Commodity producing and trading giant Glencore expects to post a profit of $3.3 billion in its marketing division for the first half of the year, as extreme market volatility during the Iran war generated windfall earnings for the energy commodity traders. Glencore expects to report next week a strong half-year marketing adjusted earnings before […]
Saudi Aramco shut its 400,000-barrel-per-day Jazan refinery on July 27 after a Houthi attack damaged the facility, according to an IIR note seen by Reuters. IIR said the strike damaged the refinery’s Integrated Gasification Combined Cycle complex and tank farm. Repairs are tentatively expected to be completed by August 15. Tentatively is doing some fairly […]
The UAE is still exporting liquefied natural gas, despite the threat of strikes in the Strait of Hormuz. According to a Bloomberg report, an ADNOC LNG tanker appeared in the Persian Gulf earlier today, successfully exiting the Strait of Hormuz, reportedly with its location devices turned off to avoid detection. The publication noted that earlier […]
Oil prices rose more than US$3 a barrel on Wednesday after joint strikes in Iraq by the US and Saudi Arabia, and the interception of Iran’s ballistic missiles aimed at US forces in the Middle East, while US crude inventories shrank. Brent futures increased by US$3.30, or 3.9 per cent, to US$87.39 a barrel by […]
The funding, approved by Parliament, transfers responsibility for financing the government’s domestic gold purchase programme from the Bank of Ghana to the state, with the newly established Ghana Gold Board (GoldBod) taking charge of the programme. The change is intended to bolster Ghana’s foreign exchange reserves and support the cedi by increasing the country’s gold […]
Japan is planning to join the rush to diversify oil export routes away from the Strait of Hormuz by investing in pipeline projects abroad, notably in the Middle East. Citing a document produced by the country’s economy ministry, Bloomberg reported the investment will be made through Japanese companies in the form of risk-capital funding. […]
As Africa’s second-largest copper producer, Zambia wants to process its own minerals at home rather than shipping raw materials directly to foreign factories. Zambian officials are negotiating with major international industrial firms, including China’s Wuxi Jiangnan Cable, to build local manufacturing plants capable of turning raw copper into finished products such as high-voltage electrical cables […]
The Houthi threats to shipping in the Red Sea and its chokepoint, the Bab el-Mandeb Strait, have forced at least one oil tanker carrying Saudi crude to Asia to choose the much longer route through the Suez Canal, the Mediterranean, and around Africa. The supertanker Olympic Luck, partially laden with Saudi crude at Yanbu […]
The project is being developed by China’s Gotion High-Tech and will involve an initial investment of about $1.3 billion to build an integrated lithium iron phosphate (LFP) battery plant in Morocco’s Rabat-Salé-Kénitra Free Trade Zone. Beyond the loan, the AfDB said it plans to mobilise up to an additional €141 million ($161 million) from […]
Dollar-inflow schemes announced by the central bank in June have brought in close to $32 billion, the central bank governor, Sanjay Malhotra, told The Hindu Businessline newspaper in an interview published on Monday. The inflows are likely to boost India’s balance of payments, he said. Here are some key comments: Most of the $32 billion […]