Asia / Pacific








Energy Markets

India has cleared a $3.9 billion plan to convert coal to gas in order to reduce the reliance on imported fuel.

Ashwini Vaishnaw, India's Information Minister, said that the cabinet had approved a scheme worth 375 billion rupees ($3.92billion) to promote coal gasification, which will reduce reliance on imported fuels, and use domestic coal for cleaner industrial purposes. The Cabinet decision seeks encouragement for the conversion of coal to synthetic gas, which can be used in power production, fertiliser production, petrochemical applications, and other industrial applications. Vaishnaw, who spoke on Wednesday, said that this would, in turn, help India reduce its imports of liquefied gas (LNG), ammonia, urea and methanol. India's gas exports have been affected by the Middle East conflict....

Fossil Fuels

Fossil Fuels

Eneos buys Chevron's Singapore refinery and Asian assets for $2.2 Billion

Eneos Holdings announced on Thursday that it would purchase U.S. giant Chevron's 50 percent stake in Singapore?Refining Company and other assets throughout Southeast Asia, Australia and Australia. This will be its first venture into refining outside of Japan. Eneos stated that the deal, which includes Chevron’s assets in Vietnam, Australia Philippines and Malaysia, is expected to be closed by 2027. Chevron is looking to sell its refining assets and storage facilities in Asia, to reduce costs and streamline operations. This investment is a major step towards strengthening the business platforms that connect Japan to Southeast Asia and Oceania. It also...

Oil Refineries

Libya plans to restart Ras Lanuf Oil Refinery within one year, NOC reports

Masoud Suleman, chairman of the National Oil Corporation in London, told reporters that Libya plans to restart its 220,000 barrels-per-day Ras Lanuf refinery within six to twelve months to supply the domestic market. Since 2013, the refinery, Libya’s largest, was idle due to an arbitration dispute between Trasta and NOC, its Emirati partner. NOC announced on Monday that it had signed an agreement to end the partnership with Trasta, and transfer full control of the Ras Lanuf refinery and complex to Libyans. Suleman said that the budget for the restart was already allocated. He added that NOC had the necessary...

Oil & Gas

What has been the impact of the Iran War on Middle East countries?

LONDON, MAY 13 - Since the massive Israeli-U.S. airstrikes against Iran began on February 28, the war has ravaged infrastructure and economies in the Middle East and thrown into disarray long-held assumptions about regional security. In March, Israel launched an invasion of Lebanon and a bombing campaign to pursue Hezbollah militants who had fired across the border as a show of solidarity with Iran. Here's how certain countries have been affected: The attacks killed Ayatollah Ayatollah Khamenei, the Supreme Leader of Iran and many other top officials and military generals. However, the ruling system remains as firmly entrenched as before....

Oil Refineries

Italy's Ludoil purchases Sicilian oil refinery as war threatens Europe fuel supply

G.O.I., a Cypriot private equity fund, has agreed to purchase the Sicilian oil refiner ISAB. The Italian group Energy said Wednesday that the Iran War has revealed Europe's dependence on the Gulf to supply jet fuel and refined products. Ludoil is the jet fuel supplier to Rome's Fiumicino airport. The Morattis family of Italy and the Brachetti Perettis family in Azerbaijan sold their oil refineries recently to Vitol, a commodity trader. Ludoil had already begun discussions with G.O.I. When the United States and Israel struck Iran on February 28, they used ISAB to generate energy. Ludoil was founded in 1954...

Fossil Fuels

Shipping data shows that India's HPL is turning to Oman for naphtha due to the disruption caused by the Iran war.

According to shipping data and industry sources, India's Haldia Petrochemicals has turned to Oman in order to compensate for a shortage of naphtha from Kuwait and Qatar due to the Middle East conflict. The loading ports of Oman are located outside the conflict zones and have not been affected by the war. According to the cargo tracking of?consultancy Energy Aspects, the medium-range tanker Rarity?loaded around 23,000 metric tonnes (201,000 barrels), of naphtha?late March and discharged it at Haldia on April 13. Navanit Narayan said, "We are actively sourcing multiple options for naphtha and continually?monitoring? the evolving situation" in response to...

