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New India connection for the Malta Freeport links major ports

Malta Freeport Terminals has added a new weekly service to its operations which links major ports in India, Pakistan, Eastern Mediterranean and the Arabian Gulf. The service, known as ‘IndaMed’, is operated by three of the world’s largest shipping lines: CMA CGM, APL and COSCO Shipping. The first vessel to service this route – the CMA CGM Virginia which can carry up to 5,100 container units (TEUs) – called at the Malta Freeport in recent days. Malta Freeport Terminals CEO Alex Montebello said: “This new service has further strengthened Malta ...

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PierPass OffPeak Program Diverts 40 Million Truck Trips from Los Angeles Area Traffic

PierPass Inc. announced that its OffPeak program has diverted more than 40 million truck trips out of weekday daytime traffic in the Los Angeles area since the program began 12 years ago this week. The OffPeak program’s reduction in traffic congestion has also removed hundreds of tons of pollution from the region’s air, a major contribution to efforts by the cities of Los Angeles and Long Beach to cut pollution from the San Pedro Bay port complex. “In southern California, heavy-duty trucks are the single largest source of both the ...

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MMC Corp says ‘no issue’ over restructuring exercise of all ports

Leading utilities and infrastructure group, MMC Corp Bhd, said there is no issue on the restructuring exercise of all ports to bring more value for its operations. Its group managing director Datuk Seri Che Khalib Mohamad Noh said there is no urgency over its ports listing. Instead, it is focusing on growing the port funds for future expansion. “We are looking at the listing by the end of 2018 or early 2019. Let us bring more value to our ports. We are also looking at the tariff revision with the ...

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Japan’s Japex eyes spot, term LNG contracts as Pacific NorthWest falls through

Japan Petroleum Exploration Co., or Japex, would consider procuring LNG through spot or mid- to long-term contracts after Canada’s Pacific NorthWest LNG project in which Japex has a 10% stake fell through, a spokeswoman for Japex said. “We rather think that this has given us more choices,” said the spokeswoman, adding that the company could take advantage of low LNG prices. Japex was supposed to receive around one million mt/year of LNG from the Pacific NorthWest project and use that for its planned gas-fired power plant and also market to ...

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Russia’s AgMin expects approval to export grain stockpile in Sept

Russia’s Agriculture Ministry hopes to receive government permission to export some of its grain stockpile in September, it said in a proposal published on the government website www.regulation.gov.ru. The ministry has been considering exporting 500,000 tonnes of grain from its 4 million tonne stockpile to free up storage space and to lessen federal budget spending on servicing the stock, industry sources told Reuters in March. The sale of some of the stockpile requires permission from the government as current regulations do not allow the ministry to export grain from its ...

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American Iron and Steel Institute: Preliminary Imports Increase 11.6% in June; Finished Import Market Share YTD at 27%

Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of 3,868,000 net tons (NT) of steel in June 2017, including 2,941,000 net tons (NT) of finished steel (up 11.6% and 12.8%, respectively, vs. May final data). Year-to-date (YTD) through six months of 2017, total and finished steel imports are 19,641,000 and 15,024,000 net tons (NT), up 25.0% and 17.2%, respectively, vs. the same period in 2016. Annualized total and finished steel imports in 2017 would be 39.3 and ...

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S. Korea: Petroleum Product Exports Hit 2.29 Billion Barrels in First Half

The Korean refining industry recorded largest exports of petroleum products in the first half of the year. The Korea Petroleum Association announced on July 25 that Korean oil refineries such as SK Energy, GS Caltex, S-OIL and Hyundai Oilbank exported 228.998 million barrels, which was the highest ever, in the first half of this year. This figure is a year on year increase of about 910,000 barrels from 228,081 million barrels, a record high, in the first half of last year. Exports of petroleum products in the first half were ...

