News from around the globe China plans to spin off pipeline assets into a new company, Iran raises its oil prices by 9%, India attracts bids for a new LNG import facility and Russia is adjusting its mining taxes. China looks to create new pipeline business China’s economic planning agency, the National Development and Reform Commission (NDRC) is leading talks
India is prioritizing new energy supply India’s economy has been booming, but the country has struggled to meet growing energy demand. India suffers from chronic energy shortages, with nearly half of all homes receiving no power as many as 12 hours a day, according to The Guardian. Over the past week, several reports have come out that India is looking
Refineries in India are importing oil from more varied sources in order to diversify supply Indian refineries continue to reduce imports from traditional markets like Saudi Arabia and Iran and have stepped up purchasing from other markets, including Mexico, Iraq and Venezuela while building inventories as crude prices remain low. Availability of cheaper crude variants and softening of shipping costs
A memorandum of understanding signed between Woodside and Adani is set to strengthen ties in the LNG sector Australian energy major Woodside Petroleum Ltd (ticker: WPL) and India’s infrastructure conglomerate Adani Enterprises Ltd (ticker: ADANIENT) signed a memorandum of understanding (MOU) last week for cooperation in exploring opportunities in India’s oil and gas sector. The MOU, signed on January 10,
Rosneft and Essar agree on key terms of Russian oil supplies to India Russia’s upstream producer Rosneft (ticker: RNFTF) and India’s oil refiner Essar signed key terms of oil and oil products supplies to refineries in India, according to a press release from Rosneft. The document was signed on December 11 in New Delhi by the head of Rosneft, Igor
Reliance Industries Limited (ticker: RIL) and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU) regarding cooperation on potential upstream business opportunities in Mexico and the companies will jointly evaluate value added opportunities in international markets, according to a RIL press release. RIL and PEMEX will also share expertise and skills in the
India’s ONGC Limited poised to become major international player India’s Petroleum Ministry has forecast an estimated 75% increase in natural gas production over the next five years, according to a Mining Weekly article. Currently, India’s gas production is around 100 million standard cubic meters a day, but India’s Petroleum Ministry expects to be producing between 163 million and 175 million standard
MS Executive Director Jeremy Friesen Sees Prices Unsustainably Low, As Both Demand And Supply Will Move At These Levels At the November meeting of the Energy Finance Discussion Group in Denver on Nov. 11, Jeremy Friesen, Commodity Strategist for Morgan Stanley’s Commodity Trading Group, gave a presentation that looked at global economic trends and movements of oil supply and demand.
Despite shrinking domestic numbers, demand for coal is growing internationally Recent years have been difficult for the coal industry in the United States. James River Coal Co. (ticker: JRCCQ) laid off a quarter of its workers, and Consol Energy Inc. (ticker: CNX), another major player in the coal industry, sold off five Appalachian mines to privately held Murray Energy, representing
India has extended approval by six months, beginning June 28, for two Iranian ship underwriters to provide insurance for container, tanker and bulk vessels calling at Indian ports, the Wall Street Journal reported yesterday. The decision to relax sanctions against Iran by the West has enabled tankers to transport oil and petroleum products from Iran. The extension will let India,
