2025-12-04 12:15
Putin challenges US tariffs on Indian goods over Russian oil purchases Highlights US nuclear fuel purchases from Russia Putin says minor decline in trade with India India and Russia aim to diversify trade beyond energy and defence Modi greets Putin at airport, two leaders embrace NEW DELHI, Dec 4 (Reuters) - Russian President Vladimir Putin challenged heavy U.S. pressure on India not to buy Russian fuel if the U.S. could do so as he began a two-day state visit, where he was embraced on arrival by Indian Prime Minister Narendra Modi. Putin spoke in comments to Indian broadcaster India Today, aired hours after landing in New Delhi for a visit during which both countries are seeking to boost mutual trade and expand the variety of items in transactions. Sign up here. 'U.S. BUYS NUCLEAR FUEL FROM RUSSIA' New Delhi and Moscow have strong ties going back to the days of the former Soviet Union, and Russia has been the main source of arms for India for decades. India has also emerged as the top buyer of seaborne Russian oil despite Western sanctions imposed after Moscow launched its invasion of Ukraine in February 2022. India's crude imports, however, are set to hit a three-year low this month following a punitive U.S. tariff on Indian goods and a tightening of sanctions on Russia, as U.S. President Donald Trump's administration says India's purchases of cheap Russian oil help finance Moscow's war in Ukraine. "The United States itself still buys nuclear fuel from us for its own nuclear power plants. That is also fuel," Putin told India Today. "If the U.S. has the right to buy our fuel, why shouldn't India have the same privilege? This question deserves thorough examination, and we stand ready to discuss it, including with President Trump," he said. India has said Trump's tariffs are unjustified and unreasonable and pointed at ongoing U.S. trade with Moscow. The U.S. and European Union continue to import billions of dollars worth of Russian energy and commodities, ranging from liquefied natural gas to enriched uranium. 'RUSSIA-INDIA OIL TRADE RUNNING SMOOTHLY' "There is a certain decline in overall trade turnover during the first nine months of this year," Putin said when asked if Indian oil purchases had fallen under pressure from the West. "This is just a minor adjustment. Overall, our trade turnover stands almost at the same level as before." He added: "Trade in petroleum products and crude oil ... Russian oil, is running smoothly in India." Asked how India and Russia should deal with Trump and his tariffs, Putin said the U.S. President has advisers who believe that implementing such tariff policies ultimately benefits the U.S. economy. "We hope that, in the end, all violations of World Trade Organization regulations will be rectified," he said. MODI GIVES WARM WELCOME TO PUTIN Hours earlier, Modi received Putin at the airport in Delhi, a rare gesture underlining the warm ties between the leaders. They embraced on a red carpet on the tarmac and then drove away in the same vehicle for a private dinner hosted by Modi. Senior Russian ministers and a large Russian business delegation were in New Delhi for Putin's visit and the two leaders will hold summit talks on Friday when they are expected to announce a raft of deals. "Delighted to welcome my friend, President Putin to India. India-Russia friendship is a time-tested one that has greatly benefited our people," Modi posted on X ahead of the dinner. OBJECTIVE TO EXPAND, DIVERSIFY TRADE India and Russia aim to raise two-way trade to $100 billion by 2030. Their commerce rose more than five-fold from about $13 billion in 2021 to near $69 billion in 2024–25, almost entirely driven by Indian energy imports. Bilateral trade eased to $28.25 billion in April–August 2025, reflecting a decline in crude oil imports. At the same time, India is looking for new destinations to increase exports of its goods hit by the punishing 50% tariff imposed by Trump. Russia wants to import more Indian goods to balance bilateral trade, which is currently heavily skewed towards energy, Deputy Kremlin Chief of Staff Maxim Oreshkin told a business conference in New Delhi earlier on Thursday. Indian Trade Minister Piyush Goyal said New Delhi wants to diversify exports to Russia and increase sales of automobiles, electronics goods, data-processing equipment, heavy machinery, industrial components, textiles, and foodstuffs. https://www.reuters.com/world/india/moscow-new-delhi-seek-boost-indian-exports-russia-2025-12-04/
2025-12-04 12:05
