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Bloomberg
4 days ago
- Business
- Bloomberg
Europe Gas Prices Fall Near 2025 Lows Ahead of Trump–Putin Talks
Europe's natural gas prices slid to near the lowest level this year in anticipation of a historic summit between US President Donald Trump and Russia's Vladimir Putin, which will seek to end a war that collapsed fuel flows from what was once the continent's biggest supplier. Gas futures traded in Amsterdam have dropped around 10% since the start of the month, touching the lowest since May on Friday. While few traders foresee an imminent return of Russian pipeline gas to Europe — even if a ceasefire in Ukraine is agreed — any tightening or loosening of sanctions on Russian energy could have significant implications for global supplies.
Reuters
5 days ago
- Business
- Reuters
Sanctions-hit Indian refiner Nayara in talks with govt to sustain operations
NEW DELHI, Aug 14 (Reuters) - Russia-backed Indian refiner Nayara Energy said on Thursday it was talking to government authorities and partners to maintain operational stability of its 400,000 barrels per day refinery and fuel supplies despite EU sanctions hurting the supply chain. The private refiner, majority-owned by Russian companies including Rosneft ( opens new tab, was sanctioned by the EU last month as part of a package targeting entities linked to Russian oil. The private company sells about 70% of its refined fuels in India through more than 6,600 retail outlets, it said in a Delhi court filing. Nayara is supplying fuels to its retail stations through coastal, rail, and road networks, it said. "Our retail fuel stations continue to operate as usual while we diligently work to ensure uninterrupted fuel supplies across India," it said. The sanctions forced Nayara to cut output at its Vadinar refinery on the West Coast to 70%-80% and hit its exports. Its former chief executives resigned and shippers backed out from local movement of its refined fuels. The company is operating the refinery at a "healthy run rate" and is supplying fuels, it said. Nayara has not specified at what rate its refinery is operating. Nayara has sought help from India's shipping ministry to get vessels for the movement of its refined fuels, a government source said on Thursday.
Telegraph
01-08-2025
- Business
- Telegraph
One of Britain's last refineries runs out of oil
One of Britain's last five major oil refineries is expected to halt operations on Friday after running out of crude oil supplies. The Lindsey oil refinery, previously run by the Prax group, will be wound down imminently after the collapse of its parent company. It has been in the hands of the Insolvency Service since the end of June and officials have been unable to find a buyer willing to take the whole site on. Around 400 workers have been told they will remain employed until October 31. It is understood that staff who stay until that date have been promised a retention bonus, as they are needed to safely shut down the equipment. After October, workers have been told that some will also be needed to remain for a further year to carry out decommissioning. The end of refining at Lindsey, where roughly 10pc of the UK's fuel was produced before the recent crisis, has prompted warnings that Britain will be left more dependent on foreign imports. Another refinery in Grangemouth, Scotland, closed earlier this year – with the remaining facility now only being used as an import terminal. Earlier this week political leaders in Lincolnshire including Reform UK's Dame Andrea Jenkyns, the Mayor of Greater Lincolnshire, called for an urgent meeting with Ed Miliband on future options for the refinery. They claimed Lindsey's closure, together with Grangemouth, would result in the loss of 25pc of the UK's refining capacity within a few months. According to local media, Dame Andrea said: 'The refinery is not just a local employer – it is a national asset. 'Its closure would be a devastating blow to our communities and a reckless step backwards for the UK's energy resilience. 'We need urgent action from the Government to protect this vital infrastructure.' The Government has dismissed the refinery's importance to national fuel supplies, arguing it is the smallest of the country's remaining facilities. On Friday, a spokesman for the Department for Energy Security and Net Zero insisted UK fuel supplies were resilient. However, it is understood that the Official Receiver will continue selling Lindsey's refined output for several more – allowing petrol stations and other buyers more time to adjust. Michael Shanks, the energy minister, said: 'We are deeply disappointed with the untenable position in which the owners left Prax Lindsey Oil Refinery. 'As a result, after a thorough process to determine whether a sale was possible, no credible offers have been made to purchase the entire refinery and it will be winding down operations, while the Official Receiver continues to pursue interest in individual assets. 'Our sympathies are with the workers, their families and the local community. 'While we continue to strongly encourage the owners to do the decent thing and publicly commit to making a voluntary financial contribution to support workers, all those directly employed at the refinery are guaranteed jobs over the coming months.' Unpaid tax bill worth £250m The refinery, which employs more than 400 people, was previously part of the wider Prax Group, which includes some 200 petrol stations and oil and gas operations west of the Shetland Islands. It supplied more than one tenth of the country's fuel supplies – including petrol, diesel, fuel oil, kerosene, aviation fuel and bitumen. Prax, which is owned by the businessman Sanjeev Kumar Soosaipillai, purchased the facility from French oil giant Total in 2021. However, the company had been experiencing cash-flow problems for more than a year, partly due to an unpaid tax bill thought to be worth £250m. Mr Soosaipillai had been in talks with the Government since April about its situation, but Whitehall sources said he was unable to answer basic questions about Prax's finances. Despite this, Prax is understood to have repeatedly assured officials that the refinery was not under immediate threat. But that position suddenly changed when bosses revealed they were rushing to declare insolvency at the end of June, a move that blindsided ministers. Mr Miliband has since ordered an investigation into the circumstances behind Prax's collapse. Meanwhile, Mr Soosaipillai is facing legal action from administrators who are now in de facto control of the remaining Prax group, excluding the refinery. According to refinery and Whitehall sources, his whereabouts are currently unknown and the Telegraph has been unable to contact him.
