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Oil & Gas

Oil & Gas Exploration

British Company - June 12

Following are the leading stories on the organization pages of British newspapers. has not validated these stories and does not guarantee their accuracy. The Times - UK North sea focused oil explorer Deltic Energy has stopped the Pensacola gas field project, majority-owned and operated by Shell as it blamed fiscal uncertainty and unfavorable political rhetoric ahead of the election. - France-based diagnostics firm Novacyt agreed to pay 5 million pounds($ 6.37 million) to the Department of Health and Social Care as part of a settlement to fix a. long-running High Court dispute. The Guardian - India's Tata Steel has declared...

Oil & Gas

2 United States men jailed for conspiracy to sell Iranian oil to China

Two Texas men convicted by a U.S. jury in November of trying to sell Iranian petroleum in infraction of sanctions imposed by Washington and of conspiracy to dedicate money laundering were sentenced on Tuesday to 45 months in jail, the Justice Department said. Zhenyu Wang, 43, a Chinese person, and Daniel Ray Lane, 42, of McKinney, Texas, schemed with co-conspirators to avert U.S. financial sanctions versus Iran from July 2019 to February 2020 by assisting in the purchase of sanctioned oil from Iran, masking its origins and then selling it to a refinery in China, the department stated in a...

Oil Exploration

Indian shares stay muted ahead of Fed choice, inflation information

Indian shares closed flat on Tuesday, coming off a sharp increase last week, as financiers moved on from election related news to focus on upcoming inflation data, in addition to the US Federal Reserve's policy choice later in the week. The NSE Nifty 50 index settled 0.02% greater at 23,264.85, while the S&P BSE Sensex shed 0.04% to 76,456.59. 7 of the 13 major sectors logged gains. Oil and gas included 1.33%, leading sectoral gainer by percentage. After rising about 3.4% recently, the Nifty 50 has dropped about 0.1% this week up until now, trading in a narrow 200-point variety...

Oil & Gas

Indian shares inch higher led by IT, energy shares; Fed in focus

Indian shares rose on Tuesday, helped by gains in information technology and energy stocks, with investors keenly waiting for a key U.S. inflation reading and the Federal Reserve's policy choice. The NSE Nifty 50 index was up 0.3% at 23,325.40, while the S&P BSE Sensex also rose 0.3% at 76,689.02, since 10:44 a.m. IST. All 13 significant sectors logged gains, with energy stocks increasing 0.6%, driven by an almost 4% jump in ONGC after Jefferies raised its target rate on the oil refiner's stock. U.S. interest rate-sensitive IT stocks got 0.2% as financiers waited for the U.S. consumer rate index...

Oil & Gas Refining

Financial Times - June 11

The following are the top stories in the Financial Times. has not confirmed these stories and does not vouch for their accuracy. Headlines - BP toughens workplace intimacy rules in wake of Looney sacking - UK payments guard dog rejects market call to postpone fraud refund plan - Rishi Sunak puts tax cuts at the centre of Tory election manifesto - Labour triggers concern over prospective capital gains tax walking Summary - British oil significant BP's senior executives should reveal any intimate relationships with associates throughout the past 3 years or face possible disciplinary action, the company said, in a...

Oil & Gas

OPEC? surprise triggered record hedge fund oil sales: Kemp

Portfolio financiers offered record volumes of petroleum last week after OPEC? amazed the market by announcing plans to increase production beginning with the fourth quarter of 2024. Hedge funds and other money supervisors sold the equivalent of 194 million barrels in the six most important futures and choices agreements over the seven days ending on June 4. Fund sales were the fastest for any week since at least 2013 when the U.S. Commodity Futures Trading Commission and ICE Futures Europe began releasing data in the existing format. Sales were more than three standard discrepancies far from the typical weekly change,...

Refined Products

Glencore to supply crude to UK's Lindsey oil refinery

International commodities trader Glencore has won a tender to provide petroleum to Prax's. 113,000 barrel per day Lindsey oil refinery in Britain,. replacing rival trader Trafigura, 3 sources with knowledge. of the deal informed . The deal boosts Glencore's oil trading operation, and. follows the current joint acquisition of Shell's Singapore. refinery and petrochemical assets with Chandra Asri. UK-based independent oil business Prax selected one of the most. commercially advantageous offer in a tender procedure that. begun in the 4th quarter of in 2015, according to a. declaration released to . The business decreased to reveal. information of the contract,...

