2023-11-17 22:16

Nov 17 (Reuters) - A U.S. jury has convicted two Texas men of trying to sell Iranian petroleum in violation of sanctions imposed by Washington and of conspiracy to commit money laundering, the Justice Department said on Friday. Zhenyu Wang, 42, and Daniel Ray Lane, 42, were found guilty on Wednesday, and each face a maximum penalty of 45 years in prison. The two men had planned to purchase petroleum from Iran, mask its origins, and then sell it to a refinery in China, the department said in a statement. Lane was president of privately held Stack Royalties, a Texas-based company that sells oil and gas mineral rights to investment funds and private equity groups. Lane's attorney, Paul Hetznecker, told Reuters in a statement that the case was based on undercover government agents who offered Lane "millions of dollars in profits" if he took part in the scheme, after initially rebuffing their approaches. "This is an outrageous example of government overreach," Hetznecker said in a statement. He vowed to appeal the conviction. An attorney for Wang did not respond to a request for comment. The pair were charged, along with three others, in 2020 in U.S. District Court for the Eastern District of Pennsylvania. Two co-conspirators have since pleaded guilty, court records showed. "The Justice Department will not tolerate those who would violate U.S. sanctions and imperil our national security for personal profit," said Matt Olsen, head of the Justice Department's National Security Division, in a statement. China is the world's only major importer of Iranian oil despite sanctions former U.S. President Donald Trump unilaterally reimposed on Tehran's petroleum exports in 2018 after withdrawing the United States from the 2015 Iran nuclear deal between Tehran and six world powers. The pair are scheduled to be sentenced on Feb. 29, 2024. https://www.reuters.com/world/two-men-convicted-us-trying-sell-iran-petroleum-2023-11-17/

2023-11-17 21:00

MOMBASA, Nov 17 (Reuters) - Heavy rains pounded the streets of Kenyan coastal city of Mombasa, with some passengers evacuated from a flooded bus by holding on to a rope amid chest-high water. Others stood on top of the bus with umbrellas and raincoats as they waited for their turn to pull themselves to safety in Kisauni district, nearly 500 km (310 miles) from the capital Nairobi. At least 46 people have died in flood-related incidents in Kenya since the rainy season began less than a month ago, according to aid group Save the Children. The toll is expected to rise. Heavy rains followed by flash floods have submerged towns across East Africa, rendering hundreds of thousands of people homeless. With their homes submerged, residents of Bamburi town held the government responsible for failing to unblock and repair drains. "We are forced to give out neighbours a helping hand while our houses are being destroyed by water," said resident Abubakar Abdallah. "...We don't know how the next night will be." https://www.reuters.com/world/africa/bus-passengers-use-rope-pull-themselves-safety-floods-hit-kenyas-mombasa-2023-11-17/

2023-11-17 20:40

ACAPULCO, Mexico, Nov 17 (Reuters) - Families of Mexican sailors missing since Hurricane Otis last month devastated the seaside resort of Acapulco are pleading for more help in the search for loved ones, frustrated by a lack of progress and government assistance. Hurricane Otis, which roared through Acapulco in the early hours of Oct. 25, was the most powerful storm on record to strike Mexico's Pacific coast, killing at least 48 people and wrecking thousands of homes in the city of nearly 900,000. Officials say another 28 people are unaccounted for but the families of seamen say the number is probably much higher. In Acapulco, many sailors jumped on their moored boats to sail them to what they believed were safer parts of the bay as storms move in. But they were blindsided by the ferocity of Otis, which unexpectedly grew into a Category 5 storm before landfall, ripping through the bay and destroying hundreds of boats. "The authorities have greatly minimized the situation of our missing and our dead," said Yesenia Soriano, whose missing husband was a retired Mexican Navy sailor. Mexican President Andres Manuel Lopez Obrador has vigorously denied unconfirmed media reports suggesting that over 300 people may have died due to Otis, and says his government is investing "like never before" to get Acapulco back on its feet. Susana Ramos Villa, 32, said people who cannot afford to go out to sea to search for relatives need government assistance. "That's all we want, that they give us that help, the means, and we'll do it," said Villa, who is looking for her husband. Alejandro Alexander González, an Acapulco Port official, said between 30-40 people are looking for missing sailors. "Before we begin to remove the larger vessels, the yachts, we're doing an intense search to locate bodies," he said. Mexican business groups put the economic damage to the city at an estimated $16 billion, while the Mexican Association of Insurance Companies forecast its members would end up paying about 11.4 billion pesos ($662 million) in claims. ($1 = 17.2268 Mexican pesos) https://www.reuters.com/world/americas/frustration-grows-search-acapulco-sailors-lost-hurricane-2023-11-17/

