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After Russian oil flow via Ukraine was halted, Hungary asked Croatia for assistance
Hungary and Slovakia asked Croatia for help in securing Russian oil. Hungarian firm?MOL released strategic crude reserves following disruptions to the flow of oil via Ukraine, which both countries blamed on Kyiv. Kyiv's Foreign Ministry?last week claimed that a Russian attack against a Ukrainian.pipeline is responsible for the halt of flows into Eastern Europe since?January 27. Andrii Sybiha, Ukrainian Foreign Minister, posted a picture on X showing firefighters and what he called Druzhba Pipeline infrastructure on fire. He accused Hungary of failing to comment publicly on the incident during two weeks due to its ally Russia being at fault. Hungary reacted quickly, accusing the Ukrainians for cutting off the power to this section of pipeline. Robert Fico, the Slovak prime minister, accused Ukraine on Sunday of delaying a pipeline restart in order to press Hungary to drop their opposition to Ukraine joining the European Union. CROATIAN HELP VIA ADRIA PIPELINE In a post published on X, Peter Szijarto, the Hungarian Minister of Foreign Affairs said that Hungary and Slovakia asked Croatia to allow Russian oil to flow via the Adria Pipeline instead. Szijarto, writing on X, said: "We ask Croatia to allow the?transportation of Russian oil from Russia to Hungary and Slovakia through the Adria pipeline. Our sanctions exemption allows us to import Russian crude oil by ship if the pipeline deliveries are interrupted." "The security of a country?s energy supply should never be an issue of ideology." So, we expect Croatia to not, like Ukraine, put at risk the security of oil supplies in Hungary and Slovakia out of political motives. Ante Susnjar, Croatia's Economy Minister, said that his country would be able to?help. "Croatia won't allow Central Europe to have its fuel supply threatened." He said that Croatia was ready to assist in solving the acute problem. The Adria Oil Pipeline runs from the Croatian Port of Omisalj, to oil refineries throughout Croatia and southern and central Europe. HUNGARY’S MOL INITIALISES THE RELEASE of STRATEGIC RESOURCES MOL, the oil company of Hungary, said Monday that it had contacted the Hungarian Government to release strategic crude oil reserves in order to maintain the security of supply for the region. MOL released a statement saying that if shipments to the east don't resume in the next few days, Hungary could be forced to release 250,000 tons in strategic crude oil reserves as a first step. MOL has also started to supply its refineries with crude oil shipped by sea. Early March is expected to see the first shipments arrive in Croatia at Omisalj port. The crude oil will then take 5-12 days to reach the refineries. Both Hungary and Slovakia are exempt from EU sanctions on Russian oil piped in. They depend on Russian gas and oil, and have fought EU efforts to stop those flows in an effort to 'cut off energy revenues funding Russia's?war?in Ukraine. A spokesperson for the European Commission confirmed on Monday that the EU has been in constant contact with Hungary and Slovakia, and that Druzhba flow have been stopped since January 27. RUBIO ORBAN MEETING Viktor Orban, the Hungarian prime minister, has forged strong ties both with President Donald Trump and with Moscow since Russia invaded Ukraine. Marco Rubio, the U.S. Secretary for State, met with Viktor Orban in Budapest, Hungary, on Monday after visiting Slovakia on Sunday. Energy was one of the topics that he discussed with Prime Minster Robert Fico. The Kremlin announced on Monday that they agreed with Fico who accused Ukraine of delaying the restart of the Druzhba Pipeline to pressure Hungary to drop its opposition against Ukraine's future EU membership. Russia's Druzhba?was already under stress prior to the alleged January incident as a result Ukrainian drone attacks against the pipeline in Russia. According to Ukrainian consultancy ExPro, Russian flows through the southern section of the pipeline fell to a decade-low 9.7 million tons in 2013. Slovakia received 4.9 millions and Hungary 4,35 million. (Reporting from Anita Komuves, Budapest; and Kate Abnett, Brussels; writing and editing by Anna Wlodarczak Semczuk and David Goodman; Jason Neely, Barbara Lewis and David Goodman)
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Six people killed and 45 injured in bus accident in Southeastern Brazil
Officials from the federal government and Sao Paulo said that six?passengers died in a bus crash on a federal highway located in southeastern Brazil. Another 45 people were injured and were sent to hospitals in the area for treatment. Firefighters in Sao Paulo said that the?crash on the BR153 federal highway occurred early in the morning near the city?Marilia. The injured passengers' condition was not immediately revealed. In a statement, the Brazilian federal highway police stated that the bus was transporting farm workers to harvest apples from the northern state of Maranhao to the southern state of Santa Catarina. The?police stated that preliminary information indicated?that the car?left and then turned over, adding that the causes of the 'crash' will be investigated.
