Latest News
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Indonesia anticipates concluding free trade negotiations with EU by the end of June
Indonesia announced on Saturday that the free trade talks with the European Union which have been ongoing for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. Denis Chaibi said, "Negotiations continue and the substance will determine the timing." When we know the outcome, we will provide more details. In terms of total trade, the EU was Indonesia's fifth largest trading partner in 2013. The two countries exchanged $30.1 billion worth of goods and services last year. Airlangga reported that Indonesia had a trade surplus of $4.5 billion. Indonesia and the EU had previously disagreed over EU trade rules that may have been linked to deforestation, which could impact Indonesian palm oil. Jakarta also banned exports of minerals. Indonesian officials are motivated to speed up talks on free-trade agreements. They want to diversify their country's export destination as they face the challenges of U.S. Tariffs. To end the U.S.'s trade deficits around the world, President Donald Trump of the United States announced "reciprocal tariffs" that were halted since July. Indonesia faces a tariff of 32%. (Reporting and editing by Edwina gibbs and Tom Hogue; Gayatri suroyo)
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Jameson Taillon and Cubs shoot to tie series with Tigers
Jameson Taillon's strikeout numbers aren't high, but he consistently puts in strong starts. On Saturday, Taillon will be looking for his fourth straight victory in the middle match of a three game road series against the Detroit Tigers. Taillon (5-3; 3.76 ERA), has had a good outing in each of his last seven starts. He has only allowed four runs over the past three appearances. In a 7-3 win over the Cincinnati Reds on Sunday, Taillon held them to just two runs and three hit in 6 1/3 innings. It was the sixth time in a row that he has struck out four batters or less. It was the eighth time in this season that he allowed four or fewer hits. Craig Counsell, the manager of the team, said that his biggest strength was being an elite striker. "He's always at the top of the league in terms of walk rates." Taillon made four career starts for Detroit. He has a 1-2 record with a 7.45 ERA. Keider Montero will likely be the Tigers' bulk reliever on Saturday, after Tyler Holton (2-2 ERA 4.13) is the opener. Montero's (2-1, 4.02 ERA) early in the season was used to fill in for a spot starter or as a six-man starting rotation. Due to injuries, he is the current No. Reese Olson, Jackson Jobe and other players are injured. Montero has not allowed a single run over his last two starts. His latest outing, however, was an adventure. He allowed seven hits and one walk in four 2/3 innings against Kansas City, but made crucial pitches when runners were on base. Montero, through Carlos Guillen as interpreter, said: "I am proud of what we achieved (Sunday)." He was much more clean in his last home appearance on May 26, as he only allowed the San Francisco Giants one hit over five innings. Montero did not face the Cubs in his two seasons of major league baseball. Holton has a 1-0 career record (one start) in three games against the Cubs. He's thrown four innings of scoreless and hitless baseball. The Tigers won the first game of the series in a thrilling thriller on Friday night. Tarik Skubal, the reigning American League Cy Young Award recipient, pitched 7 2/3 inning despite eight hits and a 3-1 win. Detroit's Kerry Carpenter, who is not known for his defensive skills, stole Seiya Suzuki's extra-base hit by leaping at the fence in right field after Will Vest replaced Skubal. Jahmai Jones' solo homer in the bottom of inning gave Detroit a boost. Jones, who was promoted from Triple-A Toledo the previous day, was making his Tigers debut as well as his first appearance in the majors of the year. A.J. Hinch, Detroit's manager, said: "He is a great hitter and makes excellent decisions." Hinch said. "He has a good deal of thump and athleticism. He also has some speed. And he's perfect for the role we want to play him." He can be a great player off the bench, and he may even get a few starts. Counsell does not want to emphasize the fact that the Cubs will be facing the team in the AL with the best record. He said, "It is a series that will be held in June." There will be many people in attendance this weekend. It's a lot of fun for the players. It's fun for them. It's an interesting challenge to face a strong team. It's a challenge against a good team. "But other than that it's only three games." Field Level Media
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AFR reports that Rio Tinto is in talks to bailout an Australian aluminium smelter.
