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Reuters
6 days ago
- Business
- Reuters
Brazil's ANP updates oil reference price rule in step that may raise royalty payments
RIO DE JANEIRO, July 24 (Reuters) - Brazil's oil regulator ANP approved on Thursday new rules to set the reference price for oil produced in the country, a step that could increase the collection of royalties from oil firms. The reference price serves as a basis for calculating taxes on oil sales within the country and for collecting royalties, and new rules to set it have been under discussion since 2022. ANP's resolution will come into effect on September 1, impacting distribution of royalties in November. Last month, the Minister of Mines and Energy, Alexandre Silveira, said the change, if approved by the end of July, should yield 1 billion reais ($181.30 million) in extra revenue to the government in 2025. The request was unpopular among oil companies but received wide support from Refina Brasil, an association for private refining firms, because the lack of an update to the rules had made it more advantageous for companies to export oil than to sell it to Brazilian refiners. ($1 = 5.5158 reais)
The Advertiser
16-07-2025
- Business
- The Advertiser
Ex-cotton grower sentenced for $8.7 million irrigation fraud
A former southern Queensland cotton grower has been told how long he will remain behind bars after he was sentenced for multiple fraud offences in a Brisbane court on July 16. John Douglas Norman appeared before the court after he was remanded in custody at his last appearance in June 2025. Norman, who entered a plea of guilty on April 28 to six counts of fraud adding up to a value of around $8.7 million, was given a head sentence of 9.5 years by Judge Bernard Porter KC, and will have to spend at least three of those years in custody before he will be eligible for parole. Judge Porter said he had "no doubt Mr Norman will not commit another offence like this". "I have no doubt that he regrets what he did," he said. During the June 25 sentencing hearing, Norman's defence barrister Jeffrey Hunter KC spoke to the nature of Norman's offending and stated it was not "a particularly elaborate scheme". "The record keeping, such if there was any, was utterly shambolic," Mr Hunter said. "Even after the event, it was not possible for the defendant to identify which invoices related to the Healthy Headwaters work." When delivering the sentence, Judge Porter did not accept Mr Norman's ADHD diagnosis was an excuse for his fraudulent offending. He also noted that the case was "nothing like a Ponzi scheme or an insurance fraud case". Judge Porter sentenced Norman to 9.5 years on each count of fraud, to be served concurrently, with 21 days of pre-sentence custody to be observed. He will be eligible for parole on June 24, 2028. Norman, who has a wife and four children aged between 15 and 21, was supported in court by a contingent of family and friends. Norman was initially charged in 2018 with six fraud charges, as well as six other charges related to the falsification of records, which have since been discontinued. He had been accused of committing fraud to a value of $12 million, but in April 2025, the amount was reduced to $8.7 million and Norman entered his guilty plea, about three weeks before he was due to face trial. Norman's chief financial officer, Stephen Evans, was also charged with four similar fraud counts for allegedly helping to lodge the claims after he started working for Mr Norman's business in 2013. Evans received a head sentence of four years and six months, suspended after serving nine months. It was alleged that Norman submitted fraudulent claims to six projects managed by the Department of Natural Resources, Mines and Energy between 2010 and 2017. The claims related to the Healthy Headwaters Water Use Efficiency project, which helped Queensland's Murray-Darling Basin irrigation communities deal with climate change and reduced water availability. Under the program, irrigators were granted funds to undertake on-farm infrastructure projects to increase water use efficiency, such as improving water storage. A former southern Queensland cotton grower has been told how long he will remain behind bars after he was sentenced for multiple fraud offences in a Brisbane court on July 16. John Douglas Norman appeared before the court after he was remanded in custody at his last appearance in June 2025. Norman, who entered a plea of guilty on April 28 to six counts of fraud adding up to a value of around $8.7 million, was given a head sentence of 9.5 years by Judge Bernard Porter KC, and will have to spend at least three of those years in custody before he will be eligible for parole. Judge Porter said he had "no doubt Mr Norman will not commit another offence like this". "I have no doubt