Latest News
-
Serbia's NIS is granted a waiver of US sanctions until October 8.
The U.S. Department of the Treasury granted a special license delaying the full sanctions against Serbia's Russian owned oil company NIS, allowing it to continue operations until October 8, NIS announced on Wednesday. NIS is the sole oil refinery operating in the Balkans. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on Russia's petroleum sector on 10 January, and gave Gazprom a 45-day deadline to sell its NIS holdings. The U.S. announced sanctions last week, after several delays. Sanctions are a possibility Launched on October 1, NIS, of which Gazprom owns 44.9%, Gazprom 11.3%, and the Serbian Government 29.9%, operates Serbia's only refinery in Pancevo just outside Belgrade. Pancevo has a capacity of 4.8 millions tons per year, which is enough to cover the majority of Balkan countries' needs. Sanctions could threaten its crude supply via Croatia's Janaf. In a Wednesday statement, JANAF said that it has also been granted a license to transport crude oil on behalf of NIS up until October 8. It said that JANAF d.d. would apply to OFAC in the next few days through its American attorney and with the Government of the Republic of Croatia's support, with the goal of extending the license. The possibility of extending this licence beyond October 8, 2025 is heavily dependent on the activities that the NIS a.d. company undertakes, according to the American institutions. (Reporting and editing by Sharon Singleton, Ed Osmond and Antonis Pothitos)
-
Prices of November ESPO blend oil fall as Chinese refiners exhaust their import quotas
Three traders said that the premiums for Russia's ESPO blend crude oil loaded from Kozmino have fallen for November-loadings because independent Chinese refiners - key buyers of this grade - are facing dwindling import quotas. Traders said that cargoes due to be loaded from the Far Eastern Port of Kozmino, in November, were sold for a premium of about $1.70 per barrelle to ICE Brent, on a delivery-basis to Chinese ports. This is down from around $2 per barrelle at October levels. Independent refiners in China are subject to a strict quota-based system. State-run refiners like Sinopec PetroChina and CNOOC, which are dominant in the industry, are exempted from these limits. However, independent refineries and four large integrated refiners, known as teapots, rely on government issued quotas for foreign crude. The independent refiners are responsible for over one-third (33%) of China's total crude oil imports. Their purchasing power is a major driver for the demand for Russian grades. In the last few weeks, traders have reported that import quotas are running out. Sources at two independent factories said that they had applied for new permits but hadn't heard when they would be released. A small number of permits have been requested by refineries for 2026. The same permits were issued a year ago, in November 2024. One trader who deals in Russian oil noted that the competition is increasing. Traders said that the demand for Russian oil is still strong. This includes Urals, Sakhalin, and Arctic blends. The December ESPO blend oil cargoes have just begun trading and traders say that low import quotas could weigh heavily on the prices. Terminal operators at a major oil terminal in the east China province of Shandong are planning to implement measures to prohibit shadow fleet vessels, and to limit visits from other old tanks. This will further complicate Russian oil sales. The freight rates for Russian oil shipping to Chinese ports from Kozmino remained at $2-$3 million per one-way Aframax tanker trip. Reporting by reporters from MOSCOW, Siyi Liu, and Aizhu Chan in SINGAPORE. Editing by Elaine Hardcastle.
-
India eases aircraft leasing terms to boost IndiGo
Draft regulations from India's aviation regulator show that the requirement that airlines only lease planes with crews in emergency situations is being removed. This could help carriers cope better with any aircraft shortages. The proposed rules may help airlines such as India's largest carrier IndiGo, which took two planes and crews on a so-called "wet lease" from Turkish Airlines. This allowed it to provide connectivity between flights in Europe and the United States. Air India has been irritated by the partnership. It unsuccessfully tried to lobby the Indian government to stop it. They argued that it would give more air traffic in Turkey and harm India's aviation industry. According to the regulations of the Directorate General of Civil Aviation, airlines were only allowed to lease aircraft in emergencies such as when an unexpected grounding of an aircraft occurred. Lawyers said that the new draft proposal replaces "only" with "normally", potentially making it easier to process such requests. Lovejeet Sing, a specialist in aviation law and partner at Chandhiok & Mahajan, said that this added flexibility would be crucial in easing the capacity constraint, particularly in light of limited availability of larger aircraft. The proposal was not reported before it appeared on the DGCA website. The proposal is open to public consultations through October 28. IndiGo and the DGCA did not answer questions about planned regulatory changes. IndiGo's Turkish partner has been criticized in India over the past few months, after Turkey supported Pakistan in the recent India-Pakistan war. The Indian government initially said that it would not extend the lease. However, in August it reversed course without providing any reason for IndiGo to continue. The new draft rules say that the watchdog may exempt this requirement for a single time. (Reporting and editing by Abhijith Ganahapavaram, Aditya Kalra, and Ros Russell).
