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Nigeria launches trade platform at ports as part of reform drive
Nigeria's Minister of Trade and Investment,?Jumoke. Oduwole, said that the country will launch an important digital platform to streamline imports and exports on Friday. This is a "game changer for trade in West Africa". The first phase of Nigeria's National Single Window, a centralised platform for electronic trade that aims to reduce red tape and save time for both importers and exported, is set to launch on Friday. The first phase will consist of one shipping line and a single port. * "These are game changers?in terms?of trade facilitation?that we need," Oduwole stated, adding that this is a priority project?for an economy the size of Nigeria that is trying to emphasize trading. * The project is part of the President Bola Tinubu reform agenda, which also includes tax architecture and fiscal Reforms. Last week, Britain and Nigeria announced an export finance agreement worth 746 million pounds ($1 billion) to fund the redevelopment two trading ports. * Oduwole stated that streamlining imports/exports at ports could have "multiplier effects" on the balance of trade as well as foreign exchange generation. * Inefficiencies in Nigerian ports add significant costs. SBM Intelligence analysts say that the average cost of transporting goods from Europe into warehouses in the Lagos port city limits is five times higher than comparable costs in South Africa, and three times greater in Ghana. When asked whether Nigeria would pursue a free-trade agreement with China, she replied, "we are still evaluating all options and we will see." Oduwole, when asked about the impact of the conflict in the Middle East on the emerging economies and capital costs, said that it would take some time to see how the markets react. * "Everyone's a little?nervous, but?we really hope that it will be over soon so that the markets can stabilise and investors can once again have that confidence in stability." $1 = 0.7452 pounds (Reporting and editing by Karin Strohecker, Libby George)
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Aer Lingus is concerned about the seriousness of US retaliation in relation to Dublin Airport Cap
Aer Lingus' chief executive warned on Wednesday that there is a "serious" risk the U.S. could take retaliation and limit its number of transatlantic flights, if the Dublin Airport passenger cap was not?quickly?removed. The Irish government pledged that it would pass a new law before the summer, lifting the 32 million passengers-per-year limit currently suspended in anticipation of a European Court decision. Last year, the airport exceeded its limit by four million passengers. Airlines for America, a U.S. trade group for the industry, filed a complaint in January with the U.S. Department of Transportation accusing Ireland of violating the EU-U.S. Open Skies agreement that grants airlines the right of operation in each jurisdiction. It also asked the Department to restrict Irish carriers' access to the U.S. Lynne Embleton (CEO, IAG owned Aer Lingus) told a committee of parliament that was examining the proposed law: "I believe there is a risk of retaliation. Willie Walsh, former CEO of Aer Lingus and head of the International Air Transport Association, told the committee there was "no doubt" that retaliation threats were real. A4A CEO Chris Sununu stated that he had discussed the issue with the White House and Department of Transportation last week, and the U.S. closely monitors the next steps. If you think that this administration will just accept a violation of one of its bilateral agreements, then they are not going to listen. If you haven't seen the headlines yet, this is not what they do," he said. Sununu said at the end that he will?bring'some good news'?back to Washington, that lawmakers are prepared to move rapidly. In 2007, the cap was included in the planning permission granted for?construction a second terminal. This was done to reduce local traffic congestion. It was only in 2024 that the issue became a problem, when passenger numbers reached the limit. After a court advisor endorsed the cap's basis last month, airlines are pressing ministers to accelerate?the legislative procedure. The airport could be forced to drastically reduce capacity if a new law isn't in place by the time a court ruling from the EU comes into effect.
