Latest news with #Lukoil
Bloomberg
2 days ago
- Business
- Bloomberg
OMV Sells Stake in UAE Gas Project to Lukoil for $594 Million
OMV AG sold its stake in a $20 billion natural gas concession off Abu Dhabi to Russia's Lukoil PJSC, exiting a project once seen as helping it break free from the Kremlin's energy orbit. OMV divested its 5% interest in the Ghasha development for $594 million, less a $100 million transaction fee, the Vienna-based company said Friday. The transaction doubles Lukoil's holding to 10%.
Zawya
3 days ago
- Business
- Zawya
Lukoil's Asia chief joins Turkish firm BGN to lead oil trading from Dubai
SINGAPORE - Estella Shi, managing director of Lukoil Asia Pacific, is to join Turkish energy trader BGN from June, trading sources with knowledge of her move told Reuters. Shi, a veteran oil trader with nearly three decades of experience, confirmed that she will make the move to become chief commercial officer at BGN, leading its trading operation from its Dubai office. Shi has worked in several companies during her career, including a trading subsidiary of Chinese shipping giant COSCO, China Aviation Oil, Chevron and European trading house Mercuria before becoming the head of Lukoil Asia Pacific in 2020. According to its LinkedIn account, Lukoil Asia Pacific is a subsidiary of Litasco Middle East DMCC. Shi, a Singapore national who has long been based in the Asian trading hub, is one of a small number of women executives in the Asian oil trading community. BGN, a privately-owned energy trading group with more than 80 years of history, is known for trading liquefied petroleum gas and chemicals. In addition to Dubai, BGN has offices in Houston, London, Geneva, Rotterdam and Singapore, operating a supply chain network and distribution centres in Europe, the U.S., the Middle East and Africa, its website said. BGN trades 50 million metric tons of commodities annually with a "double-digit billion-dollar" turnover, according to its website. Shi's former colleague at Litasco Middle East, Wael Amer, also recently joined BGN as its chief operating officer in Dubai, trading sources said. Amer confirmed his move and said he joined BGN in January. BGN did not immediately respond to a request for comment. Litasco Middle East did not respond to Reuters attempts to contact the company for comment by phone and email.
CBS News
3 days ago
- General
- CBS News
Man on rollerblades skates off with money after robbing gas station in Abington Township, police say
Police looking for rollerblading bandit accused of robbing a gas station in Abington Township Police looking for rollerblading bandit accused of robbing a gas station in Abington Township Police looking for rollerblading bandit accused of robbing a gas station in Abington Township Police in Montgomery County, Pennsylvania, are looking for a rollerblading bandit accused of robbing a gas station. Abington Township police said in a Facebook post that officers responded to a report of armed robbery at a Lukoil gas station on Old York Road on Sunday. The gas station is not far from Willow Grove Mall. The man on rollerblades demanded money from the register, armed with a gun and a knife in the front of his waistband, and threatened to shoot the employee if he didn't comply, police said in the social post. "The suspect was last seen skating south on Old York Rd with the money from the register," police said. The Abington Police Detective Division urges anyone with information to come forward and contact Detective Andrew Ammaturo at 267-536-1065 or via email at aammaturo1@ as they investigate the incident.
Reuters
23-05-2025
- Business
- Reuters
Turkey-based Palmali lawsuit against Lukoil's Litasco dismissed by UK court
LONDON, May 23 (Reuters) - Turkey-based tanker operator Palmali on Friday lost its London lawsuit against the trading arm of Russian oil producer Lukoil over a purported deal to provide oil products. Palmali, controlled by Azerbaijan-born businessman Mubariz Mansimov, first sued Lukoil's Swiss subsidiary Litasco at the High Court in 2017 and was initially seeking nearly $2 billion. The value of Palmali's case was substantially reduced, however, after Litasco succeeded in having much of the lawsuit thrown out in 2020. Palmali was, by the time of the trial earlier this year, seeking just over $120 million for Litasco's alleged breach of its obligations to supply up to 700,000 metric tons of cargoes a month. But Judge Mark Pelling dismissed Palmali's lawsuit in a written ruling on Friday, saying its contract with Litasco was void because Litasco's then chief executive Valery Golovushkin had "a plain conflict of interest" when the contract was agreed. The judge also upheld Litasco's counterclaim for the repayment of a loan and payments made to Palmali which were due to be paid on to third parties. Litasco's lawyer Craig Morrison said the parties had agreed the value of the counterclaim at around $14.8 million, including interest. Palmali and Litasco did not immediately respond to requests for comment.
Reuters
20-05-2025
- Business
- Reuters
EU countries adopt four sets of new Russia sanctions
BRUSSELS, May 20 (Reuters) - The EU adopted four sets of sanctions against Russia over the war in Ukraine on Tuesday, including a 17th package targeting Moscow's shadow fleet, and measures related to chemical weapons, human rights and hybrid threats, the European Commission said on Tuesday. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the Group of Seven nations (G7) price cap on Russian crude in place since late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. However, the crackdown has started to bite and the EU will push for a lower price cap this week during a meeting of G7 finance ministers in Canada. Oil and gas exports are one of Russia's main sources of revenue, which finance its war in Ukraine. The four new sets of measures will hit over 130 entities and individuals. As part of the 17th package, the EU will list 75 new entities including major Russian oil firm Surgutneftegaz, a shipping insurance company and four shadow fleet management firms involved in the UAE, Turkey and Hong Kong, EU sources said. EU diplomats briefly weighed imposing sanctions on the Dubai branch of Litasco, the trading arm of Russia's No. 2 oil producer Lukoil, but it was deleted from the list owing to Hungarian opposition and a weak legal basis, EU sources said. However, they did list Litasco's Dubai shipping arm Eiger Shipping DMCC. Another 189 vessels, of which 183 are oil tankers, have been added to the list, taking the total number of listed vessels to 324. The EU has been in dialogue with countries that provide tanker registrations in an effort to cut off Moscow's use of so-called flags of convenience, referring to those registered to countries other than their actual owner. In the latest round, the flags used included African countries such as Sierra Leone, Gabon and Comoros, Caribbean and Pacific islands, India, Azerbaijan and the landlocked European state of San Marino, the sources added. The package also tightens measures around the sale of dual-use items, which are products or technology that can be repurposed by Russia's military, and lists entities which support Russia's military industrial complex in China, Belarus and Israel.
