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South Africa's Nuclear Energy Firm to Bid for New Multi-purpose Research Reactor
NECSA, a South African nuclear energy company, will launch soon the next phase a 'new multi-purpose research reactor aimed at?maintaining a 'top global exporter of'medical isotopes. Its CEO said on Tuesday. Small nuclear reactors are dedicated to training and science, not energy production, and create the isotopes that can be used to diagnose and treat diseases such as cancer or heart disease. CEO Loyiso Tiabashe stated in an interview that NECSA aims for a new plant of 20-30 megawatts to be operational by 2032/33. He said that the original deadline for the request for proposal was March 31. If this date is not met, "I'll be focusing on the first quarter of the fiscal year, from April to June," the official stated. He said that discussions with the National Treasury and other key government departments continue. CEO: COMPANY WANTS EPC OR TURNKEY CONTRACT. Tyabashe stated that NECSA preferred a 'turnkey' or an?engineer, procure and build (EPC) contract in order to minimize the project risks. Both contracts require the contractor to be responsible for the entire project until it is delivered. He said that potential vendor countries could include Russia, China and South Korea. He said that the new reactor will operate in conjunction with the 20 MW Safari 1 research reactor, which has been operating at Pelindaba for decades. This will extend the life of Safari 1. Safari 1 has been in operation since 1965. It is one of the top producers of Molybdenum-99 (or Mo-99), which is used to diagnose cancer, heart disease, and other illnesses. "We want our operations to run in parallel, so we can solidify our position in the market for isotopes and avoid creating a gap, because customers will leave once they're gone." NECSA will also?start the tender process to build a small modular reactor pilot, and an expression of interests is expected later this month. He refused to reveal 'the cost of the Multi-Product Reactor but said that together with the SMR Initiative, the two programs made the majority of an 80 billion Rand ($4.72 billion), infrastructure push by NECSA for rebuilding South Africa's Nuclear Capacity.
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Sources say that BPCL has appointed Manoj Heda as the head of its Singapore business unit.
Bharat Oil Corp, the state-owned Indian oil company, announced on Tuesday that its head of international trade, Manoj heda, will lead the trading unit in Singapore. BPCL has incorporated a fully-owned subsidiary Bharat Oil Global Energy Services Pte. Ltd. on February 26th, 2026 in Singapore. It said that the new entity would set up a "trading table for trading in crude oils, natural gases,?petroleum, and other petrochemicals" as well as associated activities. Sources said that the unit is expected to begin operations in April. Sources added that Manish Parikh would be the chief financial officer. Sources refused to identify themselves as the appointments had not been made public. Heda joined BPCL as a senior finance manager in 1999. According to his LinkedIn profile, he has been a executive director of?international risk management and trade since May 2023. BPCL Chairman, Sanjay 'Khanna said in January that the new entity 'will help identifier opportunities to buy crude oil for BPCL as well as expand the company’s?presence? in the trading of liquefied -natural gas and refined fuels. BPCL has a crude capacity of 706,000 barrels a day across three?refineries. It is?looking at building a new refinery within the southern Indian state Andhra Pradesh. (Reporting and editing by Edwina G. Gibbs; Nidhi V. Verma)
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Kenyan fuel retailers run out of stock due to Middle East conflict
Kenyan independent fuel retailers have reported that they are running out of fuel due to the war in Iran. They also said that 20% of their outlets were affected after the regulator frozen pump prices despite global oil costs rising. Martin Chomba of the Petroleum Outlets Association of Kenya said that dealers are likely to begin hoarding petroleum in anticipation of a consumer fuel price increase next month. African countries are most vulnerable to supply disruptions as well as higher prices, after the conflict all but stopped shipments of one-fifth of world oil and liquefied gas through the Strait of Hormuz. Kenya obtains all its fuel supplies from the Middle ?East through government-to-government deals with Gulf crude producers and refiners. Chomba's association, which represents independent retailers, transporters, and other service providers, said: "We are experiencing a shortage of supply." Chomba serves 68% the market in South Africa. If the Middle East tensions continue, it is estimated that 20 percent (of 3,100 retailers) will be affected ...(in two weeks. The Energy and Petroleum Regulatory Authority, a state-run regulator of the sector, left the pump prices for petroleum product unchanged for the following 30 days despite the surge in international crude oil price. Chomba, in reference to the possibility that hoarding could occur, said: "Real shock will be on its way." ?He added that POAK had been pressing authorities in Nairobi to ?end the government-to-government ?deals and allow fuel marketers to purchase products from private suppliers as a contingency measure. EPRA Director-General Daniel 'Kiptoo Bargoria said that Kenya has "sufficient stocks", and that the regulator would release a statement on Tuesday. Nelson Koech of the ruling party said that "speculation, hoarding, panic buying and hoarding...?especially by oil marketers?in?anticipation?of a price increase" has seen demand rise over the last two weeks. This, in turn, has affected access to supplies. (Reporting and writing by Edwin Okoth, Humphrey Malalo, Elias Biryabarema. Editing by Ammu Kanampilly and William Maclean.)
