Pakistan ship breaking industry fulfills 70pct of steel requirements

Business Recorder reported that with the revival of work in Gaddani shipyard in Balochistan the ship breaking industry has been currently meeting 70% iron and steel requirements of the country.Pakistan Ship Breaking Association said that with the increase in activity at the Gaddani   More Info  ...

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Punj Lloyd to build process facilities for a crude oil storage cavern

Punj Lloyd Group announced winning an order for process facilities & utilities at an upcoming crude oil storage cavern in Mangalore, Karnataka. Worth INR 330 crore, this is the first cavern project for the Group and has been awarded by Indian Strategic Petroleum Reserves Limited, a wholly   More Info  ...

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SAIL scraps Kobe JV on shortage of natural gas

Bloomberg reported that Steel Authority of India Limited has scrapped a USD 1.2 billion plan to build its first natural gas fired factory with Japan’s Kobe Steel Ltd, anticipating a shortage of the fuel.Mr PK Misra Steel Secretary said in an interview that “We’ve decided More Info ...

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Changan and Citroen win approval to form JV

It is reported that PSA Peugeot Citroen and China Changan Automobile Group won approval to create a joint venture to manufacture and distribute cars. The new entity will begin by introducing the Peugeot Citroen DS series in China and will then develop its own brand.PSA Peugeot Citroen and   More Info  ...

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Iran denies gas export proposal to Jordan - NIGC

Tehran Times reported that Iran has made no offer for exporting natural gas to Jordan.Mr Mr Javad Owji MD of National Iranian Gas Company said that company has been in talks for exporting natural gas to Iraq, Syria and even Lebanon but it has so far made no offer to Jordan in this respect.   More Info  ...

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UAE flagged oil tanker hijacked by pirates

Reuters reported that Somali pirates have seized a United Arab Emirates owned and flagged oil tanker with a crew of 16 people.The European Union's naval force for Somalia said that the 4831 DWT, MV Jubba XX was captured on Sunday morning in the northern Indian Ocean while loaded with oil   More Info  ...

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Rebar TMT QST prices crash in Delhi and Mumbai on July 19

TMTFe 41512mm Location Change Ahmedabad 0 Bangalore 0 Chennai 0 Delhi -771 Hyderabad 0 Indore 0 Kanpur 0 Kolkata 0 Ludhiana -104 Mandi 0 Mumbai -459 Raipur 0 Rudrapur 0 Muzzafarnagar 0 Change is on 19th July as compared to 18th July 2011Change is in INR per tonneTo know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.(Sourced from www.steelprices-india.co...

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TATA Power strengthens its education outreach in Nirsa

Maithon Power Limited a Joint Venture of TATA Power and Damodar Valley Corporation announced the launch of ‘Siksha Ke Badle Siksha’ program for 200 volunteers from 100 villages, involved in teaching children of their own community/village. The objective of the program is to improve   More Info  ...

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Areva deterred by Japanese nuclear setback - Mr Barre

Source - Business StandardAreva, the French nuclear reactor producer is not deterred by the Japanese nuclear setback. Mr Bertrand Barré scientific advisor to the group chairman explains the strategy.Bertrand Barre Has the Fukushima Daiichi nuclear accident adversely affected     More Info  ...

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Jindal Power Limited IPO launch likely in October

BS reported that the much awaited initial public offer of Jindal Power Ltd, which is expected to rake in up to INR 7,000 crore, may hit the capital market around October this year.A source close to the development said that "Jindal Power would file the DRHP soon and IPO can be expected   More Info  ...

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Essar Steel in Q1 records 35pct growth in finished steel

Essar Steel has recorded a robust growth of 35.44% in finished steel production at 1.07 million tonnes during first quarter of 2011-12 from its Indian operations.Operating from India’s largest, single location production facility at Hazira in Gujarat, Essar steel recorded over 41%   More Info  ...

