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Government shutters 14 maritime training institutes for malpractices

The Directorate General of Shipping (DGS) has shuttered fourteen maritime training institutes in the country for indulging in fraudulent practices as India’s maritime administration steps up efforts to improve the training quality in a bid to capture a larger share of the global seafarers’ market. The DGS has also issued notices to another 20 institutes to show cause why their permits should not be withdrawn for non-compliance with rules and regulations. “The message that has been given is we are not going to tolerate any compromise on quality,” DGS Amitabh ...

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Deltamarin signs design contracts with Merima

Deltamarin has signed two design contracts with Merima Oy, a Finland-based company providing turnkey interior solutions for passenger vessels. The contracts cover HVAC and interior design for Merima’s turnkey areas aboard the ferry newbuildings for Tallink and Kvarken Link. The ships are to be built at Rauma Marine Constructions (RMC) shipyard in Finland. Over the years, Deltamarin and Merima have cooperated in many ferry and cruise vessel projects at several yards. “We at Deltamarin are very pleased with the contracts for two reasons. Firstly, it is our privilege to restart ...

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Shipbreaking yard owner, ex-banker sued

The Anti-Corruption Commission yesterday filed a case against an industrialist and a former manager of Mercantile Bank Ltd in Chattogram on charges of fraudulence, misuse of power and money laundering. The two allegedly misappropriated a Tk 141.13 crore-loan which was sanctioned for ship breaking purposes. Chattogram-1’s ACC Integrated District Office Assistant Director Mamunur Rashid Chowdhury filed the case with the office against industrialist and owner of Mishmak Ship Breaking Industry Ltd Mohammed Mizanur Rahman Shahin, and former manager of Mercantile Bank in the port city’s Agrabad branch Nanda Dulal Bhattacharya ...

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Iran exports 3.4mn tons of steel ingot in H1

Islamic Republic of Iran exported 3,488,867 tons of steel ingot and products in the first six months of the current Iranian calendar year (from March 21 to Sept. 22), showing a three percent growth as compared to the last year’s corresponding period. Statistics showed that Esfahan’s Mobarakeh Steel Company (EMSCO), Khuzestan Steel Company (KSC), Hormozgan Steel Co., Iran Steel Alloy Company, Khorasan Steel Company, Saba Steel Complex, Chadormalu Mining & Industrial Company as well as Bonab Steel Company totally exported 584,520 tons of steel from August 21 to Sept. 22 ...

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Coal to play significant role in South Africa power mix – minister

South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a significant role as well as more renewable energy, mines and energy minister Gwede Mantashe said on Friday. Mantashe said that while the government planned to extend the life of the Koeberg nuclear power plant, there would not be a large-scale nuclear rollout. Source: Reuters (Reporting by Alexander Winning, Writing by Olivia Kumwenda-Mtambo; Editing by Mark Potter)

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Egypt says strategic wheat reserves enough to cover its needs until February

Egypt, the world’s largest wheat buyer, has enough strategic reserves of the grain to cover its consumption needs until February, the Supply Ministry said in a statement on Friday. The state’s grains buyer, the General Authority for Supply Commodities (GASC), bought 405,000 tonnes of wheat at its last purchase tender on Oct. 16. Source: Reuters (Reporting by Momen Saeed Atallah; Writing by Nadine Awadalla; Editing by Mark Potter)

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India’s Adani awards rail contract to support Australian thermal coal mine

India’s Adani Enterprises has awarded a contract to an Australian rail company as the conglomerate steps up infrastructure spending to support its new thermal coal mine in Queensland state. The A$100 million ($68.30 million) contract was awarded to privately held Martinus Rail, based in the regional city of Rockhampton, Adani said in a statement on Friday. Adani Mining Chief Executive Lucas Dow said more than A$450 million worth of contracts had already been awarded on the Carmichael Project, the majority to regional Queensland areas. “Construction on the Carmichael mine and ...

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BHP’s London AGM rejects call to quit ‘pro-coal’ associations

BHP (BHP.AX) (BHPB.L) shareholders are poised to reject a motion urging the world’s biggest listed miner to suspend membership of some industry bodies judged to be at odds with goals to tackle climate change, initial voting in London suggested on Thursday. Ethical investors have called for the suspension, arguing BHP’s membership of some industry organizations funds pro-coal lobbying. One of BHP’s biggest shareholders, Aberdeen Standard Investments, part of Standard Life Aberdeen (SLA.L), last week spoke out in favor of the resolution, saying lobby groups can be a major obstacle to ...

