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Syria and DP World sign $800 million port development deal
SANA, the Syrian state-run news agency, reported on Friday that the Syrian government and DP World had signed a Memorandum of Understanding (MoU), worth $800,000,000, to develop the port of Tartous in Syria. The deal was made possible by the lifting of U.S. sanctions. The agreement to establish industrial and free-trade zones in Tartous is part of the deal for developing, managing and operating a multipurpose terminal. DP World, a subsidiary company of United Arab Emirates investment firm Dubai World, is a multi-purpose terminal operator. Syria wants to attract foreign investment to boost its struggling economic situation. The deal was signed the same week as U.S. president Donald Trump announced his plans to lift sanctions against Syria during a trip to Riyadh. Trump said that he decided to lift the sanctions after talking with the Saudi Crown Prince Mohammed bin Salman, and the Turkish President Tayyip Erdoan, whose governments both strongly advocated the lifting of the sanctions. Trump also met with the Syrian President Ahmed Al-Sharaa before the GCC Summit in Riyadh, on Wednesday. Marco Rubio, the U.S. Secretary for State, said that Trump plans to grant waivers in accordance with the "Caesar Syria Civilian Protection Act", which Washington used to impose harsh sanctions against former President Bashar Al-Assad's regime and secondary sanctions upon outside companies or government that worked alongside it. The removal of U.S. financial sanctions on Syria will allow humanitarian groups to work in the country more effectively, and ease foreign trade and investment as the nation rebuilds. (Reporting and writing by Timour Azhari, Editing by Leslie Adler & Tom Hogue).
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Canadian Indigenous group buys $511 million stake in Enbridge Westcoast pipeline
Enbridge, a Canadian pipeline operator, sold a stake in the Westcoast Natural Gas System to a group of 36 First Nations. This was the first deal that included financing through a federal loan program designed to help Indigenous groups to own parts of resource project. Enbridge announced on Thursday that Stonlasec8 Indigenous Alliance would buy a 12.5% share in its Westcoast Pipeline for C$715,000,000 ($511.19million). The pipeline runs 2,900 km (1,802 mi) from the northeast of British Columbia to Canada-U.S. Border, with a daily capacity of 3.6 Billion cubic feet of gas. First Nations in Canada are buying more stakes in energy companies as they look for economic benefits on their land. Companies, meanwhile, want to secure Indigenous support and raise capital to help them get regulatory approval. Enbridge has signed equity deals with four Indigenous groups. This includes the sale in 2022 of a C$1.12 billion minority stake in seven Alberta Oil Pipelines to a First Nations group. The Canadian government said that it was interested in selling an interest in the Trans Mountain oil pipeline, valued at C$34 billion, to Indigenous groups. Stonlasec8 is set to receive C$400,000,000 in loan guarantees for the deal announced Thursday, which Enbridge claims has been in the works since two years. The federal entity launched in December aims to provide Indigenous loan guarantees of up to $10 billion to help First Nations gain access to capital. In a letter sent to the leaders of federal political parties in March, CEOs from 14 energy companies - including Enbridge - said that increasing Indigenous ownership is essential if Canada is to expand the oil and gas industry and build pipelines. Chief David Jimmie is the president and chairperson of Stonlasec8 as well as the head of Squiala First Nation. He said that energy assets like the Westcoast Pipeline have crossed Indigenous territories for decades, but communities have not been able to reap any financial benefits. He expressed his satisfaction that energy companies are increasingly recognizing the importance of co-ownership in securing First Nations support for projects on Indigenous lands. Jimmie stated that "they recognize that without Indigenous involvement, it's going to be more difficult for you to approach these kinds of projects." Reporting by Amanda Stephenson, Calgary; Tanay Dhumal, Bengaluru. Editing by Vijay Kishore & Rod Nickel.
