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Norway's government will accelerate the development of onshore wind energy, it says
The Norwegian government presented plans on Friday to 'cut red tape' and'shorten the processing of applications for new onshore wind plants and transmission lines. This is in response to concerns that a slow buildout over recent years might impede economic activity. Prime Minister Jonas Gahr Stoere said at a press briefing that the Labour Party government hopes to reduce grid development time by half through a simplified application process and by removing bureaucratic barriers. Stoere stated that "A faster development of more'renewable energy and electricity grids are crucial to cutting emissions, boosting employment and protecting?existing companies and jobs." Terje Aasland, Norway's Energy Minister, said that developing more wind power was the fastest way to increase Norway's electrical output. It is also the least expensive. RENEWABLES ARE? THOUSANDS??????????? LARGELY?? based on RENEWABLES Norway's electricity is based largely on renewables. The majority of the plants are hydropower along rivers and reservoirs. Most were built decades ago. Onshore wind has also grown rapidly between 2015-2021. The Nordic country only increased its capacity by about 1,000 megawatts since then, a mere 2.5% increase, due to a reaction from residents and indigenous groups of?Samis against the development of onshore wind. One of the measures that was presented on Friday was to make wind farms?attractive for municipalities by bringing developers' payments forward based on planned production. In most years, Norway produces more electricity than it consumes. It is also a net exporter. However, this surplus is threatened by forecasts of rising domestic consumption as industries move away from fossil fuels. Data centre operators are also increasingly interested in obtaining clean energy input. In April, the national transmission grid operator Statnett announced that it would not be allocating new connections to its Arctic region's major industrial plants due to capacity constraints. (Reporting and editing by Terje Solsvik, with Nora Buli)
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UK watchdog targets unregulated lenders for financial crime
The British Financial Watchdog has said that it is stepping up its scrutiny of unregulated lending companies, leasing companies and money brokers because of concerns they could facilitate financial crimes. Financial Conduct Authority (FCA) said that it is concerned by the risks to consumers and the markets from unregulated lending which often involves complex structures. In a'statement, it said that it had sent information requests to 900 'Annex 1 firms. These include lenders, leasing companies, and other financial firms which are subject to anti -money laundering rules, but not fully regulated by FCA. This increased scrutiny comes after the collapse of Market Financial Solutions in February. The FCA, who supervises MFS to ensure compliance with anti-money-laundering?rules, but does not regulate the firm as a fully authorized firm, launched an?investigation into the mortgage lender in the following month. The FCA had already expressed concerns about this sector. In March 2024 it wrote to Annex 1 companies?to warn them that supervisors found weaknesses in their control against financial 'crime, such as inadequate'staff training and underresourced compliance teams. In 2025, it sent a second letter. (Reporting and editing by Tommy Reggiori Wilkes, Alexander Smith and Phoebe Seers)
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Putin opens the way for the state to sell 30% of its stake in Moscow's largest airport
The President of Russia, Vladimir Putin, has approved the sale of the 30.4% government stake in the Sheremetyevo airport, the largest airport in Moscow, at a moment when Russia seeks to?restore its war-depleted finances. Putin signed a decree Thursday removing Sheremetyevo's name from the list of official strategic enterprises. The state will still retain a "golden share" that allows it to block management decisions. The decree prohibits the sale of a stake to foreign investors and requires that the purchaser continue with 'the core business' and modernisation. The four-and-ahalf years of conflict in Ukraine have put a strain on the state budget for Russia. According to data published in the last month, its federal deficit may exceed official plans by over 1?trillion (or $12.85 billion) roubles in 2026. In the first half of this year, the deficit was 6.73 trillion roubles (69.6 billion dollars), or 2.5%, which is 1.7 times more than the same period in 2025. The Russian Sheremetyevo Holding owns 66 percent of the airport. Its ultimate owners have not been revealed. It was owned by Arkady Rotenberg, Putin's friend and Rotenberg's associates before it redomiciled from Cyprus in 2022. Sheremetyevo Airport is the largest airport in Russia. It owns and operates terminals that can handle up to 87 million passengers per year. In 2025, the actual number of passengers was 43.5 million. Airports continue to be profitable despite Western sanctions and flight restriction. This is due to the growth of?traffic to domestic routes, and "friendly" countries like Turkey, Egypt, and Vietnam. Sheremetyevo purchased 100% of Domodedovo Airport, another major Moscow airport, at an auction in January for 66 billion rubles. Domodedovo has an annual passenger traffic of 15 million. Reporting by Gleb Stolarova; editing by Mark Trevelyan. $1 = 82.3000 Roubles
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Taiwan's annual war games sees Taiwan scramble French-made jets for rapid turnaround drills
