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New Czech Minister says EU is at risk of losing out on climate goals to China and the US
Karel Havilicek, the new Czech Minister of Industry, said that the European Union needs to reconsider its climate goals or else it risks losing out to China and the United States. This week, the billionaire Andrej Babis became Prime Minister of the Czech Republic. The government, led by the populist ANO in coalition with the right-wing and extreme-right parties, rejected ETS2, the EU's next generation emissions trading scheme aimed at road transport and buildings, which was meant to?provide market incentives for investment. The government has pledged not to join ETS2, due to go into effect in 2028, as part of EU Green Deal plans for reducing emissions over the next decades. Czechs claim it will increase energy costs and hurt industry's competition. The new government wants to find allies who will help it scrap ETS2 and this could lead to a conflict with the EU executive. The Czech government has stated that studies have shown it would cost the Czechs around 40 billion crowns per year ($1.92 billion), which is more than any potential EU penalties for not implementing the legislation. MINISTER SAYS NEED FOR KEEPING UP WITH THE POWERS Havlicek told his office on Wednesday that he was not willing to take part in the event, if only because it would be a huge disadvantage for the Czech Republic. He said that different countries have taken different positions. "We want to lead the way in changing the system, from the bottom up," he added. Eurostat data shows that household electricity prices in Czech Republic are among the highest in all 27 EU member states in the first half of the year. The high cost of energy has also been a complaint for many years among companies. A large part of the country's economy is devoted to auto manufacturing. He said, "It is very important for us to start keeping pace with other major powers, such as China and the United States, so that we do not fall behind." Havlicek said that Europe is like "a car hurtling towards a wall, but reassuring themselves the car's electric", and climate targets and schemes are having a negative effect and leaving the EU behind competitors who face fewer restrictions. "I don't want to be a doormat to China, nor do I want our companies to leave for the United States because their inputs are cheaper there. And thanks to climate initiatives, even companies that invest in climate projects may move to America." $1 = 20.8150 Czech crowns (Reporting and editing by Jan Lopatka, Jason Hovet)
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The tram network in England's Leeds will not be completed until the late 2030s
A government review released on Thursday revealed that plans for a long promised tram network in Leeds, northern England, have been pushed to the late 2030s. This highlights 'Britain’s?chronic difficulty in delivering infrastructure. Early 2030s was the promised date for the tram network that would bring mass transit to Britain’s fourth-most populous conurbation. Experts believe that the aging, unreliable rail network is a major obstacle to productivity growth. It also explains why London dominates. Former Prime Minister Rishi Sunak has axed the northern leg?of?the high-speed rail network HS2 in 2023. The new route will run from London to England’s midlands. The Labour government of Britain, which was elected in July, last year, promised to stop decades of underinvestment. Tracy Brabin is the mayor of West Yorkshire Combined Authority. She said, "Britain's Labour Government has confirmed its commitment to bringing a tram network to Leeds. "Our'region has seen two similar projects fail and it is essential?that this time we deliver." She wrote to Peter Hendy in a letter that it took too long for infrastructure to be delivered in this country. Brabin said that she would still "get spades in ground" by 2028. (Reporting and editing by William James; Andy Bruce)
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Spanish police search a laboratory in African Swine Fever Probe
Regional?police in Spain said that on Thursday, they searched a state funded laboratory near Barcelona as part of a?investigation?into an outbreak of African swine fever in the same region. The court-ordered search was ordered after concerns were raised in the past month that a lab leak could have caused an outbreak of African swine?fever. The strain was similar to those used in research and vaccine development, but different from cases elsewhere in Europe. African swine fever can be deadly to wild boars and pigs but is not harmful to humans. It spreads quickly. Spain is Europe's biggest pork producer and accounts for a quarter or so of its output. The outbreak has caused the authorities to restrict movement, as well as to increase efforts to reassure traders. The police said that the search of the Centre for Research in Animal Health was ordered by an investigating judge in the locality and is part of the?preliminary proceeding which has been declared secret. The centre didn't immediately respond to our request for a comment. Cresa told news verification website Maldita.es that it found no evidence of its being the cause of the outbreak. This outbreak is the first in Spain since 1994. It has only been found among wild animals in the Collserola Hills outside Barcelona. No cases have been reported on farms. Authorities discovered the virus in 26 carcasses of wild boars in the six-kilometer (four mile) area that was imposed after the outbreak. Cresa lies within the same region. (Reporting and editing by Andrei Khalip, Ed Osmond and Jesus Calero)
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European Court rules that the Polish Constitutional Tribunal has violated EU law principles