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China Eastern Airlines will buy 101 Airbus aircraft worth $15.8 billion
China Eastern Airlines, a subsidiary of China Airlines, signed a contract with Airbus on Wednesday for the purchase of 101 A320neo planes at list prices. The deal is worth $15.8billion. According to the filing, the aircraft will be delivered in batches to the company between 2028 and 2032. Air China, Spring Airlines, and Juneyao Airlines are among the Chinese carriers that announced plans to buy A320neo aircraft in December. The major European aerospace firm is working hard to increase its market share on the second largest aviation market in the world. China Eastern Airlines filed a filing stating that the new 'jets' will replace its existing fleet and expand future capacity. They will also increase aircraft efficiency and reduce fuel consumption and operating costs. In 2022, the airline signed an agreement for 100 A320neo aircraft to be delivered over a period of time between 2024 and?2027. China Eastern's annual report revealed that in 2024 it will add 35 new aircrafts to its fleet. These include the COMAC?C919, Boeing's B787, and A320neos from Boeing and COMAC. Airbus has been involved in sporadic negotiations over the past few years in an attempt to 'grab' a large order of up to 500 aircraft in China - a package that is often associated with?state visits. However, no deal was announced when French Emmanuel Macron visited China last December.
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India invests around $3 billion in air connectivity
India, the fastest-growing aviation market in the world, will?invest $3.06billion as part of a program to increase air transportation to underserved areas in the country. The country relies?on an aviation boom to boost job creation and drive economic growth. However, it has faced challenges such as inadequate infrastructure, taxation, and other issues. In 2016, the program Ude Desh Ka?Aam Nagrik (or "Let common citizens of a country fly") was launched. India announced a modified version on Wednesday that will see 100 new airports built and more subsidies provided to airlines so they can operate routes which would be otherwise unprofitable. A government statement stated that the program will last for ten years, from fiscal 2026/27 to fiscal 2030/36. It aims to provide subsidies to airlines in the amount of $1.07 billion. The government of Prime Minister Narendra Modi has stated that it wants to increase the number airports from 163 to 350-400 by 2047.
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ADES, a Saudi oil driller, expects a 44% increase in earnings despite the Iran War
ADES International Holding, a Saudi Arabian oil drilling group, said that its core earnings in 2026 will?rise?by upto 44%, despite the U.S./Israeli war against Iran, which forced some of the offshore rigs to be suspended. ADES's bullish forecast is based on the company's geographic and scale diversification, as evidenced by its 123 rigs deployed across 20 countries. The war has disrupted shipping in the Strait of Hormuz and shaken global markets. In a press release, Chief Executive Mohamed Farouk stated that "we remain confident in our abilities to navigate the current climate?in an organized manner". ADES has announced that its EBITDA guidance for 2026 is between 4.5 and 4.87 billion Riyals ($1.2 billion to $1.3 billion), or an increase of up to 44% compared with its upper-end guidance in 2025 of 3.39 billion Riyals. The company believes that the suspension of "a handful" of offshore rigs within the Gulf Cooperation Council region (GCC), which includes Saudi Arabia, United Arab Emirates and Qatar as well as Kuwait, Oman, Bahrain, Oman, Kuwait and Bahrain, will only be short-term. Saudi Aramco, the world's largest oil exporter, has reduced its oil production by 20% at two offshore fields. It also rerouted seven million barrels of crude oil per day to the Red Sea port?Yanbu. Qatar, the UAE and Bahrain have all halted production of liquefied gas. Qatar also cut its oil output. ADES's strong outlook was attributed to a number of factors, including?expected synergies resulting from the acquisition of Norway Shelf Drilling and an increase in utilization, as well as favorable day rates in certain international markets. Farouk stated that "we have demonstrated resilience over the years through cycles and selectively expanded into attractive markets and delivered on our commitments for the business." He added that the safety of the personnel and assets is the top priority.
