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Black Sea CPC blend oil exports will jump 17% in December m-o -m, according to sources
Sources say that Black Sea CPC blend oil exports will increase to 1.7 millions barrels per day in December, from around 1.45 million barrels in November. Calculations show that daily shipments of CPC Blend are expected to increase by 17% compared to November's plan. CPC is the main export route of Kazakh crude oil to international markets. The majority of volumes are shipped to Europe and Asia. Russia also provides smaller volumes of crude oil to the CPC system. One source stated that the increase in CPC Blend exported in December is due to an expected higher production in Tengiz, where maintenance was performed in October and Novembre. Another source said that Russian oil producers would increase oil shipments through the CPC system during December. Two sources have said that the December loading schedule could be revised upwards due to multiple disruptions of CPC Blend oil in November, which may result in a poor performance for this month's sales and some volume being rolled over into December. Conor Humphries, Conor Humphries (Reporting)
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Prosecutors say that on Thursday, the suspect in the Ukrainian Nord Stream case will be extradited from Italy to Germany.
The German Federal Prosecutor said that a Ukrainian man suspected to have coordinated the sabotage in 2022 of the Nord Stream Gas Pipeline will be flown into Germany on Thursday, after Italy's highest court approved his expulsion last week. The explosions that occurred in the Baltic Sea, three years ago, were described by both Moscow, and the West, as acts of sabotage. They essentially cut off Russian gas supplies to Europe. The investigation took years to solve the mystery. SUSPECT DENIES ROLE IN ATTACKS The suspect, who is identified by German privacy laws as Serhii k., denies playing any part in the attacks. His lawyer Nicola Canestrini said he was confident that his client would be acquitted following a German trial. German prosecutors accuse the man of being part of a group that planted devices near the Danish Island of Bornholm, in the Baltic. He is accused of conspiring to cause an explosive, of anti-constitutional acts of sabotage, and of destroying important structures. The suspect was arrested in Italy in Rimini on an arrest warrant issued by the European Union in August, but refused to be transferred to Germany. A court in Poland last month ruled that a second Ukrainian suspect sought by Germany for the explosions should not be handed over and ordered his release immediately. (Reporting and writing by Tilman Blsshofer, Editing by Ludwig Burger.)
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Talks are ongoing, says a Hungary official about MOL and Serbia's NIS.
The chief of staff to Prime Minister Viktor Orban said that talks were ongoing regarding the possibility that MOL, a subsidiary of Hungary's MOL, could purchase a stake in Serbian NIS's Russian owned refinery. Serbia must find a buyer of NIS. This company is subject to U.S. Sanctions due to its Russian ownership. They have stopped crude oil supplies from Croatia's JANAF pipe. Belgrade warned that Serbia’s sole oil refinery would have to close this week if sanctions were not postponed. Orban of Hungary, who will meet Serbian President Aleksandar Vucic on a trip to Serbia, wrote in a post on Facebook that "Hungary would do all it can to assist Serbia's energy supply", but did not give any further details. Gergely Gulyas, his chief of staff, told a press briefing that there could be a chance for a market transaction. However, these discussions are in progress. It is in the best interest of NIS to end Russian ownership. Gulyas said that MOL could play a larger role in the transaction. He added that Hungary was "willing" to help with it if needed. Vucic stated on Tuesday that Belgrade will give Russian owners of NIS, Gazprom Neft & Gazprom, 50 days to sell or their stake in NIS. Otherwise the government will take over the operations and offer to purchase them. Gazprom Neft owns 44.9% and Gazprom 11,3% of NIS. Serbia holds 29.9% of NIS, and the rest is held by small investors. Peter Szijjarto, Hungary's foreign minister, said that MOL will deliver to Serbia two-and-a half times as much crude oil and diesel than usual during December. (Reporting and editing by Krisztina than and Anita Komuves)
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Venezuela revokes flight rights for six airlines amid escalating US tensions
Venezuela has revoked the operating rights of six major international carriers that suspended flights into the country after a warning by the U.S. Federal Aviation Administration. The Civil Aviation Authority revoked the permits of Iberia and TAP. Avianca and Latam Colombia were also affected. Turkish Airlines, Gol and Turkish Airlines are no longer allowed to fly into and out of this Caribbean nation. This further reduces their connectivity and fulfills their threats from last week. Caracas issued a statement in which it said that the airlines had "joined the actions of state terror promoted by the United States", by "unilaterally halting" commercial flights. The U.S. Aviation regulator warned major airlines last week of a "potentially dangerous situation" when flying above Venezuela because of "a worsening security situation and increased military activity around or in" the country. Caracas has said that the U.S. regulator does not have any authority over its airspace. Since months, the U.S. has deployed forces in the Caribbean to combat what they have portrayed as President Nicolas Maduro’s role in providing illegal drugs to Americans that killed them. Maduro denied the allegations and said that U.S. president Donald Trump wants to remove him. The International Air Transport Association (IATA), in a Monday statement, said that Venezuelan authorities gave international airlines 48 hours to resume flights or lose their right to fly into the country. THE AIRLINES In recent days, several international airlines canceled flights bound for Venezuela despite the 48-hour deadline set by Caracas. Iberia has said that it will resume flights to Venezuela once all safety conditions are met. Air Europa and Plus Ultra suspended their flights, but they did not lose their permits. The international airlines Copa, Wingo, and domestic airlines that fly to Colombia, Panama and Curacao are still operating in Venezuela. (Reporting and additional reporting by Corina Poons; editing by Kevin Buckland, Clarence Fernandez and Clarence Fernandez).