Cyclone kills 479, 350 others still missing Residents fear returning home due to damaged infrastructure Officials warn of landslide risks; residents seek aid KOTHMALE, Sri Lanka, Dec 4 (Reuters) - Residents of Kithulbadde village in central Sri Lanka say they have been left in the lurch after last week's deadly cyclone and many are stuck in relief centres as damaged infrastructure has made them wary of returning home. About 479 people were killed in the storm, which brought intense winds and the worst floods in a decade, and affected 1.2 million. Another 350 are missing, government data shows. Sign up here. With the cyclone leaving deep fissures in the earth and cracked walls in homes, many of those in relief facilities are staying put. "People are scared to go home, they don’t feel safe," said Madullegedera Chandralatha, 57, a resident of Kithulbadde, a scenic village nestled in the midst of hills among tea plantations. A total of 1,289 houses across the country have been destroyed by Cyclone Ditwah, while 44,500 more are partially damaged, according to the government, which is collecting data to provide "long-term solutions" to those living in high-risk areas. RELOCATING IMPOSSIBLE WITHOUT AID, RESIDENTS SAY Prasanna Shantha Kumara’s home is among those affected, its living room lined with deep gashes and the walls cracked in several places. The 48-year-old now shuttles daily between the relief centre, to which he has moved with his wife and three children, and his home, attempting to revive his capsicum crop that was flattened by floods and is slowly dying. Many others do a similar commute daily to tend their tea plots and vegetable patches of chillies and cabbage, or to check on their pets, returning to the relief centres at night. "I have lost my house, and my crop...What are we going to do? How can we live like this? We need help," Kumara told Reuters. Dr. Gamini Jayatissa from the government-run National Building Research Organisation urged residents on Thursday to leave areas with fissures in the ground, warning fresh rains could trigger landslides. Residents of Kithulbadde - most of them day labourers plucking tea, growing vegetables and rearing goats - dismissed the possibility of relocation on their own. "Where are we going to go? We are surrounded by hills...We don’t have the financial capacity to leave everything and restart life elsewhere by ourselves,” said Vasanthi Kumari, 54. https://www.reuters.com/business/environment/sri-lanka-cyclone-survivors-afraid-go-home-stuck-relief-centres-2025-12-04/
2025-12-04 11:45
Shell exits Argentina LNG project due to scope change YPF aims for overall 18 mtpa in YPF-led parts of the Argentina LNG project YPF to seek project financing with JP Morgan in early 2026 LONDON, Dec 4 (Reuters) - The chief executive of Argentina's state-controlled energy company YPF (YPFDm.BA) , opens new tab expects a final investment decision on a $20 billion, 12 million metric ton per year liquefied natural gas project around the middle of next year, he told Reuters on Thursday. Horacio Marin added that he expected YPF and its partners in the project, Eni (ENI.MI) , opens new tab and Adnoc's [RIC:RIC:ADNOC.UL] XRG unit, to have in the region of a third each in equity. Sign up here. Shell (SHEL.L) , opens new tab told Reuters it stepped away from a separate phase of the Argentina LNG project, a a project development agreement with YPF. It cited a significant change in the project scope as its reason for exiting. Marin said the Shell-related phase had halved to 6 mtpa from 12 mtpa, adding that the project phase involving Eni and XRG was the priority and YPF would seek another partner to replace Shell. Exports from the 12 mtpa project phase involving Eni and XRG will likely start in 2030 or 2031, or four years from the potential FID in mid-2026, Marin said. Marin's overall ambition was to bring the YPF-led parts of the Argentina LNG project to 18 mtpa. YPF will use JP Morgan to seek project financing in early 2026 for the 12 mtpa project phase, Marin said. Financing typically covers 70% to 80% of such a project, he added. Assumptions for the project are based on current LNG prices to Asia, Marin said. Argentine LNG exports to Asia are more competitive than U.S. exports to Asia, but less competitive than U.S. exports to Europe, he said. YPF could introduce dividends in 2028 or 2029 depending on oil and gas prices, Marin added. https://www.reuters.com/business/energy/ypf-ceo-sees-green-light-20-billion-argentina-lng-project-mid-2026-2025-12-04/
2025-12-04 11:38
Aurubis advocates for EU export restrictions on recycling materials CEO Haag expects long-term benefits from EU's Critical Raw Materials Act Aurubis earnings miss expectations due to lower concentrate throughput Dec 4 (Reuters) - The CEO of Europe's largest copper producer Aurubis (NAFG.DE) , opens new tab said on Thursday the European Union's Critical Raw Materials Act should have positive long-term effects for the sector, despite tough talks to ensure that recycling materials stay in the bloc. The Critical Raw Materials Act came into force last year, with the 27-country bloc setting itself a target to mine 10%, recycle 25% and process 40% of its needs by 2030. Sign up here. Aurubis CEO Toralf Haag said during a media call the company advocated for export restrictions and customs duties on an EU level to ensure that recycling materials remained in Europe, where he said they were urgently needed to fulfil very strong demand. "We are in contact (with the EU) on this," Haag said, adding that he "would cautiously say that the discussions are very tough", but Aurubis was not letting up. In an interview with Reuters, Haag said Aurubis had not seen much impact from the Critical Raw Materials Act so far, but in the longer term, it expected recycling markets in Europe to be better protected and mining exploration for copper and rare metals to increase. Earlier on Thursday, Aurubis reported annual earnings below market expectations, weighed down by lower concentrate throughput at reduced treatment and refining charges. Its operating pre-tax earnings fell 14% to 355 million euros ($414 million) in the year that ended on September 30, slightly below analysts' average forecast of 359 million euros in a company-provided poll. Aurubis said the result was supported by high contributions from precious metals and sulphuric acid and high demand for copper products. However, that was partially offset by a slight decline in recycling revenues and higher ramp-up costs and depreciation from strategic projects such as the expansion at its plant in Bulgaria, it added. ($1 = 0.8576 euros) https://www.reuters.com/business/aurubis-reports-lower-annual-profit-copper-output-slows-2025-12-04/
