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CNPC researcher: 'The proposed Russia-China pipeline requires tremendous work'
According to a Chinese researcher, the proposed pipeline that would transport gas from Siberia to China will require "a lot of work, many jobs and lots of negotiations." Moscow has been pushing Beijing hard in recent years to reach a 'deal' for the construction of the Power of Siberia 2 pipeline. In September, during the visit of President Vladimir Putin to China, the "legally-binding memorandum" was revealed. Beijing has not made many public comments about the deal. Lu Ruquan said that the International Energy Executive Forum, 2025, was the first time he had heard of a project of this magnitude, such as Power of Siberia, requiring at least 8-10 years. Daniel Yergin is vice chairman of S&P 'Global Energy. He said that although Russia appears determined to build a pipeline that "fits -into the overall cooperation or a good relation between Russia and China", it will take more time than people expect to build. Yergin stated that "there are still a lot details to be worked out". "Whatever cooperation there is between Russia and China, they are not in agreement on the price of the gas." The Power of Siberia 1 Pipeline, which is expected to reach the planned capacity of 38 billion cube meters by this year, began pumping Russian gas from eastern Siberia into China at the end of 2019. On Putin's visit to China in September, a further 6 bcm were?agreed through this route. Separately China agreed to import an additional 2 billion cubic meters of Russian grain per year via the Far Eastern route, from the Pacific Island of Sakhalin. Exports are scheduled to start in 2027, and then reach 12 billion cubic metres annually. Reporting by Colleen Jackson and Lewis Jackson; Writing by Chen Aizhu, Singapore; Editing Thomas Derpinghaus
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Westpac Australia urges social media companies to play a bigger role in scam prevention
Westpac Banking Corp. called on social media companies like?Meta to take stronger action on Thursday in order to combat online scams. They said that banks could not tackle the growing threat?to?consumers alone. Westpac's Chief Executive Anthony Miller said at the annual general meeting of the lender that the bank had spent over A$500,000,000 ($333.55 Million) in the last five years to prevent fraud and scams, including the purchase of new detection tools and systems for customer protection. Miller stated that "Westpac and other banks can't solve the scams plague alone." "We need to see more action from the other players of the ecosystem. This includes social media companies like Meta. Meta did not respond immediately to a comment request. Miller stated that recent initiatives by the lender helped to drive a 21% decrease in scam losses and prevent customers from losing more than A$360,000,000 this year. Australian banks are pushing for tighter responsibility for digital platforms. They claim that "a large portion of scams originate on social media and messaging apps." Meta announced last year that it had removed 8,000 "celebbait" scam ads from Facebook and Instagram as part of a joint effort with Australian banks. The scams often used artificial intelligence to generate images of celebrities to fool consumers into paying money to nonexistent investment schemes.
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The judge rejected the Trump administration's bid to dismiss the California high-speed rail lawsuit
A?U.S. A?U.S. The U.S. district judge in Sacramento, Dale Drozd, rejected the Justice Department's argument that the lawsuit filed by the California High-Speed-Rail authority in July was filed in the wrong venue and should have gone to the?U.S. Court of Federal Claims. The state agency that is responsible for the development of the high-speed railway system filed a lawsuit challenging the cancellation of the grant as "arbitrary and capricious". After cancelling $4 billion of federal grants, the Transportation Department in August canceled an additional $175 million for projects that are part of California's high speed rail project. The department did not respond immediately to a comment request. California Governor Gavin Newsom is a Democrat and a vocal critic of President Trump. The funding cuts are the latest obstacle in the 16 year effort to connect Los Angeles and San Francisco with a 3-hour train ride. This project would provide the fastest passenger rail service available in the United States. California voters approved the first $10 billion bond in 2008. Since then, more than 50 major structures have been built, including bridges. The California High-Speed Rail Authority announced in November that it would be seeking proposals for a plan worth $3.5 billion to build high-speed rail systems and track. The route was originally supposed to be finished by 2020, at a cost of?$33 billion. The projected cost has increased from $89 billion to more than $128 billion. Service is now anticipated to begin?by 2033. The state challenged a previous decision by Trump to revoke federal grants worth $929 million during his first presidential term in 2019. This led to a settlement under Democratic President Joe Biden in 2021, which restored the full amount.
