MIL-OSI Russia: Iranian President Condemns Trump’s Anti-Tehran Statements

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

TEHRAN, May 15 (Xinhua) — Iranian President Masoud Pezeshkian has strongly condemned U.S. President Donald Trump’s recent anti-Tehran remarks, calling them evidence of his inability to understand the true character of the Iranian people.

M. Pezeshkian made this statement on Wednesday evening at a meeting with representatives of the Iranian elite and cultural figures in the province of Kermanshah after D. Trump’s statements in Riyadh the day before. This is stated in a statement published on the website of the Iranian president’s office.

On Tuesday, Trump called Iran the “most destructive force” in the Middle East and accused it of fomenting regional instability, vowing that the United States would never allow the country to possess nuclear weapons.

In response, M. Pezeshkian stated that these statements by D. Trump testify to his inability to understand the “truth, honor, generosity and selflessness” of the Iranian people.

He added that while D. Trump was portraying Iran as a source of regional instability, thousands of women and children were killed as a result of Israeli bombing of the Gaza Strip, whose residents are also deprived of water and medicine.

According to the Iranian president, over the past 47 years, the United States and its allies have been straining every nerve to bring the Iranian government and people to their knees, but they have not succeeded and will not succeed.

Expressing confidence in Iran’s resilience, the president said his country would continue to develop, relying on its scientists, intellectuals and entrepreneurs. Although Iran does not seek war, it will never trade its honor and glory for peace, Pezeshkian concluded. –0–

MIL OSI Russia News –

May 16, 2025

MIL-OSI United Kingdom: UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

Source: United Kingdom – Executive Government & Departments

Press release

UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

More than 250 personnel from the UK Armed Forces are deployed to locations such as Cyprus and Somalia, working to reduce the threat of violence

The UK has announced a raft of investment for international initiatives to support UN peacekeeping activity.

As one of the largest financial contributors to UN peacekeeping operations, the UK has enduring deployments of around 250 military personnel to locations such as Cyprus, Somalia, and South Sudan, which see British troops working alongside peacekeepers from other countries, building their capability and enabling the UN to deliver its peacekeeping mandates.

Attending the annual UN Peacekeeping Ministerial summit in Berlin today, the Minister for the Armed Forces confirmed more than a million pounds of additional investment in international programmes to make peacekeeping operations more effective, deliver training to partner armed forces around the world, and to enhance accountability.

Pledges announced include:

£150,000 to support the roll-out of a UN reinforcement training package for commanders to help build skills to raise standards of conduct and discipline, while specifically aiming to strengthen leadership and accountability while combatting sexual exploitation and abuse.
£200,000 will fund monitoring and analysis of Action for Peacekeeping Plus – a key UN reform agenda – using data-driven insights to enhance and reform international peacekeeping with an evidence-based approach.
£500,000 to be invested in the Elsie Initiative Fund, which is co-chaired by the UK and UN Women, that aims to accelerate the pace of change in security institutions to enable more uniformed women to meaningfully deploy to and participate in peace operations.
£100,000 of investment will see the UK step up to co-host a peacekeeping course aimed at women alongside Austria and Kenya.
£125,000 will be spent on funding for the Peace Operations Training Institute, an NGO focused on delivering training to support peace operations and providing resources to counter disinformation and misinformation.

Not only will these measures contribute to building effective UN peacekeeping missions, they will also support the UK to ensure its forces have experience working alongside key partners, building their skills, capability and operational effectiveness.

Minister for the Armed Forces, Luke Pollard, said:

With the threat of conflict rising around the world, it has never been more important for countries to come together to assess what more we can collectively do to support those who selflessly put their lives at risk in the name of peace.

The UK has always been a staunch supporter of UN peacekeeping and the multilateral, and with hundreds of our personnel deployed on operations or supporting peace programmes in Europe and Africa, it was a pleasure to reaffirm our commitment today in Berlin to supporting peace processes and reducing the threat of conflict.

65 UN peacekeepers were killed or lost their lives in the line-of-duty last year. Their determination and sacrifice will be honoured by our reaffirmed commitment to deepening our international partnerships to deliver peace and cease unnecessary conflict.

Peacekeeping is essential to assisting countries transition from conflict to peace, helping to support stability in some of the most volatile regions the world, in turn positively affecting the UK’s own national security – which is the foundation of the government’s Plan for Change. It plays a critical role in preventing the outbreak of larger-scale violence and conflict which would otherwise require greater UK diplomatic, defence or development investment.

The most prominent UK activity in support of UN peace operations is through Operation Tosca in Cyprus, a reoccurring deployment to maintain 50 years calm, which sees British troops patrolling and maintaining the integrity of the buffer zone that runs between the Republic of Cyprus to the south and the so-called Turkish Republic of Northern Cyprus (TRNC) to the north (which is not recognised by the UK as a sovereign territory). It has been one of the UK’s longest-running operations and continues to play an essential part in the peace process between the RoC and the so-called TRNC.

Lord Collins of Highbury, FCDO Minister for Africa said:

Peacekeepers are in harm’s way every day to keep the communities they serve safe through courage and determination. In an era of global instability, they need the support of the international community now more than ever.

That’s why the UK is strengthening its commitment to UN peacekeeping operations through new funding and support, and why we must continue to strengthen our collective will to use peacekeeping effectively for peace and security.

A small number of British personnel also support a UN peace mission in Somalia, which conducts vital work to reduce the threat from extremist groups, such as Al-Shabaab, by helping to prevent them establishing a foothold in the country.

More broadly, the UK helps train and support the security forces of many African nations to enhance their peace operations, through the British Peace Support Team (Africa) which is headquartered in Nairobi, Kenya.

BPST(A) conducts around a hundred activities a year across sub-Saharan Africa, working closely with the UN to develop and deliver capacity-building, especially in peacekeeping intelligence, senior leaders’ courses, training to help counter the threat of improvised explosive devices, and combat sexual exploitation and abuse.

The team delivers these activities primarily alongside the African Union’s Peace and Security Operations Division, with African Standby Forces ,and with training institutions across the continent – training more than 3,000 personnel a year all ranks, from junior soldier to senior mission leader, from police, civilian and military disciplines.

Published 15 May 2025

MIL OSI United Kingdom –

May 15, 2025

MIL-OSI Video: President Trump Participates in a Roundtable with Business Leaders, May 15, 2025

Source: United States of America – The White House (video statements)

Doha, Qatar

https://www.youtube.com/watch?v=czwIazxoONU

MIL OSI Video –

May 15, 2025

MIL-OSI Video: President Trump Delivers Remarks to Troops at Al Udeid Air Base, May 15, 2025

Source: United States of America – The White House (video statements)

Doha, Qatar

https://www.youtube.com/watch?v=Yn7-eCpY3Lk

MIL OSI Video –

May 15, 2025

MIL-OSI Global: Where do cuts to USAID leave the future of foreign aid in Africa? Podcast

Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

Three months after the Trump administration made drastic cuts to its aid agency, USAID, the effects are being felt across the world, particularly in Africa.

Donald Trump has long been a critic of foreign aid, arguing that it’s not aligned with American interests. But he is by no means the first person to criticise the aid industry. Debates about the effectiveness of foreign aid have rumbled on for decades, taking in everything from the way development assistance is distributed, to what happens to countries which become dependent on it.

In this episode of The Conversation Weekly podcast, we speak to Bright Simons, an African aid expert and visiting senior fellow at ODI Global, about where the decimation of USAID leaves the debate about the future of development assistance.

Bright Simons tells The Conversation that in broad terms, USAID spending in Africa is pretty small: “It’s about US$12 billion (£9 billion) roughly, so you’re talking about less than 0.5% of GDP in Africa.”

A lot of the aid spending on the continent was targeted at life-saving programmes in specific programmes, for example HIV programmes in Nigeria and Uganda. At the same time, some countries such as South Sudan or Rwanda rely heavily on aid. “ It’s not the same picture all across the continent, but there were specific spots that were very badly hit,” says Simons.

The USAID cuts come amid a general reduction in overseas development assistance by 7% in 2024 compared to 2023, the first fall in five years. The UK government has also announced its intention to reduce the percentage of gross national income it spends on aid from 0.5% to 0.3% from 2027.

No learning curve

Simons believes the crisis in aid is bigger than Trump. He’s critical of the lack of accountability in the way aid is spent both through the western model of development spending and through the more transactional approach of countries such as Russia, India or the United Arab Emirates. He argues that policies and programmes are often put in place and promoted with little scrutiny on the ground, and weak oversight on the way they’re delivered.

“ You don’t have a learning curve to get out of aid because you don’t know enough about what is working, what is not working, why it’s working, why it’s not working to chart a path that gets you away from that dependency,” says Simons.

Simons suggests that aid delivered through multilateral institutions does have advantages over bilateral agreements between countries. “ In theory, there is room for that kind of accountability. Whether or not you are allowed to actually exercise it as a different matter,” he says.

However, Simons suggests one response to the current reduction in foreign aid could be for multilateral institutions to borrow more money from capital markets and lend it on to low-income countries.

Listen to Simons talk about the history and future of aid on The Conversation Weekly podcast. The episode also includes an introduction with Adejuwon Soyinka, West Africa editor at The Conversation Africa.

This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

Newsclips in this episode from CBS News, CBS Evening News and DW News.

Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

Bright Simons is Honorary Vice-President at IMANI, a think tank in Ghana. He is President of mPedigree, a technology social enterprise.

– ref. Where do cuts to USAID leave the future of foreign aid in Africa? Podcast – https://theconversation.com/where-do-cuts-to-usaid-leave-the-future-of-foreign-aid-in-africa-podcast-256608

MIL OSI – Global Reports –

May 15, 2025

MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

Source: GlobeNewswire (MIL-OSI)

Shell plc – Report on Payments to Governments for the year 2024

Basis for preparation – Report on Payments to Governments for the year 2024
This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

This Report is available for download from www.shell.com/payments.

Legislation
This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

Reporting entities
This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

Activities
Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

Government
Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

Project
Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

“Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment
The information is reported under the following payment types:

Production entitlements
These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

Taxes
These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

Royalties
These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

Dividends
These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

Bonuses
These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

Infrastructure improvements
These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

Other
Operatorship
When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

Cash and in-kind payments
Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

Materiality level
For each payment type, total payments below £86,000 to a government are excluded from this Report.

Exchange rate
Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

Report on Payments to Governments [1]

Summary report (in USD)
Countries	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Europe
Germany	–	243,935,441	–	–	–	–	243,935,441
Italy	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Norway	2,083,221,642	1,300,962,023	–	–	122,391	–	3,384,306,056
United Kingdom	–	-16,649,747	–	–	11,483,529	–	-5,166,218
Asia
Brunei	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353
China	–	10,343,616	–	–	–	–	10,343,616
India	–	-17,715,638	–	–	–	–	-17,715,638
Kazakhstan	–	242,741,780	–	–	–	–	242,741,780
Malaysia	2,317,002,807	305,924,901	500,008,822	–	–	–	3,122,936,530
Middle East
Oman	633,711,368	3,954,062,451	–	–	900,000	–	4,588,673,819
Qatar	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Oceania
Australia	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028
Africa
Egypt	–	41,164,348	–	1,836,435	–	–	43,000,783
Nigeria	3,804,949,166	648,734,398	780,231,463	–	102,925,166	–	5,336,840,193
Sao Tome and Principe	–	–	–	1,300,000	–	–	1,300,000
Tanzania	–	–	–	–	140,000	–	140,000
Tunisia	–	24,904,580	4,941,633	–	–	–	29,846,213
North America
Canada	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846
Mexico	–	–	–	–	21,527,002	–	21,527,002
USA	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870
South America
Argentina	53,082,051	1,984,309	143,969,668	–	123,276	–	199,159,304
Brazil	327,688,819	656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247
Colombia	–	–	–	–	489,880	–	489,880
Trinidad and Tobago	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992
Total	11,387,783,976	10,456,840,201	4,322,795,167	12,976,786	1,913,987,033	1,127,250	28,095,510,413

[1] The figures in this Report are rounded.

Germany

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL CENTRAL TAX OFFICE	–	294,891,077	–	–	–	–	294,891,077
MUNICIPALITY OF COLOGNE	–	-2,763,591	–	–	–	–	-2,763,591
MUNICIPALITY OF DINSLAKEN	–	-386,534	–	–	–	–	-386,534
MUNICIPALITY OF GELSENKIRCHEN	–	-483,145	–	–	–	–	-483,145
MUNICIPALITY OF OSTSTEINBEK	–	584,685	–	–	–	–	584,685
MUNICIPALITY OF WESSELING	–	-3,943,262	–	–	–	–	-3,943,262
TAX AUTHORITY HAMBURG	–	-43,963,789	–	–	–	–	-43,963,789
Total	–	243,935,441	–	–	–	–	243,935,441

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
DEUTSCHE SHELL HOLDING GmbH	–	243,935,441	–	–	–	–	243,935,441
Total	–	243,935,441	–	–	–	–	243,935,441

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Italy

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
CALVELLO MUNICIPALITY	–	–	884,083	–	–	–	884,083
CORLETO PERTICARA MUNICIPALITY	–	–	1,964,671	–	–	–	1,964,671
GORGOGLIONE MUNICIPALITY	–	–	302,257	–	–	–	302,257
GRUMENTO NOVA MUNICIPALITY	–	–	505,190	–	–	–	505,190
MARSICO NUOVO MUNICIPALITY	–	–	378,893	–	–	–	378,893
MARSICOVETERE MUNICIPALITY	–	–	126,298	–	–	–	126,298
MONTEMURRO MUNICIPALITY	–	–	126,298	–	–	–	126,298
REGIONE BASILICATA	–	–	44,157,199	–	79,302,465	–	123,459,664
TESORERIA PROVINICIALE DELLO STATO	–	4,128,063	22,264,135	–	718,305	–	27,110,503
VIGGIANO MUNICIPALITY	–	–	3,504,758	–	200,016	–	3,704,774
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ITALY UPSTREAM ASSET	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Norway

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EQUINOR ASA	853,946,278	[A]	–	–	–	–	–	853,946,278
PETORO AS	1,229,275,364	[B]	–	–	–	–	–	1,229,275,364
SKATTEETATEN	–		1,300,962,023	–	–	–	–	1,300,962,023
SOKKELDIREKTORATET	–		–	–	–	122,391	–	122,391
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ORMEN LANGE	2,083,221,642	[C]	–	–	–	–	–	2,083,221,642
Entity level payment
A/S NORSKE SHELL	—		1,300,962,023	–	–	122,391	–	1,301,084,414
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price.

