Latest News
-
Half of Russia's top diesel-producing refineries cut back output after drone strikes
According to calculations based upon data provided by fuel market participants, half of Russia's top six diesel-producing refineries had to significantly halt or reduce production in September as a result of damage caused by drone attacks. The U.S. president Donald Trump highlighted the Russian fuel shortage on Sunday when he asked Ukrainian President Volodymyr Zelenskiy to stop attacking Russian diesel infrastructure. He said the attacks are causing a fuel shortage that "hurts the world". Ukraine, which regularly faces Russian attacks on their own energy infrastructure, claims that refineries are legitimate military targets. According to GasBuddy's price tracker, the U.S. average price of diesel, used in trucks, trains and ships, rose above $6 per gallon on Thursday for the first. This is a negative development for Trump as he prepares for November's midterm elections. MOSCOW FORCED to Restrain Exports Diesel is used extensively in agriculture, which has been under pressure before the Iran War, and now faces a fourth year in a row of declining margins due to resurgent dry spells, high input prices, and the fallout from Trump's trade policy. In recent months, Ukrainian drone attacks against Russian refineries have caused a drop in fuel production and forced Moscow into limiting the export of gasoline, jet fuel, and diesel. According to market data, six plants -- Omsk Refinery, Kirishi Taneco Volgograd Refinery, NORSI Perm -- are responsible for approximately half of Russia's production of diesel. Sources claim that Kirishi is now fully closed, and the Volgograd refinery, NORSI, and other plants are only operating at a quarter of their capacity. Diesel production in these plants is at a level that's several times below normal. Taneco's drones attacked the company on Sunday. However, sources say it is not possible to determine what impact this attack will have. IEA: RUSSIAN?REFINERIES HIT ONCE EVERY THREE DAYS According to the Paris based International Energy Agency (IEA), in the first eight month of 2026 a Russian refinery has been successfully attacked?on average, every three days. According to estimates by traders, Russian diesel exports were less than 1 million metric tonnes in June. The combined exports for diesel and gasoil amounted to about 1.8 millions tons. Diesel exports were about 2.5 million metric tons per month a year ago, when refineries operated normally. This includes gasoil of lower quality. According to LSEG, Turkey and Brazil were the biggest buyers of Russian Diesel for many months. They took at least half the available cargoes prior to the restrictions coming into effect in July.
-
Officials say that Indonesia will open its planned commodity exchange on January 4th.
The chief supervisor of the commodity market said that Indonesia will start trading at its new commodity exchange on January 4, 2027. Tin and ferronickel are expected to be included in the opening transactions. According to a presentation made at a parliamentary meeting by Sarjito (as he is known), the chief supervisor, a man who goes by one name, state miners will be among the initial participants in the exchange. The commodity exchange known as ICOMEX is part of the President Subianto’s drive to expand state control over vast?natural resources in Indonesia and their proceeds. In a fiery speech delivered last month, Prabowo stated that Indonesia would prefer to keep its resources rather than sell them at too low a price. Friderica Dewi, Chairperson of the Financial Services Authority(OJK), stated that the exchange will help combat under-invoicing as well as end "transfer-pricing" practices for commodity exports. The OJK is expected to release regulations for the exchange by September '17, and the bourse would be created that same day. The license will be granted on January 1. "Trading is expected to begin in early January of 2027 through the ICOMEX entity," referred to by?Sarjito, referring to the name of planned exchange.
-
Source: RBI issues a caveat after rejecting Tata Sons' bid to avoid listing
Sources familiar with the situation said that the Reserve Bank of India, the country's central bank and regulator of banking, has preemptively approached the courts to seek to be heard on any matter related to the listing of Tata Sons. This move comes after the RBI rejected Tata Sons’ application to deregister from the non-banking finance company (NBFC) category, a decision which pushes the holding firm closer to a listing on the stock exchange. ? The BBC reported on Saturday the RBI's decision to impose a ban in a letter sent to Tata Sons. Local media reported that certain factions within the group had resisted being listed. Source: The RBI filed what is called a "caveat" in legal terms in the Bombay High Court. This will allow it to be heard by the court if someone challenges the central bank's decision or requests a stay. The source explained that this was "a routine measure" to make sure the court heard the appeal or stay request. Tata Sons and RBI did not respond to requests for comments sent by. Tata Sons is the holding company for the Tata Group. It has businesses such as Tata Consultancy Services, Tata Motors and Tata Steel. The shares of the group companies increased on Tuesday. The RBI has jurisdiction over it as it's?currently registered? as a core investing company. According to RBI regulations, all nonbank financiers, including core investment firms?with assets in excess of 1 trillion rupees ($10.45billion) or with access to public funds must list. Tata Sons reported a standalone asset of 1.75 trillion rupees in March 2025. This is the latest available data.
