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India raises Iran oil imports in April to highest since Oct 2016 as U.S. sanctions loom
India's oilNSE 2.40 % imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.
Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the data showed.
India's Iranian imports rose by 49 percent from March and were 20 percent higher than a year ago, the data showed. The country is the Iran's second-biggest buyer of crude after China.
State refiners have raised their imports after Iran agreed to steep shipping discounts.
Iran exported a total 2.6 million bpd of crude in April, a record since the lifting of sanctions in January 2016, according to the news service for the country's oil ministry.
Going forward, however, Iran's oil exports are expected to fall. U.S. President Donald Trump earlier in May announced the withdrawal from a 2015 agreement between the United States, Iran and other world powers to limit Iran's nuclear programme.
The United States intends to renew economic sanctions against Iran, including on the petroleum sector.
India's Oil Minister Dharmendra Pradhan said on May 12 that it is too early to say how the sanctions will impact India.
In the first four months of 2018, India imported 552,000 bpd from Iran, about 2 percent less than a year ago, the data from the sources showed. The sources declined to be identified as they were not authorised to speak with media.
India's 2018 Iran oil purchases fell because of lower intake by state refiners in the March quarter.
New Delhi imported 16 percent less oil from Iran during the 2017/18 financial year as state-refiners reduced purchases after a row over development rights for an Iranian natural gas fields.
Iran remained the third-biggest oil supplier to India last month followed by Iraq and Saudi Arabia, the data showed.
Venezuela replaced Nigeria as the fourth-biggest supplier as the South American nation pushed more barrels in India and curtailed supplies to the U.S.
India received about 397,200 bpd of oil from Venezuela in April, the highest since September, up about 46.8 percent from a year ago, the data showed.
India raises Iran oil imports in April to highest since Oct 2016 as U.S. sanctions loom
India's oilNSE 2.40 % imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.
Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the data showed.
India's Iranian imports rose by 49 percent from March and were 20 percent higher than a year ago, the data showed. The country is the Iran's second-biggest buyer of crude after China.
State refiners have raised their imports after Iran agreed to steep shipping discounts.
Iran exported a total 2.6 million bpd of crude in April, a record since the lifting of sanctions in January 2016, according to the news service for the country's oil ministry.
Going forward, however, Iran's oil exports are expected to fall. U.S. President Donald Trump earlier in May announced the withdrawal from a 2015 agreement between the United States, Iran and other world powers to limit Iran's nuclear programme.
The United States intends to renew economic sanctions against Iran, including on the petroleum sector.
India's Oil Minister Dharmendra Pradhan said on May 12 that it is too early to say how the sanctions will impact India.
In the first four months of 2018, India imported 552,000 bpd from Iran, about 2 percent less than a year ago, the data from the sources showed. The sources declined to be identified as they were not authorised to speak with media.
India's 2018 Iran oil purchases fell because of lower intake by state refiners in the March quarter.
New Delhi imported 16 percent less oil from Iran during the 2017/18 financial year as state-refiners reduced purchases after a row over development rights for an Iranian natural gas fields.
Iran remained the third-biggest oil supplier to India last month followed by Iraq and Saudi Arabia, the data showed.
Venezuela replaced Nigeria as the fourth-biggest supplier as the South American nation pushed more barrels in India and curtailed supplies to the U.S.
India received about 397,200 bpd of oil from Venezuela in April, the highest since September, up about 46.8 percent from a year ago, the data showed.
India raises Iran oil imports in April to highest since Oct 2016 as U.S. sanctions loom
India's state power plants resume coal imports amid domestic shortages
State-run thermal power plants in India's coastal states have again begun buying overseas coal due to domestic coal shortages, government and utility officials said, in a setback for the country's long-term plans to eliminate imports.
After no significant imports in 2017, government utilities in Tamil Nadu and Andhra Pradesh have ordered several cargoes of coal since the beginning of this year, two officials said.
Andhra Pradesh, a state on India's east coast, has imported 200,000 tonnes of coal so far this year and could import as much as 1 million tonnes in 2018, said Ajay Jain, a senior official in the state energy department.
"Coal has been a real problem. If we had depended only on coal, it would have been a disaster," Jain said.