[C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

United Kingdom

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
HM REVENUE AND CUSTOMS	–	-16,649,747	–	–	–	–	-16,649,747
NORTH SEA TRANSITION AUTHORITY	–	–	–	–	11,355,210	–	11,355,210
THE CROWN ESTATE SCOTLAND	–	–	–	–	128,319	–	128,319
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BRENT AND OTHER NORTHERN NORTH SEA PROJECTS	–	-32,113,820	–	–	563,325	–	-31,550,495
ONEGAS WEST	–	–	–	–	3,232,597	–	3,232,597
UK EXPLORATION PROJECTS	–	–	–	–	1,117,783	–	1,117,783
UK OFFSHORE OPERATED	–	–	–	–	2,119,313	–	2,119,313
WEST OF SHETLAND NON-OPERATED	–	–	–	–	1,076,456	–	1,076,456
Entity level payment
SHELL U.K. LIMITED	–	15,464,073	–	–	3,374,055	–	18,838,128
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Brunei

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE AND ECONOMY	–	44,229,620	–	–	–	–	44,229,620
PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM	3,983,642	–	8,660,091	–	–	–	12,643,733
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL DEEPWATER BORNEO B.V.	–	39,001,133	–	–	–	–	39,001,133
SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.	3,983,642	5,228,487	8,660,091	–	–	–	17,872,220
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

China

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
TIANJIN MUNICIPAL TAXATION BUREAU	–	5,911,867	–	–	–	–	5,911,867
YULIN MUNICIPAL TAXATION BUREAU	–	4,431,749	–	–	–	–	4,431,749
Total	–	10,343,616	–	–	–	–	10,343,616

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED	–	10,343,616	–	–	–	–	10,343,616
Total	–	10,343,616	–	–	–	–	10,343,616

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

India

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
INCOME TAX DEPARTMENT	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
BG EXPLORATION AND PRODUCTION INDIA LIMITED	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Kazakhstan

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
WEST KAZAKHSTAN TAX COMMITTEE	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
KARACHAGANAK	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Malaysia

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD	301,048,915	[A]	–	–		–	–	–	301,048,915
LEMBAGA HASIL DALAM NEGERI	–		305,924,901	–		–	–	–	305,924,901
MALAYSIA FEDERAL AND STATE GOVERNMENTS	–		–	469,060,363	[B]	–	–	–	469,060,363
PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.	74,656,856	[C]	–	–		–	–	–	74,656,856
PETROLIAM NASIONAL BERHAD	990,078,563	[D]	–	30,948,459		–	–	–	1,021,027,022
PETRONAS CARIGALI SDN. BHD.	951,218,473	[E]	–	–		–	–	–	951,218,473
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

Project report (in USD)
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
SABAH GAS (NON-OPERATED)	–		16,208,714	3,017,327		–	–	–	19,226,041
SABAH INBOARD AND DEEPWATER OIL	1,435,194,825	[F]	158,435,164	303,452,674	[G]	–	–	–	1,897,082,663
SARAWAK OIL AND GAS	881,807,982	[H]	116,047,586	193,538,821	[I]	–	–	–	1,191,394,389
Entity level payment
SABAH SHELL PETROLEUM COMPANY LIMITED	–		4,502,043	–		–	–	–	4,502,043
SARAWAK SHELL BERHAD	–		3,394,907	–		–	–	–	3,394,907
SHELL ENERGY ASIA LIMITED	–		2,616,753	–		–	–	–	2,616,753
SHELL OIL AND GAS (MALAYSIA) LLC	–		595,653	–		–	–	–	595,653
SHELL SABAH SELATAN SENDRIAN BERHAD	–		4,124,081	–		–	–	–	4,124,081
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price.

[C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price.

[D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

[E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

[F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

[G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

[H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

[I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

Oman

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF ENERGY AND MINERALS	633,711,368	[A]	–	–	–	–	–	633,711,368
MINISTRY OF FINANCE	–		3,954,062,451	–	–	900,000	–	3,954,962,451
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 6 CONCESSION	–		3,954,062,451	–	–	–	–	3,954,062,451
BLOCK 10 CONCESSION	633,711,368	[A]	–	–	–	400,000	–	634,111,368
BLOCK 11 CONCESSION	–		–	–	–	250,000	–	250,000
BLOCK 55 CONCESSION	–		–	–	–	250,000	–	250,000
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

Qatar

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
QATARENERGY	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
PEARL GTL	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Australia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AUSTRALIAN TAXATION OFFICE	–	1,277,737,693	–	–	–	–	1,277,737,693
BANANA SHIRE COUNCIL	–	–	–	–	217,920	–	217,920
FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES	–	–	111,989,284	–	–	–	111,989,284
QUEENSLAND REVENUE OFFICE	–	–	356,590,166	–	–	–	356,590,166
QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE	–	–	–	–	935,554	–	935,554
QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES	–	–	–	–	581,472	–	581,472
RESOURCES SAFETY AND HEALTH QUEENSLAND	–	–	–	–	1,359,992	–	1,359,992
WESTERN DOWNS REGIONAL COUNCIL	–	–	–	–	10,317,519	266,428	10,583,947
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
NORTH WEST SHELF	–	–	111,989,284	–	–	–	111,989,284
QGC	–	583,570,540	356,590,166	–	13,412,457	266,428	953,839,591
Entity level payment
SHELL AUSTRALIA PTY LTD	–	694,167,153	–	–	–	–	694,167,153
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Egypt

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EGYPTIAN GENERAL PETROLEUM CORPORATION	–	41,164,348	–	1,836,435	–	–	43,000,783
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
EGYPT OFFSHORE DEVELOPMENT	–	41,164,348	–	540,000	–	–	41,704,348
Entity level payment
SHELL EGYPT N.V.	–	–	–	1,296,435	–	–	1,296,435
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

[I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Nigeria

Government report (in USD) [1]
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL INLAND REVENUE SERVICE	–		648,734,398	[A]	–		–	–	–	648,734,398
NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE	–		–		–		–	3,931,917	–	3,931,917
NIGER DELTA DEVELOPMENT COMMISSION	–		–		–		–	97,260,899	–	97,260,899
NIGERIAN NATIONAL PETROLEUM CORPORATION	3,804,949,166	[B]	–		–		–	–	–	3,804,949,166
NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION	–		–		780,231,463	[C]	–	1,732,350	–	781,963,813
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

Project report (in USD)
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
EAST ASSET	1,300,681,939	[D]	–		–		–	–	–	1,300,681,939
PSC 1993 (OML 133)	–		136,652,153	[E]	–		–	–	–	136,652,153
PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)	649,948,707	[F]	303,125,852	[G]	452,170,096	[H]	–	32,015,797	–	1,437,260,452
WEST ASSET	1,854,318,520	[I]	–		–		–	–	–	1,854,318,520
Entity level payment
SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED			–		–		–	440,468	–	440,468
THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED			208,956,393		328,061,367			70,468,901		607,486,661
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

[B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

[C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price.

[E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price.

[F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price.

[G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price.

[H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

Sao Tome and Principe

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
DW BLOCK 4	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tanzania

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
PETROLEUM UPSTREAM REGULATORY AUTHORITY	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 1 AND 4	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tunisia

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES	–	–	2,140,627	[A]	–	–	–	2,140,627
LE RECEVEUR DES FINANCES DU LAC	–	24,904,580	2,801,006		–	–	–	27,705,586
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

	Project report (in USD)
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
HASDRUBAL CONCESSION	–	24,904,580	4,941,633	[A]	–	–	–	29,846,213
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price.

Canada

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
GOVERNMENT OF ALBERTA	–	–	656,638	–	119,099	–	775,737
MINISTRY OF FINANCE (BRITISH COLUMBIA)	–	–	2,915,313	–	625,526	–	3,540,839
MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)	–	–	–	–	679,158	–	679,158
PROVINCIAL TREASURER OF ALBERTA	–	60,864,405	–	–	–	–	60,864,405
RECEIVER GENERAL FOR CANADA	–	111,702,667	1,126,040	–	–	–	112,828,707
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ATHABASCA OIL SANDS	–	172,567,072	–	–	–	–	172,567,072
FOOTHILLS	–	–	1,126,040	–	–	–	1,126,040
GREATER DEEP BASIN	–	–	656,638	–	119,099	–	775,737
GROUNDBIRCH	–	–	2,915,313	–	1,304,684	–	4,219,997
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Mexico

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO	–	–	–	–	17,154,483	–	17,154,483
SERVICIO DE ADMINISTRACIÓN TRIBUTARIA	–	–	–	–	4,372,519	–	4,372,519
Total	–	–	–	–	21,527,002	–	21,527,002

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
MEXICO EXPLORATION DEEPWATER	–	–	–	–	21,527,002	–	21,527,002
Total	–	–	–	–	21,527,002	–	21,527,002

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

USA

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
ALASKA DEPARTMENT OF NATURAL RESOURCES	–	–	–	–	243,408	–	243,408
COMMONWEALTH OF PENNSYLVANIA	–	-400,000	–	–	–	–	-400,000
INTERNAL REVENUE SERVICE	–	53,638,500	–	–	–	–	53,638,500
LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT	–	–	–	–	–	860,822	860,822
OFFICE OF NATURAL RESOURCES REVENUE	–	–	1,187,594,021	–	80,435,119	–	1,268,029,140
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ALASKA EXPLORATION	–	–	–	–	243,408	–	243,408
GULF OF AMERICA (CENTRAL)	–	–	1,076,187,269	–	282,312	–	1,076,469,581
GULF OF AMERICA (WEST)	–	–	111,406,752	–	126,720	–	111,533,472
GULF OF AMERICA EXPLORATION	–	–	–	–	80,026,087	–	80,026,087
Entity level payment
SHELL EXPLORATION AND PRODUCTION COMPANY	–	-400,000	–	–	–	–	-400,000
SHELL OFFSHORE INC.	–	–	–	–	–	860,822	860,822
SHELL PETROLEUM INC.	–	53,638,500	–	–	–	–	53,638,500
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Argentina

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO	–		1,984,309	–	–	–	–	1,984,309
GAS Y PETRÓLEO DEL NEUQUÉN S.A.	53,082,051	[A]	–	–	–	–	–	53,082,051
PROVINCIA DE SALTA	–		–	2,475,819	–	–	–	2,475,819
PROVINCIA DEL NEUQUÉN	–		–	141,493,849	–	123,276	–	141,617,125
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ACAMBUCO	–		–	2,475,819	–	–	–	2,475,819
ARGENTINA UNCONVENTIONAL PROJECTS	53,082,051	[A]	1,984,309	141,493,849	–	123,276	–	196,683,485
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

Brazil

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS	–		–	–	9,540,351	–	–	9,540,351
MINISTÉRIO DA FAZENDA	–		–	1,147,687,680	–	1,556,282,443	–	2,703,970,123
PRÉ-SAL PETRÓLEO S.A.	327,688,819	[A]	–	–	–	–	–	327,688,819
RECEITA FEDERAL DO BRASIL	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BASIN EXPLORATION PROJECTS	–		–	–	9,540,351	3,244,993	–	12,785,344
BC-10	–		–	31,254,519	–	1,251,598	–	32,506,117
BIJUPIRA AND SALEMA	–		–	–	–	501,608	–	501,608
BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ	29,716,011	[B]	–	882,483,636	–	1,551,284,244	–	2,463,483,891
LIBRA PSC	297,972,808	[C]	–	233,949,525	–	–	–	531,922,333
Entity level payment
SHELL BRASIL PETROLEO LTDA.	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price.

[B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price.

[C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

Colombia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA NACIONAL DE HIDROCARBUROS	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
COLOMBIA EXPLORATION (OPERATED)	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Trinidad and Tobago

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE	–	561,771	–	–	–	–	561,771
MINISTRY OF ENERGY AND ENERGY INDUSTRIES	362,690,585	–	2,210,566	300,000	13,719,070	–	378,920,221
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 5C	84,428,910	–	–	–	1,714,071	–	86,142,981
CENTRAL BLOCK	–	561,771	2,210,566	–	900,921	–	3,673,258
COLIBRI	120,876,414	–	–	–	3,332,208	–	124,208,622
DEEPWATER ATLANTIC AREA	–	–	–	–	537,570	–	537,570
EAST COAST MARINE AREA	99,098,428	–	–	–	2,100,156	–	101,198,584
EXPLORATION	–	–	–	300,000	2,017,530	–	2,317,530
MANATEE	–	–	–	–	847,999	–	847,999
NORTH COAST MARINE AREA 1	58,286,833	–	–	–	2,268,615	–	60,555,448
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

The MIL Network –

May 15, 2025

MIL-OSI: T1 Energy Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) reported financial and operating results for the first quarter 2025 today.

