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☆ For the first time since it invaded Ukraine, Russia is expected to start buying Chinese yuan again to replenish its foreign reserves
▼ + stars: | 2023-05-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia is likely to start buying Chinese yuan to replenish its FX reserves as soon as May 2023, per Bloomberg Economics. This would be the first time Russia has replenished its FX reserves since it invaded Ukraine. The move indicates that Western sanctions and a G7-led price cap on Russian crude aren't enough to curb Russia's energy revenues. Russia stopped buying foreign currency in late January 2022 due to market volatility, shortly before it invaded Ukraine. US crude oil futures are down 5.8% so far this year to around $76 a barrel, but are up nearly 14% from this year's low of around $67 a barrel.

☆ Lukoil's net profit declines 22% to $1.3 billion in Q1
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

Companies NK Lukoil PAO FollowMay 2 (Reuters) - Russian oil company Lukoil (LKOH.MM) posted a net profit under Russian Accounting Standards (RAS) of 104.3 billion roubles ($1.3 billion) in the first quarter of 2023, down 22% from 133.4 billion roubles in the same period 2022. The RAS data does not typically take into account financials from subsidiaries. Russia's second-largest oil producer said that its revenues fell by 63% to 455.83 billion roubles in the January - March period. Lukoil, like many other Russian businesses, stopped publishing their financial results calculated under international standards, after Moscow had sent its troops into Ukraine in February 2022. ($1 = 79.9000 roubles)Reporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Kazakhstan takes oil majors to arbitration over costs
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

ASTANA, April 11 (Reuters) - Kazakhstan has started arbitration proceedings against companies developing its giant Kashagan and Karachaganak oilfields over $13 billion and $3.5 billion, respectively, in deducted costs, Energy Minister Almasadam Satkaliyev said on Tuesday. "I can only say these lawsuits have been filed in the interest of the people of Kazakhstan," Satkaliyev told reporters, refusing to provide any further details about the claims. The offshore Kashagan field, one of the biggest discoveries in recent decades, is being developed by Eni (ENI.MI), Shell (SHEL.L), TotalEnergies (TTEF.PA), ExxonMobil (XOM.N), KazMunayGas (KMGZ.KZ), Inpex (1605.T) and CNPC (CNPC.UL). Both projects are covered by production sharing agreements stipulating that companies can deduct certain costs from income before splitting it with the government. Kashagan and Karachaganak are the second- and third-biggest producers of oil respectively in the Central Asian nation whose economy relies heavily on energy exports.

☆ Factbox: EU keeps on doing business with Russia despite sanctions
▼ + stars: | 2023-03-29 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWSIn 2021, Russia was the EU's fifth-largest trading partner with goods exchange worth 258 billion euros, according to the EU executive European Commission. Since the invasion in 2022, the value of EU imports from Russia fell by a half to around 10 billion euros last December. Gas is not covered by EU sanctions, but Moscow slashed pipeline deliveries to Europe since the invasion. The EU imported 2.1 billion euros worth of nickel in 2021, up to 3.2 billion euros last year, according to Eurostat.

Two government officials told Reuters the government was concerned about the deal because Nebius's activities were funded by Yandex. A third, separate source said Nebius is part of Yandex's Dutch holding company, Yandex NV, and would be part of the new international company post-restructuring. "They were basically told that as long as they're connected to a Russian company, it's not going to work," one of the sources told Reuters. "Our Dutch holding company is in the process of divesting its Russian business – unfortunately this isn't a fast process," Shtan said. Energy issued a statement last month saying neither the company nor its chief executive, Michael Bobrov, has any connection with Russia.

☆ Oil settled up as rising supplies face Chinese demand hopes
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +3 min

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts. Oil prices settled up slightly on Wednesday as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Brent crude futures settled up 86 cents, or 1%, to $84.31 a barrel. In other signs of ample supply, Russia's oil production reached the pre-sanctions level for the first time in February, the Kommersant business daily reported. An official index showed China's manufacturing activity expanded in February at the fastest pace in more than a decade, feeding hopes for a boost in oil demand.