2023-11-17 20:15

HOUSTON/BRASILIA/RIO DE JANEIRO, Nov 17 (Reuters) - Brazil's leftist President Luiz Inacio Lula da Silva pressed the head of state-run oil firm Petrobras (PETR4.SA), Jean Paul Prates, to modify the company's 2024-2028 investment plan to prioritize local job creation, five sources told Reuters. Lula's requests to Prates may raise fresh fears of political interference in the company, which under previous administrations has come under pressure to boost Brazil's economy over the concerns of private investors. In a Nov. 9 meeting in Brasilia, Prates presented Lula with a draft of the investment plan, which is due to be unveiled at the end of this month, the sources said. They said Lula complained about Petrobras' lack of planned investments in Brazil's shipbuilding industry, a sector that has long been close to his heart and which he hopes to revitalize. Lula told Prates that Petrobras should commission 25 ships to be built in Brazilian shipyards, instead of the four currently planned. He also complained about Petrobras hiring foreign suppliers, arguing it should instead focus on using Brazilian firms, the sources said. Additionally, Lula asked for Petrobras to push forward completion of a fertilizer factory in Mato Grosso do Sul state by two years, so it is finished before his term ends in 2026. Another of Lula's suggestions was to kickstart projects currently listed in the plan as under preliminary analysis. When asked for comment, Petrobras referred Reuters to a Nov. 8 statement, in which it said it is still finalizing its investment plan. Any eventual changes to its spending plans would follow the strategic guidance approved by the company's board, the statement said. Brazil's presidency did not immediately respond to a request for comment. Last week, Reuters reported that Petrobras' plan will include around $100 billion in investments that the firm is both analyzing and those it has already committed to. In the previous 2023-2027 plan, Petrobras projected $78 billion in investments. The sources said Lula's requests will likely complicate completion of the plan before the end-November deadline. Prates is due to meet the president next week to discuss alterations. The plan has yet to be presented for approval by Petrobras' board. https://www.reuters.com/business/energy/lula-asks-petrobras-tweak-investment-plan-more-brazil-jobs-sources-say-2023-11-17/

2023-11-17 19:59

JAKARTA, Nov 18 (Reuters) - Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement on Friday to sell a 14% stake in their Indonesian nickel mining unit to Indonesia's state miner. Vale Canada and Sumitomo (5713.T) signed the so-called heads of agreement to sell the shares to PT Mineral Industri Indonesia (MIND ID), the country's state mining holding company, Vale Base Metals said in a statement. Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit, which will otherwise end in 2025. Foreign investors are required to divest 51% of their stakes to local buyers after a certain period of operation. The sales and purchase agreement is expected to conclude at the end of January, the deputy minister for state-owned enterprises, Kartika Wirjoatmodjo, told Reuters on Saturday. "MIND ID is currently conducting a due diligence and will soon submit its price offer," he said. Upon completion, MIND ID will become the largest shareholder of Vale Indonesia with its stake rising to 34% from 20%. Vale Canada will hold 33.9%, down from 43.79%, and Sumitomo 11.5%, down from 15.03%, according to the statement. Around 20% of Vale Indonesia's shares are publicly traded. A "balanced" management structure will be set up to maintain operational stability at the Indonesian unit, the statement said. "We look forward to working within the new shareholding structure with our partners to support the country's downstreaming ambitions and deliver strong economic value to our stakeholders and communities over the long run," said Deshnee Naidoo, chief executive of Vale Base Metals. Indonesian President Joko Widodo, who watched the signing, said the country welcomed the agreement and appreciated Vale's commitment to partner with Indonesia. "The divestment will make MIND ID as the biggest shareholder of Vale (Indonesia), so MIND ID and Vale Canada can exercise a joint control over Vale (Indonesia)," he said in a statement on Friday. Widodo expressed hope that Vale would increase its support for Indonesia's efforts to shift to cleaner energy. Indonesia is keen to develop batteries and electric vehicles to take advantage of its rich nickel reserves. Vale Base Metals is committing around $10 billion of investment in Indonesia over the next decade. https://www.reuters.com/markets/deals/vale-canada-sumitomo-metal-sign-initial-deal-sell-14-stake-indonesian-nickel-2023-11-17/

2023-11-17 19:53

Nov 17 (Reuters) - Britain's National Grid (NG.L) said on Friday its two utility firms in Massachusetts have submitted a clean energy investment plan to authorities in the U.S. state as part of the group's required rate case filing. Utility companies in the United States use rate case proceedings with the respective regulators to address a revenue shortfall and ask for an increase in rates on the basis of the total cost of providing service. If approved, the plan filed by Massachusetts Electric Co and Nantucket Electric Co would see a $4.86 increase in monthly bill for a residential customer with the usage of 600 kilowatt hours per month over the five-year investment period, National Grid said in a statement. The company, which runs Britain's energy systems and operates electricity and gas businesses in New York and Massachusetts, has been trying to transition to more renewable power generation and speed up its clean energy projects as global economies target net-zero emissions. The company said the plan sets the foundation for investments that are part of its Future Grid project, which aims to transform the electric grid in Massachusetts to provide cleaner energy. The company expects the rate changes to take effect on Oct. 1, 2024, with new bills being issued from Nov. 1. https://www.reuters.com/business/energy/national-grids-massachusetts-utilities-submit-clean-energy-investment-plan-2023-11-17/