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Oil & Gas

Oil & Gas

Sources say that India's HPCL has issued rare fuel import tenders following issues at its Mumbai refinery.

Two sources familiar with this matter confirmed on Tuesday that Hindustan Petroleum, India's largest oil company, has issued two unusual tenders for the importation of transport fuels in early November. One source said that the company wanted to deliver 34,000 tonnes of gasoline and 65,000 tonnes of gasoil between November 1 and 10, at Mundra port on the west coast of India. The company didn't immediately respond to an inquiry for a comment about the tenders. Second source: "Operational issues" at the Mumbai refinery of the company prompted the tenders to close on Tuesday. In a Monday statement, the company...

Oil & Gas

The palm oil industry in Indonesia is gripped by fear as the military seizes plantations

In late June, Indonesian soldiers wearing fatigues entered a palm oil plantation in Borneo and displayed a sign declaring that the estate was under government control. The Melati Hanjalipan Plantation is a perfect example of a military-backed takeover which has shocked the 16 million-strong workforce and the world's largest palm oil producer. Agrinas Palma Nusantara is the new state-owned palm oil firm that has a land area of 9.1 million acres. Nearly half was transferred to it, making it the largest palm oil company in terms of size. This crackdown, ordered by the President Prabowo Subianto, is the largest structural...

Refined Products

Oil prices drop on worries about US-China trade tensions

Oil prices fell on Monday as worries about a global glut grew, while tensions between the U.S. and China over trade added to fears of an economic slowdown. Brent crude futures dropped 53 cents or 0.86% to $60.76 a barrel as of 0610 GMT. U.S. West Texas intermediate futures also fell 55 cents or 0.96% to $56.99 erasing Friday's gains. The International Energy Agency has forecast a growing glut of supply in 2026, which is partly responsible for the declines. Toshitaka Takawa, an economist at Fujitomi Securities, said that fears of a slowdown in the economy due to increased U.S....

Oil & Gas

India's benchmark stock indexes will open higher thanks to strong earnings by lenders and global cues

Investor sentiment is expected to be boosted by better-than-expected earnings of top lenders, as well as positive global signals on the easing of China-U.S. Trade tensions. Gift Nifty futures traded at 25,980.5 as of 7:56 am IST. This indicates that the benchmark Nifty will open above its one-year close of 25,709.85. HDFC Bank, India's largest private sector lender, and ICICI Bank, India's second-largest private sector lender by assets, reported on Saturday that they had achieved higher profits than expected for the third quarter. Reliance Industries, on the other hand, missed its quarterly profit forecasts due to weakness in its oil-to-chemicals...

Oil & Gas

Ambani's Reliance Industries reports a nearly 10% increase in profit on digital and energy growth

Reliance Industries, owned by Indian billionaire Mukesh Amani, posted a 9.7% increase in its quarterly profit on Thursday, largely due to a strong performance in the company's core energy business. The steady growth of digital services was also credited. The quarter ended 30 September saw a profit of 181.65 billion rupies ($2.06 billion), compared to 165.63 rupies a year earlier. Reliance's earnings are boosted by higher crude prices, a robust fuel market and a rise in margins for its oil-to chemicals business. Ambani is also accelerating his strategic shift to consumer and digital ventures. Mukesh Amani said that the oil...

Oil & Gas

Egypt says that resolving the Palestine issue is crucial for progress on India-Europe transit route

Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East. The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure. A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023. "We must remember...

Oil & Gas

Reliance's IT counter-pressure helps India's Nifty reach a one-year high

India's equity benchmarks reversed their early losses on Friday. The Nifty 50 reached a new high of one year, with gains from Reliance Industries before its results, outweighing losses by Infosys, and Wipro. Both companies fell due to margin concerns, despite strong earnings. As of 10:36 am IST, the Nifty 50 index rose by 0.42%, to 25,693.3. This is its highest level since October 1, 2024. The BSE Sensex also increased by 0.50%, to 83887.58. Both indexes dropped about 0.2% when they opened. The benchmarks reached a three-month high on Thursday and are now less than 3% off their record...