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Iraqi-UAE consortium plans $700 million data cable amid AI boom
An Iraqi-Emirati consortium is planning a $700 ?million subsea-and-terrestrial data cable linking the United Arab Emirates to ?Turkey via Iraq, one of the project's backers said, just over a ?week after the announcement of ?a Saudi-backed fibre-optic project in ?Syria. Gulf neighbours Saudi Arabia and UAE each try to tap into the demand for connectivity in this region and become hubs of AI infrastructure including data centers amid a wider economic and geopolitical rivalry across the region. WorldLink is the name of the project between Iraq and the UAE. It will consist of an undersea fiber optic cable that would run from the UAE to Iraq's Faw Peninsula on the Gulf. The cable will then be routed overland up north, all the way to the Turkish border. FIVE-YEAR ?PROGRAMME El Akabi stated that the project will be privately-funded and implemented in phases over five years. The project aims to reduce traffic and transit times in comparison with the traditional routes that?run through the Suez Canal. The Saudi and Emirati governments have not responded to any requests for comments. Saudi Arabia and Syria announced plans on February 7, to build a fiber-optic network as part of a larger investment package. This project, called SilkLink, involves a $1 billion effort to renovate Syria's infrastructure, and establish it as a data-route between Asia and Europe. The Syrian telecoms minister responded in a press release to a question about the UAE-Iraqi Project: "Additional Infrastructure Investment improves Route Diversity and Resilience for Everyone." It said that "SilkLink delivers low latency and high availability... we expect to be highly competitive on both performance and resilience." WorldLink sponsors include Iraqi Kurdish DIL Technologies, and UAE-based Breeze Investments. In a recent statement, Breeze Investments chairman Nayef Al Ameri said that "AI infrastructure readiness is a necessity" as the technology continues to spread around the world. "WorldLink was designed to provide the fastest, most reliable connectivity available in a region that serves these needs." Iraq launched the $17 billion Development Road rail-and road plan in 2023, connecting Faw with Turkey. (Reporting from Riyadh by Timour Azhari; Additional reporting in Baghdad by Ahmed Rasheed; Editing by Emelia S. Sithole-Matarise, and David Holmes.)
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Aberdeen votes against InPost's $9.2 billion takeover by FedEx
The British money manager Aberdeen will vote against a proposed 7,8?billion euros ($9.25 billion),?takeover by a consortium led?by FedEx of the parcel locker company?InPost, claiming that the offer undervalues it materially. According to LSEG 'data, the firm holds a 0.2% share in InPost. It urged InPost to reconsider its support for the "unjustifiably" low 15.60 euros cash offer per share. According to an excerpt from a letter, Matthew Peacock is a research analyst with Aberdeen Investments. He said that the offer was opportunistic and aimed to exploit a temporary drop in the share price to the detriment of long-term shareholders. Bloomberg News was the first to report on Aberdeen's opposition. The consortium, consisting of Advent International, PPF Group, and InPost CEO Rafal Brzoska’s investment vehicle, A&R, approved the takeover early in February. InPost operates in nine countries, including its own home market Poland. It has one of Europe's largest networks of automated?parcel?machines.
