Latest News
-
Since 2022, the Russian port has seen a record-breaking increase in the number of urals discounted.
Calculations showed that discounts for Russian Urals oil reached a record high in the state's port - despite weaker demand from Asia and high freight costs - due to western sanctions. The European Union (EU) imposed sanctions Thursday on 41 additional ships of the shadow fleet of Russia, bringing the total to nearly 600. As part of its efforts to increase pressure on Moscow, Britain sanctioned more Russian oil companies and Murtaza Lakhani, a Canadian-Pakistani millionaire. Estimates place the discount on Urals cargoes delivered to Indian ports as about $21.50 a barrel, free-on-board from Russia's Baltic port of Primorsk or Ust-Luga and around $20 from Novorossiysk. The discount on Urals shipped to India's West Coast on a "delivered ex-ship" basis has risen to $7 or more per barrel, up from $1 to $2 in August, according to traders. Many refiners were cautious due to existing sanctions and could be introducing new ones. According to traders, January-loading Urals crude oil?cargoes cleared very slowly. PLATTS WINDOW The traders reported that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on Thursday. According to traders, shipping data, and three sources from the company, Venezuela's state oil company, PDVSA, resumed loading crude and gasoline cargoes at terminals on Wednesday after suspending operations on Sunday because of a cyberattack. However, most exports are still on hold, as the U.S. has threatened to enforce a ban on tankers that violate sanctions. Reporting by Shailesh Kumar; Editing by Shailesh Kumar
-
A small plane that was linked to former NASCAR driver Biffle crashed on landing in North Carolina
According to records and the Federal Aviation Administration, a Cessna C550 business plane linked to the former 'NASCAR driver Greg Biffle crashed on Thursday as it returned to Statesville Regional Airport. The Iredell?County Sheriff's Office told local media that there were many fatalities in the crash, but they did not specify how many or who was aboard. Public records indicate that the plane is owned by GB Aviation Leasing which shares a similar address to?Biffle. FlightAware?, an airplane tracking website, reports that the plane was bound for Florida, but shortly after takeoff, it attempted to return in bad weather to a North Carolina airport around 10:15 am. Local media and social networks posted a picture of a large fire near the wreckage. The National Transportation Safety Board will send a team to the site and brief the media on Friday about the investigation. At a press briefing, officials from the city said that the airport had been closed following the incident. The debris on the runway must be cleared before the airport can reopen. Reporting by David Shepardson, Washington; editing by Chizu Nomiyama
-
One killed and power damaged by Russian shelling near Odesa
Russian strikes near Ukraine’s Black Sea Port of Odesa?on Thursday?killed a woman?in her vehicle?and damaged infrastructure?and asked residents who have been suffering from long power outages to stop blocking the roads in protest? Oleh Kiper of Odesa, in a Telegram post, claimed that a Russian drone had killed a woman who was driving her car across a bridge southwest of Odesa. The incident injured her three children. Kiper asked residents who have experienced extended power outages in their homes to show patience and remove roadblocks. Kiper stated that the energy infrastructure of Odessa has suffered extensive damage as a result if enemy attacks. "Power crews work around the clock and are doing everything they can to restore electricity to each home as soon as possible," Kiper said. The Ukraine border authority said that Russian attacks had halted the transport on the route connecting Odesa with?the Danube River Port of Reni. It said that border crossings into Moldova were also affected. Reporting by Ron Popeski, Editing by Chizu Nimiyama
-
US Energy regulator orders PJM to implement rules on AI connections
The U.S. Energy regulator directed the largest U.S. Grid Operator, PJM Interconnection on Thursday to establish rules for the connection?of artificial-intelligence-driven data centres and other large electrical loads located?next? to power plants. AI supporters and others who consume large amounts power argue that placing them close to power plants can offer efficiency benefits. This includes reducing the need for transmission lines. Opponents claim it could damage grid reliability, and increase power bills in surrounding communities. Federal Energy Regulatory Commission (FERC) said that the decision will protect consumers throughout the mid-Atlantic'region, which includes 13 states plus the District of Columbia and about a fifth of Americans. Laura?Swett said that the order would be a "monumental move towards fortifying America’s national and economical security in 'the AI revolution, and ensure that power