The Australian Financial Review reported that Rio Tinto, a global miner, is in discussions with the Australian federal and state government about a multi-billion dollar bailout of its struggling Tomago aluminum smelter located in New South Wales. Citing unnamed sources, the newspaper reported late Friday that discussions centered on a smelter’s electricity contract from 2026-2029, and federal production tax credit. Rio, the New South Wales Premier Chris Minns' office and Prime Minister Anthony Albanese's office did not respond immediately to requests for comments on the report. According to the report, the future of the facility owned by Rio has been uncertain in recent months, due to rising energy costs. Rio, the largest iron ore producer in the world, announced that it would make a decision on the future of the smelter by the middle of the year. This facility, located about 125 km north of the state capital Sydney, uses approximately 10% of New South Wales power to produce 590 000 tonnes of aluminum per year. It is also owned by CSR, Hydro Aluminium and Rio. The centre-left Australian government pledged A$2billion in production credits in January to support the country's aluminium smelters including the Tomago plant to switch to renewable energy before 2036.
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Rex’s Akrake Set for July Drilling Ops off West Africa
Akrake Petroleum, Rex International's indirect subsidiary, has completed the development plan for the Seme field offshore Benin, with the drilling operations scheduled to begin in early July 2025 using Borr Drilling’s jack-up rig.Akrake holds a Production Sharing Agreement (PSA) with the government of Benin for the offshore Block 1 exploration license, which also includes the Sèmè Field.As art of the work-program for Block 1 under the PSA, Akrake is working on the redevelopment of the Sèmè Field.This is a phased development, the first of which will be to bring the field into production, while gathering more data on the subsurface, in order to optimize further development of the field, including heretofore untapped deeper reservoir sections.To this end, the reprocessing of 2007 3D seismic data has been completed, and a detailed field development plan has been finalised.Offshore operations have started, with an ongoing site-survey over the intended drilling and production location.In April 2025, Rex's Lime Petroleum, which owns Akrake Petroleum, signed a contract for Borr Drilling’s Gerd jack-up rig, to be used for an anticipated 120-day drilling campaign in Benin.The rig is scheduled to arrive in Benin later in June 2025, with drilling to begin in early July 2025.Borr Drilling’s Rig Up for 120-Day Drilling Campaign off West AfricaOver the ensuing 100 days, three well-bores will be drilled. The first will be an appraisal well designed to gather new data on deeper reservoir units.Following this, two horizontal production wells will be drilled and completed in the H6 reservoir, in which subsurface analysis has suggested significant remaining reserves, even though there has been previous production.Drilling is expected to be completed in early October 2025, at which time a Mobile Offshore Production Unit (MOPU) will arrive, along with a Floating Storage and Offloading unit (FSO).The MOPU will be hooked to the newly-drilled wells, and production is expected to start in October 2025 at production rates of approximately 16,000 barrels of oil per day (bopd).Contracts have been signed for both the MOPU and FSO, and the MOPU is currently in a yard in Dubai for refurbishment, before heading to Benin in the middle of September 2025.Rex’s Akrake Signs Deal for Production Vessels at Seme Field off BeninAkrake is the operator of the Sèmè Field in Benin, and holds approximately 76% working interest, with the remainder of the working interest held by the government of Benin (15%) and Octogone Trading (9%).
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Indonesia anticipates concluding free trade negotiations with EU by the end of June
Indonesia announced on Saturday that the free trade talks with the European Union which have lasted for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. A request for comment from the EU representatives in Jakarta was not responded to. In terms of total trade, the EU was Indonesia's fifth largest trading partner in 2013. The two countries exchanged $30.1 billion worth of goods and services last year. Airlangga reported that Indonesia had a trade surplus of $4.5 billion. Indonesia and the EU had previously disagreed over the EU's rules on trade for products that could be linked to deforestation, which would affect Indonesian palm oils, as well Jakarta's bans on exports raw minerals. Indonesian officials are motivated to speed up talks on free-trade agreements. They want to diversify their country's export destination as they face the challenges of U.S. Tariffs. In an effort to reduce the U.S.'s trade deficits around the world, President Donald Trump of the United States announced "reciprocal tariffs" that were halted until July. Indonesia faces a tariff rate of 32%. (Reporting and editing by Edwina G. Gibbs; Gayatri S. Suroyo)
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China's central banks purchases gold for the seventh consecutive month in May
