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China's Vice President visits Spain as mutual love blossoms
Han Zheng, Vice President of China, arrived in Spain Tuesday on a four-day visit. He will meet King Felipe and Premier Pedro Sanchez. This is a sign that economic and political relations are becoming more and more close. Han Zheng's trip comes two months after Sanchez made his third visit to Beijing in the last five years. He was there to woo China President Xi Jinping, as the global economy is reeling from President Donald Trump’s tariffs. The socialist premier is trying to position Madrid as a mediator between China and Europe, and to attract more Chinese investments in advanced technologies such as electric vehicles, batteries and hydrogen. Last year, Stellantis and Chinese manufacturer CATL announced their plans to build in Spain one of Europe's biggest EV batteries factories. Spain's relationship with China is not perfect. Spain was hit hard by Beijing's antidumping investigation into EU pork, launched last year as retaliation to Brussels' tariffs against Chinese EVs. Sanchez's final visit to China secured expanded access for Spanish pork stomach exports - a popular product in China that was not previously authorized. Han will meet Sanchez on Wednesday in Madrid, Sanchez’s office announced, while King Felipe is scheduled to receive the Chinese official Thursday, as per the agenda of the royal household. The Spanish monarch will also visit China in the latter part of this year, to celebrate 20 years since the strategic partnership was signed. Han will travel to Seville after his meetings with Sanchez, the Spanish king and Andalusia regional leader Juan Manuel Moreno. Last year, Moreno secured 2,86 billion dollars ($2,86 billion) in Chinese investments for Andalusia. Turespana, a tourism lobby, has projected that the number of Chinese tourists to Spain will increase by 36% this year compared to the previous year. This makes Spain the European destination where the most growth is occurring from Asian nations.
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Sources say that JERA is close to signing a deal with Commonwealth for 1 MTPA LNG
Two sources have confirmed that U.S. LNG developer Commonwealth LNG, which is planning to build an export facility in Louisiana to provide 1 million metric tonnes per year (mtpa), of LNG, will soon sign a contract with Japan's largest power generator JERA. Commonwealth LNG would be able to commit 8 mtpa under the long-term contract. The company stated publicly that they want to secure contracts for 8 mtpa or more of their 9.5 mtpa capacity LNG export terminal to ensure the project's financial viability. The U.S. exports more LNG than any other country in the world. Based on the projects that are currently under construction or those that will be funded this year, it is possible to triple the export capacity of the U.S. by 2030. One source familiar with the negotiations said that the parties had agreed on terms and would sign the agreement soon. Commonwealth LNG has not responded to a comment request. JERA declined comment. Commonwealth was among the projects affected by the pause in new LNG export licences, imposed by the former president Joe Biden. This was pending the completion of a study of the economic and ecological impact of further U.S. LNG growth. The Trump administration lifted the freeze and has promised to unleash American power. Commonwealth received an export authorization conditional to a non-free-trade agreement (non FTA) from the Department of Energy in February. Commonwealth expects to make a final decision on the project in September 2025, and the first LNG production is expected in the first three months of 2029. JERA announced in May that it had entered into an agreement with NextDecade for the purchase of 2 mtpa LNG from its Rio Grande Project's fifth liquefaction plant. Reporting by Curtis Williams, Houston; Editing and production by David Gregorio
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Cheniere wants to expand Sabine Pass plant in US with regulators
According to a FERC report, Cheniere Energy, which is the U.S.'s largest exporter of liquefied gas, has asked the Federal Energy Regulatory Commission to grant permission for the expansion of its Sabine Pass facility. Cheniere submitted a joint request, dated 6 June, to FERC, for authorization to build and operate the Sabine Pass Stage 5 Expansion Project. This project would expand the existing Sabine Pass LNG Facility in Louisiana. With a capacity of 30,000,000 metric tons per year (mtpa), the Sabine Pass terminal is the largest LNG facility in the United States. Six liquefaction train are in operation. According to the FERC document, this expansion includes an addition of 3 natural gas liquefaction train, with a combined maximum LNG production of around 300 billion cubic feet annually. In February, Jack Fusco, the Chief Executive Officer of Cheniere, said that his company would aggressively pursue regulatory permits for expanding capacity now that U.S. president Donald Trump has taken office. Bill Berkrot edited the report by Noel John, who reported from Bengaluru.
