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Sources: Chevron is a contender to buy Lukoil assets.
Five sources familiar with this process said on Monday that U.S. major oil company Chevron was examining options to purchase global assets from sanctioned Russian oil giant Lukoil. Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion. Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine. Five sources confirmed that Chevron was looking at options to purchase assets from Lukoil in areas where they overlap, rather than buying the entire portfolio. The sources asked to remain anonymous as they were not permitted to speak with the media. Chevron has never been reported to have an interest. Chevron stated that it adheres to all laws and regulations relevant to its business. It does not comment on any commercial issues. Lukoil produces 2% of the world's oil at home, but also abroad. The company has announced that it is looking for buyers of its international assets. These produce 0.5% of oil globally and are valued at $22 billion based on filings from 2024. Last week, sources said that Carlyle, a U.S. private equity firm, is looking at options to purchase Lukoil’s foreign assets. Lukoil owns three refineries in Europe and oilfields in Kazakhstan (Uzbekistan), Iraq, Ghana, Egypt, Nigeria, Mexico and Kazakhstan. It also has hundreds of retail fuel station around the world. Lukoil is a shareholder in both the Karachaganak and Tengiz fields in Kazakhstan. These fields are also owned by Chevron Exxon Mobil Eni Shell. The fields are a major source of crude oil for the CPC Pipeline, which transports more than 1.6 millions barrels of crude per day, or 1,5% of the global demand for oil, to the global markets via Russia. Lukoil has also a stake on the Nigerian offshore licence OML-140 that Chevron operates. Lukoil operates the West Qurna 2 in Iraq where Exxon operated the West Qurna 1, which was located nearby, until last year. (Additional reporting from Jarrett Renshaw; Sheila Dang; Shadia Nasralla, Dmitry Zhdannikov, Jan Harvey, and Nik Williams).
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China's C919 flies over Dubai in a bid to win Gulf buyers
China's global aerospace presence was boosted by a flying demonstration of its C919 jetliner on Monday in Dubai, as Chinese planemaker COMAC tries to gain a position in a market that is struggling with Boeing and Airbus delivery delays. The first domestic jetliner in China, painted in white with blue and green accents, showed its C919 belly-painted logo to dignitaries in Dubai Airshow. It was a brief but symbolic display that reflected one of Beijing's most important strategic projects. Chinese officials refused to answer questions regarding efforts to find their initial buyer outside East Asia. However, their marketing compared their ambitious project with Dubai's transformation. A poster on a display stood nestled among global aircraft and weapons makers at the Middle East's largest aerospace event from November 17-21 read "Where a Miracle meets Another." COMAC, the Chinese aircraft manufacturer, has ambitious plans to compete with Airbus or Boeing as well as smaller Brazilian rival Embraer. COMAC, which is seeking alternative markets for its planes that were first shown at the Singapore Airshow last year, has two models that are not yet certified by Western regulators. CHINA'S REPLY TO BOEING MAX 10, AIRBUS A321NEO On Monday in Dubai, dozens of people waited to see the C919 while a pilot talked about his experiences operating it. COMAC presented plans to create a family aircraft that would compete with Airbus's and Boeing's stable of models. COMAC has also announced a new version of the C919, dubbed Stretched Variant. It will seat 210 passengers in the Asia-Pacific region. The longer version is aimed at the Airbus A321neo, and Boeing's 737 MAX 10 – the top end of single-aisle markets where Airbus and Boeing are battling it out for the most highly contested orders. COMAC displayed the regional C909 - China's first jet engine-powered aircraft to reach commercial production. This plane has been in service for over two years. Brunei became the latest nation to allow its airlines operate Chinese-made aircraft last month. Its startup GallopAir has ordered 15 C909s, and 15 C919s by 2023. However, neither of the models has been able to win a large global customer. Boeing Commercial Airplanes' CEO Stephanie Pope welcomed COMAC’s arrival, but pledged to continue innovation and maintain an edge. Competition is good for the industry. Boeing benefits from it. "It makes us better as a whole," she said. Christian Scherer, CEO of Airbus Commercial, said: "It's not a competition; it's a reality." Analysts don't expect China to capture a significant share of the global jet industry beyond deals with supporting countries anytime soon, but they say that its presence is a signal of its intention to penetrate one the last bastions for Western manufacturing. COMAC's marketing materials emphasized that intellectual property is held in China. However, the C919 brochure lists 18 Western suppliers of systems from engines to landing gear. The U.S. stopped exporting engines to China earlier this year, highlighting the reliance of Beijing on Western parts. COMAC stated in a press release that it "remains dedicated to open collaboration and looks forward building stronger and closer relationships with global partners and customers". Gulf countries enjoy strong ties to China. It is the largest trading partner of both Saudi Arabia, and the UAE. Both have been welcoming cooperation with Chinese companies in recent years. According to filings by the three airlines who fly COMAC's narrow-body C919 aircraft, COMAC is behind schedule in delivering its C919 this year. COMAC also showed materials describing its C929 wide body jet, originally developed with Russia but now solely driven by COMAC. However, the company provided few technical details. (Editing by Adam Jourdan Joe Bavier Alexander Smith