Taiwan's Mirage fighters, made in France, were scrambled on Friday during an annual war game to show how they could be quickly re-armed and sent back into the sky during a conflict with China. The Han Kuang exercise began in Taiwan on Wednesday. The drills, which last 10 days, are aimed at assessing Taiwan's readiness to fight a possible attack by China. China regards Taiwan as its territory and has promised to take it back, if necessary, with force. Taiwan's government rejects Beijing’s claims of sovereignty. The crew of a Mirage fighter towed Magic II and MICA, both French-made, to an airbase in Hsinchu, northern Taiwan. Air force officer Yang Shang-ru said the "loading-and-mounting" mission was a very important ?part of combat operations. He said that after an aircraft has completed its mission, the control tower relays the information about the fuel and ammunition used by the aircraft to the ground crew. We complete all the preparations and stay on standby. We quickly re-arm and service the aircraft once it taxis back so that they can "quickly return in an emergency to the air to carry out combat mission." France, which provided the Mirages and other weapons to Taiwan in the 1990s, continues to provide technical support. RUNWAY REPAIRS The air force demonstrated how to repair bomb and missile damages on runways and taxiways by first filling the crater in with stones and sand, and then covering it up with a fibreglass floor mat. Lin Chih Hsuan, a second air force officer, stated that the goal is to repair such craters within four hours in wartime and use civilian contractors for help. He said, "This shows the ability of the Air Force to quickly restore runway operational capability." The Hsinchu Air Base was a Japanese air force base that was bombed during World War II by the U.S. During the Cold War, it was home to the Black 'Bat Squadron which flew high risk spy missions over China with the CIA. China's Air Force flies almost daily in the skies around Taiwan as part of Beijing’s ongoing pressure campaign. Taiwanese fighters scramble regularly to warn and shadow them away. On Friday morning, the army had deployed to a part of Taiwan's?international airport in Taoyuan to simulate defending a major artery that connects the island to the outside world. During the drills, the Taiwanese military spreads out all over the island. BRIDGE DIVING DRILLS Late Thursday night, troops practiced defending an important bridge that could allow Chinese forces to'shortcut' the capital Taipei. The Danjiang Bridge?opened in early this year - crosses the Tamsui River entrance, which leads to Taipei. Soldiers built barbed-wire defences, sandbag positions and barriers during the late-night exercise on the world's largest single-mast cable-stayed bridge. (Reporting and editing by Ben Blanchard, with additional reporting by Yimou Lee in New Taipei, Fabian Hamacher and Tsai Hsin-Han from Taoyuan and Yimou Lee in New Taipei; and Tsai Hsin-Han and Yimou Lee in Taoyuan.
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Wall Street Journal, August 7,
These are the?top stories from?the Wall Street Journal. The Wall Street Journal has not verified these'stories' and cannot vouch for the accuracy of their content. Nielsen Holdings has agreed to purchase DoubleVerify for an enterprise value of approximately $2.15 billion. EasyJet, a British budget airline, has agreed to Apollo Global Management's takeover offer of 5.7 billion pounds ($7.68billion). ConocoPhillips' Chief Executive Officer, Ryan Lance, is retiring and will be succeeded by Andy O'Brien, Chief Financial Officer. Suncor Energy has named Peter Zebedee its new chief executive. Troy Little, the Chief Financial Officer of Suncor Energy, is no longer with the company. The Federal Aviation Administration has ordered that Boeing 737 Max jets be inspected for cracks in a component which could affect the structural integrity of the planes. A New Mexico judge has ordered Meta to pay?more than $900 million? after a jury found that the company had failed to protect youth. (Compiled by Bengaluru Newsroom)
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Everyone wants energy security after the Iran War, but how? Russell
The Iran war is likely to be the catalyst for nations that import energy to reduce their dependency on fossil fuels. These countries must find a way to do this that is both cost-effective and politically acceptable, while not creating new vulnerabilities. It is not an easy task. This debate is usually framed along 'left- and rightwing political faultlines. Progressives say that the conflict highlights the need for a faster transition to electric vehicles and renewable energy sources, while conservatives claim it highlights the need for more fossil fuel production outside of the Middle East. The U.S. and Israel launched the Iran war on February 28. This has effectively shut down the Strait of Hormuz. The Strait of Hormuz was once used to transport close to 20% of global crude oil, refined products and LNG. The markets still price in a reopening, but risks surrounding the movement of fuel and crude from the Gulf are shifting. Iran will likely end up having some control over vessel movements. The Iran war is now the second major crisis for fuel-importing countries in the last four years. The 2022 invasion of Ukraine by Russia caused crude oil, fuel, LNG, and thermal coal prices to spike worldwide amid fears that Russian exports would be restricted. It is clear that the status quo cannot continue. The question now is, how can energy security be achieved? Australia, the world's largest diesel importer, is a prime case study of the dilemma fuel importers face. The country should either reopen its oil refinery, decades after closing most of its plants? Or