South-East Asia

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 had engaged in...

The Singapore-based Jadestone Energy PLC, an oil and gas company that develops offshore gas fields, has submitted to the state-controlled PetroVietnam a plan for a joint development of two offshore gasfields in southwest Vietnam. Jadestone stated in a press release that the proposal included drilling two wells at the Nam Du and U Minh field to support a plateau production rate of 80 millions standard cubic feet per day. Jadestone, a separate company, said that the development of Nam Du and U Minh's gas fields will reduce Vietnam's future dependency on expensive liquefied gas imports. Gas will be transported to...

Freeport-McMoRan CEO Kathleen Quirk expressed her hope that U.S. president Donald Trump will declare copper to be a critical metal. This would allow tax credits for the American production of red metal, and help offset its global competitors, she said. Trump said to the U.S. Congress that he would take "historic action" to expand production of vital minerals, but he has not yet provided details. Copper is widely used in the global economy for power generation, electronic devices and construction. The U.S. Geological Survey identifies lithium, nickel and other minerals as essential. Quirk said that adding copper to Freeport's portfolio...

According to a document from the government, Vietnam is expecting to sign pacts this week with the United States after its trade minister met U.S. energy and trade officials. This step follows weeks of conciliation messages Vietnam sent to Washington, in an attempt to avoid tariffs that the Trump administration may impose on Southeast Asian nations due its large trade deficit with the United States. The document dated March 5, from the Trade Ministry, contains the itinerary of Nguyen Hung Dien, the Minister of Commerce's visit to the United States in this week. The list also included energy companies, government...

Mark Russell will replace Hadi Hallouche as the chief executive officer of Trafigura's downstream energy company Puma Energy. Trafigura, a Swiss company, said that Hallouche would work as co CEO with Russell until June's end. Hallouche, who is the CEO of Puma, has held this position since October 20, 2021. Prior to that, he was Trafigura’s Asia Head of Oil and Global Head of Liquefied Natural Gas. He was previously an LNG trader at Shell. Richard Holtum, who replaced Jeremy Weir in January as Trafigura's group CEO, is the latest Trafigura leader to leave. This was followed by a number...

Energy Minister Danantara Indonesia said that Indonesia is looking to increase coal gasification through its newly established sovereign wealth fund Danantara Indonesia. Indonesia, which is the world's largest thermal coal producer has been trying to process low-ranking coal into dimethyl ether in order to reduce LPG imports. However, previous projects have failed due to investors pulling out. Energy Minister Bahlil stated late Tuesday that the government will provide the capital investment, and the local investors will cover the rest. "Danantara will be one of them." Bahlil stated that four coal gasification project will be implemented in South Sumatra, East Kalimantan...

Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on...

France's Vallourec announced a 24% decline in its core profit for the fourth quarter on Thursday. It cited lower average selling prices for its steel tubes, its primary market, in North America. Vallourec makes tubings for oil and gas markets, low-carbon energies and industrial markets. Its operating earnings before interest taxes, depreciation, and amortization (EBITDA), fell to 214 millions euros ($224) in the fourth quarter of 2024. This was due to a 27% decline in North American tubes. In the fourth quarter, around 92% (globally) of Vallourec’s total revenues came from the tubes business. In a conference call with journalists,...

Two sources familiar with the matter have confirmed that Japan's Itochu has withdrawn from a proposed buyout of Seven & i Holdings by the founding family. Seven & i founders Ito family started talks with the Canadian company Alimentation Couche-Tard to privatize the company for a reported $58 billion. Nikkei reported on Wednesday morning that Itochu decided to not participate in the purchase. Nikkei reported that Itochu considered investing 1 trillion yen (6.69 billion dollars) but saw little synergy between its food and beverages business and Seven & i. Seven & i & Itochu declined comment. Itochu's decision not to...

A senior official from the Energy and Mineral Resources Ministry announced on Wednesday that Indonesia will begin using the benchmark coal price set by the government as the price floor for all transactions next month. Indonesia uses the HBA (government benchmark price) to calculate coal mining royalty fees. Energy Minister Bahlil lahadalia announced earlier this month that the government will require coal companies to utilize the HBA for global transactions. The government is seeking to gain more control over coal prices in the country. In a message sent via text, ministry official Tri Winarno stated that the policy would be...

U.S. Trade officials announced a new round on Friday of tariffs against solar panels imported from four Southeast Asian countries after American manufacturers complained about the unfairly low prices offered by these companies. The Commerce Department of President Joe Biden is making the second preliminary decision this year on a trade case filed by Hanwha Qcells in Korea, Arizona's First Solar Inc. and several smaller producers to protect billions in investments made in U.S. manufacturing of solar panels. The American Alliance for Solar Manufacturing Trade Committee accused the big Chinese solar panel manufacturers with factories in Malaysia and Cambodia as...