The European Union's highest court on Thursday ruled that Poland's Constitutional Tribunal violated fundamental principles of European Law and could not be considered impartial and independent because of irregularities with the appointment of judges. The nationalist Law and Justice party (PiS), which served in the government for two terms between 2015 and 2023, introduced judicial reforms that Brussels claimed undermined the rule-of-law and critics blamed chaos in the judiciary. The Constitutional Tribunal - a court that rules on the validity and constitutionality of laws, and which is dominated primarily by judges appointed under the PiS - issued rulings stating Poland's Constitution had precedence over EU law, thereby undermining an important principle of the Union. The Court of Justice of the European Union said that Poland failed to "fulfill its obligations" because the Tribunal had violated the principle of "effective judicial protection". It also stated that the Tribunal had disregarded the primacy of EU law, as well as the autonomy, effectiveness, and uniform application of EU laws. The report said that there were "serious irregularities", in the nomination of the Tribunal's President and three judges, which called into question its status as "an independent and impartial court established by law under EU law." The rulings were taken to court by Brussels and are not recognised by the pro-European Government led by Prime Minister Donald Tusk. The government's efforts to reverse the changes have been blocked by two nationalist presidents, who are supporters of the PiS court reform. In an interview conducted this month, Justice Minister Waldemar Zurek said that he would wait for the CJEU's ruling before implementing changes at the Tribunal. This included the appointment of independent judges. (Reporting and editing by Anna Wlodarczak - Semczuk)
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EU prosecutors ask for the dropping of Genoa Dam case against Italian Webuild CEO
Documents from the European Public Prosecutor's Office on Thursday showed that they had'requested' the dismissal of a case involving Webuild CEO Pietro Salini, and three others?for alleged misappropriation of funds. The investigation focused on a contract estimated at 1.3 billion euro ($1.5 billion) awarded by a consortium headed by Webuild to build a dam near the harbour in the city of Genoa, located in the northwestern part of Italy. 900 million euro of that cost came from European and national public funds. Salini's inclusion in the investigation and the dismissal request were not reported previously. The?document reviewed by, the delegated European Prosecutor at the EPPO Turin office requested the Genoa Court to drop the case. It alleged a range of offences, including abuse of office and bid rigging. There were also irregularities in selection procedures, falsifications, and misappropriation?of public funds. The EPPO sought to clear Salini as well as Paolo Emilio Signorini - former head of 'Genoa's Port Authority', Alberto Colosio - Webuild's Tender Office Manager, and Jan Albert Vandenbroeck – chairman of Sidra, a dredging company and member of the consortium that also includes Fincosit, a Fincantieri division, and other members. Now, a Genoa judge will decide whether or not to accept the EPPO's request. Webuild, Italy’s largest construction group, started building the dam through the PerGenova Breakwater Consortium in June 2023. Webuild, Sidra, and Signorini’s lawyers could not be reached for comment. (1 dollar = 0.8532 euro) (reporting by Emilio Parodi and editing by Keith Weir).
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ADNOC secures $11 billion in financing for future gas production
Lukoil abandons Ghasha Project, gives ADNOC 10% stake Demand from Asian lenders including Chinese banks The first gas production is expected by the end of this decade Yousef SABA DUBAI, December 18 - Abu Dhabi National Oil Company announced on Thursday that it had secured an $11 billion?structured financing in order to monetise the future gas production of its Hail?and?Ghasha project, following the withdrawal by Russia's Lukoil. The deal was signed with Eni and PTTEP, and involves 20 global and local banks. The deal uses a pre-export financing model, backed by future throughput of gas, to provide upfront cash, years before the first production is expected at the end of the decade. This transaction is part of ADNOC’s strategy to leverage the balance sheet in order to?fund its transition into a major global energy company. The company previously used lease-leaseback agreements for infrastructure, and listed six subsidiaries to raise millions of dollars. The company also created XRG, a global investment arm with assets of more than 150?billion dollars, including Germany's Covestro. LUKOIL EXITS GHASHA ADNOC's spokesperson said that Lukoil had withdrawn from the concession after it doubled its stake to 10% in?Ghasha earlier this year. ADNOC spokesperson confirmed that Lukoil sold its stake in ADNOC to ADNOC after the sanctions, but refused to give further details. The move comes after Lukoil tried to divest itself of its foreign operations but was stymied by U.S. Sanctions imposed in October to pressure Russia to end the war in Ukraine. A source familiar with the deal stated that it was the first greenfield pre-export financing based on?gas. This allows ADNOC lower its equity contribution while improving returns. Non-recourse funding includes 11 local and regional banks as well as seven Asian banks and three Western lenders including Citi, Bank of China, and ICBC. The source added that?ADNOC had secured attractive rates. Chinese banks provided over a third the financing for Saudi Aramco Jafurah. This project is potentially the largest shale-gas project outside the U.S. and aims to produce 2 billion standard cubic feet of gas per day by 2030. ADNOC CEO Sultan Al Jaber said in a press release that Hail and Ghasha is "an important contributor to ADNOC’s gas strategy" and will generate significant value. The company aims to produce 1.8 billion cubic feet per day of gas while emitting zero emissions.