Environment

NORDIC POWER-Front-quarter hits more than 1-month short on lower European energy rates

Nordic frontquarter power rates was up to their least expensive level in more than a month on Monday, took down by lower rates in the broader continental power and gas market in addition to forecasts of damp weather in the area. * The Nordic front-quarter contract was down 0.25 euros at 34.30 euros per megawatt-hour (MWh) by 10:50 GMT, having earlier struck its lowest level since May 2. * The Nordic front-year baseload power agreement slipped 0.25 euros to 44.75 euros/MWh. * We consider further cost falls as the most likely situation today, where gas and German power also retreats...

Oil & Gas

Russian deficit spending narrows to 0.5% of GDP in May, says finance ministry

Russia's deficit spending narrowed in May to 0.5% of gross domestic product (GDP) from 0.8% in April, the finance ministry stated on Monday, supported by greater revenues as Moscow sharply raises expenditure. Earnings for the first 5 months of the year were 45.5%. greater than the same duration of 2023, the ministry said, citing. initial data. Oil and gas earnings were 73.5% greater and. non-oil and gas earnings were up 34.1%, supported by higher than. planned tax receipts. In early 2023, Western sanctions over the dispute in. Ukraine that consisted of an oil rate cap and oil embargo squeezed. Russia's...

Oil & Gas

Over half of Aramco share sale designated to foreign financiers - sources

Saudi Arabia positioned over half of an $11.2 billion share sale in Aramco with foreign financiers, two people with understanding of the matter informed on Saturday. Saudi Arabia has been seeking to tempt global financial investment to pour 10s of billions of dollars into tasks to diversify far from its dependence on oil. Yet foreign investment has actually repeatedly missed out on targets. There were multiple orders from the U.S., UK, Hong Kong and Japan, one of the sources stated. Worldwide need for the secondary share sale was greater than for Aramco's IPO in 2019, sources had formerly informed ....

Oil Exploration

South Korea east coast energy prospects hold 'excellent possible', advisor states

Oil and gas prospects identified off South Korea's east coast hold great. potential, a creator of the petroleum expedition research study firm. recommending the government stated on Friday. South Korean President Yoon Suk Yeol revealed on Monday the. discovery of the prospects at the site off the coastal city of. Pohang, which he stated could contain as much as 14 billion. barrels of oil and gas, and authorised drilling to prove up. resources. The potential customers recognized show great potential ... for. hydrocarbon, stated ACT GEO co-founder and consultant Vitor Abreu,. whose company was contracted by the Korea National Oil...

Oil & Gas

Wall Street Journal - May 7

The following are the leading stories in the Wall Street Journal. has not verified these stories and does not attest their accuracy. - A female who declares she was wrongly depicted as a stalker in Richard Gadd's Netflix struck Baby Reindeer has sued the streaming service for disparagement and other charges. - Samsung Electronic devices unionized employees staged what they called the first-ever walkout at the South Korean technology giant since it was founded more than five years back, taking a day of paid leave en masse. - Netflix investors voted to advise approval of a refreshed executive-pay plan a...

Fossil Fuels

Fossil Fuels

Uniper wins $14 billion arbitration ruling versus Gazprom

German utility Uniper has actually won a multibillion euro arbitration versus previous longtime provider Gazprom, it stated on Wednesday, permitting it to destroy dormant gas supply agreements and possibly setting a precedent for similar cases. The judgment marks a landmark triumph for Uniper, which had to be saved by the German federal government in 2022 after Gazprom first cut and later suspended materials, requiring the group to purchase replacement volumes at sky-high rates on the spot market. It likewise severs the last remaining ties of what was a. decade-long energy partnership between Berlin and Moscow, which. pertained to an abrupt...

Fossil Fuels

South Korea, Kazakhstan sign minerals deals as Seoul transfers to diversify supply chain

South Korea has struck offers with Kazakhstan to enable its companies to check out for critical minerals in the Central Asian state, it said on Wednesday, as the home to significant chip manufacturers and leading carmaker Hyundai relocate to diversify its supply chains. South Korean President Yoon Suk Yeol is on a state see to Kazakhstan following a similar journey to Turkmenistan this week, and ahead of a visit to Uzbekistan. Wednesday's memorandum of understanding on critical minerals supply chains will permit South Korean companies to take part in expedition for lithium, chrome, uranium and unusual earth advancement, the industry...