that he regrets what he did," he said. During the June 25 sentencing hearing, Norman's defence barrister Jeffrey Hunter KC spoke to the nature of Norman's offending and stated it was not "a particularly elaborate scheme". "The record keeping, such if there was any, was utterly shambolic," Mr Hunter said. "Even after the event, it was not possible for the defendant to identify which invoices related to the Healthy Headwaters work." When delivering the sentence, Judge Porter did not accept Mr Norman's ADHD diagnosis was an excuse for his fraudulent offending. He also noted that the case was "nothing like a Ponzi scheme or an insurance fraud case". Judge Porter sentenced Norman to 9.5 years on each count of fraud, to be served concurrently, with 21 days of pre-sentence custody to be observed. He will be eligible for parole on June 24, 2028. Norman, who has a wife and four children aged between 15 and 21, was supported in court by a contingent of family and friends. Norman was initially charged in 2018 with six fraud charges, as well as six other charges related to the falsification of records, which have since been discontinued. He had been accused of committing fraud to a value of $12 million, but in April 2025, the amount was reduced to $8.7 million and Norman entered his guilty plea, about three weeks before he was due to face trial. Norman's chief financial officer, Stephen Evans, was also charged with four similar fraud counts for allegedly helping to lodge the claims after he started working for Mr Norman's business in 2013. Evans received a head sentence of four years and six months, suspended after serving nine months. It was alleged that Norman submitted fraudulent claims to six projects managed by the Department of Natural Resources, Mines and Energy between 2010 and 2017. The claims related to the Healthy Headwaters Water Use Efficiency project, which helped Queensland's Murray-Darling Basin irrigation communities deal with climate change and reduced water availability. Under the program, irrigators were granted funds to undertake on-farm infrastructure projects to increase water use efficiency, such as improving water storage. A former southern Queensland cotton grower has been told how long he will remain behind bars after he was sentenced for multiple fraud offences in a Brisbane court on July 16. John Douglas Norman appeared before the court after he was remanded in custody at his last appearance in June 2025. Norman, who entered a plea of guilty on April 28 to six counts of fraud adding up to a value of around $8.7 million, was given a head sentence of 9.5 years by Judge Bernard Porter KC, and will have to spend at least three of those years in custody before he will be eligible for parole. Judge Porter said he had "no doubt Mr Norman will not commit another offence like this". "I have no doubt that he regrets what he did," he said. During the June 25 sentencing hearing, Norman's defence barrister Jeffrey Hunter KC spoke to the nature of Norman's offending and stated it was not "a particularly elaborate scheme". "The record keeping, such if there was any, was utterly shambolic," Mr Hunter said. "Even after the event, it was not possible for the defendant to identify which invoices related to the Healthy Headwaters work." When delivering the sentence, Judge Porter did not accept Mr Norman's ADHD diagnosis was an excuse for his fraudulent offending. He also noted that the case was "nothing like a Ponzi scheme or an insurance fraud case". Judge Porter sentenced Norman to 9.5 years on each count of fraud, to be served concurrently, with 21 days of pre-sentence custody to be observed. He will be eligible for parole on June 24, 2028. Norman, who has a wife and four children aged between 15 and 21, was supported in court by a contingent of family and friends. Norman was initially charged in 2018 with six fraud charges, as well as six other charges related to the falsification of records, which have since been discontinued. He had been accused of committing fraud to a value of $12 million, but in April 2025, the amount was reduced to $8.7 million and Norman entered his guilty plea, about three weeks before he was due to face trial. Norman's chief financial officer, Stephen Evans, was also charged with four similar fraud counts for allegedly helping to lodge the claims after he started working for Mr Norman's business in 2013. Evans received a head sentence of four years and six months, suspended after serving nine months. It was alleged that Norman submitted fraudulent claims to six projects managed by the Department of Natural Resources, Mines and Energy between 2010 and 2017. The claims related to the Healthy Headwaters Water Use Efficiency project, which helped Queensland's Murray-Darling Basin irrigation communities deal with climate change and reduced