2025-05-30 11:34

LAGOS, May 30 (Reuters) - Nigerian President Bola Tinubu has signed an executive order introducing a performance-driven framework for oil sector operators, designed to link tax incentives directly to verifiable cost savings. Under the new Upstream Petroleum Operations Cost Efficiency Incentives Order 2025, operators who successfully implement industry-standard cost reductions in onshore, shallow water, and deep offshore fields will qualify for defined tax relief. These tax credits will be capped at 20% of an operator's annual tax liability. "This Order is a signal to the world: we are building an oil and gas sector that is efficient, competitive, and works for all Nigerians," Tinubu said in a statement. "It is about securing our future, creating jobs, and making every barrel count." Sign up here. Analysts say success will largely be dependent on implementation. "President Tinubu referred in the announcement to the importance of alignment between government agencies. Succeed there and this could be highly significant towards improving Nigeria's investment appeal," said Clementine Wallop, director for sub-Saharan Africa at Horizon Engage. This order is a key component of the government's ongoing reforms aimed at boosting competitiveness within the sector. Last year, Nigeria offered a 25% gas utilisation investment allowance for equipment and plant for new and ongoing projects, and began streamlining contracting processes as part of commercial enablers to make offshore drilling more attractive. These incentives, while they haven't yielded investments in a new field, have spurred a few producers to return to existing fields. https://www.reuters.com/business/energy/nigeria-offers-oil-tax-relief-cost-cutting-measures-2025-05-30/

2025-05-30 11:29

KYIV, May 30 (Reuters) - Ukraine needs an initial 500 million euros ($566 million) to rebuild the most important infrastructure facilities at its Black Sea ports destroyed by constant Russian missile and drone attacks, a government minister said on Friday. Almost 400 port infrastructure facilities have been damaged as a result of Russian attacks during more than three years of war. Seaports are critical for Ukraine, which ships more than 90% of its exports by sea. Sign up here. "The main critical infrastructure facilities for ports and shipping that we have already lost have been identified ... and now we have to restore them," Andriy Kashuba, deputy minister of territorial development, told the Black Sea Security Forum in Odesa. Ukraine currently operates three major seaports in the Odesa area. Other Black Sea ports suspended operations after Russia launched its full-scale invasion in February 2022. Kashuba said the total cost of rebuilding the ports' infrastructure was estimated at around 1 billion euros. That figure is dwarfed by the total estimated cost for Ukraine's overall reconstruction and recovery. The World Bank last December put that cost at $524 billion (€506 billion) over the next decade, or about 2.8 times the country's estimated nominal GDP for 2024. Many industrial and residential infrastructure facilities across Ukraine have been destroyed or severely damaged by Russian attacks. ($1 = 0.8828 euros) https://www.reuters.com/world/ukraine-needs-500-million-euros-rebuild-critical-port-facilities-damaged-by-2025-05-30/

2025-05-30 11:17

MOSCOW, May 30 (Reuters) - Russia expects a 50% rise in voyages by foreign vessels using the Northern Sea Route (NSR) along its Arctic coast this year, which Moscow sees as an alternative to the Suez Canal, state-controlled nuclear energy firm Rosatom told Reuters on Friday. Rosatom runs a fleet of icebreakers and is in charge of operations along the NSR, which connects Russian ports with China during the summer months, saving vessels up to 10 days at sea compared to traveling via the Suez Canal. Sign up here. Moscow is promoting the route as a way of avoiding sailing close to the borders of European Union member states at a time of mounting geopolitical tensions. "There is a clear upward trend in international interest in the NSR ... In 2025, foreign companies are expected to conduct at least 1.5 times more voyages through the NSR compared to the previous year," the company told Reuters in emailed comments. As of May 27, a total of 196 applications have been submitted for vessel navigation along the NSR, including vessels sailing under foreign flags, Rosatom said, adding that summer-autumn navigation will be open from July 1 to November 30. A record volume of nearly 38 million metric tons of various goods, including oil and liquefied natural gas, was shipped along the route last year, the company said. However, the NSR presents a massive challenge for ships due to thick ice in winter, and navigation is restricted to warmer months. Long dominated by vessels managed by Russian shipping giant Sovcomflot, Azerbaijan-based Vista Vvave Shipmanagement was among companies using the NSR for the first time last year. https://www.reuters.com/world/china/russias-rosatom-expects-boom-foreign-vessels-using-arctic-shipping-route-2025-05-30/

