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Norway says 33 oil firms seek exploration blocks in mature areas

Thirty-three oil companies submitted bids for exploration blocks offshore Norway in a so-called predefined areas (APA) licensing round, the Ministry of Oil and Energy said on Wednesday. This year’s round comprised 48 blocks in the Arctic Barents Sea, 37 blocks in the Norwegian Sea and five in the North Sea. Bidders included oil majors Shell, ConocoPhillips and Total. Equinor, Aker BP , Lundin Petroleum, DNO and Eni’s Vaar Energi were also on the list. A number of private-equity-backed firms bid, such as Crysoar, which this year acquired ConocoPhillips assets in ...

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India and Russia target $30 bln in trade by 2025, announce new energy deals

India and Russia are targeting $30 billion of annual trade by 2025, India’s foreign secretary said on Wednesday as a string of energy deals deepened economic ties between the nations. Seeking to boost bilateral trade from its current $11 billion, the two countries announced deals in sectors including energy, defence and shipping after a meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi at an economic forum in Vladivostok. India, the world’s third-biggest oil consumer and importer, aims to raise the proportion of gas in its energy ...

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Thailand seeks to become Southeast Asia energy trading hub

Thailand’s main stock exchange on Wednesday signed an agreement to develop an energy trading platform with state-owned Electricity Generating Authority of Thailand (EGAT), part of a plan to become Southeast Asia’s electricity trading hub. The deal came as energy ministers from the Association of Southeast Asian Nations (ASEAN) met this week in Bangkok. ASEAN has long sought to develop a regional power grid to support member states where demand can quickly outstrip supply. The Stock Exchange of Thailand and EGAT will study ways to develop “a wholesale electricity market” for ...

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India’s GAIL seeking stake in Arctic LNG 2 project: Vedomosti

India’s GAIL (GAIL.NS) is looking to acquire a minority stake in the Arctic LNG-2 project led by Russian gas producer Novatek (NVTK.MM), the Vedomosti business daily reported on Wednesday, citing India’s oil minister. GAIL is holding talks with Novatek, oil minister Dharmendra Pradhan was quoted as saying. Source: Reuters (Reporting by Olesya Astakhova; writing by Tom Balmforth; editing by Jason Neely)

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Jordan makes no purchase in tender for 120,000 T wheat –trade

Jordan’s state grain buyer the trade ministry has made no purchase in an international tender to buy 120,000 tonnes of milling wheat which closed on Tuesday, traders said. Four trading companies took part. Participants were believed to be Ameropa, Nibulon, Glencore and Cerealcom Dolj, they said. Source: Reuters (Reporting by Michael Hogan and Maha El Dahan)

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China is building a ‘comprehensive system’ for tracking companies’ activities, report says

China is making changes to the local business environment, in a move that’s expected to vastly increase the amount of data companies must share with the central government. Chinese authorities want to collate information from businesses operating in China — domestic and foreign firms alike — and integrate them into a centralized digital database, according to a report released Aug. 28 by the European Union Chamber of Commerce in China, in cooperation with China-focused consultancy Sinolytics. While Beijing insists the system is meant to create a “fair, transparent and predictable” ...

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India likely to miss fiscal deficit target amid pressure for more stimulus – sources

India is likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the central bank, five government officials and advisers said, as tax collections have sunk amid a sharp slowdown. With economic growth falling to a six-year low of 5% in the April-June quarter, the sources said the government could toward the end of 2019 be forced to raise the fiscal deficit target to 3.5% of GDP from 3.3%, amid pressure for additional stimulus measures. The officials asked not to be identified ...

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ECB’s easing measures work best in a package – Rehn

The European Central Bank can provide stimulus through a number of instruments but they work best in a package, Finnish central bank chief Olli Rehn told the Eurofi Magazine. “We can push the policy rate into negative territory, employ forward guidance on the future policy path, purchase a significant stock of assets from a variety of asset classes to lower yields and offer banks targeted loans to ease their funding costs,” Rehn was quoted as saying. “These measures work as a package, with significant complementarities across the different instruments,” he ...