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Bayi Steel sees 19pct rise in net profit in H1

According to the announcement released on late July 14, Xinjiang Ba Yi Iron & Steel Co Ltd realized business revere of some CNY 14 billion up by 23.15%YoY achieving net profit of CNY 389 million increasing by 18.73%YoY. Each share earned CNY 0.51 up by 18.6%YoY.As learnt, Xinjiang Ba Yi More Info...

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France to fund Morocco solar energy plan

AFP quoted French minister as saying that Paris was allocating EUR 103 million to help finance Morocco's solar energy plan.Mr Eric Besson industry and energy minister of France made the announcement on a visit to Rabat where he met his Moroccan counterpart Amina Benkhadra. He said that More Info...

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Gujarat NRE Coke June quarter net surges by 93pct

Gujarat NRE Coke reported a standalone net profit of INR 38.66 crore, registering a growth of about 93% for the quarter ended June 30th 2011. The company had reported a net profit of INR 20.04 crore during the same quarter of 2010-11.However, the net income of the company registered a   More Info ...

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POSCO war zone - Karnataka steel plant to be relocated

The Karnataka government seemed to have succumbed to protests by a section of farmers at Halligudi in the Gadag district against POSCO steel plant.Mr BS Yeddyurappa chief minister of Karnataka said that the state government has decided to stall the POSCO project in Halligudi.He said     More Info &nbs...

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FMG now transacting in Chinese yuan

Australia's third biggest iron ore miner, Fortescue Metals Group has started selling some of its ore in Chinese yuan.Mr Andrew Forrest CEO said that "Fortescue has started transacting in renminbi. We are exploring the possibilities of being paid with renminbi and purchasing equipment in     More Info &nbs...

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CR steel prices remain flat on July 12

CRDSK0.63 Location Change Ahmedabad 0 Bangalore 0 Chennai 0 Delhi 0 Kanpur 0 Kolkata 0 Ludhiana 0 Mumbai 0 Pune 0 Rudrapur 0 Change is on 12th July as compared to 11th July 2011Change is in INR per tonneTo know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.(Sourced from www.steelprices-india.c...

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Rongsheng launches 400000 DWT VLOC VALE CHINA

China Rongsheng Heavy Industries Group Holdings Limited a large heavy industries group in China and Vale SA the largest global iron ore supplier from Brazil held a naming and launching ceremony on July 9 for the first ever 400,000 DWT Very Large Ore Carrier built in China. This new VLOC,   More Info &nbs...

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Minera IRL announces discovery of Bonanza Mineralization at Escondido

Minera IRL Limited announced an exploration update at the Escondido Project in Patagonia of Argentina. Assay results have now been received from the final holes in Phase 2 drilling and the initial 20 holes in the Phase 3 exploration and infill drilling carried out in April and May   More Info &nbs...

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Rio Tinto presents ore for London Olympic medals

Reuters reported that global mining firm Rio Tinto presented ore to the organizers of the London 2012 Olympics that will be used to create the medals a gesture likely to be costlier than the last time it was involved thanks to higher metal prices.Rio will exclusively provide over 8 tonnes   More Info &nbs...

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Chinese copper demand stages comeback in June

Reuters reported that China's copper staged a strong comeback in June, but the outlook was marred by falls in a list of other key commodities, showing that Beijing's cooling measures were weighing on the economy.Crude oil imports fell 11.5% from a year ago to their lowest in eight   More Info &nbs...

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Chinese domestic steel Angle price on July 12

Angle#5 Location In CNY In USD Shanghai 0 0 Hangzhou 0 0 Nanjing 0 0 Jinan 0 0 Hefei 0 0 Fuzhou 0 0 Nanchang 0 0 Guangzhou 30 5 Changsha 0 0 Wuhan 30 5 Zhengzhou 0 0 Beijing 0 0 Tianjin 0 0 Shijiazhuang 30 5 Taiyuan 0 0 Shenyang 0 0 Harbin 0 0 Chongqing 0 0 Chengdu 0 0 Kunming 0 0 Xian 0 0 Lanzhou 0 0 Urumchi 0 0 Average 4 1 Change is on 12th July as compared to 11th July 2011Change is per tonneUSD:CNY = 6.47To know exact prevailing steel prices in China on daily basis, subscribe to services of www.steelprices-china.com...

