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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
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Sources confirm that Petrobras has approved the tender for restarting fertilizer plants in Brazil’s northeast.
According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the world, is one of the top importers of fertilizers. It purchases more than 80%. Petrobras has leased to Unigel the two nitrogen fertiliser plants located in Bahia State and Sergipe State in 2019. The agreement is for 10 years. Both facilities were shut down in 2023. Unigel cited unfeasible conditions of operation due to the high price of natural gas in Brazil. Sources claim that Unigel has not yet responded to Petrobras after the board's decision. Petrobras refused to comment upon being contacted by. Unigel didn't immediately respond to our request for comment. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Sources said that a formal tender could only be advanced if an agreement was reached. The arbitration must be completed before the process can proceed. We can't go forward without it," a company source stressed. Second source: If the dispute is fully resolved, Unigel could participate in the next bidding process for the plant to resume operation. (Reporting and writing by Rodrigo Viga Gaier in Rio de Janeiro, Marcela Ayres in London; Editing by Matthew Lewis).
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Sources diplomatically confirm that Rwanda will allow Southern Africa troops to pass through Congo to Tanzania.
Three diplomatic sources confirmed on Friday that Rwanda had agreed to allow troops sent by the Southern Africa group to fight rebels fighting in eastern Democratic Republic of Congo through its territory, to Tanzania. The 16 member Southern African Development Community announced in mid-March that it had terminated its mandate and was beginning a phased removal of the SAMIDRC force from Congo. Three diplomats who were aware of the ongoing discussions between Rwanda and SADC confirmed that Rwanda accepted the request to allow the troops to travel through the country on land. Two diplomats said that they were informed by the regional force that its weapons would be sealed, for security purposes, but that it will leave Rwandan soil with the troops. When asked to comment, neither the SADC nor the Congolese or Rwandan government spokespeople responded immediately. On Thursday, General Rudzani Maaphwanya of the South African National Defence Force said that a team of technical experts was working in Tanzania on the finer points of their troop removal. In December 2023, SAMIDRC was dispatched to help Kinshasa fight rebel groups in Congo’s war-ravaged eastern borders. Since January, M23 has taken control of east Congo's largest cities. This is an expansion of a long-running war that began with the Rwandan genocide of 1994 and the struggle to control Congo's rich mineral resources. Reporting by Sonia Rolley, Nairobi Newsroom and Paris; Writing by Hereward and George Obulutsa and Editing by Kirby Donovan
U.S. sanctions hamper Russian efforts to fix refineries, sources state
When engineers at Russian oil company Lukoil found a turbine had broken at their biggest refinery on January 4, they rapidly understood the problem was far from unimportant.
There was just one company that understood how to repair the gasoline-producing system at the NORSI refinery, situated on the Volga River, some 430 km (270 miles) east of Moscow. The problem was that the business is American, according to 5 sources knowledgeable about the incident.
The firm, petroleum engineering international UOP, had withdrawn from Russia after the nation attacked Ukraine in February 2022.
They (the engineers) rushed around to find spare parts and they couldn't discover anything, said a source near Lukoil, who asked not to be named since he is not allowed to speak with the media. Then the whole system just stopped.
Four other sources stated the system - a catalytic cracker utilized to convert much heavier hydrocarbons into gas - has run out When it might be, production given that January and it was not clear repaired due to an absence of competence inside Russia. The KK-1 unit is one of just 2 catalytic crackers at the plant.
As a result, the NORSI refinery - the fourth-biggest in Russia - has cut gas production by 40%, according to 2 of the sources. Lukoil did not respond to ask for comment for this story.
The Lukoil refinery is an example of wider problems in Russia's energy sector where some oil firms are struggling in the face of Western sanctions to fix their refineries, constructed with the assistance of U.S. and European engineering companies, according to a minimum of 10 Russian market sources.
The problems have actually been exacerbated by Ukrainian drone attacks that have actually struck a minimum of a lots Russian refineries this year, the market sources said. The attacks required Russian refineries to shut in some 14% of capacity in the very first quarter, according to computations.
If the stream of drones continues at this rate and Russian air defences do not improve, Ukraine will be able to cut Russian refining runs quicker than Russian firms will be able to fix them, stated Sergey Vakulenko, an expert on Russia's energy industry and non-resident fellow at the Carnegie Endowment for International Peace, an international affairs think tank.
Russia's top energy official, Deputy Prime Minister Alexander Novak, stated recently that the damaged NORSI facilities ought to resume operations within a month or 2, as Russian companies were working to produce the extra parts required.
