Latest News
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Caspian Pipeline Consortium even more downgrades 2024 oil exports tally
The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric lots of oil in 2024 in a most current estimate, further downgrading its exporting prospects, according to an investor. It had initially prepared to export more than 70 million heaps (1.5 million barrels per day) of oil in 2024, up from a. record high of 63.5 million loads in 2023. However, the consortium stated in May it expected its oil. exports to fall 7% except an initial target owing to lower. loadings from Tengiz, a crucial field. The plans might have assumed. the export of 65.2 million loads. Speaking with a December issue of an internal magazine,. Vladimir Kalanda, a vice-president of Russian oil pipeline. operator Transneft, stated CPC's prepare for 2024 called. for 64.4 million tons of oil export, up practically a million heaps. from 2023. The main CPC shareholders are Transneft
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Brazil freight lobby sees grain shipping disturbances in wake of brand-new toll guideline for trucks
A freight lobby has actually warned of the risk of logistical collapse after Brazilian transportation firm ANTT altered payment system guidelines for trucks moving countless lots of agricultural commodities and other freight, according to a declaration on Thursday. Intro of electronic tags as the only accepted ways of payment comes as Brazil starts gathering a huge soybean crop of nearly 170 million heaps, stated Carley Welter, executive director at ANATC, a national association of freight companies. ANATC, whose members have actually 2.2 million signed up truck drivers, said firms supplying the tags have been not able to meet high demand. On one day of this week, Welter estimates some 50,000 truckers were impacted. Without enough time to adapt, thousands of truck chauffeurs and shippers are left without alternatives, dealing with logistical traffic jams that can lead to fines of 3,000 genuine ($ 490.87) per car for each trip, Welter said in a. declaration. NTC&L ogística, another transportation lobby, praised intro. of the new payment scheme to speed up truck streams at toll. cubicles. Its members have actually reported no interruptions related to the. tags, according to Gil Menezes, the group's legal consultant, who. explained it is the shippers who have the obligation to offer. them and all had time to adjust. ANTT did not reply to comment demands. ANEC, a grains exporter group speaking for companies like. Cargill and Bunge, stated trucks are important to move grains to. ports. If we mean to export something near to 180 million tons. of grain, this would involve making 5.1 million truck journeys,. said Sergio Mendes, director at grains exporter lobby ANEC. Any. issue with the trucks will certainly lead to losses for the. farmer, the exporter and the trade balance. ANATC represents 32 farming cargo transportation. business, which move a combined 150 million tons of freight,. generally soybeans, corn, cotton, fertilizers, soybean meal,. limestone, cottonseed and fuel.
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White Top protects more than $360 mln for decarbonisation fund
Facilities investment company White Top Capital has protected commitments of more than 350 million euros ($ 360.7 million) for a facilities fund concentrated on decarbonisation and expects it to reach its 500 million euro target in coming months. The fund will buy smaller storage and renewable tasks, in addition to those focused on decarbonising transport and markets, managing partners Pablo Pallas and Gonzalo Lopez informed Reuters on Thursday. Depending upon the deal flow, it can raise as much as 750 million euros, they stated. With workplaces in places consisting of Switzerland, Spain and Britain, White Summit concentrates on investments tied to the green transition. Its portfolio includes Spanish electrical car charger company Zunder and Portuguese biomethane manufacturer Ferbgas Eco-friendly. The fund will focus on middle-market infrastructure companies that require investments to grow, Lopez said, targeting mid- to high-teens returns. He said the majority of infrastructure funds had actually probably grown too large, and were shunning smaller deals which developed a substantial quantity of financial investment opportunities for offers ranging between 25 million euros and 200 million euros. Investors in the fund consist of the European Mutual fund, which has dedicated 150 million euros, plus other global asset supervisors and insurer. While declining to divulge names, Pallas stated that a U.S. fund supervisor devoted 50 million euros, while two Spanish family offices comprise around 10% of the dedicated money. White Summit is eyeing a second close in the second quarter and is in talks with Canadian, U.S. and European companies. Some 40% of the tasks the business wishes to consist of in its portfolio will remain in the Iberian area, the rest will be in Western European countries. The firm has currently clinched 2 offers - Powesco, an energy effectiveness professional in France and an Iberian hybridisation and sustainable integration platform - which Pallas and Lopez think confirm their technique. Financiers want to see the offers, they just do not want to sign a blind check and see what you do the next two years, Pallas said.