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Basic Energy completes acquisition of outstanding equity interests of Maverick

Basic Energy Services Inc announced that it has completed the acquisition of the outstanding equity interests of the Maverick group of companies for a total cash consideration of USD 180 million, net of working capital acquired.Basic expects this acquisition to be accretive to earnings   More Info &nbs...

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Rautaruukki inks deal worth EUR 13 million with Peab AB

Rautaruukki has signed a contract with Peab AB of Sweden to manufacture and install the steel structures for the concentration mill and stockpile buildings at the Kaunisvaara iron ore mine in Pajala in Northern Sweden. The contract is worth over EUR 13 million.In the Kaunisvaara iron ore   More Info &nbs...

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TATA Steel Long Products Europe selects Broner for Scunthorpe Steel Plant

Broner Metals Solutions announced the start of a major business improvement project, at the TATA Steel Long Products Scunthorpe plant in UK. Broner has completed the Design Study for this project, and has now been selected to implement the integrated scheduling solution for steelmaking and     More Info &nbs...

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OSK acquired stock of Karl Marx shipyard

It is reported that OJSC Obyedinennaya Sudostroitelnaya Korporatsiya acquired 25.5% of shares of OJSC Sudostroitelnyi Zavod imeni Karla Marxa.OJSC Obyedinennaya Sudostroitelnaya Korporatsiya was registered in 2007. 100% of the corporation shares are owned by the state. More Info...

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Shenhua Energy Plans Electric JV with Anhui Province Energy

It is reported that China Shenhua Energy plans to spend CNY 25.5 million to form a joint venture with Anhui Province Energy Group. The transaction is part of Shenhua Energy effort to accelerate its investment in the power generation field as the new entity will be engaged in electric power and   More Info &nbs...

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CAAM announces 5 best selling SUV and MPV models for H1

China Knowledge quoted according to a report released by China Association of Automobile Manufacturers that sales of the Great Wall Hover ranked first among sport utility vehicles in China with sales of 77,400 units in the first half of this year.The Volkswagen Tiguan ranked second with   More Info  ...

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Hebei Steel keeps steel prices unchanged

The largest steel maker, Hebei Iron and Steel Group issued Mid July construction steel prices on July 11th keeping most of its prices unchanged.Analysts said that domestic weak demand and record new high output of crude steel will increase pressures of oversupply.According to Tanggang,   More Info &nbs...

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Ex BP boss eyes Kurdish oil giant

Vallares, the bid vehicle of former BP boss Mr Tony Hayward and financier Mr Nat Rothschild is in early stage talks to buy Genel Enerji, the biggest oil producer in Kurdistan in northern Iraq.Vallares raised USD 2.2 billion from investors last month to target emerging market oil assets.   More Info &nbs...

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Gulf Arab bankers see rebound in deals as tensions ebb

Reuters reported that Gulf Arab bankers hit by a dearth of deal flows so far in 2011 are hoping sovereign wealth funds will drive H2 rebound powered by a buoyant oil price and an easing in political tensions.The state owned funds, allocators of the state's excess investment capital, have More Info...

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Madras Cement in talks to sell Bengal unit

Madras Cements, the flagship enterprise of Chennai based Ramco Group is holding talks with European giants Lafarge and Holcim to divest its cement grinding unit in West Bengal for roughly INR 350 crore.Sources briefed on the matter that PE giant KKR backed Dalmia Cements had evinced early   More Info &nbs...

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Cheaper electricity to help power companies restart sick units

ET reported that power exchanges are flush with electricity, which is available cheap as low as INR 1.50 per unit at night and industrialists are lapping it up to restart sick units, introduce night shifts, and retire diesel fired backup units where costs are as high as INR 11 per   More Info &nbs...