Headlines

T1 has signed 253 MW 2025 sales agreement with U.S. utility-scale developer. This sales agreement, which is the first new customer commitment the Company has signed as T1 Energy, underscores T1’s commercial appeal to U.S. developer customers. With this sales agreement, T1 has now secured 1.75 GW of 2025 customer module sales and offtake commitments for G1 Dallas.
Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity, the elective conversion of three production lines from PERC to TOPCon technology, and a potential 800 MW inventory build. At the low-end of the updated EBITDA guidance range, T1 expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
G1 Dallas revenues and production continue to ramp. Following the full handover of G1 Dallas to T1’s operating team in April, the Company’s U.S. module manufacturing facility has continued to ramp sales and production volumes. During Q1 2025, T1 generated $64.6 million of revenue from G1 Dallas exclusively associated with deliveries under the Trina offtake contract. During Q2 2025, deliveries under the RWE offtake contract have commenced. As of May 11^th, T1 had produced 690 MW of modules from G1.
T1 has entered into a Heads of Agreement with a partner aligned with the Kingdom of Saudi Arabia to explore a potential investment in G2 Austin. T1 announced this morning that the Company has entered into a non-binding agreement to pursue an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility. The agreement was signed at a ceremony in Riyadh this week hosted by the Saudi Ministry of Investment to commemorate the U.S. administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

“T1’s rapid corporate transformation gained momentum during and following the first quarter,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Although potential changes to trade policy are creating near-term uncertainties in the merchant sales market for T1 and our developer customers, we are well positioned to manage this sales environment with 1.7 GW of 2025 contracted module offtake coverage, a robust cash and liquidity position, and the continued production and sales ramp up at G1 Dallas. In addition, our plans to establish a vertically integrated U.S. solar value chain, coupled with our domestic content strategy, are generating meaningful interest from customers, prospective capital providers, and industrial partners. As we sprint forward with our key strategic initiatives, we will continue to prioritize value generating opportunities that enhance T1’s competitive position as an emerging leader in the U.S. solar and storage markets.”

Highlights of First Quarter 2025 and Subsequent Events

G1 Dallas fully operational following term conversion of construction loan. On April 30^th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline. The conversion of the loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete. All production lines have been handed over to T1’s operations team.
Key additions strengthen T1’s leadership team. On April 28^th, T1 announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications. Mr. Munro and Mr. Gold bring deep solar energy legal and communications experience to T1’s mission to create a vertically integrated, solar plus storage manufacturing and technology leader in the United States.
U.S. tariffs align with T1’s strategy to establish an integrated U.S. solar value chain based on high domestic content. On April 4th, T1 published a communication highlighting the potential long-term benefits to T1 from its domestic vertical integration strategy. Although solar industrial and tariff policy uncertainty are creating some near-term headwinds for T1 and utility-scale developers, T1 believes that it is positioned to benefit from public policies that promote U.S. manufacturing, technology transfer, and job creation.

Business Outlook and Guidance

Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity; the elective conversion of three production lines from PERC to TOPCon technology; and a potential 800 MW inventory build. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
Strong liquidity outlook despite reductions to 2025 to EBITDA guidance. At the low-end of T1’s updated 2025 EBITDA guidance range, the Company expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. T1’s significant liquidity position is supported by 1.5 GW of high-margin customer offtake contracts, the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025, and the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business.
T1 is advancing financing processes for G2 Austin. T1 initiated several capital formation initiatives in parallel during the first quarter to pursue funding for the Company’s planned G2 Austin U.S. solar cell facility. The Company is currently advancing a project financing with its consortium of commercial lenders, the monetization of Section 45X PTCs, and possible mezzanine financing options to complement expected customer offtake deposits to reserve G2 capacity.
Update on European Portfolio Optimization. The Company continues to make progress with the wind down of legacy European operations and the European Portfolio Optimization initiative. As personnel-related expenses roll off T1’s P&L, cost savings from the wind down should accelerate later in 2025, representing a projected $20 million of General & Administrative costs that will not recur in 2026. T1’s Board of Directors is concurrently overseeing the process of potentially harvesting value from legacy European assets, including Giga Arctic, the Customer Qualification Plant, and the Giga Vasa project. Securing access to additional power for these assets is expected to be a key value driver, and T1 will provide additional updates as the process develops.

Q1 2025 Results Overview

T1 Energy reported a net loss attributable to common stockholders for the first quarter 2025 of $17.1 million, or $0.11 per diluted share compared to a net loss of $28.5 million, or $0.20 per diluted share for the first quarter of 2024. Net loss from continuing operations was $4.1 million, or $0.03 per diluted share for the first quarter of 2025 compared to $11.3 million or $0.08 per diluted share for the first quarter of 2024. Net loss from discontinued operations was $12.1 million or $0.08 per diluted share for the first quarter of 2025 compared to $17.4 million or $0.12 per diluted share for the first quarter of 2024.
As of March 31, 2025, T1 had cash, cash equivalents, and restricted cash of $51.1 million.

Presentation of First Quarter 2025 Results

A presentation will be held today, May, 15, 2025, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the first quarter. The results and presentation material will be available for download at https://ir.t1energy.com/.

To access the conference call, listeners should proceed as follows:

Click on the call link and complete the online registration form.
Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.

Select a method for joining the call:

Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.

The call will also be available by clicking the webcast link.

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599-5706

Media contact:

Russell Gold
EVP, Strategic Communications
russell.gold@T1energy.com
Tel: +1 214 616-9715

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s commercial appeal to U.S. developer customers; the Company’s financial, production and operational guidance; the existence of trade policy uncertainties and lack of cost visibility; the Company’s inventory build resulting from production at G1; the Company’s projected cash and liquidity position; the ability of the Company to ramp sales and production volumes at G1; the speed and success of the Company’s corporate transformation; the Company’s ability to manage the current sales environment; the Company’s plans to establish a vertically integrated U.S. solar value chain, coupled with its domestic content strategy; interest from the Company’s customers, prospective capital providers and industrial partners; the prioritization of value generating opportunities that enhance the Company’s competitive position as an emerging leader in the U.S. solar and storage markets; the potential for an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility by a partner aligned with the Kingdom of Saudi Arabia; the Company’s potential long-term benefits of tariffs and other public policies that promote U.S. manufacturing, technology transfer, and job creation; the elective conversion of three production lines from PERC to TOPCon technology; the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025; the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business; and the Company’s goals and projections for securing project financing at G2; These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	48,881		$	72,641
Restricted cash		2,210			4,004
Accounts receivable trade, net – related parties		18,005			—
Government grants receivable, net		14,080			687
Inventory		333,032			274,549
Advances to suppliers		164,248			164,811
Other current assets		7,908			1,569
Current assets of discontinued operations		38,312			64,909
Total current assets		626,676			583,170
Property and equipment, net		310,246			285,187
Goodwill		74,527			74,527
Intangible assets, net		270,686			281,881
Right-of-use asset under operating leases		149,570			111,081
Total assets	$	1,431,705		$	1,335,846
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	108,532		$	61,708
Accrued liabilities and other		76,845			91,346
Deferred revenue		61,525			48,155
Derivative liabilities		1,556			14,905
Current portion of long-term debt		56,492			42,867
Current portion of long-term debt – related party		59,000			51,500
Payables to related parties		88,947			52,534
Current liabilities of discontinued operations		40,204			51,009
Total current liabilities		493,101			414,024
Long-term deferred revenue		30,000			32,000
Convertible note – related party		82,083			80,698
Operating lease liability		139,921			101,787
Long-term debt		170,753			188,316
Long-term debt – related party		234,829			238,896
Deferred tax liability		20,232			21,227
Other long-term liabilities		9,581			21,761
Total liabilities		1,180,500			1,098,709
Commitments and contingencies
Redeemable preferred stock
Convertible series A preferred stock, $0.01 par value, 5,000 issued and outstanding as of both March 31, 2025 and December 31, 2024 (includes accrued dividends and accretion of $978 and $87 as of March 31, 2025 and December 31, 2024, respectively)		49,266			48,375
Stockholders’ equity:
Common stock, $0.01 par value, 155,938 issued and outstanding as of March 31, 2025 and 155,928 issued and outstanding as of December 31, 2024		1,559			1,559
Additional paid-in capital		974,767			971,416
Accumulated other comprehensive loss		(32,910	)		(58,975	)
Accumulated deficit		(741,477	)		(725,238	)
Total equity		201,939			188,762
Total liabilities, redeemable preferred stock, and equity	$	1,431,705		$	1,335,846


	Three months ended March 31,
		2025			2024
Net sales – related parties	$	64,647		$	—
Cost of sales		35,671			—
Gross profit		28,976			—
Selling, general and administrative		52,587			15,004
Loss from continuing operations		(23,611	)		(15,004	)
Other income (expense):
Warrant liability fair value adjustment		1,567			146
Derivative liabilities fair value adjustment		25,229			—
Interest (expense) income, net		(9,853	)		1,405
Foreign currency transaction (loss) gain		(14	)		554
Other income, net		34			1,594
Total other income		16,963			3,699
Loss from continuing operations before income taxes		(6,648	)		(11,305	)
Income tax benefit		2,513			—
Net loss from continuing operations		(4,135	)		(11,305	)
Net loss from discontinued operations, net of tax		(12,104	)		(17,385	)
Net loss		(16,239	)		(28,690	)
Net loss attributable to non-controlling interests		—			147
Preferred dividends and accretion		(891	)		—
Net loss attributable to common stockholders	$	(17,130	)	$	(28,543	)

Weighted average shares of common stock outstanding – basic and diluted		155,933			139,705
Net loss per share from continuing operations – basic and diluted	$	(0.03	)	$	(0.08	)
Net loss per share from discontinued operations – basic and diluted	$	(0.08	)	$	(0.12	)
Net loss per share attributable to common stockholders – basic and diluted	$	(0.11	)	$	(0.20	)

Other comprehensive income (loss):
Net loss	$	(16,239	)	$	(28,690	)
Foreign currency translation adjustments		26,065			(26,044	)
Total comprehensive income (loss)		9,826			(54,734	)
Comprehensive loss attributable to non-controlling interests		—			147
Preferred dividends and accretion		(891	)		—
Comprehensive income (loss) attributable to common stockholders	$	8,935		$	(54,587	)


	Three months ended March 31,
		2025			2024
Cash flows from operating activities:
Net loss	$	(16,239	)	$	(28,690	)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense		3,939			3,551
Depreciation and amortization		14,678			2,211
Change in fair value of derivative liabilities		(25,229	)		—
Gain on sale of property and equipment		(5,675	)		—
Accretion of discount on long-term debt		4,640			—
Reduction in the carrying amount of right-of-use assets		1,689			277
Warrant liability fair value adjustment		(1,567	)		(146	)
Deferred income taxes		(995	)		—
Share of net loss of equity method investee		425			156
Foreign currency transaction net unrealized gain		251			(1,359	)
Other		1,311			—
Changes in assets and liabilities:
Inventory		(58,483	)		—
Advances to suppliers and other current assets		(358	)		2,852
Trade accounts receivable		(18,005	)		—
Government grants receivable		(13,393	)		—
Accounts payable, accrued liabilities and other		56,827			4,930
Deferred revenue		11,370			—
Net cash used in operating activities		(44,814	)		(16,218	)
Cash flows from investing activities:
Proceeds from the return of property and equipment deposits		1,202			19,021
Purchases of property and equipment		(29,141	)		(21,455	)
Proceeds from the sale of property and equipment		50,000			—
Net cash provided by (used in) investing activities		22,061			(2,434	)
Cash flows from financing activities:
Debt fees paid		(3,760	)		—
Net cash used in financing activities		(3,760	)		—
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash		959			(4,324	)
Net decrease in cash, cash equivalents, and restricted cash		(25,554	)		(22,976	)
Cash, cash equivalents, and restricted cash at beginning of period		76,645			275,742
Cash, cash equivalents, and restricted cash at end of period	$	51,091		$	252,766

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41e3f5da-8114-4e43-9b08-944982bb0e1d

The MIL Network –

May 15, 2025

MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

Source: GlobeNewswire (MIL-OSI)

Expects Growth to Accelerate In Second Quarter
Reiterates 2025 Guidance

PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

“2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

Operating Progress: Recent Highlights

Increased activity within the Katapult app marketplace
- ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
- Applications grew ~59% year-over-year in the first quarter
- Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
- 57.4% of gross originations for the first quarter of 2025 came from repeat customers¹
Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
- KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
- KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
- Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
Made strong progress against merchant engagement initiatives
- Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
- Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
- Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

First Quarter 2025 Financial Highlights

(All comparisons are year-over-year unless stated otherwise.)

Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
Total revenue was $71.9 million, an increase of 10.6%
Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses², which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
Adjusted net loss² was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
Adjusted EBITDA² was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA² of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

[1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
[2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

Second Quarter and Full Year 2025 Business Outlook

The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

25% to 30% year-over-year increase in gross originations
17% to 20% year-over-year increase in revenue
Approximately breakeven Adjusted EBITDA

Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

We expect gross originations to grow at least 20%

This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay

Revenue growth is expected to be at least 20%

Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

“The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

Conference Call and Webcast

The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

About Katapult

Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

Contact

Jennifer Kull
VP of Investor Relations
ir@katapult.com

Forward-Looking Statements

Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Key Performance Metrics

Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

Non-GAAP Financial Measures

To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

Are widely used to measure a company’s operating performance;
Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.


KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (amounts in thousands, except per share data)
	Three Months Ended March 31,
		2025			2024

Revenue
Rental revenue	$	71,078		$	64,142
Other revenue		868			919
Total revenue		71,946			65,061
Cost of revenue		57,597			48,573
Gross profit		14,349			16,488
Operating expenses		14,885			12,688
Income (loss) from operations		(536	)		3,800
Interest expense and other fees		(5,144	)		(4,527	)
Interest income		57			324
Change in fair value of warrant liability		(36	)		(162	)
Loss before income taxes		(5,659	)		(565	)
Provision for income taxes		(29	)		(5	)
Net loss	$	(5,688	)	$	(570	)

Weighted average common shares outstanding – basic and diluted		4,618			4,242

Net loss per common share – basic and diluted	$	(1.23	)	$	(0.13	)


KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data)
	March 31,			December 31,
		2025			2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	5,965		$	3,465
Restricted cash		8,346			13,087
Property held for lease, net of accumulated depreciation and impairment		66,913			67,085
Prepaid expenses and other current assets		4,445			6,731
Total current assets		85,669			90,368
Property and equipment, net		244			253
Capitalized software and intangible assets, net		2,155			2,076
Right-of-use assets, non-current		376			383
Security deposits		91			91
Total assets	$	88,535		$	93,171
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	3,040		$	1,491
Accrued liabilities		18,945			17,372
Accrued litigation settlement		2,199			2,199
Unearned revenue		5,711			4,823
Revolving line of credit, net		77,663			82,582
Term loan, net, current		31,490			30,047
Lease liabilities		129			179
Total current liabilities		139,177			138,693
Lease liabilities, non-current		431			444
Other liabilities		614			828
Total liabilities		140,222			139,965
STOCKHOLDERS’ DEFICIT
Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		—			—
Additional paid-in capital		102,452			101,657
Accumulated deficit		(154,139	)		(148,451	)
Total stockholders’ deficit		(51,687	)		(46,794	)
Total liabilities and stockholders’ deficit	$	88,535		$	93,171


KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (dollars in thousands)
	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net loss	$	(5,688	)	$	(570	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		39,392			34,026
Depreciation for early lease purchase options (buyouts)		9,664			7,613
Depreciation for impaired leases		6,632			5,636
Change in fair value of warrants and other non-cash items		36			162
Stock-based compensation		1,066			1,391
Amortization of debt discount		963			669
Amortization of debt issuance costs, net		88			66
Accrued PIK interest expense		480			347
Amortization of right-of-use assets		76			76
Changes in operating assets and liabilities:
Property held for lease		(55,185	)		(45,249	)
Prepaid expenses and other current assets		2,217			1,029
Accounts payable		1,549			754
Accrued liabilities		1,573			(4,123	)
Accrued litigation		(250	)		—
Lease liabilities		(63	)		(55	)
Unearned revenues		888			208
Net cash provided by operating activities		3,438			1,980
Cash flows from investing activities:
Purchases of property and equipment		(24	)		—
Additions to capitalized software		(377	)		(126	)
Net cash used in investing activities		(401	)		(126	)
Cash flows from financing activities:
Proceeds from revolving line of credit		5,128			10,058
Principal repayments on revolving line of credit		(10,135	)		(2,840	)
Repurchases of restricted stock		(271	)		(312	)
Net cash (used in) provided by financing activities		(5,278	)		6,906
Net (decrease) increase in cash, cash equivalents and restricted cash		(2,241	)		8,760
Cash and cash equivalents and restricted cash at beginning of period		16,552			28,811
Cash and cash equivalents and restricted cash at end of period	$	14,311		$	37,571
Supplemental disclosure of cash flow information:
Cash paid for interest	$	3,661		$	3,382
Cash paid for income taxes	$	—		$	112
Cash paid for operating leases	$	111		$	82


KATAPULT HOLDINGS, INC. RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED) (amounts in thousands)
	Three Months Ended March 31,
		2025			2024

Net loss	$	(5,688	)	$	(570	)
Add back:
Interest expense and other fees		5,144			4,527
Interest income		(57	)		(324	)
Change in fair value of warrants		36			162
Provision for income taxes		29			5
Depreciation and amortization on property and equipment and capitalized software		330			266
Provision for impairment of leased assets		150			173
Stock-based compensation expense		1,066			1,391
Litigation settlement and other related expenses		259		$	—
Debt refinancing costs	$	971			—
Adjusted EBITDA	$	2,240		$	5,630


	Three Months Ended March 31,
		2025			2024

Net loss	$	(5,688	)	$	(570	)
Add back:
Change in fair value of warrants		36			162
Stock-based compensation expense		1,066			1,391
Litigation settlement and other related expenses		259			—
Debt refinancing costs		971			—
Adjusted net income (loss)	$	(3,356	)	$	983


	Three Months Ended March 31,
		2025		2024

Operating expenses	$	14,885	$	12,688
Less:
Depreciation and amortization on property and equipment and capitalized software		330		266
Stock-based compensation expense		1,066		1,391
Servicing costs		1,085		1,132
Underwriting fees		772		509
Litigation settlement and other related expenses		259		—
Debt refinancing costs		971	$	—
Fixed cash operating expenses	$	10,402	$	9,390

(in thousands)	Three Months Ended March 31,
		2025		2024

Total revenue	$	71,946	$	65,061
Cost of revenue		57,597		48,573
Gross profit		14,349		16,488
Less:
Servicing costs		1,085		1,132
Underwriting fees		772		509
Adjusted gross profit	$	12,492	$	14,847


CERTAIN KEY PERFORMANCE METRICS

(in thousands)	Three Months Ended March 31,
		2025		2024
Total revenue	$	71,946	$	65,061


KATAPULT HOLDINGS, INC. GROSS ORIGINATIONS BY QUARTER
	Gross Originations by Quarter
($ millions)	Q1		Q2		Q3		Q4
FY 2025	$	64.2	$	—	$	—	$	—
FY 2024	$	55.6	$	55.3	$	51.2	$	64.2
FY 2023	$	54.7	$	54.7	$	49.6	$	67.5
FY 2022	$	46.7	$	46.4	$	44.1	$	59.8
FY 2021	$	63.8	$	64.4	$	61.0	$	58.9

The MIL Network –

May 15, 2025

MIL-OSI: T1 Energy Take Steps to Bring Investment to G2_Austin Solar Cell Project

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this morning that the Company has entered into a Heads of Agreement to pursue an investment in the planned G2_Austin 5 GW solar cell manufacturing facility. The non-binding agreement was signed this week at a ceremony in Riyadh hosted by the Saudi Ministry of Investment (“MISA”) to commemorate the Trump administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

“We wish to extend our sincerest appreciation to the Saudi Ministry of Investment for hosting our delegation. We are honored to sign this landmark agreement which is intended to bring in strategic capital to support America’s advanced manufacturing sector,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “The U.S. needs to establish a domestic solar manufacturing supply chain, and T1 is at the forefront of that mission with our world-class operating G1_Dallas facility and planned G2_Austin project. This agreement is a positive step towards an investment to accelerate our development plans and our strategy to become a U.S. solar energy leader built on domestic content and leading-edge technology.”

Representatives from T1 and our Saudi partner, Manaar Gulf Saudi Arabia Ltd., signed the agreement on May 13th at a ceremony in Riyadh welcoming a U.S. delegation from the Trump administration and U.S. industrial partners to the Kingdom. The event promoted Gulf Corporation Council investment in America to support the ‘America First’ agenda.

“T1 is grateful to be part of a larger conversation to reshore American manufacturing through cooperative efforts with our overseas industrial partners,” added Daniel Barcelo. “With this agreement in place, our teams will be working to secure this capital and advance T1’s mission to bring investment, jobs, and key supply chains to America. As this relationship develops, we are also pleased to examine complementary opportunities to invest in the Kingdom’s solar manufacturing sector.”

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599 5706

Media contact:

Russell Gold
EVP, Strategic Communications
russell.gold@T1energy.com
Tel: +1 214 616 9715

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: a potential investment in G2 Austin; the Company’s ability to bring in strategic capital to support America’s advanced manufacturing sector; the Company being at the forefront of the development of domestic solar manufacturing supply chains; the Company’s development plans and strategy to become a U.S. solar energy leader built on domestic content and leading-edge technology; the investment by the Gulf Corporation Council in America to support the ‘America First’ agenda; T1’s participation in the reshoring of American manufacturing; the Company’s mission to bring investment, jobs and key supply chains to America; and any complementary opportunities that T1 may explore with respect to investments in the Kingdom’s solar manufacturing sector. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

The MIL Network –

May 15, 2025

MIL-OSI Europe: Ireland’s Competitiveness Confirmed – Minister Peter Burke

Source: Government of Ireland – Department of Jobs Enterprise and Innovation

15th May 2025

The Minister for Enterprise, Trade and Employment, Peter Burke, has welcomed the publication of Re-estimating Ireland’s International Competitiveness Performance, the latest bulletin by the National Competitiveness and Productivity Council (NCPC).

Minister Burke said:

“This analysis marks a very welcome contribution by the Council and confirms that the Irish economy is internationally competitive. However, we cannot become complacent, and there remains work to do in many areas. The Council’s findings will make a valuable contribution in the preparation of the Action Plan on Competitiveness and Productivity.”

“Despite our strong international performance, we are also aware that there are challenges, and it is important that we do not take our current strengths for granted. This is reflected in the decision taken by Cabinet to expedite delivery of the Action Plan, which will play a key role in addressing these challenges and safeguarding our competitiveness performance into the future.”

This Bulletin explores how Ireland’s performance in the IMD World Competitiveness Ranking 2024 is affected when selected indicators are rescaled using Modified Gross National Income (GNI*) in place of Gross Domestic Product (GDP).

The findings show that Ireland’s competitiveness performance remains strong with this adjustment. In fact, it rises by one position in the ranking, with improvements in three of the four pillars. The analysis explores how Ireland’s competitiveness profile changes when key metrics are recalibrated to better reflect the scale of the domestic economy.

The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. In the 2024 IMD results, Ireland was ranked 4th overall. The analysis included in this Bulletin involves replicating the IMD methodology from the ground up, in order to facilitate the substitution of GNI* for GDP for Ireland.

Key findings from the Bulletin include:

Ireland’s competitiveness ranking improves by one place when GDP-based indicators are adjusted using GNI*, with notable gains in Economic Performance (up seven places) and Infrastructure (up two places). Business Efficiency is unchanged, while Government Efficiency declines slightly, reflecting a more constrained fiscal profile when public finance metrics are expressed over a smaller income base.
The analysis underscores the importance of context-sensitive benchmarking, especially when using international indices to inform national policy. This Bulletin highlights the need to interpret international indices critically, understanding their underlying assumptions, and where necessary, supplementing them with alternative analyses that better capture national circumstances.

NOTES TO EDITORS

The National Competitiveness and Productivity Council (NCPC) was established in 1997 (then the National Competitiveness Council) to report to the Taoiseach, through the Minister for Enterprise, Trade and Employment, on key competitiveness issues facing the Irish economy. In 2019, the NCPC was designated as Ireland’s National Productivity Board.

As part of its work, the NCPC makes recommendations on policy actions required to enhance Ireland’s competitive position. The NCPC publishes three main research outputs:

The Competitiveness Scorecard benchmarks Ireland against international competitors on areas of competitiveness and productivity. This is published every three years (and was last published in 2024).
The Competitiveness Challenge is an annual publication in which the NCPC makes recommendations for Government on key challenges to Ireland’s international competitiveness.
NCPC Bulletins are short and focused research notes, examining specific topics within the sphere of competitiveness and productivity. The NCPC releases multiple Bulletins each year. These short pieces often feed into the NCPC’s main Challenges report.

The members of the Council are:

Dr. Frances Ruane Chair, National Competitiveness and Productivity Council

Dr. Laura Bambrick Head of Social Policy & Employment Affairs, ICTU

Edel Clancy Group Director of Corporate Affairs, Musgrave Group

Kevin Sherry Interim Chief Executive, Enterprise Ireland

Ciaran Conlon Director of Public Policy, Microsoft Ireland

Luiz de Mello Director of Country Studies, Economics Department, OECD

Maeve Dineen Chair of Ireland’s Financial Services and Pensions Ombudsman

Brian McHugh Chairperson, Competition and Consumer Protection Commission

Gary Tobin Assistant Secretary, Department of Enterprise, Trade and Employment

Michael Lohan Chief Executive, IDA Ireland

Liam Madden Independent Consultant, Semiconductor Industry

Neil McDonnell Chief Executive, ISME

Bernadette McGahon Director of Innovation Services, Industry Research & Development Group

Danny McCoy Chief Executive, IBEC

Michael Taft Research Officer, SIPTU

Representatives from the Departments of An Taoiseach; Agriculture, Food and the Marine; Environment, Climate and Communications; Further and Higher Education, Research, Innovation and Science; Social Protection; Finance; Housing, Local Government and Heritage; Justice; Public Expenditure and Reform; Tourism, Culture, Arts, Gaeltacht, Sport and Media, Children, Equality, Disability, Integration and Youth, and Transport attend Council meetings in an advisory capacity.

Research, Analysis and Secretariat from the Department of Enterprise, Trade and Employment:

Dr. Dermot Coates

Rory Mulholland

Dr. Keith Fitzgerald

Pádraig O’Sullivan

Erika Valiukaite

Jordan O’Donoghue

Patrick Connolly

ENDS

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MIL OSI Europe News –

May 15, 2025

Trump says US close to a nuclear deal with Iran

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump said on Thursday that the United States was getting very close to securing a nuclear deal with Iran, and Tehran had “sort of” agreed to the terms.