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Dubai futures: Sour crude spreads hold firm despite wider Brent/Dubai

Benchmark Dubai crude futures held firm in mid-morning trading in Asia on Friday, despite a widening Brent/Dubai spread, amid robust trading of December loading Middle East sour crude barrels. At 11 am in Singapore (0300 GMT), the December Brent/Dubai Exchange of Futures for Swaps spread was notionally pegged at $2.73/b, 15 cents/b wider than its assessed level of $2.58/b at 4:30 pm in Singapore (0830 GMT) on Thursday. Typically, Dubai intermonth spreads tend to soften on a widening Brent/Dubai EFS, to adjust for the relatively cheaper Dubai end of the ...

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French oil giant invests 2.5 bln USD to increase oil production in offshore Angola

French oil company Total has invested 2.5 billion U.S. dollars in three new offshore projects aimed at increasing Angola’s oil production, the company said here. The projects were intended to promote oil production levels of the country to over 100,000 barrels of oil per day, said Olivier Jouny, general manager of Total in Angola, at the end of a meeting with Angola’s National Assembly’s Commission on Economy and Finance. The company also plans to relaunch next year oil exploration in ultra-deep waters of Block 48 and in the development areas ...

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Chevron says end of Venezuela waiver may boost oil output, help Russia

Chevron is pushing back against the Trump administration’s plans to let the company’s Venezuela sanctions waiver expire, arguing such a move could ultimately drive oil production up, bolstering both the Maduro regime and Russia’s standing in the global market. “It’d be a very short-term gain for a huge, long-term cost,” a source familiar with Chevron’s operations told S&P Global Platts. “They’d be giving away the keys to our operations and allowing Rosneft to take over.” Chevron and four US oil services companies are operating in Venezuela outside of US sanctions ...

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IMF says Japan can ramp up fiscal stimulus if tax hike sinks growth

Japan can ramp up fiscal stimulus if the hit to the economy from October’s sales tax hike proves bigger than expected, International Monetary Fund (IMF) Deputy Managing Director Mitsuhiro Furusawa said on Thursday. Furusawa also said there was no change to the IMF’s long-standing proposal for Japan to continue raising the tax rate in small increments over several years to 15%. “If downside risks materialise and economic growth slows more than expected, additional fiscal support may be necessary, accompanied by continued easy monetary policy,” Furusawa, a former senior Japanese finance ...

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North Dakota oil, gas output hit record levels in August: state agency

North Dakota oil and natural gas production reached new record highs in August, the North Dakota Pipeline Authority reported Thursday. Statewide oil output averaged nearly 1.48 million b/d in August, up 31,460 b/d from July. North Dakota gas output for August averaged about 3.01 Bcf/d, up from about 2.94 Bcf/d in July, which was a monthly record at the time. About 19% of the statewide gas production was flared, according to the new data. According to the state authority, about 74% of the statewide oil output, or about 1.09 million ...

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Saudi Aramco to Delay Launch of Its Initial Public Offering

Saudi Aramco’s stop-start initial public offering was delayed again just days before a planned launch as doubts re-emerged about the $2 trillion valuation placed on the state oil giant by Crown Prince Mohammed bin Salman. The postponement, by at least a few weeks, will allow the array of Wall Street bankers advising Aramco to incorporate third-quarter results into their pre-IPO assessments of the company, according to people briefed on the situation. The banks are still struggling to meet the valuation the company is seeking, according to one of the people, ...

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North Sea Buzzard oil field shut again after ‘compromised’ repair: operator

The UK’s Buzzard crude oil field, a mainstay of the Forties crude blend, has been shut down again as a repair carried out earlier in the month was found to be unsound, China’s CNOOC International said Thursday. The field had been restarted over the weekend after it was shut down on October 4 for an unplanned repair to pipework on the facilities’ “topsides.” But in a statement Thursday, the field’s operator, CNOOC International, said it had been obliged to shut down the field again temporarily on the morning of October ...

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