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China’s coal output resumes growth in August

China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed. The growth rate returned to the positive territory, following a 3.3 percent year-on-year drop registered in July, according to the National Bureau of Statistics. The August output represented a 0.7 percent increase compared with the same period in 2019, the NBS said. In the first eight months, China produced 2.6 billion tonnes of raw coal, up 4.4 percent year on year. China’s coal imports surged 35.8 percent year on year to ...

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EDP will construct a green hydrogen pilot plant in Pecém Industrial and Port Complex to start production in 2022

On 1st September the Governor of Ceará together with executives from EDP have jointly announced that EDP will invest a total of R$41.9 million in a pilot project for the production of a green hydrogen plant in Pecém Industrial and Port Complex, with a production capacity of 250 Nm3/h of the gas. Its operation should start as early as December 2022. EDP will have a solar plant of 3 MW providing renewable energy to an electrolyzer from Hytron-NEA. EDP already is operational in Industrial Area of Pecém Complex with a ...

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China’s pursuit of mining & metals industry transition

China’s mining sector is taking active measures to pursue industry transition and achieve a low-carbon production plan. China’s decarbonization and quest for green metals China has set a national target to achieve carbon peaking by 2030 and carbon neutrality by 2060, prompting an active push by the country’s mining sector to pursue industry transition and achieve a low-carbon production plan. At the same time, a drive to ensure the continued supply of critical metals for the next stage of China’s development continues unabated. n March 2021, China rolled out its ...

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Russian wheat prices up for 10th week with global benchmarks

Russian wheat export prices rose for the 10th consecutive week last week following higher global benchmarks in Chicago and Paris, analysts said on Monday. Russian wheat with 12.5% protein loading from Black Sea ports for supply in early October was $301 a tonne, free on board (FOB), at the end of last week, up $1 from the previous week, the IKAR agriculture consultancy said in a note. Sovecon, another consultancy, pegged wheat as having risen $1.50 to $304.5 a tonne, while barley was steady at $260 a tonne. The wheat ...

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Increasing gas exports to supply tight European market

Equinor and its partners have received permission to increase gas exports from two fields on the the Norwegian continental shelf to supply the tight European market. Production permits for the Oseberg and Troll fields have each been increased by 1 billion cubic meters (bcm) for the gas year starting 1 October. Already in June, Equinor took steps to evaluate and develop concepts for enhancing the production and exports to the European market. This work resulted in enhanced production permits from the Ministry of Petroleum and Energy for the Oseberg and ...

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Soaring gas prices, colder winter could boost oil prices, says Goldman

Goldman Sachs (NYSE:GS) said that with the surge in global gas prices, a colder winter in Europe and Asia could in turn boost demand for oil, driving a $5 per barrel upside risk to its fourth quarter 2021 Brent price forecast of $80 a barrel. A global surge in wholesale power and gas prices has prompted concerns of high winter energy bills and shortages, having already forced some energy supplies out of business in Britain. A colder winter could lead to a 900,000 barrels per day (bpd) increase in oil ...

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Kuwait starts 100,000 b/d oil gathering center amid expansion plans

State-owned Kuwait Oil Co. has started operations at a new gathering center that can handle 100,000 b/d of crude oil as the OPEC producer forges ahead with plans to expand its production capacity. GC-31 in northern Kuwait will also process 62.5 MMcf/d of associated gas and 240,000 b/d of treated water, KOC said in a statement carried by state-owned news agency KUNA on Sept. 18. A gathering center is a facility that collects oil from a field to be transferred usually by pipelines. GC-31, built by Dodsal, is one of ...

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EUROPE GAS-Prices rise ahead of gas capacity auctions

British wholesale gas prices rose on Monday morning ahead of capacity auctions which will help to signal how much gas can Europe can expect from Russia. The British within-day gas contract was up 18.50 pence at 176.00 p/therm by 0819 GMT. The day-ahead contract was up 13.00 p at 175.00 p/therm. Traders and analysts said market attention was focused on monthly auctions for transit capacity for Russian gas flows to Europe. “The level of booking by Gazprom could give an idea about its strategy for the coming weeks,” Engie Energyscan ...