accelerate its electrification in order to reduce its dependence on imported fuels. The answer to this question is complex, and it offers some important lessons. REFINERY IDEA Australia imports about 80% its liquid fuel. The eight refineries that operated at the beginning of the millennium have now been reduced to two, each with a processing capacity of less than 100,000 barrels per days (bpd). According to Kpler, the country will import 861,000 barrels per day (bpd) of light and medium distillates by 2025. Diesel is expected to account for 60% of this, according data. Australia's government announced a pre-feasibility report for a new refinery, citing the threat of continued supply disruptions. It would be the first refinery built in 60 years if it were to be constructed. The plan is to build an oil refinery in Western Australia that will supply the mining and agriculture sectors. According to Kpler, the state is five times larger than France, but only has 3 million people. It imports 200,000 bpd light and middle distillates. Perdaman is a fertilizer and urea manufacturer that has proposed the new refinery. The company describes it as "a game changer for Australian fuel safety." It may be true, but who would pay for it? A modern and economically viable refinery must have a capacity of at least 300,000. The refinery would have to be sufficiently complex to convert crude oil into light and middle distillates as residual fuels are not in high demand. The cost of a similar plant in Ghana, estimated at $12 billion, would be higher in Australia due to the higher costs for labour and land. A new refinery would also require crude offloading, product export capabilities and storage tanks that could hold 90 days worth of crude imports for strategic reserves. It is possible to build a refinery of this size, but the question is if the cost is worth the return, since the refinery does not provide fuel security. The refinery would shift the reliance away from imported products and towards imported crude. Would it be better instead to encourage mining companies to electrify? Fortescue Metals Group has done just that. According to Australia's third largest iron ore mining company, the move is already paying off. Renew Economy, a clean energy website, shows that Fortescue has benefited from its adoption of electric mining vehicles and renewable power generation by A$1.2 billion (840 million dollars) per year. Electricity is not only beneficial to farmers and miners. Australian consumers have also shifted to electric and hybrid cars. According to the Federal Chamber of Automotive Industries, sales of EVs and plug-in hybrids, as well as so-called "mild", which are equipped with a small electric motor and battery, but cannot run solely on electricity, accounted for nearly half of all'sales in July. The Federal Chamber of Automotive Industries reported that sales of EVs increased by more than three times in July compared to the same period a year ago. Plug-in hybrids also grew 157%, and'mild' hybrids jumped up 206%. This suggests consumers are reacting to concerns about fuel security. The Australian government may benefit in some way from both hybrid and conventional fuels. A new refinery would be a good investment, even though it is expensive. It will protect Australia from the current refined fuel crisis. A hybrid plan would reduce the political costs of the transition and give the country more time to speed up electrification in areas where it is economically feasible. This strategy acknowledges that fossil fuels will likely be part of the mix for energy for at least another two decades while working to reduce dependence on them. There are already signs that the process of learning this lesson is underway. Vietnam, for example, is adopting policies that will boost domestic production and sales, as well as electric scooters. This is a significant shift, given that motorbikes remain the most popular mode of personal transport in this Southeast Asian nation with 102 million residents. Thailand, meanwhile, is offering a subsidy up to 100,000 Baht ($3,020), as the country is building a rapid public charging infrastructure. Energy security is a national issue, but there are some common themes. Diversification of energy sources and consumption will be key. 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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China's crude imports in July rose from June due to purchases during the brief Hormuz Reopening
China's crude?imports dropped 24.3% on an annual basis in July, but jumped?from a near-decade low in June, according to?data released by customs on Friday. This was due to cheaper barrels purchased after the Strait of Hormuz briefly reopened in June. China imported 8.41 million barrels of crude oil per day in July, up 22% compared to June when imports were at their lowest since October 2016. This was due to weak domestic demand and export restrictions on refined oil products for energy security because of the Iran War. Ye Lin, vice-president at Rystad, explained that the increase was due to barrels being 'purchased opportunistically when Brent traded in the $70s during a brief partial opening of the Strait of Hormuz back in June. The arrivals from this window are expected through August. This will'support an easing in restrictions on refined product exports, and a modest rise in refinery run rates as margins improve. Vortexa estimates seaborne 'imports' at 7.1 million bpd for July. Non-Iranian Middle Eastern Imports rose by about 1 million bpd compared to June. China's refinery run?also improved compared to June. According to Chinese consultancy Oilchem, the average distillation unit usage rose 0.82 percentage points from month-to-month in July.