Electric Utilities

Bankers claim that the bond sales by three Indian state-owned firms prompted by the yield decline accounted for $880 million of the total amount.

Three merchant bankers familiar with the matter on Friday said that a decline in corporate bond rates in secondary market following a dovish policy encouraged three state-run companies to raise approximately 77.50 trillion rupees ($880.5 millions) through bonds sales. Hindustan Petroleum, a state-run company, plans to raise 50 billion rupees. Bharat Petroleum plans to raise 20 billion rupees. The bankers said that both oil marketing companies will be looking to issue bonds with a maturity of five years or less in the next few days. North Eastern Electric Power Corp. (NEEPCO), a subsidiary wholly owned by NTPC, would like to...

Oil & Gas

Sources say that India will reduce Middle East imports and buy more US LPG by 2026.

Sources with knowledge of the issue said that India intends to reduce imports of liquefied gas from the Middle East, as its state refiners seek to increase purchases from the U.S. This will help New Delhi in its efforts to secure a wider trade agreement with Washington. Sources who spoke under condition of anonymity said that the state refiners had already informed their traditional LPG suppliers in Saudi Arabia and the United Arab Emirates about the expected reduction in LPG sales. It is not clear how much LPG India will reduce from the Middle East, but a report in July...

Oil & Gas

Sources say Indian refiners are preparing to reduce their Russian oil imports

Three sources with knowledge of the situation said that some Indian refiners were preparing to reduce their Russian oil imports. The U.S. was pressuring New Delhi, to stop purchasing Russian crude in order to end the conflict in Ukraine. Donald Trump, the U.S. president, said on Wednesday that Prime Minister Narendra modi assured him that India would stop purchasing oil from Russia - its main source of oil imports. India's main goal, it said on Thursday, was to secure energy supply and maintain stable prices. In a volatile energy market, it has always been our priority to protect the Indian...

Oil & Gas

Google to invest $15 Billion in AI Data Centres in Andhra Pradesh, India

Google announced on Tuesday that it will invest $15 billion in data centres for an artificial-intelligence hub in India’s Andhra Pradesh over the next five year period. This is one of the largest investments the company has ever made in the country. Thomas Kurian, CEO of Google Cloud, said that the hub is the largest AI hub outside the U.S. Alphabet Inc's campus of a 1-gigawatt-power data centre will be located in Visakhapatnam, a port city. The investment was initially estimated at $10 billion by officials from the state in southern India. This move coincides with a fiercer competition among...

Oil & Gas

Nayara, a sanctions-hit company, scrambles with New Delhi to maintain operations

Since late August, Nayara Energy refinery in western India has been moving fuel by rail to inland depots with two or three 50-tanker trains per day. This is more than twice the amount of diesel and petrol it used to transport previously. The European Union imposed crippling sanctions on the Russian-owned refinery on July 18 that shut it out of many markets. It forced the refinery to find new customers and divert more fuel into the domestic market. Sources from the Indian government and the company claim that the ongoing crisis at Nayara has forced the Indian government to provide...

Fossil Fuels

Fossil Fuels

Sources say RPT-Reliance is racing to get battery orders out of China before export restrictions.

Reliance Industries, owned by Indian billionaire Mukesh Amani, is hurrying to ship its battery component orders out of China before new export restrictions are implemented, according to two people who were briefed about the issue. This comes as global concerns grow over how Beijing plans to enforce its expanding export control regime. One source said that a team from Reliance had travelled to China in order to accelerate the work. Reliance, as well as the Ministry of Commerce of China, did not respond when asked for comment. Due to the sensitive nature of the situation, the people refused to be...

Fossil Fuels

Reliance, India's largest oil buyer from Russia, says it will adhere to Western sanctions

Reliance Industries Ltd, the largest Indian buyer of Russian crude oil, said it would adhere to Western sanctions against Moscow, while maintaining its relationships with its current oil suppliers. Reliance is owned by Mukesh Ambani, a billionaire who operates the largest refining facility in the world at Jamnagar, in western Gujarat. The company has signed a long-term agreement to purchase nearly 500,000 barrels per day of crude oil, from Russian oil giant Rosneft. The European Union (EU), United Kingdom (UK) and the United States imposed a number of sanctions against Russia for its involvement in Ukraine. On Thursday, new US...

