Latest news with #SPP
Russia Today
3 days ago
- Business
- Russia Today
Ditching Russian gas could cost EU state €16 billion
Slovakia could face €16 billion (over $18 billion) in penalties for cutting short a long-term gas deal with Russia's Gazprom under the EU's proposed phaseout plan, the country's state-owned gas importer SPP has warned, according to Reuters. Under the so-called REPowerEU plan, Brussels aims to eliminate the EU's reliance on Russian fossil fuels by 2028. The controversial legislation, supported by Commission President Ursula von der Leyen, would ban new gas contracts with Russia from 2026 and long-term ones by the end of 2027. The Commission has said it is considering legal avenues to enable European companies to claim force majeure, allowing them to terminate Russian gas contracts without penalties. SPP, which has a supply agreement with Gazprom until 2034, said on Tuesday that even if it invokes force majeure, the Russian energy giant may still seek compensation if an EU-wide import ban comes into force. Slovakia has repeatedly stressed the risks of cutting off Russian supplies, warning it would drive up prices across Europe and undermine energy security. Along with Hungary, Austria and reportedly Italy, Bratislava has opposed sanctions on Russian gas, which currently require unanimous backing from all EU member states. Slovak Prime Minister Robert Fico slammed the new phaseout plan as 'economic suicide.' Unlike sanctions, however, this plan is expected to be introduced as trade legislation, requiring the support of just 15 out of 27 EU members to pass, Reuters noted. Slovakia's energy setup leaves it particularly vulnerable. The landlocked country depends on Russia for about 85% of the gas it uses. In February, Slovakia began receiving Russian supplies via the TurkStream pipeline after Kiev halted gas transit through Ukraine, avoiding a domestic energy crisis. The country had already experienced a significant reduction in Russian gas imports due to Ukraine-related sanctions on Moscow and the 2022 sabotage of the Nord Stream pipeline. The EC's proposal will now go through the EU's co-decision legislative process, requiring approval from both the European Parliament and the Council.
Reuters
4 days ago
- Business
- Reuters
Gazprom may demand penalties if Slovakia cuts gas contract short, importer says
June 17 (Reuters) - Russian gas firm Gazprom may hit Slovakia with demands to pay some 16 billion euros, using current prices, for cutting short a long-term contract under an European Union plan to end Russian gas imports after 2027, Slovak state-owned gas importer SPP said on Tuesday. SPP, which has a contract until 2034, said that the Gazprom claim may come despite declaration of force majeure by SPP if the EU bans imports. Slovakia has been keen to maintain gas and oil supplies from Russia, despite EU efforts to cut Russia's income from fossil fuels amid its war against Ukraine, saying ending them would raise prices in Europe and threaten security of supplies.
The Hindu
4 days ago
- Politics
- The Hindu
ED officials are evolving by expanding their powers day by day: Madras High Court
Courts often remark that the Prevention of Money Laundering Act (PMLA) of 2002 is an evolving legislation which often throws up new legal questions 'but, I find that it is actually the Directorate of Enforcement (ED) officials who are evolving day by day by expanding their powers,' in the course of implementing the legislation, said Justice M.S. Ramesh of the Madras High Court on Tuesday (June 17, 2025). Presiding over a Division Bench along with Justice V. Lakshminarayanan to hear a batch of three writ petitions filed by film producer Akash Baskaran and his friend Vikram Ravindran, the senior judge wondered which provision of the PMLA empowers the ED officials to seal a residential/business premises if it was found to be locked when the officials go over there for a search and seizure operation. The question was raised since Mr. Ravindran, serving as director at Akash Baskaran Creative Studios Private Limited, in his two writ petitions, had accused the ED officials of having 'sealed' his office premises at Semmenchery and also a rented residential flat at Poes Garden in Chennai since they were locked and he was not present over there when a search operation was attempted on May 16. Denying the charge of having sealed the two premises, ED Special Public Prosecutor N. Ramesh told the Bench that the officials had merely stuck notices on the doors asking the petitioner to get in touch with them to cooperate with a money laundering investigation. However, Justice Ramesh pointed out the notices had clearly stated the premises should not be opened without the permission of the ED officials. Even assuming the words found in the notice would not amount to sealing, from where do you get the power to prevent an individual from entering his home or office, asked Justice Lakshminarayanan. He also said, no sane person would dare to ignore the notice stuck by a public official on his/her door and enter the premises without the fear of being prosecuted for having defied the orders passed by the officer. Mr. Ramesh told the court that Section 17 of the PMLA empowers the ED officials to even break open the locks for conducting the search operation. However, 'we did not want to take the drastic step of breaking open the locks and so we stuck the notices,' the SPP said and told the Bench that the ED officials were willing to remove the notices immediately if the court would permit them to do so. He also told the court the two writ petitioners before the court had so far not been treated as accused in the ongoing TASMAC money laundering investigation and that the necessity to search their premises had arisen only on the basis of credible information received by the Directorate that certain materials related to the offence could be in their possession. He said, the petitioners must cooperate with the probe. After hearing the SPP at length, the judges granted him time till Wednesday (June 18) for producing the documents related to the investigation.