-
Gaza flotilla claims vessels approached their boats as they neared Israeli blockade
Unidentified boats approached some of the international flotilla's boats on Wednesday morning as they got closer to an area where Israel has imposed its naval blockade over Gaza. Global Sumud Flotilla consists more than 40 civilian vessels carrying 500 people. Among them are parliamentarians and lawyers, as well as activists such Greta Thunberg, a Swedish climate activist. It is intended to break Israel's enclave blockade. In a press release, organisers stated that "we continue to sail towards Gaza nearing the 120 nautical miles mark. This is close to the area where previous flotillas were intercepted or targeted." 'DANGEROUS MONOEVRES', A DRONE ATACK The vessels that approached flotilla were not clearly identified. According to a video posted on the Instagram page of the flotilla, an Israeli military ship approached their boats and performed "dangerous maneuvers" before leaving. The post displayed a silhouetted outline of a vessel that appeared to have a gunturret, near the civilian vessels. Could not verify the footage immediately. Israeli officials didn't immediately respond to our request for comment. In recent days, the flotilla raised international tensions after it was attacked by drones that dropped stun grenades, itching powder, and other explosives on it. No injuries were reported, but there was damage. Israel has not commented on the attack but said that it will do whatever it takes to stop the boats reaching Gaza. It argues that the naval blockade it imposes is legal because it is fighting Hamas militants within the coastal enclave. Italy and Spain sent naval ships to the flotilla in order to assist with humanitarian or rescue needs, but they have not engaged militarily. Turkish drones also follow the boats. Italy, however, said that its navy will stop following the boat once it reaches within 150 nautical mile (278 km) from Gaza. Spain told the members of the flotilla its maritime rescue vessel was within range and could carry out rescue missions if needed. However, it would not enter Israel's exclusive zone because doing so could put the physical integrity both of the crew and of the flotilla in danger.
-
Internet cut-off leaves Afghans stranded after flights are cancelled
Flightradar24 data shows that at least 14 flights were scheduled to depart from Kabul Airport on Wednesday, but the status of others is unclear. This follows an internet shutdown across Afghanistan. The Taliban's Monday order to cut off internet and cell phone services has caused chaos in banks, businesses, and aid organizations. Afghans are also unable to communicate with their family members and friends. Many people are stranded, as flights have been cancelled. The Taliban administration did not explain the blackout of connectivity and we were unable to contact them for a comment. The United Nations called for the restoration of services. The Taliban has expressed concern in the past about online pornography. In recent weeks, authorities have cut fibre-optic connections to some provinces, citing morality. Four departures, and ten arrivals of the 34 flights scheduled to fly into and out of Kabul Wednesday were cancelled. Ten of the 31 flights scheduled for Tuesday were cancelled. Flightradar24's website labelled the status of 21 remaining flights as "unknown". The status of many flights that were scheduled to depart from other provincial airports such as Herat or Kandahar on Tuesday and Wednesday was also marked "unknown". Mohammad Bashir told Tolo News, the channel of the Afghan national and international airline Kam Air, that only one flight has been run since the blackout. He explained that in order to share flight information with the airport of destination before a flight takes off, it is necessary to do so online. This was no longer possible. He hopes that operations can resume on Wednesday. This is very important for our citizens who have transit flights, and those who are stranded in their attempts to return. Bashir stated that we must resume operations for the sake of our fellow citizens. (Reporting and writing by Hritam Mukerjee, Mohammad Yunus Yawar and Saeed Shah. Editing by Elaine Hardcastle).