“We’re in very serious negotiations with Iran for long-term peace,” Trump said on a tour of the Gulf, according to a shared pool report by AFP.

“We’re getting close to maybe doing a deal without having to do this… there (are) two steps to doing this, there is a very, very nice step and there is the violent step, but I don’t want to do it the second way,” he said.

An Iranian source familiar with the negotiations said there were still gaps to bridge in the talks with the United States.

Oil prices fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing.

Fresh talks between Iranian and U.S. negotiators to resolve disputes over Tehran’s nuclear programme ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment.

Though Tehran and Washington have both said they prefer diplomacy to resolve the decades-long nuclear dispute, they remain divided on several red lines that negotiators will have to circumvent to reach a new deal and avert future military action.

Iran’s president reacted to Trump’s comments on Tuesday calling Tehran the “most destructive force” in the Middle East.

“Trump thinks he can sanction and threaten us and then talk of human rights. All the crimes and regional instability is caused by them (the United States),” Masoud Pezeshkian said.

“He wants to create instability inside Iran.”

However, in an interview with NBC News published on Wednesday, an Iranian official said Iran was willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions.

Ali Shamkhani, an adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, said Iran would commit to never making nuclear weapons and getting rid of its stockpiles of highly enriched uranium, agree to enrich uranium only to the lower levels needed for civilian use and allow international inspectors to supervise the process, NBC reported.

‘RED LINE’

U.S. officials have publicly stated that Iran should halt uranium enrichment, a stance Iranian officials have called a “red line” asserting they will not give up what they view as their right to enrich uranium on Iranian soil.

However, they have indicated a willingness to reduce the level of enrichment.

Iranian officials have also expressed readiness to reduce the amount of highly enriched uranium in storage—uranium enriched beyond the levels typically needed for civilian purposes, such as nuclear power generation.

But they have said it would not accept lower stockpiles than the amount agreed in a deal with world powers in 2015 – the deal Trump quit.

The Iranian source said that while Iran is prepared to offer what it considers concessions, “the issue is that America is not willing to lift major sanctions in exchange.”

Western sanctions have severely impacted the Iranian economy.

Regarding the reduction of enriched uranium in storage, the source noted: “Tehran also wants it removed in several stages, which America doesn’t agree with either.”

There is also disagreement over the destination to which the highly enriched uranium would be sent, the source added.

(Reuters)

May 15, 2025

MIL-OSI Russia: 50 Afghan citizens return home after being released from Pakistani prisons

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

KABUL, May 15 (Xinhua) — A total of 50 Afghan nationals released from Pakistani jails returned to their homeland on Wednesday, state-run Radio Television of Afghanistan (RTA) reported on Thursday.

All returnees will be sent to their home provinces after receiving necessary assistance at the checkpoint.

Over the past couple of weeks, nearly 400 Afghan citizens have been released from Pakistani prisons and returned home.

Meanwhile, a total of 3,465 Afghan refugee families, comprising 16,376 members, have returned home from Pakistan and Iran over the past week. –0–

MIL OSI Russia News –

May 15, 2025

MIL-OSI Russia: NASA to Launch Saudi CubeSat into Orbit as Part of Artemis 2 Test Flight

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

LOS ANGELES, May 14 (Xinhua) — NASA and the Saudi Arabian Space Agency have signed an agreement to launch a Saudi Arabian CubeSat as part of an upcoming test flight of NASA’s Artemis 2 mission, the U.S. space agency said Tuesday.

The agreement was signed during US President Donald Trump’s visit to Saudi Arabia.

The CubeSat, developed by the Saudi Space Agency, will measure space weather parameters at different distances from Earth. It will be launched into high Earth orbit after the Orion spacecraft carrying four astronauts separates from the SLS /Space Launch System/ rocket, NASA explained.

A CubeSat is a shoebox-sized satellite designed to demonstrate technology or conduct scientific research to obtain data that will help better understand the space environment.

According to NASA, the CubeSats will collect data on cosmic radiation, solar X-rays, solar energetic particles and magnetic fields.

The Artemis 2 mission’s test flight is scheduled for April 2026. –0–

MIL OSI Russia News –

May 15, 2025

MIL-OSI Europe: ASIA/BAHRAIN – Meetings of the Women Program of the Apostolic Vicariate of Northern Arabia on the “Theology of the Body” inspired by John Paul II

Source: Agenzia Fides – MIL OSI

Wednesday, 14 May 2025

Avona

Manama (Agenzia Fides) – “Theology of the Body (TOB): A Transformative Journey of Hope, Healing & Human Dignity” represents a further step forward made by the Women Program (WP) of the Apostolic Vicariate of Northern Arabia (AVONA) which offered a series of meetings in the parishes of Manama and Awali, aimed to deepen the understanding of human dignity, femininity and the sacredness of the body, addressing topics often overlooked in traditional settings.The initiative, held under the patronage of the Apostolic Vicar of Avona, Msgr. Aldo Berardi, O.SS.T., offered a profound reflection on the human person in God’s plan for love and life.Drawing heavily from the profound teachings of Saint John Paul II’s Theology of the Body, Adeline Khouri’s sessions were designed to be both intellectually engaging and emotionally resonant. Her approach fostered an environment where participants felt comfortable discussing sensitive topics related to sexuality, relationships, and personal identity within a faith-based framework. The core messageemphasized how the human body, far from being merely a biological entity, serves as a “roadmap to God,” revealing divine truths about love, communion, and our ultimate purpose.One of the most significant moments of the initiative, which involved the entire Catholic community in Bahrain, was the launch of the Training of Trainers Initiative, a significant step for the future of TOB formation in the region. This gathering, held at the Cathedral of Our Lady of Arabia, marked the beginning of a long-term “Training of Trainers” program that aims to equip and empower local leaders to continue disseminating TOB teachings within their ministries. A session was dedicated to the Arabic-speaking community, in Arabic. “By offering TOB teachings in the native language of a significant portion of the community, the mission successfully broke barriers of language and culture, ensuring that the message of human dignity and God’s plan for love,” reads the note released by Avona.Another event of great impact was the women’s conference on the Theology of the Body and the spiritual insights found in the Song of Songs.Beyond the scheduled sessions, Adeline Khouri engaged in crucial discussions with clergy and pastoral leaders. These meetings focused on practical ways to integrate Theology of the Body into existing church programs, specifically mentioning marriage preparation courses and school curricula. (AP) (Agenzia Fides, 14/5/2025)
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MIL OSI Europe News –

May 15, 2025

Trump’s ‘palace in the sky’ plane gift concerns some Republicans

Source: Government of India

Source: Government of India (4)

Multiple congressional Republicans raised concerns about President Donald Trump’s desire to accept a $400 million airplane from Qatar, as rival Democrats slammed the plan as an illegal foreign donation and national security threat.

Trump said on Monday that it would be “stupid” for him to refuse Qatar’s offer of the Boeing 747-8 airplane, which would be used as U.S. “Air Force One,” the jet American presidents travel on when they fly around the globe.

Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani told CNN on Wednesday that the offer was “a very simple government-to-government deal,” not a personal gift to Trump, and that “of course” it would be withdrawn if the transaction were deemed illegal.

The aircraft eventually would be donated to Trump’s presidential library foundation and used by him after leaving office.

“There will be plenty of scrutiny,” Republican Senate Majority Leader John Thune of South Dakota told reporters. “There are lots and lots of issues around that, that I think will attract very serious questions.”

Trump’s interest in the plane became public as he made a high-profile Middle East trip that included an announcement by state carrier Qatar Airways that it would purchase up to 210 widebody jets from Boeing.

Experts have said it would take years and hundreds of millions of dollars to make the Qatari aircraft, known as a “palace in the sky,” suitable for use as transportation for the U.S. commander in chief, despite backers of the plan saying it would save money.

Senator Roger Wicker of Mississippi, chairman of the Senate Armed Services Committee, said the aircraft would have to be checked for surveillance equipment and receive security upgrades.

“It would be like the United States moving into the Qatari embassy,” Wicker told Politico. “I’m not sure how quickly the Qatari aircraft can be retooled.”

The Defense Department is already procuring a replacement for the current, aging Air Force One, with delivery by Boeing BA.N expected within a couple of years.

DEMOCRATS RESPOND

Senate Democratic Leader Chuck Schumer vowed to block all of Trump’s nominees to the Justice Department until the agency reports what it knows about the Qatari offer. Three nominees are currently before the Senate.

“The attorney general must testify before both the House and Senate to explain why gifting Donald Trump a private jet does not violate the emoluments clause (of the U.S. Constitution), which requires congressional approval,” he said in a speech.

The Democratic National Committee flew a plane dragging a “Qatar-a-Lago” banner near Trump’s Florida Mar-a-Lago home on Wednesday.

The action angered nearby Trump supporters. “Whoever’s flying that plane can kiss my ass,” said Steven Drew, a visitor from North Carolina. “As far as I know, Trump’s been trying to do everything to make the country as great as he can, and I’m fully on board with that,” he said.

Schumer, of New York, said he wants answers to whether the Qatari government would pay for modifications needed to protect the president and secure communications.

If the U.S. government must bear those costs, Schumer said, “why are American taxpayers being asked to spend hundreds of millions of dollars or more on a plane that will only be used for a year or two?”

A White House spokesperson on Monday said details of the gift were still being arranged. A new commercial 747-8 costs approximately $400 million.

Ethics experts have listed a range of Trump activities that could point to the president using his office to enrich himself or his family. Schumer mentioned a $TRUMP meme coin, plans for a new Trump hotel in Dubai, and a new golf course in Qatar.

Republican Senator Rand Paul of Kentucky said that Trump taking the plane would be a mistake.

“I think it’s not worth the appearance of impropriety,” he told Fox News’ “Jesse Watters Primetime” program. “I wouldn’t take it.”

–Reuters

May 15, 2025

MIL-OSI New Zealand: Siege of Gaza – MSF denounces deliberate humanitarian catastrophe

15 May 2025 – The US-Israel proposition to control the distribution of supplies under the guise of humanitarian aid raises grave humanitarian, ethical, security and legal concerns, says international medical organization Médecins Sans Frontières/Doctors Without Borders (MSF).

Making aid conditional on forced displacement and vetting of the population is another tool in the ongoing campaign of ethnic cleansing of the Palestinian population. MSF firmly rejects and condemns any plan that further reduces availability of aid and subjugates it to Israeli military occupation objectives.

We are witnessing, in real time, the creation of conditions for the eradication of Palestinian lives in Gaza, says MSF.

The obstruction of humanitarian aid is a direct violation of UN Security Council Resolution 2720, which calls for the unimpeded delivery of humanitarian aid to civilians. Claims that aid is being diverted by Hamas remain unverified and in no way justify such measures. As the occupying power, Israel must facilitate impartial humanitarian assistance for the population in need.

UN, EU member states, and all those with influence over Israel,including Australia, must urgently use their political and economic leverage to stop the instrumentalisation of aid. Humanitarian supplies, food, fuel and medicines must be allowed to reach the population of Gaza now.

Since Israel’s resumption of attacks and its total blockade of aid on 2 March, Gaza has become a hell on earth for Palestinians. The survival of Palestinians lies at the mercy of Israeli authorities, who are denying the entire population access to food, water, medical care and shelter. Israel continues to pursue its campaign of ethnic cleansing by deliberately destroying the conditions necessary for life.

Organisations including World Central Kitchen and the World Food Programme (WFP) have announced that they have no more food stocks available in Gaza: most community kitchens and bakeries have closed. MSF medical teams in Gaza City have seen a 32 per cent increase in the number of patients presenting with malnutrition over the past two weeks.

Dwindling fuel stocks are limiting the ability to desalinate and distribute water. Those health facilities that still function – already critically inadequate in number and capacity for the population – are still being attacked and are suffering from rapidly diminishing stocks of medications and other essential supplies. MSF teams in Gaza have received no supplies for 11 weeks and face critical shortages of essential medical items such as sterile compresses and sterile gloves.

Israel’s evacuation orders and established no-go military zones now cover 70 per cent of Gaza. The population has been forcibly transferred from one place to another, while not a single area of Gaza has been spared from attacks. The desperateness of the situation is such that MSF teams have treated and discharged patients only to see them return with new injuries.

Israeli’s plan to instrumentalise aid is a cynical response to the very humanitarian crisis they created. If they wished, Israel and its allies could lift the blockade today and let humanitarian aid reach all those in Gaza whose survival depends on it.

MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au

MIL OSI New Zealand News –

May 15, 2025

MIL-OSI New Zealand: CSI welcomes Trump’s decision to end Syria sanctions; calls for further measures to protect religious minorities

Source: Christian Solidarity International (CSI)

Damascus, Syria, March 2025. CSI Statement

Christian Solidarity International (CSI) welcomes President Trump’s long-overdue decision to lift the crippling broad economic sector sanctions on Syria, announced yesterday at an international forum in Riyadh, Saudi Arabia. They were first imposed by President Obama in 2011 to hasten the overthrow of Syria’s dictatorship under Bashar al-Assad.

The sanctions have been, as a Christian leader from Syria commented to CSI as recently as last month, “weapons of mass destruction.” In pushing millions of Syrians into hunger, illness and destitution, they killed, maimed, and dehumanized civilians of all religious communities and ethnicities just as surely as bombs and bullets throughout the country’s 14-year sectarian war, which pitted jihadist-led opposition forces, including al-Qaeda and the Islamic State, against those of the secular Assad regime.

