Asia

Taiwan's Economy Minister said on Wednesday, that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them. This comes after a group non-governmental organizations criticized the island's continuing business with Russia. Taiwan, along with the United States, major Western allies, and other countries, put broad sanctions against Russia in 2022 after its invasion of Ukraine, but it did not ban explicitly imports, which are a major source of hard currency for Russia. A group of NGOs, including the Centre for Research on Energy and Clean Air(CREA), criticised Taiwan for its continued imports Russian naphtha last...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Angola has a complex network of pipelines that snake along the Atlantic coast. They lead to a new refinery, which signals Angola's drive for energy independence. It also shows how private lenders are being used instead of banks to finance a large-scale project. "We are not the lender last resort," said Felipe Berliner. He is the co-founder and CEO of Gemcorp, a emerging markets asset management company that provided the majority of the funding for the refinery using private capital. "Sometimes, we are the sole lender." Veteran investors said that private credit for emerging market countries -- driven by investors’...

According to the Defence Ministry, tensions between the U.S. and Syrian Democratic Forces have increased. The statement stressed that the move was not intended as a prelude to a military action but to prevent the Kurdish led group from launching repeated attacks or attempting to seize land. Residents scattered their protests after witnesses reported that the army had sealed off two districts of Aleppo City under SDF control. Residents reported rockets being fired by residents from the Kurdish districts into nearby residential areas. A security source confirmed that one security officer had been killed in a recent attack on a...

Ukraine's military announced on Monday that it had hit one of Russia's major factories that produce explosives used in various types of ammunition for the Russian army, as well as a terminal for oil fueling Moscow's warfare effort. As diplomatic efforts to bring an end to the war, which has lasted for more than three-and-a-half years, have failed, Ukraine's military forces have intensified their long-ranged attacks against strategic Russian targets. This includes oil facilities. Ukraine's General Staff issued a statement in which it said that "numerous explosive explosions" had been reported following the strike on the Y. M. Sverdlov bomb...

ADNOC, the Abu Dhabi state oil company's international investment arm, has said that it submitted robust remedies to win EU approval for the 14.7 billion-euro (17 billion-dollar) bid for Germany’s Covestro. ADNOC has submitted robust remedies that should win EU approval for its 14.7-billion-euro ($17 billion) bid for Germany's Covestro, the international investment arm of Abu Dhabi state oil giant, said on Monday. The European Commission is currently examining the deal. It is ADNOC’s largest acquisition ever and one of the biggest foreign takeovers by an EU company from a Gulf State. In the case of Covestro, it is the...

The Austrian oil-and-gas group OMV has amended its dividend policy in order to include payouts resulting from its stakes in the merged chemicals company Borouge, which is expected to be formed by next year. Abu Dhabi National Oil Company (ADNOC) and OMV announced in March that they would merge their polyolefin business to form Borouge Group, an international chemicals giant with a $60 billion enterprise value. The first dividend will be paid in 2027 under the new formula. The company announced that it will distribute 50% of BGI Dividends attributable OMV, plus 20-30% Operating Cash Flow, excluding BGI Dividends attributable...

A survey released on Thursday found that OPEC oil production increased in September following an OPEC+ production agreement. This was mainly because of the United Arab Emirates' and Saudi Arabia's higher production. According to the survey, the Organization of Petroleum Exporting Countries (OPEC) pumped 28,40 million barrels of oil per day in August, an increase of 330,000 barrels per days over the revised total for the month of August. The United Arab Emirates, and Saudi Arabia, were the countries that saw the biggest increases. OPEC+ - which includes OPEC, Russia and its allies - is accelerating the production increases by...

A company official confirmed on Thursday that the Indonesian state energy company Pertamina will divert fuel from its Dumai refinery to some areas in Sumatra after a fire broke out at the facility. The official added that there had been no disruptions of supply. Agustiawan, a company spokesperson, said that the fire was put out late Wednesday night. He added that gasoil and other supplies were still safe for nearby Sumatra areas. The refinery is still able to supply jet fuel and gasoil for certain areas. Agustiawan stated that other Pertamina refining facilities will divert gasoil and fuel jet to...

Kuwait, the world's largest oil producer, has raised $11.25bn from a three part bond issue, which attracted a large number of investors for its first U.S. Dollar issue since 2017. This marks a strong return on global debt markets following years of political gridlock in Kuwait. The Gulf State was the last sovereign in the region to tap into the bond market. Strong global appetite for bonds and low borrowing costs enable governments to diversify their funding sources and plug budget deficits, as well as invest in economic diversification. Kuwait sold $3.25bn in a portion of three years at 40...

Sinochem, a Chinese company, is willing to sell its Pirelli shares - but only if they are offered at a premium. This comes after the Italian government announced this week that Sinochem had not violated the rules protecting the autonomy of the tyre manufacturer. Rome is trying to resolve a dispute over governance that has affected Pirelli for years. Sinochem, Pirelli’s largest shareholder, is at odds with Camfin, another investor. Pirelli and Camfin complained that the fact that a Chinese company was its largest shareholder was preventing the tyre manufacturer from expanding in the U.S., because Washington is tightening restrictions...

The two companies announced on Wednesday that Australia's Lynas Rare Earths and the U.S. manufacturer Noveon Magnetics have partnered to supply rare-earth permanent magnets in the U.S. to the defence and commercial sectors. The agreement includes the supply of both heavy and light rare earth materials, as well as the production and distribution of finished magnets for end-users in the defense, automotive and industry sectors. In a joint press release, Noveon CEO Scott Dunn stated that "this partnership delivers what both the U.S. market and government most need: capacity, certainty, and speed." The companies also plan to finalise an agreement...