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Iraqi-UAE consortium plans $700 million fast data cable network
An Iraqi-Emirati consortium plans a $700 million subsea-and-terrestrial ?data cable linking the United Arab Emirates to ?Turkey via Iraq, one of the backers said, just ?over a week after ?announcement of a ?Saudi-backed fibre-optic project ?in Syria. Saudi Arabia and the UAE, two Gulf neighbours, are competing to meet the growing demand for connectivity and data centres in the region. Ali El Ekabi of Tech 964, one of three consortium members, said that the Iraqi-UAE WorldLink project would consist of an undersea fiber optic cable running from Fujairah, UAE, to Iraq's Faw Peninsula on the Gulf, which will then 'then run north overland to the Turkish border'. El Ekabi stated that the project would be privately funded and take between four and five years to complete. It will target "hyperscalers and international carriers, as well as AI applications". The project aims to reduce transit times and ease congestion along existing east-west data paths. The Emirati Foreign Ministry did not respond when contacted for comment. This is the second new project of this kind?planned for the region. Saudi Arabia and Syria announced plans on February 7, to build a fiber-optic network as part of a larger investment package. The project is described as "a $1 billion push to renovate Syria's infrastructure" and establish it as a data-route between Asia and Europe. According to El Ekabi who is the son a billionaire Iraqi real estate investor, Namir El Ekabi. Iraq launched in 2023 a $17-billion "Development Road", a rail-and road plan to connect Faw with Turkey. (Reporting and editing by Emelia Sithole Matarise in Riyadh)
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Vitol supports proposed $3 billion LNG power station for South Africa's Durban Port
A spokesperson for Vitol, the global commodity trader, said that Vitol was backing a consortium to build a $3 Billion gas-fired power station and LNG import facility in Durban on South Africa's east coast. South Africa views gas as being crucial to its efforts to transition away from coal-fired plants that supply the majority of electricity to Africa's largest industrialised economy. Vitol is looking to gain a foothold on a market that aims to generate 16 gigawatts by 2039. A Vitol spokesperson said the consortium for this project includes Saudi Arabia's ACWA Power and Vitol's?Vivo Energy which merged into Engen in 2024. It also includes its terminal operator VTTI. ACWA Power did not respond immediately to a request for comment. ACWA Power is already a major developer and investor of solar and hybrid projects in South Africa. The state granted the Strategic Integrated Projects status to this project in September. The state has given the project a Strategic Integrated Projects?status in September, according to officials from Vivo Energy and the government. Vivo Energy, Engen South Africa and others stated in a document sent by them to South African legislators and seen by that they are "advancing development and investment" into a 1,000-1800 MW CCGT plant and associated LNG importation facility. The document stated that 20 hectares have been reserved as part of the Durban marine terminal masterplan, but did not give any indications about timelines, costs, or the volume of gas needed. The estimated cost is approximately $3 billion. At this point, it's not possible to give a precise timeframe. Vitol's spokesperson stated that updates would be provided "as soon as we are able to do so", adding that it was still too early to know where LNG cargoes were to come from. Sources?with knowledge about the project? said that the project would also deliver "regasified LNG through the Lilly Gas pipeline, which connects Secunda and Durban, LNG trucks to off-grid mining operations, industrial, and power plants, as well as LNG bunkering in shipping". (Reporting and editing by Alex Lawler, Emelia Sithole Matarise and Wendell Roelf)
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After Russian oil flow via Ukraine was halted, Hungary asked Croatia for assistance
Hungary's Foreign Minister said that Slovakia and Hungary have asked Croatia to help deliver Russian oil after Ukraine was disrupted and there were conflicting accusations about who is to blame. Kyiv's Foreign Ministry said that a Russian attack on the Druzhba Pipeline in Ukraine on 27 January knocked out oil flows to Eastern Europe. Andrii Sybiha, the Foreign Minister of Ukraine, posted a picture on X showing firefighters and what he described as Druzhba infrastructure on fire. He added that Hungary hadn't publicly commented because Russia was responsible. Hungarian Foreign minister Peter Szijarto rebuffed Kyiv on Monday, stating that Ukraine has not resumed oil transport via the Druzhba pipe for political reasons. He added that he and Slovak Minister of Economy Denisa Sakova had asked Croatia to help them source Russian oil. Szijarto, writing on