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Iran pushes for a 2021 oil comeback, but sanctions will be hard to shake

With an eye on US sanctions relief once US President-elect Joe Biden takes office, Iran’s leaders have ordered its oil sector to prepare to ramp up production and exports in 2021. The government has scant time to lose. Iran will hold its next election in June, and the coming months will be the last chance for term-limited President Hassan Rouhani and his moderate allies to show the country they can lead it back from years of deprivation, without kowtowing to long-time adversary the US. Many analysts expect the two sides ...

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Oil climbs as U.S. inventory draw, Brexit deal hopes boost risk appetite

Oil extended gains on Thursday in light holiday trade as a drop in U.S. stockpiles spurred demand hopes, while hints of an imminent Brexit deal underpinned investors’ risk appetite. Brent crude futures rose 17 cents, or 0.3%, to $51.37 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) crude increased 10 cents, or 0.2%, to $48.22. Both contracts gained more than 2% on Wednesday. “Lower U.S. inventories of crude and fuels as well as signs of a potential Brexit deal which led to weaker U.S. dollar were good ...

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FEATURE: Lower Permian gas production, higher prices promise shift in 2021 flows

A steep drop in Permian gas production this year is driving a significant shift in regional flow dynamics that’s likely to endure into 2021 as higher West Texas gas prices cut supply flowing to the Midcontinent and San Juan markets. Following a 3.8 Bcf/d, or nearly 30%, decline in Permian Basin gas production that came following the oil-market collapse earlier this year, West Texas producers have since struggled to mount a recovery. In December, output has averaged just 10.4 Bcf/d as the basin’s growing inventory of aging wells reverses a ...

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Russia, Iran and the US to lead globally in terms of methanol capacity additions by 2030, says GlobalData

Global methanol capacity is poised to see considerable growth by 2030, potentially increasing from 148.44 million tonnes per annum (mtpa) in 2019 to 310.94 mtpa in 2030, registering a total growth of 109%. Russia, Iran and the US are expected to drive capacity additions during the forecast period. Together these three countries will contribute around 59% of the total global methanol capacity additions, says GlobalData, a leading data and analytics company. GlobalData’s report, ‘Global Methanol Capacity and Capital Expenditure Outlook to 2030’ reveals that Russia accounts for the highest capacity ...

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Resilient LPG and naphtha to find continued support in 2021

European naphtha and LPG markets look set to remain relatively resilient into 2021 as cracking and heating demand continue to provide support, in contrast with much of the rest of the oil complex which has suffered through the coronavirus pandemic. European naphtha market dynamics will remain closely tied to developments in the global battle against the coronavirus pandemic. While other oil products such as gasoline and jet crashed, there has been steady petrochemicals demand. Demand for PPE and consumer plastics has been robust, supporting naphtha as a feedstocks. Demand from ...

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European stocks extend rally as Brexit deal all but certain

Banks put European shares on course for a third straight session of gains on Thursday as a Brexit trade deal seemed almost at hand, with just a week left for Britain’s final exit from the European Union. After months of wrangling, and amid warnings of no deal, Britain and the European Union were on the cusp of striking a narrow trade agreement, sources in London and Brussels said, swerving away from an acrimonious split five years after the initial referendum. A last-minute hitch related to fishing has delayed the agreement, ...

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Sterling awaits Brexit deal confirmation, approaches 2-1/2-year high

Sterling rose to $1.36 on Thursday and was set to scale the 2-1/1 year highs hit last week as markets awaited confirmation that Britain and the European Union had finally clinched a deal to govern trade when the Brexit transition ends on Dec. 31. The currency has strengthened some 1.5% versus the dollar since Reuters reported at around 1330 GMT on Wednesday, quoting sources, that a Brexit deal appeared imminent. It is now around $1.3580, up 0.7% on the day, having briefly risen past $1.36 and heading towards the 2-1/2 ...

