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Container cargo: Vizag poised to become a regional hub

With growing emphasis on promoting transhipment and efforts to set up ‘dry ports’ (Inland container depots) by Visakhapatnam Port Trust in Telangana, Odisha, and Chhattisgarh, Visakhapatnam has bright prospects to emerge as a regional hub for container cargo. The steady growth at the all-weather container terminal developed by Visakha Container Terminal Private Ltd (VCTPL), a BOT operator, and availability of huge hinterland extending up to 700 km on the East Coast, have led to brisk business at container freight stations (CFS). VCTPL and others are also developing CFS. Presently, the ...

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Iran Plans Tenders for Oil Fields This Summer as Contract Nears

Iran plans to issue tenders to develop its oil fields this summer as the government is expected to approve a new model oil contract designed to attract investors “in a short amount of time,” Oil Minister Bijan Namdar Zanganeh said, according to an interview published by the Iranian Students News Agency. Iran will initially seek development of fields along its border, including the South Azadegan deposit near Iraq, ISNA reported, citing the interview. Tenders will also be issued for exploration, it said. “One of the most important challenges is to ...

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Indonesia’s Pertamina to sign Iran oil block deal next week -official

Indonesia’s state energy company Pertamina will sign a deal to purchase a stake in an oil and gas block in Iran within a week, an official at Indonesia’s energy ministry said on Monday. “The government to government agreement is done, so now (we’re) following up with a company to company (deal),” Oil and Gas Director General Wiratmaja Puja told reporters, noting that a deal was expected before the end of the Muslim fasting month. Source: Reuters (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Christian Schmollinger)

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Azerbaijan’s SOCAR plans to increase light oil products’ output

Azerbaijan’s state oil company SOCAR plans to increase the light oil products’ output in 2016, a source in the company told Trend. The source said the light oil products are forecasted to account for 67.4 percent of the total oil products’ output in 2016. “The output of light oil products stood at around 3.5 million tons in 2015 and accounted for 64.2 percent of the total production,” said the source. “In 2016, we plan to increase this figure to 67.4 percent, which is around 3.6-3.7 million tons.” SOCAR is the ...

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Mitsui & Co. Ltd.: Final investment decision made for development of Australian oil fields

Mitsui & Co., Ltd. (“Mitsui”) is pleased to announce that it has made final investment decision for commercial development of a group of undeveloped oil fields located offshore Western Australia (Greater Enfield Project) in which Mitsui owns 40% working interest through its 100% subsidiary Mitsui E&P Australia Pty Ltd. (MEPAU) The decision was made jointly with Woodside Energy Limited (“Woodside”), the operator of the oil fields with the remaining 60% working interest. The development will involve about US$1.9 billion (US$800 million net to MEPAU) of investment for drilling of production ...

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Crescent Sees $11 Billion Kurd Gas Claim Resolved This Year

Crescent Petroleum Co., an oil and natural gas producer in Egypt to the United Arab Emirates, expects to resolve by the end of this year an $11 billion arbitration case against the Kurdistan Regional Government in Iraq. The Sharjah, U.A.E.-based company is scheduled for a hearing in September at the London Court of International Arbitration in its case against the KRG over gas sales in the Kurdish region, Crescent Chief Executive Officer Majid Jafar said Sunday in an interview in Dubai. A separate hearing in an arbitration case against Iran’s state oil company ...

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Sterling hits 31-year low on Brexit vote aftermath, euro slides

The British pound fell to a 31-year low against the U.S. dollar on Monday on anxiety over the aftermath of Britain’s decision to quit the European Union, with analysts anticipating an even steeper drop in coming months, while the euro also dipped. Sterling hit $1.3122 GBP=D4, its lowest level since mid-1985 and marking a roughly 11.7 percent fall from the currency’s closing level on June 23, the day of the referendum. Analysts predicted more downside for sterling as traders monitored the fallout of the vote. Sterling was last down 3.8 ...