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The number of ships passing through the Panama Canal decreased in May due to maintenance.
In a Tuesday bulletin, the Panama Canal Authority reported that the number of ships passing through the canal fell from 34 to 31.4 on average per day. This was due to planned maintenance being performed at one of the locks. Despite an increase in traffic on the world's second-busiest interoceanic route since it lifted restrictions due to severe drought last year, it has not yet allocated all 36 slots available per day. The canal temporarily closed the west lane between May 27 and 31. Panama Canal Authority reported that the east lane was still operational. According to data from the Canal Authority, 973 vessels transited the waterway during May. This is less than the 1 021 ships that passed through in the preceding month, but more than the 805 vessels which were in transit in the same period last year. The drought caused a 5% drop in the toll revenue of the canal in the fiscal year ending September 2024. According to the annual reports, between the fiscal years of 2020 and 2023 the toll revenue for the canal increased by almost 26%, to $3.35billion.
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Spanish Minister says private power companies slow to share information about blackouts
Sara Aagesen, Spain's Minister of Energy, urged private electric companies to share information faster to determine the cause of the worst blackout ever to strike Spain and Portugal. The cause of the power outage that left 60 million people without electricity in two European countries has not been determined, and the blame-game has increased. Aagesen, who was in Nice, France for a U.N. Conference, told reporters that information arrived quickly at first. "Now, information is arriving in bits and pieces much slower." She admitted that the information needed was more detailed, and at times more complex. She said, "But I insist. I continue to ask for this information as soon as possible to identify the causes and to implement the necessary steps." The Spanish energy ministry leads one of the investigations into the events that took place on April 28, which sent investigators, from Spain's cybersecurity and Intelligence services, to the premises of private energy companies to gather information. A spokesperson for the energy ministry declined to comment on what Aagesen meant. Aelec, the lobby group for Spain's major electricity companies, including Iberdrola, Endesa, and other utilities, has not responded to our request for comment. Last week it was reported that private companies were cooperating in the investigations. It said that "it is absolutely false" that the government was withholding or delaying information in response to inquiries about the recent blackout. PROBES and Finger-Pointing A Spanish court is also investigating the possibility that a cyber-attack was responsible for the blackout. Separate investigations are being conducted by Spanish legislators. Red Electrica, the Spanish grid operator, insists that the transmission grid they manage was operating without any problems before the blackout. Beatriz Corredor (chairwoman of Redeia's parent company) blamed last week some conventional power plants (including nuclear, combined cycle and hydroelectric plants) for failing to maintain an appropriate voltage in the power system on that day. Corredor did not say that this was the cause of the blackout. Investigators examine excessive voltage in the grid as a possible cause of the loss of production. Aelec claimed that Corredor's remarks caused confusion and prevented an objective technical assessment. Reporting by Pietro Lombardi. Edited by Aislinn laing and Emelia sithole-Matarise.
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New EU sanctions against Russia to target the energy sector and banks
According to European Commission President Ursula von der Leyen, the 18th package against Russia has been proposed. It targets its energy revenues, banks, and military industry. The new package proposes to ban transactions with Russia's Nord Stream Gas Pipelines as well as banks who engage in sanctions-circumvention. Von der Leyen said at a press conference that "Russia will only understand the language of strength" if it imposes the rule by force. In an effort to reduce Russia's revenues from energy, the Commission also proposed that the price cap for Russian crude oil be lowered to $45 per barrel. It was previously $60. Von der Leyen stated that the cap on oil prices will be discussed during a G7 summit this week. "My assumption would be that we do this together as the G7. She said, "We started this as G7. It was a successful measure from G7. I want to keep it as G7." The proposal also lists additional vessels that are part of Russia's shadow oil fleet and trading companies. Kaja Kallas, EU's chief diplomat, said that the next round of EU sanctions will target Russia’s energy revenue including its shadow fleet and military industry as well as its banking sector. The EU will begin debating this proposal next week. Reporting by Julia Payne, Milan Strahm and Benoit van Overstraeten; Editing by GV de Clercq & Benoit van Overstraeten
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In May, the share of Russian aluminum in LME storages dropped as Indian metal surged.