-
Indonesia's Pertamina promises to boost fuel supply in Makassar City to reduce 1-km-long lines
Pertamina, Indonesia's energy company, announced on Tuesday that it had stepped up its efforts to make more fuel available at Makassar in eastern Indonesia. In the past week, a queue of more than one kilometre long formed outside the gas stations. Energy Minister Bahlil lahadalia stated that customers are scrambling to get fuel at subsidised prices in order protect themselves from the oil price increases caused by the Middle East war. The government has promised to maintain subsidised prices until the end of this year. He said that the problem is now that many people are switching to subsidised fuel because of the price increase. "That's?what's happening to a certain extent in Makassar." Bahlil stated that "no matter what the global price of fuel is, we won't increase the subsidised fuel prices." A shortage of supplies has forced the authorities in Makassar (a city with 2.8 million residents) to implement emergency driving restrictions. They have also implemented a policy that allows civil servants to work from home. Pertamina announced in a press release that it had extended the hours of operation at its gas stations, and boosted the?subsidised supply to meet the increasing demand and reduce?queues. We apologize for the inconvenience. Deny Sukendar, a Pertamina official, said that the company has implemented recovery measures. According to a?witness, the lines of cars?queuing up at gas stations in Makassar were still about 100 metres long on Tuesday. On Monday, around 150 students and workers protested against the shortages at Pertamina offices in Makassar.
-
NEWS MAKER: From a schoolboy sweets seller to Africa's richest person, Dangote is eyeing his biggest deal yet
Aliko Dangote, a serial entrepreneur who began his career by selling candy to classmates in Northern Nigeria more than 50 years ago, is now preparing Africa's largest stock market listing. The'sale' of $1.6 billion in shares of his giant Lagos oil refining company -- an initial public offer that will see the'refinery - list in Nigeria in November -- valued the company at $47.3 billion. This deal represents the culmination in Dangote’s efforts over the past decade to build a mega-refinery that is now among the 10 largest refineries in the world. This is also the culmination of a career which has seen him go from a schoolyard sweets seller to Africa's wealthiest man. The 69-year old has no intention of stopping there. Proceeds from the IPO will be used to expand the Nigerian refinery and launch a project in Kenya that will see the capacity doubled. SALT, SUGAR, CEMENT AND RICE Born in Kano, a northern Nigerian state, in 1957, Dangote grew up primarily with his maternal grandfather. He has credited him for encouraging his business interest. In a 2015 interview, he stated that "when you're raised by entrepreneurial parents?or grandparents you pick up this aspiration." It makes you more aggressive and think that anything is possible. I was unable, despite my repeated requests, to get an interview with Dangote. In 1977, after graduating from the?university of Egypt, he started trading rice and sugar with a relative. In the early 1980s he founded Dangote Industries. He now owns 85% of it. It is a multinational conglomerate that operates in over a dozen African nations. Dangote’s personal fortune is estimated to be between $31 and $35 billion. This was a result of his cement business, which has been very profitable. Nigeria became largely self-sufficient in the building material after government policies?fostered local cement production?. However, they also fueled criticism that prices were high because of limited competition. ECONOMIC FOLK HERO FOR SOME, VILLAIN FOR OTHERS Influence came with wealth In a 2005 cable, leaked by U.S. diplomatic sources, they said that he had been viewed by some as an "economic folk-hero", but by others he was seen as a villain, because he was suspected of using his close proximity to politics for his business. They wrote: "The truth lies somewhere between these caricatures." Dangote is often described as being reserved by those who have met him, despite his wealth and power. Gina Din Kariuki, a Kenyan author and businesswoman, said: "He has an instinct for opportunities and the discipline to make his ambitions real." "But it wasn't his ego that stayed with my, it was the humility." He avoids flashy displays and drives himself. He has a habit of threatening to purchase his favorite soccer team, London's Arsenal. But he is proud that he keeps the majority of his wealth in Nigeria. Bismarck Rewane is the