-
After the Munich explosion, Oktoberfest will be closed on Wednesday
The Oktoberfest festival in Munich is closed on Wednesday at least until 5 pm (1500 GMT), after police discovered explosives inside a residential house in the city's north that had caught fire, killing one person. Special forces in Munich were conducting an investigation as part of a large operation, which police had said earlier did not pose a danger to the public. The area was located north of the city where Bild and other media reported that shots and explosions could be heard. The police said that the building was deliberately set ablaze in a dispute between family members. One person was found dead and another missing but was not in danger. According to the police, special forces were needed to defuse the booby-traps that had been found in this building. "We are investigating all possible connections." Munich Police said on WhatsApp that they are investigating possible connections with other locations in Munich, including the Theresienwiese where the Oktoberfest takes place. The police said that the delay in the festival's opening was due to this. Oktoberfest, which is the largest folk festival in the world, began on September 20. It will conclude on October 5. The Oktoberfest website announced that it will be closed on Wednesday, September 12, until 5pm due to the explosion in the northern part of Munich.
-
Nigerian oil union agrees with Dangote Petroleum to end strike
The Nigerian labour ministry announced that the oil workers' union in Nigeria has called off its strike following a meeting between the management of Dangote Petroleum, and government officials. The strike was called because the Dangote Refinery, Africa's biggest refinery with a crude-processing capacity of 650,000 barrels a day, dismissed over 800 unionised employees. The walkout threatened the fuel supply and trade in West Africa. In a press release issued after a meeting of conciliation between the PENGASSAN and Dangote Petroleum, the labour ministry stated that dismissed workers will be offered jobs at other Dangote Group companies without any loss in pay. The Labour Minister told the meeting that workers have a right to unionise and this should be respected. The statement also said that "PENGASSAN has agreed to begin the process of ending the strike." PENGASSAN reported on Friday that the workers at Dangote, a privately-owned refinery, were fired on Thursday because they had unionised. Officials at Dangote refining said that the dismissals took place as part of an internal reorganization and accused the affected individuals of acts of sabotage.
-
UniCredit Russia's business no longer accepts corporate clients and increases fees
According to a new tariff plan posted on the bank website, UniCredit's Russian subsidiary has stopped accepting new corporate clients. It is also increasing service fees for all of its businesses. UniCredit continues its efforts to leave Russia under pressure from European Central Bank. The bank has asked the group to accelerate the winding-down of its business, including limiting transactions and deposits. The Italian lender announced on Wednesday that the monthly service fee will rise to 15,000-20,000 Roubles ($182-$243), from 4,900-6900 Roubles. Tariffs will increase to 30,000-40, 000 roubles a month from December 1. The lender stated that "the bank will gradually change the monthly fees for tariff plans... and implement these changes with a phased implementation to allow clients to make operational choices." The press service of UniCredit did not offer any further clarification. UniCredit previously prohibited reissues of credit cards and transfers outbound in U.S. Dollars for individuals. According to a document viewed by, in the spring, United Arab Emirates companies approached the Italian Finance Ministry to offer to purchase UniCredit’s Russian assets for a steep discount.
KKR invests into ADNOC pipeline infrastructure for Middle East push
The global investment firm KKR announced on Wednesday that it had acquired a minority stake in the entity which leases Abu Dhabi National Oil Company’s gas pipeline assets. Financial details were not disclosed.
KKR will acquire the minority stake in ADNOC Gas Pipeline Assets via its managed accounts. The company stated that the long-term capital would match the type of investment and the tenure.
This transaction follows KKR’s investment in ADNOC’s oil pipeline system in 2019, a first by a foreign asset management company in Gulf energy infrastructure.
KKR, in partnership with BlackRock, divested this holding to Abu Dhabi's Lunate last year.
GULF COUNTRIES USE FOREIGN CAPITAL FOR INFRASTRUCTURE
ADNOC is the owner and operator of all pipelines.
Saudi Arabia, the United Arab Emirates and Bahrain are all interested in such partnerships, which would allow them to tap into new sources of institutional capital while still maintaining operational control over their critical infrastructure.
In August, Saudi Aramco signed a $11 billion lease-and-leaseback agreement with Global Infrastructure Partners (part of BlackRock) for its Jafurah Gas Processing Facilities. Kuwait's oil company announced last month that it wanted to revive the project of leasing out and then leasing back its crude oil pipes.
KKR, a global infrastructure asset manager with over $90 billion, has appointed General David Petraeus to its Middle East Chairmanship earlier this year, as part of its efforts to expand its regional business.
The company bought a stake in Gulf Data Hub in Dubai, one of largest data centres in the region. KKR and this company committed to invest over $5 billion to expand data center capacity. Reporting by Rachna uppal. (Editing by Ronojoy Mazumdar, Mark Potter and Ronojoy Mazumdar)
(source: Reuters)