The Suez Canal Authority (SCA) plans to expand and deepen the southern stretch of the waterway where a containership became jammed and blocked traffic for six days in March, Chairman Osama Rabie said in a televised address on Tuesday.Rabie presented the plan at an event attended by Egyptian President Abdel Fattah al-Sisi, who indicated that the project should be completed in 24 months at most.
In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe
Suez Canal salvage teams intensified excavation and dredging on Sunday around a massive container ship blocking the busy waterway ahead of attempts to refloat it, with two sources saying work had been complicated by rock under the ship’s bow.Diggers were working to remove parts of the canal’s bank and expand dredging close to the ship’s bow to a depth of 18 meters
South African police have seized close to a ton of cocaine worth almost 600 million rand ($40 million) from a ship off the Saldanha coast, close to Cape Town, in one of the country’s largest drug busts, authorities said on Tuesday.In an intelligence-driven operation, police and tactical forces boarded the vessel on Monday evening and found 973 blocks of compressed cocaine in three compartments
The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington's sanctions on the South American nation.The measure targets a network that the U.S. Treasury Department says helped the administration of President Nicolas Maduro
Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions.The seizure of the MT Hankuk Chemi and its 20-member crew near the strategic Strait of Hormuz has been seen as an attempt by Tehran to assert its demands
Iranian oil exports have risen sharply in September in defiance of U.S. sanctions, three assessments based on tanker tracking showed, throwing a lifeline to the Islamic Republic and its collapsing economy.Exports have shrunk from over 2.5 million barrels per day (bpd) since the United States withdrew from a nuclear deal with Iran and reimposed sanctions in 2018.
Taiwan is complying with international sanctions against North Korea, a senior Taiwanese security official told the United States’ deputy representative for North Korea on Tuesday, having previously been called out for breaking them.Taiwan, claimed by China as its own, is not a member of the United Nations
News about the partial refloating of the giant container ship that was stuck in the Suez Canal is good, but completing the operation would not be a "piece of cake", Boskalis CEO Peter Berdowski told Dutch public radio on Monday.Boskalis is the parent company of Smit Salvage, which has assisted in efforts to dislodge the ship.
Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S.
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents, or 1.8%, to $53.28.
Swiss-based global mining and commodities trader Glencore is set to send its first spot liquefied natural gas cargo to Zhoushan in eastern China in a trading joint venture with Zhejiang Energy Group, a top company trader said on Friday.Glencore's joint venture with Zhejiang, which is backed by the provincial government, dates from 2018