CEO of Financial Derivatives Company Ltd in Lagos, and has known Dangote more than two decades. Some people have called him a control-freak. I see it more as a passion to get things done. Local fuel traders in Nigeria, however, accuse Dangote, of using political connections to squeeze out competitors. He argues his ?700,000-barrels-per-day refinery can now meet Nigeria's fuel needs and is battling in court to end imports. Regulators have, however, warned against the risk of a "fuel supply monopoly". The Dangote Group and Dangote neither responded to inquiries for comment regarding the allegations. He has stated that the listing will help to counter concerns about monopoly. He told a conference in 2013: "They'll say that we now have shares. So let everyone have a piece of it." Dangote's mission to push Africa towards self-sufficiency was brought into sharper focus by the Iran war, which exposed Africa's dependency on fuel imports. According to a source familiar with the talks, after the conflict raised concerns about fuel supplies, Kenya approached Dangote regarding the construction of an East African refinery. Dangote announced the project two months later with Kenyan and Ugandan officials. He said that it will begin this month.
-
India's met-coke imports reach record levels despite antidumping levies
Executives said that India's met-coke imports will reach a new record high this year, despite the?antidumping levy implemented in July. Domestic?shortages? and strong demand from pig-iron producers are driving higher overseas purchases. India, which is the second largest crude steel producer in the world after China, will import 6 million metric tonnes of met coke during the fiscal year, which began in April. This represents a 32% increase from the previous year, mostly from Indonesia and Poland. Steelmakers have been opposing import restrictions for more than a month, claiming that domestic production is not enough to meet the demand. In a previous report, the federal ministry of steel supported the steelmakers in their efforts to withdraw the anti-dumping duties. In July, the government imposed a 5-year anti-dumping tax on met-coke. Met coke can be used to make pig iron, a product intermediate used to manufacture steel. Indonesia is a major supplier of steel, with a total import volume of 2.1 million tonnes this year. This represents a 165% increase from the previous year. The executive stated that domestic coke production rose by only 6% on an annual basis, which is below the demand for steel and pig iron. PIG IRON DRIVES IMPORTS The executives stated that pig iron producers import large amounts of met coke to avoid the import duties when they convert the coke into pig iron. They said that because of this exemption, imported met?coke is cheaper than local coke. The executives stated that the lower prices of Indian pig-iron have helped it to gain market share over Ukraine. According to commodities consultancy BigMint, Indian pig iron can be purchased for $50 less per tonne. Brazil, Ukraine, and India are the main importers of U.S. goods, which amounts to 4 to 5 millions metric tons. According to BigMint, the price of met coke in August rose by 24% compared to a year ago, to 35,850 rupees ($375.63). "Met coke is increasing because of the rise in coking coal," said Monica Bachchan Duvvuri of Metalogic PMS. She said that met coke could go up 3-4% in price this week. Last week, it was reported that the steel price is expected to increase further in the next few weeks due to rising coking coal prices.
-
Sources say that Samsung's India Public Policy Chief resigns
Two sources familiar with the resignation said that Rajiv Aggarwal - Samsung's India head of public affairs and ESG - resigned on Tuesday after nearly four years in a?the job. It was unclear why he resigned. Aggarwal is serving his last week as Samsung India's head of government relations. The sources declined to identify themselves because the information was deemed confidential. The 57-year old former Indian bureaucrat who has worked at Uber and Meta declined to comment. Samsung Electronics didn't respond to any questions. Samsung and Apple had to contend recently with the Indian government's demands to pre-install apps that were run by state agencies, which they opposed due to?privacy concerns. Samsung is one of the companies that has contested in court a policy by the Indian government that increased payments from businesses to electronic-waste recycling firms. It shares a 16.2% market share with Oppo, and is just?behind the market leader Vivo. It was India's number one smartphone player in 2023. In 2023, it was India's No.