For this reason, and at the request of Syrian Christian leaders, CSI has been advocating since 2016 for the U.S. and its allies to remove their broad economic sector sanctions on Syria.

Six months into its rule, however, Syria’s new, jihadist-led government has already been implicated in mass atrocities against religious minorities. In particular, targeted killings resulted in the massacre of thousands of Alawites on March 6-10, more recently followed by attacks against the Druze. Christians are also increasingly threatened and discriminated against in the “new Syria.”

To this day, Syria’s new President Ahmed al-Sharaa and many of his lieutenants are still under individual sanctions imposed by the United States and the United Nations Security Council, because they are leaders of an al Qaeda-linked group.

These individual sanctions against terrorist-designated leaders should not be removed until the perpetrators of the massacres of Alawites and Druzes in Latakia, Tartus, Hama, Homs, Rif Dimashq, and Suwayda governorates are brought to justice, and the United States can ensure firm guarantees for fundamental human rights and religious freedom.

Following the massacre of Alawites in March, Secretary of State Marco Rubio pledged to “stand with Syria’s religious and ethnic minorities.” Vice President JD Vance said, “We do not want to see another Christian community erased from the face of the earth… There are a lot of things we can do diplomatically and economically to protect some of those groups.” And during his campaign, President Trump pledged, “When I am President, I will protect persecuted Christians.”

Now is the time to fulfill these pledges.

Dr. John Eibner
President
Christian Solidarity International (CSI)

MIL OSI New Zealand News –

May 15, 2025

MIL-Evening Report: Trump signed plenty of contracts in the Middle East, but he’s no closer to the two ‘deals’ he really wants

Source: The Conversation (Au and NZ) – By Shahram Akbarzadeh, Convenor, Middle East Studies Forum (MESF), and Deputy Director (International), Alfred Deakin Institute for Citizenship and Globalisation, Deakin University

US President Donald Trump’s visit to Arab states in the Middle East this week generated plenty of multibillion-dollar deals. He said more than US$1 trillion (A$1.5 trillion) worth of deals had been signed with Saudi Arabia alone, though the real total is likely much lower than that.

Qatar also placed an order for 210 Boeing aircraft, a deal worth a reported US$96 billion (A$149 billion). Trump will no doubt present these transactions as a major success for US industry.

The trip also helped counter concerns about US disengagement from the Middle East. For more than a decade, local elites have viewed Washington’s attention as shifting away from the region.

This trip was a reaffirmation of the importance of the Middle East – in particular the Gulf region – to US foreign policy. This is an important signal to send to Middle Eastern leaders who are dealing with competing interests from China and, to a lesser extent, Russia.

And from a political standpoint, Trump’s lifting of sanctions on Syria and meeting with the former rebel, now president, Ahmed al-Sharaa was very significant – both symbolically and practically.

Until recently, al-Sharaa was listed by the United States as a terrorist with a US$10 million (A$15 million) bounty on his head. However, when his forces removed dictator Bashar al-Assad from power in December, he was cautiously welcomed by many in the international community.

The US had invested considerable resources in removing Assad from power, so his fall was cause for celebration, even if it came at the hands of forces the US had deemed terrorists.

This rapid turn-around is dizzying. In practice, the removal of sanctions on Syria opens the doors to foreign investment in the reconstruction of the country following a long civil war.

It also offers an opportunity for Saudi Arabia and Qatar, as well as Turkey, to expand their influence in Syria at the expense of Iran.

For a leader who styles himself a deal-maker, these can all be considered successful outcomes from a three-day trip.

However, Trump avoided wading into the far more delicate diplomatic and political negotiations needed to end Israel’s war against Hamas in Gaza and find common ground with Iran on its nuclear program.

No solution in sight for the Palestinians

Trump skirted the ongoing tragedy in Gaza and offered no plans for a diplomatic solution to the war, which drags on with no end in sight.

The president did note his desire to see a normalisation of relations between Arab states and Israel, without acknowledging the key stumbling block.

While Saudi Arabia and United Arab Emirates have no love for Hamas, the Gaza war and the misery inflicted on the Palestinians have made it impossible for them to overlook the issue. They cannot simply leapfrog Gaza to normalise relations with Israel.

In his first term, Trump hoped the Palestinian issue could be pushed aside to achieve normalisation of relations between Arab states and Israel. This was partially achieved with the Abraham Accords, which saw the UAE and three other Muslim-majority nations normalise relations with Israel.

Trump no doubt believed the Israel-Hamas ceasefire agreed to just before his inauguration would stick – he promised as much during the US election campaign.

But after Israel unilaterally broke the ceasefire in March, vowing to press on with its indiscriminate bombing of Gaza, he’s learned the hard way the Palestinian question cannot easily be solved or brushed under the carpet.

The Palestinian aspiration for statehood needs to be addressed as an indispensable step towards a lasting peace and regional stability.

It was telling that Trump did not stop in Israel this week. One former Israeli diplomat says it’s a sign Israeli Prime Minister Benjamin Netanyahu has lost his leverage with Trump.

There’s nothing that Netanyahu has that Trump wants, needs or [that he] can give him, as opposed to, say, the Saudis, the Qataris, [or] the Emiratis.

More harsh rhetoric for Iran

Trump also had no new details or initiatives to announce on the Iran nuclear talks, beyond his desire to “make a deal” and his repeat of past threats.

At least four rounds of talks have been held between Iran and the United States since early April. While both sides are positive about the prospects, the US administration seems divided on the intended outcome.

The US Middle East special envoy Steve Witkoff and Secretary of State Marco Rubio have called for the complete dismantling of Iran’s capacity to enrich uranium as a sure safeguard against the potential weaponisation of the nuclear program.

Trump himself, however, has been less categorical. Though he has called for the “total dismantlement” of Iran’s nuclear program, he has also said he’s undecided if Iran should be allowed to continue a civilian enrichment program.

Iran’s capacity to enrich uranium, albeit under international monitoring, is a red line for the authorities in Tehran – they won’t give this up.

The gap between Iran and the US appears to have widened this week following Trump’s attack on Iran as the “most destructive force” in the Middle East. The Iranian foreign minister, Abbas Araghchi called Trump’s remarks “pure deception”, and pointed to US support for Israel as the source of instability in the region.

None of this has advanced the prospects of a nuclear deal. And though his visit to Saudi Arabia, Qatar and the UAE was marked by pomp and ceremony, he’ll leave no closer to solving two protracted challenges than when he arrived.

Shahram Akbarzadeh receives funding from Australian Research Council. He is affiliated with the Middle East Council on Global Affairs, a non-profit research centre in Doha, Qatar.

– ref. Trump signed plenty of contracts in the Middle East, but he’s no closer to the two ‘deals’ he really wants – https://theconversation.com/trump-signed-plenty-of-contracts-in-the-middle-east-but-hes-no-closer-to-the-two-deals-he-really-wants-256778

MIL OSI Analysis – EveningReport.nz –

May 15, 2025

MIL-OSI: DNO Reports Solid First Quarter Results; Prepares Deeper Dive into Norwegian Waters

Source: GlobeNewswire (MIL-OSI)

Oslo, 15 May 2025 – DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2025 operating profit of USD 28 million on the back of USD 188 million in revenues, both showing a quarter-on-quarter increase.

In a quarter marked by the announcement of its transformative USD 1.6 billion acquisition of Norway’s Sval Energi Group AS, DNO continued to deliver strong operational performance. Net production rose eight percent to 84,200 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 61,600 boepd, North Sea 19,300 boepd and West Africa 3,400 boepd.

In the flagship Kurdistan Tawke license (DNO 75 percent and operator), production increased 11 percent quarter-on-quarter. Continuing strict capital discipline since the closure of the Iraq-Türkiye export pipeline, the Company stabilized, even raised, production from existing wells through rigless interventions. Output from similar reservoirs typically decline 15-20 percent per year.

DNO’s share of oil production was sold at its Fish Khabur terminal to local buyers at USD 35 per barrel with payments made in advance. Tawke license sales averaged USD 20 million net to DNO per month, generating around USD 10 million of free cash flow.

“In Kurdistan we are doing a remarkable job keeping up production with minimal investment,” said DNO Executive Chairman Bijan Mossavar-Rahmani. “If a Norwegian company can accomplish this in the Middle East, we should replicate such efficiencies on our home surf whether we operate the permits or not”, he observed. “As we prepare to close the Sval acquisition around midyear,” Mr. Mossavar-Rahmani added, “DNO will pivot hard to the Anglo-Saxon culture of the early years of the Norwegian oil industry: faster, cheaper, better.”

The Company kept up its successful exploration pace offshore Norway with two discoveries in the last quarter, Kjøttkake (40 percent and operator) and Mistral (10 percent), together adding recoverable resources of 26 million barrels of oil equivalent (MMboe) net to the Company.

When the Sval acquisition is closed, DNO’s North Sea proven and probable (2P) reserves will quadruple to 189 MMboe and 2C resources climb to 246 MMboe from 144 MMboe, all on a yearend 2024 basis. North Sea production also quadruples to 80,000 boepd. The acquisition turns the North Sea into the biggest contributor to DNO’s net production with some 60 percent of the total and DNO will rank in top ten among producers in Norway.

Following the Sval announcement in early March, the Company completed a USD 600 million bond placement a week later, DNO’s 20th successful bond issue in 24 years.

On the back of the bond issue, DNO exited the quarter with cash deposits of USD 1,473 million. However, deposits were reduced following the end of the quarter by the early redemption of the DNO04 bond (outstanding amount of USD 350 million) in April.

Given the continuing operational performance and strength of the balance sheet, the Board of Directors has authorized a dividend payment of NOK 0.3125 per share payable in June, representing NOK 1.25 per share on an annualized basis.

A videoconference call with executive management is scheduled today at 14:00 (CET). To access the call, please visit www.dno.no.

Key figures

	Q1 2025		Q4 2024	Full-Year 2024
Gross operated production (boepd)		90,945	80,765	80,280
Net production (boepd)		84,232	77,646	77,269
Revenues (USD million)		188	177	667
Operating profit/-loss (USD million)		28	-82	6
Net profit/-loss (USD million)		-4	-98	-27
Free cash flow (USD million)		-19	-5	59
Net cash/-debt (USD million)		43	99	99

–

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

–

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at www.dno.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

The MIL Network –

May 15, 2025

Trump secures $243.5 billion in economic deals during Qatar visit

Source: Government of India

Source: Government of India (4)

US President Donald J. Trump signed a landmark agreement with Qatar on Wednesday to generate an economic exchange worth at least $1.2 trillion, highlighting his second stop in a high-profile Middle East tour. During the visit, Trump announced economic deals totaling more than $243.5 billion between the United States and Qatar, including a historic sale of Boeing aircraft and GE Aerospace engines to Qatar Airways.

The centerpiece of these agreements is Qatar Airways’ purchase of 160 Boeing jets worth $200 billion, signed in Doha in the presence of Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani. Boeing and GE Aerospace secured a landmark order from Qatar Airways, including a $96 billion agreement to acquire up to 210 American-made Boeing 787 Dreamliner and 777X aircraft powered by GE Aerospace engines. This represents Boeing’s largest-ever widebody order and largest-ever 787 order, supporting an estimated 154,000 U.S. jobs annually, amounting to over one million jobs during the production and delivery period.

The agreements extend beyond aviation into energy, defense, and technology sectors. McDermott continues its strong partnership with Qatar Energy, currently managing seven active projects worth $8.5 billion as the sole provider of offshore components for Qatar’s major LNG expansion. Engineering firm Parsons has secured 30 projects worth up to $97 billion, while Quantinuum has finalized a joint venture agreement with Al Rabban Capital that will see Qatar invest up to $1 billion in quantum technologies.

Significant defense deals were also announced during the visit. Raytheon secured a $1 billion agreement for Qatar’s acquisition of counter-drone capabilities, establishing Qatar as the first international customer for Raytheon’s Fixed Site – Low, Slow, Small Unmanned Aerial System Integrated Defeat System. General Atomics secured a nearly $2 billion agreement for Qatar’s acquisition of the MQ-9B remotely piloted aircraft system. Additionally, the United States and Qatar signed a statement of intent outlining over $38 billion in potential investments, including support for Al Udeid Air Base and future defense capabilities.

Qatar, which holds the world’s third-largest proven reserves of natural gas, has already made substantial investments in American energy infrastructure. Since 2019, QatarEnergy has invested $18 billion in the U.S. energy sector, including ExxonMobil’s Golden Pass LNG Terminal ($10 billion) and Chevron Phillips Chemical’s Golden Triangle Polymers Plant ($8 billion), both located on the Texas Gulf Coast.

The United States maintained a $2 billion trade surplus with Qatar in 2024, continuing a positive trade balance that has existed since 2003. Last year, U.S.-Qatar trade totaled $5.64 billion, with $3.8 billion in U.S. exports and $1.8 billion in Qatari imports. Qatar’s greenfield investment in the United States totaled $3.3 billion in 2023, focused on hotels and tourism, information technology, advanced manufacturing, financial services, and oil and gas.

This visit’s agreements build on the $600 billion investment commitment Trump secured in Saudi Arabia during the first leg of his Gulf tour, furthering his administration’s efforts to revitalize American manufacturing and create high-paying jobs across the nation.

May 15, 2025

MIL-OSI Russia: China calls for calm in the Red Sea, political settlement in Yemen

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

UNITED NATIONS, May 14 (Xinhua) — China’s deputy permanent representative to the United Nations Sun Lei on Wednesday called on all parties to ease tensions in the Red Sea region, resume political dialogue in Yemen and increase humanitarian aid to resolve the country’s worsening crisis.

