Tag: India

Peak oil? Majors aren’t buying into the threat from renewables

HOUSTON/LONDON (Reuters) – Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour $8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun. That transformation – marketed as “Beyond Petroleum” – led to manufacturing solar panels in Australia, Spain and the United States and erecting wind farms in the United States and the Netherlands. Today, BP (BP.L) might be more aptly branded “Back to Petroleum” after exiting or scaling back its renewable energy investments. Lower-cost Chinese components upended its solar panel business, which... continue reading

NCDEX arm, IME ink deal to develop joint trading platform

AHMEDABAD, NOVEMBER 1:   The Iranian Mercantile Exchange (IME) and NCDEX e-Markets Limited (NeML), an NCDEX group company, have inked a memorandum of understanding to develop a joint trading platform for commodities trade between India and Iran. The agreement is aimed at creating a joint e-trading platform for the trading of commodities from Iran to India and vice-versa. The trading platform will begin its operation with spot trading of bitumen, an industrial commodity, from Iran to India. Going forward, a futures contract for bitumen will also be developed. Also, other commodities such as soyabean, maize and rice have huge scope of... continue reading

Robust Chinese demand ensures Asian LNG rally has legs

LONDON/SINGAPORE (Reuters) by Oleg Vukmanovic & Henning Gloystein Unexpectedly strong demand from China, along with rising oil and coal prices, should keep Asian liquefied natural gas (LNG) spot levels buoyant this winter. Despite rising supplies from new plants, spot prices have risen by 55 percent from their 2017 lows to $8.40 per million British thermal units (mmBtu) as Asian buyers also refilled summer stocks. With the peak demand October-March winter gas season almost underway, further price gains are expected. Nuclear outages in Taiwan and rising demand from Thailand, as well as new buyers like Pakistan, are absorbing oversupply of LNG... continue reading

Commodity trader Swiss Singapore aims to double revenue, boost oil trading

SINGAPORE (Reuters) – Commodity trader Swiss Singapore Overseas aims to double its revenue over the next few years by expanding its oil and coal portfolio, and is ramping up hiring as part of that drive, a senior company official told Reuters. The firm, part of the Indian multinational conglomerate Aditya Birla Group, posted a turnover of $4.6 billion in its last financial year and is set to achieve $5 billion this year, said Krishnan K Gupta, head of its energy team. Its overall target is $10 billion in the next 3 to 4 years, Gupta said late on Wednesday on... continue reading

Stormy weather exposes shortcomings of world’s oil refineries

by Libby George, Ron Bousso BRUSSELS/LONDON (Reuters) – Hurricane Harvey’s crippling impact on U.S. oil refinery operations this month and the challenge buyers faced in filling the gap in gasoline supplies has exposed a shortage of spare refining capacity around the globe. Nearly a quarter of U.S. refining capacity was knocked out by the storm this month, driving U.S. gasoline prices to two-year highs above $2 a gallon. Many plants are still struggling to resume normal operations, prompting other refineries around the world to crank up output to fill the gap. Global refining is considered to be running at its... continue reading

Seaboard Corporation successfully completes Fendahl Fusion CTRM Implementation Project

ISLE of MAN, September 2017 – Seaboard Overseas Limited, a division of Seaboard Corporation has successfully completed the implementation of the Fendahl Fusion CTRM, after a 4-month software implementation project. Seaboard Overseas is a global trader of; wheat, corn, soybeans, soybean meal, mill feed, rice, pulses, milk products, sugar, food oils, and other protein meals. Seaboard sources, transports, and markets over 9 million tons of commodities each year. In addition, Seaboard operates a fleet of company owned and chartered bulk freight vessels, delivering commodities to in-house and to third-party customers around the world. Seaboard replaced a legacy CTRM system that... continue reading

ExxonMobil slashes LNG price to India in bad omen for producers

MELBOURNE/NEW DELHI (Reuters) – India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp (XOM.N) in a rare contract renegotiation, a bad sign for producers in a heavily oversupplied global market. In a trade-off for ExxonMobil, India’s Petronet LNG (PLNG.NS) will increase its volumes from the Gorgon LNG project in Australia by an extra 1 million tonnes a year to about 2.5 million tonnes a year, but at cheaper rates than initially agreed in 2009. Long-term contracts are rarely revised in the LNG market, and for a big producer to cave... continue reading

Electric cars seen dominating by 2040 as battery prices plunge

Electric cars will outsell fossil-fuel powered vehicles within two decades as battery prices plunge, turning the global auto industry upside down and signalling economic turmoil for oil-exporting countries. The Bloomberg New Energy Finance forecast says adoption of emission-free vehicles will happen more quickly than previously estimated because the cost of building cars is falling so fast. The seismic shift will see cars with a plug account for a third of the global auto fleet by 2040 and displace about 8mn bpd of oil production – more than the 7mn barrels Saudi Arabia exports today. “This is economics, pure and simple... continue reading

