Latest news with #energy security
Yahoo
6 days ago
- Business
- Yahoo
Serbia seeks extension of US sanctions waiver for oil firm NIS, minister says
(Reuters) -Serbia has sought an extension from the United States on a sanctions waiver for Russian-owned Serbian oil company NIS for an additional 180 days, Serbia's mining and energy minister said on Thursday. "In the past month, as well as in the entire period since January when U.S. sanctions against NIS were first announced, we have consistently defended our position that sanctions would be very bad for the energy security of Serbia and the region," Dubravka Djedovic Handanovic said in a statement. Continued sanctions on NIS, which is majority-owned by Russia's Gazprom Neft and Gazprom, would also hurt Serbia's economy, he said. The U.S. Treasury's Office of Foreign Assets Control (OFAC) initially placed sanctions on Russia's oil sector on January 10, with NIS having so far secured a fourth reprieve, which is due to expire on July 29. NIS operates Serbia's only oil refinery and the company's operating license is critical for crude oil procurement at the refinery, the minister said, stressing Serbia's commitment to working with its U.S. and Russian partners for a sustainable solution. Djedovic Handanovic also thanked Hungary for its support, stating, "the Hungarian government has always supported Serbia's request to extend the license for NIS, and we expect it to do so this time as well." NIS's refinery in the town of Pancevo, just outside Belgrade, has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs.
South China Morning Post
21-07-2025
- Business
- South China Morning Post
Chinese nuclear giant CNNC sets new benchmark in uranium exploration
A Chinese energy giant has claimed a new benchmark in exploration of uranium, a resource growing in demand and importance in the country's quest for energy security State-owned China National Nuclear Corporation (CNNC) said on Friday that it had detected a deposit of sandstone-type industrial uranium mineralisation at a record depth of 1,820 metres (5,971 feet) underground in the Tarim Basin in Xinjiang Uygur autonomous region. This type of uranium deposit is generally bigger and easier and cheaper to mine than other kinds of reserves, such as volcanic rock and granite uranium. The discovery at the record depth reflects advances in Chinese resource exploration, according to state broadcaster CCTV. Uranium is a critical fuel for both nuclear power and nuclear weapons, but China is heavily reliant on imports. China produced 1,700 tonnes of uranium last year and imported 13,000 tonnes, according to official data.
Arab News
12-07-2025
- Business
- Arab News
Croatian PM receives GCC chief in Dubrovnik
DUBROVNIK: Gulf Cooperation Council Secretary-General Jasem Albudaiwi was received by Croatian Prime Minister Andrej Plenkovic at the Dubrovnik Forum in Dubrovnik, Croatia, on Saturday. During the meeting, the two sides discussed the 'latest developments in free trade agreement negotiations and a proposal to hold a joint Gulf-European conference on energy security,' the General Secretariat said in a report. They also reviewed relations between the GCC and Croatia, and discussed ways to develop and strengthen ties to serve mutual interests.
Al Arabiya
11-07-2025
- Business
- Al Arabiya
Saudi Arabia confirms full compliance with voluntary OPEC+ target
The Saudi Ministry of Energy reaffirmed Friday that it remained 'fully compliant' with its voluntary OPEC+ target. 'Marketed crude supply in June stood at 9.352 million barrels per day, in full alignment with the agreed quota,' a statement from the ministry said. 'Amid heightened geopolitical tensions, the Kingdom acted prudently, proactively, and preemptively, in line with its role as a reliable, dependable, and transparent energy supplier, to strengthen supply resilience and uphold global energy security,' the statement added. The ministry stated that production briefly exceeded supply, but emphasized that these additional volumes were not marketed domestically or internationally. Rather, the additional supply was redirected as a contingency measure to build domestic inventories, optimize east-west flows, and reposition barrels to offshore storage hubs under long-term delivery strategies, according to the statement. 'The Kingdom reports both production and supply data with full transparency to the OPEC Secretariat on a monthly basis. 'Furthermore, all eight OPEC-designated Secondary Sources were formally briefed at the beginning of this week regarding the June figures,' the ministry added.