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Greeks march on the anniversary of the 1973 student revolt against the junta
On Monday, thousands of Greeks marched in Athens to commemorate the anniversary of the violently suppressed student uprising of 1973 which helped overthrow the military junta ruling the country at the time. Many Greeks use the annual march towards the United States embassy, which they accuse of being supportive of the military dictatorship of 1967-1974, as a rallying point to protest against government policies. Youths carried a bloodstained flag, which belonged to students who took part in the revolt of 1973. When they arrived at the heavily guarded embassy that was blocked off by rows of police vehicles, the youths chanted the National Anthem. Some demonstrators carried carnations, while others chanted slogans of solidarity with Palestinians. More than 5,000 police officers were deployed in Athens. Before the march, dozens of people were detained and 11 were arrested. People laid carnations and wreaths at the Athens Polytechnic earlier, the site of a bloody crackdown on November 17, when tanks of the army smashed the building's gates to crush the protests of students against the colonels who ruled Greece at that time. Dozens of people were killed. The revolution marked the end of the military junta. (Reporting and editing by Michele Kambas and Rod Nickel; Reporting by Renee Maltezou)
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Mexico transfers some of its flight slots in the capital airport to US carriers
By Kylie Madry MEXICO CITY - Mexico's President Claudia Sheinbaum announced on Monday that Mexican Airlines had agreed to give some of the flight slots in the busy capital airport, to U.S. carriers. This comes amid a spat between both countries over the distribution of flights. Sheinbaum stated in her morning press conference that "Several weeks ago there was a redistribution of slots in which Mexican Airlines gave up their spots in order to U.S. Airlines, taking into consideration competitiveness." Sheinbaum refused to reveal how many flight slots were affected, but said that a digital distribution system would be implemented next year and U.S. airlines and other international carriers were already onboard. The concession comes after the U.S. Department of Transportation cracked down in recent months on Mexican Airlines' operations in the U.S., several years since Mexico cut slots at its capital airport and relocated cargo flights to another, further-away, site. The DOT revoked the approval of more than a dozen routes operated by Mexican carriers in October and canceled all combined passenger and freight flights from the new Felipe Angeles International Airport to the U.S. Sheinbaum, however, said that U.S. officials must "recognize both airports", the main Mexico City International Airport, AICM, and the AIFA which was built by Sheinbaum’s predecessor, Andres Manual Lopez Obrador. Lopez Obrador ordered slot cuts and a cargo flight shift citing an oversaturation of the AICM in central Mexico, which is currently undergoing renovations. She said she met with cargo carriers and that they were happy to fly out of AIFA. Recognize that you need to do some work The military airport is undergoing a smoother customs process. United Airlines reported in August that Mexican officials informed U.S. carriers that AICM "confiscated slots" at the AICM The reinstatement of the senate . (Reporting and editing by Cassandra Garrison; Kylie Madry)
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Brazil's farmers defend forest record at COP30
Brazil exports 40% of its agricultural products Environmental groups document links to deforestation Native protests against infrastructure for exports By Andre Cabette Fabio The group of cattle, soybean and grain farmers, who host news conferences in front of a global audience rails against the trade barriers erected by the European Union as a way to protect the Amazonian rainforest and other sensitive lands. EU and US are taking measures to limit Brazilian agricultural exports citing deforestation concerns. Next month, a new anti-deforestation law will come into effect. This will prevent companies from around the world selling commodities such as coffee and beef that are associated with deforestation to the EU. Environmental groups in Brazil such as Greenpeace have documented the links between biofuels, beef, soybeans and cotton, and deforestation of the Amazon