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Saturday, February 27, 2021

Reliance Industries News

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US Preparing Tighter Oil Sanctions on Venezuela

The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to exchange Venezuelan crude for fuel from the OPEC member.U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the…

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Buy a Statue for $4B? As COVID-19 Rises, so too do Cyber Scams

Police in India lodged a case this week against an unknown online fraudster who tried selling the world's largest statue for $4 billion, claiming the proceeds would be used to help the Gujarat state government fund its fight against the coronavirus.While the plot to sell the 'Statue of Unity", a monument that is nearly twice the height of New York's Statue of Liberty, is among the most brazen cases, police say cybercrimes have surged since the health scare gripped the country.With scams ranging from free mobile recharges…

Asian LPG Market to Cross $109Bln by 2024

The Asian liquefied petroleum gas (LPG) market stood at over $81.4 billion in 2018 and is projected to grow at a CAGR of over 5% to cross $109 billion by 2024, as increasing demand for LPG  as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil.Increasing demand for LPG used to run vehicles (Autogas)  is being witnessed as it is a comparatively cheaper automotive fuel and can be used in vast applications related to transportation…

India, S. Arabia in New Petro Relationship

India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum.Saudi Arabia is its second-biggest supplier of crude oil after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.India imports around 18 per cent of its crude oil from the Kingdom…

AEC Collaborates with ABS for ULEC

American Ethane Company (AEC) is collaborating with ABS, the global provider of classification and technical advisory services to the marine and offshore industries, on a next generation fleet of Ultra Large Ethane Carriers (ULEC).ABS is actively supporting AEC and its shipping project partners, who will build, own and operate a fleet of ULECs to transport 7.2 MTPA of US ethane to China.“ABS is a world leader in the classification of gas carriers and classes the majority of the large ethane carriers built to date…

MOL Buys Reliance Ethane Carrier Fleet

Japanese shipping giant Mitsui OSK Lines (MOL) will buy Reliance Industries (RIL) stakes in Singapore-based Reliance Ethane Holding (REHPL) which has a fleet of six very large ethane carriers (VLECs).RIL has 100% holding in six limited liability companies (LLCs) which own the VLECs. "MOL and a strategic minority investor have signed binding definitive agreements for an investment in the six special purpose limited liability companies each owning a VLEC," said a statement from the Mukesh Ambani-led Indian conglomerate holding.Transaction closing is subject to regulatory approvals.

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US Oil Exports to India Soar Ahead of Iran Sanctions

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…

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India Cuts Iranian Oil Imports Ahead of Sanctions

Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to data from industry and shipping sources.The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia…

Shipping e-Solutions to Power Efficiencies at Evergreen

Evergreen Launches New Electronic Documentation Function in Partnership with Bolero International. Evergreen Line introduces paperless Bill of Lading (B/L) and dispatch documentation via its ShipmentLink digital portal, enhancing connectivity for exporters and importers with banks, insurers, regulators, customs and port authorities. Evergreen is the first container carrier to integrate with Bolero’s proven electronic Bill of Lading (eBL) solution. These new services, provided in partnership with Bolero International…

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India's Oil Imports Reach Record High in January

India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed. Imports in January were high as state-run refiners, which operate two-third of India's nearly 5 million bpd capacity…

India Ups Import Tax on Petcoke in Blow to US Refiners

India has raised the effective import duty on petroleum coke to 10 percent from 2.5 percent, according to a government order, days after the government told a court it was in favour of curbing the use of the dirty-burning fuel. The duty has gone up after the government ended an exemption to tax payable on importing the fuel that emits 11 percent more greenhouse gases than coal and also releases several times more sulphur dioxide, which causes lung diseases. The Supreme Court in October banned the use of petroleum coke…

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Newest Outpost for US Crude Exports: India

India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015. Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both U.S.

Stiff Challenges Await Indian LNG Terminals

India's new LNG import terminals will face major challenges due to price sensitive demand, ICRA said in its latest update on gas utilities sector. "Crowding of regasification terminals could put pressure on utilization levels, regasification charges and returns of new entrants," says ICRA (formerly Investment Information and Credit Rating Agency of India Limited). "Despite high domestic demand-supply deficit, the demand for Regasified-Liquefied Natural Gas (R-LNG) in the country is critically dependent upon the prices of liquid fuels and global spot LNG prices," Icra said.

India Plans it Big for Shipping Boom

India's Ministry of Shipping has chalked out a plan to raise a trillion India Rupees to develop ports, build ships and improve inland waterways, says a report in the Business Standard. The money will help the shipping ministry, which floated the proposal, help finance port and maritime-related infrastructure projects. The amount would be raised in the dollar equivalent at an interest of three per cent. For, the government may set up a dedicated company by pooling the future income of the 12 ports it directly owns.

A Type C Tank being installed.

Ethane Transport & Technology

This past summer produced an order for the world’s first very large ethane carrier (VLEC), shining the industry spotlight on a traditionally niche gas sector whose promise had grown to require a dedicated fleet of ships for intercontinental trade. Classed by ABS, the ships were ordered at Samsung Heavy Industries by India’s largest private-sector enterprise, Reliance Industries, which is aiming to capture the export opportunities presented by the shale gas boom in the United States. At the time of the order, the commodities sector had published many reports about how the U.S.

Drydocks World Chief in Top 50 Maritime Greats' List

Khamis Juma Buamim, Chairman Drydocks World & Maritime world has been recognized by Tanker Shipping & Trade as being among the top 50 most influential people in the tanker industry worldwide & is one of only 4 Chairmen globally to be so recognized. The publications annual survey profiles 50 of the sectors most influential leaders whose range of achievements is broad, covering most, if not all facets of the industry. What is not in doubt is that all those profiled represent outstanding examples of leadership…

Shipping Tribune Conclave Saw Strong Industry Participation

“The Shipping Tribune Conclave 2014” held yesterday at Holiday Inn, Mumbai saw a significantly large participation of stalwarts and operators of the Shipping Industry. Issues which affecting the employment and employability of Indian Seafarers came into focus. Mr. S. Hajara, one of the wll-known names in the shipping industry while delivering the keynote address highlighted the contribution and achievements of Indian seafarers. Capt. Vinay Singh emphasized the need for more quality…

FPSO Mooring Inspection Contract for Welaptega

Welaptega Marine awarded contract for a mooring inspection & fitness for purpose evaluation on 'Dhirubhai-1' floating production storage & offloading (FPSO) vessel. The Dhirubhai-1 floating production storage and offloading (FPSO) facility is located in the Bay of Bengal, off the eastern coast of India, and the contract client is Aker Floating Production. A team of specialist engineers will deploy Welaptega’s suite of visualization and inspection technologies including the High-Definition 3D Video (HD3DV)…

Transocean Ultra-Deepwater Drillship Contract

Transocean Ltd. (NYSE:RIG) announced that the newbuild ultra-deepwater drillship Dhirubhai Deepwater KG2, which is owned by a joint venture with Pacific Drilling Limited, has commenced operations for Reliance Industries in India under a five-year drilling contract. The dynamically positioned Dhirubhai Deepwater KG2, one of 24 Ultra-Deepwater Floaters in the Transocean fleet, includes the most advanced drilling capabilities in the offshore drilling industry. The vessel features National Oilwell Varco drilling packages…

ABS Adds to Membership

At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L.

Q4 2019  - Short Sea Shipping Ports