The People's Bank of China's (PBOC) official data showed that China's central banks added gold to their reserves for the seventh consecutive month in May. Gold spot prices, which are often viewed as a safe haven from geopolitical and economic uncertainty, remained stable in May, after reaching an all-time peak of $3,500 for one ounce in April. China's gold reserves increased to 73.83 millions fine troy pounds at the end May, from 73.77million ounces ounces ounces by the end April. The PBOC reported that its gold reserves had fallen to $241.99 billion by the end last month from $243.59 at the end April. Gold market experts say that despite the high price of gold, Beijing is still willing to keep adding to its gold reserves despite this. This is due to fears about a tariff war and a 27% increase in 2024. The PBOC has not made public the reasons behind the gold purchases. After an 18-month gold buying spree in 2024, the PBOC paused for six months before resuming gold purchases when Donald Trump was elected president of the United States. Metals Focus, a consultancy, said that central banks around the world are on course to purchase 1,000 metric tonnes of gold by 2025. This would be their fourth massive purchase as they diversify from dollar-denominated investments into bullion. Reporting by Yukun Zhi and Ryan Woo from Beijing, Polina Devlin in London and Brenda Goh from Shanghai; editing by Tom Hogue
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Trump claims that China's Xi has agreed to allow rare earth minerals to flow into the US
U.S. president Donald Trump announced on Friday that Chinese President Xi Jinping had agreed to allow rare earth minerals and magnetics to flow into the United States. This could reduce tensions between world's largest economies. When asked by a reporter on Air Force One if Xi agreed to this, Trump responded: "Yes, he had." The Chinese Embassy in Washington has not responded to a comment request immediately. Trump's comments came a day after he had a rare phone call with Xi to resolve trade tensions which have been brewing for weeks. Then, Trump stated that the talks had "reached a very positive conclusion," adding that there should be "no questions" about the complexity of Rare Earth Products. Two sources with knowledge of the issue said that China granted temporary export licences to the rare-earth suppliers for the three largest U.S. automobile manufacturers. On Monday, the top U.S. aides to President Obama will meet with their Chinese counterparts for more talks in London. Trump said to reporters that "we're very much advanced" in the China deal. On May 12, in Geneva, Switzerland the countries reached an agreement to rollback for 90 days most triple-digit tit-for -tat tariffs that they had imposed on each other after Trump's inauguration. The financial markets, which had been worried about trade disruptions, rallied upon hearing the news. China's decision to suspend the export of magnets and minerals in April has caused supply disruptions for automakers, computer chip makers and military contractors worldwide. Trump accused China of breaking the Geneva Agreement and ordered a halt to chip-design software, as well as other shipments into China. Beijing denied the claim and threatened countermeasures. China could use rare earths and other minerals to exert political pressure on Trump if the economy sags due to companies being unable make mineral-powered goods. Trump, since returning to the White House, has threatened a variety of punitive actions against trading partners. However, he has retracted some of these measures at the last moment. This on-again-off-again strategy has confused world leaders and scared business executives. Trevor Hunnicutt, Leslie Adler, and Edwina gibbs edited the report.
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WTI-Brent Spread at its Narrowest in Nearly Two Years as US Prices Rise
Analysts and traders reported that the spread between U.S. West Texas Intermediate crude and Brent crude futures was at its tightest since September 2023 as U.S. oil prices increased on a declining rig count, and Canadian wildfires cut supply. Brent futures were up 2.75% as OPEC+ increased output, limiting gains. Why it's important A narrower spread can indicate a closed window of arbitrage for traders, and weaker shipping economies to Europe and Asia. If Brent crude premium remains low, the tighter spread could be an early indication that U.S. crude imports are likely to fall in the coming weeks. Since the Dated Brent price is determined by WTI Midland most trading days, the spread between them is more closely correlated with freight rates. By the numbers, the spread between two crude benchmarks was as low as $2.78 per barrel on Friday. A discount of $4 a barrel is usually considered to be the level which encourages U.S. imports into Europe as traders view it as an arbitrage opportunity. According to Phil Flynn of Price Futures Group, the spread has remained below $4 a barrel on average since May 1. This is partly due to concern about U.S. oil production. Since April, OPEC+ members including Saudi Arabia, Russia, and others have increased their production by 1.37 million barrels a day or 62%, of the 2.2 millions bpd that they intend to bring back onto the market. Baker Hughes, the energy services company, said that the U.S. oil rig count fell four times to 559 during the week ending June 6. This is the lowest level since November 2021. It has sparked some concern about future U.S. output. Traders and analysts say that this has created a price which encourages U.S. crude oil to stay on the domestic market. Analysts said that the wildfires in Canada's oil producing province of Alberta, have further boosted U.S. crude prices, as Canadian crude production has decreased by approximately 7%. Sparta Commodities analysts said that the Canadian wildfire season is underway and further disruptions could push WTI/Brent below $3 in the summer. KEY QUOTES Flynn, of Price Futures Group, said: "When you take a look at the WTI/Brent Spread you can see a bit the concern about the leveling off U.S. Production and the tightening up of export barrels."
