The strategy

Brazil picks Gileno Gurjao Barreto as Petrobras chairman

Sao Paulo - The Brazilian government selected Gileno Gurjao Barreto on Thursday as its nominee to chair state-run oil giant Petrobras' board. The Mines and Energy Ministry also confirmed Caio Mario Paes de Andrade as its nominee to be Petrobras' chief executive

The war effects

U.N. plan to get Ukraine grains out faces hurdles / EXPLAINER

Kiev - Turkey said on Wednesday a United Nations plan to set up a sea corridor for Ukrainian grain exports overseen by Ankara was "reasonable," but required more talks with Moscow and Kyiv to ensure ships would be safe

Final results

UK Club well positioned for future growth

The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, announces its financial results for the year ended 20 February 2022. The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022

As tensions rise

Iran seizes 2 Greek tankers in Persian Gulf

Iran's paramilitary Revolutionary Guard seized two Greek oil tankers on Friday, May 27, 2022, in helicopter-launched raids in the Persian Gulf, according to officials. The actions were an apparent retaliation for Athens assisting the U.S. in seizing Iranian crude oil in the Mediterranean Sea

The former German canchellor

Schroeder throws in towel as German industry clings on to Russian gas

Gerhard Schroeder has backed off from taking a top role at Russian energy giant Gazprom, dealing a setback to Germany's gas lobby as it seeks to keep the energy lifeline from Russia open. He played a critical role in establishing the energy bond between the countries

To Russia

Ukraine conflict squeezes South Africa's citrus exports

The conflict in Ukraine has throttled South Africa's citrus exports to Russia and driven input costs higher, further squeezing fruit producers already suffering from spiralling shipping costs, an industry body said

Commerce minister says

India has no immediate plan to lift wheat export ban

India has no immediate plans to lift a ban on wheat exports, but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters. The world's second biggest producer of wheat banned private overseas sales of the grain on May 14

The port blockade

Nearly 25 million tonnes of grain stocked in Ukraine / FOCUS

Ukraine is seeking ways to get grain and vegetable oils out of the country by breaking a months-long blockade of the Sea of Azov and the Black Sea by the Russian navy and moving more by land. The war, together with Western sanctions against Russia, have sent prices soaring

Amid supply uncertainties

Germany striving to develop gas field with Senegal

Germany plans to work with Senegal on the development of an offshore gas field amid the severe impact the war in Ukraine is having on global energy supply and prices. The update came as the German Chancellor Olaf Scholz this weekend started his tour of several African nations

War in Ukraine

Nike not renewing franchise agreements in Russia

U.S. sportswear maker Nike has not renewed agreements with its largest franchisee in Russia, the Vedomosti daily reported on Wednesday, marking the latest exit by a major U.S. brand since Russian forces entered Ukraine

As world faces food crisis

Ukraine's embattled farmers running on empty

After making it through the spring planting season, sometimes with the help of bulletproof vests and helmets, Ukraine's farmers are facing another challenge - finding enough diesel for the harvest to come

For reconstruction

Ethiopia, World Bank agree $300 mln grant

Ethiopia and the World Bank have signed a pact for a grant of $300 million to assist reconstruction and recovery in conflict-hit areas, the finance ministry said. Fighting that erupted in the northern region of Tigray in November 2020

Iraq persuaded Lukoil to halt sale to Sinopec

Iraq balks at greater Chinese control of its oilfields

Iraq's oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Baghdad wants to invest in its creaking economy

War in Ukraine

Putin says large Russian grain harvest to support higher exports

Russia, one of the world's largest wheat exporters, will increase wheat exports this year due to a potentially record harvest, President Vladimir Putin said on Thursday. Russia competes with the European Union and Ukraine for supplies of wheat to the Middle East and Africa

In a U-turn

IEA sees world weathering lost Russian oil supply

The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible "global supply shock" in March

War in Ukraine

Gazprom Germania subsidiaries getting no Russian gas

Germany's economy ministry will provide details on alternatives to some Russian gas import volumes later on Thursday, Economy Minister Robert Habeck said, after subsidiaries of a large player, state-supervised Gazprom Germania, have become subject to Russian sanctions

From June

Bulgaria to receive U.S. LNG deliveries

Bulgaria will receive U.S. liquefied natural gas (LNG) supplies from June to help it after Russia's Gazprom cut off gas deliveries, the government said on Wednesday. The arrangement was agreed at a meeting between Prime Minister Kiril Petkov and U.S. Vice President Kamala Harris in Washington

