Asia

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

The central bank reported that Azerbaijan, a country heavily dependent on oil, saw its current-account surplus drop to $3.0 Billion, or 5.4% of gross domestic product (GDP), from $4.0 Billion in the same period last year. The bank stated that the fall in oil prices was the main reason for the decline in current account surplus. The oil and gas sector surplus decreased by 3.7% on an annual basis to $10.7 billion. Meanwhile, the non-oil & gas sector deficit increased by 7.5% to $7.7 Billion. The southern Caucasus' exports are largely based on oil and gas, which accounts for around...

South African miners have increased thermal coal exports after Colombia, the top supplier, banned shipments to Israel in August. Data from Kpler LSEG, and DBX Commodities revealed this. Colombia and South Africa are among Israel's loudest critics. The South American nation issued a presidential decree that enacted the export ban, after accusing Israel for killing tens-of-thousands in Gaza, including children. South Africa accused Israel of genocide before the International Court of Justice. Israel's Prime Minster Benjamin Netanyahu rejected this claim. Data from Kpler shows that Colombian coal exports into Israel fell to zero during the three-month period ending November after...

Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies...

Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine....

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

According to government data released on Monday, the annual inflation rate in Saudi Arabia fell to 1.9% from 2.2% in October. The consumer price index, which measures inflation, has been hovering around 2.1%-2.3% for the majority of this year. This is due to rising house prices. According to the General Authority for Statistics in Saudi Arabia, housing rental prices rose 5.4% and passenger transport prices increased by 6.4%. Saudi Arabia's Real Estate Authority in September outlined new rules to combat'rental increases'. These included a suspension of annual rent increases for both residential and commercial properties within the urban boundaries of...

After two days of discussions in Minsk with?President Alexander Lukashenko, John Coale, the envoy for President Donald Trump was quoted by Belarusian media as saying that the United States will lift sanctions on Belarusian Potash. Belarus did not specify what it would do as a response. Belarus is one of the largest producers of potash - a vital component in fertiliser. Coale was appointed by Trump as his special envoy for Belarus last month. The president has tasked Coale with negotiating the?release of more than 1,000 political prisoner in the former Soviet state, which is close to Russia. Belta, the...

Ashwini Vashnaw, India's information minister, said that the cabinet allowed the export of coal on Friday because the power plants in the country have an excess. Power plants that have access coal supply will be allowed to export 50% of the coal they receive and can use it across all group companies. India, which is the second largest coal producer in the world, has opened its coal industry to commercial mining and private players to meet increasing energy demand and reduce dependence on imports. This move to allow the export of coal is in response to the fact that India's...

SolGold announced on Friday that it would "recommend to its shareholders, Jiangxi copper?an improved offer?valuing the gold and copper mining company at approximately?842?million pounds? ($1.13 billion) amid a worldwide race for copper assets. Jiangxi Copper has increased its offer to 28 pence per Share, marking the third time that it has proposed to buy SolGold. This is a 7.7% rise from their previous bid of 26 pence per Share which was rejected last month. SolGold, a company based in Ecuador, said that its board will tell shareholders to accept Jiangxi Copper's (JCC) offer if it is firm. JCC's pursuit for...

Turkmenistan’s President hinted on possible political reforms Friday, ahead of an international meeting that he will be?hosting, with counterparts from Russia and Turkey as well as?Iran. The comments were made in the state newspaper Turkmenistan Today to mark the 30th anniversary since the declaration of neutrality by the former Soviet nation. Berdymukhamedov stated in the article that "we are undertaking extensive work to transform our neutral 'country into a powerful democratic and rule of law state where citizens can live happy lives." He did not provide any further details. The article was released on the eve a forum to be...

The Kremlin announced on Thursday that Russia is interested in attracting more foreign investment. This comes after the Wall Street Journal reported that the U.S. peace plan in Ukraine included proposals to invest in Russian rare Earths and energy. The Journal reported that the plans, which were detailed in the appendices of peace proposals drafted by U.S. president Donald Trump's administration and given to European counterparts during recent weeks, included proposals to restore Russian supplies to Europe. The Journal reported that U.S. firms would also invest in Russian strategic areas such as rare earth extraction and oil drilling in the...

The price of iron ore futures rose to a new high on Wednesday. This was due to the accelerated buying in the spot market, as steelmakers from the top consumer -China began stocking up feedstocks for consumption over the Lunar New Year holidays in February. The daytime trading price of the most traded iron ore contract at China's Dalian Commodity Exchange was 768 yuan (109.02 dollars) per metric ton. This is its highest level since December 11. As of 0751 GMT the benchmark January iron ore was up by 0.98%?at $103.55 per ton. This is the highest price since December...

The price of platinum futures at China's Guangzhou Futures Exchange increased for the fourth consecutive session, reaching a price ceiling on Wednesday. This was fueled by a growing demand for the precious metal after the record-breaking performance?of silver and gold. Platinum contracts for delivery in August, June, October, and December all reached the maximum. The June contract, the most active contract since its inception, soared 7% to $527.55 ($74.88), the highest price per gram. Palladium futures also surged, with the June contract, the most active, hitting the price ceiling with a 7% increase to 455,15 yuan a gram. This is...

