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On the 8th January 1979 the entered tanker “Betelgeuse” was moored at Whiddy Island, Bantry Bay Ireland discharging a cargo of 114,000mt of crude oil when, at about 01:00hrs, she suddenly exploded. The explosion and fire caused the death of all 41 crew, one visitor and eight shore terminal workers. Tragically only 27 bodies were recovered. The vessel burned fiercely and eventually split in two, sinking 12 hours after the explosion in 40 metres of water. As part of the Club’s response to the casualty the firm of Smit & ...

State-run Bharat Petroleum Corp. Ltd (BPCL) may revive its plan to build a terminal for imported liquified natural gas (LNG) amid rising domestic demand for the clean fuel, two people aware of the development said. The regasification liquefied natural gas (R-LNG) terminal with a capacity of 1-to-3 million tonnes per annum (mtpa), was planned to be expandable to 5 mtpa later. “BPCL is currently deliberating its options for setting up the LNG terminal. It is exploring locations on both the east and west coasts. It may cost BPCL around ₹2,000 ...

Gail (India) is seeking a liquefied natural gas (LNG) cargo for delivery in late January to February, two industry sources said. The cargo is for delivery over Jan. 20 to Feb. 5 on a delivered ex-ship (DES) Dabhoj/Dahej basis, one of them said. Offers are due by Jan. 8, the source added. India’s state-run Gujarat State Petroleum Corp (GSPC) and Indian Oil Corp (IOC) are also seeking LNG cargoes for delivery in the spot market, sources have said. Source: Reuters (Reporting by Jessica Jaganathan; Editing by Subhranshu Sahu)

Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the planned expansion of cement manufacturers and coal-based power plants scheduled to come online in a couple of years, Shariq Siddiqui, CEO of Pakistan International Bulk Terminal (PIBT) said. Talking to The News on Monday, Siddiqui said around 8.0 million tons of coal was imported by cement companies every year, while 12 million tons was imported by power plants including Sahiwal Power Plant and Port Qasim power plants. The ...

An all-steel barrier along the US-Mexico border could require as much as 3 million st of steel, the American Iron and Steel Institute said. US President Donald Trump said Sunday that his administration is now pursuing a steel barrier along the US-Mexico border, rather than the concrete wall he discussed while campaigning. “We’ve been in touch with a lot of people and I have informed my folks to say that we will build a steel barrier,” Trump told reporters Sunday in front of the White House. “It will be made ...

Higher carbon prices last year drove the share of hard coal in Germany’s energy mix to its lowest level since 1949, making the end of its use “foreseeable”, Agora Energiewende said. The share of hard coal in Germany’s primary energy mix declined to 10% in 2018, down from 11% in 2017, while power output from hard coal also fell 11% to 83 TWh as carbon prices hit their highest level in 10 years, the Berlin-based think tank added in new study. “The farewell to the fuel that led to the ...

Chicago wheat futures rose for a second session on Wednesday, gaining nearly 1 percent on expectations of increased demand for U.S. cargoes as rival exporters in the Black Sea region run out of surplus supplies. Soybean prices bounced back and were set to gain for five out of six sessions, as Washington-Beijing trade talks boost hopes for higher U.S. soybean sales to top importer China. The most-active wheat contract on the Chicago Board of Trade had climbed 0.9 percent to $5.22-1/4 a bushel by 0227 GMT, having hit its highest ...

Coal India is expected to put another 25-30 million tonne (mt) of coal under the hammer in the ongoing fiscal quarter. This is after e-auction volumes dipped following the decision to pump in more coal to the power sector via fuel supply agreements. The coal behemoth has been able to book 54 mt of coal via the e-auction route till December (first three fiscal quarters) as against 79 mt in the similar period of the last fiscal year, registering a 31.65 per cent dip. On the other hand, its offtake ...

A lot of speculations are rife on the probable state of the sector in 2019. Now that Brent crude oil price has declined, it is not likely to go up in the coming 2-3 months, despite the alleged production cuts by Opec (Organization of the Petroleum Exporting Countries). This alone has given some relief to current account deficit (CAD), although its positive impact has been minimised by depreciation of Indian rupee against dollar along with the rise in import arrivals of other items, including steel. The CAD stands at 2.7% ...

A total of 11 prefecture-level cities in China’s coal hub Shanxi Province have established no-coal zones in its urban districts to tackle air pollution, local authorities said. The storage, sales and use of coal are all banned in the no-coal zones, according to the Shanxi Provincial Department of Ecology and Environment. The exceptions are made for coal-fired electricity generators, large-scale heat providers and industries that use coal as a raw material. The authorities said the area covered by the no-coal zones will be gradually expanded. Meanwhile, the sale or burning ...

Combined run rates at China’s independent refineries in eastern Shandong province edged up to average 65.2% capacity in December, rebounding marginally after retreating from an eight-month high of 67.4% in October, according to a monthly survey by local information provider JLC. This brings the average run rate to 63.1% in 2018, up from 59.9% in 2017, although the December rate was still lower from a record high of 69.5% in December 2017. The increase was mainly attributed to the restart of several refineries from maintenance, though a few refineries have ...

The nascent U.S. liquefied natural gas export industry has been particularly vulnerable to the U.S.-China trade war, the head of the American Petroleum Institute industry group said, adding that he hopes negotiators will soon resolve the dispute. Mike Sommers, the president and CEO of the American Petroleum Institute, told reporters an escalating trade dispute could harm U.S. LNG producers, as other countries move in to fill any gap. “This is a leadership vacuum that will be filled by many of the United States’ opponents,” Sommers told reporters in a teleconference ...

World stocks extended their gains to hit a near-four week high and oil prices rose on Wednesday on optimism that the United States and China may be inching towards a trade deal, soothing fears of an all-out trade war. Delegations from China and the U.S. ended talks that had lasted longer than expected in Beijing on Wednesday amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China’s markets. Officials said details would be released soon. MSCI’s all-country index sailed 0.5 percent ...

The euro struggled to hold on to earlier gains on Wednesday as more weak economic data offset optimism over U.S.-China trade negotiations. Disappointing trade data out of Germany and a fall in consumer confidence in France contrasted with a more upbeat mood across markets. News that Beijing and Washington had extended trade talks in Beijing for an unscheduled third day on Wednesday boosted oil prices and broader sentiment. Expectations of more easing in China helped the mood, with Asian and European shares rallying. Adam Cole, chief currencies strategist at RBC, ...

Over the past 40 years, the U.S. economy has experienced four recessions. Among the four, only the extended downturn of 1979-1982 had a conventional cause. The Federal Reserve thought that inflation was too high, so it hit the economy on the head with the brick of interest-rate hikes. As a result, workers moderated their demands for wage increases, and firms cut back on planned price increases. The other three recessions were each caused by derangements in financial markets. After the savings-and-loan crisis of 1991-1992 came the bursting of the dot-com ...