Johor Port Berhad (Johor Port), a member of MMC Group, signed a Marine Services Agreement with PETRONAS LNG Ltd (PLL), a subsidiary of Petroliam Nasional Bhd (PETRONAS) at Renaissance Hotel, Johor Bahru. The signing of the Marine Services Agreement by Johor Port Bhd and PPL enables the provisioning of marine services and attractive tariff for vessels that receive Gassing Up and Cooling Down (GUCD) services at PLL’s Regasification Terminal Pengerang (RGTP). The GUCD is a specialised service of bringing the storage tanks on liquefied natural gas carrier (LNG) vessels to ...

The ship recycling industry is slow yet steady, limited trades for foreign originated goods have been recorded in this week. We continue to link

Indian Oil Corp is seeking a spot liquefied natural gas (LNG) cargo for delivery in June, two industry sources said. The tender closes on April 24. Source: Reuters (Reporting by Ekaterina Kravtsova; Editing by Mark Potter)

The United States will fail to cut Iranian oil exports to zero, even if Washington ends waivers granted to buyers of Iranian crude, the semi-official Tasnim news agency on Monday quoted an unnamed Iranian oil ministry source as saying. The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest so far this year. “Whether the waivers continue or not, ...

JERA Global Markets, a newly formed joint venture by Japanese and French partners, is looking to expand into short-term contracts and spot trading of liquefied natural gas (LNG) to third parties, its chief executive told Reuters. Japan’s JERA Co, the world’s biggest buyer of LNG, and EDF Trading (EDFT), a wholly owned subsidiary of French utility Electricite de France, formally launched the trading joint venture earlier this month. JERA Global Markets, renamed from an earlier partnership between the two, JERA Trading, will handle LNG as well as the previous coal ...

Today we are announcing the United States will not issue any additional Significant Reduction Exceptions to existing importers of Iranian oil. The Trump Administration has taken Iran’s oil exports to historic lows, and we are dramatically accelerating our pressure campaign in a calibrated way that meets our national security objectives while maintaining well supplied global oil markets. We stand by our allies and partners as they transition away from Iranian crude to other alternatives. We have had extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other ...

Congo Republic shipped its first iron ore exports ahead of an expected boom in production from mines owned by Congolese billionaire Paul Obambi’s Sapro SA and Swiss commodities giant Glencore. Sapro mined the oil-dependent Central African country’s first iron ore in 2017 from its Mayoko project in the southwest and plans to reach output of 12 million tonnes per year by 2022. Glencore’s joint venture with British Virgin Islands-incorporated Zanaga Iron Ore Co plans to ship 2 million tonnes of iron ore per year over the next two years, and ...

Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Monday it would keep its steel product prices steady in May due to delays in some construction projects and higher local inventories. This is the fifth straight month the company kept prices unchanged for all of its steel products, including its main H-shaped beams. For May, prices of steel bars, including rebar, will remain at 69,000 yen ($617) a tonne, while H-shaped beams will also stay at 89,000 yen a tonne. “Local flow of steel products have ...

China’s grain output is expected to remain stable this year, according to a report released. The total sown area of rice, wheat and corn will stay around 95.87 million hectares, while that for soybeans is expected to increase by about 666,666 hectares, according to the report released at the 2019 China Agricultural Outlook Conference sponsored by the Agricultural Information Institute under the Chinese Academy of Agricultural Sciences. The report forecast farm produce prices to keep steady overall, but predicted greater risks of market fluctuations for certain types of products, including ...

Saudi Arabia is willing to compensate for any potential loss of crude supply if the U.S. ends waivers granted to buyers of Iranian oil, but the kingdom will assess the impact on the market before raising its output, a source familiar with Saudi thinking told Reuters on Monday. The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest so ...

China’s crude oil output edged up 0.6 percent year on year to 47.35 million tonnes in the first quarter, data from the National Bureau of Statistics (NBS) showed. The pace of growth was up from a 2 percent drop in the same period last year. In March alone, China’s crude oil output rose 2.1 percent year on year to 16.54 million tonnes, up from a 0.5 percent rise in the first two months. Meanwhile, China’s natural gas output totaled 44 billion cubic meters in the first quarter, up 9.4 percent ...

Russian oil production was around 11.24 million barrels per day (bpd) between April 1 and April 18, an industry source told Reuters. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed to cut their combined oil output by 1.2 million bpd starting from Jan. 1 to balance the market and prop up crude prices. Of that, Russia undertook to cut 228,000 bpd from October 2018, the baseline for the agreement. In October last year, Russia was pumping 11.41 million bpd. Russia’s energy ministry ...

Ibrahim al-Muhanna, an adviser to the Saudi energy minister, said he expected the oil market to be “well balanced” this year. “This year, we have seen the implementation of the OPEC Plus decision. It is possible to extend the cut until the end of the year depending on market conditions,” al-Muhanna told an oil summit in Paris. The OPEC+ group agreed last year to cut production, partly in response to increased U.S. shale output. Source: Reuters (Reporting by Bate Felix; Writing by Richard Lough; Editing by Mark Potter)

U.S. President Donald Trump said on Monday that Saudi Arabia and other OPEC nations could “more than make up” for any drop in Iranian oil supplies to global markets now that his administration has decided to end waivers that allowed some nations to buy Iranian oil without facing U.S. sanctions. “Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil,” Trump said on Twitter. Source: Reuters (Reporting by Tim Ahmann Editing by Chizu Nomiyama)

World leaders meeting in Beijing this week for a summit on China’s Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters. The Belt and Road Initiative is a key policy of President Xi Jinping and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending. But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread ...