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Energy Markets

Oil & Gas

Oil & Gas

RPT, the aunt of Trafigura Mongolia's boss, ran its main partner company

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business engaged "serious misconduct"....

Oil & Gas Refining

Brava will connect four additional wells to Atlanta Field after Trafigura's deal

Brava Energia, a Brazilian company, will add four wells to the Atlanta field by 2025. It will also begin shipping oil to Trafigura as part of a six-million barrel supply agreement. The head of Brava's offshore operations, Carlos Mastrangelo, told reporters during a Tuesday visit that the number of wells connected with the floating production storage unit and offloading (FPSO) will now be six. We currently have two wells. In a little more than a month we will be connecting two more, and by the end June, two more. Mastrangelo said that Atlanta produces about 26,000 barrels per day. Mastrangelo...

Oil & Gas Refining

Indonesia will set up a state investment agency similar to Temasek

The parliament approved the creation of a state-owned investment vehicle that will oversee government investments in some the largest companies. It is similar to Singapore's Temasek investment arm. Soon after Prabowo Subito assumed office in October, the creation of Daya Anagata Nusantara Investment Management Agency (Danantara) was announced with the goal of improving performance and returns on state investments. Danantara will have an initial capital of at least 1,000 trillion Rupiah (61 billion dollars). Sufmi dasco Ahmad, deputy speaker to parliament, told reporters that it would take over the State-Owned Enterprises Ministry's holdings in all state-owned companies. State companies play...

Oil & Gas Refining

Shein returns to India with Reliance after 2020 ban

Reliance Retail launched an app to sell fashionwear in India from China's Shein, under a license deal. This comes almost five years after Shein's App was banned in India following a diplomatic dispute. Reliance is owned by Mukesh Ambani. A person who has direct knowledge of Reliance’s launch plans said that the app was launched on Saturday morning. The launch was not announced by the firm. Shein nor its parent company Reliance Industries did not respond to any requests for comments made outside of normal business hours. Shein India Fast Fashion is a departure from Reliance’s strategy to add brands...

Oil Refineries

Singapore's Dec jet fuel imports hit multi-year high up on India, S. Korea supply

Singapore's jet fuel imports most likely hit multiyear highs in December last year, with India being the top supplier as the arbitrage to Europe stayed shut, trade sources and shiptracking data show. Jet fuel imports into the small city state are closely followed by markets, as it is a major trading and storage hub for refined fuel in Asia. The strong supply to Singapore and expectations of greater exports from China after its refiners received recently their first batch of the 2025 export quota, might weigh on Asia's spot jet fuel prices, included the sources, who all sought anonymity. Singapore's...

Refined Products

BPCL plans $11 bln refinery proj in South India

India's Bharat Petroleum Corp plans to invest $11 billion in southern Andhra Pradesh state for a new refinery and petrochemical project to fulfill increasing fuel need in the world's fastestgrowing major economy, its chairman said. India wishes to become a significant refining hub providing fuel to the global markets as Western business are cutting crude processing capacities in favour of energy shift. We feel there is a huge opportunity in refining sector. India's main energy need itself is likewise going to increase 3 to four times as its economy broadens, G. Krishnakumar informed Reuters in an interview. India aspires to...

Oil & Gas

Commonwealth prepares world's first grid-scale fusion power plant in Virginia

Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, prepares what it calls the world's first gridscale combination power plant in Virginia, to generate power by the early 2030s, the company stated on Tuesday. The project, if successful, might revolutionize the worldwide energy market by tapping into an essentially endless power source, similar to that which fuels the stars. But it is a long-shot. CFS does not have regional and federal licenses, investors to money the majority of the plant's construction, and the answer to blend's leading technological question: how to get more energy out...

Oil & Gas

Iraq's fuel oil exports head for record year after Oct volumes leap

Iraq's fuel oil exports are on track to strike alltime highs this year after the country increase shipments in October, as domestic demand reduced while output rose, according to industry sources and shiptracking information. The increase in exports of the residue fuel will support oil earnings for the Company of the Petroleum Exporting Countries' (OPEC's) second-largest producer despite stagnant crude deliveries this year, due to production caps under quotas set by OPEC and its allies, or OPEC+. Higher exports from Iraq will likewise contribute to international supply and ease elevated costs in Asia while lowering feedstock expenses at refineries. Exports...

Oil & Gas

Singapore distillates stocks rise for 3rd week as net exports slip even more

Singapore's middle distillates stocks increased for the third straight week as web exports of both jet fuel and diesel slipped amid increasing imports, main government information showed on Thursday. Stock levels of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore climbed to a little above 9.6 million barrels for the week ended Nov. 13, compared to 9.569 million barrels in the previous week, data from Business Singapore showed. Net exports of diesel/gasoil and jet fuel/kerosene both fell by 60-70% week-on-week. For diesel/gasoil, the circumstance was more exacerbated by a swell up in total imports, as India, South Korea...