X, said: "We ask Croatia to allow the transport of 'Russian oil' to Hungary and Slovakia through the Adria pipeline. Our sanctions exemption allows us to import Russian crude oil by ship if the pipeline deliveries are disrupted." "The security and supply of energy to a country must never be a political issue." We expect Croatia to, "unlike Ukraine," not endanger the security of oil supplies in Hungary and Slovakia out of political reasons. Szijarto has not yet responded to Kyiv's comments, and the state-owned Ukrainian oil company Naftogaz has not yet responded to requests for immediate comment. Ante Susnjar, Croatia's Economy Minister, suggested that his country could comply with Hungary’s request. "Croatia won't allow Central Europe to have its fuel supply threatened." He said that Croatia was ready to "help resolve the acute disruption" and added that their cooperation would be in accordance with EU law as well as the regulations of U.S. Office of Foreign Assets Control. Hungary and Slovakia depend on Russian oil and natural gas, and have opposed European Union efforts to stop these flows as part of their efforts to 'cut off energy revenues funding Russia's conflict in Ukraine. Viktor Orban is the Hungarian prime minister who has strong ties to Moscow and opposes Kyiv's membership in the European Union. He also has forged close ties with the United States. Donald Trump. Marco Rubio, the U.S. Secretary?of State, is due to meet Orban Monday after visiting Slovakia on Sunday. Energy was one of?the topics that he discussed with President Peter Pellegrini and Prime Minister Robert Fico. The Kremlin said on Monday it agreed with Fico who accused Ukraine of delaying the restart of Druzhba to try and pressure Hungary to drop their opposition to Ukraine becoming a member of the EU.
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Workers' strike at Kenya's main Airport delays flights
Kenya Airports Authority reported that the main international airport in Kenya was experiencing 'flight delays' on Monday as a result of a strike by aviation union members. Nairobi's Jomo Kenyatta International Airport is one of Africa's most important air transport hubs. The dispute between the aviation workers' union and civil aviation authority involves grievances, including the failure to reach a collective bargaining agreement. The aviation workers' union announced a strike last week. After that, the Kenya Civil Aviation Authority went to court in an attempt to halt the strike. "This is an entire strike action." Moss Ndiema told me by phone that he had not received any court order halting strike. Kenya 'Airways and Tanzania Precision Air reported air traffic control delays at Jomo Kenyatta Airport. (Added reporting by George Obulutsa, Editing by Alexander Winning & Kirsten Donovan).
Qube shares reach record highs after Macquarie and Qube agree to $8.3 billion buyout
Qube Holdings shares in Australia reached a new record high after the company accepted a buyout offer of A$11.7 billion ($8.26billion) from a consortium led by Macquarie?Asset?Management (MAM).
Qube shares rose as high as 4.1% during early trading, reaching a new all-time record of A$5.05. The stock price remained below A$5.20 per share, the offer made by the consortium.
After months of discussions, a MAM led consortium made a nonbinding offer for?Qube in November. This gave the company a value of A$11,6 billion. Qube is a company that owns intermodal terminals, bulk handling facilities and ports in Australia.
Qube's Board has recommended that its shareholders vote in favor of the deal during a shareholder meeting scheduled for later this year. The transaction is subject to approval by the Australian Competition and Foreign Investment regulatory authority.
Ani Satchcroft is MAM's co-head for infrastructure in Asia-Pacific. She said: "Qube reflects the Australian economy really well. If you look at what is driving the Australian economy a lot of it is the same as Qube's volume."
Qube's macroeconomic analysis was very appealing to us. It reflected our imports, such as vehicles and containers, and exports, including agriculture and resources.
UniSuper, Australia's pension fund, is Qube's biggest investor, with a 15.1% stake. Pontegadea family office, owned by the Ortega family of Spain, known for its control over global clothing company Inditex has also joined the Macquarie consortium. Inditex is the parent company of fast fashion retailer Zara.
UniSuper increased its stake by buying Qube shares on the open market, after Macquarie first announced their bid in November.
John Pearce is UniSuper's Chief Investment Officer. He said that there would be more public to private transactions.
"There is a feeling that a private vehicle offers more opportunity for longer-term investments."
Qube and MAM both said that under a scheme implementation agreement, the Sydney-based company can pay dividends up to a maximum of 40 Australian dollars, which will result in a decrease in the offered price.
(source: Reuters)