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Olympic-Transport Fears Force Cap on Ticket Sales for Events in Italy's Cortina
The local organisers were forced to limit the number of tickets available for the Winter Olympic events at Cortina D'Ampezzo, in February. This was due to concerns about transport congestion. These were exacerbated by the delays in the construction of a new cable-car to carry fans up the mountain. The problems with the Apollonio Socrepes Gondola are perhaps the most urgent sign of the transportation challenges Italy is facing as it hosts a Games that will be co-hosted in Cortina and Milan, but also include events held across northern Italy. The Games are less than two months away and the construction of the cable car to transport thousands of spectators to the Tofane Alpine Skiing Centre, where the women's race is being held, has been well behind schedule. CAP ON TICKET NUMBERS The new sliding centre in Cortina, which is located within the town, will also host bobsleighing, luge, and skeleton. Massimo Bortoluzzi is the provincial transport councillor. He said that the uncertainty surrounding the cable car project, and the delays in setting up the collection points to collect spectators going to the event, have led him, in the preliminary, 15% less than the initial estimate of 200,000 spectators. Bortoluzzi said, "We have to draw the line. We're too close to deadline now and risk having trouble finding drivers and shuttles." The local organizing committee, Milano Cortina 2026 Foundation said that the organizers have temporarily limited the number of event tickets to Cortina in order to keep up with the current transport system capacity and avoid excess traffic. TRAFFIC WILL BE LIMITED DURING GAMES Cortina, located in the Dolomites and one of Italy's most popular winter resorts, hosted the 1956 Winter Olympics. However, it lacks a rail station, and the main road to the town is often slow during peak hours. The only way to travel around the town of 5,500 residents is by car. During the Olympic Games, which will run from 6 February to 22 February, special measures are being taken to reduce congestion. Permits will only be issued to vehicles that are used by local residents, people who own second homes and those providing services for the Games. Shuttle buses will be used to transport fans with tickets to Olympic events. They must leave their vehicles at designated locations and use shuttle buses to get to the event. CABLE CAR FACES PRESSING DEADLINE Cable cars should ease crowding by taking visitors from an elementary school to the slopes. The project is called a gondola-ropeway and involves 10 pylons, three stations (valley, intermediate, and summit) with 50 cabins that can seat 10 passengers each. It has the capacity to transport 2,400 passengers per hour. The contract was only awarded in July after a long approval process. However, a group local residents also tried to stop the project in court. A crack in the earth can complicate work in an area that is prone to landslides. Simico, a state-backed agency responsible for building the Games' infrastructure, has said repeatedly that it will deliver the Gondolas on time. It cited the example of the sliding centre, where delays were avoided. Massimo Saldini, Simico's special commissioner, told RAI in an interview on November 22 that the majority of the project would be completed by December 31, with the final tests to follow in early January. Franco Sovilla, owner of a Cortina bookshop, looks forward to potential benefits in the long term. Traffic would be heavy without the link. "It will also ease congestion after Games," he added. (Elvira Pollina and Sara Rossi contributed to the report, with additional reporting from Claudia Greco; Keith Weir, Conor Humphries, and Keith Weir edited it.)