☆ Russian oligarchs' superyachts have avoided the US west coast and the Mediterranean since Russia invaded Ukraine, heat maps show
▼ + stars: | 2023-02-25 | by ( Kate Duffy | ) www.businessinsider.com time to read: +5 min

Russian oligarchs' superyachts were detected in different regions after the Ukraine war began. Heat maps show oligarchs' yachts have avoided America's west coast and the Mediterranean. The MediterraneanSpire MaritimeSpire's data found that the Mediterranean was a hotspot for Russian oligarchs' superyachts before Russia invaded Ukraine. Turkey still offers a safe haven for Russian oligarchs' assets because it's yet to sanction Russia for its aggression against Ukraine. Arabian SeaSpire MaritimeSpire's data also honed in on the movements of Russian oligarchs' yachts around the Arabian Sea.

☆ CNBC Daily Open: Oil popped and stocks slumped — it feels like 2022 again for markets
▼ + stars: | 2023-02-13 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

It feels like markets are reliving the worst of 2022. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. A selloff in the U.S. markets, rising oil prices and escalating U.S.-China tensions — it feels like we're back in the worst part of 2022. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Fire breaks out at Russian oil refinery near Ukrainian border
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - A fire broke out on Wednesday at an oil refinery in Russia's southern Rostov region near the border with Ukraine and was later extinguished, state media reported, citing the emergencies ministry. "In Rostov Region, Novoshakhtinsk city ... a message was received at 10:24 a.m. Moscow time about a fire on the territory of an oil products processing plant," the ministry said. Novoshakhtinsk is about 9 km (6 miles) from the Ukrainian border. Another refinery in Novoshakhtinsk was struck by two drones last June, in what the plant called "terrorist actions from the western border", a reference to Ukraine. Wednesday's fire was the second in two days to hit a Russian refinery, following an incident on Tuesday at a Lukoil (LKOH.MM) unit in Nizhny Novgorod, east of Moscow.

☆ These heat maps show the dramatic change in the movements of oligarchs' superyachts since Russia invaded Ukraine
▼ + stars: | 2023-02-08 | by ( Kate Duffy | ) www.businessinsider.com time to read: +5 min

☆ Iraq to discuss with U.S. how to pay Russian energy firms, Iraqi foreign minister says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BAGHDAD, Feb 6 (Reuters) - Iraq will discuss with Washington this week how to pay dues owed to Russian oil companies despite sanctions, Foreign Minister Fuad Hussein said on Monday. There are sanctions in place that should not be imposed on the Iraqi side because the cooperation with Russian companies is ongoing and there are active Russian companies in Iraq," Hussein said during a news conference with visiting Russian Foreign Minister Sergei Lavrov in Baghdad. Russian investments in Iraq are believed to be worth more than $10 billion, mostly in the oil industry. Huessin said that one of the main issues he and Lavrov talked about was how to pay bills owed to Russian energy companies such as Lukoil and Gazprom that do business in Iraq even though Russia is under international sanctions. Hussein stated during a joint press conference with Lavrov that Iraq is calling for peaceful solutions and encouraging dialogue between Russia and Ukraine to end the war.

☆ Exclusive: Indian refiners pay traders in dirhams for Russian oil
▼ + stars: | 2023-02-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

Previous attempts by Indian refiners to pay traders for Russian crude in dirhams through Dubai banks failed, forcing them to switch back to the U.S. currency. Indian refiners typically buy Russian crude from traders at a price that includes delivery to India. An invoice for such a deal seen by Reuters showed traders asking for an average crude price including freight for Urals crude. Indian refiners mostly buy Russian crude from Dubai-based traders including Everest Energy and Litasco, a unit of Russian oil major Lukoil (LKOH.MM). India's oil secretary Pankaj Jain last month said Indian companies were not facing any problems in paying for Russian oil as the latest actions by the West do not impact the trade settlement mechanism.

