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Cheniere and GAIL Celebrate Commencement of 20-year LNG Contract

Cheniere Energy, Inc. and GAIL (India) Limited (“GAIL”) marked the commencement of their 20-year Sale and Purchase Agreement (“SPA”) to supply U.S.-sourced liquefied natural gas to India from Cheniere’s Sabine Pass liquefaction facility in Louisiana, with one of GAIL’s first shipments departing from the facility. The ship will set sail after today’s ceremony to mark the occasion at Sabine Pass in the presence of Cheniere President and CEO Jack Fusco and GAIL Chairman and Managing Director Mr. B.C. Tripathi, who were joined by Consul General Dr. Anupam Ray, as well ...

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Australian wheat output to jump 11.8 pct as La Nina provides much needed rains

Australia’s 2018/19 wheat crop is expected to rise 11.8 percent from the previous season, the country’s chief commodity forecaster said on Tuesday, as La Nina weather conditions boost yields across the world’s fourth-largest exporter. Australia will begin sowing wheat crops late next month and despite a small decline in plantings, farmers will harvest 23.7 million tonnes, the Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES) forecast, up from 21.2 million tonnes produced last year. ABARES said the rise in production follows the La Nina weather phenomenon will increase ...

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Why South Africa Is Ripping Up Its Mining Rules Again

South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, in 2017 the government revised its mining charter to require that companies give more ownership to black shareholders. The industry lobby group sued to stop this, saying that the changes were illegal and would deter future investment. Now, corporations, labor unions and mining communities are pinning their hopes on ...

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Wheat drops more than 1 pct despite U.S. weather woes

U.S. wheat futures fell more than 1 percent on Tuesday, though prices lingered near an eight-month high as adverse weather conditions threaten to crimp production from the world’s largest exporter. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade were down 1.3 percent at $5.02-3/4 a bushel, by 0125 GMT, after closing up 1.9 percent on Monday. Wheat hit a high of $5.18-1/2 a bushel last week, the highest since July 2017. * The most active soybean futures slipped 0.3 percent to $10.74-1/4 a bushel, after ...

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Oil Rises a Second Day as Equity Gains Offset Supply Concerns

Oil rose in tandem with global equity markets, shrugging off concerns over a new wave of crude production from the U.S. as fears of a global trade war eased. After jumping 2.2 percent on Monday, futures added 1 percent in New York on Tuesday. European and Asian stocks rose as President Donald Trump faced resistance to plans for a series of import tariffs, while a diplomatic breakthrough with North Korea also boosted optimism. Still, the International Energy Agency’s warning that OPEC production cuts will unleash a supply surge from the ...

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The end of the Oil Age may be closer but more uncertain: Fuel for Thought

Exactly when the world’s thirst for oil starts to ebb as a shift to cleaner, renewable energy gathers pace is increasingly occupying forecasters on both sides of the debate. The booming growth of renewable energy and high hopes for electric cars are seen equally as a challenge or a panacea by the producers of fossil fuels and environmental groups alike. Last month saw the dial appear to shift in favor of the latter, however, after BP became the first Western supermajor to pinpoint an inflection point in the world’s need ...

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Trump Tariffs Are a Gift for OPEC and Russia. Not Shale

President Donald Trump’s planned 25 percent import tariff on steel is a gift to OPEC and Russia. His announcement last week will surely play well in steel towns, as its aim is to protect American producers from “unfair” competition from cheaper foreign suppliers. However, it will inevitably drive up costs for the nation’s oil and gas producers. And that could be bad news for the resurgent shale industry, which has set the U.S. on the road to becoming the world’s top oil producer. Top Dog U.S. crude and condensate production ...

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Hedge funds recover nerve after oil sell-off: Kemp

Hedge funds rediscovered some of their confidence in the oil market in the final week of February, as OPEC reiterated its commitment to output restraint and benchmark prices stabilised above $60 per barrel. Hedge funds and other money managers boosted their combined net long position in the six most important futures and options contracts linked to petroleum prices by 68 million barrels in the week to Feb. 27. Portfolio managers boosted their net long position for the first time after reducing it by a total of 263 million barrels over ...