After Kiev shuts route

Russian gas to Europe via Ukraine falls by a quarter

Russian gas flows to Europe via Ukraine fell by a quarter on Wednesday after Kiev halted use of a major transit route blaming interference by occupying Russian forces, the first time exports via Ukraine have been disrupted since the conflict began

The report

Soaring food, fuel ramp up social unrest risk for emerging markets

Rising fuel and food prices look set to stoke an "inevitable" rise in civil unrest, with developing middle-income countries such as Brazil or Egypt particularly at risk, a report by a risk consultancy said. Three quarters of nations expected to be at high-risk or extreme risk of civil unrest

Despite sanctions

Ship loaded with Russian coal docks in Spanish port of Gijon

A Maltese-flagged ship carrying Russian coal and petroleum coke has docked in the northern Spanish port of Gijon, port authorities said on Monday. Another Maltese-flagged ship, loaded with Russian crude, docked in Cartagena, southern Spain, on Friday, authorities confirmed

Energy diversification

Portugal set to start up Europe's largest floating solar park

Two tugboats have moved a vast array of 12,000 solar panels, the size of four soccer pitches, to their mooring on Portugal's Alqueva reservoir in preparation to start up Europe's largest floating solar park in July

S.Korean tungsten mine gets $100 million makeover

South Korea hunts tungsten treasure in race for rare minerals

Blue tungsten winking from the walls of abandoned mine shafts, in a town that's seen better days, could be a catalyst for South Korea's bid to break China's dominance of critical minerals and stake its claim to the raw materials of the future

After Black Sea port lock

Ukraine sets new grain export curbs for Moldova, Romania

Ukraine has imposed temporary restrictions on the supply of grain cargoes by rail in the direction of Moldova and Romania due to a large number of wagons at border crossings, the APK-Infrom consultancy said on Friday

This year

Zimbabwe govt expects 43% decline in maize harvest

Zimbabwe expects its harvest of staple white maize grain to fall by almost half this year due to poor rainfall in the 2021/22 growing season, but still has enough buffer stocks following a record harvest the previous year

War in Ukraine

Germany begins filling western Europe's biggest gas storage site

Germany has started filling the huge Rehden gas storage facility abandoned by Russia's Gazprom, the site's state-appointed manager said on Thursday, as Europe's biggest economy looks to guard against the risk of Moscow turning off supplies

After Europe's indecisions

Japan says difficult to immediately follow Russia oil embargo

Tokyo - Japan would face "difficulty" to immediately follow a move to cut off Russian oil imports over the invasion of Ukraine, its minister of economy, trade, and industry Koichi Hagiuda said on Thursday. Hagiuda made the remark during a visit to Washington

Analysis estimates

Financial firms face $225 billion in water-related losses

Financial institutions face losses of at least $225 billion from risks related to water, with a third of them doing nothing to assess the potential impact, a report by leading environmental disclosure platform CDP and Planet Tracker estimates

In plan to curb inflation

Mexico to boost output of staple foods

Mexico will increase production of staple foods such as corn, rice and beans as part of a plan agreed with business leaders to control consumer price inflation which is at a two-decade high, Finance Minister Rogelio Ramirez said on Wednesday

War in Ukraine

EU says buyers must confirm initial euro payments for Russian gas purchases

The EU said on Thursday buyers of Russian gas could avoid breaching sanctions if they declare purchases complete when they have paid in euros or dollars, but there may be no workaround if Moscow insists they also use a rouble account for the transaction

War in Ukraine

Uniper to pay for Russian gas via Russia account

Uniper will transfer payments for Russian gas to a Russian bank and no longer to a Europe-based bank, the German power utility told newspaper Rheinische Post on Thursday: "The plan is to make our payments in euros to an account in Russia," the daily paper cited a Uniper spokesperson as saying.