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Interpipe to support MAP team on Silk Way Rally

Steel pipe and railway wheel company Interpipe is sponsoring a team from The Minsk Automobile Plant on the rally marathon Silk Way Dakar Series. The rally will be held from July 9 to 16 2011. The route goes from Moscow to Sochi in the Russian Federation.This year the length of the route   More Info &nbs...

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CNPC wins order from Chevron and enters American market

It is reported that China National Petroleum Corporation, parent company of PetroChina won a 2,000 ton catalyst sales contract from Chevron. That marks CNPC’s entry into the American market.A total of 80 tons of LDO-75 catalyst will be supplied in the first batch, the value of which   More Info &nbs...

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Sponge iron price update on July 11

Sponge iron Location Change Bellary 300 Kolkata 200 Ludhiana 362 Raigarh -100 Raipur 100 Rourkela 0 Change is on 11th July as compared to 8th July 2011Change is in INR per tonneTo know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.(Sourced from www.steelprices-india.c...

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Narrow HR steel plate prices remain flat on July 11

PLTSGR A8x1250 Location Change Chennai 0 Kanpur 0 Mumbai 0 Rudrapur 0 Change is on 11th July as compared to 8th July 2011Change is in INR per tonneTo know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.(Sourced from www.steelprices-india.c...

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Chinese crude steel output may cross 700 million tonnes

Beijing News cited Mr Li Xinchuang deputy secretary of China Iron & Steel Association as saying that the national crude steel output may break 0.7 billion tonnes this year which is 40 million tonnes higher from the previous estimation in the year start.Mr Li added that the steel output,   More Info &nbs...

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50000 Residential Units to be constructed in Syria

SANA reported that Mr Adel Safar PM of Syria chaired a meeting to discuss the required mechanisms to launch housing projects in all provinces.In view of discussing issues related to identifying the available lands for the projects, the funding, the schedule, the technical specifications   More Info &nbs...

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Oil down in Asia on US jobs report China inflation

AFP reported that oil was down in Asian trade following a slump in US job creation as well as soaring Chinese inflation rates.Analysts said that New York's main contract light sweet crude for delivery in August fell 19 cents to USD 96.01 per barrel. Brent North Sea crude for August   More Info &nbs...

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Indian auto sector seen growing 11 to 13pct

Mr Pawan Goenka president of industry body Society of Indian Automobile Manufacturers said that India's automobile industry is expected to grow 11 to 13% in the fiscal year ending next March.Mr Goenka said passenger car sales are expected to grow 10 to 12% down from an earlier forecast of   More Info &nbs...

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Macroeconomic indicators - June car sales in India slowest in more than 2 years

Car sales in India rose 1.6% in June, their slowest pace of growth in more than two years, as rising interest rates, fuel prices and vehicle costs shrunk demand in the world's second fastest growing auto market.Indian auto sales, which grew at a breakneck pace of 30% in fiscal year 2011,   More Info &nbs...

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INDSPI - Steel price index of SteelGuru crosses another milestone

The popularity of unique index to track steel price trends in India, INDSPI, has achieved yet another milestone in June 2011.The total number of persons, who have subscribed to the FREE daily SMS alert on their mobile phones, has crossed 25,000, just in a span of 2 years since June 2009   More Info &nbs...

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Macroeconomic indicators - US factory orders bounced back in May

Reuters reported that new orders received by US factories bounced back in May 2011, pointing to underlying strength in manufacturing as demand for transportation equipment and a range of other products rose.The Commerce Department said that orders for manufactured goods rose 0.8% after a   More Info &nbs...

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Monday Market Monitor - Scrap - WEEK 27 - Inching to USD 500 mark

There was an all round buzz in the steel scarp market last week with improvement in prices across all categories of semis and long products. Picking up the strings from surge in billet prices, scrap levels climbed to USD 480 per tonne CFR FOMarket players are seeing USD 500 mark   More Info &nbs...

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BlueScope secures share of AUD 300 million on carbon tax

BlueScope said that the Australian government's proposed new Steel Transformation Plan recognized the company's long standing call for a sectoral approach to a carbon tax in Australia.Mr Paul O'Malley MD & CEO of BlueScope Steel acknowledged the government's AUD 300 million four-year   More Info &nbs...