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Time To Concede The Bakken Bear Call?

With the fall in commodity prices in late-2014, and the subsequent drop in rig count and production levels, it was a natural call to write-off Williston Basin (most notably known for the Bakken formation) as yet another casualty of energy market forces. But are the Bakken bears hanging on too long? Sure, concerns over lack economic drilling locations over the very long-term could be warranted, but it may too soon to start planning the funeral. When you break down some of the data, the Bakken has a good trajectory. Yes, ...

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Greece’s Energean Raises $1.27 Billion for Israeli Gas Fields

Energean Oil & Gas Plc, Greece’s only energy explorer and producer, said it signed a financing agreement with Morgan Stanley and other banks for $1.27 billion to finance development of two natural gas fields off the coast of Israel. Natixis SA, Bank Hapoalim and Societe Generale SA are also part of the deal, with first gas from Israel’s Karish field expected in early 2021, Energean said Monday in an emailed statement. The Athens-based producer may export surplus gas from Karish and a second deposit, Tanin, that it can’t sell in ...

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Sovereign cryptocurrency: Marshall Islands to launch world-first digital legal tender

The Marshall Islands will launch the world’s first legal tender cryptocurrency after a law passed by parliament earlier this week went unopposed by an official council. The nuclear-ravaged nation has partnered with Israeli company Neema to issue 24 million units of the Sovereign (SOV) digital currency. It will cap the number to prevent inflation. The move follows Venezuela’s launch of the Petro cryptocurrency in February. Investors supposedly shelled out $735 million (€600 million) for the oil-backed, sanction-skirting currency, according to President Nicolas Maduro. Unlike the Petro, the SOV will be ...

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Trump “shooting himself in the foot” with new steel tariffs: EU economist

United States President Donald Trump’s newly announced tariffs on steel and aluminium won’t help the U.S. economy and may cause bigger job losses in sectors using steel, an EU economist told Xinhua here. “Trump’s new tariffs won’t help the U.S. economy,” said Fredrik Erixon, the director of the European Center for International Political Economy, a Brussels-based think tank, in an interview with Xinhua. These measures, if put into place, will affect exports to the United States from Europe and many other countries, he said. On Thursday, Trump announced the imposition ...

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Trump to Declare War on Fed in 2018

We are only a little over one year into the Donald’s Presidency and what we know most for sure is that our new President loves debt. Not only did debt and deficits get the cold shoulder in the recent State of the Union, Trump played “Let’s Make a Deal” with the Lords of the Swamp Mitch and Chuck to increase government spending by 13% over current levels. We also know that he prefers a weaker dollar, which he hopes will engender balanced trade-along with trade tariffs it now seems. But ...

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Amid China M&A Drive, EU Rushes for Investment-Screening Deal

The European Union may beef up a plan to screen foreign investments as China’s pursuit of acquisitions abroad fosters political unease in the bloc, according to a key EU lawmaker. Franck Proust, a French member of the European Parliament, said the assembly and EU governments may reach an agreement by year-end on the first bloc-wide rules meant to prevent foreign direct investments from threatening national security. Proust is leading the EU Parliament’s deliberations over an investment-screening law proposed in September by the European Commission, the 28-nation bloc’s regulatory arm. The ...

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Days of tax cuts are finished in UK, think-tank warns

The days of tax cuts in Britain are over and the baby-boomer generation should prepare for higher wealth taxes to fund an inevitable surge in healthcare costs, the Resolution Foundation think tank said. The new research showed spending on education, social security and above all health looks set to rise by 20 billion pounds a year in today’s money by the end of the next decade and by 60 billion pounds a year by 2040. Britain has steadily brought down a budget deficit that stood at 10 percent of economic ...

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