The Trading Tycoon Steering Russia’s Global Oil Business - Bloomberg
Igor Sechin, the boss of Russia’s state oil company and longtime associate of Vladimir Putin, celebrated New Year’s Eve on a yacht anchored off Palm Jumeirah, the man-made Dubai island dotted with oligarch-friendly beachfront villas.
Sechin spent most of 2022 grappling with the impact of the invasion of Ukraine on Russia’s oil exports and finding new customers in the wake of sanctions. His most important guest that night was one of the men who helped him do it: oil trader Murtaza Lakhani, according to four people with direct knowledge of the matter.
A veteran of crude oil deals from Baghdad to Caracas, the Karachi native made a name for himself navigating some of the most challenging jurisdictions. Now, in alliance with Sechin, he’d helped set up a web of oil traders and shipping firms to steer Russian barrels around the globe amid a nuanced response from the West — sanctions and a price cap intended to restrict revenues alongside prodding from Washington to keep the flow going.
This story is based on interviews with several dozen people familiar with Lakhani’s business empire and the Russian oil trade, including people who’ve recently worked for his companies. They didn’t want to be identified discussing confidential business dealings.
Most of Lakhani’s Russia-related operations take place in countries not implementing the G-7’s price cap on exports, designed to block oil sold above $60 from critical Western-provided services such as shipping insurance. Having worked with Rosneft PJSC for nearly a decade before the invasion, he was also in a good position to help the state oil giant navigate an increasingly complex sanctions regime.
Saturday, 14 October 2023
#UAE and South Korea complete talks for bilateral trade deal | Reuters
UAE and South Korea complete talks for bilateral trade deal | Reuters
The United Arab Emirates and South Korea have concluded talks towards a bilateral trade deal, known as a Comprehensive Economic Partnership Agreement (CEPA), the two countries said on Saturday.
Trade and investment ties between the Gulf state and South Korea have been steadily advancing; in the first half of 2023, bilateral non-oil trade reached $3 billion, similar to the same period last year, but up 21% over 2021, a statement said.
The Korea Electric Power Corporation and a consortium of Korean firms also constructed all four units of the $20 billion nuclear Barakah Power Plant in Abu Dhabi, which became operational in April this year, to help support the UAE's domestic electricity needs.
South Korea was one of the first countries with which the Gulf state launched talks for a CEPA in 2021.
Three months later however, the Asian state revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc, of which the UAE is a member.
The United Arab Emirates and South Korea have concluded talks towards a bilateral trade deal, known as a Comprehensive Economic Partnership Agreement (CEPA), the two countries said on Saturday.
Trade and investment ties between the Gulf state and South Korea have been steadily advancing; in the first half of 2023, bilateral non-oil trade reached $3 billion, similar to the same period last year, but up 21% over 2021, a statement said.
The Korea Electric Power Corporation and a consortium of Korean firms also constructed all four units of the $20 billion nuclear Barakah Power Plant in Abu Dhabi, which became operational in April this year, to help support the UAE's domestic electricity needs.
South Korea was one of the first countries with which the Gulf state launched talks for a CEPA in 2021.
Three months later however, the Asian state revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc, of which the UAE is a member.
Oil surges nearly 6% after Israel begins ground raids into Gaza | Reuters
Oil surges nearly 6% after Israel begins ground raids into Gaza | Reuters
Oil prices leapt nearly 6% on Friday, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip.
Israel's announcement marked a shift from an air war to ground operations to root out Hamas fighters a week after the militant Palestinian group's deadly rampage in southern Israel.
Brent futures settled up $4.89, or 5.7%, at $90.89 per barrel. U.S. West Texas Intermediate (WTI) crude gained $4.78, or 5.8%, to $87.69 a barrel.
Both benchmarks posted their highest daily percentage gains since April.
Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week.
Oil prices leapt nearly 6% on Friday, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip.
Israel's announcement marked a shift from an air war to ground operations to root out Hamas fighters a week after the militant Palestinian group's deadly rampage in southern Israel.
Brent futures settled up $4.89, or 5.7%, at $90.89 per barrel. U.S. West Texas Intermediate (WTI) crude gained $4.78, or 5.8%, to $87.69 a barrel.
Both benchmarks posted their highest daily percentage gains since April.
Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week.
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