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Indian refiners change oil strategy, trim Russian purchases and focus on the Middle East
Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries. This has a softer impact on the prices. INDIA REFINERS CUT BACK RUSSIAN BUYS Three sources in the refining industry said that Indian refiners had begun to reduce their Russian oil purchases after a discussion at a government-sponsored meeting aimed at accelerating a U.S. India trade agreement. Sources told us this month that the Oil Ministry's Petroleum Planning and Analysis Cell collects 'weekly' data on refiners buying U.S. and Russian crude. Sources who requested anonymity said that the state refiner Bharat Oil?Corp has awarded Trafigura one-year tenders for the purchase of Iraqi Basrah crude and Omani crude. It is also in the market to purchase Murban oil, which comes from the United Arab Emirates, under another tender. Two traders said that Trafigura would supply four cargoes per quarter of Oman crude at a price 75 cents below Dubai's quotes, and one parcel of Basrah Medium for a 40-cents discount on the official selling price of this grade. BPCL, as well as the Indian oil ministry, did not respond to comments. DOUBLING IMPORT TARIFFS? A PUNISHMENT for RUSSIA BUYS Last year, the United States, which was already trying to reduce its trade deficit with India doubled import tariffs on Indian goods by 50% to punish them for their heavy purchases of Russian crude oil. Hindustan Petroleum and Mangalore Refinery & Petrochemicals, as well as private refiners HPCL-Mittal Energy Ltd. have stopped purchasing Russian oil. Trade data shows that India's Russian imports in December fell to their lowest level in two years, while OPEC imports reached an 11-month peak. Indian refiners increased their purchases in regions like Africa and South America, as well as the Middle East. Indian refiners also increased purchases of U.S. crude oil in order to replace Russian oil, and reduce the trade deficit between Washington and India. They are also on the lookout for Venezuelan oil.
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Indian refiners change oil strategy, trim Russian purchases and focus on the Middle East
Indian refiners are changing their crude import strategies in order to move away from Russia, the top supplier of crude oil. They will instead 'boost' imports from the Middle East. This could help New Delhi clinch a deal with the United States for lower tariffs. India was the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade brought backlash from Western nations who targeted Russia's energy industry with sanctions because they claimed that oil revenues helped it fund the conflict. As Middle?East producers keep global markets well supplied, prices are being lowered. INDIA REFINERS CUT BACK RUSSIAN BUYS Three sources in the refining industry said that Indian refiners are reducing their Russian oil purchases after discussions at a 'government meeting' to accelerate a U.S. India trade deal. Sources told us this month that the Petroleum Planning and Analysis Cell of the oil ministry collects weekly data on refiners' purchases from Russia and U.S. Crude. Sources who requested anonymity said that the state refiner Bharat Oil Corp. has awarded Trafigura a one-year contract to purchase Iraqi Basrah crude and Omani crude. It is also in the market for Murban oil coming from the United Arab Emirates. Two traders said that Trafigura would supply four cargoes per quarter of Oman crude at 75 cents below Dubai's quotes, and one parcel of Basrah Medium for a discount of 40 cents per barrel compared to the official price of this grade. BPCL, as well as the Indian oil ministry, did not respond to comments. DOUBLING IMPORT TARIFFS - A 'PUNISHMENT TO RUSSIA BUYERS Last year, the United States doubled its import tariffs on Indian goods from 25% to 50% to punish India for buying Russian oil. Hindustan Petroleum and Mangalore Refinery & Petrochemicals Ltd, as well as private refiners HPCL-Mittal Energy Ltd, have already stopped purchasing Russian oil. Trade data shows that India's Russian imports of oil fell to their lowest level in two years during December, and OPEC's share in imports reached an 11-month peak. Indian refiners are increasing their purchases of goods from Africa and South America, as well as the Middle East. Indian refiners also increased their purchases of U.S. crude oil in order to replace some Russian oil, and also to reduce the trade deficit between Washington and India. They are also looking for Venezuelan oil.
