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Two killed in a drone attack by Ukraine on the Russian port of Novorossiisk, which prompts a state of emergency
Regional authorities reported on Telegram that a drone attack by Ukraine on the port city of Novorossiisk in southern Russia killed two people on Wednesday and injured six others. The top official of the city said that a state emergency was declared in Novorossiisk. This is Russia's largest seaport on the Black Sea, and it contains major terminals for oil and grain. CPC reported that two of its employees were injured in an attack on the Caspian Pipeline Consortium's (CPC) office in the city. A CPC spokesperson confirmed that the terminal of the consortium at Yuzhnaya Ozereyevka (located around the bay near the city Novorossiisk) was still operational. The terminal is used to load Caspian CPC blend crude oil, which will be exported on international markets. Demetra Holding which owns the two grain terminals in Novorossiisk said that no damage reports were received. Ukraine has targeted heavily energy and port infrastructure that supports Russia's war-economy and generates revenues for its budget. Residents and guests of the southern Russian region of Krasnodar were instructed to leave the coast after regional authorities warned that drones from Ukraine could attack the Black Sea port Tuapse.
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Data shows that a tanker carrying fuel under US sanctions is spotted on the Northern Sea Route of Russia.
Data from LSEG, as well as market sources, showed that a tanker subject to U.S. sanction has moved east from the Arctic LNG 2 Plant along Russia's Northern Sea Route. Winter ice is a challenge for ships, so navigation is limited to the warmer months. Shipping data shows that the tanker Universal loaded about 44,000 tons of condensate gas at the Arctic LNG site on 2 September and then moved along the Northern Sea Route for ship-to-ship transfer near the Russian Far East Port of Zarubino. The final destination of the cargo is unknown. Arctic LNG 2 was to be one of Russia's biggest LNG plants, with a production of up to 19.8 million tons per year, and up to 1.6 millions metric tonnes of gas condensate. It is unclear what the current production volume of gas condensate at Arctic LNG 2 will be. According to state-controlled Rosatom, last year a record volume, nearly 38 million tons, of goods including oil and natural gas liquefied, were shipped along the NSR. Reporting by. (Editing by Barbara Lewis).
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German Finance Minister to urge EU to "Buy European" and embrace joint defense projects
Sources say that the German Finance Minister Lars Klingbeil is expected to call for a "modernized" EU budget on Wednesday, which would channel funds towards improving rail and road connections, energy networks, security at external borders, and research. Klingbeil is pushing a six-point strategy to revive the European Union economy. This includes a "Buy European” approach for critical components like advanced semiconductors, as well as an integrated market for defence with joint armaments, according to their statement. Germany's largest economy wants to play a greater leadership role within the EU under Chancellor Friedrich Merz. This is in response to a United States that has a reduced transatlantic outlook and the ongoing war in Ukraine. Sources said that Klingbeil would push for quick trade agreements with partners such as India and South America’s Mercosur group in response to Trump’s tariff policies. Sources say he will advocate for a "Savings and Investment Union", to mobilize more private capital. He will argue that a high-performing and harmonised European capital market is crucial to helping start-ups and scaling-ups grow. Klingbeil says that the national approaches to implementing EU rules on the single market are increasing bureaucracy, and fragmenting the economic space which is shared by all 27 members. He will also demand better recognition of professional qualifications between countries to promote labour mobility. "Small-state particularism", he says, is a major obstacle to investment. Reporting by Maria Martinez, Christian Kraemer and Gareth Jones.
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Maguire: Using the Dirty Dozen as a tool to monitor global energy emission potential
Climate watchers must look beyond China in order to get a complete picture of global trends related to energy extraction and production. China is the largest emitter of energy-related gases in the world. While China has led the way in energy emission trends this century, India, Indonesia, and Vietnam will also play a major role in determining future trends. This means that any attempt to estimate the trajectory of potential global energy emissions should include discharge patterns from a wider group of nations than China. THE DIRTY DOZEN China, as the largest consumer of energy and producer of power in the world, must play a key role in efforts to measure and predict global emission trends. But, given the steadily increasing pollution caused by energy in these countries, they deserve to be included in this effort. In fact, 11 other countries stand out as major current and future drivers of global energy emission trends due to their record of increasing pollution linked to energy production and usage. According to the Energy Institute, between 2019 and 2024 12 countries increased their annual emissions of energy-related carbon dioxide (CO2) by at least five million metric tonnes per year. These nations are listed in descending order by annual emission growth between 2019 and 2024: China, India Indonesia, Russia Iran, Vietnam United Arab Emirates Malaysia Turkey Uzbekistan Philippines Bangladesh. This Dirty Dozen collectively increased their total energy emission to record levels in nine of the last 10 years. The exception was in 2020, when COVID-19 locksdowns severely stifled the global energy production and use. In 2024 the Dirty Dozen nations released a total of 19,06 billion tons CO2 through energy extraction and production. This compares with a global discharge of 16,4 billion tons CO2 by the rest of world. The Dirty