Oil & Gas

Singapore's middle distillates stocks slip 4% as jet fuel internet exports surge

Singapore's middle extracts stockpiles fell 4% weekonweek to below 11 million barrels as an increase in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, main data showed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at secret oil storage center Singapore were at 10.919 million barrels for the week ended Sept. 11, a little down from 11.374 million barrels a. week back, information from Enterprise Singapore showed. For jet fuel/kerosene, net exports surged nearly ten-fold. from a week earlier as total imports went back to almost. negligible levels. Total exports continued to drain of Singapore to numerous. local...

Mineral Resources

Trafigura extends notification period in traders agreements to 6-month minimum, sources state

Products trading business Trafigura has extended the notice period for traders leaving the company to a minimum of 6 months or approximately one year, three sources with knowledge of the matter said, after current worker departures. It is not known precisely when changes were made to extend the notice period, but the sources said they use to new and existing workers and depend on seniority levels. A longer notice duration might dissuade traders from using to operate at Trafigura, among the sources said. Trafigura declined to comment. Energy traders consisting of Mercuria, Gunvor and Vitol are going back to trading...

Oil & Gas

Temasek to settle handle Shell for Pavilion Energy LNG asset sale, sources state

Singapore's. Temasek Holdings is settling the sale of some possessions from. melted gas (LNG) trading firm Structure Energy to. Shell with a deal set to be finished in the coming days, two. sources with knowledge of the matter stated. The deal will provide Shell, already the world's leading LNG. trader, with access to gas markets in Europe and Singapore as it. strongly expands its LNG footprint after generating billions. of profits last year. The deal's value will remain in the numerous countless U.S. dollars, one of the sources said. That would be listed below what. Temasek had actually initially sought...

Fossil Fuels

Oil & Gas Refining

In the Pertamina case, Indonesia contacts trading firms in Singapore

It was announced on Monday that the Indonesian Attorney General's Office had contacted a number trading firms in Singapore about a corruption probe involving Pertamina. In the first half of this year, a number of Pertamina subsidiaries executives were arrested for alleged corruption in relation to oil imports from 2018 through 2023. This allegedly caused state losses of $12 billion. Pertamina apologized publicly and promised to improve the transparency after the arrests. Harli Siregar, a spokeswoman for the Attorney General's Office said that investigators want to speak with some Singapore trading firms about the case. Siregar stated that earlier attempts...

Fossil Fuels

Salt is dropped from the ODIs against West Indies. Cricket-Dawson will return to England's T20 Squad.

The England & Wales Cricket Board has not selected Phil Salt for the upcoming home white-ball series against West Indies. Will Jacks, a batting all-rounder, has been recalled to the England squads that will face West Indies in three ODIs (over 20-overs) and three T20s between May 29 and July 10. Harry Brook, the white-ball captain, is leading both teams. Luke Wood and Tom Hartley have both returned to England's T20 and ODI teams, respectively, after not playing white-ball cricket since September 2023. Jacks was playing in the Indian Premier League along with Jos buttler, Jacob Bethell and Jamie Overton,...

Natural Gas

Singapore establishes new GasCo, and appoints a chief executive, according to regulator

Singapore's energy regulator announced on Wednesday that the country had established a wholly government-owned company called Singapore GasCo, to centralise gas procurement and supply to the power sector of the city-state. Energy Market Authority (EMA), in a press release, said that the entity would also benefit from economies of scale, negotiate better gas contracting terms and procure gas from different sources. It would sign contracts for longer periods to ensure a more stable gas supply and price. Alan Heng was also named as Singapore GasCo CEO by the EMA. He was previously the Group Chief Executive of Singaporean LNG company...

Crude Oil

Mining

Coal

A lawmaker calls for an explanation of the Trump administration's decision to remove intelligence analysts

The top Democrat of the U.S. House Intelligence Committee on Wednesday asked Director of National Intelligence Tulsi Gabriel to provide proof of her alleged political bias, which led to her ousting the heads of intelligence community's most analytical body. Gabbard removed the two after the National Intelligence Council issued an assessment that contradicted the legal argument used to deport members of the Venezuelan criminal gang Tren de Aragua by U.S. president Donald Trump. The Trump administration used the claim that Tren de Aragua coordinates its U.S. actions with the Venezuelan Government of President Nicolas Maduro in order to invoke the...

Mining

South Africa coal miner Exxaro agrees deal to buy manganese assets

Exxaro Resources announced on Tuesday that it had reached an agreement with South Africa to purchase manganese mines. The deal is worth 11,67 billion rands. In a press release, the South African coal mining company announced that it had entered into a binding contract to purchase shares and claims on manganese assets owned by Ntsimbintle Holdings or OM Holdings. The coal miner is diversifying into manganese, copper and other minerals to take advantage of the booming demand for these minerals that are vital to the global shift from fossil fuels, which pollute the environment, to cleaner energy sources. In a...

Mineral Resources

Report: China's Ant Group will list its overseas unit in Hong Kong

Chinese media, citing anonymous sources, reported that Ant Group, a subsidiary of China's ecommerce giant Alibaba Group, plans to list Ant International on the Hong Kong Stock Exchange. Caixin reported, citing sources close to the company that Ant was in communication with regulators regarding the possible listing. The report didn't specify whether discussions took place with regulators from China or other countries. Ant International is a Singapore-based company. Alibaba controls 33% of Ant, which was founded by Jack Ma. It runs China's ubiquitous Alipay mobile payment app. Chinese authorities pulled Ant's $37-billion IPO in Shanghai & Hong Kong in 2020....

