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Iran claims foreign tanker smuggled fuel was seized in Gulf
State media reported that Iran had seized an oil tanker from a foreign country near the Iranian island of 'Qeshm, in the Gulf. The tanker was said to be carrying 4,000,000 litres of fuel smuggled, the report stated. The authorities did not name the vessel nor disclose its nationality. The authorities alleged that 16 foreign crew were?detained for criminal charges. State TV reported that the tanker had been seized on Wednesday. Iranian news sites published photos and video footage of the tanker they claimed to have seized. Iran announced last week that it had seized a foreign tanker carrying smuggled fuel in the Gulf of Oman. It did not identify the vessel, nor its nationality. Iran has some of the lowest fuel prices in the world due to heavy subsidies and the sharp fall of its currency. It is now trying to stop fuel smuggling to neighboring countries by land and to Gulf States by sea. (Editing by Joe Bavier).
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Ukraine claims that Russian drones have damaged foreign-flagged ships in southern ports.
Ukraine's deputy premier said that overnight Russian drone attacks damaged vessels with flags of Liberia, Palau, and Slovakia in the ports of Odesa, Ukraine. Russian officials have said that Moscow has intensified its attacks in recent weeks on the southern Odesa region, while Ukrainian officials claim Moscow is attempting to cut Ukraine from the Black Sea and sow chaos among civilians. Oleksiy Kulba, in a Telegram message, said that there were no casualties in Friday's strikes. However, the attacks damaged elevators, civilian warehouses, and caused power outages in the Odesa area. Kuleba also said that drones had damaged a locomotive at the Kovel railway station in northwestern Poland, which is a distance of?about 60 kilometers (37.28miles) away. Kuleba stated that "despite Russia's deliberate terror against Ukraine, the logistics system continues to function." Russia has not commented on this matter. (Reporting and editing by Joe Bavier, Muralikumar Anantharaman, and Yuliia dysa)
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Iran claims foreign tanker smuggled fuel was seized in Gulf
State media reported that Iran had seized an oil tanker from a foreign country near the Iranian island of Qeshm, in 'the Gulf. It said it was carrying smuggled fuel of 4 million litres. The authorities did not disclose the name of the vessel, its nationality or when it was seized. The authorities said that 16 foreign crew members had been arrested on criminal charges. Iranian news sites?published video and photos?of the tanker they claimed to have seized. Last week, Iran announced that it had intercepted another foreign tanker in the Gulf of Oman carrying 6,000,000 litres of diesel it described as smuggled. It did not identify the vessel or its nation. Iran has been trying to stop fuel smuggling to Gulf States and neighbouring countries by land and sea. This is due to the heavy'subsidies it receives and the sharp fall in its currency. (Editing by Joe Bavier).
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Families question credibility of investigation after delay in Jeju Air crash report
Two officials have said that the South Korean investigation into the crash of Jeju Air, which killed 179 people, is likely to miss the deadline for releasing a progress report. This comes as the relatives of victims are still demanding answers to what went wrong. Two board officials confirmed that the country's accident investigation board will not be able to release an interim update on the Monday, first anniversary of the worst plane accident in South Korea. The two officials declined to give their names due to the sensitive nature of the issue. The Boeing 737-800, which was on a flight from Hong Kong to Muan, made an emergency belly land at the airport. It overshot the runway, then slammed against a concrete embankment, exploding into a fiery ball, killing 181 passengers. In a January preliminary report, the government-led Aviation and Railway Accident Investigation Board stated that both engines of the plane had been damaged by bird strikes. Investigators stated in a report from July that the pilots turned off the engine with less damage after?the bird struck. The report was not made public due to objections by families of victims. Families of victims are frustrated Some family members claimed that investigators seemed to blame the pilots, without investigating other factors such as the concrete structures beyond the end runway which likely made the accident far more deadly. It feels like doubts keep growing. "It feels like frustration has only increased over the past year," said Ryu, Kum-Ji. She lost both her parents in the accident. She stood with other members of her family who also shaved off their hair and protested in front of the presidential office. They demanded an independent and transparent investigation. Ryu stated that mistakes by the Transport Ministry, which supervises the investigation board could have also been a factor. This month, a transport ministry official assured bereaved families that they would look into their concerns. The second vice-minister of the Transport Ministry said: "We take your concerns seriously that the government's effort was not enough in the process (of finding the truth)." The government will support the families who have lost loved ones and look into it more closely. The South Korean parliament will launch an investigation into the crash on February 2. REPORT DELAYED According to the rules of the U.N. Aviation body, a report should be issued within one year after an accident. If that's not possible, then an interim statement detailing the progress of the investigation and any safety concerns raised, should be released on each anniversary. The two officials said that the investigation board does not plan to publish a?update yet due to pending legislation intended to ensure its independence. The lawmakers have proposed that the board be replaced and the oversight transferred from the Transport Ministry to the Prime Minister's Office. One of the board members said, "We will respect the decision of the newly-formed committee regarding the timing for the publication of the interim report." In a report published this week, South Korea's anti-corruption agency found that the concrete embankment of Muan Airport violated both local and international standards which require such structures to be "frangible", so that they can give way in the event of an impact. This meant that it could "cause deadly damage to aircraft and their occupants." On the request of legislators and the families of the victims, the board delayed the public hearings originally scheduled for early December. The police are also investigating. "All we ask is that the authorities admit their mistakes and apologize. Ryu stated that he wanted an apology and the disclosure of truth. (Reporting and editing by Ed Davies, Jamie Freed and Joyce Lee. Additional reporting by Hyunjoo Ryu and Jungminryu.