Dozen discharge total represented a record 54% all energy-related emission in 2024. This figure is expected to increase in the coming years due to the heavy reliance of several member countries on high-polluting fossil fuels. KEY COUNTRIES The Dirty Dozen countries increased their energy-related emissions by an average of 3 percent per year between 2019 and 2024. Energy emissions outside of the Dirty Dozen decreased by 1.4% on average per year. The divergence in emissions between the Dirty Dozen group and the rest highlights their impact on global energy pollution trends and why climate trackers should be monitoring them. China has consistently emitted CO2 from its energy sector in the window between 2019 and 2024, with an average of around 10,5 billion tons per year. China has the highest average annual increase in CO2 emissions among all countries. The rate of increase in China's discharge has been among the lowest among the Dirty Dozen nations since 2019. This indicates that other countries have been increasing their pollution trends at the same time as China is reducing it. India is ranked second in the Dirty Dozen for annual energy emissions. These average 2.6 billion tonnes a year from 2019 to 2024. Russia ranked third, with energy emissions of around 1.6 billion tonnes per year. Iran was next with 680 million tons. FAST GROWTH Indonesia is the leader in terms of percentage annual growth since 2019 with an average of 7%. Vietnam (6% per year) and Bangladesh (5%) have both experienced strong growth over the last five years, while India (4%), Uzbekistan (4%), United Arab Emirates (4%), and the Philippines (4%) all had annual growth rates around 3%. China's annual emission growth has been 2.6% per year since 2019. This means that the other members of the Dirty Dozen could drive the collective discharge higher, even if China is able to reduce pollution in the next few years. India, Indonesia and Vietnam, as well as the Philippines, have a high pollution potential due to their current power system's dependence on coal. Russia, United Arab Emirates (UAE), Iran, and Uzbekistan all rely on natural gas to power their systems. They are unlikely to reduce their fossil fuel dependency for energy production any time soon. All of this means that the global emissions from energy production and extraction will continue to rise in the years ahead, even if China is able to change course and begin a steady reduction path for emissions later in the decade. Climate trackers that focus too narrowly on China to represent global emissions trajectory risk missing this important trend. They should also keep in mind the Dirty Dozen. These are the opinions of a columnist who writes for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. 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 LinkedIn, X.
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India's fuel exports reach multi-year highs due to higher refinery runs and ethanol blending
Analysts and traders said that Indian oil refiners have increased gasoline and diesel exports at their highest level in several years due to expanded crude processing capacities and increased domestic fuel blending, which has released fuel supplies for overseas market. Refiners are increasing runs in India and sending surplus barrels overseas. India sources about one-third of its crude oil from Russia. The increase in exports will help meet Europe's demand for winter heating oil and support Indian refinery margins. Refiners have turned to Russian discounted crude after Europe and the U.S. placed sanctions on Moscow in February 2022 due to its invasion of Ukraine. Washington D.C. accused India of profiteering, by importing Russian crude oil at lower rates and reselling it at higher rates. India said that its purchases had stabilised the markets. According to Wood Mackenzie, India is expecting its crude processing to grow by between 130,000 and 160,000 barrels a day, to 5.51 million bpd. Gasoline exports are expected to reach a new record of around 400,000 barrels bpd. A source in the Indian refinery industry, who refused to be identified due to company policies, stated that exports were increasing because domestic demand was weaker during monsoon and there were fewer planned maintenance outages. Kpler, a data provider, estimates India's gasoline exports in 2025 at 387,000 barrels per day (bpd), mainly to Asia. Priti Mehta, Woodmac's analyst, said that the growth in gasoline exports was supported by an increasing share of ethanol in domestic gasoline consumption. In 2023, the world's second largest crude importer and user increased ethanol blend in gasoline from 12% to 20%. Refiners led by Reliance Industries, Mangalore Refinery, and Petrochemicals Ltd are increasing exports in order to take advantage of the strong margins on Asian gasoline The price of oil has risen by 51% in the last year, to $11-12 a barrel. Companies did not respond immediately to requests for comments. EUROPE'S DIESEL SPREE Analysts said that India's exports of gasoil are expected to reach a record high in this year. The majority of the volumes will be shipped to Europe for winter heating, since global supplies may become tighter during the fourth quarter due to heavy refinery maintenance across Europe and the Middle East. Wood Mackenzie estimates that India's gasoil exports in 2025 will reach 610,000-630,000 barrels per day (bpd), while Kpler predicts 560,000 barrels per day. According to Energy Aspects, the Saudi Arabian refineries are scheduled to undergo maintenance in October and November, which will result in a drop of 300,000 barrels per day (bpd) to around 400,000 in October-November. Reliance Industries, a Singapore-based fuel trader and ship tracking data revealed that Reliance Industries shipped around 2 million barrels (or 60,000 gallons) of diesel into Europe in late August, a move uncommonly made to accommodate larger volumes. Diesel cargoes tend to be transported on smaller product tankers. In its 18th package against Russia, the European Union announced in July that after a six-month transition period it would stop importing petroleum products derived from Russian crude. The exemption will apply to imports coming from Norway, Britain and the U.S.