Oil & Gas

Brenntag's profits beat expectations but warns that crude prices may remain high

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

Fossil Fuels

Mike Dolan: The stress of the long-term bond issue in the G7 is intensifying.

The rise in government borrowing costs over the long term is not slowing down, and there are more aggravators every day. If you have been enthralled by the gravity-defying markets of this year, then look no further for where stress is growing in world markets. The debt, oil, inflation and interest rate risks, combined with the domestic political and geopolitical uncertainties, as well as the waning demand from the private and public sectors for long-term bonds, have pushed borrowing costs in the Group of Seven (G7) advanced economies to their highest level in over 20 years. According to ICE Bank...

Electric Utilities

MSCI pulls six companies out of its index after review

Indonesia's Financial Services Authority said that on Wednesday, there was no panic sale of shares following MSCI's removal of?six companies from its Indonesia Global Standard Index. They added that they would continue their efforts to reformate the stock market. After a review of the MSCI Indonesia Index, the index provider announced that Amman Mineral International and Chandra 'Asri'Pacific had been removed from it. Dian Swastatika Sentosa was also removed, as well as Barito Renewables Energy, Petrindo Jaya Kreasi, and Sumber Alfaria. On Wednesday, the Jakarta Composite Index fell by up to 1.92% and reached its lowest level in more than...

Oil & Gas

As ties with Syria warm, UAE trade with Syria grows rapidly

A UAE minister told a Damascus Investment Forum that trade between the United Arab Emirates (UAE) and Syria has more than doubled since '2025. It will continue to grow. This is a sign of rapidly warming relations between both countries. Thani Al Zeyoudi, UAE Minister of State in charge of?Foreign trade, told the first?Syrian Emirati Investment Forum the non-oil trading between the United Arab Emirates (UAE) and Syria will reach a record $1.45 billion by 2025. This is a 132% increase from the previous years. He said that the rise in bilateral trade is a positive sign. During the two-day...

Refined Products

Pentagon: US war on Iran has cost US $29 billion to date

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

Oil Refineries

China's ethane imports from the US hit a record high as Iran war reduces rival feedstock supplies

According to traders, analysts, and shipping data, China increased U.S. Ethane imports in April, capitalising on the strong petrochemical margins, as other Middle East?feedstocks were disrupted by the Iran War. The U.S. and Israel war against Iran halted the majority of shipments of liquefied gas (LPG) from the Middle East via the Strait of Hormuz. This forced Chinese petrochemical manufacturers to look to the United States to get more supplies. This was despite the fact that trade tensions last year caused Beijing to temporarily impose a tariff of 125% on U.S. exports. Data from Sublime China Information and?Kpler showed that...

Oil & Gas

IRGC officer: Iran now considers Strait of Hormuz a much larger zone

According to a'senior officer' in the Islamic Revolutionary Guard Corps Navy, Iran has expanded the definition of the Strait of Hormuz far beyond what it was before the Iran war. Fars, a news agency affiliated with the Iranian government, reported Tuesday that the strait was no longer viewed by the IRGC Navy as a small stretch of water around a few islands, but had been significantly enlarged and given a greater military significance. "In the past the Strait of Hormuz has been defined as a small area around islands like Hormuz or Hengam. But today, this view is changing," said...

Crude Oil

Crude Oil

The morning bid rally for EUROPE-AI continues, while the Trump-Xi Summit takes centre stage

Ankur Banerjee gives us a look at what the future holds for European and global markets The record-setting rally fueled by 'AI' appears to be going well as investors shrug off the prospect that interest rates will remain higher in order to combat inflation, oil prices over $100 per barrel and the impasse of negotiations to end the Iran War. The markets are on edge as a high-stakes meeting between U.S. president Donald Trump and China’s Xi Jinping, which has yet to yield any details. Even if expectations are low, a continuation to the status quo may be enough to...

Crude Oil

Gold drops as US inflation data reduce rate-cut bets

Gold prices fell on Wednesday, following a strong U.S. Inflation data dampened speculation 'of interest rate cuts in the near future. At 0946 GMT the spot gold price was down by 0.4% at $4,694.59 an ounce, reversing a recent three-week high. U.S. Gold Futures for June Delivery gained 0.3%, to $4702.40. Dollar bullion is now more expensive than ever for those who hold other currencies. Data on Tuesday revealed that U.S. consumer inflation increased further in April. The annual rate posted its biggest gain in three-years, as higher oil prices caused by the U.S./Israeli war against Iran drove costs up....