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SOCAR's STAR oil refinery to supply jet fuel for Istanbul Airport
Azerbaijan SOCAR's STAR oil refinery will provide 700,000 metric lots (about 15,000 barrels daily) of jet fuel per year to Istanbul Airport for three years beginning with 2025, Socar Turkey stated in a LinkedIn post. SOCAR's deal becomes part of a larger 4.8 million heap per year ( around 104,000 bpd) jet tender by Turkish Fuel Services (TFS),. the airport's provider, according to a source acquainted with the. offer. Turkish private refiner Tupras won that tender in October. and will supply 1.8 million lots (39,000 bpd) per annum, the. company announced. The STAR refinery has a capacity to procedure 200,000 bpd of. crude. It produced 1.26 million heaps (27,000 bpd) of jet fuel in. 2023, up from 979,000 loads (21,000 bpd) in 2022, according to. the most current data readily available from Turkey's energy regulator. Russia was Turkey's leading jet fuel supplier in 2015,. accounting for 22,000 bpd of 28,000 bpd imported, according to. data analytics service provider Kpler.
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Putin says more requires to be done to tidy up Black Sea oil spill
Russian President Vladimir Putin stated on Thursday that more required to be done to tidy up an oil spill in the Black Sea, saying efforts up until now appeared to have actually been inadequate to handle the environmental disaster. The oil leaked from two ageing tankers after they were hit by a storm on Dec. 15 in the Kerch Strait. One sank and the other ran aground. Around 2,400 metric tons of oil items spilled into the sea, Russian detectives stated recently, in what Putin on Thursday called one of the most severe environmental challenges we have actually dealt with in years. When the catastrophe struck, state media reported that the stricken tankers, both more than 50-years old, were bring some 9,200 metric heaps (62,000 barrels) of oil items in overall. Given that the spill, thousands of emergency situation employees and volunteers have actually been working to clear tons of polluted sand and earth on either side of the Kerch Strait. Environmental groups have actually reported deaths of dolphins, porpoises and sea birds. The Kerch Strait runs in between the Black Sea and the Sea of Azov and separates Crimea's Kerch Peninsula from Russia's. Krasnodar region. Putin informed a federal government meeting that the clean-up efforts. had actually been improperly coordinated in between regional and federal bodies. From what I see and from the details I get, I. conclude that whatever being done to reduce the damage is. plainly inadequate yet, the Kremlin leader informed authorities. He required a commission to be formed to alleviate the. disaster and prevent oil products from dripping from flooded. tankers in the future.
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Suspension of flights to Middle East
Concerns about conflict in the Middle East have prompted worldwide airlines to suspend flights to the area or to avoid afflicted airspace. Below are some of the airlines that have actually suspended services to and from the area: AEGEAN AIRLINES The Greek airline in August cancelled flights to and from Beirut until March 29. AIR ALGERIE The Algerian airline has suspended flights to and from Lebanon until further notice, it stated on Aug. 1. AIR ARABIA The United Arab Emirates carrier will resume flights to Beirut on Jan. 9. AIRBALTIC Latvia's airBaltic has cancelled flights to and from Tel . Aviv up until Jan. 28. It revealed the suspension in late. September. AIR FRANCE-KLM Air France has actually extended its suspension of Paris-Tel Aviv. flights till Jan. 17 and Paris-Beirut flights until Jan. 31. KLM will extend its short-lived suspension of flights to. Tel Aviv and will not fly till the end of March. The group's affordable system Transavia has actually cancelled flights to. and from Tel Aviv, Amman and Beirut till end-March. AIR INDIA The Indian flag provider has suspended flights to and from. Tel Aviv up until more notification, it said on Aug. 12. CATHAY PACIFIC Hong Kong-based Cathay Pacific has cancelled flights to Tel . Aviv until Oct. 25, 2025. It suspended its flights to Israel in. August. CORENDON AIRLINES The Turkish airline company has actually cancelled flights to and from Tel . Aviv until January. DELTA AIR LINES The U.S. carrier has stopped briefly flights between New york city and Tel . Aviv through March 2025. The suspension was announced on Sept. 19. EASYJET EasyJet will not rush to resume flights to Tel Aviv. after a ceasefire in between Israel and Hezbollah entered into impact,. its inbound CEO said on Nov. 27. The UK budget airline company had. previously suspended flights to and from Tel Aviv up until March. EMIRATES UAE's state-owned airline has cancelled flights to Beirut. and to Baghdad until Jan. 31. The suspension began in late. September. FLYDUBAI Flights to Beirut stay briefly suspended, a. flydubai