☆ Russia recommends investors convert FX bonds amid asset freeze
▼ + stars: | 2023-01-31 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

MOSCOW, Jan 31 (Reuters) - Russia's central bank recommended on Tuesday that retail investors convert their foreign currency Eurobonds into local "replacement bonds" as 5.7 trillion roubles ($81 billion) of investor holdings remain frozen by Western sanctions. Several major Russian companies, including state-run gas giant Gazprom (GAZP.MM) and oil firm Lukoil (LKOH.MM), have substituted their Eurobonds in this way. At the moment, investors who hold Eurobonds issued by Russian companies are blocked from receiving payments. By switching to replacement bonds, retail investors will be able to unlock these assets, Shishlyannikova said. Shishlyannikova added that 20% of the 5.7 trillion roubles of investor holdings blocked in foreign infrastructure belonged to retail investors.

REUTERS/Vitaly NevarWASHINGTON, Jan 20 (Reuters) - Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. The coalition had initially planned to review the level of the cap sometime in February, two months after its implementation. Treasury officials have said the oil price cap has two goals: cutting Russia's revenues by institutionalizing heavy discounts on its oil bought by big consumers like China and India, and ensuring global oil markets are well supplied. "As long as the price cap continues to meet the Coalition’s dual goals, the Deputies agreed to undertake a review of the level of the crude price cap in March," Treasury said. The March date allows the coalition to assess developments in global markets after implementation of the refined products caps, and to be briefed on an EU technical review of the crude price cap, it said.

☆ Bulgaria clears way to take control of Lukoil oil refinery if needed
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

The 196,000 barrel per day refinery, the biggest fuel producer in Bulgaria, has switched to processing only Russian crude after the country was granted an exemption from the European Union's ban on imports of Russian oil over the invasion of Ukraine. Under the exemption to the end of 2024, the refinery cannot export fuels or oil products from Feb. 5 - with exception of deliveries to Ukraine. The refinery can also export by-products that cannot be safely stored in Bulgaria and could pose an environmental hazard. Lukoil Neftochim has previously said it could be forced to shut down if it cannot export its output. A special representative can also be appointed if the refinery breaches competition rules or European Union sanctions.

The sale of the plant to a consortium, led by Cypriot private equity firm G.O.I. The sale process is in contrast to Germany's confiscation of Rosneft's Schwedt refinery and Gazprom Germania, or Russia's takeover of Sakhalin 1 from Exxon Mobil (XOM.N). Energy is run by Michael Bobrov, who is also CEO of Israeli firm Green Oil that holds a major stake in Israel's biggest refiner Bazan Group. The deal marks an expansion into the refining sector for Trafigura that concluded a similar deal with Prax in 2021 for a refinery in Britain. Trafigura also holds a 3% stake in Italian refiner Saras, an indirect stake in India's major Nayara refinery and runs two small refineries via its subsidiary Puma Energy.

[1/2] An aerial view shows a storage facility owned by Lukoil company at the Arctic port of Varandei October 22, 2013. Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, Refinitiv data showed. At least three oil tankers that loaded Arctic crude in Murmansk port are now heading to China, Refinitiv data showed. Refinitiv listed the grades carried by these ships as Arco crude although one Chinese trader said there could be Varandey crude onboard. Oil tankers, carrying Russian Arctic crude, are passing Europe and the Middle East to head to China and IndiaReporting by Nidhi Verma in New Delhi, Muyu Xu and Florence Tan in Singapore; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ The 10 biggest winners in the S&P 500 this year were led by an oil giant Warren Buffett owns. The top stocks saw a combined $357 billion increase in market value.
▼ + stars: | 2022-12-31 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Oil stocks dominated the S&P 500's top 10 winners this year as commodity prices spiked. These are the index's 10 best performing stocks in 2022, which added a combined $357 billion in market value. Buffett also owns a stake in Chevron, which was the 17th best S&P 500 performer in 2022 with a gain of about 50%. Combined, the top 10 performing S&P 500 stocks in 2022 added a total of $357 billion in market value. SchlumbergerThe exterior of a Schlumberger Corporation building is pictured in West Houston ReutersTicker: SLB2022 Return: 76.7%Market Value Gained: $33.5 billion5.