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KazMunaiGaz Exploration reduces output by 3pct in H1

Interfax reported that KazMunaiGaz Exploration and Production a subsidiary of Kazakh national company KazMunaiGaz produced 6.31 million tonnes of oil in January to June 2011 which is 216,000 tonnes less or 3% than that produced in the same period of 2010.This includes the company stakes in   More Info &nbs...

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China Power International H1 power generation up by 9pct YoY

It is reported that China Power International Development posted an 8.6%YoY rise in power generation volume to 25.91 TWh in the first half of the year.During the same period, power distribution volume increased 8.73%YoY to 24.54 TWh.China Power International is a subsidiary of China   More Info &nbs...

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Tangshan billet market rebounds but supports lack

It is reported that Tangshan billet market keeps rally from this Monday to Wednesday and the cumulative decline poses CNY 90 per tonne which could be a strong rebound since the collapse in late June.In recent days the increase of stocks and futures eases market pessimism and there are also More Info...

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Fujairah oil storage expansion complete

United Arab Emirates' Emarat has completed its oil storage expansion project at the port of Fujairah boosting its capacity at the key Gulf of Oman terminal to 260,000 cubic meters. The fuel retailer said that the AED 300 million expansions include 10 new storage tanks for gas oil, gasoline More Info ...

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Macroeconomic indicators - Turkish industrial production in May up by 8pct YoY

According to the data released by the Turkish Statistical Institute, in May this year Turkey's monthly industrial production index increased by 8% YoY while the seasonal and calendar adjusted industrial production index declined by 0.3% compared to the previous month.In May, the index for   More Info &nbs...

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Gujarat government intervenes in CNG commission dispute

The ongoing dispute between CNG dealers and oil marketing companies over sharing the commission on CNG sales is likely to be resolved soon.Senior government official has said that the state government held talks with dealers and also met the OMCs recently in a bid to resolve the matter More Info...

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New power tariff for New Delhi soon

ET reported that new power tariff for the New Delhi will be announced next month. While discoms have demanded a steep hike in tariff, consumers have challenged them on each point.Mr Sudhakar said it would be reasonable and balanced and based on a more realistic assessment of the   More Info &nbs...

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International Tractors plans new tractor unit in South

Targeting further penetration in the growing tractors’ market, Punjab based International Tractors Limited, which sells Sonalika brand tractors, plans to set up a new manufacturing plant next year in southern India at an estimated investment of INR 100 crore.The new facility has been   More Info &nbs...

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POSCO war zone - POSCO join hands with 2 firms for Karnataka steel plant

ET reported that South Korean steel major POSCO has roped in two local firms for its proposed INR 32,366 crore, 6 million tonne per annum facility in Karnataka mainly to ensure speedy clearances and uninterrupted iron ore supply. A source close to the development told media that it has More Info...

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Black Iron welcomes former representative of EBRD on board

It is reported that Mr Jaroslav Kinach who was Ukraine Country Head of the European Bank of Reconstruction and Development in 1995 to 1999 has entered the board of Canada Black Iron an iron ore exploration and Development Company based in Toronto with assets in Ukraine. According to a More I...

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China Yangtze Power H1 output up by 6pct YoY

It is reported that China Yangtze Power produced a total of 39.08 billion kilowatts of power during the first six months of 2011 an increase of 6.46%YoY. Of the total, Three Gorges Power Station generated 31.92 billion kilowatts of power up by 7.26%YoY. Power generated by Gezhouba Power More I...

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China Dalian port expands to take Valemaxes

China state owned Assets Supervision and Administration Commission of the State Council said in a statement that China Transport Construction Group has completed work to expand Dalian port capacity making it possible for ships as big as Brazilian miner Vale giant bulk carriers to access a key More I...

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Arab refining output up 633000 BPD in 4 years

Arab refineries have boosted production by nearly 633,000 barrels per day over the past 4 years as they are pushing ahead with projects to expand capacity to meet growing domestic consumption and external demand. Official figures showed that nearly 40% of the increase was in conflict More I...

