2024-11-18 20:26

MOSCOW, Nov 18 (Reuters) - Russia's state nuclear corporation Rosatom, the world's largest supplier of enriched uranium, said on Monday it was delivering uranium to all of its customers as usual and that supplies to the United States could take place under a special regime. Russia said on Friday that it had imposed temporary restrictions on the export of enriched uranium to the United States in response to U.S moves. Uranium prices rose on the decision. In May, President Joe Biden signed into law a ban on Russian enriched uranium, though the U.S. also has the ability to issue waivers if there are supply concerns. "The decree prohibiting the export of uranium products from Russia to the United States... is an anticipated reciprocal response to the actions of the U.S. authorities," Rosatom said in a statement. "The decree also establishes a special licensing regime that permits the supply of Russian uranium products to the United States and U.S. customers," Rosatom said. "Supply of Russian uranium products to other countries continues unchanged, under terms agreed upon with our customers and in compliance with applicable laws and regulations." Russia holds about 44% of the world's uranium enrichment capacity and around a third of U.S. nuclear fuel imports used to come from Russia, according to the U.S. office of nuclear energy. Kremlin spokesman Dmitry Peskov said the Russian move was a retaliatory measure but that the aim was not to harm Russian interests. "Indeed, a ban has been introduced, but in cases where it is in our interests, the Federal Service for Technical and Export Control of Russia may decide to exclude from this list of prohibitions," Peskov said. "We are not talking about any damage to our interests here." Rosatom, created by a presidential decree in 2007, says it is the only company in the world that has all technologies of the nuclear fuel cycle, from uranium mining and nuclear research to building, fuelling and running nuclear power plants. Sign up here. https://www.reuters.com/markets/commodities/russia-continues-uranium-deliveries-usual-can-supply-us-under-special-waivers-2024-11-18/

2024-11-18 20:15

RIO DE JANEIRO, Nov 18 (Reuters) - Brazil's Agriculture Minister Carlos Favaro said on Monday that the Brazilian government will announce farm agreements with its biggest trade partner China on Wednesday, ahead of scheduled meetings with Chinese President Xi Jinping. Xi, who is in the country for the G-20 summit in Rio de Janeiro, is set to hold meetings with Brazil's President Luiz Inacio Lula da Silva on Wednesday in the capital Brasilia. The minister noted that the export deals expected to be announced with China will potentially cover fruit, beef and pork, as well as mentioning an updated list of Brazilian meatpackers that could be approved to export to the Asian giant. Sign up here. https://www.reuters.com/world/brazil-minister-touts-farm-deals-with-china-expected-later-this-week-2024-11-18/

2024-11-18 19:59

QUITO, Nov 18 (Reuters) - Ecuador's government declared a 60-day national emergency due to raging forest fires made worse by a severe drought, risk management officials said on Monday. The South American country faces 13 active wildfires and another nine that have been controlled, according to an update from the government's communications office. "The whole country is suffering the ravages of this great drought that has already lasted almost 120 days," Risk Management Secretary Jorge Carrillo told local radio broadcaster FM Mundo. He said it is crucial to use aerial support to fight the wildfires as the areas are rugged and in some cases it takes firefighters three hours to reach fires by land. In the most-affected provinces, Azuay and Loja, the flames have consumed more than 10,000 hectares (24,700 acres). The emergency decree comes as Ecuador struggles with an energy crisis that has led to power outages of up to 14 hours a day in recent months. Sign up here. https://www.reuters.com/world/americas/ecuador-declares-national-emergency-wildfires-drought-intensify-2024-11-18/

2024-11-18 19:51

RIO DE JANEIRO, Nov 18 (Reuters) - Brazil and Argentina signed an agreement on Monday to study the development of infrastructure for natural gas exports to Brazil, with Brazilian authorities saying the deal could lead to imports of as much as 30 million cubic metres of gas per day by 2030. The memorandum of understanding (MOU) will create a working group to identify the measures needed to make the supply of gas from Argentina to Brazil viable, with emphasis on gas from Argentina's massive Vaca Muerta formation, Brazil's Mines and Energy Ministry said in a statement. Brazil is Latin America's largest crude oil producer, but its gas output is insufficient to meet growing domestic demand, which made increasing gas supply a priority for Brazil President Luiz Inacio Lula da Silva. Vaca Muerta is the world's second-largest shale gas reserve and fourth-largest shale oil reserve. Argentina's state oil firm YPF (YPFDm.BA) , opens new tab is leading activity there in hopes of turning the country into a major energy exporter. The working group will analyze possible routes for the gas to reach Brazil, the Brazilian ministry said. Brazilian Mines and Energy Minister Alexandre Silveira told reporters the initial potential is for Brazil to import 3 million cubic metres per day from Argentina, potentially reaching up to 30 million by 2030. The routes to be analyzed include the reversal of flow of Bolivia's pipeline, a route going through Paraguay, and another one through Uruguay, according to the ministry. Brazil and Argentina will also analyze the possibility of a direct connection at Uruguaiana, a Brazilian city that borders Argentina, it added. Sign up here. https://www.reuters.com/business/energy/brazil-argentina-sign-mou-studies-gas-exports-from-vaca-muerta-2024-11-18/