Oil & Gas Refining

CORRECTED-Gazprom's legal fights with European business

Russian energy giant Gazprom faces various legal battles with European purchasers and transmitters of Russian gas, as an outcome of the political fallout following the Kremlin's decision to send its soldiers into Ukraine in 2022. Gazprom has actually launched procedures at Russia's St Petersburg and Leningrad Area Arbitration Court, threatening the European companies with fines if they continue lawsuits outside Russia. Nevertheless, some European business have actually stated that did not acknowledge the court's authority. Following are numerous essential legal cases: RUSSIAN COURT PROCEDURES * Gazprom in March 2024 lodged a claim of more than $900. million versus Polish companies...

Mining

Mineral Resources

Mineral Resources

Iron ore struggles for direction as China data counters soft demand outlook

Rates of iron ore futures struggled for instructions on Wednesday as support from improved economic information in top customer China partially offset remaining pressure from lukewarm nearterm need, high portside stockpiles and a stronger U.S. dollar. The most-traded September iron ore contract on China's. Dalian Commodity Exchange (DCE) ended daytime trade. 0.92% lower at 810.5 yuan ($ 111.74) a metric load. The agreement. dropped more than 4% on Tuesday. The benchmark July iron ore on the Singapore. Exchange traded 0.43% greater at $104.65 a ton, since 0708 GMT. China's consumer inflation held stable in May, while the. decrease in manufacturer...

Mineral Resources

India's April-May steel imports struck five-year high on buoyant domestic demand

India's ended up steel imports touched a fiveyear high in the first two months of the fiscal year that started in April, with the country continuing to be a net importer, according to provisionary federal government information seen . Steel demand has actually been buoyant in India, the world's second-biggest crude steel producer, as the country remained a brilliant spot worldwide with robust demand from its building and construction and automobile sectors. India imported 1.1 million metric tons of finished steel in between April and May, up 19.8%. from a year previously, the data showed. India's steel mills, alarmed by...

Mineral Resources

Australia, NZ more cautious on China as Premier Li gos to

Regional security concerns will eclipse profitable trade ties when China's. Premier Li Qiang gos to New Zealand and Australia today,. with the mood considerably various from the last Chinese premier's. check out 7 years back. Li arrives in New Zealand on Thursday, before taking a trip to. Australia at the weekend, China's foreign ministry stated. Australia is the top supplier of iron ore to China, its. biggest trading partner, however there is competition for. Australia's rare earths required for electrical vehicles and defence. from Western security allies. New Zealand was the very first Western nation to strike a free. trade...

Mineral Resources

China's central bank to return to gold buying as costs ease, experts say

China, the biggest official sector purchaser of gold, is anticipated to resume its bullion shopping spree once rates alleviate from the record highs struck in May, as the basic case for the metal remains, market players said at a conference today. After contributing to its gold reserves for 18 successive months, main data from the People's Bank of China (PBOC) showed its holdings were unchanged in May, sending international spot prices down dramatically on Friday. China's information did reveal a time out, David Tait, CEO of the World Gold Council (WGC), told on the sidelines of the Asia Pacific Precious...

Mineral Resources

Offers of the day-Mergers and acquisitions

The following quotes, mergers, acquisitions and disposals were reported by 1945 GMT on Tuesday: ** KKR & & Co has accepted buy a significant. minority stake in Quick Quack Car Wash, the investment firm told. and sources familiar with the deal said KKR would pay. $ 850 million. ** Italian energy business Eni said it had launched. an accelerated bookbuilding procedure to offer 10% of the share. capital of oilfield group Saipem. ** Insurance coverage brokerage company Marsh McLennan's system. Mercer has actually consented to buy Cardano, a London-based pension fund. manager that manages $66 billion of assets, to widen...

