South-East Asia








Energy Markets

Oil & Gas

Refined Products

Glencore to supply crude to UK's Lindsey oil refinery

International commodities trader Glencore has won a tender to provide petroleum to Prax's. 113,000 barrel per day Lindsey oil refinery in Britain,. replacing rival trader Trafigura, 3 sources with knowledge. of the deal informed . The deal boosts Glencore's oil trading operation, and. follows the current joint acquisition of Shell's Singapore. refinery and petrochemical assets with Chandra Asri. UK-based independent oil business Prax selected one of the most. commercially advantageous offer in a tender procedure that. begun in the 4th quarter of in 2015, according to a. declaration released to . The business decreased to reveal. information of the contract,...

Mineral Resources

INSTANT VIEW-China's May imports of soybeans, crude oil fall y/y

China's exports grew more quickly and for a second month in May, recommending factory owners are managing to find buyers overseas and providing some relief to the economy as it fights to mount a durable recovery amid a. drawn-out residential or commercial property crisis. Outgoing deliveries from the world's second-largest economy. grew 7.6% year-on-year last month, customs information showed on. Friday, beating a projection 6.0% boost in a survey of. economists and a 1.5% rise seen in April. Imports increased 1.8% in May, slowing from a 8.4% jump in. the previous month. BOTTOM LINES: * Soybeans: May imports at 10.22...

Oil & Gas Refining

Trafigura settles $8.4 mln lawsuit with Reuben Brothers firm

Commodity trader Trafigura has settled a suit filed by a company owned by home and metals magnates the Reuben bros, Trafigura stated on Wednesday, in a case linked to a continuous supposed nickel scams case. The case was an off-shoot of a larger legal action in which Geneva-based Trafigura submitted a claim in 2015 against entrepreneur Prateek Gupta, declaring methodical scams involving what were supposed to be nickel cargoes. Hyphen Trading Ltd required $8.4 million in damages last year from Trafigura, stating it had paid Trafigura for 404 metric tonnes of nickel, but never ever received it. The Hyphen lawsuit...

Oil & Gas

Freeport Indonesia raises output target, waits for new export permit

Copper miner Freeport Indonesia has raised its output guidance for the year as it waits for an extension of its copper concentrate export permit that the government has actually assured, the business's deputy chief executive told parliament on Monday. Its copper concentrate output target this year was lifted to 3.78 million metric loads, assuming the export license extension is authorized, from a preliminary 2.84 million heaps, the deputy CEO Jenpino Ngabdi said. The business, majority owned by the Indonesian government however run by U.S. miner Freeport-McMoran, likewise raised its 2024 refined copper output target to 1.73 billion pounds, from 1.42...

Oil & Gas Exploration

Indonesia to release copper export permits for Freeport, Amman, authorities states

Indonesia will provide copper concentrate export permits for miner Freeport Indonesia and Amman Mineral Internasional, a trade ministry authorities said on Friday, making sure that exports by both business would not be disrupted. Freeport's and Amman's present export allows end on Friday. The licenses will take effect from June 1, Budi Santoso, the trade ministry's director general of international trade, stated, without disclosing additional details. Budi stated both companies will be allowed to export till Dec. 31. Indonesia banned deliveries of all raw minerals from June 2023, but Freeport and Amman were given a year-long dispensation to export their copper...

Oil & Gas

Extreme Asian heat spurs LNG demand ahead of summer months

Severe temperature levels throughout Asia are driving up melted gas (LNG) demand in the region as importers look for freights ahead of summertime, with imports in South Asia hitting records. This could tighten readily available supply and additional lift Asian spot prices that have currently gotten a third considering that April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling demand. Costs are now at a near six-month peak above $12 per million British thermal systems (mmBtu) and are anticipated to stay raised. Spot prices are now driven by Asian demand. Temperature levels in South Asia...