spokesperson stated on Dec. 30. IAG IAG-owned British Airways has actually suspended flights to Tel Aviv. until the end of March 2025. IAG's inexpensive airline, Iberia Express, has cancelled. flights to Tel Aviv until March 29 while Vueling will keep. operations to and from Tel Aviv suspended throughout the very first. quarter of 2025. IRAN AIR The Iranian airline has actually cancelled Beirut flights till. further observe. The suspension was announced in late September. ITA AIRWAYS The Italian provider has extended the suspension of Tel Aviv. flights through Jan. 31, a suspension that has actually remained in location. since Sept. 30. LOT The Polish carrier plans its very first set up flight to. Beirut for April 1. It had actually suspended its flights to Lebanon in. August. LUFTHANSA GROUP The German airline company group has actually extended the suspension of its. flights to Tel Aviv up until Jan. 31. Flights to Tehran are cancelled up until Jan. 31 and to Beirut. up until Feb. 28. SunExpress, a joint venture in between Lufthansa and Turkish. Airlines, has suspended flights to Beirut up until March. 31. PEGASUS The Turkish airline company stated on Jan. 2 that it was carrying. out Beirut flights throughout daytime hours from Istanbul and. Antalya. RYANAIR Europe's greatest budget airline company plans to run a complete. schedule of flights from Tel Aviv this summer season, senior executive. Eddie Wilson stated on Jan. 9. It restarted flights from Jordan in. December. SUNDAIR The German airline company has cancelled flights in between Beirut and. Bremen up until March 26. The cancellation began on Sept. 23. UNITED AIRLINES The Chicago-based airline confirmed on Dec. 30 that its. flights to Tel Aviv remain suspended. The suspension began on. July 31. VIRGIN ATLANTIC The UK carrier has suspended Tel Aviv flights till the end. of March. The suspension has actually been in location given that September. WIZZ AIR The Hungary-based airline has suspended Tel Aviv flights. through Jan. 14, except for those from Larnaca. Wizz Air has. suspended its flights to Tel Aviv because October.
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How Musk's interview with German AfD leader squares with EU laws
Elon Musk's anticipated hosting of Alice Weidel, leader of the farright Option for Germany (AfD) party, for a conversation on his X platform on Thursday was being viewed by the European Commission to check for any dispersing of misinformation before next month's German election. The European Union's Digital Services Act (DSA) is intended to resolve unlawful material such as hate speech and intentional manipulation to affect elections. X has been under examination under the DSA considering that 2023 over presumed dissemination of prohibited content and the effectiveness of its steps to fight details manipulation. HOW IS MUSK INVOLVED IN EUROPEAN POLITICS? Because openly supporting Donald Trump to end up being U.S. president last year, Musk has actually endorsed Britain's right-wing Reform party along with the AfD on X. The traditional political celebrations in Germany have absolutely failed the people. AfD is the only hope for Germany, he published on X last month. Musk's endorsement of the AfD, an anti-immigration, anti-Islamic celebration designated as right-wing-extremist by German security services, has caused consternation in Berlin, where all other parties dismiss working with a celebration they consider as unsafe and undemocratic. After a Saudi physician eliminated 5 people in a Christmas market last month in the German city of Magdeburg, Musk called German Chancellor Olaf Scholz an inept fool on X and advised him to resign. WHAT IS THE EU'S DIGITAL SERVICES ACT? The DSA controls big online platforms such as X and Meta with more than 45 million users per month in the European Union, in addition to the app stores of companies such as Apple and Alphabet. Its primary objective is to avoid prohibited and harmful online activities and the spread of misinformation. Musk's X was the first company to be examined under DSA for unlawful material, in December 2023. A business can be fined up to 6% of its worldwide annual turnover for breaching the DSA, and up to 5% of day-to-day around the world turnover for each day of hold-up in complying with remedies. If the infringement persists and triggers severe damage to users, the Commission can ask for suspension of the service. The Commission has actually also opened procedures against Meta and China's AliExpress, Temu and TikTok. All the cases consisting of that against X are still open except for one versus TikTok, closed after the video sharing platform dealt with EU issues. WHAT WILL REGULATORS DO ON THURSDAY? About 150 EU personnel are responsible for enforcing the DSA, both at the Commission's DG link department in Brussels and the European Centre for Algorithmic Transparency in Spain. Former EU industry commissioner Thierry Breton reminded Weidel on X about DSA guidelines