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Building a resilient economy

Amidst the hopes of a V-shaped recovery of the Indian economy, the National Statistical Office (NSO) had recently estimated that India’s economic growth has surged to 20.1% in the April-June quarter, despite a devastating second wave of COVID-19, while the gross domestic product (GDP) had contracted by 24.4% in the April-June quarter of 2020-21. Supporting these estimates, in its recently launched Trade and Development Report 2021, UNCTAD has estimated global growth to hit 5.3% in 2021 and growth in India to hit 7.2%. Growth prospects According to the report, India ...

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Evergrande: Embattled China property giant sparks economy fears

Chinese company Evergrande has started to repay investors in its wealth management business with property, as the world’s most indebted real estate developer faces a key test this week. Major banks have reportedly been told that they won’t receive interest payments on loans that are due Monday, while interest payments of $84m (£61m) on the firm’s bonds are also due on Thursday. The company’s shares fell by more than 10% in Hong Kong trade on Monday. The property giant’s deepening debt problems have triggered fears over the impact its potential ...

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Diana Shipping Inc. Announces Time Charter Contract for m/v Maera with ASL

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ASL Bulk Shipping HK Limited, for one of its Panamax dry bulk vessels, the m/v Maera. The gross charter rate is US$26,000 per day, minus a 5% commission paid to third parties, for a period until minimum October 1, 2022 up to maximum December 15, 2022. The charter commenced on September 18, 2021. The m/v Maera was chartered, ...

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New DNV Naval Technical Assurance concept offers tailored solutions for naval verification

Classification society DNV has released the new Naval Technical Assurance certification concept, as an alternative approach to the classification assurance process. The new concept is set down in the DNV-SE-0555 Naval technical assurance service document, published on 25 August 2021. The regulation of naval and occasionally governmental vessels is significantly different from merchant vessels and requires more diversified and broader assurance processes. Combining DNV’s competence in naval surface, subsurface and governmental vessels, Naval Technical Assurance is an overarching service for naval vessels, enabling DNV to adjust the assurance scope to ...

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G E Shipping Co. delivers Aframax Crude Carrier – Jag Lata to its buyers

Great Eastern Shipping Co. (G E Shipping Co.) delivered its 2003 built Aframax Crude Carrier – Jag Lata, to its buyers. The vessel, Jag Lata, was contracted for sale in July 2021. Excluding this vessel, Great Eastern Shipping Co. (G E Shipping Co.)’s current fleet stands at 45 vessels, comprising 31 tankers (8 crude carriers, 18 product tankers, 5 LPG carrier) and 14 dry bulk carriers with an average age of 12.01 years aggregating 3.57 million deadweight tonnes (dwt). G E Shipping Co.’s consolidated net profit slumped 97.4% to Rs ...

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Russia expects new tax on ferrous metals to add $1.8 bln to budget

Russian officials expect new taxes on producers of steel, coal and iron ore to add an additional 130 billion roubles ($1.8 billion) to the state budget in 2022, four sources familiar with the ongoing discussions told Reuters. Moscow is considering imposing a mineral extraction tax (MET) linked to global prices on producers of ferrous metals and fertilisers, as well as on ore mined by Nornickel, sources said last week. The new tax is expected to raise an additional 10 billion roubles from fertiliser producers, three of the sources said. For ...

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Russia’s Gazprom ‘always’ fulfills contractual obligations in full: Miller

The head of Russian gas giant Gazprom has defended the company’s sales strategy, saying it “always” meets the requirements of its contracts with buyers. In a speech late Sept. 17, Gazprom CEO Alexei Miller said Gazprom was a reliable supplier “no mater how the cold winter, no matter how harsh the conditions.” “We always fulfill our contractual obligations in full,” Miller said. Miller was speaking as it emerged that a group of European MEPs had sent a letter to the European Commission, urging Brussels to launch a probe into Russia’s ...

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