rainforest, and other biodiverse eco-systems like the Atlantic rainforest, and Cerrado tropical woodland. Agribusiness says that deforestation occurs because of illegal logging, land grabbing and gold mining. It also claims that trade barriers hurt farmers and ranchers who use sustainable farming practices. Roberto Rodrigues said, Brazil's Special Envoy for Agriculture at COP30: "We must show the world that criminals are the ones who deforest the forest... not farmers." Rodrigues said, "We have a serious problem with our European and North American competitors. We are better, and they know it", at a panel discussion for COP30. He said, "They confuse what is illegal in Brazil with ours, they blame agriculture for illegal deforestation and land invasions, but that's not true." DRIVER DEFORESTATION Brazil's agribusiness is politically influential, since agriculture represents about 8.4% GDP and 40% exports according to the 2025 World Bank report. According to government statistics, soybeans will account for 13%, or Brazil's exports in 2024. Only oil will be higher. Deforestation can be caused by the clearing of land to make way for vast soybean fields and cattle pastures. The World Resources Institute reports that despite recent data showing a decline in Brazil's deforestation rate, Brazil was responsible for 42 percent of the record-breaking global loss of tropical forests in 2024. Last month, government data showed that deforestation rates in Brazil's Amazon rainforest dropped 11% from the previous year to July. This is the lowest level in 11 years. According to the Emissions Database of Global Atmospheric Research, the European Union, Brazil is the sixth biggest carbon emitter in the world. Brazilian JBS SA was awarded a Sustainable Business Award at COP30, alongside 47 initiatives from the private sector, for a program that helps ranchers to comply with environmental regulations. Gilberto Tomazoni is the CEO of JBS. He said, "There's an agribusiness narrative against Brazil." He said: "We must show transparency... so that consumers can make their decisions." Brazil's National Confederation of Agriculture has urged the team to attend COP30 to fight the "stigmatization of farmers in the country" and to push for the access to carbon credits and climate funds to pay for forest restoration project. Confederation of German Industries (Gi) said that it wanted to make sure discussions on a just and sustainable transition "does not legitimize unilateral climate-justified trade measures," saying these measures have "disproportionate impacts" on developing nations. Environmental groups protested against agribusiness companies outside the AgriZone area, which was dedicated to the COP30. Barbara Loureiro is an environmental coordinator at the Landless Workers' Movement. The group advocates land reform. She said, "This sustainable agribusiness presented at the COP doesn't deter... large estate agribusiness which burns and destroys forests." TRADE BARRIERS After a one-year delay, the EU regulation that was agreed in 2022 for blocking deforestation products from the European Market will take effect on January 1st. This is good news for large farmers. Some EU states are hesitant to implement the measure, saying it's too expensive and unworkable logistically. Brazil's Ministry of Foreign Relations also said that the rules impose a "significant burden and disproportionate burden" on countries like Brazil, where tropical agriculture is managed responsibly and sustainably. Deforestation concerns have been used to delay the signing of a deal between Mercosur and the European Union, a South American political bloc and trade block. The European Commission hopes to sign the deal this year. It would lower tariffs for the EU with Argentina, Brazil Paraguay, and Uruguay. This would create one of the largest zones of free trade in the world. A caucus of agribusinesses in Congress opposes the Climate Plan, which is yet to be launched by the Brazilian government and establishes a strategy for reducing emissions. They claim that it could pose a trade barrier. The caucus - a powerful political force that controls majorities both in the Senate and Congress - has criticised what it considers an excessively high share of emissions attributable to the sector, by linking agribusiness with illegal deforestation. Environmentalists claim that Brazil's farmers have been a powerful lobby in the deforestation of forests. This is because agribusiness caucuses on both local and national level have passed amnesty legislation to legalize land which has been illegally deforested and invaded. Recently, they passed rules to make it easier for farmers who wish to deforest their land to obtain formal approval. Rodrigues defended himself by saying: "If the agribusiness industry has benefited in the past, then that is something we must look forward to." Agribusiness is also pushing infrastructure projects that will ship beef and grain through the Amazon rainforest. This was a major target of protests led by forest and indigenous communities who live near the proposed routes of roads, railways, and waterways.
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Russian grain exports via Baltic Sea will increase by 30% in 2025.