Crude Oil

European stocks are rising as sentiment improves, but oil and government bond yields remain elevated

European'stocks' rose on early Wednesday trading as markets recovered from previous session losses. The price of 'oil also declined from recent highs, even though hopes for a peace agreement between the United States and Iran dwindled. Wall Street stocks fell after U.S. consumer price data showed that energy costs increased the most since three years on Tuesday. The inflation data showed the economic impact of Israel and the United States' war against Iran. This pushed up government bond yields as traders believed that it would increase the likelihood that central banks might be forced to raise interest rates sooner than...

Mining

Mineral Resources

Mineral Resources

Gold prices rise on weaker dollar as Trump-Xi meetings and Iran war are in the spotlight

Gold prices rose on Thursday as a result of a 'weaker' dollar. Investors were also looking for any signs of progress with the Iran War and focused mainly on talks between U.S. president Donald?Trump & Chinese president Xi Jinping. As of 0440 GMT, spot gold was 0.4% higher, at $4,706.70 an ounce. U.S. Gold Futures for June Delivery rose 0.2% to $4,713.40. Dollar eased making greenback bullion prices more affordable for holders other currencies. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating at the moment because everyone is watching what happens in the high level talks between the...

Mineral Resources

Demand for Japanese stocks is boosted by optimism about technology.

In the seven days leading up to May 9, foreign flows into Japanese shares jumped to an all-time high. A rally in AI-linked stocks, as well as strong tech and banking sector earnings, boosted risk sentiment. Data from the Ministry of Finance (MOF) on Thursday showed that foreigners continued to buy Japanese stocks for a sixth consecutive week. The Nikkei?225 posted a record high of 63,799.32 points on Thursday. AI-linked demand?and rising interest rate boosted earnings for Japanese tech companies and banking stocks. Sumco, Kioxia, and Ibiden are tech sector suppliers that have set records this week. Sumco, Kioxia, and...

Mineral Resources

Chinese firms warn that nickel quotas and tax increases in Indonesia will threaten investment

Chinese companies in Indonesia are calling for more business-friendly policies. They are warning that tighter nickel ore quotas and higher taxes, as well as a new price formula, are increasing costs and threatening investments in the world's largest nickel producer. China Chamber of Commerce in Indonesia wrote to President Prabowo, copying the Chinese embassy, and was seen by them. They said that Chinese companies faced "excessively strict regulation, over-enforcement" and alleged corruption by authorities. Five sources familiar with the issue confirmed "the letter", requesting anonymity as they were not authorized to speak in public. The complaint highlights tensions that exist...

Mineral Resources

Gold prices remain steady as Trump-Xi meetings and the Iran war are in focus

The gold?price remained steady on Thursday as investors centered their attention on the?conversations?between a?U.S. The Iranian war was the focus of attention between President Donald Trump and Chinese president Xi Jinping. As of 0212 GMT, spot gold remained unchanged at $4,688.43 an ounce. U.S. Gold Futures for June Delivery fell 0.2% to $4,695. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating right now as everyone is watching what happens in the high level talks between the U.S.A. and China." Lan said: "I think (gold) is also a window for those investors who want to get into metal." Trump...

Mineral Resources

Australian stock prices steady as BHP and banks recover, BHP lifts the miners

Australian stocks were flat on Thursday. Financials recovered from a four-day decline on budget-driven worries about mortgages, and gains in heavyweight miners, such as a record high by BHP Group, provided a little support. As of 0103 GMT the S&P/ASX 200 Index?held its position at?8,621.8, but was on course for its fifth consecutive day of losses if current momentum continues. Financial stocks recovered from early losses and snapped a four session losing streak. They gained 0.2%. The financial sub-index fell by nearly 1% earlier in the day and reached its lowest level since 15 May 2025. The drop was primarily...