South Korea's Industry Minister said on Wednesday that Korea Zinc’s plan to build a U.S. Smelter will help develop supply chains for essential minerals. Seoul may also discuss the possibility of receiving support from an U.S. Investment Fund. Korea Zinc announced on Monday a plan for a critical minerals refinery worth $7,4 billion in Tennessee. The project will be financed primarily by Washington. Kim Jung-kwan, Industry Minister, said at a 'press conference that he viewed the decision as a positive one for Korea Zinc despite its financial burden. Kim stated that "we concluded that those plans from Korea Zinc?will help...

Copper prices rose on Wednesday. The latest US labour market data revealed a rebound of?job creation but a higher unemployment rate in November. As of 0330 GMT, the most traded?copper contracts on the Shanghai Futures Exchange increased?0.30%, to?92550 yuan (about $13,139.40) per ton. The benchmark copper for three months on the London Metal Exchange rose 0.97%, to $11,704 per ton. Data showed that the U.S. job growth recovered in November despite unemployment being at a record high. Copper prices, on the other hand, have remained above $11,600 per ton. This is due to?supply concerns and prospects of a boom in...

The price of iron ore futures rose to an all-time high on Wednesday. This was due to the accelerated buying in the spot market, as steelmakers restocked feedstocks in preparation for consumption during 'the Lunar New Year holidays in February. By 0212 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange rose 1.05% to reach 766.5 Yuan ($108.84). It reached its highest level since December 11, at 769 Yuan, earlier in the session. As of 0202 GMT, the benchmark January 'iron ore' on the Singapore Exchange had risen by 0.59% to $103.15 per ton. The price of...

Guinea and EGA talk to avoid legal battles over assets seized EGA loses GAC license due to row over alumina refinery Nimba Mining to increase bauxite production By Maxwell ?Akalaare Adombila DAKAR, 16 December - Guinea and Emirates Global Aluminium are in discussions over a 'possible bauxite agreement, which would see the company sourcing the 'aluminium /feedstock from Guinea’s state-owned Nimba Mining. Guinea's military government, following a dispute that lasted a year over the construction an alumina refining plant, revoked Guinea Alumina Corporation's licence in July. The company then transferred its mining assets to Nimba Mining. Sources, including a government...

The Chinese court sentenced 27 people to jail and fined them for exporting antimony ingots without export licenses. This ruling demonstrates how China is tightening its controls on'strategic mineral'. China is the largest producer of antimony in the world. It is used for batteries, chips and flame retardants, as well as the defence industry. Beijing added antinomy in September 2024 to its export list. China announced last month that it had lifted a 'ban' on the export of antimony and gallium to the United States after a meeting between Presidents Xi Jinping & Donald Trump. However, the metals are still...

Copper prices fell on Tuesday as traders remained cautious ahead of the U.S. employment data and year-end liquidity. The benchmark three-month 'copper price on the London Metal Exchange dropped 0.6% to?$11,592 per?metric ton at 0943 GMT. On Friday, it reached a new record high of $11,952 due to concerns about tight supply. Analysts at Sucden Financial say that with thin liquidity and no new fundamental direction, the price swings of base metals have become increasingly exaggerated. This leaves the complex vulnerable to sudden moves towards year-end. Metals used in construction and power are up 33% this year. This is the...

An official from the energy ministry said that Indonesia will auction?629,000 tons of bauxite taken over by the government on Tuesday. The auction is expected to earn it about 200 billion Rupiah (12 million dollars). A miners' association warned that the move could harm the industry as the available processing capacity is still limited. Jeffri Huwae said in a?statement that the auction is intended to increase state revenues, and provide legal certainty for assets under government control. Huwae explained that the'stockpile' was the remnants of mining operations conducted by companies with mining permits. These permits are now expired, and the...

Prices of copper fell on Tuesday as a result of weak economic data coming from the world's largest consumer, China, and renewed fears about an artificial-intelligence bubble. The Shanghai Futures Exchange's most traded copper?contract closed daytime trade down 0.79% to?91.840 yuan (about $13,041.01) per metric ton. As of 0700 GMT, the benchmark three-month price for copper at the London Metal Exchange dropped 0.42% to $10,607 per ton. According to Monday's data, China's factory production slowed down to its lowest level in 15 months, and new home prices also continued to fall. Red metal, used in construction, manufacturing, and power plants,...

Prices of copper fell on Tuesday as a result of weak economic data coming from China, the world's largest consumer. There were also renewed fears about a possible artificial intelligence bubble. As of 0315 GMT, the most traded copper contract at the Shanghai Futures Exchange fell 1.29%, to 91380?yuan (12,975.87 dollars) per metric ton. The benchmark copper for three months on the?the?London Metal Exchange dropped 0.91% to $11,550 per ton. According to Monday's data, China's factory production slowed down to its lowest level in 15 months, and new home prices also continued to fall. Red metal, used in construction, manufacturing,...

The price of iron ore futures rebounded Tuesday, after hitting a five-month-low in the previous?session. This was due to the expectation that steel mills will restock for the Lunar New Year holiday in China, the top consumer. As of 0215 GMT on Tuesday, the most traded iron ore contract at China's Dalian Commodity Exchange added 0.66%, to 758 Yuan ($107.63), a metric tonne, after dropping 0.92% Monday. As of 0205 GMT, the benchmark January 'iron ore' on the Singapore Exchange had risen 0.41%, to $101.95 per ton. It had previously approached the psychologically important level of $100. Chinese steelmakers book...