2024-11-18 19:44

LIMA, Nov 18 (Reuters) - The chairman of Petroperu (PETROBC1.LM) , opens new tab said on Monday that Peru's state oil firm will look to its creditors for new sources of financing to help alleviate its liquidity problems. At a press conference at the firm's Lima headquarters, Chairman Alejandro Narvaez also said that Petroperu would be hiring an international management firm very soon to carry out a planned restructuring. Peru's prime minister has previously backed company calls for private management as part of a restructuring plan, which would also sell off non-operative assets and slash payroll. "We have a serious liquidity problem," Narvaez said, adding he would launch a series of actions intended to reduce the firm's losses, seek a close relationship with Petroperu's creditors and ease the firm's debt burden. Narvaez was named chairman earlier this month alongside six other board members, after the entire board tendered their resignations in September citing the company's financial issues. He said the recovery plan would include selling non-strategic assets, importing cheaper crude and developing a strategy to recover its domestic market share, which stands at 33% compared to 44% in 2020. Petroperu's losses of $745 million in the first nine months of the year are expected to grow to $960 million by year-end, he added. Narvaez said he would put together a team of lawyers to collect debts owed by the state to the oil firm, which he said total some 8 billion soles ($2.12 billion) including tax credits and employee pensions. Petroperu's creditors included bondholders from two international issues in 2017 and 2021 worth around $3 billion, used to finance part of the $6.5 billion modernization of its Talara refinery. It also received a $1.3 billion loan in 2018 from a group of foreign banks, guaranteed by Spanish insurance firm Cesce. In September, the government approved some $1.75 billion in further financing to help keep the oil firm operating as it manages a mounting debt and dwindling cash. The country's main fuel supplier, Petroperu has said that it needs at least $2.5 billion to continue running. Sign up here. https://www.reuters.com/business/energy/peru-state-oil-firm-petroperu-seek-new-financing-creditors-2024-11-18/

2024-11-18 19:40

MTA votes for $9 congestion charge in Manhattan starting Jan. 5 Governor Hochul revives NYC congestion pricing program Charge aims to fund mass transit, cut traffic by 17% Nov 18 (Reuters) - New York City's Metropolitan Transportation Authority voted on Monday to implement a $9 congestion mitigation charge for driving in Manhattan starting on Jan. 5, a move aimed at raising billions for mass transit and cutting traffic. The congestion charge, the first of its kind in the United States, was revived last week by Governor Kathy Hochul after she had put it on indefinite hold in June. London implemented a similar fee in 2003, which is now 15 pounds ($19). New York plans to charge a $9 toll during daytime hours for passenger vehicles driving in Manhattan south of 60th Street after scrapping an earlier plan to charge $15 that would have started on June 30. New York still requires a final approval from the U.S. Transportation Department, which MTA hopes it can receive quickly. There are still a number of court challenges pending. The MTA said the toll will result in at least 80,000 fewer vehicles entering the zone daily, "relieving crowding in what is today the most congested district in the United States." New York is racing to implement the charge before President-elect Donald Trump takes office. Trump said last week he strongly disagreed with the decision to implement the fee. Hochul said the toll is crucial to making new investment in subways and buses in New York, and that it will support $15 billion in debt financing for mass transit improvement. Trucks and buses will pay up to $21.60, and there will be 75% discounts for traveling at night. The fee will be charged once a day regardless of how many trips are made for car owners, while taxis will pay 75 cents per trip in the Manhattan zone and Uber (UBER.N) , opens new tab or Lyft (LYFT.O) , opens new tab vehicles reserved by app will pay $1.50 per trip. Drivers traveling on the highways that ring Manhattan in the zone will not be charged. The MTA has said the fee would cut traffic by 17%, improve air quality, and increase mass transit use by 1% to 2%. In the aftermath of the delay, the MTA said in June it was putting $16.5 billion in capital projects on hold but will now move forward with those projects. New York has said that more than 700,000 vehicles enter the Manhattan central business district daily, reducing travel speeds to around 7 miles (11 km) per hour on average, which is down 23% since 2010, MTA said. ($1 = 0.7891 pounds) Sign up here. https://www.reuters.com/world/us/new-york-transit-approves-9-manhattan-congestion-charge-start-jan-5-2024-11-18/