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Libyan coast guards tow away damaged Russian LNG tanker from its shores
The 'Government of National Unity' (GNU), based in Tripoli, said that Libyan coast guards have begun towing a liquefied gas tanker that was 'damaged and drifted unmanned for several weeks. The Russian-flagged Arctic Metagaz has been drifting since early March when the Russian Transport Ministry claimed that it had been hit by Ukrainian drones. It drifted near the shores of Zuwara, a western Libyan port. Last week, Italy, France and Spain, as well as six other southern EU countries, wrote to the European Commission warning that the tanker was "imminently and seriously posing a serious and major risk of an?ecological catastrophe". The Tripoli-based GNU’s Hakomitna platform posted a video on Tuesday showing a frigate pulling a tanker through the water with a thick cord. Omar Mohamed Omar Al-Tuwair said in a video that an abandoned tanker had been towed away from Zuwara. Tuwair stated that "we assure our people in Libya, and the western coastal regions, particularly Zuwara, Sabratha and the rest of the country, that relevant authorities are doing everything possible to address the situation." The final destination of the tanker has not been revealed by the authorities. According to the Russian Transport Ministry, the drones that hit the tanker were launched by Libya. The incident has not been commented upon by either Ukraine or Libya. (Reporting and Editing by William Maclean, Ahmed Elumami)
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Dutch gas storage at lowest level for years
Gas storage in the Netherlands fell to 5.8% capacity on Tuesday. This is the lowest level for at least a decade. It's unclear how fast they can be filled - over the summer. The market is "uncertain" about whether the participants can reach the required level of stores by November due to the supply cuts?linked?to?the war in the Middle East, and the price spikes they've triggered. Gasunie stated that "current prices don't make it obvious" that companies would start buying gas on time. High prices make it unattractive for businesses to purchase gas and store it. The EU's lowest prices Gas Infrastructure Europe's data shows that Dutch gas storage levels are far below the EU average of 28%. A letter obtained by revealed that Energy Commissioner Dan Jorgensen urged EU member states to fill stores earlier 'ahead of the winter of 2013/2014. They were also encouraged to use a flexible EU law allowing them to reduce their filling target?to 80% rather than the official goal of 90%. Brussels is worried that a rush to reach the filling goal could cause further price spikes. Gasunie, a Dutch gas company, said that there is no immediate cause for concern about gas supply in the Netherlands as gas flow is stable and winter's over. The natural gas grid operator has said that the stores will run out further in the next few weeks, before the filling season begins in April. Gasterra, a gas trader who buys and sells on behalf of the Dutch government, is winding down its operations after the Groningen gas field in the Netherlands' north has stopped producing gas. The Dutch government has asked the state-owned energy company EBN to step in if other market participants are unable to meet storage requirements. The government announced last year a loan facility of 21.6 billion euros ($25,1 billion) to help EBN achieve its goal.
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Canada futures are rising as optimism about a Mideast truce increases sentiment
Investors seized on signs of progress in a Middle East conflict to boost futures linked to Canada's stock market index. As of 06:18 a.m., June futures - on the S&P/TSX composite index - were up 1.2%. ET (1018 GMT). Oil prices fell and global stocks rose on reports that the U.S. was seeking a ceasefire for a full month in its war with Iran. A 15-point plan had been sent to Tehran, increasing hopes of a breakthrough which could help restore the oil supply from the Gulf. The prospect of a ceasefire in hostilities, even though the Iranian military denied any talks with Washington about ending?the conflict', was enough to move the markets. Gold prices rose on a weaker dollar. Oil prices fell on the hope of a ceasefire, which could normalize energy flows through the Strait of Hormuz. Central banks may be relieved by a drop in energy prices, as they have been warned that geopolitical tensions could re-inflationary pressures. This would complicate interest rate forecasts. LSEG data shows that traders expect the Bank of Canada will hold?rates? at its April meeting. Two hikes are expected?by the end of this year?. S&P/TSX composite index posted its largest single-day gain in five weeks, though it is still 7.5% below its March 2 record closing 'high. After CIBC, a brokerage firm, upgraded?Dollarama to "outperformer," from "neutral," and reduced?its price target. Click on the Codes: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and editing by Diti Pjara in Bengaluru, Rashika Singh)
Which firms will clean-up after the Iran War is over? Maguire
After the U.S. and Israeli air strikes on?Iran are over, a new competition is likely to begin: the race for contracts to repair damaged oil and gasoline infrastructure and to restore?shipping routes - and influence – across the Middle East.