The Federal Centre for Agriculture Products Safety Evaluation reported on Monday that Russia's grain exports to African countries have increased 30% in the past year. Russia, which is the world's largest wheat exporter and has expanded its Baltic Sea ports, intends to diversify agricultural exports, reduce its dependence on Black Sea routes where Ukraine has attacked shipping infrastructure. The data shows that grain exports this year from Baltic Sea ports totaled 1.3 million tons as of November 12. Of these, 42% went to Africa. The data showed that 93% of all grain exported from these ports was wheat. In Africa, grain was sent from Baltic Sea ports to Morocco, Nigeria and Egypt. It also went to Senegal, Togo Tunisia, Algeria, Cameroon, Togo, Togo and Togo. In recent years, Russia opened two major ports in the Gulf of Finland near St. Petersburg, Vysotsky, and Lugaport. These ports can handle up to 15 millions metric tons of cargo per year. The Russian government plans to export 50,000,000 tons of grain during the marketing season 2024/25 (July - June). Rusagrotrans data shows that exports have been low due to a glut of global harvest and low prices. (Reporting and editing by Susan Fenton; Gleb Bryanski)
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Sanad, Abu Dhabi's Sanad, sees an opportunity in the global aircraft engine crunch
Sanad Aerotech, an Abu Dhabi-based aerospace engineering company, said Monday that it was benefiting from the global shortage of aircraft engines. The firm reported a growing backlog as well as a rapid expansion to new platforms. Airlines are scrambling for spare engines and maintenance capacity. Since the pandemic, global engine makers such as Pratt & Whitney, CFM and others have faced parts shortages and manufacturing issues. This has left airlines with grounded aircraft, and increased reliance on MRO providers like Sanad, who manage shop visits and supply chain bottlenecks. A severe shortage of fuel-efficient engines from the next generation has changed the economics of the market. Some engines can be worth more than their aircraft when sold as spares. Mansoor Janahi, CEO of Sanad (which specializes in MRO), said that the shortage has provided an opportunity. Sanad added 16 new airlines customers this year. The company is backed by Abu Dhabi’s sovereign wealth fund Mubadala ($330 billion), which said that its backlog had increased by 5 billion AED (1,36 billion dollars) to more than 38 billion dirhams (10,35 billion dollars) by the end of June. This was due to demand from airlines who are experiencing supply-chain restrictions. Sanad services engines such as the Rolls-Royce Trent 700, IAE's V2500 and General Electric's GEnx. CFM International's LEAP-1A/LEAP-1B and LEAP-1A/LEAP-1B are also used in Airbus A320neo or Boeing 737 MAX. The company is planning to expand with a new facility that will be tailored for Pratt & Whitney engines GTF1100 GTF1500 GTF1900. ($1 = 3.6729 UAE Dirham) (Reporting and Editing by Frances Kerry).
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Lukoil is planning asset sales, and Teboil in Finland expects a change in ownership.
Finland's Teboil announced on Monday that it expects Russia’s Lukoil will divest its Finnish petrol station chain as part of Lukoil's ongoing efforts to sell foreign assets. The United States imposed sanctions on Lukoil last month over Moscow's involvement in the war in Ukraine. On Friday, the Trump administration gave potential buyers permission to speak to the Russian firm about purchasing its non-Russian assets. Teboil announced in a Monday statement that Lukoil was currently engaged in active negotiations to sell its foreign assets. Teboil stated that "as a result" of the negotiations it was expected that ownership of the firm would change in the near future. Last month, the Financial Supervisory Authority of Finland said that banks and other Finnish financial institutions are subject to its regulation should be cautious when dealing with Lukoil or companies owned directly or indirectly by it. Helsingin Sanomat, a Finnish newspaper, reported on November 7 that a Teboil representative later stated the chain could run out of fuel because of the U.S. Sanctions. According to Teboil's website, the company is owned by Lukoil and has 430 Finnish service stations. This represents about one fifth of all 2,250 stations in the Nordic countries, according to an industry report from 2024. (Reporting and editing by Terje Solsvik, Anna Ringstrom)
India's power regulator warns of grid violations in renewable energy projects
India's power regulator asked grid operators on Monday to crackdown on renewable energy projects which fail to meet technical specifications, warning that persistent offenders could be disconnected in order to protect grid stability.
The Central Electricity Regulatory Commission said that solar and wind power plants' repeated failure to comply with ride-through standards for low-voltage and higher-voltage systems caused them to suffer from generation losses, and their frequency dropped during fault events.
Grid safety regulations require that wind and solar power plants remain connected to the grid during voltage spikes and dips due to faults. This prevents them from tripping off and causing grid disturbances.
This case highlights the growing concern over grid security in India as it accelerates its renewable capacity additions in order to meet its 2030 clean-energy targets.
The petition was filed by the Northern Regional Load Despatch Centre. It stated that several renewable generators had repeatedly failed to comply despite numerous meetings and reminders.
The regulator has noted that only two generators, including Adani's hybrid project, have met the full compliance requirements so far. Others have not yet submitted mandatory self-audit reporting.
The CERC instructed the Northern Regional Load Despatch Centre (NRLDC) and Central Transmission Utility of India (CTUI) to convene a high-level conference and develop a procedure for addressing persistent violations. This could include the disconnection of generators.
The regulator has also requested a new compliance review, detailed reporting of grid events and noncompliance rates. (Reporting and editing by Shreya Biwas; Sethuraman N.R.
(source: Reuters)