water availability. Under the program, irrigators were granted funds to undertake on-farm infrastructure projects to increase water use efficiency, such as improving water storage. A former southern Queensland cotton grower has been told how long he will remain behind bars after he was sentenced for multiple fraud offences in a Brisbane court on July 16. John Douglas Norman appeared before the court after he was remanded in custody at his last appearance in June 2025. Norman, who entered a plea of guilty on April 28 to six counts of fraud adding up to a value of around $8.7 million, was given a head sentence of 9.5 years by Judge Bernard Porter KC, and will have to spend at least three of those years in custody before he will be eligible for parole. Judge Porter said he had "no doubt Mr Norman will not commit another offence like this". "I have no doubt that he regrets what he did," he said. During the June 25 sentencing hearing, Norman's defence barrister Jeffrey Hunter KC spoke to the nature of Norman's offending and stated it was not "a particularly elaborate scheme". "The record keeping, such if there was any, was utterly shambolic," Mr Hunter said. "Even after the event, it was not possible for the defendant to identify which invoices related to the Healthy Headwaters work." When delivering the sentence, Judge Porter did not accept Mr Norman's ADHD diagnosis was an excuse for his fraudulent offending. He also noted that the case was "nothing like a Ponzi scheme or an insurance fraud case". Judge Porter sentenced Norman to 9.5 years on each count of fraud, to be served concurrently, with 21 days of pre-sentence custody to be observed. He will be eligible for parole on June 24, 2028. Norman, who has a wife and four children aged between 15 and 21, was supported in court by a contingent of family and friends. Norman was initially charged in 2018 with six fraud charges, as well as six other charges related to the falsification of records, which have since been discontinued. He had been accused of committing fraud to a value of $12 million, but in April 2025, the amount was reduced to $8.7 million and Norman entered his guilty plea, about three weeks before he was due to face trial. Norman's chief financial officer, Stephen Evans, was also charged with four similar fraud counts for allegedly helping to lodge the claims after he started working for Mr Norman's business in 2013. Evans received a head sentence of four years and six months, suspended after serving nine months. It was alleged that Norman submitted fraudulent claims to six projects managed by the Department of Natural Resources, Mines and Energy between 2010 and 2017. The claims related to the Healthy Headwaters Water Use Efficiency project, which helped Queensland's Murray-Darling Basin irrigation communities deal with climate change and reduced water availability. Under the program, irrigators were granted funds to undertake on-farm infrastructure projects to increase water use efficiency, such as improving water storage.
The Star
13-06-2025
- Politics
- The Star
Manet: Cambodia will take steps to secure its own electricity, internet supply
Prime Minister Hun Manet has assuaged fears of Thai-driven cuts to the Kingdom's internet and electricity supplies. - STPM PHNOM PENH: Prime Minister Hun Manet has announced that Cambodia will ensure its own supply of electricity and internet services, following threats from Thailand to cut off these essential resources. In a late night social media post on Thursday (June 12) evening, Prime Minister Hun Manet addressed recent reports circulating on Thai social media platforms which suggested that certain extremist groups in Thailand have called for the suspension of electricity and internet services to Cambodia. 'To avoid putting the Thai side in a difficult position regarding whether or when to proceed with a disconnection, Cambodia has decided to ensure its own electricity and internet supply,' he said. He noted that Chea Vandeth, Minister of Posts and Telecommunications, had informed him that starting at midnight tonight, all fibre optic network companies and internet service providers in Cambodia will cease purchasing internet bandwidth from Thailand. He explained that Cambodia is capable of independently providing sufficient internet services. Keo Rottanak, Minister of Mines and Energy, has confirmed that Cambodia can meet its own electricity needs. Manet has instructed other relevant government institutions to prepare to take additional measures should they be necessary. Senate president Hun Sen also addressed the issue. 'In the past, Thai extremist groups, supported by pro-war military factions, have threatened Cambodia with power and internet cutoffs. But what power are they referring to when Cambodia doesn't even rely on Thai electricity? And what internet, when Cambodia already has sufficient access?' he asked. 