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CNN —Russian sausage magnate-turned-lawmaker Pavel Antov died in India on Saturday after falling from the third floor of his hotel, according to the Indian police. Police believe Antov died by suicide after falling from the third floor of his hotel in the Rayagada district, although the postmortem report has not been released yet, Sharma said. He was a member of the Russian parliament’s United Russia party, which was formerly headed by Vladimir Putin and is still staunchly supportive of the Russian President. Russian Consul General in Calcutta Alexey Idamkin told Russian state media RIA Novosti on Monday that the Odisha State Police and the Consulate General in Calcutta didn’t see anything suspicious in the death of two Russians in India. In mid-September, Russian businessman Ivan Pechorin, who was the top manager for the Corporation for the Development of the Far East and the Arctic, was found dead in Vladivostok, according to Russian state media.

☆ Another Putin critic died after falling out of a window
▼ + stars: | 2022-12-27 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

A second Vladimir Putin critic has died after falling from a hotel window. Antov was a known critic of Russian President Vladimir Putin, the BBC reported. Antov is the second Putin critic to die after falling from a window. In September, Russian energy oligarch Ravil Maganov, 67, died after falling from a hospital window, Insider reported at the time. The BBC reported Odisha police Superintendent Vivekananda Sharma said Budanov died of a stroke.

Lufthansa declined to comment on Rome's decision to offer an initial minority stake. Some of Italy's politicians consider ITA as the heir to cultural icon Alitalia, which they want to preserve. Some also say that ITA does not have to worry so much about losing its national identity should Lufthansa take over. The Certares-led alliance was willing to pay 350 million euros for a 50% stake plus one share of the state-controlled airline, sources had said. ($1 = 0.9412 euros)Reporting by Angelo Amante in Rome and Joanna Plucinska in London; additional reporting by Giuseppe Fonte in Rome.

MILAN, Dec 8 (Reuters) - Russia's Lukoil (LKOH.MM) and U.S. private equity firm Crossbridge are close to a deal for the sale of the Russian group's refinery in Sicily, Italy, three sources with knowledge of the matter said on Thursday. The Lukoil-owned site in Sicily refines a fifth of Italy's crude and directly employs about 1,000 people in an economically depressed area. Last week, Rome laid down a scheme to place the plant in the hands of trustees to protect jobs and domestic refinery capacity from the embargo. read moreThe possibility that the refinery may end up under a trusteeship has accelerated negotiations between Lukoil and Crossbridge, one of the sources said. ($1 = 0.9480 euros)Additional reporting by Angelo Amante; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

The letter, seen by Reuters, is signed by the head of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury, and mentions a loan provided by some Italian banks and state lender Cassa Depositi e Prestiti (CDP). The Italian government adopted on Thursday a scheme allowing ISAB to be placed under trusteeship, while Lukoil continues talks on selling the asset. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft (ROSN.MM). The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said. Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Christina Fincher and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: EU embargo diverts Lukoil's Caspian oil to CPC link
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

A European Union embargo from Dec. 5 is set to ban European buyers from purchasing and transporting Russian oil. As a major route for Kazakhstan's oil, CPC oil exports are excluded from the ban. "Russian oil is leaving BTC, the reason is sanctions, BTC doesn't let Russian oil in," - one of the sources said. CPC Blend exported via the CPC pipeline currently trades at a significant discount to Azeri BTC oil, which is supplied via BTC. The main exporters of the Azeri BTC oil are Azerbaijan's SOCAR and BP, as well as Hungarian company MOL, Exxon (XOM.N) and Turkey's TPAO.

☆ Italy seeks U.S. help to unlock funding for Lukoil refinery, sources say
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

The survival of the ISAB plant in Sicily is under threat due to a European embargo on seaborne Russian oil coming into effect on Dec. 5. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers. Its creditor banks have been wary of dealing with a Russian entity because Lukoil is affected by international sanctions in the United States, but not in Europe. So far, however, there has been no positive response to Italy's request, one of the sources said. A cabinet meeting on Thursday will also discuss steps aimed at helping the ISAB plant, one of the sources said.

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