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Oil prices rise as the glimmering relief from the Iran war fades
The global stock market fell on Tuesday while oil prices rose, as the relief rally that was sparked by President Donald Trump's decision to delay the bombing Iran's electricity grid fizzled, leaving investors in a state of uncertainty about the outcome of the Middle?East conflict. U.S. Treasury Yields rose and the dollar gained ground in a retracement of a rally that had swept the markets overnight. Trump extended his Saturday deadline for Iran to open the Strait of Hormuz to 48 hours citing "productive talks" Tehran. As the world struggles with a global energy crisis, Iran denies that it is in talks with the U.S. Israeli officials stated on Tuesday that Trump wants to reach a deal with Iran but it is unlikely any discussions will be successful. After Trump announced the delay, oil prices rose back to $100 per barrel. Tony Sycamore, IG's market analyst, said that the underlying situation was still fragile or flammable. It doesn't seem like all parties are on the'same page'... Trump can talk as much as he wants, but the Strait of Hormuz is closed, and will remain closed until the Iranians "get on the'same page', and that's the problem." STOXX 600 fell 0.4% in Europe after rising 0.6% on Monday. S&P futures declined by 0.4% while Nasdaq's futures dropped?0.36%. The shares in Asia closed in green despite being below their day's peak. The Israeli military reported that Iran launched waves of missiles towards Israel. Semafor, citing an official from the United States, reported that "the U.S. would continue to strike Iran with a pause only for attacks on Tehran’s energy sites." Oil prices rose again on Tuesday, despite the ongoing war and the fact that shipments of liquefied gas and oil through the Strait of Hormuz are still restricted. Brent crude futures for June were up 2%, at $98 per barrel. This reversed some of the 10% decline from the previous session. U.S. crude was up 3%, to $90.7 a barrel. Thomas Mathews is the head of Asia-Pacific markets at Capital Economics. He said that even if the war ends soon, energy prices could remain higher and bond and equity prices lower for a longer period than they would have otherwise. YIELDS RISEN, DOLLAR PARES LOSES U.S. Treasury Yields rose on Monday after a steep fall overnight. Little clarity about an end to the conflict led traders to price in a hawkish outlook for global interest rates. The yield on two-year bonds rose up to 8.5 basis points overnight to a peak of?3.916%, before retracing to 3.882%. This is a 5 bps increase for the day. Meanwhile, the yield on benchmark 10-year bonds was up 3 bps to 4.368%. Investors have abandoned the hope of further monetary easing and are now pricing in rate increases across developed nations. Futures indicate a slight chance of an increase, but the U.S. Federal Reserve will likely keep rates at a?hold' this year. The Bank of England and European Central Bank, on the other hand, are expected to increase rates. Kit Juckes is the head of FX Strategy at Societe Generale. He said: "Unless the Strait of Hormuz (is reopened) very quickly, we will still be more than likely to see higher interest rates, and an increase in the costs of oil importers?in coming weeks." The U.S. Dollar, on the other hand, recovered from Monday's lows. This pushed the euro down by 0.27%, to $1.1581, and sterling fell 0.5%, to $1.339. Spot gold remained stable at around $4,400 per ounce. Prior to Trump's announcement, gold had been trading at a four-month low below $4,100 on the expectation of longer-term increases in U.S. interest rates. (Rae Wee contributed additional reporting from Singapore; Christopher Cushing, Arun Koyyur and Arun Kuyyur edited the article.)