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US lawmakers and NTSB claim military helicopter proposals would make skies unsafe
Bipartisan senators, including the National Transportation Safety Board's chairperson, criticized the provisions in the annual defense bill released this week that dealt with military helicopter safety. Jennifer Homendy, Chair of the NTSB, said that the proposal would "make" the skies less safe. She called it an "unacceptable risk" to the flying public as well as to crews on commercial and military aircraft and residents in the area. This is a major, significant safety setback." The Washington aviation safety has been questioned after the collision on January 29, between an American Airlines regional plane and an Army Black Hawk helicopter, which killed 67 people. The Army Black Hawk helicopter crashed because it was above the maximum altitude and not broadcasting ADSB, an advanced aircraft tracking technology. The Federal Aviation Administration banned the Army's helicopter flights near the Pentagon after a close call last May. Homendy called it a "whitewash on safety" and said that she couldn't guarantee the?safety in Washington airspace should the proposal become law. "I couldn't assure anyone." She said, "I would not say that this guarantees safety." Senate Commerce Committee chair Ted Cruz, a Republican along with Maria Cantwell and the top senators of an aviation subcommittee – Jerry Moran, and Tammy Duckworth – said in a statement that the proposal “protects the status quo” by allowing military aircraft flying in DC to continue to do so under outdated transmission rules. The bill does not specify what type of alerts should be broadcasted to commercial aviation aircraft nearby. Defense Department can waive this requirement, if they have completed a risk analysis and addressed the risks to commercial aircraft. After the collision, senators announced bipartisan legislation. The bill would require aircraft owners to equip their fleets by the end of 2031 with ADS-B and other safety reforms. The language of the defense bill is also opposed by the families of those who died in the collision on Jan. 29, 2009. The bill does not address the coordination and visibility failures that led to the tragedy. It also calls for "real and enforceable visibility standards" for all military aircraft flying near civilian traffic.
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Venezuela doubles discount on oil sold to Asia because of flood of sanctioned crude
Oil buyers from Asia are demanding steep discounts on Venezuelan oil due to the flood of sanctions-free oil coming in from Russia and Iran, and the increased risk of loading the crude in South America as the U.S. increases its military presence in the Caribbean. On Wednesday, President Donald Trump stated that American authorities A tanker was seized Connected to Venezuelan oil shipments. Venezuela managed to increase its oil exports from 2024 levels this year, despite increased pressure by Washington on President Nicolas Maduro. According to data and documents on ship monitoring, the U.S. Military had not stopped oil flow from the country prior to Wednesday's announcement. U.S. Navy struck suspected drug-smuggling boats in the Caribbean Sea, and Trump's administration threatened to expand military operations to include land targets. The state-run PDVSA is trying to prevent a decline in oil revenues by increasing export volumes. According to traders and company sources, the low global crude prices are affecting Venezuela's heavy grades of crude oil more than usual due to U.S. sanction and poor quality. State oil company still struggles to keep the country's pocket full. China, the top Asian buyer, is being flooded with crude from rival countries that have been sanctioned. PDVSA was forced to cut prices in order to move its product, according traders. The discount under Brent crude is about twice as high as it was a year ago. One person said that PDVSA has little negotiation power. It has had to reduce prices as shippers are more willing to take higher risks in order to load at Venezuelan ports near where U.S. military vessels are anchored. In recent weeks, with Russian and Iranian supplies being sold at steep discounts, Chinese buyers were barely interested in Venezuela's Merey heavy crude, which was priced $14 below Brent. This is according to a trader who sells to independent Chinese refiners. Another trader reported that a cargo of the same Venezuelan grade, for delivery in early 2026, was sold at $15 per barrel less than Brent. Late last year traders reported that they applied discounts between $5 and 8 per barrel lower than Brent for Venezuelan heavy oil to be delivered in China. Venezuela's Maduro depends on oil revenues to maintain subsidies and government programmes to minimize domestic chaos and deal with mounting U.S. pressure after a 2024 disputed election. China is the recipient of between 55% to 90% of Venezuelan oil exports this year, up from 40%-60% in 2010. According to data from ship monitoring, in November, Venezuela sent 746,000 barrels of oil per day to China. PDVSA has not responded to a comment request. Venezuela's Oil Minister Delcy Rodriguez announced last week that oil production rose to 1,17 million bpd from 1.13 million bpd during the preceding month. Caution is advised when using ports. The country's oil imports have more than doubled, to 167,000 bpd, and the exports are slightly higher at 921,000 bpd. This is the third highest monthly average of this year. PDVSA and Chevron's joint ventures increased their crude oil exports from the U.S. last month to around 150,000 bpd, up from 128,000 in October. They also supplied naphtha for diluting extra heavy crude produced by its joint ventures. Documents show that the?country's imports of naphtha, including those from Russia, allowed PDVSA maintain high diluent stock levels to ensure stable exports for crude blends over the next?months. The cost of shipping Venezuelan crude oil to any destination has increased as the vessel owners have included "war clauses", which protect them against delays, interruptions and potential seizure by U.S. naval ships near Venezuelan shores. A "war clause",?included in a contract, allows shipowners to avoid routes and obligations if they face war risks. This is done by allowing safe discharge at alternate ports, charging extra freight fees or cancelling voyages when the conflict zone is at risk. Sources said that while the clause may not always entail a substantial cost for shippers who cover short routes to the U.S. and Caribbean, it can increase freight costs on longer routes to Asia. This could force PDVSA's price discounts to be increased to accommodate the clause.