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...

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

The U.S. Geological Survey revised down its estimate for Vietnam's rare-earth reserves from 22 million to 3.5 millions metric tons. If confirmed, this could have an impact on the country's ambitions of becoming a rare-earths powerhouse. Rare earths have multiple applications, including in electric vehicles, autobatteries and renewables. They are also used in electronic and military product. In a report published in January, the revision has dropped Vietnam to sixth place on the USGS list of the countries with the biggest reserves, behind China, Brazil and India. Australia, Australia, Russia, and Australia are also included. USGS stated in an email...

As major producers around the world prepare for Wednesday's increased tariffs, two major South Korean steelmakers have been evaluating their options to invest in new facilities. They said that the options included investing in operations in the U.S. The U.S. President Donald Trump’s decision to increase protection for American producers of steel and aluminum restores global tariffs that are effective at 25% on all metal imports. It also extends these duties to hundreds downstream products, such as nuts and bolts, bulldozers blades and cans. Canada, the largest foreign supplier of aluminium and steel to the U.S.A., Brazil, Mexico, and South...

The Indonesian mining ministry has said that it is looking at increasing the royalties mine companies pay for commodities such as nickel, copper, and coal. The proposal was made as Indonesia's newly formed government plans to make major budget changes, including the introduction of a free lunch program for schoolchildren. According to a YouTube video of a Saturday public consultation about the proposed changes, the ministry's Tri Winarno stated that the goal is to improve the governance of the industry. Indonesia is rich in natural resources. Mining is one of the major sources of income. The world's largest exporter of...

The Wa State in Myanmar, a semiautonomous region, has finally broken a year-long silence about the fate of Man Maw Tin Mine. The mine is a jewel in Myanmar's crown of tin and its suspension, since August 2023 ostensibly to conduct an audit, has cut the flow of raw tin materials into Chinese smelters thereby reducing the output of refined metal. The Wa authorities now say they are ready for applications to be submitted for mining and processing licenses at Man Maw. This indicates that it is likely to return in the second half of this year. The International Tin...

The Wa State in Myanmar, a semiautonomous region, has finally broken a year-long silence about the fate of Man Maw Tin Mine. The mine is the crown jewel of Myanmar's tin industry. Its suspension in August 2023 - ostensibly to conduct an audit - has reduced the flow tin materials from Myanmar to Chinese smelters and thereby constrained the output of refined metal. The Wa authorities now say they are ready for applications to be submitted for mining and processing licenses at Man Maw. This indicates that it is likely to return in the second half of this year. The...

His Commerce Secretary said that President Donald Trump would decide on Monday which tariff levels he would impose on Canada and Mexico on early Tuesday morning, amid last-minute talks over border security and efforts aimed at preventing the inflow of opioids such as fentanyl. Trump has promised to impose tariffs of 25% on all imports coming from Canada and Mexico. The Canadian energy sector will be subjected to 10%. CEOs and economists claim that the tariffs, which cover more than $900 Billion in annual imports to the United States from Canada and Mexico, would be a major setback for the...

The trade ministry announced on Friday that Vietnam would levy a temporary antidumping tax of up to 27,83% on certain hot-rolled coils steel products from China. In a statement, the Ministry said that the tariff would be effective on March 7, and it will last for 120 days. Baoshan Iron & Steel, Maanshan Iron & Steel are among the companies affected by these duties Vietnam launched an investigation into anti-dumping in July after complaints by Vietnamese producers. After business hours, the Chinese ministries of foreign affairs and commerce did not respond to faxed comments. Hanoi's decision comes after the U.S....

Rachmat Makkasau, the CEO of Amman Mineral Nusa Tenggara (a subsidiary of Amman Mineral Internasional), told the parliament on Wednesday that the company is looking for flexibility from the government in order to export copper concentrate. Makkasau stated that the company had around 200,000 metric tonnes of concentrates available for export. He said that the smelter was operating at only 48% of its capacity at an update in parliament on the company's operations. Indonesia has banned the export of raw minerals like copper, but it gave Amman Mineral & PT Freeport Indonesia a deadline extension of December of last year...

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...

Indonesia's parliament proposed on Thursday to revise the nation's mining law to help the government accelerate development of its mineral processing market and to manage mining permits for religious groups and for universities. President Prabowo Subianto has pledged to speed up advancement of Indonesia's mineral processing market and energy transition and formed a special task force to come up with comprehensive plan for the sector. A parliamentary plenary conference on Thursday consented to release a formal consideration procedure for the law revision. Amongst the proposed revisions to the mining law was a plan to provide specific business top priority access...