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ADNOC secures $11 billion in financing for future gas production
Lukoil abandons Ghasha Project, gives ADNOC 10% stake Demand from Asian lenders including Chinese banks The first gas production is expected by the end of this decade Yousef SABA DUBAI, December '18 - Abu Dhabi National Oil Company secured $11 billion of structured financing to monetize future gas production at its Hail and Ghasha project, the?state company announced on Thursday. This was after Russia's Lukoil pulled out of the project. This deal was signed with Eni and PTTEP and involves 20 global and local banks. The deal uses a pre-export financing model, backed by future throughput of gas, to provide upfront cash, years before the first production is expected at the end the decade. ADNOC has been leveraging its balance sheet to fund a transition into a global powerhouse of energy. The company previously used lease-leaseback agreements for infrastructure, and listed six subsidiaries in order to raise billions of dollars. The company also created XRG, a global investment arm with assets of more than 150 billion dollars, including Germany's Covestro. LUKOIL EXITS GHASHA ADNOC's spokesperson said that Lukoil had exited their?concession by November after doubling its stake to 10% earlier this year. ADNOC spokesperson confirmed that Lukoil had transferred its stake in ADNOC as a result of the sanctions, but refused to give further details. The move comes after Lukoil tried to divest itself of its foreign operations but was stymied by U.S. Sanctions imposed in October to pressure Russia to end the war in Ukraine. A source close to this deal stated that it was the first greenfield gas-based pre-export financing. She added that the ADNOC could lower its equity contribution while improving returns. Non-recourse funding includes 11 local and regional banks, 7 Asian banks and 3 Western lenders including Citi, Bank of China, and ICBC. The source added that ADNOC had negotiated attractive rates. Chinese banks provided over a third the financing for Saudi Aramco’s Jafurah project, the largest shale-gas project outside the U.S. that aims to produce 2 billion standard cubic feet of gas per day by 2030. ADNOC CEO Sultan Al Jaber said in a press release that Hail and Ghasha is "an important contributor to ADNOC’s gas strategy" and will generate significant value. The company aims to produce 1.8 billion cubic feet per day of gas while emitting zero emissions.
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Aena buys majority stakes in UK Airports for $360 Million
Aena, the airport operator in Spain, announced on Thursday that it had 'agreed' to purchase a 51% stake in a new holding company in the UK which owns Leeds Bradford Airport as well as a part of Newcastle Airport for 270 millions pounds ($360.88). The acquisition 'aligns' with Aena’s drive to expand internationally, since the group aims to have overseas operations account for 15 percent of EBITDA by 2026. This is after the company’s?chief executive stated that the company plans to grow through asset purchases. Aena now owns Leeds Bradford, and has a 49% share in Newcastle. InfraBridge retains the remaining 49%. In a press release, Chief Executive Maurici Lucena stated that "this is an 'important step' for Aena as it relates to countries?with a strong potential like the UK where we already have a long-standing history". The transaction is expected to be completed in the second quarter 2026.
Azerbaijan check Kazakh drive to reduce oil transit by means of Russia
Azerbaijan said it would just be able to receive 2.2 million metric tons of Kazakhstan's oil into its pipeline each year as it has a high sulphur content, curbing Astana's efforts to decrease reliance on a Russian crude transit path.
Azerbaijan's state energy business SOCAR and Kazakhstan's. KazMunayGas signed a contract in March to slowly. increase the volume of Kazakh oil carried through the. Baku-Tbilisi-Ceyhan (BTC) pipeline system to Turkey's Ceyhan. port to 2.2 million lots a year, from 1.5 million currently.
But Kazakhstan's energy minister, Almasadam Satkaliyev, this. week stated, without providing a time frame, that this could increase to. as much as 20 million metric lots a year as the nation. increases its output. It presently sends more than 80% of its. oil exports by means of Russia.
SOCAR, in an interview with Reuters, stated Kazakhstan's. exports by means of Azerbaijan might only rise to the formerly agreed. level due to continuous discussions concerning an issue with oil. quality.
Presently we can take no greater than 2.2 million lots from. Kazakhstan for the BTC, so as not to ruin the quality, Elshad. Nasirov, SOCAR's vice president stated. Buyers appreciate the low. sulphur content of Azeri Light oil at the BTC outlet.
Kazakhstan's primary CPC Blend grade is a light, sour crude. sold at a considerable discount rate to Azerbaijan's flagship BTC. grade that is an easier-to-refine medium, sweet grade.
Oil exports from Kazakhstan, the world's largest landlocked. nation, represent more than 1.4% of world supply, or roughly. 1.4 million barrels daily (bpd).
For 20 years, the nation has routed its oil through the CPC. pipeline - the most cost efficient existing route - to Russia's. Novorossiisk port, but circulations have actually frequently been disrupted by. malfunctioning equipment at the Black Sea terminal.
Kazakhstan pursues a multi-vector foreign policy that. balances its ties to Russia with other countries, such as China. and European nations.
There have likewise been speak about potentially transporting 5. million lots of Kazakh oil via the Baku-Supsa pipeline, which. runs from the Sangachal terminal near Baku to Georgia's Black. Sea port of Supsa.
Nevertheless, SOCAR's Nasirov said there were currently no. continuous negotiations with Kazakhstan on the matter.
Baku-Supsa flows were suspended in 2022 as BTC oil exports. are considered to be more logistically appealing for Azeri oil. exports.
(source: Reuters)