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Indian Oil Minister: If Russian crude oil supplies are priced favourably, we will buy them.On January 24, AVIC Industrial Finance announced that it expects to achieve a net profit of about -48 million yuan attributable to the parent companys owners in 2024, which will be a loss compared with the same period last year. The main reason is that the companys business structure has been transformed and adjusted, and the operating income, fee and commission income have declined. In addition, due to the external macroeconomic situation, the overall market asset prices have been under pressure, and the book value of the assets held by the company has declined to a certain extent.Saudi Economy Minister: Regular meetings with the World Economic Forum will be held in Saudi Arabia.On January 24, industry surveys showed that British retailers sales fell sharply in the year ending in January, and no improvement is expected next month. The UK CBIs January retail sales balance fell from -15 in December to -24, the lowest level since August last year. The surveys measure of sales expectations for the coming month fell from -11 last month to -26. Martin Sartoius, chief economist of the Confederation of British Industry (CBI), said: "Retailers said weak demand and low sentiment were the reasons for the continued pressure on the business environment. The accelerated decline in retail volumes, coupled with a sharp drop in wholesale and automotive trade, led to the largest annual sales decline in a year across the distribution industry."The pan-European Stoxx 600 index extended its gains to 0.5%, hitting a new intraday high.

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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