Mineral Resources

Sources say that Singapore's SC Capital is in talks with Global Switch to purchase the British data center group.

S ingapore-headquartered real estate investment manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told . One of the sources said that the firm, which is backed by the global real estate manager CapitaLand Investment is working with advisors to purchase the London-based Jiangsu Shagang Group. The matter is a private one, so both sources requested anonymity. The people cautioned that the talks are still ongoing and will depend on market conditions. The first person who spoke said that the transaction could be valued between $4...

Oil & Gas Refining

India court rejects JSW Steel and Trafigura requests to clear certain metcoke imports

A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January...

Mining

Blackstone is considering a small stake in the US TikTok spin-off, according to sources

Two people familiar with this matter say that Blackstone, a private equity firm, is considering a minor minority investment in TikTok’s U.S. operation. Blackstone has discussed joining the existing non-Chinese shareholders of ByteDance, including Susquehanna International Group, General Atlantic and General Atlantic to contribute fresh capital in order to bid for TikTok’s U.S. operations. The group is the front-runner. The proposal involves spinning off TikTok’s U.S. operation into a separate company and reducing Chinese ownership to below the required 20% threshold by U.S. laws. TikTok General Atlantic and Blackstone have declined to comment. Susquehanna has not responded to a comment...

Mining

Asian and Middle-East jewellers flood the market after gold rush

Jewellers in Asia and the Middle East struggle with displays that are losing their sparkle, as customers rush to cash-in their old jewellery and coin. Retailers and industry experts warned that if the rush to sell continues it could lead to lower imports in major markets, which would potentially dampen gold's rise. The spot gold price surpassed $3,000 per ounce on 14 March, and has continued to climb since then to reach a year-to date gain of more than 15%. This is due to a powerful combination between political and financial uncertainties. This stunning rise follows a nearly 30% increase...

Mining

Nyrstar will reduce production by 25% at Hobart Zinc operations in Australia

Nyrstar, owned by commodity traders Trafigura, announced on Wednesday that it will reduce production at its Hobart Zinc operations by 25% from April. This news sent prices up. A statement stated that "This decision is the result of a thorough, extensive review. It is a response to the deteriorating conditions on the market and financial losses suffered by Nyrstar Australia." In an email, Nyrstar said that the zinc smelter at Hobart is one of the largest in the world. It has a production capacity of 260,000 metric tonnes per year. However, it did not provide the most recent figures. Nyrstar...

Mining

Mitsubishi stops metal trading in China after suspected copper scams

Japanese trading home Mitsubishi Corp has actually decided to stop domestic metal trading activity in China after thought scams by a copper trader resulted in a loss of 13.8 billion yen ($ 87.5 million), a. spokesperson stated on Tuesday. Mitsubishi scheduled the loss from its Chinese trading. operations in the quarter from July to September, which it said. associated to a client's default on payment in a copper offer. We have chosen to stop brand-new domestic metals trading. deals in China after reassessing the local trading. structure and market environment modifications, the spokesperson. stated. The Shanghai trader accountable was dismissed...

Mining

Pakistan's largest corporation Engro Corp eyes tower sharing expansion with Veon tie-up

Pakistan's biggest corporation Engro Corp, through it's strategic partnership with Veon, is considering broadening telecom towersharing protection in Pakistan and exploring various use cases in telecom infrastructure. Pakistan is a very large market in regards to telecom, which keeps growing bigger, Samad Dawood, vice chairman of Dawood Hercules Corp, which owns 40% of Engro Corp, informed Reuters. This infrastructure business, with scale, enables us to use telecom infrastructure much better in Pakistan and ultimately likewise serve worldwide markets as well, stated Dawood, recognizing countries from the Atlantic coast of Morocco all the way to Main Asian states as prospective markets....

Mining

EV maker VinFast to build 2nd production plant in Vietnam

Vietnamese electric lorry ( EV) manufacturer VinFast on Sunday revealed a plan to develop its second domestic production plant that will double its output capability, saying it is needed to meet increased need for its little and midsized designs. VinFast stated the brand-new facility is anticipated to produce 300,000 systems yearly in its preliminary phase, the very same capability as its existing plant in Haiphong. The business provided less than 45,000 automobiles worldwide in the first nine months of 2024. The new factory in the main Ha Tinh province will mostly produce VF 3 and VF 5 designs for both...

Mineral Resources

EV investor Ideanomics files for bankruptcy to sell possessions

Electric automobile tech company Ideanomics Inc. filed for Chapter 11 bankruptcy in Delaware on Wednesday to discover a buyer for its wireless charging business and other innovation investments. Ideanomics got in insolvency with over $30 million in debt and simply $189,000 in cash on hand, according to files filed in Wilmington, Delaware personal bankruptcy court. Ideanomics said it has lost over $800 million in the previous five years. The company spent $320 million on electric automobile innovation investments in between 2021 and 2023, but the majority of those investments were unprofitable. It has actually closed down all of its obtained...