“The situation in the Red Sea remains volatile and worrying,” he said at a UN Security Council briefing on Yemen, commenting on recent US and UK airstrikes in the Arab country, as well as exchanges of attacks between the Houthis and Israel, which have led to numerous casualties and destruction of infrastructure.

Sun Lei welcomed the recent ceasefire agreement between the US and the Houthis and praised Oman’s mediation efforts. “We hope all parties will take this as an opportunity to resolve the situation as soon as possible,” he said.

“China once again calls on all parties to maintain calm and restraint and refrain from any actions that aggravate tensions,” the diplomat added.

Sun Lei stressed that the crisis in Yemen must be resolved through political means, calling on the parties in the country to engage in dialogue to achieve reconciliation and economic recovery.

The deputy permanent representative expressed concern about the deteriorating humanitarian situation in Yemen. “Humanitarian activities in Yemen face numerous challenges, such as funding shortages, security threats, and the side effects of a major country’s policies,” he said. China calls for the protection of civilians and civilian infrastructure, as well as the release of all those detained by the Houthis, the diplomat stressed.

Sun Lei also pointed to the wider regional implications of the tensions in the Red Sea region, linking them to the ongoing crisis in Gaza. “The international community must make achieving a lasting ceasefire in Gaza a top priority in order to de-escalate the overall situation in the region and restore peace and stability in Yemen and the Red Sea,” he added. –0–

MIL OSI Russia News –

May 15, 2025

Putin, Trump to skip Ukraine’s peace talks that Russian leader proposed

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump and Russian President Vladimir Putin indicated they would not attend what could be the first direct peace talks between Moscow and Kyiv in three years on Thursday, with the Kremlin sending instead a group of experienced technocrats.

Putin on Sunday proposed direct negotiations with Ukraine in Istanbul on Thursday “without any preconditions”. Late on Wednesday, the Kremlin said the delegation would include presidential adviser Vladimir Medinsky and Deputy Defence Minister Alexander Fomin – but Putin‘s name was not on the list.

After the Kremlin’s delegation announcement, a U.S. official said Trump, who is on a three-nation tour of the Middle East, would not attend. The U.S. leader had said earlier that he was considering the option to participate.

While Putin had never confirmed he would attend in person, the absence of the Russian and U.S. presidents lowers the expectations for a major breakthrough in the war that Russia started in February 2022.

Ukrainian President Volodymyr Zelenskiy had challenged Putin to attend the talks “if he’s not afraid,” in an apparent contest to show Trump who wants peace more, Ukraine or Russia.

While the Kyiv leader was on his way to Turkey late on Wednesday, a Ukrainian official said, he had said he would take part in the talks only if Putin attended.

In his nightly video address on Wednesday Zelenskiy said that Ukraine would decide on its steps for peace talks in Turkey once there was clarity on Putin‘s participation.

“The answers to all questions about this war – why it started, why it continues – all these answers are in Moscow,” Zelenskiy said. “How the war will end depends on the world.”

Trump wants the two sides to sign up to a 30-day ceasefire to pause Europe’s biggest land war since World War Two, and a Russian lawmaker said on Wednesday there could also be discussions about a huge prisoner of war exchange.

Zelenskiy backs an immediate 30-day ceasefire, but Putin has said he first wants to start talks at which the details of such a ceasefire could be discussed.

MORE SANCTIONS ON RUSSIA?

Trump, who is growing increasingly frustrated with both Russia and Ukraine as he tries to push them towards a peace settlement, said he was “always considering” secondary sanctions against Moscow if he thought it was blocking the process.

U.S. officials have spoken about possible financial sanctions as well as potential secondary sanctions on buyers of Russian oil.

The U.S. delegation to Turkey included Secretary of State Marco Rubio and senior envoys Steve Witkoff and Keith Kellogg.

Ukrainian Foreign Minister Andrii Sybiha said early on Thursday he had met with Rubio to share Zelenskiy’s peace vision and “coordinate positions during this critical week.”

Medinsky and Fomin, part of the Russian delegation, took part in the last set of negotiations between the two sides in the first weeks of the war. Other senior military and intelligence officials were also part of the Thursday delegation.

Direct talks between negotiators from Ukraine and Russia last took place in Istanbul in March 2022, a month after Putin sent tens of thousands of troops into Ukraine in what he calls a “special military operation” to root out neo-Nazis.

Ukraine and its allies say the invasion was an unprovoked, imperial-style land grab.

With Russian forces grinding forward in Ukraine and now controlling about a fifth of the country, the Kremlin chief has offered few, if any, concessions so far. In his proposal at the weekend, he said that the talks in Turkey would be aimed at a durable peace.

He specifically mentioned the 2022 talks and the failed draft deal.

Under that deal, among others, Ukraine would have agreed to permanent neutrality in return for security guarantees from the five permanent members of the U.N. Security Council: Britain, China, France, Russia and the United States, and other nations including Belarus, Canada, Germany, Israel, Poland and Turkey, according to a draft seen by Reuters.

But officials in Kyiv say agreeing to Ukrainian neutrality is a red line they will not cross.

(Reuters)

May 15, 2025

MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 15, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on May 15, 2025.

Ferocity, fitness and fast bowling: how Virat Kohli revolutionised Indian cricket
Source: The Conversation (Au and NZ) – By Vaughan Cruickshank, Senior Lecturer in Health and Physical Education, University of Tasmania Virat Kohli announced his retirement from Test cricket on Monday. While his Instagram message just said this was the “right time”, his poor recent Test form, mental fatigue and desire to spend more time with

Curious Kids: if our eyes see upside down, how does the brain flip the picture?
Source: The Conversation (Au and NZ) – By Daniel Joyce, Senior Lecturer in Psychology, University of Southern Queensland I heard that we see upside down, but our brain flips the image. How does it do that? –Jasmine, Mount Evelyn, Victoria Our eyes work thanks to light. Objects we can see are either sources of light

Return of the huia? Why Māori worldviews must be part of the ‘de-extinction’ debate
Source: The Conversation (Au and NZ) – By Nic Rawlence, Associate Professor in Ancient DNA, University of Otago A museum specimen of the extinct huia. Wikimedia Commons/Auckland Museum collection, CC BY-SA The recent announcement of the resurrection of the dire wolf generated considerable global media attention and widespread scientific criticism. But beyond the research questions,

After an autocratic leader was toppled in Bangladesh, democratic renewal remains a work in progress
Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University Last July, a powerful student-led uprising in Bangladesh toppled the authoritarian, corrupt government led for 15 years by Prime Minister Sheikh Hasina. Bangladesh now shows modest signs of democratic recovery. Months into its tenure, a transitional government has reopened political

Greenpeace flagship Rainbow Warrior to return for 40th anniversary of French bombing
By Russel Norman The iconic Greenpeace flagship Rainbow Warrior will return to Aotearoa this year to mark the 40th anniversary of the bombing of the original campaign ship at Marsden Wharf in Auckland by French secret agents on 10 July 1985. The return to Aotearoa comes at a pivotal moment — when the fight to

Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’?
Source: The Conversation (Au and NZ) – By Hugh Breakey, Deputy Director, Institute for Ethics, Governance & Law, Griffith University A.C. Grayling’s new book Discriminations: Making Peace in the Culture Wars sees the renowned philosopher wading into the ethical minefields of “woke” activism, cancellation, and conservative backlash. Filled with thoughtful analysis, deep reflection, and fascinating

Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial
Source: The Conversation (Au and NZ) – By Kate Cantrell, Senior Lecturer – Writing, Editing, and Publishing, University of Southern Queensland The trial of the so-called “mushroom cook” Erin Patterson, currently underway in the Victorian town of Morwell, continues to generate global attention. The mother of two is charged with three counts of murder and

This 6-point plan can ease Australia’s gambling problems – if our government has the guts
Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University WHYFRAME/Shutterstock We have a refreshed and revitalised Australian government, enriched with great political capital. During the last term of parliament before the election, opportunities to address Australia’s raging gambling habit were neglected. Could this

Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out
Source: The Conversation (Au and NZ) – By Cylie Williams, Professor, School of Primary and Allied Health Care, Monash University elinaxx1v/Shutterstock What do you get when a group of podiatrists (and shoe lovers) team up with a Barbie doll collector? A huge opportunity to explore how Barbie reflects changes in the types of shoes women

Economic pessimism is behind the drift of voters to minor parties and independents
Source: The Conversation (Au and NZ) – By Viet Nguyen, Principal Research Fellow, Macroeconomics Research Program, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne Growing economic pessimism appears to have pushed many voters away from Australia’s two major parties, Labor and the Coalition. Support for minor parties and independents has doubled

A law change will expand who we remember on Anzac Day – the New Zealand Wars should be included too
Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato The New Zealand Wars memorial in new Plymouth. Wikimedia Commons, CC BY-SA Anzac Day has come and gone again. But – lest we forget – war and its consequences are not confined to single days in the calendar. Nor

Newly discovered frog species from 55 million years ago challenges evolutionary tree
Source: The Conversation (Au and NZ) – By Roy M. Farman, Adjunct Associate Lecturer, School of Biological, Earth and Environmental Sciences, UNSW Sydney Australian Green Tree Frog (_Litoria caerulea_). indrabone/iNaturalist, CC BY-NC Australian tree frogs today make up over one third of all known frog species on the continent. Among this group, iconic species such

Two lizard-like creatures crossed tracks 355 million years ago. Today, their footprints yield a major discovery
Source: The Conversation (Au and NZ) – By John Long, Strategic Professor in Palaeontology, Flinders University Marcin Ambrozik The emergence of four-legged animals known as tetrapods was a key step in the evolution of many species today – including humans. Our new discovery, published today in Nature, details ancient fossil footprints found in Australia that

Politics with Michelle Grattan: Andrew Leigh on more productive work in the age of AI
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Australia’s productivity performance has stagnated for years, and Treasurer Jim Chalmers has declared addressing this is a second term priority. “Productivity” is now an added part of the remit of Assistant Minister Andrew Leigh, along with his responsibility for competition,

Caitlin Johnstone: Israel admits it bombed a hospital to kill a journalist for doing journalism
Report by Dr David Robie – Café Pacific. – COMMENTARY: By Caitlin Johnstone The IDF has admitted to bombing a hospital in order to assassinate a prominent Palestinian journalist in Gaza, Hassan Aslih, explicitly stating that they assassinated him for engaging in journalistic activities. The official Israel Defense Forces account made the following post on

Men are shaving off their eyelashes on TikTok. Here’s why that might be a bad idea
Source: The Conversation (Au and NZ) – By Amanda Meyer, Senior Lecturer, Anatomy and Pathology, James Cook University Bhatakta Manav/Shutterstock Videos of men removing their eyelashes, by trimming or shaving, have been circulating on social media in recent weeks. This trend is based on the idea short eyelashes look more masculine. Hair can tell us

Soon, your boss will have to pay your wages and super at the same time. Here’s how everyone could benefit
Source: The Conversation (Au and NZ) – By Helen Hodgson, Professor, Curtin Law School and Curtin Business School, Curtin University Dragon Images/Shutterstock If you have a job in Australia, you’ve probably noticed each of your payslips has a section telling you how much superannuation will be paid alongside your wages. But while your wages are

What is the ‘glass cliff’ phenomenon – and why do women often find themselves on the precipice?
Source: The Conversation (Au and NZ) – By Kerrie-Anne Hammermeister, PhD Candidate in the School of Humanities and Communication, University of Southern Queensland GoodStudio/Shutterstock Speaking to the media after being named leader of the Liberal Party, Sussan Ley was asked if this appointment was an example of the “glass cliff effect”. Ley said “I don’t

Fiji Indians in NZ ‘not giving up’ on Pasifika classification struggle
By Susana Suisuiki, RNZ Pacific Waves presenter/producer, and Christina Persico, RNZ Pacific bulletin editor The co-founder of Auckland’s Fiji Centre is concerned that Indo-Fijians are not classified as Pacific Islanders in Aotearoa. This week marks the 146th anniversary of the arrival of the first indentured labourers from British India to Fiji, who departed from Calcutta.

MIL OSI Analysis – EveningReport.nz –

May 15, 2025

MIL-OSI Russia: The declared total investment volume of residents of the Great Stone Industrial Park reached 1.57 billion US dollars

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

MINSK, May 15 /Xinhua/ — The declared total investment of residents of the China-Belarus Industrial Park “Great Stone” has reached 1.57 billion US dollars, its press service announced on the occasion of the Industrial Park Day.

There are currently 150 residents registered in the Great Stone. 54 of them have already started implementing their projects, making a significant contribution to the economy of the park and the country as a whole. In 2025, the park was replenished with nine new residents representing Russia, China, Switzerland, Turkey and Belarus.

As the head of the industrial park administration, Alexander Yaroshenko, noted, “Great Stone” has become well known both in Belarus and abroad over the years of its operation thanks to the large contribution of Belarusian and Chinese departments and enterprises.

“We have been working fruitfully with our partners from friendly China all this time. And this interaction continues to strengthen. The economic effect of the park’s work is already noticeable. These are new products for Belarus, in demand on our market and supplied for export, new jobs. This became possible due to the fact that the park’s enterprises have been working and continue to work effectively all the time,” the newspaper “Respublika” quotes him as saying.

