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Economic Sanctions

Norway Supports Statoil, Rosneft JV

Photo pixabay.com

  Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore. Statoil has received certain authorisations from the Norwegian authorities to continue its participation in the projects described above, RIA Novosti reports. The financing of these joint projects depends on "obtaining further governmental authorisations and clarifications." Last year, Norway upheld economic sanctions that the European Union and the United States imposed on the Russian energy sector. The restrictions targeted Rosneft and its affiliates, among other Russia-based companies, and prevented them from raising capital overseas.  


Ninety North Korean Ships Granted Entry to Japan

Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction


Shipping Company's Losses Total $110M

Ukraine's Danube Shipping Company lost $110 million due to military action in Yugoslavia last year that destroyed bridges and blocked traffic along the Danube, transport minister Leonid Kostyuchenko said. NATO launched air strikes last year on Yugoslavia, which it accused of ethnic cleansing in the province of Kosovo, densely populated by ethnic Albanians. Kostyuchenko said collapsed bridges had blocked 63 Ukrainian ships on upper stretches of the Danube


East Ukraine Referendum Raises Fears Of Dismemberment

  Rebels pressed ahead with a referendum on self-rule in east Ukraine on Sunday and fighting flared anew in a conflict that has raised fears of civil war and pitched Russia and the West into their worst crisis since the Cold War. Clashes broke out around a television tower on the outskirts of the rebel stronghold of Slaviansk shortly before voters made their way to polling stations through streets blocked by barricades of felled trees


Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets.


Russia Says Will React if U.S. Imposes New Sanctions

  Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S. Congress has readied new sanctions on Russian weapons companies and investors in the country's high-tech oil projects, but U.S. President Barack Obama has yet to sign a corresponding bill into law. "We will not be able to leave that without an answer


Hints Of Possible Deal On Ukraine Gas Emerge At G20

 Behind statements that Russia will not budge in demanding Ukraine repay its debts for its natural gas deliveries, hints    emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works.   Financial aid to Ukraine was a hot topic at a meeting of finance ministers from the Group of 20 leading nations, but the    country's gas crisis, which could threaten deliveries to Europe


Statoil Reports Robust Q1

Oseberg field centre - Photo Harald Pettersen - Statoil.

Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares.   Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first.  


Give Iran Talks A Chance - Merkel

German Chancellor Angela Merke

  German Chancellor Angela Merkel said on Friday negotiations with Iran over its nuclear program have to be given a chance, but sanctions could still be reinstated if needed. Merkel said Iran had to comply with an agreement under which Tehran agreed to limit parts of its nuclear work in return for the easing of some sanctions. "If Iran does not meet its obligations, or does not meet them adequately, we remain ready to take back the current limited suspension of sanctions


No New Cold War Talks Over Ukraine

  Russian President Vladimir Putin on Saturday dismissed talk of a new Cold War over the crisis in Ukraine and denied trying to rebuild the Soviet Union after reclaiming Crimea. In an interview with Reuters and other international news agencies in a grandiose palace outside St Petersburg, Putin blamed the violence and political instability in Ukraine on the West and warned that sanctions would rebound on the United States and the European Union.


India to Sign Port Deal with Iran

India to build port in Iran to get more trade with CIS and Gulf India will push ahead this week with plans to build a port in southeast Iran, two sources said, with Prime Minister Narendra Modi keen to develop trade ties with Central Asia and prepared to fend off U.S


India, Iran Ink Port Deal Despite US Warning about Haste

India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers clinch a final nuclear accord with Tehran.   Shipping Minister Nitin Gadkari and his Iranian counterpart Abbas Ahmad Akhoundi


Evergreen Launches Vietnam-Singapore-Malaysia Service

In light of the increasing capacity demand, Evergreen Line will launch its new Vietnam-Singapore-Malaysia service (VSM) this month.    The dedicated feeder loop will utilize two A-type containerships of 1,164 TEU. The first sailing of the weekly service will start from Haiphong on May