Mineral Resources

Gold prices in India surpass $200/ounce records amid profit-taking

Bullion dealers reported that gold discounts in India reached a record high of over $200 per ounce on Wednesday. This was due to the surge in price after the 'import duty increase, which triggered investor selling in a weakening 'demand. India raised its import tariffs for gold and silver from 6% to 15% on Wednesday as part of an effort to reduce overseas purchases of these metals and relieve pressure on the country’s foreign exchange reserves. "Discounts were insane in the physical market." "We were double-checking before we executed deals," said the bullion division chief of a Mumbai-based bank who...

Mineral Resources

Aluminium nears 4-year high and copper continues to push towards record January high

Due to 'bullish technical indicators and the outperforming of prices in the U.S. The benchmark three-month 'copper' on the London Metal Exchange rose 0.8% to $14138 per metric ton, in open-outcry official trading, following a record-breaking close on Tuesday. The LME index of six base-metals contracts closed on a record on Tuesday, with copper moving closer to the intraday record of $14,527.50 that was set on January 29. Prices for the entire complex were also strong. Bets on the future growth of demand for copper are a good way to support the price. Recent strong factory data is also a...

Mineral Resources

Chinese firms warn that nickel quotas and tax increases in Indonesia will threaten investment

Chinese companies in Indonesia are calling for more business-friendly policy, warning that tighter nickel ore quotas and higher taxes, as well as a new pricing formula, are driving costs up, and threatening investments in the world's largest nickel producer. China Chamber of Commerce in Indonesia, in a letter sent to President Prabowo, and copied to China's Embassy, said that Chinese firms were subjected to "excessively strict regulation and over-enforcement" and that authorities were allegedly corrupt and engaged in extortion. Five sources who were familiar with the issue confirmed the letter. They requested anonymity as they weren't authorised to speak in...

Mineral Resources

Nippon Steel to earn $1.4 billion in fiscal year profit, as one-off items fade

Nippon Steel is Japan's largest steelmaker. On?Wednesday, it said that its net profit for the fiscal year ending in March will?increase dramatically to a?220 billion ($1.4 billion). This is because the effects of one-off losses are fading from its results. Nippon Steel also reported a 95% decline in profits for the previous financial year, to 17.2 billion Japanese yen. In February, the company announced that it "expected" to lose 70 billion yen in the fiscal year ending in March. This was due to an explosion at a blast-furnace and to costs related to the U.S. Steel transaction. Nippon Steel said...

Mineral Resources

Australia shares drop as CBA drops 10% on earnings missed, housing tax changes

Australian shares fell on Wednesday as investors sold Commonwealth Bank and other lending institutions. The?top?bank's missed profit heightened fears that Canberra's proposed curbs to tax incentives for property-investors could slow down mortgage demand. The S&P/ASX 200 closed 0.5% lower, at 8,630.40. This brings its overall decline to 2.8% in the last four sessions. Australia's biggest mortgage lender Commonwealth Bank plunged 10.4%, posting its weakest ever session. The bank erased a market value of?A$29.93 billion ($21.66billion) after an earnings missed and new Middle East-related provisions bleakened the outlook for the banking industry. The financials index is down 4% at a five-month...

Mineral Resources

Gold prices fall as oil gains increase rate uncertainty

Gold prices were under pressure Tuesday, as the oil price rose due to falling hopes of an Iran peace agreement. This added to concerns about inflation and the prospect of higher interest rates globally. By 1757 GMT, spot gold had fallen 1.2% to $4678.49 an ounce. U.S. Gold Futures closed 0.9% lower, at $4686.70. "Higher oil costs raise the risk that U.S. central banks and others may have to increase interest rate to combat what would certainly emerge as stagflation. Gold is reacting to that," Bart Melek said, global head for commodity strategy at TD Securities. As?hopes of a peace...

Mineral Resources

Arctial Aluminium plant in Finland to produce first metal by H2 2029

Maxime Vandersmissen, Arctial's chief commercial officer, said on Tuesday that the smelter, owned by Rio Tinto, in Finland could help boost production in Europe and produce hot metal in the second half 2029. The project is still three years from production, but it is already in the spotlight, as the Iran War has made aluminium more scarce in Europe, which is heavily dependent on imports. Vandersmissen, speaking at the CRU World Aluminium Conference in London said that the project aims to produce 610,000 metric tonnes of aluminium per year. Vandersmissen stated that this would increase the European production level by...