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Itochu and ERI set up Japan venture for recycling electronics
Itochu Trading House announced?on Tuesday that it will form a Japanese joint venture with Electronic Recyclers International to recycle electronic equipment. Itochu plans to purchase a stake in ERI but has not disclosed the details. Japan has increased its efforts to recycle resources as geopolitical risk increases the need for recycling systems at home. Koichiro Nishimura, CEO of Itochu’s Belong used mobile device division, stated that Japan's recycling rate for electronic devices was only 20%. This means there's still significant room for growth. He added that "recovering and recycling Japan's urban mines" is essential to reduce environmental?impacts and promote sustainability. Urban mines are valuable metals and mineral deposits that can be recovered by recycling waste and discarded items within cities, rather than mining from natural deposits. ERI is one of the biggest IT asset disposal and e-waste recyclers in the United States. They offer a one-stop service from data erasure to advanced shredding, resale and recycling. Nishimura said that Japan's urban mines contain an estimated 6,800 tons gold. "There is a lot of growth potential," he added. According to Itochu, the global IT 'asset disposal market will reach $26.6 billion in 2029. The market in Japan is expected to grow from $1.07 billion to $2.14 by 2033.
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Oil prices rise as markets evaluate supply risks after Iran rejects US talks
On Tuesday, oil prices soared on fears of a shortage, after Iran denied that it had?talks? with the United States about ending the Gulf War, in contradiction to U.S. president Donald Trump, who claimed a deal would be reached soon. Crude futures dropped by more than 10% after Trump ordered the delay of attacks on Iran's power plants for five days, claiming that he had held talks with Iranian officials who were not named, and they had reached "major agreements". Brent futures were up $1.25 or 1.3% to $101.19 a barrel by 0858 GMT. U.S. West Texas Intermediate rose $2.15 or 2.4% to $90.28. The International Energy Agency has called this the largest oil supply disruption ever. Tim Waterer, KCM Trade's chief market analyst, said that the moderate rise in prices today is simply the market regaining its footing after a muddy period. "Traders know that even though the missiles have been put on hold, the Strait of Hormuz remains a muddy waterway." Iran launched a wave of missiles on Tuesday into Israel. Tehran has called Trump's claims of negotiating with Iran 'fake' news. BCA Research said in a recent report that the Iran conflict has seen a tentative de-escalation but there are still unresolved issues around Hormuz. It is too early to position for lower oil price due to the continued threat of attack and volatility. Macquarie stated that if the Strait remains effectively closed until the end April, Brent oil could still reach $150 per barrel. This would be higher than the 2008 'all-time high' of $147. Fars reported that in the latest attacks across the region a gas company office and a station for pressure reduction were?hit? in Isfahan. A projectile also struck a pipeline feeding power stations in Khorramshahr. (Anmol Choubey contributed additional reporting from Bengaluru, and Emily Chow from Singapore; editing by Andrei Khalip).
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Australian petrol stations run out of fuel despite well-supplied market
Local media reported that despite assurances from Australian ministers, the market was well-supplied. The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran. Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states. Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits. Bowen stated that the six-month adjustment would lower the "flashpoint of diesel" to 60.5 Celsius, from 61.5 Celsius. (to 140.9 Fahrenheit from 142.7 Fahrenheit). This?would increase the supply from Australian refineries as well as international sources. In a press release, he stated that "Australian?refineries now have more flexibility in making diesel" and will be able to source from a wider range of markets. Bowen appointed a task force to oversee fuel supplies in rural areas. The group met for the very first time on Tuesday. The government has also released fuels from its reserves and stored diesel for 30 days. Fatih Birol, the chief of the International Energy Agency, spoke to the National Press Club on Monday in Canberra. He called "the storage" a solid number and listed fuel-saving measures like working at home, lowering speeds and limiting business trips. Madeleine King, Minister of Resources, said that it is a problem if crude oil becomes difficult to obtain. "But Australia is well-supplied at the moment, and will continue to be." (Reporting Helen Clark; editing Thomas Derpinghaus).