Titan Company in India reported a 18% increase in domestic sales for the second quarter, compared to the 25% that it recorded during the same time last year. This was due to the rising gold prices which hampered demand for high-carat jewellery. In its quarterly business update, the Bengaluru based company reported that the jewellery business, which accounts for close to 90% overall revenue, had grown 19% on an annual basis. Gold spot prices increased 16.4% during the third quarter, as investors sought out the safest commodity amid global economic instability. The company reported that higher gold prices led to...

On Tuesday, copper prices rose on the back of continued mine disruptions. However, they remained below 16-month-highs reached in the previous session due to a stronger dollar. In open-outcry official trading, three-month copper at the London Metal Exchange rose 0.4% to $10,696 per kilogram, after hitting its highest level since May 2024 at $10800 on Monday. LME copper prices have risen 21% this year. Recent weeks saw a rise in price due to mine problems in Chile and Congo, as well as Indonesia. Seven workers were killed in a mudslide disaster at the Grasberg copper mine, which is one of...

The German-owned Knauf Group, a family-owned construction material manufacturer, announced on Tuesday that its attempts to sell off its Russian business, which have been ongoing since April of last year, failed. In a press release, the family-owned business with sales of about 18,20 billion euros (15.6 billion euro) said that a prospective buyer who was not named had abandoned talks. The business will continue to be run separately by local management in Russia "in full compliance" with sanctions, it said. Knauf, which makes gypsum board, drywall and insulation slabs said that in April 2024 it was working to complete a...

Trilogy Metals shares tripled in value in premarket trade on Tuesday, after the White House announced it would buy a 10% stake. The U.S. listed shares were $5.69 and valued the company at just under $1 billion. Washington has taken equity stakes, in industries that it believes are essential for national security. These include critical minerals and semiconductors companies. This is part of President Trump’s policy to reduce China's reliance. The U.S. Government announced on Monday, after the markets had closed, that it would invest $35.6 million in Trilogy and received warrants for an additional 7.5% stake. The President Donald...

The copper price rose on Tuesday due to concerns about supply from the top producers Chile and Indonesia. However, a stronger U.S. Dollar kept gains in check. The London Metal Exchange reported that the price of three-month copper rose by 0.3%, to $10.679.50 per ton at 0717 GMT. The metal reached its highest level since May 2024 on Monday before easing. Freeport Miner said that five workers who had been missing following a mudflow disaster at the Grasberg Copper and Gold Mine in Indonesia, last month, have now been found dead. Fawad Rasaqzada is a market analyst for City Index...

Gold reached a new record on Tuesday, as there was no sign of an end to the impasse that led to the government shutdown between the two chambers of the U.S. Congress. Near-certainty bets about a Federal Reserve interest rate cut in this month also provided support. Gold spot was up 0.1% to $3,965.39 an ounce at 0308 GMT after reaching a session high of $3977.19 earlier. U.S. Gold Futures for December Delivery gained 0.3%, to $3988.10. Kelvin Wong, senior market analyst at OANDA, said: "The (chances) of October and December cuts remain above 80%. This is actually supporting the...

Rio Tinto announced on Tuesday that it, along with joint venture partners Mitsui Iron Ore & Nippon Steel, will invest $733 Million to develop new ore deposits in the West Angelas Hub of Western Australia's Pilbara Region. Rio Tinto said that the West Angelas project, for which it will contribute $389 millions, will maintain the hub’s annual production capability at 35 million tonne, and extend mining operations by several years. Around 600 full-time jobs will be created during construction, and around 950 will remain after the project is operational. The autonomous trucking of ore will begin in 2027. Rio Mining...

Prices of copper fell on Monday, after reaching 16-month-highs earlier in session. Profit-taking due to a stronger dollar overshadowed concerns about supplies from Chile and Indonesia. Benchmark copper was trading 0.7% lower at $10.636 per metric ton, after reaching its highest level since May 22, at $10.800. Monday's peak was a nearly 25% increase since early April. The traders said that the absence of Chinese markets during Golden Week holidays was a major factor in the rapid rise of copper since last week. Chinese players sold LME Copper many times during this latest rally. Some traders and funds have squared...

The copper price fell on Monday, after reaching a 16-month high in the previous session. A stronger dollar countered support from supply concerns from Chile, the top producer and Indonesia as a major supplier. The price of three-month copper at the London Metal Exchange dropped 0.4%, to $10,666.50 a metric ton, as of 0726 GMT. It had previously reached its highest level since May 2024 earlier in the day. The U.S. Dollar Index rose by 0.4%, reaching a record high of more than a week against its competitors. A stronger dollar makes greenback-denominated assets more expensive for holders of other...

Indonesia's Attorney General handed over heavy equipment and smelters seized as part of a corruption investigation to state-owned tin mining company PT Timah on Monday, while President Prabowo urged the authorities to stop illegal tin mining and smuggling. The resource-rich nation is stepping up its efforts to improve the governance of natural resource exploitation. This includes measures such as a crackdown on illegal mining. Prabowo visited the tin hub Bangka Island in order to see the transfer of assets confiscated following a number tin executives' convictions for colluding with illegal mining. Attorney General said that their actions led to state...

The copper price rose to its highest level in 16 months on Thursday, as fears of shortages caused by supply disruptions and the lower dollar surpassed weak demand forecasts for China's leading consumer. The benchmark copper price on the London Metal Exchange rose 1% to $10,479 per metric ton, up from $10,520.5. This is the highest level since May of last year, when industrial metal prices reached record highs over $11,100 per ton. The latest on supplies comes from Indonesia, where Freeport McMoRan’s Grasberg operations suspended operations on 8 September after a deadly mudslide. The suspension of operations at Grasberg...