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Why creative cities are essential to global economy

It is hard to resist the allure of a creative city. Throughout history, cities have capitalised on creativity as an engine to reinvent themselves as attractive destinations for residents and visitors. A comparison of travel guidebooks offers glimpses of cities with rich cultural treasures and creative offerings. Paris with its grand palaces, opulent opera houses, and marvellous gardens. Venice, this aquatic city shrouded in mystery and sumptuousness, host to the Venice Biennale, Venice Film Festival, and a cultural treasure. Tokyo, an artist’s dream canvas coming to life with bookshops and ...

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Survey: Top economists see slowing economic recovery from coronavirus pandemic in 2021

The U.S. economy in 2021 will continue to recover from this year’s steep coronavirus-induced downturn, but at a much slower pace than earlier in the spring, according to Bankrate’s Fourth-Quarter Economic Indicator survey. The nation’s top economists are expecting joblessness a year from now to sink by less than one percentage point — to about 6 percent, compared with its current level of 6.7 percent — meaning unemployment will still hold well above pre-pandemic levels. Meanwhile, U.S. employers are seen as adding back an average of 321,205 positions a month, ...

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It’s Not Just The Taxes And Tariffs: Why Biden Should Reconsider The Trans-Pacific Partnership

President-elect Joe Biden will have his hands full once he takes office in January. A lot of people are curious about whether he will invest political capital in trying to alter some of the income tax provisions introduced by the Tax Cuts and Jobs Act. Trying to prognosticate which bits of TCJA might be targeted for repeal or reform has become a favorite pastime of the tax community, judging from the large number of webinars on the topic. This article suggests there are bigger fish to fry regarding a different ...

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RS grants AIP to autonomous and remotely controlled navigation technology

Russian Maritime Register of Shipping (RS) has awarded Approval in Principle (AIP) to the autonomous and remotely controlled navigation technology of a Russian company JSC Kronshtadt Technologies (the a-Nav set of technical solutions). The technology has been approved in principle for the implementation on board ships involved in the autonomous navigation systems trials. Under the procedure, RS has reviewed the extensive documentation including the concept of application of the a-Nav set of technical solutions, description and structure charts of the a-Nav systems and their elements, equipment layout drawings, risk assessment ...

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GC Rieber Shipping: Shearwater refinancing completed

Reference is made to the stock exchange notice 17 December 2020, where it was announced that Shearwater GeoServices Holding AS had entered into agreements for refinancing of a majority of the company’s outstanding debt. The refinancing has today been completed. Source: GC Rieber Shipping

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Wilhelmsen’s Topeka hydrogen project awarded NOK 219 million

The Wilhelmsen led project, to construct the world’s first zero emission hydrogen vessels, has been awarded 219 million Norwegian kroner (MUSD 25) by the Norwegian government-owned organisation Enova. These funds will enable Wilhelmsen to further develop the technology and additional infrastructure required to support the maritime industry’s ambitions towards zero emission fuels. “The funds from Enova are a pivotal step in making Topeka happen, and an important milestone for the maritime industry and for Norway as a nation when considering hydrogen as a fuel”, says Senior Vice President, Industrial Investments ...

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‘One MOL Safety Campaign’ for 2020 Being Held Online – Forging Ahead to Become the World Leader in Safe Operation

Mitsui O.S.K. Lines, Ltd. yesterday announced that, due to the COVID-19 pandemic, the “One MOL Safety Campaign” for 2020 is being held online from September 2020 to March 2021. It has held online conferences for MOL seafarers in six major seafarer source nations around the world, along with an online campaign targeting all MOL-operated vessels. President & CEO and other MOL Group executives and employees are taking part in the “One MOL Safety Campaign,” holding lively exchanges of opinions with crewmembers about ways to ensure the safe operation of the ...

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The American Club: Changes To The Rules Of The Association For The 2021 Policy Year

Please note that your Board of Directors has approved the following changes to the Club’s Rules to take effect from February 20, 2021. They derive from the review and amendment of the International Group’s Pooling Agreement in regard to the recoverability of fines for smuggling and the confiscation of vessels in consequence thereof; the continuing review of the language of the existing Rules in light of claims experience and other developments generally; and a desire to maintain good housekeeping in the interests of the clarity and efficacy of the terms ...

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