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Urals oil prices unchanged after CPC attack, but Kazakhstan diverts oil to China
The Russian Urals crude differentials remained unchanged on Wednesday. Kazakhstan, however, diverted some oil from the Caspian pipeline consortium?pipeline?in December due to a decrease in the route’s capacity. Kaztransoil, the oil pipeline operator in Kazakhstan, announced on Wednesday that the country would divert certain volumes of oil from the Caspian Pipeline Consortium network damaged to other routes such as China. Kazakhstan will increase its oil supplies to Russia and the Baku, Tbilisi, Ceyhan pipeline by 58,000 tonnes this month as compared to initial plans. A source in the industry said that a drone strike by Ukraine on a Black Sea export terminal had disrupted oil flows. PLATTS WINDOW * According to traders, no bids or offers for Urals, Azeri BTC, and CPC Blend were made on Wednesday. A Ukrainian official reported that Ukrainian drones struck and disabled a tanker trading Russian oil on Wednesday as it sailed through Ukraine's exclusive zone of the Black Sea, to the Russian port Novorossiysk. (Reporting and Editing by Nia William)
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Cyprus and Malta say that if Russia is a bad actor, it shouldn't affect the legitimate maritime sector.
Cyprus and Malta, two key EU shipping nations, said that discussions on the 'need to tighten sanctions against 'Russia, including a possible blanket -ban on maritime services, shouldn’t be done at the expense legitimate businesses. Exclusively reported on December 5, the Group of Seven and the European Union were in discussions to replace the price cap on Russian oil with a complete ban on maritime services in order to reduce the revenue from?oil that is used by Russia in Ukraine. Cyprus, Malta and Greece, which together have the largest fleets in the EU, say that tightening sanctions shouldn't target bona-fide maritime businesses. "There must be a holistic strategy," said?Cypriot foreign minister Constantinos Kombos. He stated that although additional pressure was needed on Russia, the focus should be also placed on sanctions dodging. He said, "There are many actors involved in this and it undermines our collective efforts." (Reporting and editing by Chris Reese, Nick Zieminski and Jonathan Saul; Reporting by Michele Kambas and Jonathan Saul)
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Lazard's CEO: A Washington strategy is now essential for getting deals done
Peter Orszag, CEO of Lazard, said that dealmakers "need to have a Washington White House or Cabinet level strategy" in order to complete transactions. Orszag, speaking at a Goldman Sachs Conference in New York said that the regulatory environment is more tolerant than before. He also noted that it was more political. Orszag said that it was no longer enough to discuss changes in a competitive market with staff from the Department of Justice and the Federal Trade Commission. "That must be'supplemented or complimented with a White House level or Cabinet strategy. "More is possible but also more nuanced about how to get things done in Washington," he said. Orszag warned that a lack of understanding about the politics could lead to a deal never being "anywhere close" to completion. Orszag says he regularly travels to Washington, and relies upon advisers for political insight on deals. Orszag mentioned former U.S. Congressman Patrick McHenry who was hired by Lazard earlier this year. Netflix's battle with Paramount Skydance over Warner Bros Discovery is the latest example of a deal that has political undertones. Donald Trump said that he would be a part of the deal. The Paramount bid is financed by Jared Kushner, Trump's son in law, and Affinity Partners. It also includes Saudi Arabian and Qatari sovereign funds. Trump is also working on a solution to the TikTok business in the U.S. as well as selling ports owned by China’s CK Hutchison. In the $22.8 'billion ports deal that is intertwined with Sino-U.S. tense, CK Hutchison will sell 43 ports, including two near Panama Canal, in 23 countries to a group headed by BlackRock, an investment firm, and shipping company?MSC. Trump has called on the U.S. "to take back" the Panama Canal. DEALS LOOK BRIGHT Wall Street's top executives are confident in the outlook for dealmaking, stating that the increase in activity in this year will lead to a bumper year in 2026. Private equity firms have also returned to the market following a long period of slowdown on new deals and exits. Orszag agreed. He said: "It appears that the private equity sponsors are going to become more active as a result of their need to return more cash." Lazard's restructuring and liability management practices are expected to continue their strong performance in the coming year. He said, "We think that restructuring liability management will continue to be active, you know, through 2026 and beyond." Investment bank exceeded third-quarter profits estimates in October, as dealmaking increased. This was similar to gains made by larger Wall Street competitors. (Reporting by Manya Saini in Bengaluru and Tatiana Bautzer in New York. Mark Potter edited the article.