Oil & Gas

Offers of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Wednesday: ** A consortium consisting of CVC Advisers and the Abu Dhabi Investment Authority stated it was considering a possible modified deal for Hargreaves Lansdown after the British financial investment platform's board turned down a buyout proposal it had made in April. ** French media and business conglomerate Lagardere said it is moving closer to a sale of its Paris Match magazine to luxury products huge LVMH, on an enterprise worth cost of 120 million euros ($ 130 million). ** Cross-border mergers between European banks are structurally...

Refined Products

Shell sees emerging Asian markets taking more of world's growing LNG supply

Shell anticipates its Australian supplies of liquefied gas (LNG). to help meet need from emerging markets in south and southeast. Asia, which are tipped to soak up a few of the pick up in global. products towards completion of this years. Asian spot LNG costs increased last week to the highest levels. considering that January as heat throughout the region stimulated demand. for the super-chilled fuel. That combination of decarbonisation, and declining domestic. production (will drive LNG demand growth), Cecile Wake, Nation. Chair at Shell Australia informed on the sidelines of the. Australian Energy Producers Conference on Wednesday. Wake expects...

Coal

Offers of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Wednesday: ** BHP's quote for Anglo American underlines the growing appetite for energy transition metals like copper from miners who should become more aggressive to secure new projects or risk missing out, investors and mining CEOs said. ** Abu Dhabi National Oil Company (ADNOC) has actually obtained a 10%. stake in Galp's Location 4 concession in the. multi-billion-dollar natural gas job in the Rovuma basin in. Mozambique, it stated, its very first venture into the African nation. ** Admiral Acquisition will purchase North American. engineering and lab-testing...

Mining

Offers of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 1945 GMT on Friday: ** Spanish energy Iberdrola has actually accepted acquire the staying 18.4% stake in Avangrid that it does not currently own, the U.S. subsidiary stated, in an all-cash offer worth about $2.6 billion. ** United States fund Apollo has withdrawn its deal to buy Applus, it said in a filing to Spain's stock market regulator CNMV, ending a months-long bidding war for the Spanish industrial testing company. ** Washington Federal Bank agreed to sell a portfolio of commercial multi-family property loans to Bank of America for about...

Oil & Gas

Deals of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 0940 GMT on Friday: ** BHP Group would need to improve its most current offer around 30% to reflect fair value for Anglo American and its key copper possessions, JPMorgan analysts stated in a note. ** U.S. fund General Atlantic and Canadian pension fund CPPIB are preparing a 3 billion euro ($ 3.26 billion) offer to purchase Spain's largest online property business Idealista, Spanish newspaper Expansion reported, citing unidentified market sources. ** ABB has actually consented to buy the wiring devices business of German competing Siemens in China, the Swiss...

Oil & Gas

Indonesia anticipates oil and gas investments to increase 29% to $17 billion in 2024

Indonesia expects investments in its oil and gas sector to increase 29% in 2024, the chairman of regulator SKK Migas informed , as it races to ramp up drilling and expedition following the current exits of worldwide giants Shell and Chevron. An instant push in oil and gas investments is essential for the resource-rich southeast Asian country, which is looking to reverse a drawn-out output decrease in the middle of increasing funding obstacles for nonrenewable fuel source jobs. Of the planned financial investments this year, 40% will originate from foreign business including Eni, Exxon Mobil and BP, Dwi Soetjipto, chairman...

Fossil Fuels

Fossil Fuels

Vietnam eyes greener power however rely on coal to prevent blackouts

Lights are off and a/c is down at the headquarters of Vietnam's staterun electrical energy provider EVN as the nation's. leading power utility tries to lead by example to prevent a repeat. of in 2015's debilitating blackouts, a main tells visitors. But numerous services around Vietnam's capital Hanoi. seem ignoring the call to save power, keeping. decorative but otherwise purposeless neon lights on the exterior. of skyscrapers on all night. The difficulties in cutting usage highlight. the challenges facing Vietnam a year after abrupt failures triggered. losses of hundreds of millions of dollars to multinational. producers with investments in the...