Asia's sustainable aviation fuel tasks and agreements
Singapore prepares to need all flights departing the country to utilize sustainable air travel fuel (SAF) starting in 2026, its transport minister stated on Monday, as the citystate signs up with the international air travel market's. efforts to switch to greener fuel.
SAF, or alternative fuel made from renewable sources that. are utilized to power aircraft, is essential for the air travel sector. to reach its objective of net zero carbon emissions by 2050, but its. adoption remains in a nascent stage.
Following is a take a look at other SAF tasks and arrangements in. the Asia-Pacific area.
MALAYSIA
Malaysia has actually established an SAF blending mandate starting. with 1%, according to the National Energy Transition Roadmap. released by the federal government in 2023. It is targetting a 47% SAF. mixing mandate by 2050.
Malaysian state oil company Petronas and Japan's. second-biggest oil refiner, Idemitsu Kosan Co, signed a
initial arrangement
to team up on advancement and distribution of SAF in. October 2023.
Petronas and Malaysia's palm oil board have also signed an
contract
to study using cooking oil and palm oil waste as SAF. in August 2023.
Malaysian Aviation Group (MAG) has signed an SAF offtake. agreement with Petronas Dagangan, as part of efforts. to develop the green fuel on a business scale in Malaysia in. May 2023.
INDIA
India aims to have 1% SAF in airplane turbine fuel
by 2027
, doubling to 2% in 2028, the federal government stated in November. The SAF targets will at first use to global flights.
Indian Oil Corp will set up an 80,000-metric-ton. annually
SAF plant
with LanzaJet in Haryana, the refiner's chairman stated last. year. The business has a tie-up with LanzaTech for converting. waste gas to ethanol and into jet fuel.
SINGAPORE
Singapore announced on Feb. 19 it would go for a 1% SAF. target beginning in 2026 and prepares to raise it to 3-5% by 2030,. based on global developments and the wider schedule and. adoption of SAF.
The Civil Aviation Authority of Singapore (CAAS) plans to. introduce a SAF levy for the purchase of the fuel to be set at a. repaired quantum, based upon the SAF target and predicted SAF rate. at that time.
Singapore Airlines, The Civil Authority of Singapore, and. Genzero completed a
20-month SAF pilot
in November, and found that although Singapore is. operationally all set to provide SAF, more is required to support its. adoption.
Keppel Corporation Limited and AM Green have
signed
a memorandum of understanding in December to check out. chances to produce biogenic carbon-based sustainable. fuels, consisting of SAF.
Singapore Airlines started an one-year SAF pilot programme in. July 2022, working with ExxonMobil and Neste. The companies mixed 1,000 tonnes of cool SAF with jet fuel and. supplied the oil to Singapore Airlines and Scoot flights at. Changi Airport. Finnish refiner Neste operates the city state's only. SAF plant.
CHINA
There is no set SAF required in China since February 2024,. Its civil air travel administration said in its 2022. roadmap that carbon emissions in the sector will peak by 2035.
China's National Energy Administration revealed in. November 2023 that it would launch pilot projects to stimulate. domestic production and usage of
biofuels
, consisting of SAF and biodiesel. It did not offer details on. funding and timing.
In December 2023, China's State Power Financial investment. Corp announced a
plan
to produce 400,000 heaps each year of SAF in northern. Heilongjiang province. The plant will start as a pilot project. of 10,000 lots per year, the company stated. It is slated to. produce its first batch of fuel in late 2025 and will broaden to. 400,000 by 2030, according to an executive familiar with the. strategies.
In April 2023, Airplane and the China National. Air Travel Fuel Group (CNAF) signed a memorandum of understanding. to increase production and usage of SAF. U.S. industrial. conglomerate Honeywell has signed contracts to collectively. produce SAF with northern China's Tianjian Free Trade Zone in. 2023 and with southern Guangdong-based Oriental Energy Business. Ltd. in 2022, according to Honeywell and state-run. CGTN. The Guangdong facility will produce 1 million loads per. year of SAF, Honeywell stated, without discussing a timeline.
