it will use. This happened after the parliament cut corporate tax rates from 20% to 17% until 2028. TAP reported a loss of 51 million euro in the fourth quarter. Rodrigues stated that TAP had delivered "solid results" despite the one-off charge. This was supported by the resilient demand in its network and particularly during the second half of the calendar year. TAP stated that "resilient demand" and a positive 'booking momentum' should support higher load factors and greater unit revenues. Fuel price increases will be partially offset by ticket price hikes. The full-year revenue increased?1.2%, to 4,31 billion euros. This was due to a 1.6% rise in the number of passengers to over 16 million. Fuel costs were lower in 2025 but increased traffic, staffing and depreciation costs were higher. Earnings before interest, taxes and depreciation increased by 4.4%, to 725.8 millions euros. EBITDA margin, a measure for profitability, rose to 16.8% in 2024 from 16.3%. ($1 = $0.8579 euros)
Dubai's DAE launches $1.6 billion annual aircraft lease programme
Dubai Aerospace Enterprise and Blackstone Credit & Insurance have agreed to launch an aircraft leasing investment program that will target a yearly deployment of $1.6 billion.
In a press release, the company said that Equator will create a portfolio commercial aircraft for lease by?airlines around the world. DAE will source aircraft from a third party, and its Aircraft Investor Services unit will manage assets.
The deal represents the latest expansion of alternative asset management firms into aviation finance. This sector has been attracting increasing institutional interest due to tighter aircraft supply, which is pushing lease rates up.
Blackstone Credit and Insurance’s Infrastructure and Asset-Based Credit Group?manages over $100 billion. Equator's investor group will include funds managed by ITE Management - a strategic partner of Blackstone Credit and Insurance.
DAE has a fleet consisting of approximately '700 aircraft. This includes more than 100 aircraft valued at over $4 Billion under third-party management by the end of 2025. The company is a servicer for seventeen management agreements with institutional and financial investors. Reporting by Hadeel al Sayegh from Dubai
(source: Reuters)