Data from the London Metal Exchange showed that the proportion of aluminium with Russian origin registered in the warehouses of the London Metal Exchange fell to 69% from 89% in the month of April. The percentage of Indian origin increased to 30% from 10%. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The number of metric tonnes dropped to 221,925 at the end May, from 223,900 at the end April. The data revealed that the amount of aluminium from India increased to 97.950 tons. It was previously 25,050 tonnes. LME warrants are title documents that confer ownership. The share of copper produced in Russia that is available on the LME Metal was removed from warehouses, causing the number to drop to 39,350 tonnes from 66700 tons. The amount of copper produced in China dropped from 59.72 tons to 30,825 tonnes. At the end of April, 59% of LME nickel stocks were made in China. This is a small change from earlier this month. (Reporting and editing by Kirby Donovan; Eric Onstad)
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Singapore's Koh Brothers wins $776 million contract to build tunnels for Changi Airport
Singapore's Koh Brothers Eco Engineering announced on Tuesday that its unit had secured a S$999.7 million contract ($776.77million) from Changi Airport Group for the construction of intraterminal tunnels in the airport's new fifth terminal. Koh Brothers' Koh Brothers Building & Civil Engineering Contractor will execute the contract via an integrated joint venture, with Penta-Ocean Construction a Japanese company. The joint venture is 30% owned by the company that provides engineering services. Changi Airport in Singapore, the fourth busiest airport in the world by international passenger numbers, began building a new terminal in May to capitalize on the growing air travel industry in Asia after the pandemic. According to the International Air Transport Association, passenger numbers in Asia-Pacific will double by 2043 with a growth rate of 5.1% per year, which is faster than expected in Europe and North America. In a statement, the Singapore listed firm stated that construction should take just over four years.
Brazil judge obstructs paving of highway through heart of Amazon jungle
A Brazilian judge on Thursday provided an injunction to stop the paving of a highway through the center of the Amazon rain forest, amidst fears the road would boost deforestation and more drive environment modification.
Right-wing former President Jair Bolsonaro had actually pledged to pave the BR-319 highway, a task that has massive local support in the Amazon in spite of experts and environmentalists' concerns around logging.
In his final months in office in 2022, Bolsonaro's. federal government released a license enabling it to go forward.
A judge suspended the license in a choice that mentioned the. require to have procedures in location to control logging before. paving, according to court documents on Thursday.
Justice was done. The value of this decision is. massive, stated Suely Araujo, a policy expert with ecological. lobby group Environment Observatory, which brought the suit. seeking to block the roadway.
There are no conditions to manage the explosion of. deforestation that paving the road will cause.
Paving the road would enable unlawful loggers and land. grabbers to more easily access remote and relatively untouched. locations of the world's largest jungle, environmental professionals. said. Logging is the biggest source of Brazil's greenhouse. gas emissions that assist to drive climate change.
One study estimated the job would lead to a fivefold. increase in logging by 2030, the equivalent of an area larger. than the U.S. state of Florida.
Brazil's then-military federal government developed the 900-km. ( 560-mile) BR-319 highway in the 1970s as the sole roadway. connection between the Amazon's largest city of Manaus and the. rest of the country.
However it quickly fell into disrepair and now invests much of. the year as an impassable stretch of muddy dirt roadway during the. Amazon's yearly rainy season.
Left-wing Luiz Inacio Lula da Silva, who took office in. 2023, has spoken positively of paving BR-319, saying that it can. be done while likewise protecting the environment.
His government formed a working group to study the road. task but had actually not moved ahead with paving.
(source: Reuters)