'I have consistently urged that military tensions in one area should not spill over into others or into different sectors. However, it is now clear that the issue has already escalated — examples include unilateral border closures, reduced length of stay for visitors and threats to cut electricity and internet access, as well as unauthorised incursions at certain border checkpoints driven by arbitrary decisions,' he added. He suggested that, in addition filing a complaint with the International Court of Justice (ICJ), Cambodia should also consider suspending the broadcast of Thai films on all Cambodian television channels. The country may also consider halting the import of Thai goods altogether. 'Cambodia should not fear the repatriation of Cambodian migrant workers from Thailand. This is a hardship for both countries — Thailand itself would also suffer, as Thai companies are facing labour shortages, which have already negatively impacted the Thai economy to some extent. All these points are for consideration, but the immediate action should be to stop broadcasting Thai films on Cambodian television,' he noted. - The Phnom Penh Post/ANN
Arab News
01-05-2025
- Politics
- Arab News
Saudi FM discusses issues of common interest with Peruvian counterpart
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received his Peruvian counterpart Elmer Schialer Salcedo and the country's Minister of Mines and Energy Jorge Montero in Riyadh on Thursday. During the meeting, Saudi-Peruvian relations, aspects of joint cooperation in various fields, and a number of international issues of common interest were discussed, Saudi Press Agency reported.
Malay Mail
24-04-2025
- Business
- Malay Mail
Malaysia to lead push for Asean Power Grid as regional chair, says DPM Fadillah in London
LONDON, April 24 — Malaysia, as the Asean chair in 2025, will focus on realising the Asean Power Grid and improving the energy exchange programme among member states, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He said that realising the power grid will improve energy security, accessibility and affordability not only within Malaysia but also among other Asean member states. Fadillah, who is also the energy transition and transformation minister, said one of the issues regarding energy supply among Asean countries is that there are instances where a member state has extra power but cannot export the surplus. 'We are chairing Asean this year, so our focus will be on the Asean Power Grid. Within the Asean region, we need to support each other. 'So our focus this year is to come up with regulations and also study from other countries how we can improve the energy exchange programme among the (Asean) member states,' he said at the 'A Whole-of-System Approach-Addressing the Energy Trilemma' panel discussion held during the Summit on the Future of Energy Security event at the Lancaster House, here today. The topic was discussed during Plenary Session 1, titled 'Mapping the Energy Security Landscape-Defining a Holistic Approach of the Summit'. Among the other panellists were Spanish Deputy Prime Minister and Minister for the Ecological Transition and the Demographic Challenge Sara Aagesen Munoz, Iraqi Deputy Prime Minister and Energy Affairs and Minister Hayyan Abdel-Ghani, Egyptian Petroleum and Mineral Resources Minister Karim Badawi, as well as Colombia's Mines and Energy Minister, Edwin Palma Egea. Fadillah elaborated that by focusing on the power grid, Asean will be able to achieve energy security and affordability in terms of the electricity supply through cooperation among all the member states. 'We also will be able to contribute towards our commitment to clean energy for future generations,' the deputy prime minister said. Fadillah added that Malaysia updated its energy policy by introducing the National Energy Transformation Roadmap (NETR), which focused on ensuring Malaysia has a secure electricity supply countrywide and also contributing to the region's energy security. The deputy minister highlighted that cooperation within the region is also one of the focus areas Malaysia is exploring in terms of commitment to the energy trilemma of balancing sustainability, security, and affordability. 'In order to do that, we formed an implementation and planning committee for electricity at a high level between agencies and ministries that would decide in terms of planning the energy requirement and what the energy mix for the future would be,' he said. The two-day Summit on the Future of Energy Security that kicked off today was organised by the International Energy Agency (IEA) and the United Kingdom (UK) government and will see global decision-makers convene to advance actions to map and mould the future of energy security. — Bernama