rates will remain "just and reasonably." After the onset of the influx of renewable energy, power bills are expected to continue rising. PJM Wednesday The new record capacity prices reflect the fact that data centers are using more electricity than they can supply. Energy prices have been intensified by the expansion of Big Tech data centers, which has caused a 1,000% increase in PJM's so-called "capacity" prices over PJM's roughly two-year time period. Problems with affordability The region is home to many people who work and live there. PJM's rising costs have impacted power bills across the grid territory. Some areas saw a jump of more than 20 percent in their utility bills since last summer. FERC also 'took aim at PJM’s open access transmission rate, which the operator claims governs its services to?allow a fair wholesale electricity market. The agency said the tariff was "unjust because of the lack of clarity, consistency, and fairness in the terms and conditions." The agency ordered PJM's tariff to be revised to include the terms and conditions that interconnection customers must follow when using generating plants to serve colocated loads. PJM didn't immediately respond to a comment request. (Reporting and editing by Timothy Gardner)
-
Poland allocates 3.4GW of offshore wind power in its first auction
Poland's energy regulator - URE - announced on Thursday that it had allocated 3.4 gigawatts of?capacity at its first competitive auction for offshore wind. This is a positive sign for the renewables sector, after recent setbacks on neighbouring markets. The auction was viewed as a Investor confidence in offshore wind is increasing after U.S. president Trump's opposition towards renewable energy effectively The U.S. and recent?auctions held in Denmark, Germany and the Netherlands did not attract bidders. URE reported that Poland awarded 25-year contract?at a range of 476.88 zlotys (133.09 dollars) and 492.32 zlotys for megawatt hours, which is just?slightly lower than the maximum levels set by the regulator of 485.71 to 512.32 zloty for megawatt hours. PGE, the state-controlled utility, secured a?contract for 975MW at 489zlotys/megawatthour?while refiner Orlen was awarded a contract?for 900MW at a cost of 476.88zlotys/megawatthour? A consortium consisting of Polenergia, Equinor and the Norwegian company Equinor won a contract worth 1,56 GW for 492.32 zlotys/megawatt-hour. Offshore wind is crucial for Poland to bridge a looming gap in energy. Coal power has been phased out and nuclear energy will be available years from now. Its proximity to Russia also increases the importance of energy independence. Under ?the terms of the auction, support is offered to winners in the form of ?a contract-for-difference (CfD). Developers are guaranteed a fixed electricity price. Costs or savings will be passed on to consumers depending on wholesale price fluctuations. URE reported that the total amount of electricity covered under the contracts awarded in this auction was over 330 terawatt hours (TWH), nearly twice as much as Poland's last-year consumption. Poland plans to hold similar auctions twice a year until 2031. The regulator stated that the projects which won the auction had a deadline of seven years to start supplying electricity to the grid. $1 = 3.5832 Zlotys (Reporting and editing by Susan Fenton, Matt Scuffham and Rafal Nowak)
-
Kuwait will sign a $4 billion port deal with China's CCCC in the next few days
Noura Al-Mashaan, Minister of Public Works in Kuwait, said that Kuwait will sign a deal with China Communications Construction Company next week to 'complete the Mubarak Al-Kabeer Port Project. According to the official journal, the 'Central 'Agency for Public Tenders has approved a contract on December 1, between the Ministry and CCCC for the engineering, procurement, and construction of port’s first phase. A government document seen by revealed that the contract is worth 1.219 billion Kuwaiti Dinars ($3.97billion). Al-Mashaan, a Kuwaiti news agency, said that the prime minister would?attend the ceremony of signing with the Chinese side. Mubarak al-Kabeer Port, located on Bubiyan Island, in northern Kuwait is "a strategic project" aimed at creating a safe regional corridor and a commercial hub. China is trying to connect it with its Belt and Road Initiative. Kuwait hopes that the project will help support economic diversification and boost GDP, as well as help it?restore their regional commercial and financial roles. The government has said that about half of the first phase is complete but did not provide any details regarding remaining work. Kuwait has a number of mega-projects that it is working on with Chinese assistance, including power plants and water treatment facilities, waste recycling and renewable energy projects. Kuwait signed several Memorandums Of Understanding?with China during a 2023 visit to Beijing of then Crown Prince Sheikh Meshal al-Ahmad, Al-Sabah. He became the emir in Dec 2023.