For one year

EU to suspend tariffs on Ukraine imports

The European Commission proposed on Wednesday a one-year suspension of import duties on all Ukrainian goods not covered by an existing free trade deal to help the country's economy during the war with Russia

Ships deployed to enforce export ban

Indonesia stuns markets as it widens ban to include CPO, refined palm oil

Indonesia widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil, among other products, its chief economic minister said on Wednesday, leaving markets in shock over the latest policy reversal

War in Ukraine

What are Europe's gas options if Russia turns off the taps? / FOCUS

Russia's Gazprom has halted gas supplies to Bulgaria and Poland, reviving European supply concerns as Russia and the West clash over Moscow's demand for payments in roubles. Poland and Bulgaria have long-term gas deals with Gazprom that expire at the end of the year

Drilling protest

Activists turn off German oil pipelines in North Sea

German climate activists turned off crude oil pipelines at five locations on Wednesday, demanding the country look for other ways to reduce its dependence on Russian gas than starting new fossil fuel-based infrastructure projects such as deep-sea drilling

In short term

Vaar Energi says unable to boost gas output

Oslo - Norway's Vaar Energi is currently producing as much natural gas as it can, and does not foresee a further increase in output in the short term, its chief executive told reporters on Wednesday. At the moment, the company directs as much gas as possible to the European continent

After Sofia failed to pay Moscow in rubles

Greece to help Bulgaria after Russia cuts gas supply

Athens - Greece will offer help to Bulgaria after Russia cut off its gas supply, Prime Minister Kyriakos Mitsotakis told his Bulgarian counterpart on Wednesday. The two leaders discussed the issue by phone

As S.Korea shifts gears on green energy

Samsung Elec to join renewables pledge

Samsung Electronics plans to join as soon as next month a group of global corporations committed to 100% renewable energy, a person familiar with the matter said, as partners such as Apple Inc push it for action against climate change

To avoid breaching sanctions

EU says pay for Russian gas in euros

European companies may be able to work around Russia's demand to receive gas payments in roubles without breaching sanctions if they pay in euros or dollars which are then converted into the Russian currency, the European Commission said on Friday

As sales struggle

Russian miner Petropavlovsk seeks new export licence

Russian miner Petropavlovsk has applied for a new export licence, it said on Friday, seeking a fresh lease of life after it was prohibited from selling gold to sanction-hit Gazprombank, the only buyer of its output

Focus

Who is buying Russian crude oil and who has stopped

London - Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases following Moscow's invasion of Ukraine, but the European Union remains divided. The bloc's 27 members have been unable to agree on an embargo

Backed by ExxonMobil

"Argo FSRU" project greenlighted by Greece’s regulatory authority

The "Argo FSRU" project in Volos port, developed by Mediterranean Gas, has been greenlighted by Greece’s Regulatory Authority for Energy (RAE). Mediterranean Gas, a Greek energy utility company that is behind the project, that has the ambition to become the LNG and energy hub

Deputy minister says

Kazakhstan does not want to be behind new iron curtain

Companies exiting Russia due to the war in Ukraine are welcome to move production to Kazakhstan, the country's deputy foreign minister told a German newspaper, saying Kazakhstan would not want to be on the wrong side of a new "iron curtain"

Abu Dhabi's sovereign fund

Mubadala pausing Russia investments

Abu Dhabi's Mubadala Investment Company is pausing investments in Russia, which represent less than 1% of its portfolio, because of the Ukraine crisis, the chief executive of the $243 billion sovereign wealth fund said on Monday

UAE minister says

Oil producers as superheroes is not how it works

Oil producers who felt like outcasts at the COP 26 climate conference last year are now being treated like superheroes because their supplies are in strong demand, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event

To cut Russia gas reliance

Italy eyeing two floating LNG plants

Italy is looking to install two floating storage and regasification units (FSRU) to boost liquefied natural gas (LNG) imports as part of plans to cut reliance on Russian gas, Italy's energy transition minister said on Tuesday

Amid push to mend ties

Erdogan says Turkey, Israel can work on gas

Ankara - Natural gas cooperation is among the most important steps Turkey and Israel can take amid a bid to repair ties and Israeli Prime Minister Naftali Bennett could visit Turkey, President Tayyip Erdogan was cited as saying on Friday

The deal

US, EU strike LNG deal as Europe seeks to cut Russian gas

The United States will work to supply 15 billion cubic metres (bcm) of liquefied natural gas (LNG) to European Union markets this year, as Europe seeks to wean itself off Russian gas supplies, the transatlantic partners said on Friday

The energy crisis

When it comes to oil, the global economy is still hooked / ANALYSIS

The world may be less dependent on oil now than it was during the energy shocks of the 1970s, but the Ukraine conflict is stark evidence of a stubborn craving that can still disrupt economies, confound policymakers and spark political strife