He also said other Russian refineries have enhanced production after the drone attacks and there was no scarcity on the regional fuel market.
Russia's energy ministry did not respond to an ask for comment. Minister Nikolai Shulginov said on Wednesday all refineries would be repaired by June, without providing even more details.
The NORSI refinery, near the city of Nizhny Novgorod, has actually a. capability of 405,000 metric tons a month of fuel or 11% of. Russia's overall.
The existing interruption would cost Lukoil nearly $100 million in. lost profits a month, based upon an average Russian gasoline. cost of $587 per metric load, according to '. estimations.
Honeywell International Inc, the parent company for. UOP, said in a declaration to it had actually not offered any. devices, products, parts or services to the refinery at Nizhny. Novgorod considering that February 2022, nor to the independently-managed. Slavyansk ECO refinery.
The Slavyansk refinery was hit by a Ukrainian drone attack. on March 18 and ignited briefly.
We are actively working to recognize and interrupt any. possible diversion of our items into Russia via third. parties, Honeywell told by email. The business said it. abide by all suitable export license requirements,. sanctions laws and guidelines. The United States and its allies have actually enforced sanctions on. thousands of Russian targets because the invasion of Ukraine and. around 1,000 companies have revealed their departure from the. nation.
Russia's export-focused $2.2-trillion economy has actually proved. more resistant to 2 years of the unprecedented sanctions than. either Moscow or the West anticipated.
WAR OF ATTRITION
Western business such as UOP and Swiss engineering group. ABB have provided technology and software application to all the 40 biggest. refineries in Russia over the last twenty years, according to. more than 10 Russian market sources. Each refinery has a. mix of Russian and foreign equipment.
ABB validated to it stopped taking new orders in. Russia as soon as the war broke out in February 2022, and has no strategies. Once it has actually satisfied its existing, to return to Russia. legal responsibilities, a representative stated. The company did. not provide information of those commitments.
None of the 5 sources suggested the turbine failure in. January at NORSI was a result of drone attacks. But the sources. said the issues at the plant just worsened after NORSI was. When, hit for the first time by Ukrainian drones in February. other pieces of equipment were harmed, putting extra. pressure on the entire refinery.
As in the United States, the cost of gasoline is a. politically delicate subject in Russia and authorities try to. limit rate rises. Recent steps consisted of imposing a restriction on. gas exports for 6 months in February.
Ukraine states it assaults Russian refineries since it desires. to weaken the Kremlin's war machine by lowering state. revenues and cutting fuel to the army.
Drones are 10s, if not numerous times less expensive than the. expense of repair work, which is essential in a war of attrition, stated. Vakulenko, who was a former head of strategy at Russian energy. significant Gazprom Neft. He left the firm and Russia days after the. start of the Ukraine war.
Russia is the world's second-largest oil exporter. It has. rerouted the majority of its crude and items exports to Asia and. Africa considering that Western countries imposed sanctions on Moscow.
Ought to Moscow face a high decline in refinery output, it. would be forced to cut fuel exports in favour of crude,. according to more than 10 Russian oil traders.
Russia supplies crude to simply a couple of big purchasers, such as. China, India and Turkey, but its portfolio of fuels buyers is. relatively broader as it can deliver to smaller sized consumers. without big refining systems in Africa and South America.
Russia's refining market go back to the 1940s, when the. United States supplied devices under the lend-lease program. throughout World War 2.
After the collapse of the Soviet Union, Russian oil companies. invested tens of billions of dollars in upgrades with the aid. of companies such as UOP and ABB.
UOP assisted upgrade Norsi and Slavyansk ECO refineries. It. did not specify which other Russian refineries it has serviced,. in action to ' questions. The United States has imposed sanctions on business around the. world, consisting of in Turkey, to avoid the transfer of. technology to Russia.
Nations under Western sanctions such as Russia and Iran. have actually long managed to find loopholes to obtain extra parts for. Western-made equipment such as vehicles or airplanes.
Refining devices is much rarer and more specialized;. Western firms have tightened checks to prevent Russia from. importing extra parts through 3rd countries, one of the five. sources stated.
2 of the sources stated Lukoil had actually asked Chinese business. to repair the KK-1 system at Norsi. The sources didn't call the. Chinese business. Lukoil declined to comment when asked if it. had approached China.
China has actually got the technology. But really often it would indicate. a full expensive replacement of the unit instead of a regular,. cheap, routine repair work, among the sources stated.
(source: Reuters)