-
French and Benelux stocks: Factors to watch September 15
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. EIFFAGE: Eiffage, a French construction group, was selected to carry out civil engineering work at the Neomat CAM plant in Dunkirk. The project represents an investment of nearly EUR 500 million. Construction and development work will continue through 2028, employing up to 400 workers. EXAIL TECHNOLOGIES Exail Technologies, a French high-tech firm, announced that its preliminary first-half operating profit rose by 61% on an annual basis to EUR46.07 million ($53.07m). The company has postponed the full announcement of first-half earnings until September 24. The first-half cash flow of Exail Technologies was characterized by a rise in working capital of approximately EUR70 million. However, very significant cash inflows are expected in the second part of the year. GENFIT: After a significant reduction in mortality among severe COVID-19 patients, Genfit, a French biopharmaceutical firm, is moving nangibotide to a Phase 2A ACLF trial in the fourth quarter 2026. Data are expected in 2027. Nangibotide showed a favorable safety profile in four clinical trials. TOTALENERGIES: TotalEnergies, a French energy major, and the Iraqi Government have agreed to begin discussions on large-scale energy projects that will boost Iraqi oil production and contribute to the energy transition of the country. Separately the company announced an EUR100 million partnership to use AI models from Mistral in order to support TotalEnergies geosciences exports. The French insurance company has released financial targets for the period of 2027-2029. AXA targets a payout ratio of 75% and expects to generate approximately EUR25 billion in cumulative organic cash. The?company stated that it now expects its underlying earnings growth to be in the range of 6%-8% and its return on equity at the upper end of its target range of 14%-16%. Pan-European ?market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop ?300 sectors..................... Top 25 European pct gainers....................... Top ?25 European pct losers........................ Main stock markets: Dow ?Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a nutshell: Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
Worldwide offshore wind market poised to miss out on big targets as challenges install
After a year of canceled projects, damaged turbines, and abandoned lease sales, the worldwide offshore wind market no longer has much opportunity to hit the lofty targets set by federal governments in the U.S., Europe and somewhere else, marking a. obstacle for efforts to combat climate change.
The technology forms a huge part of federal government techniques to. advance renewable resource and decarbonize the global power. industry due to the fact that it can produce large amounts of electrical energy. near largely populated coastal regions. Missing targets by a. large margin will leave a gap that might be hard to fill.
Reuters spoke to 12 offshore wind companies, market. researchers, trade associations, and government authorities in six. countries to come up with an international image of the state of the. market and its outlook, and discovered soaring expenses, project. delays and restricted supply chain financial investment were hobbling. setups.
We're pretty far from these targets, Soren Lassen,. head of overseas wind research at energy research study company Wood. Mackenzie, stated in an interview. He stated offshore wind farms now. have an international typical cost of $230 per megawatt-hour (MWh)-- up. 30% to 40% in the previous two years and more than triple the. average of $75/MWh for onshore facilities.
That has companies pulling back. BP last month stated it was. considering selling a stake in its overseas wind service, and. Equinor earlier this year abandoned investments in Vietnam,. Spain and Portugal. Meanwhile GE Vernova, among the. industry's leading turbine suppliers, is not taking brand-new orders.
We do not predict adding to (our) stockpile without. substantially various industry economics than what we see in. the marketplace today, GE Vernova CEO Scott Strazik said on a. current financier call.
World federal governments had actually set a global target in 2015 of. tripling total renewable energy use by 2030, something the. International Renewable Resource Firm (IRENA) stated would need. offshore wind capacity to rise to 494 GW by the end of this. decade, from 73 GW presently.
IRENA Director-General Francesco La Video camera informed Reuters. offshore wind is now projected to disappoint its target by a. third. Price quotes by 3 other prominent research firms job. that the world will not reach 500 GW of overseas wind. installations up until after 2035.