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Data shows that traders from South Korea shipped refined fuels to Russia in late July.
Shiptrackers and trade sources showed that traders imported nearly 30,000 tons of refined fuels from South Korea to Russia in late July, as the Ukrainian attacks on Russia's energy infrastructure sparked a demand for imports. Kpler ship tracking data and Vortexa ship tracking data revealed that at least two "short-range" tankers loaded with fuel products were transferred from tanks in Ulsan container ports bound for Russia's Far East. This was an unusual trade. Kpler data and a trade source indicate that one of the ships has arrived in Russia, but it is yet to discharge. Two sources said that the fuel included diesel. One said it also included jet fuel. The South Korean Ministry of Trade Industry and Resource refused to comment. Meanwhile, the Russian Energy Ministry did not reply to a comment request. Ukrainian forces have been attacking Russia's energy infrastructure, Kyiv claims in an effort to rob Russia of resources to fund its military. Moscow has extended the export ban for diesel and gasoline to January. However, some restrictions will be eased from September 1. Russia is a net diesel exporter, and volumes are destined for Brazil, Turkey, and West Africa after western sanctions were imposed following the 2022 invasion of Ukraine. Last month, it was reported that Russia would receive a cargo of jet fuel worth?atleast 200,000 barrels from Japan via traders. The shipment was to be shipped via South Korea. However, multiple sources confirmed that this shipment never took place. Tokyo said later that it included in its ban on jet fuel exports from Russia shipments made via third-country countries or at sea. Kpler shiptracking showed that a previous shipment from Northeast Asia into Russia was for?22,000 bbls of jet fuel? from Yeosu, South Korea in February?2022. The shipment was delivered to Vladivostok, in Russia's Far East.
Reliance, an Indian company, has booked a supertanker for Iraqi crude at a record-breaking freight rate
Three shipping sources reported that India's Reliance Industries paid between $23 and $25 million for a charter of a "supertanker" to lift Iraqi crude. This is due to the limited number of ships in the Gulf, as well as the high cost of each voyage. Shipping traffic through the Strait of Hormuz is well below the average of between 125 and 140 vessels per day before the Iran War began in February. This puts further pressure on buyers who are trying to move their cargoes.
Reliance, operator of the largest refining facility in the world, located in India's western state?Gujarat booked the tanker for 2 million barrels at 1200 World Scale, a measure freight costs that was?12 more than the benchmark freight rate to lift Iraqi crude.
According to ship brokers, this translates into a total of $23 to $25 million in charter hire fees - one of the highest rates paid during the war.
Prior to the war, the freight cost was 0.8-0.9 times the benchmark. This equates to about $2 million.
Sources said that despite paying the record freight rates, Reliance will still save millions on the cargo due to the steep discounts offered by Iraqi state oil marketer SOMO.
The vessel is supplied by South Korea’s Sinokor. It's one of the few shipowners who continue to send tankers across the Strait of Hormuz despite the increased risks of navigating this waterway due to attacks on commercial ships.
Reliance or Sinokor didn't respond to requests for comments sent via email.
Iraq offers its crude oil at a discount of between $25 and $30 per barrel compared to Dubai benchmarks in order to encourage buyers to lift cargoes out of terminals within the Strait of Hormuz. This was revealed by a document this week. Other shipping sources reported that several Indian and Chinese'refiners' have been looking for vessels to enter the Strait this week and load crude oil?at Iraq’s Basrah Oil Terminal. They were attracted by steep discounts.
They said that no ships have been repaired yet because shipowners were hesitant to enter the waterway. Reporting by Nidhi verma and Jonathan Saul, Editing by Kirby Donovan
(source: Reuters)