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The'shadow fleet of Russian oil tankers': Key facts
Western sanctions against Russia for its invasion of Ukraine, aimed at cutting down its oil revenue, have led to a massive "shadow fleet" (or shadow fleet) of tankers that help Moscow maintain its crude exports. These unregulated vessels are a prime example of what you need to know. Why is this fleet in the news? The UK imposed sanctions on an oil tanker that was sailing in international waters in the Baltic Sea between Estonia and Finland without a flag, which is against maritime regulations. Estonia tried to stop it, prompting Moscow's fighter jet to fly around it. Last week, the UK announced new sanctions against up to 100 tankers, which it described as "a key part of Vladimir Putin's (Russian president Vladimir) shadow fleet operation". The EU Commission also proposed similar measures against 100 vessels on top of the 153 previously sanctioned. The U.S. also has imposed several rounds of sanctions on the tankers transporting Russian oil. VESSELS AGEING The so-called "shadow fleet" transports Russian oil and includes hundreds of old tankers. Shipping and insurance sources familiar with this matter said that the vessels are often opaquely owned and sail without top Western insurance or safety certification coverage. They also have unknown insurers or assessors for vessel seaworthiness, both of which are required for ocean going commercial ships. These tankers are a common sight as they sail through the Baltic Sea, moving oil to the Gulf of Finland. This is a vital route for Russia's exports of energy. NATO and EU regulators are keeping a close eye on the fleet, as new sanctions target vessels that have been blacklisted due to their involvement in Moscow's Ukraine war effort or for skirting price limits. Twelve Western countries, including Britain, Germany and Poland, as well as the Netherlands and five Nordic nations, agreed to "disrupt" and "deter" Russia's Shadow Fleet in response to several unexplained cables cuts and incidents in the Baltic Sea. Britain, Denmark and Sweden are inspecting insurance documents for vessels in the Channel, Danish Straits, Gulf of Finland and the strait connecting Sweden and Denmark. HOW DOES THE SHADOW FLEET OPERATE? Lloyd's List Intelligence, Finland's Coast Guard and other sources have stated that the shadow fleet employs tactics such as ship-to ship transfers in international waters where port control authorities are less vigilant. They also use falsification techniques, such as fake ship identification, spoofed data on location, and flag countries which offer lower oversight. The majority of tankers are also owned by shell firms in Dubai. They are bought and sold by anonymous or newly-formed firms. This complicates accountability. According to Norwegian authorities the fleet is largely comprised of old tankers that rely on non-Western insurance or fake insurance. This raises concerns over maintenance, safety and environmental standards. Who's Cashing In and What's Being Done? The UK and France claim that Russia has been the biggest beneficiary of the sanctions. It is able to maintain oil exports in spite of the Western sanctions. This ensures steady revenues for its war against Ukraine. China and India are now the biggest buyers of Russian crude and benefit from steep discounts. They often purchase oil below the $60 per barrel cap imposed by the West, according to data on shipping and port loading. If ships use Western services, such as ports, insurance, or financing, they must show compliance with this price limit. Monitoring compliance can be difficult. Despite the fact that some tankers lost their insurance coverage due to suspected sanctions violations, many others continue to operate with other insurers or jurisdictions who are willing take on the risk. The shadow fleet is growing as new vessels replace the blacklisted ones. Documents show that more Russian insurers have emerged to offer alternative coverage for Russian oil shipments. Western insurance sources claim that it is not clear how any claims settlement for an oil spill will work, given the banking sanctions. The price cap has been offset by the rising global oil prices, and the shadow fleet is still operating with minimal disruption. What are the risks? Shadow fleets may be a threat to the environment, as they are often old, poorly-regulated tankers that are prone for spills, mechanical breakdowns and leaks. This can threaten marine ecosystems. In December of last year, Russian authorities tried to stop the spillage of oil in the Kerch Strait caused by two damaged 50-year old tankers. The damage was caused during a stormy weekend. The spill may become one of the worst environmental disasters in the past few years to hit the region, but the extent of insurance claims is not yet known.