Tamil Nadu Generation and Distribution Corp, a government utility in the southwestern India state, has imported about 1.4 million tonnes of coal this year, after going a year without imports starting at the end of 2016, according to Vikram Kapoor, the chairman of the utility.
An increase in coal imports by state-owned power utilities undermines a pledge by Indian Prime Minister Narendra Modi's government to cut thermal coal imports to zero by March 2018.
But state-owned Coal India Ltd, the world's second-biggest coal miner by production, is grappling with a shortage of trains to carry the fuel from its mines to the country's power plants.
Both Andhra Pradesh and Tamil Nadu are waiting for the wind energy season to start in June, when they expect dependence on coal to ease, Jain and Kapoor both said.
Domestic logistic bottlenecks, regulatory changes and surging power demand will likely increase 2018 thermal coal imports after two years of declines, Reuters reported in February.
Imports rose over 15 percent in the first quarter of 2018.
State-run utilities could add up to 5 million tonnes to India's coal imports in 2018 because of the Coal India shortages, a senior executive from Adani Enterprises, India's biggest coal trader told Reuters in February.
India imported 144.5 million tonnes of coal in 2017, according to data provided by American Fuels & Natural Resources, a Dubai-based coal trader.
Imports would be a boost for international miners such as Indonesia's Adaro Energy, Australia's Whitehaven Coal or global commodity merchant Glencore.
Maharashtra, a western coastal state, has floated a tender for procuring 1 million tonnes of coal to augment its existing stock and meet growing power demand, a senior official at Maharashtra State Power Generation Co, the state utility, said on Tuesday.
Gujarat, Maharashtra's northwestern neighbour, plans to ramp up imports by 400,000 tonnes this year, according to a senior state government official.
Karnataka, another southern state, has resisted imports so far. But that might change, according to Kumar Naik, the managing director of state utility Karnataka Power Corp.
Two of Karnataka's three major thermal power plants had almost run out of coal stockpiles, according to
government data on May 14.
India's state power plants resume coal imports amid domestic shortages
State-run thermal power plants in India's coastal states have again begun buying overseas coal due to domestic coal shortages, government and utility officials said, in a setback for the country's long-term plans to eliminate imports.
After no significant imports in 2017, government utilities in Tamil Nadu and Andhra Pradesh have ordered several cargoes of coal since the beginning of this year, two officials said.
Andhra Pradesh, a state on India's east coast, has imported 200,000 tonnes of coal so far this year and could import as much as 1 million tonnes in 2018, said Ajay Jain, a senior official in the state energy department.
"Coal has been a real problem. If we had depended only on coal, it would have been a disaster," Jain said.
Tamil Nadu Generation and Distribution Corp, a government utility in the southwestern India state, has imported about 1.4 million tonnes of coal this year, after going a year without imports starting at the end of 2016, according to Vikram Kapoor, the chairman of the utility.
An increase in coal imports by state-owned power utilities undermines a pledge by Indian Prime Minister Narendra Modi's government to cut thermal coal imports to zero by March 2018.
But state-owned Coal India Ltd, the world's second-biggest coal miner by production, is grappling with a shortage of trains to carry the fuel from its mines to the country's power plants.
Both Andhra Pradesh and Tamil Nadu are waiting for the wind energy season to start in June, when they expect dependence on coal to ease, Jain and Kapoor both said.
Domestic logistic bottlenecks, regulatory changes and surging power demand will likely increase 2018 thermal coal imports after two years of declines, Reuters reported in February.
Imports rose over 15 percent in the first quarter of 2018.
State-run utilities could add up to 5 million tonnes to India's coal imports in 2018 because of the Coal India shortages, a senior executive from Adani Enterprises, India's biggest coal trader told Reuters in February.
India imported 144.5 million tonnes of coal in 2017, according to data provided by American Fuels & Natural Resources, a Dubai-based coal trader.
Imports would be a boost for international miners such as Indonesia's Adaro Energy, Australia's Whitehaven Coal or global commodity merchant Glencore.
Maharashtra, a western coastal state, has floated a tender for procuring 1 million tonnes of coal to augment its existing stock and meet growing power demand, a senior official at Maharashtra State Power Generation Co, the state utility, said on Tuesday.
Gujarat, Maharashtra's northwestern neighbour, plans to ramp up imports by 400,000 tonnes this year, according to a senior state government official.