Renewable Energy Equipment

Chinese solar firms suspend some production in Southeast Asia after US tariff vacation ends

2 of the world's largest solar panel manufacturers stated they were suspending some production in Southeast Asia today, after a U.S. tariff reprieve on solar panels from some Southeast Asian countries expired. China's Long Green Energy Innovation said on Friday that it had actually suspended production at a battery plant in Vietnam, while Trinasolar stated on Thursday that centers in Thailand and Vietnam would enter a maintenance shutdown. Longi stated its further choices would follow an examination of market conditions. The company stated the production halt in Vietnam would have restricted influence on its operating performance, provided the nation represented...

Fossil Fuels

Pertamina seeks 2.8 mln bbls more of June gasoil amidst refinery issues, sources state

Pertamina Patra Niaga, the trading arm of Indonesia's stateowned energy major, is looking for another 2.8 million barrels of gasoil for June spot shipment, as difficulties at the Balikpapan refinery continue, 2 sources with understanding of the matter said. Balikpapan's crude distillation system (CDU) IV is presently still in healing mode, a Pertamina representative stated on Friday, including the CDU is not in operation yet. Balikpapan was scheduled for a revamp and growth from mid-February to mid-May to include around 100,000 barrels per day of crude processing capability, records reveal. Pertamina has not provided more details on when CDU IV...

Crude Oil

Environment

Environment

VEGOILS-Palm oil falls on weaker soyoil, focus on MPOB information

Malaysian palm oil futures tracked Chicago soyoil lower on Monday, amidst careful trade ahead of a data report by the Malaysia Palm Oil Board. The benchmark palm oil agreement for August shipment on the Bursa Malaysia Derivatives Exchange was down 23 ringgit, or 0.58%, at 3,952 ringgit ($ 838.53) a metric ton by the midday break. Secret manufacturer Malaysia's palm oil stocks at the end of May rose 0.5% from the previous month to 1.75 million metric loads, the highest in 3 months, information showed on Monday. Malaysian palm oil production in May dramatically increased by 13.48%, mostly due to...

Environment

In Malaysia, warmer temperatures imply fewer male turtles, harming conservation efforts

On a secluded Malaysian beach, a group of volunteers thoroughly obtained newly laid sea turtle eggs in the sand and moved them to a dubious, cooler place, in response to worries by scientists that warmer weather is causing less male hatchlings. The temperature of the establishing turtle eggs is what figures out sex. Observers at the Chagar Hutang Turtle Sanctuary on Redang Island believe they are currently seeing fewer males being hatched due to environment change - with the scenario made worse this year by extended hot and dry spells triggered by the El Niño weather phenomenon. Sea turtle conservationists...

Power Markets

Vietnam's coal usage and emissions set new records: Maguire

Coal use, imports and coalfired emissions have all reached tape-record highs in Vietnam this year despite ongoing efforts to present clean generation capability throughout the nation. The continuing growth in coal reliance in Vietnam highlights the problem of removing coal from the power systems of fast-growing nations that count on cheap and plentiful energy sources to create financial competitiveness. GROWING INFLUENCE Vietnam has been a significant beneficiary of the re-routing of supply chains away from China over the last few years, and has actually seen fast development in its manufacturing base and national exports as business establish and expand production...

Carbon Emissions

Vietnam's coal usage and emissions set brand-new records: Maguire

Coal use, imports and coalfired emissions have all climbed to tape-record highs in Vietnam this year regardless of ongoing efforts to roll out tidy generation capability across the nation. The continuing growth in coal dependence in Vietnam highlights the trouble of dislodging coal from the power systems of fast-growing nations that count on cheap and abundant energy sources to create financial competitiveness. GROWING INFLUENCE Vietnam has been a major beneficiary of the re-routing of supply chains far from China over the last few years, and has actually seen rapid development in its production base and national exports as business develop...

Environment

Severe Asian heat spurs LNG demand ahead of summer season

Severe temperature levels across Asia are increasing liquefied gas (LNG) need in the area as importers seek cargoes ahead of summer season, with imports in South Asia hitting records. This might tighten offered supply and further lift Asian spot rates that have currently gained a third because April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling need. Costs are now at a near six-month peak at $12 per million British thermal units ( mmBtu) and are expected to stay raised. Area costs are now driven by Asian need. Temperatures in South Asia are increasing due...

