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In early European trading, chip stocks rose, with ASML, ASMI, and BESI shares increasing by 2%-2.5%.French industrial production fell 0.1% month-on-month in May, compared with an expected decline of 0.4% and a revised figure of 0.3% for the previous month (originally 0.10%).Japans Government Pension Investment Fund (GPIF): For the fiscal year ending in March, its investment return rate was 16.47%, significantly higher than the 0.71% of the previous fiscal year.July 3rd - The "15th Five-Year Plan for Circular Economy Development" proposes to effectively streamline the waste recycling network, strengthen the refined collection of industrial waste, promote the standardized recycling of social waste, and specifically improve the recycling capacity of key waste categories. It also calls for vigorously promoting the upgrading of the circular economy industry, optimizing the industrial layout, accelerating the upgrading of technology and equipment, cultivating and expanding the circular economy service industry, and strengthening industry supervision measures. Furthermore, it emphasizes strengthening institutional and policy guarantees for the development of the circular economy, conducting in-depth publicity and guidance, and enhancing international cooperation in the circular economy.July 3rd - The "15th Five-Year Plan for Circular Economy Development" proposes to comprehensively solidify the foundation for waste reduction, widely promote green product design, deepen clean production in industries, and actively promote green consumption throughout society. It also calls for accelerating the improvement of resource utilization levels, focusing on the efficient recycling of industrial resources, deepening the ecological circular development of agriculture and forestry, vigorously promoting green construction throughout the entire engineering process, fully releasing the potential of traditional "urban mining" resources, and accelerating the addressing of shortcomings in the recycling of solid waste such as the "new three types" (referring to new types of waste). Furthermore, it emphasizes continuously expanding the scale of reuse, promoting the import and utilization of high-quality recycled raw materials from overseas, expanding the application scale of recycled materials, promoting high-level remanufacturing, and standardizing the development of the second-hand goods circulation and trading market.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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