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Anadarko Battle ‘Opening Salvo’ In Permian M&A Campaign

Permian consolidation was already the big focus of global M&A. A bidding war for Anadarko, one of the leading independents, takes things to a whole new level. Chevron’s and Occidental’s bids for Anadarko are more ambitious than any other acquisition globally in the downturn, bar Shell/BG. The logic, though, is consistent with the big themes that have shaped M&A through the downturn. Corporate analysts Kris Nicol and Zoe Sutherland identify four. First, consolidation around advantaged assets. The Majors have set about strengthening core portfolio positions, chief among them Total (North ...

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Russia delivers clean oil to Mozyr refinery in Belarus

The Russian energy ministry said on Saturday that clean Russian crude oil meeting all quality requirements had arrived at the Mozyr refinery in Belarus, after contaminated crude led it to halt flows in the pipeline last week. Belarus state oil company Belneftekhim said it had started receiving new supplies of Russian oil at its pipeline service station and was planning to start refining it on May 6. Russia halted oil flows along the Druzhba pipeline to Eastern Europe and Germany last week after some crude was contaminated. The news lifted ...

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US launches plan to choke off Iran’s energy exports, casting uncertainty over oil prices

The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the oil market. President Donald Trump restored Obama-era sanctions against Iran last year but granted waivers to eight nations, allowing them to import limited quantities of Iranian crude. Last week, his administration surprised the market by announcing it would not extend the waivers. Investors and analysts expected Trump to tighten the waivers every six months, allowing China, India, Turkey and other ...

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China’s refined oil consumption remains stable in Q1

China’s consumption of refined oil maintained stable growth in the first quarter of 2019, official data showed. Around 76.9 million tonnes of refined oil was consumed in the first quarter of 2019, up 0.4 percent year on year, according to the data of the National Development and Reform Commission (NDRC). Gasoline consumption climbed 3.7 percent in Q1, while diesel consumption shed 4.1 percent during the same period. A total of 325 million tonnes of refined oil was consumed in the country last year, up 6 percent from the previous year, ...

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Steel exports to be continued in current year

Chairman of Iranian Steel Producers Association (ISPA) Bahram Sobhani said on Saturday that the country has not any problem in the field of exporting of steel. Available facilities in the country such as iron ore, energy and cheap labor force have made steel production advantageous, he said, adding, “should necessary cooperation and coordination is made in this field, the country will have not any problem for exporting steel and steel products to other countries.” He pointed to the sanctions imposed on the country and added, “sanctions cannot have more impact ...

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EU wheat ends week near contract lows in wake of Chicago

European wheat prices ended the week in negative territory, trading near contract lows for the third session in a row and weighed down by a new fall on US markets and pressure from ample global supplies. New crop September milling wheat on Paris-based Euronext, closed 0.3 percent lower at 171.25 euros a tonne after hitting 170.75 euros, a contract low first hit on Tuesday. In Chicago most active wheat was down 1.2 percent. Eyes were still on a cold snap expected in Western Europe, including top producer France, with overnight ...

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World wheat crop projected to rise 9% by 2020: Expert

The world wheat crop is projected to rise 9% year-on-year to a record 770 million metric tons (MMT) in the 2019-20 season, according to the head of a U.S.-based agricultural research company. “This is largely due to returns from better European and Russian yields,” Daniel Basse of AgResource told Anadolu Agency. Assuming normal weather, world wheat prices will drop as low as $280-285 a ton, he added. “We would expect, maybe in the late May-June timeframe, world wheat prices would bottom out,” Basse said. He projected Turkey will have a ...

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Senators’ efforts to eliminate steel tariffs answered by Trump tweet

President Donald Trump on Thursday appeared to rebuff efforts by US senators to make the case that the US-Mexico-Canada Agreement will fail in Congress unless the administration lifts steel and aluminum tariffs. The steel tariffs have been broadly opposed by oil and gas sector interests who are concerned the tariffs drive up a major material cost for pipelines and production facilities and who fear replacement quotas could interfere with surges in production activity. Retaliatory tariffs that have hit US agricultural interests have added fuel to the recent pushback in Congress ...

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Higher price, poor quality result in 2.24 MT unsold iron ore inventory in Karnataka

Higher price and poor quality led to an unsold iron ore inventory of 2.24 million tonne (MT) in 2018-19 in Karnataka, according to industry body KISMA. The development assumes significance as a group of mining dependents in Karnataka had earlier requested the Supreme Court-appointed panel to allow free iron ore trade and give preference to local ore over imports. During 2018-19, Karnataka produced 28.49 MT of iron ore but sold only 26.25 million tonne. So, the unsold inventory is 2.24 MT, the Karnataka Iron and Steel Manufacturers Association (KISMA) said. ...

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Brazil agriculture official says China will not renew sugar tariff

The Chinese government has indicated it will not renew import tariffs on sugar, Brazil’s agriculture trade secretary Orlando Leite Ribeiro told reporters on Friday. Brazilian sugar exports to China plunged after the Asian nation started to charge an additional 45 percent on sugar imports from several countries in 2017. Brazil is conducting discussions on the issue with China through the World Trade Organization. Source: Reuters

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Vale’s Good News Doesn’t Improve Its Outlook

In 2015, a waste containment dam ruptured at one of Vale’s (NYSE: VALE) Brazilian mines. Earlier this year, another of the global iron ore miner’s Brazilian containment dams broke. Lives were lost in both instances, but, understandably, the government of Brazil is taking a harder line with the company after the second mishap. Still, following a broad shutdown, Vale has been allowed to increase production at a key mine in the country. But if you step back and look at the big picture, most investors should remain wary of Vale ...

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Norway’s Equinor remains cautious on LNG expansion: CFO Bacher

Norway’s Equinor remains cautious about investing in global LNG projects having “screened” but rejected several possible investments in the sector, CFO Lars Christian Bacher said. Speaking following the release of the company’s Q1 results, Bacher said expansion into the LNG sector — seen by some as a gap in Equinor’s asset portfolio — would be judged in the same way as any other investment: on its economic viability. “We are not distressed. We don’t have to buy [assets]. LNG is one alley that we are pursuing and looking at, but ...

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Refinery news roundup: Changes of ownership in Middle East emerge

While upgrades and launches remain in the focus in the Middle East, news is emerging on some changes of ownership. Saudi Arabian Oil Co. said it would buy Royal Dutch Shell’s 50% stake in the SASREF refinery in Jubail Industrial City, Saudi Arabia, for $631 million. “The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy,” it said in a statement. The sale is expected to be completed later this year, subject to regulatory approval. NEAR-TERM AND ...

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Record-breaking rally leaving energy stocks behind

The stock market surge since the start of the year that has sent the benchmark S&P 500 index up to new record highs is leaving behind one sector that typically outperforms in an expanding economy: energy. A sharp rebound in the price of oil has not been enough to offset a long-standing reluctance on the part of investors to hold energy companies after prices collapsed in 2014. Energy companies in the S&P 500 are down 13 per cent over the last year, while the broad index is up 10 per ...

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Stars are aligned for economy as it closes in on record for longest expansion

Is it time to worry about the economy? After all, the stock market is hitting record highs again, the jobs market is booming and the inflation bogeyman is no where to be found. Isn’t the economy due for a letdown after a nearly 10-year expansion that will set an all-time record in two months? Don’t count on it anytime soon. For one thing, the economy actually isn’t running at full-tilt and doesn’t appear to be generating the sort of excesses that emerge right before recession. Manufacturers have hit a rough ...

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