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Vingroup shares fall on withdrawal of rail project, weighing Vietnam index
Vingroup, Vietnam's largest conglomerate and its affiliated companies saw their shares fall?sharply? on Friday. This dragged down the index of Vietnam's main stock exchange. Vingroup's shares fell by 7%, their daily limit to 147,000 dong. This follows a 7% drop on Thursday after the company announced it would withdraw the investment proposal for?nation?s $67 billion North-South high speed railway project. Vingroup's affiliated firms, including Vinhomes Retail, Vincom Retail, and Vinpearl also saw their shares fall 7% on Friday. According to LSEG, Vingroup and 'its affiliates' account for nearly a quarter of the Ho Chi Minh Stock Exchange total?market capitulation. Vingroup shares are up 625% in this year despite the fact that one of its biggest foreign shareholders, SK Group from South Korea, has divested its stake. Vietnam's stock fell 2.5% to 1,699 in the morning trading on Friday. Vietnam's efforts to boost its economic growth include a number of infrastructure projects, including the 958-mile (1.540-km) railway that links capital Hanoi with business hub Ho Chi Minh City. Vingroup's high debt and lack of expertise in rail infrastructure had previously been a concern to the?country's Central Bank.
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Poland intercepts Russian aircraft over Baltic and reports airspace violations from Belarus
Poland sent fighter jets over the Baltic Sea to intercept a Russian reconnaissance aircraft. They also said that dozens of objects had entered overnight from Belarus, warning the incidents could be a sign of provocation. Polish fighter jets intercepted and visually identified a Russian reconnaissance aircraft flying near the borders of Polish airspace this morning. They then escorted it out of their area. The Polish army announced on Thursday that a Russian reconnaissance plane was flying near the borders of Polish airspace. Since September, countries on NATO's eastern flank have been on alert for possible airspace incursions. Three Russian military jets violated Estonian airspace for twelve minutes just days after over 20 russian drones entered Polish airspace. The National Security Bureau of Poland said that'several dozen objects' entered Polish airspace from Belarusian territory. Four of the objects discovered to date were likely smuggling smuggling helium balloons. "...the violation of Polish airspace was of a mass scale, it occurred during a special holiday period, and the Russian aircraft activity in the Baltic Sea has been assessed. The Belarusian and Russian embassies at Warsaw have not responded to our requests for comment. Vilnius Airport was closed because of smugglers' balloons that were originating from Belarus. Lithuania claims that the balloons were sent by smugglers who are transporting cigarettes, and they constitute a hybrid attack by Belarus, an ally of Russia. Belarus has denied responsibility. According to the Polish army, a part of the airspace above northeast Poland's Podlaskie area, which borders Belarus was temporarily closed for civilian traffic in order to ensure security. (Reporting and editing by Emelia Sithole Matarise and Howard Goller;
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Gazprom, a Russian company, will supply 38 billion cubic meters of gas to China through the Power of Siberia Pipeline in 2025
Alexei Miller said that Gazprom, the Russian gas corporation, supplied 38.8 billion cubic meters of gas to China through the Power 'of Siberia' pipeline this year. This is an increase of nearly a fifth compared to the previous year. Miller stated that by the end of 2025, the company will have exceeded its contractual obligations to China in terms of gas supply. Sources familiar with data said on Monday that Russia’s pipeline exports to China of?natural?gas were expected to hit around 38.6-38.7 bcm this year. This is up from 31 bcm by 2024 and exceed the pipeline's annual capacity of about 38 bcm. Miller stated?in October? that the Power of Siberia will supply more than 38 bcm of fuel this year. The Power of Siberia 1 gas pipeline began transporting Russian gas to China late in 2019. Barbara Lewis, Barbara Lewis (Reporting)
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Five people killed in helicopter crash on Mount Kilimanjaro, Tanzania. Aviation authority reports
The civil aviation authority reported on Thursday that a helicopter crashed on Mount Kilimanjaro in Tanzania, killing five people. Local media said the aircraft was on an 'emergency medical rescue mission. The Tanzania National Parks issued a statement identifying the victims as a guide, a doctor (both Tanzanians), a pilot from Zimbabwe and two tourists from the Czech Republic. In a press release, the Tanzania Civil Aviation Authority confirmed that a helicopter had crashed on Wednesday near Barafu Camp in the mountains. According to the?Mwananchi and East Africa TV, which cited Kilimanjaro's regional chief of police, the helicopter was on a?medical rescue mission. Mount Kilimanjaro, Africa's highest peak, ?is nearly 6,000 metres (20,000 ?ft) above sea level. Mwananchi said that the crash occurred between?4,670 to 4,700 metres. Kilimanjaro is climbed by around 50,000 tourists each year. (Written by George Obulutsa, edited by Saad sayeed and Emelia Matarise Sithole)
Citgo auction pits Icahn-backed oil refiner, financial institution group
An oil refiner backed by activist investor Carl Icahn and a group of creditors holding claims against Venezuela are completing in the last mile of a. U.S. court auction for Citgo Petroleum, according to 3. individuals knowledgeable about the matter.
A total of 18 lenders holding judgments for financial obligation defaults. and expropriations in Venezuela totaling $21.3 billion are. pursuing earnings from the auction of shares in Citgo's parent,. organized by a federal court in Delaware. But offers are not. expected to cover that quantity entirely.
A financial investment group that consists of miner Gold Reserve. and a system of corporation Koch Industries have actually used about $9. billion in combined money and claims versus Venezuela, two of. the people, who were not licensed to speak openly about the. matter, said.
Icahn-controlled CVR Energy independently sent an. all-cash quote of about $8 billion, individuals with understanding of. the auction stated.
Both current offers are above the greatest $7.3 billion bid. submitted in a first round previously this year, however far away from. Citgo's market evaluation of in between $11 billion and $13 billion.
The court officer supervising the auction, Robert Pincus,. last week asked for extra time to examine the complex provides. and reach an arrangement on terms. Creditors can use claims. against Venezuela in lieu of money in some cases.
The procedure has actually permitted business including Gold Reserve,. which has a more than $1 billion claim, and Koch Industries,. with a $457 million claim, to sign up with forces with investors recommended. by investment bank Centerview Partners, who have actually contributed. money to the quote, the 2 sources added. Lenders can use. claims as comparable to money.
Gold Reserve and court officer Robert Pincus declined to. remark. Centerview did not have an immediate remark. Koch did. not respond to ask for remark. CVR decreased to comment, however. the company's president in late July told financiers it was. exploring tactical deals in refining.
Gold Reserve in June said it had gotten $36 million. through a private positioning of shares and lined up a partner, FJ. Management, to support its bid.
At least 5 groups of investors sent binding bids in. the 2nd round, and 3 protected financing dedications from. banks and advisors consisting of JPMorgan, Morgan Stanley. and Rothschild & & Co, people close to the. matter informed Reuters in July.
SOME WILL END UP EMPTY-HANDED
According to the court's terms, bidders have an. opportunity to add further celebrations to their deals to improve. their value and can likewise complete their bids after sent,. making the process dynamic.
However due to the fact that of the mounting claims, some financial institutions will end. up empty-handed no matter which of the offers the court. accepts. Shareholders with protected claims against Venezuela likewise. have actually opposed they were largely locked out of the auction.
Venezuela, which is the middle of a severe political crisis. following a disputed presidential election, has called the. auction a theft of its treasured foreign property. Citgo and its. supervisory boards likewise have battled to postpone the auction and win. U.S. assistance for keeping Venezuelan ownership.
The seventh-largest U.S. refiner by volume has been. controlled by supervisory boards appointed by Venezuela's. opposition because 2019, when the United States severed its ties. with Venezuela's state oil company, PDVSA.
The Houston-based business has been extremely successful. Its. first quarter earnings was $410 million, and it earned $2.04. billion for all of 2023.
The U.S. judge managing the case, Leonard Stark, has. opposed any substantial delay to completing the case, initially. presented by miner Crystallex in 2017. Stark found Citgo's. parent, PDV Holding, accountable for Venezuela's debts and bought. its shares took.
In early July, Pincus said the bidding round had been. effective, with a number of competitive bids received, a change. from a first bidding round in January thought about disappointing. by Citgo's lawyers.
In a filing looking for more time to work out and examine the. bids, Pincus did not reveal the identities of any bidders. Citgo. said in court in July it had actually not been briefed about the bids.
When a finalist is identified, the court will schedule a. 21-day duration for participants to challenge the recommendation. By Aug. 22, a winner must be selected, and the court has set. Oct. 15 to authorize a winner subject to approval by the U.S. Treasury Department.
Citgo, the crown gem of Venezuela's foreign assets, has. storage terminals, pipelines and 3 oil refineries that can. process as much as 807,000 barrels each day of crude oil into fuels.
(source: Reuters)