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Ukrainian soybean producers expect export prices to increase in May
Ukraine's UAC agricultural producers union said that soybeans are undervalued, and Ukrainian producers anticipate a return to growth in the price of soybeans by May end. Analysts and farmers claim that Ukraine's soybean harvest reached a record high of 6.5 millions tons in 2024. However, this year farmers are likely to reduce the area they sow by 12% - to 2.4million hectares - because they could switch to corn or sunflower which is more profitable. UAC stated that the current price correlation between corn and soybeans shows a significant undervaluation for soybeans. This creates conditions for a shift in market trends. UAC stated that it expects soybean prices to exceed $400 per tonne in Ukrainian ports by the end May. APK-Inform, a consultancy for agriculture, said that Ukrainian soybeans traded between $390 to $395 per metric tonne Carriage Paid to (CPT) at the end of last weekend. APK-Inform revised its forecast of the 2025 Ukrainian soybean harvest to 6,11 million metric tonnes from an earlier estimate of 5,90 million tons. (Reporting and editing by Elaine Hardcastle; Reporting by Pavel Polityuk)
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Sources say that Black Sea CPC blend oil exports decreased to 1.6 millions bpd during April.
Two sources familiar with data on Thursday reported that Black Sea CPC blend oil exports were down to 1.6 million barrels a day in April, or 6.093 millions metric tons. This is down from 1.7million bpd for March. The Caspian Pipeline Consortium does not comment on the results of its operations. According to sources, April shipments comprise 5.523 million tons of Kazakhstan-originated oil from 5.942 million in March, and 0.570 million tons originated from Russia, compared to 0.660 million tons in March. Two industry sources previously stated that CPC Blend oil exported for May was set at 1.5 millions bpd or approximately 6 million metric tonnes. CPC shareholders include U.S. companies Chevron and Exxon Mobil as well as the Russian government, Russian firm Lukoil, and Kazakh state-owned company Kazmunaigaz. (Reporting By)
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Maguire: US and Europe are driving global power emissions up to 2025.
China, the world's biggest power polluter, has made the largest reduction in power emissions so far this season. However, global power emissions are still largely unchanged due to increased fossil fuel power generation by America and Europe. Ember data shows that the United States and Europe combined emitted 801 millions metric tons (CO2) of carbon dioxide from fossil fuel power generation during January-March. This was the highest quarter-on-quarter emissions since 2022, at 53 million tons. As a result, despite China being the most polluting country in the world, global pollution levels are still high. The U.S. is about to enter the most fossil-fuel intensive generation period, while China's manufacturers are increasing output during the U.S. trade truce. This will cause global power emissions to continue rising. They may even reach new heights by 2025. FOSSIL RIFLED In the first months of 2025, both in the United States as well as Europe, power producers increased their generation of fossil fuels like coal and gas. In Europe, low sustained wind speeds have reduced clean energy supplies and forced utilities into compensating with 8% higher fossil fuel output from January to March 2024. According to Ember, the output of coal and gas-fired power plants grew by 6% in the first quarter 2025 compared with the same period in 2024. The United States' steadily increasing power demand, coupled with the strong support of fossil fuels by the new administration under President Donald Trump, prompted utilities to increase fossil fuel output from January to March of the previous year by 4%. The sharp rise in gas prices forced utilities to prioritize generation from coal-fired plants that are cheaper to operate. Coal-fired output increased by 23% between January and March 2025 compared to the same months of 2024. The output of gas-fired electricity fell 4%. ECONOMIC DRAG China's power demand in the first months of 2025 will be affected by its stalled economy. This has been hindered by a long-lasting credit crisis in the construction sector and, more recently, by a new trade war between the United States. The lower output of industrial plants and factories reduced the demand for electricity by the commercial sector. This allowed utilities to reduce their output from fossil fuels from January to March by 4% compared to the same period in the year 2024. China's manufacturers will likely increase production in the future, following the recent announcement of a 90-day truce on trade between China and the United States. The increase in factory activity will cause a rise in power demand and force Chinese power companies to boost their fossil fuel output to ensure sufficient power supply over the next few months. EMISSIONS PEAK The U.S. energy firms will also ramp up fossil fuel-fired production as summer is the time when the demand for power in the U.S. is highest. This is because air conditioners are the most energy-intensive. Solar power production in the U.S. peaks during summer, providing utilities with clean energy. The majority of electricity will still be supplied by fossil fuels, particularly in the evenings when solar power drops and air conditioners are used more. With benchmark U.S. Natural Gas prices around 40% higher than they were in May 2024, utilities are likely to continue to deploy large volumes of coal-fired electricity within their generation networks. This will increase overall power emissions as U.S. energy firms emit far more CO2 when they generate power using coal than with gas. According to Ember, in 2024, U.S. electricity firms will emit around 950,000 tons CO2 per terawatt-hour (TWh) for coal-fired power and 540,000 tons CO2 per TWh for gas-fired power. Add to that the fact that China is expected to increase its generation - 60% of the electricity in China comes from coal - and you have a recipe for an even greater rise in global power emission in the months ahead. These are the opinions of the columnist, an author for.