Karnataka, another southern state, has resisted imports so far. But that might change, according to Kumar Naik, the managing director of state utility Karnataka Power Corp.
Two of Karnataka's three major thermal power plants had almost run out of coal stockpiles, according to
government data on May 14.
India's state power plants resume coal imports amid domestic shortages
It's a crying shame .In the UPA era thanks to Coal gate ,the word on the street was that unless the legal logjam wasn't resolved , we'd have to import coal to run the show. One of the reasons why the UPA was booted out and NDA got in . I wonder what explanation does the NDA have , especially when we don't lack this mineral except that the calorific content of most of the indigenous variety is of a low yield.
We do lack one thing still which is logistics. Yes we do lack those and in big numbers. We don't have enough wagons, we don't have enough goods trains.
A historic moment! Tata buys Bhushan Steel for Rs 36k crores + 12 pc equity. Cheque handed over. First big case fully resolved under IBC.
'India sixth wealthiest country with total wealth of USD 8,230 bn'
@BMD
There's RoI somewhere in the list Murphy. I just can't spot it. Perhaps you can .
@Amal ; @Aravind
@BMD
There's RoI somewhere in the list Murphy. I just can't spot it. Perhaps you can .
@Amal ; @Aravind
Is Bhushan Steel underperforming? or going bankrupt?
As far as i know the global demand for iron and steel is down very low.
India’s forex reserves fall for the fourth week in a row
India’s foreign exchange (forex) reserves on Friday recorded a weekly fall for the fourth time in a row at a time when rupee has been under pressure against the dollar.
The Reserve Bank of India (RBI) data showed forex reserves fell $1.2 billion on-week to $417.7 billion as on 11 May.
Forex reserves have been falling after reaching an all-time high of $426 billion on 13 April 2018. Currency dealers are attributing the fall in foreign exchange reserve to RBI’s dollar sales.
The central bank’s stated stance has been that it intervenes in the foreign exchange market to only curb excessive volatility. “RBI’s intervention in the forex market to curb further depreciation in the rupee has led to a fall in forex reserves. But there is also the impact of the revaluation of foreign currency assets which are part of reserves,” said Sajal Gupta, head, forex and rates, at Edelweiss Securities Ltd.
On Friday, the rupee ended at 68.01 against the US dollar, down 0.45% from its previous close of 67.70. Earlier this week, it had weakened past the 68-mark for the first time since January 2017.
The recent depreciation in the rupee has intensified mainly because of a sharp rise in international crude oil prices, which can potentially weaken India’s macroeconomic fundamentals. This is because India is net crude oil importer and a rise in prices can affect the import bill.
Brent crude has topped $80 a barrel for the first time since 2014.
The rupee along with other Asian currencies is under pressure of strength in dollar globally. A weak rupee along with fears of political instability, following the recently concluded Karnataka elections, is contributing to foreign outflow from local equity and bond markets, dealers said. So far this year, the rupee has weakened over 6%, while foreign investors have bought $660.20 million and sold $3.47 billion in equity and debt markets, respectively.
India’s forex reserves fall for the fourth week in a row
India’s foreign exchange (forex) reserves on Friday recorded a weekly fall for the fourth time in a row at a time when rupee has been under pressure against the dollar.
The Reserve Bank of India (RBI) data showed forex reserves fell $1.2 billion on-week to $417.7 billion as on 11 May.
Forex reserves have been falling after reaching an all-time high of $426 billion on 13 April 2018. Currency dealers are attributing the fall in foreign exchange reserve to RBI’s dollar sales.
The central bank’s stated stance has been that it intervenes in the foreign exchange market to only curb excessive volatility. “RBI’s intervention in the forex market to curb further depreciation in the rupee has led to a fall in forex reserves. But there is also the impact of the revaluation of foreign currency assets which are part of reserves,” said Sajal Gupta, head, forex and rates, at Edelweiss Securities Ltd.
On Friday, the rupee ended at 68.01 against the US dollar, down 0.45% from its previous close of 67.70. Earlier this week, it had weakened past the 68-mark for the first time since January 2017.
The recent depreciation in the rupee has intensified mainly because of a sharp rise in international crude oil prices, which can potentially weaken India’s macroeconomic fundamentals. This is because India is net crude oil importer and a rise in prices can affect the import bill.