By the end of 2025, the number of project participants is expected to grow to 170 companies. The number of employees of resident companies will exceed 3,700 people. The China-Belarus Park also continues to develop its logistics potential. In 2024, the second stage of construction began, during which key logistics infrastructure facilities will be built. During 2025, active work will be carried out on the construction of a multimodal terminal on a 41-hectare site. It is expected that the terminal will be completed in 2026, and its implementation will speed up the transportation of goods within the framework of the Belt and Road initiative. –0–

MIL OSI Russia News –

May 15, 2025

MIL-OSI China: Trump meets Syrian interim leader on ties, says willing to make deal with Iran

Source: People’s Republic of China – State Council News

U.S. President Donald Trump (1st L), Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud (C) and Syrian interim leader Ahmed al-Sharaa (R, front) attend a meeting in Riyadh, Saudi Arabia, on May 14, 2025. [Photo/Xinhua]

U.S. President Donald Trump held a meeting on Wednesday with Syrian interim leader Ahmed al-Sharaa in Riyadh, Saudi Arabia, to discuss normalizing bilateral ties, while expressing his willingness to reach a deal with Iran.

Turkish President Recep Tayyip Erdogan joined Trump and Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud online during the meeting, Türkiye’s state-run Anadolu Agency reported.

Trump’s meeting with al-Sharaa — the first between a U.S. president and a Syrian leader in decades — took place on the sidelines of a summit between Trump and leaders from Gulf states.

During the summit, Trump noted in a speech that the normalization of relations between the United States and Syria began with his meeting with al-Sharaa.

He also called on Syria to join the U.S.-brokered Abraham Accords to normalize relations with Israel, despite the Israeli military having conducted frequent airstrikes and ground operations in Syria since the ouster of former President Bashar al-Assad in December 2024.

On Tuesday, Trump announced at an investment forum in Saudi Arabia that he would lift sanctions on Syria in a major policy shift.

“I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,” Trump said, noting that the United States had taken the first steps toward normalizing relations with Damascus.

During the summit with leaders of the Gulf states, the U.S. president also mentioned the ongoing indirect talks with Iran on Tehran’s nuclear program and the removal of Washington’s sanctions.

“I want to make a deal with Iran … but for that to happen, it must stop sponsoring terror, halt its bloody proxy wars, and permanently and verifiably cease its pursuit of nuclear weapons,” the U.S. president said, while calling on “all nations” to enforce the sanctions he had just placed on Iran, which he described as “the most destructive force” in the region.

Trump’s remarks prompted a scathing response from Iran, with Iranian Foreign Minister Abbas Araqchi saying Trump was employing “sheer deception by misplacing the true source of threat.”

Trump is on the second day of his first major foreign visit since taking office, which includes stops in Saudi Arabia, Qatar, and the United Arab Emirates.

During his trip to Saudi Arabia, which began on Tuesday, Trump secured investment commitments worth 600 billion U.S. dollars from the Gulf nation.

MIL OSI China News –

May 15, 2025

MIL-OSI China: Boeing, Qatar Airways announce order for up to 210 widebody airplanes

Source: People’s Republic of China – State Council News

Qatar Airways and Boeing on Wednesday announced the carrier will purchase up to 210 widebody jets, which sets new records as the largest widebody order for Boeing.

The order includes 130 787 Dreamliners, 30 777-9s, and options for an additional 50 787 and 777X airplanes.

“We are happy to announce our agreement with Boeing and our partnership in the largest aircraft order in our history,” said Qatar Airways Group Chief Executive Officer Badr Mohammed Al-Meer.

“We are deeply honored that Qatar Airways has placed this record-breaking order with Boeing, one that solidifies their future fleet with our market-leading widebody airplane family at its center,” said Stephanie Pope, president and CEO of Boeing Commercial Airplanes.

MIL OSI China News –

May 15, 2025

MIL-OSI China: US stocks close mixed after S&P 500 wipes out 2025 losses

Source: People’s Republic of China – State Council News

U.S. stocks were little changed on Wednesday as investors took a breather following a strong rally earlier in the week that pushed the S&P 500 into positive territory for the year.

The Dow Jones Industrial Average fell 89.37 points, or 0.21 percent, to 42,051.06. The S&P 500 added 6.03 points, or 0.10 percent, to 5,892.58, extending a two-day rally and moving further into positive territory for the year. The Nasdaq Composite Index increased 136.72 points, or 0.72 percent, to 19,146.81.

Eight of the 11 primary S&P 500 sectors ended in red, with health and materials leading the laggards by losing 2.31 percent and 0.96 percent, respectively. Meanwhile, communication services and technology led the gainers by going up 1.58 percent and 0.96 percent, respectively.

Technology shares led the market, with Nvidia climbing 4.16 percent after it announced plans to deliver 18,000 of its advanced artificial intelligence chips to Saudi Arabia. Fellow chipmaker AMD jumped more than 4 percent, buoyed by news of a 6 billion U.S. dollars share buyback.

So far this week, the S&P 500 has gained more than 4 percent, the Dow Jones Industrial Average is up over 1 percent, and the Nasdaq has surged more than 6 percent. The recent rally has lifted the S&P 500 more than 21 percent from its April 7 intraday low, when it had been down over 20 percent from its all-time high in February.

The boost in market sentiment follows progress in China-U.S. trade talks in Geneva. Earlier this week, the United States cut its tariffs on Chinese imports to 30 percent, while China reduced its duties on U.S. goods to 10 percent. These steps eased fears of a full-blown trade war, after the two countries had threatened to impose tariffs above 100 percent last month.

“While this progress has led to a likely peak in investor fear and policy uncertainty, there are still a lot of unknowns over where tariff rates will ultimately land,” said Adam Turnquist, chief technical strategist at LPL Financial.

On Wednesday, American Eagle (AEO) joined a slew of retailers pulling their 2025 guidance due to macro uncertainty.

“However, for now, investors have embraced the de-escalatory backdrop, especially the tariff reprieve deal reached with China over the weekend,” said Turnquist.

According to Deutsche Bank, U.S. equities are likely to continue outperforming in the near term, thanks to the easing trade tensions. However, Deutsche Bank strategist Maximilian Uleer noted in a Wednesday report that, despite the tariff relief, the long-term burden of trade policy may still weigh more heavily on U.S. companies than their European counterparts.

MIL OSI China News –

May 15, 2025

MIL-OSI China: Real Madrid top Mallorca to put Barca party on hold

Source: People’s Republic of China – State Council News

FC Barcelona will have to wait until at least Thursday night to confirm this season’s La Liga title after a goal from Real Madrid youngster Jacobo Ramon gave his side a 2-1 win at home to Mallorca on Wednesday night.

The B-team player scored with a flick over Mallorca goalkeeper Leo Roman in virtually the last second of a game that looked to be heading for a draw that would have made Barcelona champions before its game at Espanyol on Thursday.

Mallorca took the lead against an injury-hit Madrid side when Martin Valjent opened the scoring in the 11th minute.

Endrick, Jude Bellingham and Mbappe all saw efforts saved by Roman, who was Mallorca’s best player with 11 saves on the night.

Mbappe finally hit the back of the net midway through the second half, and Madrid kept up the pressure until Ramon’s goal that keeps the title race alive for at least 24 hours.

Villarreal moved level on points with fourth-placed Athletic Bilbao with an impressive win at home to Leganes.

Ayoze Perez scored on 22 and 30 minutes to give Villarreal a comfortable lead, with Nicolas Pepe making it 3-0 on the stroke of half-time.

The result means Leganes is staring relegation in the face after Alaves won 1-0 at home to Valencia.

A 79th-minute penalty from Joan Jordan after Valencia goalkeeper Giorgi Mamardashvili was harshly judged to have fouled Santiago Mourino decided the match, and leaves Alaves four points above Leganes with two games remaining.

Leganes has to win its two remaining matches against Valladolid and Las Palmas, and hope Alaves fails to take two points from its matches against Valladolid and Osasuna.

Wednesday’s results mean Las Palmas is mathematically relegated after Tuesday’s 1-0 defeat to Sevilla, which is now safe from the drop.

MIL OSI China News –

May 15, 2025

MIL-OSI USA: Wicker Encouraged by Trump-Zelensky Deal

US Senate News:

Source: United States Senator for Mississippi Roger Wicker

On February 24, 2022, Russia rolled tanks into Ukraine, expecting to conquer its neighbor in a matter of weeks. The free world rallied to supply military, economic, and humanitarian aid to the Ukrainian people, who have fought valiantly against the thugs invading their homeland. Now, three years later, President Donald Trump and Ukrainian President Volodymr Zelensky have signed an economic investment agreement. The deal plants a flag regarding America’s intentions toward Ukraine, and it could help pave the way to peace and freedom in that war-torn country.

The new plan was negotiated by the president, his Treasury Secretary, Scott Bessent, and his Ukraine envoy, respected American General Keith Kellogg. It sets in motion a more formal, binding pact. Ultimately, Ukraine and the United States will create a jointly owned fund to give America a real stake in Ukraine’s post-war commerce. The eastern European country has vast energy resources – including natural gas, oil, and critical minerals. President Trump is working to rebuild our critical minerals supply chains, and I am advancing legislation that would fund those efforts. Ukraine will be a key part of that work.

President Trump Sends a Message to Putin

With these terms, President Trump brings the credibility of the American economy to a nation poised for stability and growth. The president campaigned on a pledge to end the brutal war unleashed by Russian dictator Vladimir Putin, who has consistently rejected President Trump’s offers to engage in peace talks. Instead, he has tried to wear down Ukraine’s resolve by bombing non-combatant civilian neighborhoods.

After the attacks, President Trump stated that Putin “has to be dealt with differently.” Treasury Secretary Bessent echoed those comments, labeling Putin a war criminal. As the administration pursues peace negotiations, it is taking into account Putin’s character, aware that he will respond only to strength.

The agreement clearly indicates that America is committed to the long-term peace of Ukraine. Additionally, the president has taken more steps to assist Ukraine by approving the transfer of American air-defense systems to the country.

Ukraine Understands the Stakes

The Ukrainians are also sending a message. When he signed this agreement, President Zelensky showed that his people will work with the United States to increase the security and prosperity of both our nations.

From day one of this war, Ukrainians have refused to bend the knee to Putin. They know better than anyone the lengths he will go to accomplish his goals. He has unleashed horrors on thousands of Ukrainians – even women, children, and Christians traveling to and from Palm Sunday celebrations. He has formed increasingly tight bonds with the dictators who control North Korea, Iran, and China.

Russian success in Ukraine would embolden each of those rogue nations. For his part, Putin would gain strategic military positions on the borders of countries we are treaty-bound to defend. Stopping Putin now can weaken his resolve to threaten even more of the free world.

Lasting Peace Comes Through Strength

In the long run, lasting stability will be made possible only by strengthened Ukrainian and European militaries, supported by U.S technological and strategic resources. The Biden administration handcuffed Ukraine by slow-walking the tools it needed to stop Putin. President Trump is correcting course and strengthening the U.S. military at the same time

For the past year, Presidents Trump and Zelensky have been echoing Ronald Reagan’s “peace through strength” philosophy. They both believe that the best way to avoid conflict is to prepare for it. President Trump has already started working to rebuild U.S. military readiness so that no adversary dares to move against America.

Under his direction, the Pentagon can work with Ukraine to produce more weapons and create new defense relationships. Both steps will improve security for both nations. As Ukraine plans its recovery from Putin’s war, we must work together to deter the next dictator from starting one.

MIL OSI USA News –

May 15, 2025

MIL-OSI China: Jordan holds final of 24th ‘Chinese Bridge’ contest in Amman

Source: People’s Republic of China – State Council News

Contestants pose for a group photo during the final of the 24th edition of the “Chinese Bridge” Chinese Proficiency Competition for Foreign College Students in Jordan in Amman, Jordan, on May 14, 2025. [Photo/Xinhua]

The 24th edition of the ‘Chinese Bridge’ Chinese Proficiency Competition for Foreign College Students in Jordan selected the country’s champion on Wednesday to represent the country at the global finals, to be held in Beijing later this year.

During the country’s final held at the University of Jordan, 13 contestants from the University of Jordan, Philadelphia University in Jordan, and the Talal Abu-Ghazaleh Confucius Institute showcased their Chinese language skills through speeches, knowledge tests, and talent performances.

Younis Abu Alsondos from the Talal Abu-Ghazaleh Confucius Institute secured the champion and will represent Jordan for the Beijing finals. Sama Al Shuaibi from the University of Jordan won second place.

The country’s final was organized by the Chinese Embassy in Jordan and hosted by the Amman Chinese Cultural Center and the University of Jordan.

Addressing the final, Chinese Ambassador to Jordan Chen Chuandong stressed the importance of language in understanding the world and connecting people’s hearts.

“Through the Chinese language, we can feel the pulse of the changing times and get up close to the open, inclusive, and ever-changing modern China,” he said.

Chen highlighted the growing popularity of Chinese language learning in Jordan, with over 1,000 students enrolled in the country’s two Confucius Institutes and seven Chinese language programs.

He called on the youth to tell the stories of the China-Jordan and China-Arab friendship, and contribute to mutual learning and closer connection between Chinese and Arab civilizations, as well as deepening practical cooperation between China and Arab countries.

Marwan Al-Jarrah, dean of the School of Foreign Languages at the University of Jordan, highlighted the vital role of language in building bridges between cultures, saying that the Chinese language has become a key to understanding and engaging with the world, and that his university has placed the Chinese language at the heart of its development.

MIL OSI China News –

May 15, 2025

Category: Middle East

UK reaffirms commitment to UN peacekeeping operations as Minister announces new funding for programmes

Minister for the Armed Forces, Luke Pollard, said:

Lord Collins of Highbury, FCDO Minister for Africa said:

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No learning curve

No solution in sight for the Palestinians

More harsh rhetoric for Iran