Seattle, Tacoma Prepare for Seaport Alliance

Terminal 46 in Seattle (Photo: Port of Seattle)

The Northwest Seaport Alliance hits key milestone as ports of Seattle, Tacoma prepare to unify marine cargo management   A draft of the final agreement between the ports of Tacoma and Seattle has been released, heralding a milestone in the formation of a Seaport Alliance that will unify the


Iran and India to Revive Shipping Joint Venture

Image by Islamic Republic of Iran Shipping Lines

 Irano Hind Shipping Company, a joint venture between Shipping Corporation of India (SCI) and Islamic Republic of Iran Shipping Lines (IRISL) which was dissolved in the face of the US-led anti-Iran sanctions, could be revived, reports Livemint.  


EU Re-imposes Sanctions on Iranian Bank, Shipping Firms

The European Union re-imposed sanctions on an Iranian bank and 32 Iranian shipping companies on Wednesday, using new legal grounds, after the measures were struck down by a European court. The EU's second highest court annulled an EU asset freeze on Bank Tejarat and 40 Iranian shipping


North Korea Warns Will Act to Get Back Ship Held by Mexico

North Korea accused Mexico on Wednesday of illegally detaining one of its ships with some 50 crew and warned it would take "necessary measures" to release the vessel, which United Nations sanctions monitors say belongs to a blacklisted shipping firm.  


Total CEO to Visit Yamal LNG Project

Photo: Total

Total's chief executive will travel this week to northwest Siberia to visit Russia's showcase $27 billion Yamal gas project in which the French oil major owns a 20 percent stake, a Total spokeswoman said.   It is Patrick Pouyanné's first visit to the facilities - slated to supply 16


North Korea-Mexico Faceoff over Cargo Ship

Mu Du Bong. Photo by the Federal Attorney for Environmental Protection (PROFEPA)

 North Korea has accused Mexico of illegally holding one of its ships and warned it would take “necessary measures” to release the vessel.   The 6,700-tonne freighter "Mu Du Bong," which had come from Cuba, ran aground on a reef


Khamenei Says Iran Nuclear Weapons are a U.S. "Myth"

Irans Supreme Leader Ayatollah Ali Khamenei

 Iran's Supreme Leader Ayatollah Ali Khamenei told military commanders on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat, hardening his rhetoric before nuclear negotiations resume this week.


U.S. Ports Account for 26% of Nation’s Economy

China Shipping & Evergreen vessels at Port Authority of New York & New Jerseys Port Newark Container Terminal. Photo Credit: Photo courtesy of Port Authority of New York and New Jersey

From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to $4.6 trillion.    This accounted for 26 percent of the nation's $17


US Ports Boost Economic Impacts

Photo: Port of Los Angeles

Since last nationwide analysis in 2007, U.S. seaport contributions to economy up dramatically    Lancaster, Pa.-based Martin Associates, a provider of economic and strategic assessments of the world’s transportation systems


Arctic Nations to Fight Climate Change Despite Russia Tensions

Arctic Nations

  The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put aside disputes over issues like Russia's intervention in Ukraine. Meeting in the Canadian town of Iqaluit


China, Russia to Stage First-Ever Joint Naval Drills

Image: Chinese Navy

 As part of growing informal partnership between the two militaries, the navies of China and Russia plan to hold joint drills in the Mediterranean Sea for the first time in mid-May, China's Defense Ministry stated.   The "Joint Sea 2015" exercises will feature nine surface


Germany Mulls Maritime Ties with Iran

Image: Rudolf Schepers GmbH & CO. KG

 Germany and Iran seeks to develop economic relations in the field of maritime trade and ports for increasing the trade volume between the two countries, reports PressTV.   German Ambassador to Tehran Michael Baron von Ungern was quoted by Fars news agency as saying that increased






 
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