The Independent
12-07-2025
- General
- The Independent
Air India crash report updates: Fuel switches were cut off before plane went down, preliminary findings say
Fuel supply to the engines of the Air India plane that crashed last month was cut off just seconds after the flight took off, a preliminary report by Indian aviation accident investigators has said. The London Gatwick-bound flight came down in a residential area of Ahmedabad on 12 June, killing a total of 260 people. The 15-page document published by India's Aircraft Accident Investigation Bureau, which is part of the ongoing probe into what caused the Boeing 787-8 Dreamliner to come down, found that fuel control switches were moved to 'cut-off' position as the aircraft rose from take-off. The report also includes a conversation between the pilots on the fuel controls before the crash. 'In the cockpit voice recording, one of the pilots is heard asking the other why did he cut-off. The other pilot responded that he did not do so,' the report said. Of the 242 people onboard flight AI171 to London Gatwick, 241 were killed, including 53 British nationals. The flight crashed into a hostel complex at Byramjee Jeejeebhoy Medical College, killing several students and residents on the ground. Only one passenger – a British-Indian man seated in 11A – survived. Fuel samples tested and found to be normal, report says Fuel taken from the airport's bowsers and tanks used to refuel the plane was tested by the aviation regulator's lab and found satisfactory, the preliminary report said. Only very small amounts of fuel could be retrieved from parts of the crashed aircraft itself. These will be tested separately at a specialist lab, investigators said. Jabed Ahmed12 July 2025 03:00 Wreckage moved and examined after crash Investigators say the wreckage from the Air India crash has been moved to a secure area near Ahmedabad airport. Drone photos and videos were taken at the site before the wreckage was cleared, the report said. Both of the aircraft's engines have been recovered from the crash site and stored in a hangar for detailed checks, the report added. Other important components have also been identified and quarantined for further examination. Jabed Ahmed12 July 2025 02:28 Plane had been checked for technical issue before flight On the morning of the flight, engineers had checked the aircraft for a technical alert after it landed from Delhi, but cleared it to fly, the report said. The pilots had arrived the day before, had enough rest, and passed pre-flight alcohol tests, it added. Jabed Ahmed12 July 2025 01:58 Crash happened seconds after take-off, report says A preliminary report into the Air India flight that crashed in June shows the engines lost power just seconds after take-off from Ahmedabad. Investigators say the plane initially lifted off normally and reached 180 knots. But almost immediately, both engine fuel switches flipped from 'run' to 'cutoff' within about a second of each other, cutting off fuel and causing the engines to shut down. Jabed Ahmed12 July 2025 01:43 What next after preliminary report published The investigation remains ongoing. Under international rules, a full report must be published within a year of the accident. For now, experts are continuing to study the black box data and other evidence to understand what caused the sudden loss of power so soon after take-off. Jabed Ahmed12 July 2025 01:29 Air India flight 'was doomed' without sufficient power, says travel expert Simon Calder Air India flight 'was doomed' without sufficient power, says Simon Calder After studying the preliminary report on the Air India crash, The Independent's travel correspondent Simon Calder picks out three elements of the 32-second flight Jabed Ahmed12 July 2025 01:14 Watch | Air India crash sole survivor recalls how he escaped plane Jabed Ahmed12 July 2025 00:59 Blackboxes were found on 24 June On 24 June, the two black boxes were flown separately from Ahmedabad to an AAIB lab in Delhi on Indian Air Force aircraft. That evening, investigators began extracting the data with help from technical experts from the AAIB and NTSB. By 25 June, they had successfully accessed and downloaded data from the front recorder, which has an independent backup power supply to keep recording for about ten minutes if the plane loses power. Jabed Ahmed12 July 2025 00:36 Timeline of events: 12-16 June 12 June: Air India flight crashes after take-off On 12 June, an Air India Boeing 787 Dreamliner heading for London crashed shortly after take-off from Ahmedabad. Of the 242 people on board, only one survived. This was the world's deadliest aviation accident in a decade, sparking an urgent investigation by Indian authorities. 13 June: Full investigation launched with U.S. experts involved The day after the crash, India's Aircraft Accident Investigation Bureau (AAIB) formally launched an investigation. The team is led by the AAIB's director general and includes specialists in aviation medicine and air traffic control, alongside representatives from the US National Transportation Safety Board (NTSB). The investigation focused on recovering and analysing the plane's black boxes. 13–16 June: Black boxes recovered from the crash site Boeing 787 aircraft have two data recorders, one at the front and one at the rear, each storing cockpit voice and flight data. On 13 June, the first black box was recovered from the roof of a building near the crash site. Three days later, on 16 June, the second recorder was found among the wreckage. Jabed Ahmed12 July 2025 00:09 Watch | The British victims of Air India plane crash