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Report: Europe is dangerously unprepared to deal with wildfires that are getting worse
A report says that Europe is 'dangerously unprepared' to deal with the growing wildfire crisis. It must upgrade its fleets and increase investment. The report, commissioned by Avincis in Portugal, which rents out firefighting helicopters and planes, said that the climate change, declining rural populations, and increased burnable vegetation were all contributing factors to the increase of risk in southern Europe. The report by the consulting firm Lead by Thought revealed that wildfires, which usually rage between early June and mid-September, were erupting earlier and later into the year. "FIRE SEASONS WILL BE LONGER" The paper, which will be presented on Wednesday at the Aerial Firefighting Conference in Rome, also noted that blazes are spreading to the north. It said that 1,100 hectares of forest were burned in Sweden during the past year. This is a rise of 120% over the average for recent years. Finland and Denmark both recorded higher figures than their long-term averages. Last month, independent EU advisors expressed concern about the?readiness of the bloc to deal with a growing threat. On Wednesday, the European?Commission is expected to propose a new strategy aimed at reducing fire risks and preventing them before they start. In 2025, fires in the European Union destroyed 1,03 million hectares (hectares) of forest, the highest number since records began. According to the report the damage in Spain was the most extensive, with 393,079 hectares of land burned. Portugal, Romania followed, then Italy, Greece, and France. There is no doubt that fire seasons are becoming longer. John Boag said that the window of opportunity for aircraft to be transported from one hemisphere into another is shrinking, causing a decline in the global aerial firefighting fleet. The EU committed 600 million Euros ($694.56 Million) to purchase 12 DHC-515 firefighting amphibious?aircraft in six countries between 2027 and 3030. The report quotes Brian Chafe as CEO of De Havilland Canada. He said that red tape delays are preventing the production of the aircraft from being scaled up. He said, "We are?trying to begin a second line of production but the government bureaucracies have been very slow." "That doesn't just apply to our aircraft but also any?asset that is used for firefighting." There was also, according to the report, a?shortage of skilled workers. It added that a foreign pilot seeking employment in the EU now has to take more than 12 exams in order to obtain a license from the EU Aviation Safety Agency, as opposed only two or three in the United States and Australia.
RPT-Russia delays changes to fiscal fund following Iran war energy prices surge
Increased oil revenue from the Iran War benefits Russia
Discussions on budget cuts continue
* Putin calls for a balanced decision on the use of windfall
By Darya Korsunskaya and Elena Fabrichnaya
MOSCOW, 23 March - The spike in oil prices triggered by the Iran War has allowed the Russian Government to delay a plan to increase long-term fiscal reserve, according to three sources familiar with the discussion. This will relieve the pressure on short-term financial resources.
The Russian economy is one of few in the world to benefit from U.S. and Israeli war against Iran, even though it has been struggling with the costs of military action in Ukraine, international sanctions and other factors.
Oil prices have increased to over $100 per barrel. They were around $70 before the start of the war at the end February. Gas prices are also up.
According to calculations, based on the price of oil at $75 per barrel, Russian budget oil revenues will grow 70% from March to April, reaching 0.9 trillion Russian roubles. This is the highest level monthly since October 2025.
The CUT-OFF Price Determines How Much Revenue Flows into Fund
Russia had announced its intention to lower the "cut-off price" of oil before the war in Iran began. The Russian government also claimed that budget cuts were being discussed.
The National Wealth Fund receives any revenue above the current cut-off of $59 to be used as a fiscal reserve.
Sources who were not authorized to speak in public said that the government will now delay changing the price cut-off.
Sources said it is more likely that the change will happen in 2027, since the budget law would need to be amended.
CHANGES WERE EXPECTED VERY QUICKLY
On February 25, just three days before war broke out, Finance Minister Anton Siluanov announced that changes allowing a lower price cut-off would be announced in two weeks.
However, on Monday, President Vladimir Putin called for a balanced approach to the use of revenues from higher oil prices.
Siluanov, after his meeting with Putin Monday, said that the government is considering measures to reduce the budget's vulnerability to oil price fluctuations on the medium-term.
The Russian budget is based on an average annual oil price equal to the cutoff price. The reserve fund will cover the deficit if the average monthly price of oil is lower than this. If the average price of oil is higher than the cut-off, the surplus will be deposited in the reserve fund.
Senior government officials told two other sources that the price cut will be the same and the need to reduce spending was also questioned.
NEW SET OF MACRO-FORECASTS
In April, the government will release a set of new macro-forecasts, which include an estimate of the average oil price for this year. This information will be used to guide?the budget.
The reserve fund, which is now mainly yuan in currency, has a significant impact on the?Russian foreign exchange market.
The government's decision in March to stop forex sales while it deliberated on the new cutoff price caused a 6% drop in the exchange rate of the rouble against the dollar.
Elvira Nabibullina, the Governor of the Russian Central Bank, stated that it is too early to assess the impact of the higher oil prices on Russia's economy.
Nabiullina, along with her first deputy Alexei Zabotkin, said that the budget rule is the best way for Russia to protect itself from external shocks.
A person familiar with ongoing discussions stated that, even if Iran's crisis ends suddenly, many Russian policymakers still expect oil prices to remain high for a while. (Writing by Gleb Brynski; Editing by Barbara Lewis).
(source: Reuters)