Kenya shilling steady in subdued market activity
As of 0705 GMT, commercial banks quoted the shilling at 129.00/50, unchanged from Friday's closing rate.
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Reuters
2 hours ago
- Reuters
India to maintain Russian oil imports despite Trump threats, government sources say
NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ( opens new tab, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
Reuters
5 hours ago
- Reuters
Brazil's Azul secures $650 million investment commitment
SAO PAULO, Aug 2 (Reuters) - Brazilian airline Azul said it signed an agreement with certain stakeholders for a $650 million investment in a future capitalization deal, according to a late Friday securities filing. The airline's so-called "backstop commitment agreement" must be approved by the U.S. court overseeing its bankruptcy proceedings, the filing said. In May, Azul filed for Chapter 11 bankruptcy protection in the United States after months of trying to restructure mostly pandemic-era debt.
Reuters
9 hours ago
- Reuters
Dangote appoints ex-Shell executive to lead refinery amid expansion drive
LAGOS, Aug 2 (Reuters) - Nigeria's Dangote Group has appointed David Bird, a former Shell executive and ex-CEO of 0Q8 refinery in Oman, as chief executive of its refinery and petrochemical division, the company said on Saturday, as it accelerates its pan-African growth strategy. Bird, whose appointment took effect on August 1, brings over three decades of industry experience, including a 14-year stint at Shell (SHEL.L), opens new tab where he oversaw the $12 billion Prelude FLNG project. His appointment comes as Dangote's $20 billion refinery complex in Lagos, the world's largest single-train facility, ramps up output following its commissioning in January 2024. Nigeria's Business Day was first to report on Bird's appointment on Friday. Despite expanding output, the Lagos refinery has faced operational setbacks, including design flaws and unit upsets, prompting a shift to a more diverse crude slate. Bird said, in a LinkedIn post, that his focus would be on boosting efficiency and expanding the company's footprint across Africa. Dangote also plans to list its refining business on the Lagos and London stock exchanges, although it has not given a timeframe. Dangote, which exported 220,000 bpd in July - led by jet fuel and gasoil - according to S&P Global's Commodities at Sea Data, plans to increase the refinery's capacity to 700,000 bpd and launch a CNG-powered truck fleet to strengthen domestic distribution. Chairman Aliko Dangote, Africa's richest man, is also seeking regulatory approval for a deep-sea port in Ogun state to support logistics.