Fossil Fuels

Sources say that Reliance is racing to get orders for battery gear out of China before export restrictions.

Reliance Industries, owned by Indian billionaire Mukesh Amani, is hurrying to ship its battery component orders out of China before new export restrictions are implemented, according to two people who were briefed about the issue. This comes as global concerns grow over how Beijing plans to enforce its expanding export control regime. One source said that a team from Reliance had travelled to China in order to accelerate the work. Reliance, as well as the Ministry of Commerce of China, did not respond when asked for a comment. Due to the sensitive nature of the situation, the people refused to...

Mining

Mineral Resources

Mineral Resources

Sources: Thyssenkrupp Steel boss to depart

Dennis Grimm has left Thyssenkrupp’s steel division, according to two sources familiar with the situation. The unit is now without its leader, as the talks about a possible sale to India’s Jindal Steel International are still ongoing. Grimm is the spokesperson of Thyssenkrupp Steel Europe (TKSE), or its defacto CEO, as of August 30, 2024. This was after former CEO Bernhard Osburg resigned following a conflict with Thyssenkrupp leadership regarding strategy. TKSE declined to comment. Sources say that Grimm's departure coincides with Thyssenkrupp deepening its talks with Jindal Steel International about a possible sale of TKSE. A delegation from the...

Mineral Resources

Sany Heavy Industry debuts in Hong Kong after $1.6 billion IPO

Sany Heavy Industry's shares rose up to 4.7% on their Hong Kong debut Tuesday, after the Chinese construction equipment maker raised HK$12.36bn ($1.59bn) in one the biggest listings in the city this year. According to the prospectus, this company was founded in 1994 and is part of the Sany Group. It is now China's leading construction machinery manufacturer, and ranks among the top three worldwide. Sany, which manufactures excavators and concrete machinery as well as road construction equipment and cranes, operates 16 production bases in different countries and sells its products to more than 150. The stock price opened at...

Mineral Resources

Gold drops on stronger dollar and US-China trade hopes

Gold prices fell Monday as investors awaited the outcome of major central bank meetings later this week to get a sense of monetary policy. As of 0158 GMT, spot gold was down by 0.7%, at $4,082.77 an ounce. U.S. Gold Futures for December Delivery fell 1% to $4095.80. The U.S. Dollar rose to its highest level in more than two weeks against the Japanese yen. This made gold more expensive for holders of other currencies. On Sunday, the top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and Chinese president Xi...

Mineral Resources

Sources say that Thyssenkrupp and Jindal Steel will deepen TKSE due diligence in the next week.

Two people familiar with this matter have confirmed that Germany's Thyssenkrupp is going to start giving India's Jindal Steel International greater access to the financial details of their Thyssenkrupp Steel Europa (TKSE), business, starting next week. Last month, Jindal Steel submitted an indicative offer for TKSE. TKSE is Europe's second largest steelmaker, after ArcelorMittal. Thyssenkrupp CEO Miguel Lopez said on Monday that the talks were intense. People said that the deepening due diligence coincides the visit by a Jindal Steel delegation to TKSE headquarters in Duisburg in advance of the crunch negotiations planned for later this year. Thyssenkrupp declined to...

Mineral Resources

Gold gains ground amid uncertainty and rate outlook

The gold price slightly recovered on Wednesday after the sharpest drop since 2020 the previous session. Investors bought on the dip amid economic uncertainty and the expectation of U.S. interest rate cuts. As of 0803 GMT, spot gold was up by 0.3% to $4,134.37 an ounce. U.S. Gold Futures for December Delivery climbed almost 1% to $4147.10 an ounce. Bullion, which reached multiple records this year, fell to $4,003.39 in the early session. This extended losses following a 5.3% drop on Tuesday, when it marked its biggest daily decline since August 2020. StoneX analyst Rhona o'Connell stated that "that correction...

