New trade data shows Australia’s resource and energy sector is continuing to perform remarkably well, building on the strong momentum that underpinned previous forecasts for a record year in exports earnings, Minister for Resources, Water and Northern Australia Keith Pitt said. The positive results from the Australian Bureau of Statistics’ International Trade in Goods and Services data […]
Last week Beijing suspended a formal economic dialogue mechanism and issued a warning regarding the buying of new cargoes from Australia. Although the message was aimed towards two smaller second-tier importers who cater to merely 11 per cent of China’s total LNG demand, it unequivocally shows that more is to come. The remaining 90 per cent of […]
French energy giant Total has signed a deal to supply imported LNG to ArcelorMittal Nippon Steel’s (AMNS) steel and power plants in Gujarat. Under the deal, Total will supply up to 500,000 tonnes of liquefied natural gas (LNG) per year until 2026, a company statement said. “The LNG will be sourced from Total’s global portfolio […]
India’s domestic natural gas production increased by 22.7 per cent year on year (y-o-y) to 2,651 million standard cubic metre(mscm) in April 2021, mainly due to higher production from Reliance Industries and BP’s ultra-deep-water field in the KG D6 Block of the Krishna Godavari basin on the east coast. However, the 2.5 million tonne (MT) of crude oil produced in the country during the month […]
The current surge in the prices of Asian spot liquefied natural gas (LNG) will help improve marketing margins for GAIL. Asian spot LNG price is up 72% from low of $5.6 per million British thermal unit (mBtu) in early March to the current level of $9.65 per mbtu as severe winter depleted gas inventories in North Asia and Europe leading […]
The $20 billion liquefied natural gas project in Mozambique, where two state-owned Indian firms – ONGC Videsh Ltd (OVL) and BPCL together hold a 30 per cent stake, has been suspended indefinitely after an escalation of violence in the area, according to a regulatory filing. French energy giant Total SE, which is the project lead, declared force majeure on its LNG […]
Liquefied natural gas (LNG) cargoes are being diverted away from ports in India as surging coronavirus cases are hampering domestic gas demand, according to trade and shipping sources.Six LNG tankers diverted away from India since April 20, changing the destination to northeast Asia, Europe and Kuwait instead, reports Reuters. Further diversions and reduction in shipments to India are expected this week, trade […]
Australia expects to log a record A$136 billion ($103.85 billion) from iron ore exports this financial year, as global steel-making recovers after a Covid-19 led downturn, a government report revealed. The country’s most valuable economic export is expected to earn more than A$100 billion per year for the next half-decade as miners like BHP Group, […]
One of the world’s biggest container vessels – Panama registered Ever Given – ran aground in the Suez Canal on 23 March, triggering a major scare in the global commodity markets by blocking a critical transit chokepoint. The blocking of the Suez Canal has caused a traffic-jam causing a loss of $9.6 billion per day, […]
Reliance Industries Ltd (RIL) has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 per million British thermal unit (mmBtu) at current oil prices. India Gas Solutions Private Limited, a 50: 50 joint venture between RIL and UK’s BP, bought 0.62 million […]