Mineral Resources

Deep contango in LME base metals signals weak close-by purchasing interest

Area prices for copper and aluminium in London have transferred to greatly much deeper discounts to the threemonth agreement this week, signalling healthy supplies and weak purchasing interest from consumers for instant deals, experts and traders said. The discount, known as a contango, for copper on the London Metal Exchange (LME) is hovering near the highest on record, while the discount for aluminium struck the largest in 17 years. Normally when need is weak we see a huge contango as customers are not worried about the shortage of neighboring supply. And on the other side, a deep contango encourages individuals...

Mineral Resources

Vietnam to let business import gold for first time in years, industry official says

Vietnam is anticipated to allow companies to import gold for the very first time in over a. years, as it aims to bridge the expanding gap in between regional. prices and global benchmarks, a market authorities informed. . The Vietnam Gold Traders Association (VGTA) has been in. drawn-out talks with the federal government over procedures to remedy. the imbalance in supply and need of gold, Huynh Trung Khanh,. the association's vice chair stated. Vietnam's federal government virtually took full control of imports. and local bullion sales in 2012, with specific big companies. enabled to import offered they repurposed it as...

Mineral Resources

Copper recovers from five-week lows with basics in focus

Copper bounced from fivemonth short on Monday as the focus moved to demand prospective after a selloff activated by funds and traders reversing bets on higher rates. Criteria copper on the London Metal Exchange (LME). was up 1.4% at $9,899 a metric lot at 1623 GMT, having earlier. slipped to the lowest level considering that May 2 at $9,741. Traders anticipate more purchasing on Tuesday when China returns. from the Dragon Boat Festival vacation. The sell-off had actually started on Friday after U.S. data revealed. strong jobs growth in May, recommending that the U.S. Federal. Reserve may not cut interest...

Mineral Resources

Vale Indonesia states Febriany Eddy reappointed as CEO as MIND ID deal approaches

Investors of nickel miner PT Vale Indonesia on Monday voted to reappoint Febriany Eddy as CEO, ahead of state miner MIND ID raising its stake in the group to become its bulk investor, the business stated. Vale and MIND ID said when the state mining group's planned acquisition of a 14% stake in Vale Indonesia from Vale Canada and Sumitomo Metal Mining was announced in February that they would concur board positions as the offer progressed. Eddy and a variety of brand-new appointees will sit as the new board of directors from the closure of MIND ID deals - anticipated...

Mineral Resources

Copper strikes most affordable in more than 5 weeks on strong United States jobs information

Most nonferrous metals rates mainly fell on Monday, with London copper striking its least expensive in more than five weeks, as betterthanexpected U.S. tasks data reduced the opportunity of rate cuts. Three-month copper on the London Metal Exchange edged up 0.4% at $9,802 per metric lot by 0755 GMT, but the agreement fell as much as 0.2% to $9,741 earlier in the session. LME aluminium shed 0.4% to $2,567.50, lead reduced 0.8% to $2,183, nickel fell 0.3% to $17,985, while zinc rose 0.2% to $2,772 and tin was almost unchanged at $31,450. The dollar index rose on Monday, making greenback-priced...

Mineral Resources

Copper hits most affordable in more than 5 weeks on firm dollar

The majority of nonferrous metals rates fell on Monday, with London copper striking its most affordable in more than five weeks, amid a firm dollar and constraints in physical need. Three-month copper on the London Metal Exchange fell 0.2% to $9,747 per metric ton by 0417 GMT, aluminium shed 1% to $2,552.50, zinc dropped 0.9% to $2,741 and lead reduced 0.4% to $2,190.50. LME tin edged down 0.1% at $31,410 a heap, and nickel was nearly the same at $18,035. The dollar index rose on Monday, making greenback-priced metals more pricey to holders of other currencies, after U.S. data revealed...

Mineral Resources

China, Pakistan accept enhance mining, oil and gas cooperation

China and Pakistan have consented to improve mining cooperation and promote the implementation of a pact on reinforcing mining advancement and industrial cooperation, according to a joint statement from the two countries. Pakistani Prime Minister Shehbaz Sharif checked out in Beijing from June 4 to 8, in a bid to update cooperation under the multi-billion dollar China-Pakistan Economic Corridor (CPEC),. which is an essential part of Beijing's Belt and Road Initiative. The countries will promote financial investment by Chinese firms in. Pakistan's mining market, and strengthen the planning of. mining market parks, including deep processing of ores,. according to the...