2025-05-30 11:12

DUBAI, May 30 (Reuters) - Saudi Aramco (2222.SE) , opens new tab has published a new prospectus for its issuance programme of Islamic bonds or sukuk, signalling the state oil major may soon tap the debt markets again after it raised $5 billion from a three-part bond sale this week. The prospectus, submitted to the London Stock Exchange where the sukuk would be listed, is dated May 30. Aramco has a year to issue sukuk under its terms. Sign up here. Aramco earlier this week raised $5 billion from a sale of conventional bonds. The borrowing comes after economic uncertainty and rising supply hit crude markets, denting the top oil exporter's profits. "Aramco is likely looking to take advantage of a window of relative market calm to issue debt again," said Zeina Rizk, co-head of fixed income at Amwal Capital Partners. Aramco in March said it expected to slash its dividend this year by nearly a third as profits and free cash flow decline. Reuters reported last week that Aramco is exploring potential asset sales to free up funds as it pursues international expansion and weathers lower crude prices. The Saudi government is heavily reliant on generous payouts from Aramco, its longtime cash cow, also including royalties and taxes. Oil receipts made up 62% of state revenue last year. The government does not disclose at which crude price its books are balanced. The IMF estimates it needs oil at over $90 a barrel for a balanced budget. Brent crude was trading around $64.4 on Friday. Citi, HSBC and JPMorgan are the arrangers of the sukuk programme and are joined as dealers by First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley, SNB Capital and Standard Chartered. https://www.reuters.com/business/energy/saudi-aramco-could-soon-issue-islamic-bonds-prospectus-shows-2025-05-30/

2025-05-30 11:02

MOSCOW, May 30 (Reuters) - Russia has increased supplies of its oil from the Arctic to Syria, which needs the feedstock for its refineries, according to shipping data cited by an industry source and LSEG data. Russia has long considered Syria as a key gateway for its trade and military operations in the Middle East and Africa. Sign up here. Its positions in the country's west, where it has a naval base in Tartous and Hmeimim air base near the port city of Latakia, have been dealt a blow following the toppling of Moscow-leaning President Bashar al-Assad in December, but Moscow is in talks with Syria's new Islamist-led administration to keep the bases, the Kremlin said in January. A tanker hit by U.S. sanctions, Mitzel, loaded some 140,000 metric tons of Russian oil in the Arctic port of Murmansk and is heading to Baniyas port that has already received several cargoes of such oil, according to the source and LSEG. Tankers Sakina and Aquatica shipped oil from Russia to Syria in March, followed by the Sabina tanker in April, LSEG shipping data showed and traders said. Overall supplies of Russian oil to Syria reached some 350,000 metric tons, or some 2.6 million barrels so far this year. Russia has to look for alternative buyers of its Arctic oil since the U.S. sanctions in January hit producer Gazprom Neft (SIBN.MM) , opens new tab and the tankers shipping the crude. Russia also supplied diesel to Syria this year, LSEG data showed. Syria's refineries will need alternatives to Iranian oil, which made up a significant supply during Assad's rule but whose deliveries were suspended late last year, leading to a temporary shutdown of the Baniyas refinery in December. Syria's oil ministry announced a resumption of operations at Baniyas refinery in April after new oil shipments had been received but also said it was carrying out technical repairs at the site, without detailing the refinery's current operational capacity. Gazprom Neft, which produces ARCO and Novy port Arctic oil grades, and the Syrian oil ministry did not respond to requests for comment. https://www.reuters.com/business/energy/russia-boosts-arctic-oil-supplies-syria-lseg-source-data-showed-2025-05-30/

2025-05-30 10:53

May 30 (Reuters) - Sterling held steady on Friday, set for its fourth month in a row of gains against the dollar, as recent favourable economic data support Britain's currency just as worries over U.S. tariffs and high debt weigh on the greenback. "Sterling looks well supported," said Kit Juckes, chief FX strategist at Societe Generale, pointing to "reasonably good" data trends. Sign up here. Sterling was last trading at $1.3472 , little changed on the day and down around 0.5% on the week after gaining about 2% last week. That leaves the pound set to end May with a gain of around 1%, which would mark a fourth straight month of increases against a weakened greenback. It last recorded four consecutive monthly gains against the dollar in 2022. The dollar, meanwhile, was en route to its fifth-straight monthly decline on Friday, as further uncertainty around trade policy and U.S. fiscal health weighed. Sterling rose around 0.25% to 84.06 pence per euro. Still, it was set for its first week of declines after six weeks of increases as gains seen after UK retail sales and inflation numbers last week and optimism around Britain's trade deals with the U.S. and India faded. Last week's stronger than expected UK inflation print caused markets to do away with bets for a rate cut at the Bank of England's policy meeting in June, with about 97% of traders now anticipating that the central bank will hold rates after a cut by 0.25 percentage points to 4.25% in May. "The economy has not got the legs to justify a significant strengthening (of the pound) from here," Juckes said. "I just think it's going to frustrate all the bears, left, right, and centre." Further out, traders looked ahead to a multi-year spending review by finance minister Rachel Reeves on June 11, with the government facing the challenging task of boosting economic growth while limiting spending and tax increases as it has pledged. https://www.reuters.com/world/uk/sterling-set-fourth-monthly-rise-against-weakened-dollar-2025-05-30/