Yahoo
5 days ago
- Business
- Yahoo
Ioneer raises $16m to advance Rhyolite Ridge lithium project towards FID
Ioneer has received firm commitments to raise approximately $16m through a placement of new shares aimed at advancing its Rhyolite Ridge Lithium-Boron Project in Nevada, US. The funds will be used to move the project through the strategic partnering process and towards a final investment decision (FID). The placement was met with strong support from both new and existing shareholders. The company will issue approximately 253 million new fully paid ordinary shares at an offer price of A$0.10 per share, a 13% discount to Ioneer's last close on 10 June 2025. The placement is set to provide necessary capital for project readiness, environmental and permitting expenses, and other associated costs, as well as for working capital and general corporate purposes. The new shares issued will rank equally with the existing ordinary shares of Ioneer. Canaccord Genuity acted as the lead manager and bookrunner, with Stifel Nicolaus Europe and Bridge Street Capital Partners serving as co-lead manager and co-manager, respectively. Ioneer executive chair James Calaway said: 'Rhyolite Ridge continues to demonstrate it is a world-leading lithium project, helping accelerate the electric vehicle transition and securing a cleaner future for our children and grandchildren. This placement represents another step forward towards ensuring this world-class project operates efficiently and sustainably.' In addition to the placement, Ioneer is offering a share purchase plan (SPP) to eligible shareholders, aiming to raise up to an additional $3.3m at the same price as the placement. The SPP will offer eligible shareholders the chance to increase their holdings by the maximum permitted amount of A$30,000 per application, without any brokerage, commission or transaction fees. Ioneer managing director Bernard Rowe said: 'Ioneer is pleased to announce the successful completion of the placement with strong engagement from new and existing investors, signalling market confidence [in] the Rhyolite Ridge Project despite significant headwinds in the lithium market.' This move comes after the announcement in February that South African miner Sibanye-Stillwater would exit the joint venture with Ioneer for the Rhyolite Ridge project following a significant drop in lithium prices. "Ioneer raises $16m to advance Rhyolite Ridge lithium project towards FID" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Hindu
5 days ago
- The Hindu
Mangaluru mob lynching: Court rejects bail for four due to prima facie involvement
Finding material on record that prima facie showed involvement of petitioners in the mob lynching incident, a Mangaluru court rejected bail applications of four persons arrested in connection with the death of 38-year-old Ashraf near Kudupu on April 27. 'The material placed on record as of now indicates the involvement of the petitioners and the prima facie case against them. In view of the gravity and seriousness of the offence committed, this is not a fit case to exercise the discretion vested under Section 483 of Bharatiya Nagarik Suraksha Samhita,' V.N. Jagadeesh, 2nd Additional District and Sessions Judge, Mangaluru, said in his June 12 order rejecting the bail application. The application was filed by Saideep, Anil Kumar, Yathiraj and Adarsha Pandith, who were arrested and are accused No. 13, 16, 17 and 18. After Ashraf reportedly raised slogans in support of Pakistan at a ground where a cricket match was on, players and members of the audience allegedly assaulted the ragpicker on the Batra Kallurti temple road in Kudupu on April 27. Following a complaint by the supervisor of the cricket tournament, the Mangaluru Rural police arrested 21 persons. Last week, the court had granted bail to five accused persons. Objecting to the bail application, the special public prosecutor (SPP) contented that names of petitioners were clearly mentioned by the complainant. The complainant has also said that petitioners and others had assaulted the deceased with sticks. The post-mortem report indicated that the deceased died on account of blunt injuries. The SPP further stated that police have recovered mobile phones of the arrested persons. In the mobile phones, the incident was recorded and photographs were taken. Based on the said recording and photographs, the Investigating officer arrested the accused persons. As investigation is pending and police have to collect more evidence, the SPP contended that the accused should not be released on bail, as they could tamper with prosecution witnesses. Agreeing with SPP, the judge observed that subsequent investigation by the police clearly indicated that a heinous crime was committed by a gang. 'By looking into the material placed on record, the said apprehension (of SPP) is acceptable,' the judge observed in his judgment. The court has posted for June 18 arguments on the bail application filed by arrested persons Vivian Alvaris, Shri Datta, Dhanush and Kishore Kumar