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Ukraine rolled steel imports down 6.4% in 2025 so far, producers say
Ukrmetalurgprom, the Ukrainian steelmakers union, announced late Wednesday that Ukrainian rolled-steel exports fell by 6.4% between January and April 2025 as compared to 2024. The union reported that rolled steel production has increased slightly this year, from 1,97 million tons in January-April 2020 to 1,98 million tonnes. The company did not explain why sales were lower. According to the union, almost 80% of the steel produced in Ukraine is sold into the European Union. Ukrmetalurgprom announced this month that Ukraine continued to grow its steel production in the first quarter of 2025, despite the loss the coal mine at Pokrovsk located in the east of the country. It said that the raw steel production rose by 1% from January to April, reaching 2.43 million tonnes, up from 2.40 millions in 2024. Reporting by Pavel Polityuk, Editing by Kirby Donovan
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Retailers scramble to save the US summer shopping season
After Washington and Beijing agreed on a temporary tariff cut, U.S. retailers such as Walmart and several clothing companies are racing to get China-made products for the busy summer season that begins in late May. According to Portless, the logistics company that helps U.S. brands import goods via air from China, orders for sundresses as well as bathing suits, clogs, and sunscreens have increased since Monday's agreement between Washington and Beijing to temporarily lower tariffs. Izzy Rosenzweig is the CEO of Portless. Portless counts Hapari swimwear and bug repellent manufacturer NatPat as clients. "They said, 'let's resume production and shipping.' John Harmon, managing Director of Technology Research at Coresight Research said that U.S. companies rely heavily on ocean shipping. However, it can take up to 60 days to get goods from China to the United States, depending on their destination and the size of the ship. Orders for summer can be placed in the late winter or the early spring, to allow time for new designs to be manufactured. Typically, U.S. retailers begin importing merchandise from China two to three months prior to Memorial Day this year. After U.S. President Donald Trump slapped Beijing with retaliatory fentanyl and tariffs totaling 155% on April 9, many U.S. firms paused orders. According to Vizion, data from brokerage TD Cowen on container bookings to the U.S. from China in the final week of April fell by nearly 50%. Harmon says that it could take a while to restart supply chains following the April pause. "It's been super busy the last two days," said Liu. A toy maker from Dongguan, an export hub in Southern China who declined to reveal her full name out of respect for her privacy. "We're booking containers, and some of our products are already on their way to Shenzhen Port." "In recent months, there were fewer trucks on the road, but today, there's a traffic jam heading to the port," Liu said. Liu serves Walmart, which is the largest importer of container goods in the United States. CONTAINER COSTS WORRIES Freight rates are not rising despite the rush to get goods to the U.S. Freightos data shows that the spot rate for a 40-foot (12-meter) container to be sent from China to U.S. West Coast increased 3% on a week-to-week basis to $2,395 Monday. This indicates that businesses are not flooding shippers with orders. The price is now half what it was in February when large companies were stocking up to avoid the tariffs that Trump had promised. Companies like Bogg Bag, however, are beginning to worry about container costs going through the roof. Kim Vaccarella said that the CEO of a tote bag maker sold by retailers such as Target has accelerated production for her China-made bags to ensure they arrive in New Jersey as soon as possible. She has chosen to focus on a few products that are popular instead of launching many new items at once. This allows them to move quickly. Walmart, who reported earnings on Thursday, as well as Costco and Target, rival retailers, front-loaded their orders at the beginning of the year. CFRA research