Palm oil ends the week lower due to weak crude oil.
Malaysian palm futures closed lower on Friday after a two-week rally. Weaker crude oil prices pushed the market. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery fell 6 ringgit or 0.13% to 4,514 Ringgit ($1,068.66). The contract dropped 0.68% in the past week. David Ng said that the market fell as low crude oil prices weighed on market sentiment. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Palm oil follows weak crude oil down, and is set to fall weekly
Malaysian palm futures fell on Friday as crude oil prices dropped, causing the market to fall. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,512 Ringgit ($1,068.43). David Ng said that the market fell as low crude oil prices weighed on the market sentiment. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn. Bhd. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures.
Reactions to India's reduction of consumption tax on hundreds items
India announced on Wednesday that it would reduce taxes on hundreds of items, from soaps to small vehicles, to boost domestic demand. It also simplified its complex goods and services tax structure, reducing the number of rate slabs to two from four. There were some exceptions, however, for luxury goods and "sin goods". On Thursday, the benchmark BSE Sensex index and Nifty 50 both rose by as much as 1.1%. By 11:55 IST they had pared their gains and were each up around 0.5%. "The next-generation GST Reforms...
India will allow private companies to mine uranium and import it to aid nuclear expansion
Two government sources have confirmed that India wants to allow private companies to mine, import, and process uranium. This is part of a plan to end the decades-old monopoly of the state over the nuclear industry and to bring in billions to boost the sector. The government of Prime Minister Narendra Modi plans to increase nuclear power production by 12 times before 2047. It is also relaxing the requirements for foreign players to be able to own a minor stake in power stations, according to reports in April.
India Asks Refiners to Cut Reliance on Middle East Oil after OPEC+ Decision
India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided last week to largely continue production cuts in April, two sources said.India, the world's third biggest oil importer and consumer, imports about 84% of its overall crude needs with over 60% of that coming from Middle Eastern countries, which are typically cheaper than those from the West.Most of the OPEC+ producers…
Anadarko, Bharat Petroleum Sign LNG Deal
American petroleum and natural gas exploration and production company Anadarko, on behalf of the Mozambique Area 1 partners, signed a deal with Bharat Gas Resources (BGR) for the supply of liquefied natural gas (LNG) volumes from the Mozambique LNG development.The sale and purchase agreement (SPA) is for 1 million tonnes per annum (MTPA) for a term of 15 years. BGR is a wholly owned subsidiary of Government of India controlled oil and gas giant Bharat Petroleum Corporation Ltd.
Siemens Gamesa to Suppy 270 Turbines in India
Siemens Gamesa Renewable Energy (SGRE) has won a new order in India from ReNew Power, India's large largest renewable energy independent power producer (IPP), for the supply of 270 SG 2.1-122 wind turbines with a total capacity of 567 MW.The agreement is one of the largest announced in India and will see Siemens Gamesa provide the infrastructure needed to install and operate two wind power facilities, 127 SG 2.1-122 wind turbines for the project in Bhuj…
India to Build 50 MW LNG Power Project in Andaman
Indian Prime Minister Narendra Modi laid the foundation stone of the 50 Mega Watt liquefied natural gas (LNG) based power project in south Andaman. The will take around 18 months to be operational.NTPC Limited’s wholly-owned subsidiary NTPC Vidyut Vyapar Nigam (NVVN) will build the plant which is expected to improve the quality of life of the residents of Andaman and Nicobar Islands and boost the economic development.The plant shall be operational through…
Vedanta Granted Rajasthan Extension
The Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas has granted its approval for a 10-year extension of the Production Sharing Contract (PSC) for Vedanta subsidiary Cairn, Oil & Gas at the onshore Rajasthan Block RJ-ON-90/1.The tenure of the RJ Block PSC, which was due to expire on May 14, 2020, has been extended for an additional period of 10 years with effect from May 15, 2020.
