2025-09-23 11:42

KYIV, Sept 23 (Reuters) - Ukraine's military struck two Russian oil distribution facilities in the Bryansk and Samara regions overnight, Kyiv's general staff said on Tuesday. In Samara, the military hit a line production station that mixes Russian oil for its flagship Urals oil grade for export, the general staff said on Telegram. Sign up here. In Bryansk, it hit a line production station of a pipeline critical for Russian army supplies, it said. "The extent of the damage is being determined," it added. Ukraine has in recent weeks renewed its campaign of long-range drone attacks on Russian oil production sites, systematically targeting key facilities to try to reduce Moscow's export revenues and frontline supplies. The Russian defence ministry said on Telegram that its units destroyed Ukrainian drones over Bryansk and Samara. There was no immediate comment from Russia issued publicly. Kyiv's troops also hit a military airfield in Russia-occupied Crimea, Ukraine's general staff said, adding that two planes were hit. https://www.reuters.com/business/energy/ukraine-says-it-hit-russian-oil-infrastructure-bryansk-samara-regions-2025-09-23/

2025-09-23 11:40

Deal removes import duties on over 90% of exports EU sees saving of 600 mln euros of Indonesian duties EU deforestation regulation remains a challenge for palm oil industry NUSA DUA, Indonesia, Sept 23 (Reuters) - Indonesia and the European Union concluded a free trade agreement on Tuesday after nine years of talks, with both aiming to boost exports and investment and to offset the impact of U.S. President Donald Trump's tariffs. Both sides will remove import duties on more than 90% of products, most of them as soon as the deal enters force, with the rest, including Indonesia's 50% duty on EU cars, phased out over five years. Sign up here. Indonesia says it expects bilateral trade, worth $30.1 billion for goods in 2024, to double in the first five years. TRUMP PROVIDES SPUR TO TRADE DEAL Since Trump's re-election last November, the EU has gone into overdrive to forge new trade alliances, including with the South American bloc Mercosur and Mexico and also accelerating negotiations with India. The 27-nation EU hopes these alliances will offset the impact of Trump's tariffs, as well as reducing dependency on China, particularly for minerals required for its green transition. Indonesian exports are also subject to a broad 19% U.S. tariff. The EU says its exporters will be spared 600 million euros ($707.4 million) of Indonesian duties and envisages selling more chemicals, machinery, automobiles and food products, notably milk powder and cheeses. Indonesia expects a boost to its exports of palm oil, coffee, textile and clothing and other products, and aims for the pact to enter force by January 1, 2027. At that juncture Indonesia, a vast archipelago with more than 284 million people, is set to become an upper-middle-income country and so lose access to the preferential duties the EU grants to developing countries. The agreement in the coming months will need to undergo legal checks and be translated into the EU's official languages. EU governments and the European Parliament will then need to give their formal consent to the deal. Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto said he looked forward to closer supply chains, including for critical minerals, renewable energies, innovation and investment. Indonesia is in talks with EU automakers on partnerships in battery and electric vehicle production in the Southeast Asian country, he told reporters. EU EYES IMPROVED ACCESS TO KEY MINERALS EU Trade Commissioner Maros Sefcovic, speaking in Bali, said the agreement would bolster investment into Indonesia by European companies and improve the bloc's access to minerals critical for the bloc's clean tech and steel industries. These include nickel, copper, bauxite and tin. The Chairman of the Indonesian Palm Oil Association (GAPKI), Eddy Martono, said the deal would remove tariffs on his sector's exports to the EU, a major buyer of palm oil. However, non-tariff barriers, including the EU Deforestation Regulation (EUDR), remain a hurdle for the industry, he said in a text message to Reuters. Indonesia is the world's biggest palm oil producer and the EUDR, which the EU is set to delay by another year, requires its growers to provide documentation proving shipments did not come from areas deforested after 2020. "There is still homework to be done, namely the EUDR, which must also be resolved immediately because it will be implemented later this year," he said, adding this risked reducing the effectiveness of the trade agreement. ($1 = 0.8482 euros) https://www.reuters.com/markets/commodities/indonesia-eu-sign-substantive-conclusion-trade-deal-2025-09-23/

2025-09-23 11:35

MOSCOW, Sept 23 (Reuters) - Russian Deputy Energy Minister Pavel Sorokin said on Tuesday that further restrictions on fuel exports are possible if needed, the Interfax news agency reported. Russia has extended a gasoline exports ban until the end of September and the authorities have said the restrictions could be extended into October if the shortages persist. Sign up here. The country has faced a deficit of certain types of gasoline due to Ukraine's strikes on refineries as well as supply chain disruptions exacerbated by high borrowing costs that made it hard for fuel stations to stockpile. "All necessary measures will be taken to ensure the market is fully supplied. If this requires additional export restrictions, these restrictions may also be imposed," Interfax quoted Sorokin as saying. Russian news agencies have also said, citing unnamed sources, that the government discussed possible exports ban on diesel as well until the end of the year. https://www.reuters.com/business/energy/russia-says-further-restrictions-fuel-exports-are-possible-if-needed-ifax-2025-09-23/