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MARKETS SNAPSHOT FOR 27/06/16

NASDAQ-Adv: 442 Dec: 2,497 NYSE-Adv: 601 Dec: 2,534 (Source: Nasdaq)

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Hong Kong Exports Fall Slightly In May

Hong Kong’s exports decreased at a slower pace in May, figures from the Census and Statistics Department showed Monday. The value of total exports of goods and services edged down 0.1 percent year-over-year in May, much slower than the 2.3 percent drop in April. Exports have been falling since May 2015. The value of domestic exports plunged 18.0 percent annually in May, while re-exports rose by 0.2 percent. Imports fell 4.3 percent in May from a year ago, following a 4.5 percent decline in the preceding month. The visible trade ...

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Why Brexit Is Good For Iron Ore, China, Emerging Markets

Brexit gives a further reason to buy Asian and emerging markets stocks, according to CLSA‘s chief equity strategist Christopher Wood. Wood raised emerging markets to Overweight this morning. First, Brexit is good for commodities such as iron ore and steel, thereby boosting Asia’s material stocks. This is because a steal QE, in the form of a cheaper pound and euro that resulted from Britain leaving the European Union, provides an excuse for more monetary and fiscal easing. “Infrastructure stimulus in the G7 world should give some sort of bid to ...

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Premier promises steel, coal capacity cuts

China will cut excess capacity in steel and coal as part of its economic structural reform, Premier Li Keqiang vowed as he addressed the opening of the Annual Meeting of the New Champions 2016, or Summer Davos, in Tianjin on Monday. The government will continue to focus especially on supply-side structural reform by reducing supply of inefficient and low-end products and services while encouraging more in-demand and premium ones, a process that will boost economic growth, Li told delegates at the forum. An important part of the supply-side reform is ...

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GRAINS-Corn rises after deep losses, market eyes U.S. weather

Chicago corn edged higher on Monday as the market took a breather, after suffering its biggest weekly decline in three years, with investors watching the U.S. weather for a price direction. Soybeans rose almost 1 percent after coming under pressure in the last session amid a broad selloff in commodities and financial markets after Britain voted to leave the European Union. FUNDAMENTALS * Corn lost more than 12 percent last week, its biggest weekly decline since June 2013 as improving weather across the U.S. Midwest prompted funds to liquidate their ...

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U.K. Chaos Infecting Markets as Pound Extends Its Record Loss

Traders have had three days to digest the Brexit vote, and the pound’s slide just keeps getting steeper. Sterling dropped 3.5 percent to $1.3205 at 12:30 p.m. in London on Monday, after reaching a three-decade low of $1.3186 that surpassed its weakest levels during the panicked selling on Friday that followed the U.K.’s decision to leave the European Union. The turmoil extended that day’s unprecedented 8.1 percent tumble and showed that Chancellor of the Exchequer George Osborne’s attempts to calm markets failed to cancel out the effects of the paralysis spreading through U.K. ...

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Jim Rogers Picks Dollar Over Gold as Haven in Brexit Tumult

While analysts and traders from New York to London bet that gold will go higher, veteran investor Jim Rogers would rather seek haven in the dollar as the U.K.’s vote to leave the European Union roils global markets. Prices of bullion are due for a drop and will probably be lower at the end of the year versus current levels, Rogers said in a phone interview on Monday, adding that he would buy the metal again once it declines enough. That view is at odds with the median of 12 ...

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U.S. officials try to calm markets, urge ‘responsible’ UK-EU divorce

Senior Obama administration officials sought to calm jittery markets on Monday, insisting there was no financial crisis brewing after Britain’s vote to leave the European Union and urging officials on both sides to take a “responsible” approach to the looming separation. U.S. Treasury Secretary Jack Lew said last week’s Brexit vote created another challenge for the U.S. economy, but the effect on financial markets has been “an orderly impact so far.” “There’s no question that this is an additional headwind, but I think that it is something that we can ...

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