Brent crude has topped $80 a barrel for the first time since 2014.
The rupee along with other Asian currencies is under pressure of strength in dollar globally. A weak rupee along with fears of political instability, following the recently concluded Karnataka elections, is contributing to foreign outflow from local equity and bond markets, dealers said. So far this year, the rupee has weakened over 6%, while foreign investors have bought $660.20 million and sold $3.47 billion in equity and debt markets, respectively.
India’s forex reserves fall for the fourth week in a row
India sixth wealthiest country with total wealth of $8,230 bn: Report
India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, while the US is the richest nation globally, says a report.
According to the AfrAsia Bank Global Wealth Migration Review, the US is the wealthiest country in the world with a total wealth of USD 62,584 billion, followed by China (USD 24,803 billion) at the second place and Japan (USD 19,522 billion) at the third place.
“Total wealth” refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures. Larger countries have an advantage due to higher populations.
Other countries in the top 10 wealthiest list includes the UK USD (9,919 billion), Germany (USD 9,660 billion), India (USD 8,230 billion), Australia (USD 6,142 billion), Canada (USD 6,393 billion), France (USD 6,649 billion) and Italy (USD 4,276 billion).
Factors that will help in wealth creation in India include, large number of entrepreneurs, good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors which will result in a 200 percent rise 10 year wealth growth forecast, according to the report.
In the coming decade, China is expected to witness a significant rise in total wealth to USD 69,449 billion by 2027, while wealth of the US would be around USD 75,101 billion.
Globally, the total private wealth held worldwide amounts to around USD 215 trillion and there are around 15.2 million HNWIs in the world, each with net assets of USD 1 million or more. There are about 584,000 multi-millionaires in the world, each with net assets of USD 10 million or more and 2,252 billionaires in the world, each with net assets of USD 1 billion or more, the report added.
Over the next 10 years, Australia is expected to overtake Canada and gain significant ground on Germany and the UK. While, India will overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027.
Global wealth is expected to rise by 50 percent over the next decade, reaching USD 321 trillion by 2027. The fastest growing wealth markets are expected to be Sri Lanka, India, Vietnam, China, Mauritius, the report said.
India sixth wealthiest country with total wealth of $8,230 bn: Report
India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, while the US is the richest nation globally, says a report.
According to the AfrAsia Bank Global Wealth Migration Review, the US is the wealthiest country in the world with a total wealth of USD 62,584 billion, followed by China (USD 24,803 billion) at the second place and Japan (USD 19,522 billion) at the third place.
“Total wealth” refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures. Larger countries have an advantage due to higher populations.
Other countries in the top 10 wealthiest list includes the UK USD (9,919 billion), Germany (USD 9,660 billion), India (USD 8,230 billion), Australia (USD 6,142 billion), Canada (USD 6,393 billion), France (USD 6,649 billion) and Italy (USD 4,276 billion).
Factors that will help in wealth creation in India include, large number of entrepreneurs, good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors which will result in a 200 percent rise 10 year wealth growth forecast, according to the report.
In the coming decade, China is expected to witness a significant rise in total wealth to USD 69,449 billion by 2027, while wealth of the US would be around USD 75,101 billion.
Globally, the total private wealth held worldwide amounts to around USD 215 trillion and there are around 15.2 million HNWIs in the world, each with net assets of USD 1 million or more. There are about 584,000 multi-millionaires in the world, each with net assets of USD 10 million or more and 2,252 billionaires in the world, each with net assets of USD 1 billion or more, the report added.
Over the next 10 years, Australia is expected to overtake Canada and gain significant ground on Germany and the UK. While, India will overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027.
Global wealth is expected to rise by 50 percent over the next decade, reaching USD 321 trillion by 2027. The fastest growing wealth markets are expected to be Sri Lanka, India, Vietnam, China, Mauritius, the report said.
India sixth wealthiest country with total wealth of $8,230 bn: Report
Modi’s IBC masterstroke: As Bhushan Steel puts Rs 36,400 core in banks’ kitty; India winning NPA war
With the major Rs 36,400 crore buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform, India’s gains a strong footing in its war against NPAs. Notably, Bhushan Steel was the largest account in among RBI’s 12 big accounts identified for an immediate resolution. These 12 accounts, constituting 25% of country’s total bad loans, were subsequently admitted by insolvency court National Company Law Tribunal (NCLT).
