UK’s Harbour Energy to close

Wintershall Dea asset deal

LONDON: Britain’s Harbour Energy said on Tuesday it expects to complete the acquisition of Wintershall Dea’s assets in early September, versus its previous forecast of early in the fourth quarter of the year. Harbour’s shares were up 7.2 percent at 301.10p in morning trade. The largest British North Sea oil and gas producer said it has made considerable progress on satisfying the conditions for completion, including regulatory approvals in Mexico. Harbour develops and produces oil and gas reserves on the United Kingdom and Norwegian continental shelves, Indonesia, Vietnam and Mexico. Harbour had, in December, agreed to acquire the German oil and gas company’s non-Russian oil and gas assets in a $11.2 billion deal with co-owners BASF and LetterOne, which would create one of the world’s biggest independent producers. — Reuters

Ukraine needs extra $15bn to

cover 2025 budget gap: PM

KYIV: Prime Minister Denys Shmyhal said on Tuesday that Ukraine needed an extra $15 billion to cover its budget deficit in 2025. He said that Ukraine estimated the total budget gap for next year to be $35 billion, with plans in place to cover $20 billion. The deficit was about $38 billion in 2024, according to Ukrainian government estimates. Shmyhal said the government planned tax increases and more borrowing on the domestic debt market to raise additional funds for its war against Russia. Parliament is due to debate these proposals in September. As part of efforts to raise additional funds, the prime minister also pledged to work to reduce the shadow economy and boost tax revenues. — Reuters

UN warns Libya faces economic

collapse amid central bank crisis

TRIPOLI: The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern “over the deteriorating economic situation in Libya resulting from unilateral decisions.” Disputes over control of Libya’s Central Bank have raised alarms about the potential misuse of the country’s financial resources. “UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank’s independence,” the statement said. The UN mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, the halting of escalations and use of force, and the protection of Central Bank employees. — Reuters

Airline LATAM cancels 36 flights

in Colombia over fuel shortage

BOGOTA: Latin America’s largest airline, LATAM, has canceled 36 flights in Colombia scheduled for Tuesday as the country grapples with a shortage of jet fuel due to an electrical failure at a refinery. The airline said in a statement Monday that the emergency measure was due to “restrictions on the supply of Jet A1 aviation fuel in some airports” due to a failure at a refinery. Avianca, the largest Colombian airline, had earlier expressed “concern” about fuel supplies at some airports and anticipated “adjustments in itineraries.” State oil company Ecopetrol said there had been an “electrical failure” that affected production at the Cartagena Refinery (Reficar) between August 16 and 18. Ecopetrol announced that it would import 100,000 barrels of aviation fuel that will arrive “next weekend.” This could lead to an increase in ticket prices, according to the transport ministry. —AFP