-
Three sources claim that Russia has ordered Russian Railways (RRU) to sell the $2.4 billion Moscow Towers in order to pay its debts
Three sources have confirmed that the Russian government has ordered Russian Railways to dispose of a central Moscow skyscraper with 62 floors to help pay down some of the $50 billion debt owed by this railway monopoly. Last month, it was reported that the?government? is discussing ways to support Russia's largest commercial employer. The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. A government meeting held last week discussed the possibility of selling "Moscow Towers", which are part of the "Moscow City" in the "Manhattan style", according to a source who spoke on condition of anonymity because of the sensitive nature of the matter. Three sources said that Russian Railways decided to sell the skyscraper in order to pay off a part of its debts and avoid major increases in cargo transportation prices. The Russian papers Kommersant, Vedomosti, and RBC all reported that the purchase price for 2024 was 193.1 billion Russian roubles, or $2.42 billion. Russian Railways, as well as the government, did not respond to comments. If it can find a purchaser, a sale could reduce some of Russian Railway’s debt. The economy in Russia is expected to grow by only 1.0% in this year compared to 4.3% in 2024. One source said that no decision had been taken on the other measures mentioned earlier. These included rising freight?transportation costs, debt restructuring and state subsidies, as well as reducing or delaying tax payments. Source: An option to convert a part of the debt into shares remains on the table. Source: Russian Railways, Ministry of Finance and Central Bank should discuss the possibility of a conversion lasting up to three (3) years, with a buyback option provided by the Ministry of Finance. VTB, the largest lender to Russian Railways, told creditors that they rejected a proposal to convert 400 billion Rubbles in debt into shares. Moscow City is an area of skyscrapers along the Moskva River, which is home to many Russian companies such as VTB Bank and government ministries. The Russian Railways planned to move their central office into a skyscraper, and cover the cost by selling off other office space in Moscow. But that didn't happen. Reporting by Gleb Stolarova and Darya Kosunskaya, Editing by Guy Faulconbridge & Alexander Smith.
-
Russia sentences a man to 22 years in prison for blowing up trains on the Ukrainian's orders in Siberia
A Belarusian accused of bombing two trains in Siberia at the order of Ukraine's Intelligence Services was jailed on Thursday for 22 years by a military court. The General Prosecutor announced that Sergei Yeremeyev had been found guilty of committing an act of terrorism, and planting explosives in two freight trains, including one which was traveling through Russia's largest conventional rail?tunnel, at the time. The FSB?said that Yeremeyev admitted his 'guilt' at the time of arrest. Security Service of Ukraine (SBU), which claimed responsibility for the two attacks, said that it wanted to disrupt rail lines in Siberia, which Russia was using as a supply route. On November 29, 2023, explosives detonated in a cargo train traveling through the Severomuysky Tunnel which is 15.3 km long (9.5 miles) and along the Baikal-Amur Mainline Railway. A?day after the first attack, another freight train was hit as it crossed Chertov Bridge in the same area on a railway used to backup trains when they are diverted from the Severomuysky tunnel. The General Prosecutor said that the attacks had caused damage of 102 million rubles ($1.2 million), and disrupted rail traffic. In a press release, the organization said that Yeremeyev would serve his first five years in prison before being transferred to a maximum-security correctional camp. $1 = 79.8000 Rubels (Reporting and Editing by Guy Faulconbridge).
BP Olympic Pipeline restarts after completing repairs
BP announced on Friday that it has begun restarting its 400-mile Olympic Pipeline following repairs to a leak located east of Everett in Washington.
Olympic Pipeline transports refined petroleum products, including gasoline and diesel from northern Washington into Oregon. It consists of two pipelines with a diameter of 16 inches and 20 inches.
Olympic initiated restart procedures for the 20-inch pipe early on November 28, following a successful test to detect leaks," the company stated in an email statement.
Its crews repaired the 16-inch section of the pipeline system earlier this week after finding no signs of a leak.
On November 11, the first report of a refined product discharge along the Olympic Pipeline came to light. BP closed the entire pipeline system a few days later, stopping product deliveries.
Washington declared a Fuel Emergency last week, and Oregon followed suit Monday. This was in response to a system shutdown that has caused jet fuel to be unavailable at Seattle-Tacoma International Airport.
The pipeline outage forced major airlines, including Alaska Airlines and Delta Air Lines, to develop plans to reduce the impact on flights leaving Sea-Tac over the Thanksgiving holiday travel week. They did this by adding extra fuel to inbound flights via tanker trucks as well as fuel stops for outbound flights. Reporting by Nicole Jao, New York; editing by Chris Reese
(source: Reuters)