2025-09-23 11:09

Sept 23 (Reuters) - United States Antimony Corporation (UAMY.A) , opens new tab said on Tuesday it has secured a sole-source, five-year contract worth up to $245 million from the U.S. Defense Logistics Agency to supply antimony metal ingots for the defense stockpile. The new contract underscores a broader Trump administration effort to shore up U.S. supply chains for strategic materials amid rising geopolitical tensions and growing dependence on foreign sources, particularly China. Sign up here. President Donald Trump has taken a series of executive and policy actions aimed at securing U.S. access to critical minerals, citing national security and economic independence. Antimony — used in munitions, batteries, flame retardants, and military-grade compounds — has been flagged by defense officials as a vulnerability in the U.S. industrial base. “It’s incredibly meaningful for all our employees to play such a strategic role in strengthening our nation's defense readiness," USAC CEO Gary C. Evans said in a statement. USAC, which operates North America’s only two antimony smelters, is positioned to begin immediate fulfillment from its domestic facilities, with the first delivery order expected this week, the company said. The contract follows months of negotiations and builds on a growing partnership between USAC and the Department of Defense that accelerated in late 2024. https://www.reuters.com/markets/commodities/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/

2025-09-23 11:07

LIMA, Sept 23 (Reuters) - Southern Copper (SCCO.N) , opens new tab expects its copper production in Peru to hold steady this year as it invests $800 million in projects, its chief financial officer told Reuters. Peru is the world's third-largest copper producer and Southern Copper Peru, owned by Grupo Mexico (GMEXICOB.MX) , opens new tab, is the country's second-biggest, producing 414,000 metric tons in 2024. Sign up here. "This year we're going to produce basically the same amount in Peru," Southern Copper Chief Financial Officer Raul Jacob said in an interview on Monday. He added that molybdenum and silver production would also remain steady this year, although higher prices were expected to boost revenue. Southern Copper produced 13,400 tons of molybdenum and 177.2 tons of silver in 2024. Jacob said the company, which operates the Toquepala and Cuajone mines, also planned to move ahead with new projects. Tia Maria, a $1.8 billion project expected to eventually produce 120,000 tons of copper annually, could begin production by the end of 2027 and reach full capacity by 2028, he said. The project has faced multiple delays due to protests. Tia Maria employed about 1,900 workers as of September, Jacob said. Michiquillay, a $2.5 billion project expected to produce 225,000 tons of copper a year with a mine life of 25 years, is halfway into its exploration phase and targeting a 2032 start date. The mine's copper resources are "better than expected," Jacob said. "That's the budget we're working on. Obviously, as we get closer to the construction stage, we'll be updating it. It might increase a bit," Jacob said, referring to Michiquillay. The Los Chancas project, in the Andean region of Apurimac, is still facing setbacks from protests by illegal miners. "We prefer that the authorities take action," Jacob said, adding that they've identified 200 people working illegally around the concession. "There are illegal miners who have acted violently. They have burned down our camp twice." Peru's government has given thousands of small-scale miners until the end of the year to formalize operations. https://www.reuters.com/markets/commodities/southern-copper-eyes-steady-production-peru-bets-big-new-projects-2025-09-23/

2025-09-23 11:03

DUBAI, Sept 23 (Reuters) - A deal to restart Iraq's Kurdistan oil exports stalled on Tuesday as two oil producing firms asked for assurances their debts would be repaid. The deal , opens new tab between Iraq's federal and Kurdish regional governments and oil firms is designed to lead to the resumption of exports of about 230,000 barrels per day of oil from Kurdistan to global market via Turkey. They have been suspended since March 2023. Sign up here. Iraq's cabinet was scheduled to approve on Tuesday the deal involving oil producers active in Iraqi Kurdistan. It was not immediately clear if the deal could go ahead without DNO and Genel's participation. Norway's DNO (DNO.OL) , opens new tab, the largest producer in the semi-autonomous region, and Genel Energy (GENL.L) , opens new tab said they had yet to sign as they wanted assurances on repayments of arrears. DNO said it had proposed "easy fixes that can be quickly agreed" without saying what they were. Kurdistan has accumulated around $1 billion in arrears to producers with DNO's estimated share of overdue receivables at about $300 million. https://www.reuters.com/business/energy/dispute-over-arrears-stalls-kurdistan-oil-exports-restart-2025-09-23/