TRUMP EFFECT
Governments in Europe, the Americas and Asia have sought to. prop up the sector with national targets aimed at drawing in. deep-pocketed developers including major international energy business. Equinor, Orsted, RWE and. Iberdrola.
The United States, for example, set a goal in 2021 of 30. gigawatts of offshore wind by the end of this years, but had. less than 200 megawatts running as of May of this year,. according to the National Renewable Energy Laboratory.
The outgoing administration of U.S. President Joe Biden. issued permits for 15 GW of tasks, held 6 lease sales on. numerous coasts, and extended tax credits to the industry.
But U.S. overseas wind has been roiled since in 2015 by. canceled projects and agreements, suspended government auctions,. and a high-profile construction accident at the nation's very first. major commercial project
The market is now stressed that Biden's replacement,. President-elect Donald Trump, will follow through on an election. project pledge to dismantle the market's progress, perhaps. by withholding lease auctions.
Provided the outcomes of the U.S. elections, we see higher. risks than before for the timely execution of offshore wind. jobs there, Michael Mueller, financing chief of German. offshore job developer RWE, told journalists on a profits. call this month.
Energy research company Rystad stated it expects the United. States to reach less than half of its 2030 target.
Representatives of the Biden administration and Trump's. shift group did not provide comment for this story.
Carl Fleming, a partner at law practice McDermott Will & & Emery. who recommends the White House on renewable energy policy, informed. Reuters the U.S. would have a hard time to miss its target despite. who remains in the White Home, given market conditions.
EUROPE ALSO FALLING SHORT
In Europe, Petra Manuel, overseas wind expert at Rystad,. anticipates nations with the greatest overseas wind targets - the. UK, Germany and the Netherlands - to reach about 60%. to 70% of their objectives. Nations with less ambitious targets,. consisting of Belgium, Denmark and Ireland, are also anticipated to. come up short, he said.
Industry trade group WindEurope, meanwhile, said it expects. the European Union to have 54 GW of overseas wind capacity by. 2030, about half of the 120 GW North Sea nations promised.
EU Energy Commissioner Kadri Simson told Reuters that delays. in meeting targets could not be dismissed, but that none had. been formally flagged by member states.
Britain, the second-biggest offshore wind market after. China, will also miss its objective of 60 GW by 2030, stated Damien. Zachlod, managing director of offshore wind designer EnBW. Generation UK.
The UK held its best-funded auction yet in September, adding. 4.9 GW of brand-new arrangements. However future auctions will need far. larger volumes to reach 60 GW on time, he stated.
It will be very, really tough and we will not hit the. target by 2030, he said.
A representative for the UK federal government did not right away. offer remark.
CHINA BUCKS THE PATTERN
China, which ended up being the international leader in offshore wind in. 2022, is bucking the global trend.
Beijing has actually supercharged its industry with aids and low. funding costs. Most of the sector's gamers are state-owned,. and have access to locally-made offshore wind components.
China accounted for majority of 2023 offshore wind. installations, with 6.3 GW, and the International Wind Energy council. trade group estimates the nation will set up 11 to 16 GW. each year in the next two to three years.
Sourcing inexpensive equipment from China would help reduce expenses. for designers in Europe, Japan and the United States, but. governments there have looked for to encourage regional production to. minimize reliance on Beijing.
Elsewhere in Asia, countries consisting of Vietnam, Japan, South. Korea and Taiwan have looked for to broaden overseas wind however also. face troubles linked to soaring expenses and regulatory. unpredictability.
Japan, for instance, has actually set aspirations of building up to 45. GW of overseas wind capacity by 2040, up from less than 1 GW. today. But the country's auctions to date have been little, and. the market is constrained by laws preventing non-Japanese. vessels from operating in overseas wind locations.
Rebecca Williams, deputy CEO of the Global Wind Energy. Council trade group, acknowledged there is a risk the market. might miss its targets, but said striking them is still possible. with the right policies.
Naturally, whenever there's a target, there's a risk that. that target might not be satisfied, Williams stated on the sidelines of. the COP29 conference in Baku.
However the target is not the thing that's going to get the. turbines in the water..
(source: Reuters)