Berlin has optioned three FPSO

German ministry wants to halve dependence on Russian oil

Germany's economy ministry wants to halve the country's dependence on Russian oil by the summer and have no Russian hard coal imports by the autumn, it' said in a ministry memo. The move comes as Western nations aim to present a united front against Russia

Worries on sunflower oil

EU offers farmers aid, more land to grow due to Ukraine war

The European Union will distribute 500 million euros ($550 million) to help farmers and allow them to grow crops on fallow land to mitigate food price spikes and potential shortages resulting from Russia's war in Ukraine

Eyes widespread use

China sets green hydrogen target for 2025

China's top economic planner announced a target on Wednesday to produce up to 200,000 tonnes per year of green hydrogen, a zero-carbon fuel generated from renewable energy sources, by 2025, but envisions a more widespread industry over the long term

Up to 6.5 billion cubic meter 2021

Mexico flared record levels of gas in 2021 / STUDY

Mexico City - Flaring by the energy sector in Mexico hit record levels last year while the number of sites where gas is burnt off also rose despite government pledges to reduce such activity, research by a leading team of scientists showed

Summit draft statement

EU leaders to agree to jointly buy gas, LNG this year

Brussels - Leaders from European Union countries will agree at a summit this week to jointly purchase gas, liquefied natural gas and hydrogen ahead of next winter, according to a draft of their summit statement

Glencore says

"Markets must adapt to lack of Russian, Ukrainian commodities"

Global commodity markets will need to adapt to a lack of supply from Russia and Ukraine, global trader Glencore said in its annual report on Wednesday: "Over time, global commodity trade flows will need to adapt to some or all of Russian/Ukrainian supply being unavailable"

Minister says

France ready to discuss "autonomy" for Corsica

Paris is prepared to loosen its grip on Corsica in a process that could lead to a yet-to-be decided autonomous status for the island, France's interior minister was quoted by a Corsican newspaper as saying ahead of a visit on Wednesday

The decisions

IACS revokes membership of Russian ship register

London - The International Association of Classification Societies (IACS) Council has agreed to exclude the Russian Maritime Register of Shipping (RMRS) from the IACS membership, “following the recent (…) developments in Ukraine"

Targeting energy, steel, defence sectors

EU approves new round of Russia sanctions

The European Union formally approved on Tuesday a new barrage of sanctions against Russia for its invasion of Ukraine, which include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia

As markets watch for sovereign debt payment

UniCredit considers quitting Russia

UniCredit is urgently reviewing its Russian business and could decide on a costly exit of the country after its invasion of Ukraine, the Italian bank's CEO said on Tuesday, as markets watch for a payment on Russian sovereign debt

essentialco & specialtyco

Belgium's Solvay to split into two public companies

Belgium's Solvay will split into two independent public companies in 2023 focussed on chemicals and the other on specialty materials and solutions, it said in a statement on Tuesday. Solvay reported record profits for 2021 in February

ukraine war

India considers buying discounted Russian oil, commodities

"Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker, insurance cover and oil blends to be resolved. Onc ewe have that we will take the discount offer," one of the Indian government officials said

The week ahead in markets

Navigating the Ukraine crisis / FOCUS

London - The war in Ukraine, and its fallout, remains central for markets. How much more pain is about to hit Russia's economy? Can oil rise even higher? U.S. inflation data is due on Thursday, the same day the European Central Bank holds a crucial policy meeting

In three or four year

Coal India aims to be net-zero carbon emitter

State-run Coal India, the world's largest miner of the fuel by output, plans to become a net-zero carbon emitter in three to four years, its chairman, Pramod Agrawal, said on Monday. The firm's foray into renewable energy

On Russia conflict

U.S. gasoline prices soar to highest since 2008

U.S. gasoline prices at the pump jumped 11% over the past week to the highest since late July 2008 as global sanctions cripple Russia' s ability to export crude oil after its invasion of Ukraine, automobile club AAA said on Sunday

Make little progress

U.S., Venezuela discuss easing of sanctions

U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies

Leaving $4 bln in asset

Exxon to exit Russia

Exxon Mobil on Tuesday said it would exit Russia oil and gas operations that it has valued at more than $4 billion and halt new investment as a result of Moscow's invasion of Ukraine. The decision will see Exxon pull out of managing large oil and gas production facilities on Sakhalin Island