intended to safeguard democracy around elections. Senior EU authorities acknowledge the obstacle presented by Musk but insist the DSA is up to the task. Mr Musk is totally free to express his viewpoints in the EU online and offline, within legal borders, said Michael McGrath, European commissioner for democracy, justice, the guideline of law and consumer security. HOW HAS MUSK ENCOUNTERED THE EU? The EU and Musk have clashed a number of times given that he took over his social media platform, then called Twitter. Before Musk interviewed Trump last August, Breton urged him to adhere to EU law as the livestream would be available in the EU. X CEO Linda Yaccarino called the letter an unmatched. effort to stretch a law intended to use in Europe to. political activities in the US. The EU has accused X of deceiving users with its blue checkmark,. which formerly indicated that an account had been validated as. belonging to a public figure however was altered to designate a paid. subscriber. Musk threatened litigation, and implicated the Commission, without. providing evidence, of offering X a prohibited secret deal to. censor speech. Breton rejected this. The commission has actually also implicated X of failing to supply easy. access to searchable and reliable info about. advertisements, and obstructing scientists from accessing its. public data.
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Fico: Slovakia may withhold aid to Ukraine over gas supply interruption
After a meeting with EU Energy Commissioner Dan Jorgensen, Robert Fico announced that Slovakia was considering measures against Ukraine. This could include withholding assistance if no solution can be found to stop the transit of Russian gas through Ukraine. Fico accused Kyiv that it was damaging Slovakia by refusing to extend a gas-transit deal with Russia. He threatened to retaliate, cutting off emergency electricity supplies for Ukraine. On Thursday, he said that the government might also stop humanitarian aid and use its right to veto in the European Union regarding Ukraine. Fico told reporters in Brussels that the government didn't want to create tensions, but it would consider measures if a solution was not found. He said that the suspension of Ukraine transit will cost Slovakia 500 millions euros (516 million euros) in transit fees as well as 1 billion euros more in gas prices. The European Commission and Slovakia have agreed to set up a group of experts who will assess the situation in order to determine what assistance the EU can provide. The transit contract that allowed Russian gas to be exported via Ukraine to Europe expired on New Year's Day. Kyiv refused any deal which would provide revenue to Moscow that could be used to finance its war in Ukraine. Last year, Slovakia attempted to extend the transit agreement but failed. It had considered solutions such as buying the gas before it reaches Ukraine for transit and taking ownership. Fico, however, said that Ukrainian President Volodymyr Zelenskiy had ended the chances of an agreement at a summit held by the EU in December.
Ocean data climate tech firm XOCEAN raises 115 million euros
Investors, including Big Oil's Climate Investment Fund and Morgan Stanley 1GT Fund, have invested 115 millions euros ($119.20million) in Irish geophysical-data firm XOCEAN. This investment will help the company expand its operations.
The company uses uncrewed surfaces vehicles to maintain offshore wind infrastructure and other energy infrastructure. This includes checking for leaks in pipelines and developing carbon storage and capture projects.
The technology of the company allows clients to control their vessels remotely and stay on site for longer. This is unlike traditional providers who rely on crewed boats that cost thousands of dollar a day, even when bad weather forces these vessels into port.
XOCEAN claims that the technology can be delivered with just 0.1% of carbon emissions from manned vessels.
S2G Ventures, a venture capital firm based in Chicago, and CC Industries owned by the Crown Family are also part of the growth equity round, which will help XOCEAN to expand its fleet and develop new technologies and products.
Francis O'Sullivan said that XOCEAN, working with some of the largest energy companies in the world, has reimagined the delivery of geophysical data, which is crucial to unlocking the potential of the blue economy. S2G helped structure the deal.
The investment in XOCEAN was the first to be made through Climate Investment's growth equity strategy. Climate Investment is an independent investor founded by members of Oil and Gas Climate Initiative. Some of these, like Shell and BP are already clients.
Patrick Yip, Climate Investment's director of growth and managing director for XOCEAN, said that "several customers cited XOCEAN" as their 'platform' of choice.
The company was founded in Ireland in 2017. It has over 240 employees in offices located in Ireland, Britain and the United States.
(source: Reuters)