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Venezuela revokes flight rights for six airlines amid escalating US tensions
Six major international airlines have lost their operating rights in Venezuela after suspending flights to the nation following an advisory from the U.S. Federal Aviation Administration. Venezuela's civil Aviation Authority revoked the permits of Iberia and other airlines, including TAP, Avianca Latam Colombia Turkish Airlines, Gol. Caracas said in a press release that the carriers "joined state terrorism, promoted by the United States", by "unilaterally halting" commercial flights. The U.S. FAA warned major airlines last week of a "potentially dangerous situation" if they flew over Venezuela because "the security situation is worsening and there are increased military activities in or around the country." Caracas has said that the U.S. Safety Alert says it does not have authority over its airspace. Since months, the U.S. has deployed forces in the Caribbean to combat what they have portrayed as President Nicolas Maduro’s role in supplying drugs illegally that killed Americans. Maduro denies the allegations, and claims that U.S. president Donald Trump wants to remove him. In recent days, several international airlines have cancelled flights to Venezuela, ignoring Caracas’s 48-hour deadline for resuming services. Iberia has stated that it will resume flights to Venezuela once all safety conditions have been met. Air Europa and Plus Ultra suspended their flights, but they did not lose their permits. (Reporting and editing by Kevin Buckland; Additional reporting by Corina Poons)
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Romania signss deal to purchase French Mistral air defense systems
The Romanian defence ministry announced that it would purchase French Mistral air defense systems in the amount of more than 626 millions euros ($726million), as part of a joint acquisition deal with other European Union countries. The Ministry of Defence said that it had signed a contract with the French Defense Ministry on Tuesday for the purchase 231 man-portable Air-Defense Systems (MANPADS), built by the missile manufacturer MBDA, and 934 missiles along with training, simulators and logistics. The statement did specify the date of delivery. The first time the Romanian legislators approved the acquisition plan was in 2022. Romania, an EU and NATO member, shares a land border of 650 km (400 miles) with Ukraine. Since Russia began to attack Kyiv’s ports on the other side of the Danube, drones have repeatedly breached its airspace, and fragments have fallen onto its territory. Romanian air defences include F-16 fighters, Patriot systems and Lockheed Martin HIMARS launchers. Short-range South Korean surface to air Chiron missiles as well as German anti-aircraft Gepard cannons. A new European Union funding mechanism for defence will also allow the country to work with Ukraine on drones. Officials from the US and Romanian defence have confirmed that Romania is in the final stages to deploy the new Merops system against drones, which was supplied by the United States. Reporting by Luiza Ili; Editing Alexandra Hudson
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JPMorgan will build a huge new UK headquarters in London's Canary Wharf
JPMorgan said on Thursday it would build a 3-million-square-foot (280,000-square-metre) tower in the Canary Wharf financial district in East London, committing a big investment to Britain on the heels of a closely watched UK budget that has sought to reassure investors of the nation's finances. JPMorgan stated that the project will contribute 9,9 billion pounds ($13,1 billion) to the local economy over the next six years - including construction costs - and create 7,800 new jobs. JPMorgan said that the new building would house 12,000 employees and be the largest office of the bank in Europe, Middle East, and Africa. This is a great move for Canary Wharf, the financial district that struggled to keep big tenants after COVID-19 but has seen a recent surge in leasing due to companies demanding more employees return to work. Jamie Dimon, JPMorgan's Chairman and CEO, said that the UK government's focus on economic growth was a key factor in his decision. This came a day after he had backed UK Finance Minister Rachel Reeves budget in a rare show of support. Public remarks on a budget day. First, reported Last year, JPMorgan began evaluating options for its UK HQ in London. The Wall Street bank had outgrown its tower in Canary Wharf. The company also considered upgrading its current building at Bank Street, Canary Wharf, and moving to a more central location in the City of London.
PetroChina and PipeChina establish two gas storage companies within China
Tianyancha, a database of company information, shows that PetroChina and China Oil and Gas Pipeline Network Corp. PipeChina established two gas storage firms in China this week.
PipeChina, the research and technical services company of PipeChina and its investment arm, registered Liaohe Gas Storage and Xinjiang Gas Storage respectively on Monday and Thursday.
The database revealed that the two new entities had a combined registered capital of over 25.6 billion yuan (3.62 billion dollars). Liaohe Gas Storage was primarily involved in loading, unloading and storage operations and Xinjiang Gas Storage in natural gas production.
PetroChina filed a filing with the Shanghai Stock Exchange in August proposing the deal to buy the two companies, as well as Xiangguosi Gas Storage, located in southwest China from its controlling shareholder China National Petroleum Corporation. The transaction was worth 40.02 Billion Yuan.
China's largest oil and gas producer is looking to expand its natural gas industry and ensure stable operations.
The exchange filing stated that it is estimated to add 10,97 billion cubic metres of working gas storage to its portfolio. The exchange rate is $1 = 7.0812 Chinese Yuan Renminbi. (Reporting and editing by Sam Li, Aizhu Chan; Alexander Smith).
(source: Reuters)