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PSL bags API X70 and X80 pipe order from GAIL

It is reported that PSL Limited has been awarded with an order for supply of line pipe and three layer polyethylene coating for GAIL's KKBMPL project. PSL shall be supplying 24 inch diameter pipe conforming to API 5L X-70 and X-80 Grades out of its Chennai and Visakhapatnam pipe More I...

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USW and ATI reach tentative 4 year agreement

The United Steelworkers announced that it has reached 4 year tentative agreement with Allegheny Technologies Incorporated Allegheny Ludlum and ATI’s Albany Ore titanium operations. The proposed agreement covers some 3,000 workers. If ratified, the new agreement will expire on June More I...

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Macroeconomic indicators - Euro area unemployment rate in May at above 9pct

The euro area1 (EA17) seasonally adjusted2 unemployment rate3 was 9.9% in May 2011, unchanged compared with April4. It was 10.2% in May 2010. The EU271 unemployment rate was 9.3% in May 2011, unchanged compared with April4. It was 9.7% in May 2010. Eurostat estimates that 22.378 million men More I...

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Macroeconomic indicators - ECB flags July rate rise as inflation stays high

The European Central Bank signaled it would raise interest rates again next week as data showed inflation in June stabilized well above the bank's target. Mr Jean Claude Trichet president of ECB told the European Parliament's economic and monetary affairs committee that "We are strongly More I...

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Kanto area steel mills crude steel output in July to go down MoM

Japan's 18 electric steelmakers operating in the Kanto area are expected to produce a total of 394,000 tonnes of crude steel in July, down 32,000 tonnes or 7.5% from their actual production in June. According to a major trading company's survey, among the 18 electric steelmakers, 13 More I...

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Ukraine received 75pct of planned gas deliveries in H1

Interfax reported that Ukraine received 75% of planned gas imports for the full year in the first half. It took more gas in the first half because prices are slated to rise in the second half. The Russian Fuel and Energy Central Dispatch Service said Ukraine had received 28.377 billion More I...

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China Natural Gas gets buyout offer and shares jump

Reuters quoted China Natural Gas Inc said a group backed by Themes Investment Partners will take it private, in a deal valuing the distributor of compressed natural gas at USD 91.2 million, sending its shares up as much as 13 percent. Mr Qinan Ji China Natural Gas Chief Executive said in a More I...

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China Resources Integration increases large scale mines by 22pct in 2010

Recently Ministry of Land and Resources states after two round integrations of mineral resources the number of large scale mines in China in 2010 increased by 21.7% compared to 2006. The scaled and intensive development is launched in integrated deposits. The first round integration lasted More I...

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Petroleum Ministry seeks guarantees from BP Pakistan

The News reported that the Ministry of Petroleum and Natural Resources has asked the management of BP Pakistan to submit certain written guarantees before the issuance of assignment agreement by the ministry. Mr Ejaz Chaudhry secretary Petroleum said that BP Pakistan will furnish written More I...

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Gas vital to Middle East economies

According to legend, the bad news is, we did not find oil. But the good news is we did not find gas either used to be the case in the Middle East's energy exploration business about half a century ago. Occasionally, oil explorers used to strike gas instead of oil while drilling for oil. More I...

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Bihar government slashes VAT on diesel

In a bid to provide relief to farmers, Mr Nitish Kumar led government in Bihar decided to slash the VAT on diesel by 0.36% from 18.36% to 18% reducing the price of diesel by 14 paise per litre. A decision to this effect was taken by the state cabinet presided over by chief minister Mr More I...

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WB provides loan for THDC Vishnugad Pipalkoti hydro power project

The World Bank will extend a loan of USD 648 million to state run THDC India for constructing the Vishnugad Pipalkoti Hydroelectric Plant on the Alaknanda River. This hydro power plant on the Alaknanda River is expected to generate 1,665 million units of electricity annually. The World More I...

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