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Coal to stay king in India as power mainstay, says Niti report

Coal would remain at the centre stage in India with its share in energy mix not declining below 46% in 2047, claimed a report titled ‘Energising India’, jointly prepared by the NITI Aayog and the Institute of Energy Economics, Japan. The study found that coal and nuclear would continue to operate as base load units for power generation. The report said that the share of electricity generation through coal based power plants will almost be around 55% in 2032. In FY17, coal power plants generated more than 85% of the ...

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Steel giant on fast track to success

This year marks the 70th anniversary of the establishment of the Inner Mongolia autonomous region. In a birthday tribute, China Daily takes a far-reaching look at the region’s industries and how they have helped generate growth. Baogang Group expands it operations as it links up with partners involved in the Belt and Road Initiative Steel giant Baogang Group is on track to expand its thriving business operations through the Belt and Road Initiative. The sprawling State-owned conglomerate is one of the largest steel rail manufacturers in the world with a ...

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Strikes intensify at Glencore’s Australian Hunter Valley coal mines

Rolling work stoppages have been continuing this week at five Glencore open-cut coal mines in the Australian state of New South Wales and the protests are expected to intensify over this weekend, a senior union official said Thursday. Workers at the Bulga open-cut mine have been on strike from Tuesday and although they will return to work for the day shift on Friday, they are planning a 12-hour stoppage from the start of the night shift. The Bulga workers were planning to continue their strike during the day shift on ...

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US shale oil’s resilience is the real story

It’s not $147 (Dh540) a barrel during oil’s historic peak in July 2008; nor is it $26 a barrel where we found ourselves in January 2016, but finding clarity on the price of crude is proving more elusive than ever. I was on the ground for three days in Istanbul at the World Petroleum Congress. Six thousand delegates, including energy ministers and chief executives, in one cavernous convention center to measure the state of play. The exhibition hall was filled with giant stands featuring 3D graphics and video presentations — ...

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Qatar turns down new LNG deals with Egypt – traders

Qatar has turned down several requests by third-party traders to make fresh liquefied natural gas (LNG) supplies available to Egypt, raising concerns that a diplomatic row between the countries may curb regional energy trade, sources said. Top LNG producer Qatar supplies around 60 percent of Egypt’s LNG but relations suffered after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties and imposed sanctions on the gas-rich Gulf state last month, accusing it of supporting terrorism. Doha denies the charges. Since then, requests by at least two companies to ...

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European Stocks Hold Steady as AstraZeneca Sinks, Diageo Climbs

European stock investors weighed mixed corporate results on one of the earnings season’s busiest days, leaving the region’s equity benchmark little changed. The Stoxx Europe 600 Index added 0.1 percent at 8:33 a.m. in London, with AstraZeneca Plc sinking 15 percent after a setback for its cancer therapy in one of the industry’s most-anticipated drug studies. Beverage companies Diageo Plc and Anheuser-Busch InBev NV climbed at least 4.6 percent each after their results. A long-awaited earnings revival has boosted European equities in 2017, even though a recent rally in the ...

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PMI Fall Unlikely To Deter ECB From Tapering Asset Buys This Year

The latest slowing in the private sector growth in the euro area and the fall in the price indices are unlikely to deter the European Central Bank from tapering its asset purchases this year, but the bank is likely to be very cautious about raising interest rates due to the lack of inflationary pressures, Jack Allen, an economist at Capital Economics, said. The euro-zone composite PMI dropped to a 6-month low of 55.8 in July from 56.3 in June, data from IHS Markit showed on July 24. Nevertheless, the PMI ...

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Analysis: No more low cost – East Europe goes up in the world

Central and Eastern Europe faces the end of an economic era. With employment rates at record highs, and workers demanding wages closer to western levels, the cheap-labour model that has driven growth since the fall of communism is on the way out. The challenge that faces governments and companies in the region over the coming years is to find new avenues to growth. A walkout at the Volkswagen factory in Bratislava last month, the first strike at a major Slovak car plant, led to a staggered 14 percent pay hike ...

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