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Dutch government sells TenneT Germany 46% to investors for $11.3 Billion
The Dutch government announced on Wednesday that it would sell a 46% share in the German division of power grid operator TenneT to a group of investors, for up to 11.3 billion euros. This is a departure from an enterprise it had been trying to get rid off for years. The sale of the assets to a consortium consisting of APG, Norges Bank, and Singapore's sovereign fund GIC is taking place as funding needs for power lines on the continent are increasing, forcing owners to look elsewhere for new capital. Last year, TenneT Germany was unsuccessfully sold to Berlin. The consortium will acquire a 46% stake in TenneT Germany through a private placement of shares issued by Dutch government. TenneT Germany, with more than 14,000 km (8,699 mi) of high-voltage power lines, is the largest operator in Germany of transmission grids. Upgrades to these grids have been crucial for strengthening grids when there are more renewable inputs. After such plans failed last year, the deal will likely spur Berlin's efforts to acquire a stake in TenneT Germany through state-owned lender KfW. The Dutch government said on Wednesday that Berlin expressed its interest in acquiring a minor stake in TenneT Germany and would begin talks soon on a potential investment.
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After cyberattack, Berlin airport continues to be affected by disruptions
Berlin Airport is working to restore its baggage and check-in systems following a cyberattack that occurred at the weekend. Further delays and cancellations are possible on Wednesday. Berlin is among several airports in Europe that have been affected by disruptions. These are attributed to the ransomware attack against software provider Collins Aerospace. The disruptions have affected thousands of flights and passengers since Friday. The BER operator stated that it may be several days before the airport in Berlin has a functional and secure software system again. Staff are working hard to manually process passengers in the interim. It added that the software provider had "called in other experts to work urgently on finding a solution." The airport warned passengers to expect long delays and encouraged them to confirm with their airline in advance if their flight is still scheduled. Collins Aerospace announced on Monday that they were working with affected airports. These include the busiest airports in Europe, including Heathrow London and Heathrow Brussels. Berlin Airport was especially busy following a marathon that took place over the weekend in the city. Many runners were struggling to get home. (Reporting and editing by Thomas Seythal, Rachel More)
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BOTAS and Mercuria, Turkey's LNG suppliers, sign a 20-year supply contract
Alparslan Bayraktar, the Energy Minister of Turkey, announced on Wednesday that BOTAS had signed a deal for a 20-year supply of LNG (liquefied natural gases) with Mercuria. The contract will begin in 2026. The agreement, which was signed in New York, during the visit of President Tayyip Erdoan to the United Nations General Assembly will be worth approximately 70 billion cubic meters over its entire duration. The supplies will come from loading terminals located in the United States, as well as regasification plants in Turkey, Europe and North Africa. Bayraktar stated that "this agreement will contribute significantly to the $100 billion target trade volume with the U.S." The deal is also intended to increase supply security and diversify Turkey’s energy sources. Turkey is improving its ties with Washington as it moves towards energy deals. Ankara announced on Monday that it had Lifting of retaliatory Tariffs In 2018, a number of U.S. products, such as passenger cars and fruits, were subject to a tax. This was seen as an act of goodwill before Erdogan's meeting with U.S. president Donald Trump on Thursday at the White House. BOTAS is in charge of Turkey's gas and oil infrastructure, and Mercuria is the largest energy and commodities group worldwide. In a statement from the Turkish Energy Ministry, BOTAS was also reported to have signed a preliminary long-term LNG contract with Woodside Energy Australia's largest gas producer. This agreement calls for Woodside to supply BOTAS with approximately 5.8 billion cubic meters of LNG over a period of nine years starting in 2030. The majority of this LNG will come from Woodside’s Louisiana LNG Project. Reporting by Can Sezer, Writing by Daren Butler, Editing by Ece toksabay & Louise Heavens
UK Police arrest a man over hacking that affected European Airports
British police announced on Wednesday that a man was arrested in connection with an investigation into a cyber-attack against Collins Aerospace (owned by RTX) which took check-in systems offline at airports and caused travel disruptions across Europe.
In a press release, the National Crime Agency stated that the 40-year-old man was arrested Tuesday under suspicion of violating the Computer Misuse Act. He has since been released with conditional bail.
Paul Foster, NCA's Deputy Director, said that "although this arrest is a good step forward, the investigation is still in its initial stages and continues to this day."
The identity of the criminal group behind the hack last week is still unclear. A spokesperson for the NCA declined to give any further information.
On "leak" sites on the dark web, ransomware gangs regularly publicise their attacks and release stolen data. However, websites that monitor these portals have not detected any group as of Wednesday.
Cybercriminals use ransomware, a malicious program that encrypts company data and demands payment to unlock it.
Many of them operate in the shadows and avoid targets that might attract unwanted attention from police agencies.
The cyber-attack on Collins Aerospace is the latest of a series of hacks that have been perpetrated in Europe and had serious offline effects.
Jaguar Land Rover, the largest carmaker in Britain, is owned by India's Tata Motors. On Tuesday, it announced that its factories would remain closed until October 1, following a hacking incident this month, which has paralysed its operations and left smaller suppliers struggling.
Berlin airport is one of many airports in Europe that have been affected by the Collins Aerospace hack. The operator BER stated on Wednesday that there may be several days until it has functional and secure software once again.
(source: Reuters)