Mineral Resources

Saudi Arabia's earnings are weak and most Gulf markets follow Asian stock prices higher

On Tuesday morning, most Gulf stock markets were up, following the Asian benchmarks. This was due to a possible easing in U.S. China trade tensions. Saudi Arabia's index, however, fell because of disappointing corporate earnings. Dubai's main stock index rose by 0.3% with the top lender Emirates NBD advancing 1.9%. RBL announced on Saturday that ENBD would buy 60% of the Indian private lender RBL Bank, the largest acquisition of its kind in India's finance sector. The index in Abu Dhabi rose 0.3%. This was due to a 0.3% increase by investment company Multiply Group after the board of its...

Mineral Resources

India's JSW Steel reports a four-fold increase in quarterly profits on the back of strong sales

JSW Steel, India's largest steelmaker, reported a four-fold increase in its second-quarter profits on Friday. A surge in sales volumes outweighed the impact of lower price. Mumbai-based company’s net profit for the third quarter ended 30 September was 16.23 billion rupees, or about $185 million. This is higher than the profit of 4.39 billion rupees from a year earlier. The company announces its first quarterly results, which show that steel prices have dropped despite the Indian Government's tariffs on certain steel products. Sajjan Jindal's company posted a 20% increase in sales for the quarter. Capacity utilization in India, their key...

Mineral Resources

ASIA GOLD - India's festive rush drives gold premiums over 10-year high

The physical gold market in Asia was very strong during this week. Prices broke multiple records and premiums in India reached their highest levels in more than a decade, ahead of the major festivals in this month. Gold prices in the spot market surpassed $4300 an ounce on Thursday for the first. They have gained 7.6% over this past week, amid renewed U.S. China trade tensions, and anticipation of a U.S. interest rate cut. This week, the domestic gold price in India reached a new record of 131 699 rupees for 10 grams. Indian dealers quoted premiums Up to $25...

Mineral Resources

HSBC increases average gold price forecasts 2025 and 26

HSBC raised its forecast for the average price of gold in 2025 to $3,355 from $3,215 because of safe-haven demand fueled by geopolitical tensions and economic uncertainty. In a note from October 15, the bank stated that "sentiment is bullish" as it expects rallies to continue into 2026, aided both by buying from the official sector and demand for gold among institutions as a diversifier. HSBC has also increased its forecast for the average 2026 gold price to $3.950 from $3.125. GOLD HITS A NEW RECORD HIGH HSBC reported that the demand for gold is increasing due to mounting fiscal...

Mineral Resources

India's steel industry will be hit by a shortage of met coke in the first half 2025

India's steelmills only obtained about half their metallurgical coal needs from domestic suppliers during the first half 2025. This highlights shortages, and intensifies their calls for a easing of the import restrictions on this key steelmaking material. India produced 1.5 millions metric tons between January and June of metallurgical coal, but the demand was almost double at 3.09million tons, according to an insider and government data. India, which is the second largest crude steel producer in the world, implemented import restrictions on metallurgical coal in January, to stimulate the industry. In June, the country extended its curbs by setting country-specific...

Mineral Resources

What is causing India's silver shortage this holiday season?

India's silver prices are significantly higher than global averages, as India is the world's largest consumer of precious metals. This is due to the soaring demand for the metal from investors. Exchange-traded funds with physical backing have suspended new subscriptions after the premium jumped up to 10%. Jewellers struggle to meet the strong demand for silver ahead of Diwali - the Hindu festival when purchases of the metal are traditionally high. Why is there a shortage of silver? The global silver demand has been outpacing supply over the last four years. This is a result of the five-year surplus that...

Mineral Resources

WeWork India's stock price falls in its debut trading amid valuation and governance concerns

Investors were concerned about the steep valuation of WeWork India Management and governance risks. The shares fell 3% in their debut trading on Friday. The shares opened just above the IPO price of 648 Rupees, and dropped as much as 5.2% at 614.25 Rupees. The company, which licensed its brand from the now bankrupt U.S. WeWork Global, raised $338.16 in its IPO, which was subscribed 1,15 times. Institutional bids were a major factor. Aishvarya Dadeech, Chief Investment Officer at Fident Asset Management, said: "The market wasn't very comfortable with the value of WeWork, and WeWork now faces the heat." Dadeech...