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Europol busts Europe's largest drug network in Poland, which runs 20 illegal laboratories
Polish prosecutors announced on Wednesday that European investigators had uncovered a synthetic drugs international network operated from Poland. They have seized over 9.3 tonnes of narcotics as well as arrested more than 100 suspects. Operation 'Synthetic Drugs in More Than 20 Illegal Laboratories' targeted a criminal gang accused of importing chemical pre-cursors from China and India, and manufacturing them in over 20 illegal laboratories for distribution throughout the European Union. The prosecutors said that the 'group' operated a complex supply chain. They imported large quantities of chemicals legally, which were then repackaged to be sent illegally to drug labs in Poland and Western Europe. Poland was the logistical hub. The video released by the Polish police shows armed officers raiding suspects' houses and huge stocks of chemicals in plastic containers as well as distillation equipment. In 2022, Polish anti-narcotics officers launched a multi-country investigation. The authorities in Poland, Germany and the Netherlands seized over 9.3 tonnes of narcotics as well as vast quantities of chemical precursors. The prosecutor's office has not provided an estimate on the value of the drugs seized. Prosecutors said that Europol, EU's agency to combat international and organized crime, has enabled intelligence sharing and coordinated police actions across border. (Reporting by Barbara Erling Editing by Alexandra Hudson)
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Geopolitical strain dogs European mid-term sovereign outlook, Scope says
Scope Ratings stated?on Wednesday that a challenging geopolitical climate compounded with unfavourable political crosswinds in Europe weighs on the'region's?medium-term sovereign credit prospects, even though the continent continues to demonstrate economic and fiscal resilience. Alvise Lennkh Yunus, Scope Ratings' head of sovereign and?public?sector, said that the U.S. - Europe Greenland Crisis and the reemergence of uncertainty in EU-U.S. trading relations were critical to?the European sovereign outlook. Lennkh Yunus stated that the main threat to Europe is its security, fiscal and energy position, and EU cohesion rather than an immediate large economic hit. He added that any direct economic impact should be manageable. Lennkh Yunus, Scope's CEO, said that the?baseline is a generally resilient European credit outlook with "rating convergence" and "cautious optimism about growth and fiscal position". EU ASSUMES it can rely on the US Eiko Sievert is the executive director of Scope Ratings. She said: "The White House's destabilizing?approach towards its traditional allies" Sievert said that a large and coordinated sale of U.S. assets was unlikely even though European nations, along with Japan and China, held large shares?of outstanding U.S. Treasury bonds. The report warned that such a scenario would trigger fire sales, affect investors' portfolios, and destabilise global financial systems. (Reporting and Editing by Madeline Chambers and Rene Wagner)
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Rainstorm in Greece kills two
Authorities said that two people died in Greece on Wednesday after torrential rainfall flooded homes and businesses across the country. Fire brigade officials confirmed that a woman was killed after she was hit by a vehicle?that had been carried away during flash floods?in southern Athens suburb Glyfada. A cost guard officer was swept away by the sea waves in a port on Peloponnese in southern Greece earlier today. A coast guard official said, "He fell into the water while he was trying to tie up a small vessel in the harbour." Athens'?fire brigade received hundreds of calls from people asking them to?pump out water from flooded buildings. On Thursday, the rainstorm was expected to reach the east of the country. Reporting by Lefteris papadimas, Editing by Alistair Bell
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Caledonia raises $150 million for Zimbabwe's gold mine, a rare international capital raising
Caledonia Mining Corporation announced on Wednesday that it raised $150 million through a convertible bond offer of seven years to?fund the Bilboes Project, which will, once operational be a profitable venture. Zimbabwe's largest Gold Mine Caledonia, a country focusing on Zimbabwe, has issued debt worth over $1 billion. This is the largest international capital raise in more than ten years for the nation. Investors had shunned the country due to its economic volatility and policy instability. Spot gold prices have surged by More than $4,800 an ounce Investors?seeking safe havens' who support miners such as Caledonia in their efforts to increase output drove the market on Wednesday. In a statement, Caledonia - ?which operates the 80,000-ounce-per-year Blanket mine in Zimbabwe - said demand for the offering from U.S. institutional investors ?exceeded $600 million. Caledonia CEO Mark Learmonth stated that "receiving over $600 million in demand from high quality North American investors is a tremendous endorsement" of "our strategy, the value of our assets, and our track record of operations, as well as the long-term prospects for the company." Caledonia stated that the bond issue was part of a larger strategy to fund Bilboes which is expected to start production by late 2028. The mine will be able to produce 200,000 ounces of gold per year from 2029, for a period of 10 years. The company will also arrange a $150-million funding facility with a consortium of Zimbabwean banks and South African banks, and will engage regional and international lenders for Bilboes' financing. The Bilboes Project is expected to cost $584 million, with peak funding needs of $484 millions. Zimbabwe's gold production plunged to just 3 metric tonnes during the 2008 economic and political crisis. Over the last decade, production has increased by more than twice as much to reach an all-time peak of 47 metric tonnes in 2025. (Reporting and editing by Nelson Banya, Thomas Derpinghaus and Chris Takudzwa Muronzi)