Describing the development as historic historic breakthrough” in resolving bad loans of banks, interim Finance Minister Piyush Goyal said that this is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this Government. “Congrats to PM @narendramodi ji & @arunjaitley ji for a historic breakthrough in resolving legacy issues of Banks. Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 cr transparent bid by Tata Steel and also got 12% stake in the company,” he tweeted.
Notably, Bamnipal Steel, (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore, according to a statement by Tata Steel. Further, the firm has received all government clearances in acquiring Bhushan Steel. “Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 crore transparent bid by Tata Steel and also got 12 per cent stake in the company,” Piyush Goyal noted in another tweet.
The acquisition signals a major breakthrough in India’s NPA war, as the recovery amount is over 90 per cent of the principal amount, according to a tweet by principal economic advisory in the finance ministry Sanjeev Sanyal. Following this, now the focus will shift on other major accounts in bid to recover over Rs 1 lakh crore. Things seem to be moving in a steady pace, as VTB-led Numetal, a prominent bidder for in debt-laden Essar Steel has said that they have made a bid of Rs 37,000 crore in the second round of bidding for the bankrupt steel company while pleading that the court should order the lenders to scrap the first round.
Following this resolution, now the focus will be on other major cases such as Amtek Auto which has a loan default of Rs 14,074 crore in which the UK-based Liberty House has emerged biggest bidder. Notably, the firm has asked the top court to decide on the matter. Other accounts under bidding are Monnet Ispat and Energy for Rs 12,115 crore and Jaypee Infratech Rs 9,635 crore. The total amount of NPAs expected to be resolved soon adds up to over Rs 1 lakh crore, which the banks might not have seen again.
Modi’s IBC masterstroke: As Bhushan Steel puts Rs 36,400 core in banks’ kitty; India winning NPA war
With the major Rs 36,400 crore buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform, India’s gains a strong footing in its war against NPAs. Notably, Bhushan Steel was the largest account in among RBI’s 12 big accounts identified for an immediate resolution. These 12 accounts, constituting 25% of country’s total bad loans, were subsequently admitted by insolvency court National Company Law Tribunal (NCLT).
Describing the development as historic historic breakthrough” in resolving bad loans of banks, interim Finance Minister Piyush Goyal said that this is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this Government. “Congrats to PM @narendramodi ji & @arunjaitley ji for a historic breakthrough in resolving legacy issues of Banks. Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 cr transparent bid by Tata Steel and also got 12% stake in the company,” he tweeted.
Notably, Bamnipal Steel, (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore, according to a statement by Tata Steel. Further, the firm has received all government clearances in acquiring Bhushan Steel. “Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 crore transparent bid by Tata Steel and also got 12 per cent stake in the company,” Piyush Goyal noted in another tweet.
The acquisition signals a major breakthrough in India’s NPA war, as the recovery amount is over 90 per cent of the principal amount, according to a tweet by principal economic advisory in the finance ministry Sanjeev Sanyal. Following this, now the focus will shift on other major accounts in bid to recover over Rs 1 lakh crore. Things seem to be moving in a steady pace, as VTB-led Numetal, a prominent bidder for in debt-laden Essar Steel has said that they have made a bid of Rs 37,000 crore in the second round of bidding for the bankrupt steel company while pleading that the court should order the lenders to scrap the first round.
Following this resolution, now the focus will be on other major cases such as Amtek Auto which has a loan default of Rs 14,074 crore in which the UK-based Liberty House has emerged biggest bidder. Notably, the firm has asked the top court to decide on the matter. Other accounts under bidding are Monnet Ispat and Energy for Rs 12,115 crore and Jaypee Infratech Rs 9,635 crore. The total amount of NPAs expected to be resolved soon adds up to over Rs 1 lakh crore, which the banks might not have seen again.
Modi’s IBC masterstroke: As Bhushan Steel puts Rs 36,400 core in banks’ kitty; India winning NPA war
The story you posted says that countries with larger populations tend to have higher absolute wealth. Next time you should actually read what you link.