2025-12-04 11:38
Investment in desalination crucial for country's water supply Plans to launch tenders for new desalination plants next year Minister says all new plants will be powered by renewable energy MARRAKECH, Dec 4 (Reuters) - Morocco, which has endured seven years of drought, plans to supply 60% of its drinking water from treated seawater by 2030, up from 25%, its water minister said, as Rabat accelerates investment in desalination plants powered by renewable energy. The push is crucial to ensure steady water supply and Morocco's status as a key producer and exporter of fresh produce amid climate change, with droughts having dried up some of its main water reservoirs and depleted underground resources. Sign up here. The North African country plans to produce 1.7 billion cubic metres of desalinated water annually by 2030 from projects under construction and plants for which it will hold tenders starting next year, Nizar Baraka told Reuters on Thursday on the sidelines of the World Water Congress in Marrakech. The largest plant - with planned investment of about 10 billion dirhams ($1 billion) - will be located near Tiznit, 615 km (382 miles) south of the capital Rabat. It will have a capacity of 350 million cubic metres and will supply urban centres in the country's food basket as well as farmlands, he said. "Studies are underway as part of preparations for the plant's tender, to be announced by mid next year," Baraka said. Besides the northern cities of Nador and Tangier, plants are also planned in Rabat in partnership with French group Veolia (VIE.PA) , opens new tab, as well as in Tantan, where the government is considering building a port dedicated to green hydrogen and ammonia exports, Baraka said. Morocco currently operates 17 desalination plants producing 345 million cubic metres annually. Four additional plants are under construction with a combined capacity of 540 million cubic metres, scheduled to be ready by 2027, including a major facility in Casablanca, the country's most populous city. "All new desalination plants will be powered by renewable energy," Baraka said. Morocco has also faced rising temperatures that worsened evaporation in dams. To counter this, it installed floating solar panels on a dam near Tangier to reduce evaporation, which causes the loss of 30% of the country's surface water, according to the minister. "The experiment will be expanded to include dams in the south and mountainous regions," Baraka said. https://www.reuters.com/sustainability/climate-energy/morocco-secure-60-water-needs-desalination-minister-says-2025-12-04/
2025-12-04 11:37
LONDON, Dec 4 (Reuters) - Britain is to identify suitable sites across the country for a potential large-scale nuclear plant, including in Scotland, the energy minister said on Thursday. Britain’s Labour government has said nuclear plants will play an important role in helping the country meet its climate targets, decarbonise its electricity sector and create jobs. Sign up here. “I've commissioned (Great British Energy-Nuclear) to identify suitable sites across the UK that could potentially host another large-scale nuclear project, including in Scotland,” Energy Secretary Ed Miliband said at an industry event on Thursday. Scotland currently has an effective ban on new nuclear facilities, with the Scottish National Party opposed to new projects and able to block them through devolved planning powers. “In the end, these are going to be decisions for a Scottish Government. But you know, we want to maximise the opportunities for the whole of the United Kingdom,” Miliband said. There are currently eight sites approved for nuclear development in Britain. Last month, the government selected the Wylfa site in North Wales for its first small nuclear power station. The decision angered the United States which had wanted a large, U.S.-led plant built there as part of its greater involvement in the UK's energy sector. Any plans for new large nuclear projects would be subject to financial decisions taken in future government spending reviews, Miliband said. Britain has pledged almost 18 billion pounds ($24.02 billion) to the large-scale Sizewell C nuclear plant, being built in eastern England, which is expected to cost a total of 38 billion pounds. Great British Energy-Nuclear is a UK government-owned organisation focused on coordinating and advancing the nuclear energy sector. Miliband said the organisation would report back on potential new sites in autumn next year. ($1 = 0.7495 pounds) https://www.reuters.com/business/energy/britain-seeks-new-sites-large-nuclear-plants-energy-minister-says-2025-12-04/