The destruction does not stop in Iran. Fatih Birol, head of the International Energy Agency, warned that at least 40 energy assets in nine Middle Eastern countries have been "severely" or "very severely" damaged. Oil and gas fields, refineries, and pipelines will all take time to be repaired, he said. The crisis is worse than both oil shocks in the 1970s and the combined impact of the Russia/Ukraine gas war, according to Birol.
Engineering specialists are lining up for the rebuilding of pipelines that have been destroyed, while logistics companies can repair ports and terminals that have been bombed out. A select group of businesses is ready to turn the end to the conflict into a lucrative business boom.
Here are some of the sectors and companies that could be competing for the many energy and port reconstructions projects that will likely emerge in the Middle East after the war ends and the cleanup begins.
ENGINEERING CONGLOMERATES
Once the fighting has stopped, multinational engineering giants are among the first companies to be called into Iran to assess the damage caused and to draw up plans for reconstruction.
Companies with experience in the repair and construction of oil rigs and refineries, pipelines, and natural gas liquefaction will play an important role in Iran's recovery, and in restoring revenues to the country.
The ultimate winners will be determined by political affiliations. Both the Iranian and U.S. government are expected to have strong opinions on the way contracts are divided up.
After a few weeks of constant bombing, there will still be plenty of work.
SLB (formerly Schlumberger), Halliburton and Baker Hughes, as well as the privately-held Bechtel Corp., are all major U.S. companies with large oil and gas engineering departments.
The obvious candidates on the Iranian side are the Khatam-al Anbiya Construction company, which is controlled by the Islamic Revolutionary Guard Corps. (IRGC), and the Mapna Group - the largest oil, gas, and power contractor in the country.
Many international firms, including Italy's Saipem and France's Technip as well as India's Larsen and Toubro and Dubai's Sidara, have extensive operations throughout the Middle East. They will also have the contacts and expertise needed to start work quickly.
CNPC of China, NMDC in the United Arab Emirates and Petrofac from Britain are also regionally present and will likely compete for tenders.
OIL & GASS MAJORS
After pipelines and energy infrastructure are repaired, oil and gas producers around the world will look to step up to resume well site extraction and restore the region's refineries.
National energy companies throughout the region will likely feature prominently. These include National Iranian Oil Company, QatarEnergy and Abu Dhabi National Oil Company.
Shell, TotalEnergies (France) and Exxon Mobil (U.S.), as well as other international majors with operations in the Middle East will also look to protect their position.
The destruction is a good indicator of what lies ahead. Israeli strikes have damaged four units in Iran's South Pars Gas Field, and Iranian attacks in Qatar's Ras Laffan Industrial City have caused extensive damage to the LNG facilities. It will take many years to repair these damages.
SHIPPING & UTILITIES
Damage does not end at the wellhead. Ports, electricity grids, and water systems across the region were all affected, requiring a similar reconstruction effort.
Recent bombardments have caused significant damage to large ports and merchant ships in the Iranian waters, as well as scores of other vessels.
The Strait of Hormuz, a narrow chokepoint that separates Iran from Oman and through which a fifth of all crude oil and LNG in the world passes, has effectively been closed. Reopening this passage will be necessary for a return to normal energy flows around the globe.
The recovery effort is expected to take years. Specialists in harbour reconstruction and marine salvage will be needed to restore port facilities and clear shipping channels.
Tavanir, a state-owned company, and Mapna Group, a private group, operate the majority of Iran's electricity generation and transmission networks. They will anchor the recovery efforts at home.
Rosatom, the Russian company that manages Iran's Bushehr reactor, near the recent strike zones, has a more complicated challenge to face, as any reconstruction effort supported by the United States is likely be contested.
Desalination plant that provide clean water to?Iran, Bahrain, and parts of the israeli electricity grid were also affected, extending the scope of rebuilding well beyond Iran's border.
Even if fighting stopped today, there would still be years of reconstruction to come.
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(source: Reuters)