China, India, Japan hamper Asia oil demand growth, efforts to balance market

By Henning Gloystein | SINGAPORE As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance. A fuel glut in China, a hangover from demonetization in India, and an ageing, declining population in Japan are holding back crude oil demand growth in three of the world’s top four oil buyers. The three countries make up a fifth of 97 million barrels per day (bpd) in global oil consumption, and any hiccups among them will mean lower-than-expected oil demand growth in Asia, helping to undercut... continue reading

Singapore Diamond Investment Exchange partners with Kynetix and Everledge to trial first-ever blockchain verification and record-keeping service for diamond trading

Singapore, June 15, 2017 – Singapore Diamond Investment Exchange (SDiX), the world’s first commodity exchange in physically settled diamonds, today announced that it has successfully partnered with Kynetix, the physical commodity digitisation expert, and Everledger, supplier of blockchain and distributed ledger infrastructure, to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure record-keeping service for trading diamonds on a global commodity exchange. The technology is designed to enable holders of diamonds with certificates from a major third party verification laboratory to authenticate the ownership and authenticity of the diamonds using Everledger’s distributed ledger technology queried securely... continue reading

Traceability is Transforming Commodities

Traceability is a growing requirement for many commodities. As explained in prior blog articles and a white paper, traceability comes in three forms; 1. Product Segregation – Certified materials and products are physically separated from non-certified materials and products at each step in the supply chain. 2. Mass Balance – Certified and non-certified products may be mixed however, the exact volumes of certified materials are tracked such that an equivalent volume of the product can be sold as certified. 3. Book and Claim – A company can obtain sustainability certificates for the volume of certified materials put into the system.... continue reading

DataGenic celebrates 15 Years in Business

London, 23rd May 2017 –DataGenic Ltd has reached a significant milestone, celebrating 15 years in business. From the original aspirations of the co-founders as a start-up in May 2002, DataGenic now has physical operations in three continents, with a combined total of 115 employees based in Spain, UK, India and the USA, supporting the global client base around the clock “It’s been an incredible journey so far and one that has touched every emotion that is typical in entrepreneurs building a company from scratch. A common thread from the outset has been the refusal to accept the norm, to think... continue reading

INATECH INCREASES ITS PRESENCE IN THE MIDDLE EAST BY SIGNING ON ALCHEMIST TRADING

Inatech, the energy trading risk management (ETRM) systems provider owned by Glencore, has deepened its footprint in the Middle East by signing up Alchemist Trading. Saudi-owned Alchemist, with offices in Dubai, has implemented Inatech’s Techoil platform to control risks and increase efficiency within its oil trading business. In less than five years Alchemist has grown its annual sales to more than $300 million covering energy markets from the tip of India to East Africa. The company has several Bulk Storage capacities in Jubail, Hamriyah and Karachi to support its trading activity. It also owns and operates a fleet of tankers,... continue reading

Is Coal Now on Life Support?

I noticed that yesterday, a number of US-based news outlets picked up on some European news around Coal. A couple of weeks ago, and without much fanfare, at least here in Europe, Eurelectric’s 3500 members agreed to not invest in new coal plants after 2020 (Polish and Greek members did not support this). The UK and France are already engaged in a movement from coal for power generation and have committed to eliminate coal-fired generation. Others may follow. What was really quite interesting was that on April 22, the UK had its first coal-free day in generation for 135-years. Something... continue reading

Iron ore has further to fall to knock out unconventional supplies: Russell

By Clyde Russell | SINGAPORE Now that the euphoria of iron ore’s all too brief rally has evaporated, the question the market is grappling with is what is a fair price level for the steel-making ingredient. Spot iron ore prices in China ended Thursday at $66.42 a tonne, down 30 percent from the 17-month peak of $94.86 reached on Feb. 21. The problem for industry participants is how to wrestle with the factors that have driven, or are likely to drive, prices for the rest of the year. The traditional method of looking at the supply-demand balance and assessing the... continue reading

Changes are coming for the H1B program & it will leave a mark on this space

One of Donald Trump’s campaign platforms was that he would either change or eliminate, if necessary, the H1B Visa Program in order to end real or perceived abuses that have seen tens of thousands of US jobs being filled by employees brought in from other countries, sometimes at a salary lower than would be required by a comparably skilled US-based employee. Though the program, first launched in 1990, was implemented to ensure the US had adequate supplies of highly skilled resources in the sciences, technologies, engineering and mathematics (STEM) fields, today’s H1B visa applicants are more likely to be computer... continue reading