Power Markets

Extreme Asian heat spurs LNG demand ahead of summer season

Extreme temperatures throughout Asia are driving up liquefied natural gas (LNG) demand in the area as importers look for cargoes ahead of summer, with imports in South Asia hitting records. This might tighten readily available supply and further lift Asian area costs that have already acquired a third given that April, with heatwaves throughout South and Southeast Asia improving air-conditioner usage and other cooling need. Rates are now at a near six-month peak at $12 per million British thermal units ( mmBtu) and are anticipated to remain elevated. Spot prices are now driven by Asian need. Temperature levels in South...

Climate Change

Southeast Asia's $220 bln gas expansion strategies could slow energy transition, GEM says

Southeast Asian nations are preparing to invest as much as $220 billion on a quick natural gas expansion program that might slow the area's. tidy energy transition, research by Global Energy Monitor (GEM). revealed on Thursday. If all the organized tasks go ahead, they could raise. Southeast Asia's gas-fired power capability by more than 100. gigawatts (GW), doubling the present level, and raise melted. gas (LNG) imports into the region by 80%, according to. information put together by GEM. Energy need is increasing across Southeast Asia as. economies grow, but ramping up gas production is not a long-lasting. solution, said...

Climate Change

RPT-Small islands sign up with forces on debt relief ahead of climate talks

The world's small island states plan to join forces to push for debt relief and more climate financial investment ahead of this year's COP29 climate summit, part of a 10year strategy to help save a few of them from extinction, a draft file seen revealed. The Small Island Establishing States (SIDS), a grouping of 39 states and 18 associate members, are recognised by the United Nations as particularly vulnerable to increasing water levels and more extreme weather as the world warms up, yet numerous bring a. heavy debt problem that hinders their ability to respond. Now, after years of tension...

Climate Change

South Korea, China, Japan joint statement after first summit in 4 years

The leaders of South Korea, China and Japan on Monday issued a joint statement covering cooperation in a variety of areas from trade to environment modification and aging societies. The statement was concurred after South Korean President Yoon Suk Yeol, Japanese Prime Minister Fumio Kishida and Chinese Premier Li Qiang held a three-way summit for the very first time in more than four years. Here are a few of the primary arrangements from the declaration: TRILATERAL COOPERATION The countries will make every effort to hold the trilateral summit and ministerial conferences on a regular basis, and work to make sure...

Mining

More than 670 feared dead in Papua New Guinea landslide, UN company states

More than 670 people are presumed to have passed away in Papua New Guinea's enormous landslide, the U.N. migration company estimated on Sunday as rescue efforts continued. Media in the South Pacific nation north of Australia had previously estimated Friday's landslide had actually buried more than 300 individuals. However more than 2 days later the International Company for Migration (IOM) said the death toll might be more than double that, as the full degree of the damage is still unclear and continuing harmful conditions on the ground are hampering aid and rescue efforts. Only 5 bodies had been retrieved from...

Environment

Small islands sign up with forces on financial obligation relief ahead of climate talks

The world's little island states plan to join forces to promote financial obligation relief and more climate financial investment ahead of this year's COP29 environment summit, part of a 10year strategy to help save some of them from extinction, a draft document seen revealed. The Small Island Developing States (SIDS), a grouping of 39 states and 18 associate members, are acknowledged by the United Nations as particularly vulnerable to increasing water levels and more extreme weather as the world heats up, yet many bring a. heavy financial obligation problem that obstructs their ability to respond. Now, after years of stress...

Environment

VEGOILS-Palm oil removes early gains to end lower on increasing output

Malaysian palm oil futures removed early gains to end lower on Friday as a healing in production offset the weak point of the Malaysian ringgit and expectations of improved need after the costs of competing soft oils rallied more than palm oil this week. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 8 ringgit, or 0.21%, at 3,886 ringgit ($ 825.05) metric ton after increasing to 3,932 ringgit previously in the day. Malaysia's palm oil production is anticipated to jump in May, despite the fact that exports were weak in the first...