India Cuts Iranian Oil Imports Ahead of Sanctions
Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to data from industry and shipping sources.The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran…
DNV GL, EU to Promote Offshore Wind Market in Indian
DNV GL, the world’s largest resource of independent energy experts and certification body, is today showcasing the final reports in a study which demonstrates the commercial and technical feasibility of the offshore wind market In India. Co-funded by the European Union (EU), GPCL and ReNew Power the Facilitating Offshore Wind in India (FOWIND) project will enable organisations to make future investments in the region. India has made strong commitments under the UN Paris Climate Agreement and announced ambitious renewable energy goals in 2015…
Indian Ports to Go Green
The Indian Government has proposed to implement utility-scale Solar Photovoltaic Power Plant projects at various major ports across the country. The funds for establishment of solar power projects are arranged by the major ports from their own resources and no funds have been released from the Ministry of Shipping, Government of India. According to Minister of State for Shipping P. Radhakrishnan the objectives of this Green Port initiative launched by it is to contribute to carbon emissions reduction and consequently help improve the environment.
Adani Enterprises Wins Global CSR Award 2016
Adani Enterprises Ltd, the flagship company of the Adani Group, a global integrated infrastructure player, was today awarded the prestigious “Energy and Environment Foundation Global CSR Awards 2016” in the Platinum category. The Award was presented on the final day of the 6th World PetroCoal Congress - 2016 held in New Delhi on 17th February, 2016. Mr. Uma Shankar, Adani Enterprises Ltd received the award that was presented by Ms. Meenakshi Lekhi, Hon’ble Member of Parliament in the Lok Sabha amidst high profile delegates. Present in the audience. Mr.
Cairn Pre-close Update
Cairn intends to announce its preliminary results for the year to 31 December 2015 on Tuesday 15 March 2016. In advance of these results, Cairn is providing information on recent operations and guidance in respect of the Group’s trading performance in 2015. This information is unaudited and is subject to further review. Simon Thomson, Chief Executive, Cairn Energy PLC said, “Cairn is delighted with the positive flow tests on the SNE-2 appraisal well confirming the commercial deliverability of the SNE discovery.
Chevron Seeks to Exit Caltex Australia
Chevron selling 135 mln shares at 9.7 pct discount to Fri close. U.S. energy firm Chevron is seeking to sell its entire stake in Caltex Australia Ltd for about A$4.6 billion ($3.6 billion), exiting Australia's biggest refiner after nearly 40 years as falling oil prices and high costs hurt margins. A successful sale of Chevron's 50 percent stake, which the company is offering at a discount to market prices, would make the deal Asia's largest block transaction after the government of India raised $3.6 billion by selling a stake in Coal India Ltd in January.
Cairn Files Dispute Against India Income Tax Dept.
Oil explorer Cairn Energy has filed a dispute notice against the Indian income tax department over a $1.6 billion tax claim from the 2006-2007 fiscal year, the company said on Tuesday. The dispute notice was filed under the terms of the UK-India Investment Treaty, meaning the Indian government and Cairn will now start negotiations to find a resolution to the dispute, Cairn said. If no agreement is made, an international arbitration panel will rule on the matter, it added.
ClassNK’s Super Eco Ship for Coastal Trade
As the Industry waits for the Ministry of Shipping, Government of India to roll out the much hyped policy to boost Coastal Shipping and Inland Waterways transport, ClassNK & Indian Register of Shipping (IRS) took the first step to conduct a workshop on “Super Eco Ship For India Coastal Trade” as a strategy to be first to cash in on the opportunities when the policy gets implemented. Held in Mumbai last week at the IRS auditorium, both the classes presented to the gathering of ship owners…
Training to Prevent Marine Accidents & Deaths
Reducing accidents depends on knowledge, skill and just as importantly, attitude, says the Indian Maritime Administration. And, human error is not always just seafarer error. As the government of India strives to raise India’s share of the global seafaring community from 7 to 15 percent by 2020, at the same time, it struggles with the reality of an escalating death rate attributed to accidents and suicides among Indian mariners. According to the casualty figures released by the Directorate General of Shipping…
RIL, BP and NIKO issue Notice of Arbitration to Indian Government
Guideline 2014” notified on January 10, 2014. The continuing delay on part of the Government of India in notifying the price in accordance with the approved formula for the Gas to be sold has left the Parties with no other option but to pursue this course of action. Without this clarity, the Parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the Parties to appraise and develop other significant discoveries made last year.