analyst Arun Sunderam wrote on May 13 in a note. Sundaram reported that Walmart's inventory rose by about 3% during the quarter ending January 31. This was the first increase in almost two years. In the three-month period ending in February, Costco's inventories rose by nearly 10%. Zumiez, a retailer of surf and skateboard clothing, saw their inventories rise about 14%. Target's inventory rose by 7% in the same time period. Sundaram, a freight expert who anticipates an increase in freight prices, says that while the tariff reprieve on Monday is likely to be a boon for U.S. companies eager to stockpile summer merchandise, it may also create supply-chain congestion, although this will probably be less severe than the pandemic year of 2021-2022. On Wednesday, some Halloween decor manufacturers said they'd have to rush to make and ship hanging skeletons as well as costume props into the United States before the 90-day deadline. Gene Seroka said that businesses might not be able prepare fully for the summer as well as back-to school in July, which is another major retail season. Right now, we are looking at the final orders that will be sent in for back to school and perhaps some orders for summer fashion. Seroka explained that the situation was very tight. Stephen Lamar of the American Apparel & Footwear Association (of which Adidas America is a member) warned of congestion in ports if companies rushed to import goods. The tariff war has caused a delay of a month in the shipping back to school. Lamar said that school districts cannot delay the start of school for a whole month. (Reporting from Siddharth Cavale in New York, and Casey Hall and Jessica DiNapoli at New York; Additional reporting from Lisa Baertlein and Matthew Lewis in Los Angeles. Editing by Lisa Jucca & Matthew Lewis.
Nigeria's Trans Niger oil pipeline bursts, spills crude, rights group says
An environmental rights group reported on Thursday that the Nigerian Trans Niger Pipeline burst, spilling oil into B-Dere Community in Ogoniland. The pipeline is a major oil route transporting crude oil from onshore oilfields towards Bonny's export terminal.
It is the second time in two months that the Trans Niger Pipeline has been affected. The pipeline was closed in March after an explosion caused a fire.
Nnimmo Bassey, executive of Health of Mother Earth Foundation said that the spill on May 6 had yet to be stopped. He added that the slow reaction showed a lack of concern for the people, and was "unconscionable."
He said: "We live in a disaster area and even an accident can cause a new disaster." "The fact that the spill from a week back has not been stopped is a strong argument for why the government should focus its efforts on cleaning Ogoniland, and not open any new oil wells. The old oil wells need to be closed and decommissioned.
Ogoniland is one of Africa's oldest crude oil producing regions. It has dealt with oil pollution since decades. However, its profits often went to big oil companies or to Nigerian government coffers. Local residents have complained for years about toxic wastes and inadequate compensation.
The Nigerian oil group Renaissance Group confirmed the explosion. It now owns Shell’s former onshore company that operates the pipeline. A team of investigators has been sent to determine the cause.
The Trans Niger Pipeline, with a daily capacity of approximately 450,000 barrels, is one of the two conduits used to export Bonny Light crude oil from Nigeria, Africa’s largest oil producer.
The TNP had not yet been closed. TNP didn't immediately respond to a request for comment. However, a prolonged outage may force the operators to declare force majore for Bonny Light exports.
Oil majors such as Shell, Exxon Mobil and Total sold their shallow-water and onshore fields in Nigeria so they could concentrate on deepwater operations.
The acquisition of Shell’s former onshore assets was completed by the Renaissance Group in March. This group includes Nigerian oil and gas exploration and production firms Aradel Energy and First E & P as well as the international energy company Petroline. (Written by Chijioke Ahuocha, edited by Aurora Ellis).
(source: Reuters)