After US tanker seize, over 30 ships sanctioned by the US are at risk in Venezuela
Shipping data shows that Washington could punish more than 30 U.S. sanctioned oil vessels doing business in Venezuela after the Coast Guard confiscated a supertanker transporting Venezuelan crude to be exported.
The President Donald Trump announced the seizure on Wednesday. It was the first time that an oil "cargo" from Venezuela had been seized. Venezuela has been subject to U.S. sanctions against it since 2019. This is also the first action taken by the Trump administration since he ordered the massive military buildup of the region.
Shipping sources say that the U.S. actions, in which Trump intensifies pressure on Venezuelan President Nicolas Maduro's government, have put many ship owners, operators, and shipping agencies on high alert. Many are now reconsidering their plans to leave Venezuelan waters as planned.
Experts and analysts claim that the targeting of Venezuelan cargoes will cause short-term delays in exports and could scare away some vessel owners. Washington has not interrupted Venezuelan oil exports before, as they are transported by third-party vessels.
VENEZUELA: OVER 80 TANKERS ARE WAITING IN OR NEAR VENEZUELA
Venezuela accused the U.S. "of blatant theft", describing the seizure of the goods as "an international act of piracy."
The supertanker seized, referred to by a group of risk managers as the Skipper is part of "a shadow fleet" of vessels that transport sanctioned oil from their origins to their final destinations. They may turn off their signals or hide their location in other ways. Since Washington imposed sanctions on Venezuela, traders and shippers who deal with Venezuelan oil have increasingly used these tankers.
Prior sanctions against Venezuelan-related vessels and oil flows left a swirling of tankers loaded with oil waiting for weeks or even months to leave to avoid "conflicts". According to data collected by TankerTrackers.com, on Wednesday, there were more than 80 vessels in Venezuelan waters, or near the coast, that had oil or were waiting to load it. This included more than 30 vessels under U.S. sanction.
According to Lloyd's List Intelligence, an analysis of maritime data, the global shadow fleet comprises 1,423 tanks, 921 of which are subject to U.S. or European sanctions. The tankers are usually old, the ownership is opaque and they do not have top-tier insurance to meet international standards.
According to vessel monitoring data, the ships mainly transport sanctioned crude oil from Russia, Iran, and Venezuela to Asian -destinations. Many ships have taken separate trips, carrying oil from Venezuela or Iran and then Russian cargoes.
Shipping and company data indicate that in Venezuela, the vessels load under false names at ports operated by PDVSA, the state-owned PDVSA. Typically, they do not reveal their location until after leaving the Atlantic Ocean on their way to Malaysia or China.
PDVSA didn't immediately respond to a comment request.
Frontline, a Cyprus-based oil shipping company, estimates that 15% of the global fleet of very big crude carriers, capable of carrying a maximum of 2 million barrels of cargo per voyage, have been sanctioned.
In recent years, the U.S. added nearly all of PDVSA’s fleet, as well as a few?tankers that transport Venezuelan crude oil to Cuba. Cuba is also under U.S. sanction.
Russia and China - both heavily sanctioned - have been using similar strategies for years to circumvent these restrictions.
Venezuelan oil exports jumped to over 900,000.00 barrels per day during November. Imports of naphtha, which is needed to dilute Venezuela's extra-heavy crude oil, mainly from Russia, also doubled at 167,000 bpd. This increased stocks for the upcoming weeks.
Venezuela and Iran have also collaborated for the past to use their fleets.
Chevron, PDVSA’s main joint-venture company, confirmed on Wednesday that the company is operating normally. (Reporting and editing by Christian Plumb, William Mallard and Marianna Saul)
(source: Reuters)