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Shanghai copper survives despite concerns about demand, margin rule
Shanghai Copper finished off its lows on Tuesday as investors shrugged off the sluggish market and the Shanghai Futures Exchange (SHFE)'s move to increase margin requirements for certain contracts. After a drop of more than 1%, the most traded copper contract on the?SHFE?closed trading daytime up 0.04% to 101,280 Yuan ($14,544.41) per metric ton. As of 0740 GMT, the benchmark three-month price for copper at the London Metal Exchange increased by 1.10%. It now stands at $12,894.50 per ton. Red metal prices remained near record highs despite the sluggish demand for spot metals. The?SHFE also increased daily price limits and margin ratios on Tuesday following last year's rally. The measures taken by the bourse were seen as stabilising prices, which led to the session's early loss. Shanghai copper is up 1.58% this year. It reached a record high of 105,870 Yuan on January 7. The strength of copper was due to the expectation that there would be a shortage due to mine interruptions,?at a moment when data centers and electricty are playing an important role for the metal. The supply of refined copper is expected to tighten outside the U.S. as well, due to a CME premium over the LME amid concerns about tariffs. The Yangshan Copper Premium On Tuesday,, a measure of Chinese demand for copper imports, was $26 per ton, the lowest level since late July 2024. Copper premium is sold in the domestic market The price of the ton was reduced to 150 yuan, which indicates a lack of interest from buyers on the spot market. Tin was the top gainer among SHFE's base metals. The most active contract surged by 5.79%, to 418 420 yuan per ton. On the LME it was up?5.54%, to $52,150 per ton. Indonesia's military crackdown on illegal mines continued to unnerve industry and push up tin price. Aluminium, nickel, zinc, and lead were all up 0.56%. Nickel gained 0.39%. Zinc was down 0.20%. Aluminium rose by 1.01% on the LME. Zinc gained 0.54%. Lead gained 0.35%. Nickel grew by 2.48%.
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Venezuela is a great opportunity for BBVA's chairman, says
BBVA is the only major bank in the world with a significant 'presence' in Venezuela. Its chairperson said that BBVA was well positioned to 'take advantage of the new business opportunities created by the U.S. intervening in the country which has the largest oil reserves in the world. Venezuela has an interim government since the United States captured Nicolas Maduro in early?this?month. The situation presents potential business opportunities for international banks. However, analysts have warned that there will still be many challenges. Carlos Torres, BBVA's Carlos Torres, told Expansion that if greater stability is achieved in the future, they will be able to seize the opportunities. They are the only private foreign bank in the country and have a good understanding of the culture due to their long-term presence. In an interview published Wednesday, Torres stated: "Venezuela is a great opportunity with its stability." BBVA Provincial is BBVA's 55%-owned subsidiary. It has 1,900 employees and 160 branches, serving more than 3 million customers.
EDF Energy: Sizewell B nuclear reactor extension possible, but requires investment
EDF's British arm has said that a life extension of its?Sizewell B plant is technically feasible, but negotiations are ongoing with the UK Government to allow the necessary investment. Sizewell B, located on the North Sea Coast in Suffolk, is the UK's only pressurised water reactor. It supplies more than 1.2 gigawatts to the grid. Other nuclear power plants in the UK are advanced gas-cooled (AGR) reactors, many of which have reached their end of life or been retired. Four of the reactors are still in operation. Several of the AGRs had their lives extended 'for a few years more amid fears that Britain faces a looming?supply?gap because of the age of its nucleo-electric facilities. Around 12% of Britain’s electricity is generated by nuclear power stations. EDF and Centrica - which owns a 20 percent stake in nuclear plants - want to keep their remaining AGRs operating until at least 2030. EDF stated that the investment to support this would cost 1,61 billion pounds over the next 3 years.
EDF Energy stated in a statement that "work continues to agree a commercial model required to support a Sizewell 'B life extension of 20 years (2035-2055), and unlock 800 millions pounds in investment into the station."
The UK's Energy Department was not immediately available to comment.
EDF started construction of Hinkley C in southwest England, in 2017. This was its first new plant built in Britain for more than 20 Years. Sizewell C is also being built.
(source: Reuters)