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The other dangerous trade wars investors shouldn’t overlook

As markets gyrate with each new trade signal from Washington and Beijing, investors would be forgiven for thinking that the state of the world’s economy rests entirely on just when new tariffs might hit Christmas toy sales. But the real danger lurks elsewhere. Of course, the tariffs themselves add a damaging tax on international commerce as recession risks mount. Meanwhile, uncertainty around future trade rules has contributed to a decline in capital investment in the U.S. and China as firms re-think supply chains and addressable markets. These would be manageable ...

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China’s coal-rich region speeds up energy structure adjustment

Inner Mongolia Autonomous Region, China’s major coal producer, has sped up the adjustment of its energy structure, a local official has said. Li Li, director of the regional energy bureau, said Tuesday at a news briefing that the region has upgraded the energy structure by using coal for electricity, oil and gas production. Li said that the energy industry in Inner Mongolia is important to ensure the energy demand for the country’s economic and social development and ecological protection. Inner Mongolia supplied 180.6 billion kilowatt-hours of electricity in 2018, ranking ...

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Brent/Dubai EFS widens to over 2-month high

The spread between ICE Brent futures and Dubai crude futures widened to over a two-month high mid-morning Wednesday in Asia, as Brent rose on expectations of US stocks draw, while market participants continued to digest the latest Abu Dhabi’s official crude selling prices. The Brent/Dubai Exchange of Futures for swaps was notionally pegged at $3.21/b, at 11 am in Singapore (0300 GMT) Wednesday. This was up 4 cents/b from the $3.17/b assessed at 4:30 pm in Singapore (0830 GMT) Tuesday. The spreads have widened as the front-month ICE Brent November ...

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Ukraine produced over 2.4 mln tonnes of coal in August

In August 2019, Ukraine produced over 2.4 million tonnes of coal, which is 13% less than planned. This was reported by the Coal Miners Union of Ukraine with a reference to the data provided by the Energy and Coal Industry Ministry. “In August 2019, coal mining enterprises of Ukraine of all forms of ownership produced 2,417,413 tonnes of coal. The plan was fulfilled by 87%,” reads the report. In particular, the mines subordinated to the Energy and Coal Industry Ministry produced 252,512 tonnes of coal, which makes up 70% of ...

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Tata Steel to close 2 units in Europe; 400 jobs may go

Tata Steel Europe has announced plans to close operations at its subsidiary Orb Electrical Steels in Newport, South Wales, and at the Wolverhampton Engineering Steels Service Centre in the UK, leading to a potential loss of 406 jobs. On Tuesday, Tata Steel shares fell 4 per cent on the BSE to ₹331. The Orb Electrical Steels business had been making losses for several years as it struggled to compete in the fast-moving market to supply steels used in electricity transformers, in which customer requirements have outstripped the site’s capability, Tata ...

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China’s Hebei to halt 3 mil mt/year steelmaking capacity in Sep; impact seen limited

China will suspend around 3 million mt/year of steelmaking capacity in the steelmaking hub of Hebei over September for environmental reasons, but this is not expected to dent the country’s overall steel production in the month, market sources said Wednesday. Hebei province’s Handan city has ramped up steel output cuts in September to guarantee clear skies for the upcoming National Day celebrations on October 1. Combined pig iron capacity suspended in Handan, as well as in Hebei’s Tangshan city, will be around 2.9 million mt in September, up 5.5% from ...

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Indian investors eying Russian coal industry – RDIF

Indian investors are interested in investing in Russia’s coal industry, the head of Russia’s RDIF sovereign wealth fund said on Wednesday. Speaking at a forum in Russia’s Far East that will be attended by India’s Prime Minister Narendra Modi, Kirill Dmitriyev, head of RDIF, said it was crucial for Russia to expand its cooperation with India. Source: Reuters (Reporting by Vladimir Soldatkin and Gabrielle Tétrault-Farber; writing by Tom Balmforth; editing by Maria Kiselyova)

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