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Petroleum / Mining in Asia

  • China’s Aluminium Production Drops for Second Consecutive Month

    CHINA, 2017/09/16 In a sign that China’s aluminium juggernaut may finally be losing steam, numbers from the Middle Kingdom indicate that the country’s non-ferrous metals output reached a one-year nadir last month. Production of ten non-ferrous metals, namely copper, aluminum, lead, zinc, nickel, tin, antimony, mercury, magnesium, and titanium, dropped by 2.2 % last month to a total output of 4.42 million metric tons. Though China’s aluminium sector has churned out 22.17 million metric tons over the year’s initial eight months, good for a 6.1-% rise year-on-year, primary aluminium production fell by 3.7 % year-on-year in August. That was the second consecutive month of declines, dropping output to the lowest level it’s been since April 2016. The official data, which was released yesterday, represents the country’s lowest in general output in twelve months and is the initial year-on-year decline since December 2015.
  • Hindalco Mulling Exporting Excess Alumina Production

    INDIA, 2017/09/16 Cursed with an overabundance of alumina production, India’s Hindalco Industries Ltd is considering selling the excess to overseas buyers. According to comments made by Hindalco’s chairman Kumar Mangalam Birla, Utkal Alumina International Ltd has been producing additional of the aluminium precursor than the company can use, forcing the firm to consider sales of it to outside buyers.
  • China to Loan Guinea US$20 Billion for Access to Bauxite Reserves

    CHINA, 2017/09/13 The Republic of Guinea will be the recipient of a US$20 billion loan from the People’s Republic of China in exchange for concessions on its significant bauxite ore reserves. According to reporting yesterday by Reuters, the loan will be disbursed over twenty years. The loan will be guaranteed by in-country projects 125 miles northeast of Conakry at Boffa inclunding China Power Investment Corp’s (CPI) planned alumina refinery, a bauxite mine operated by the Aluminium Corporation of China Limited (Chalco), and a bauxite-mining project operated by China Henan International Cooperation Group.
  • China to loan Guinea $20 billion to secure aluminum ore

    CHINA, 2017/09/13 China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for concessions on bauxite, an ore of aluminum which the West African country has in abundance, the mines minister said. The projects guaranteed by the loan included China Power Investment Corp’s (CPI) planned alumina refinery and Aluminium Corp of China’s (601600.SS) (Chalco) bauxite mine and an extra bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa.
  • Russia's Rosneft inks oil production & supply deal with China

    CHINA, 2017/09/07 Russian oil major Rosneft has announced a strategic cooperation agreement and long-term oil supply arrangement with CEFC China Energy Company. The transaction was sealed on the sidelines of the BRICS Summit in Xiamen, China. According to Rosneft, the agreement would see the development of exploration and production projects in Western and Eastern Siberia. The two companies as well agreed to cooperate in refining, petrochemicals and crude trading.
  • Russian firm seals energy exploration deal to drill South African shelf

    CHINA, 2017/09/07 Russia’s geological research company Rosgeo and South African national oil company PetroSA have signed an offshore drilling agreement on the sidelines of the of the BRICS Summit in Xiamen, China. The transaction is worth an estimated $400 million over the next 10 years. Rosgeo aims to start exploring two blocks off the country's south coast. The agreement covers a huge all of geological exploration work, inclunding drilling exploratory wells.
  • Ethical Raw Material Sourcing Muddled As Food Firms Set Own Rules

    WORLD, 2017/09/04 From cocoa to tea, food and drink giants are setting their own standards for ethical sourcing of raw materials, moving away from third-party labels such as Fairtrade. Mondelez International, owner of chocolate brands Cadbury and Toblerone, Unilever, behind tea brands such as Lipton and PG Tips, and Barry Callebaut, the world's biggest producer of chocolate and cocoa products, have all introduced their own schemes. They say their targets are additional comprehensive and some claim their schemes are additional effective in tracking whether a product is ethically sourced each step of the way. With companies under financial pressure, analysts say it has as well been a way to save money.
  • LUKOIL launches main facilities at Uzbek gas field

    RUSSIA, 2017/08/27 Russia’s LUKOIL company has launched the major production and process facilities at its South-West Gissar project in Uzbekistan, said the message posted on the company’s website. These include a gas treatment plant with the annual rated capacity of 4.4 billion cubic meters, a gas pretreatment unit and four gas-gathering stations.
  • Turkmenistan should cultivate diverse gas markets

    CHINA, 2017/08/26 Turkmenistan-China gas relationship may be viewed as one country's over-dependence on an extra, Sean Roberts, an expert on Central Asia and Associate Professor of the Practice of International Affairs, told Trend commenting on the construction of Tajik section of the Turkmenistan-Uzbekistan-Tajikistan-Kyrgyzstan-China gas pipeline launched last month. “One one hand, it is easy to understand why Central Asia states are increasingly attracted to trade deals and investment from China. For Turkmenistan and other Central Asian states, China offers economic relationships that are not overtly tied to political issues,” he said.
  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.