Hong Kong-based
Cathay Pacific Airways
set a target in March 2023 to use SAF for 10% of. its fuel by 2030. In October 2022, an A320neo Plane airplane left from. Tianjin and landed in Xian using a 5% SAF mix, with SAF. produced locally by Sinopec subsidiary Zhenhai Refining &&. Chemical Co (Zhenhai Refining), China Daily reported. In July. 2023, an Air China flight from Hangzhou to Beijing. significant China's very first use of SAF in a commercial flight, using a. 10% SAF blend, according to CGTN.
JAPAN
Japan is mandating that 10% of air travel fuel for. international flights utilizing Japanese airports be sustainable. starting in 2030, the Ministry of Economy, Trade, and Industry. said in May 2023.
Nippon Paper Industries Corp, Sumitomo Corp. and Green Earth Institute Corp agreed in. February 2023 to
jointly research study
bioethanol production made from woody biomass. The task,. Aims to produce bioethanol from Nippon Paper's if it prospers. mills in the 2027 fiscal year to be used as feedstock for SAF. production.
Fuji Oil Co Ltd started
preparation production
of bio-SAF at Sodegaura Refinery with Itochu Corp. in May 2023.
Eneos Holdings Inc agreed to study production of up. to 500 million litres (3.1 million barrels) of SAF and renewable. diesel annually collectively with Australian refiner Ampol. Japan's leading airlines, All Nippon Airways (ANA) and. Japan Airlines (JAL), have broadened their SAF purchases. by adding products from trading home Itochu Corp and U.S. producer Raven SR . Other business exploring SAF production in Japan consist of. Mitsubishi Corp, Boeing, and TotalEnergies SE .
SAF is set to replace 10%, or 1.34 million kilolitres, of. fuel utilized by Japanese airline business by 2030, according to. the Japan Transport and Tourism Research Institute (JTTRI).
PHILIPPINES
There is no set SAF mandate in the Philippines as of. February 2024.
Cebu Pacific flew an airplane from Singapore to Manila. powered by a 35% SAF mix from Neste in September 2022.
The airline signed a long-lasting tactical partnership with. Shell Eastern Petroleum to make SAF more commonly offered for. its fleet via the supply and purchase of SAF in Asia Pacific and. the Middle East, with an initial volume of a minimum of 25,000. metric loads per year.
AUSTRALIA
There is no set SAF required in Australia as of February. 2024. Qantas Group introduced the Sustainable Aviation Fuel. Union (SAF Union) in cooperation with Australia Post,. KPMG Australia, Macquarie Group, the local arm of Boston. Consulting Group and Woodside Energy on Nov. 11, 2022. Qantas and Jet SE will jointly invest A$ 2 million. ($ 1.34 million) in a biofuel refinery being set up in. Australia's Queensland state that would transform agricultural. spin-offs into SAF.
The refinery is anticipated to produce approximately 100 million litres. of SAF a year, with construction due to begin in 2024. This is the first investment from a $200 million fund Qantas and. Jet set up last June to begin the SAF industry in. Australia.
The airline company expects about 10% of its fuel to come from SAF. by 2030, and 60% by 2050.
Last November, Climate Leaders Union members Ampol. , Brisbane Airport, Deloitte, Qantas and Viva Energy. proposed the facility of an East Coast SAF. passage in their Scope 3 Roadmap.
Australia's very first Jet Zero-style council, designed on the. eponymous government-industry partnership for SAF production in. Britain, is anticipated to hold its very first conference this monetary. year ending in June 2023, stated a representative from the. Department of Infrastructure, Transport, Regional Advancement,. Communications and the Arts.
The council will match the Air travel White Paper, which. is expected to finish up early 2024.
NEW ZEALAND
There is no set SAF required in New Zealand as of February. 2024.
Channel Infrastructure NZ Ltd's scoping study for. green hydrogen and synthetic sustainable air travel fuel. production at Marsden Point is relocating to the
pre-feasibility
stage, supported by the federal government's Energy Performance and. Preservation Authority.
Air New Zealand and the New Zealand government. strategy to invest more than 2 million New Zealand Dollars
(source: Reuters)