India's JSW Steel, Japan's JFE to invest $669 million to boost cold rolled grain-oriented electrical steel output
($1 = 87.4070 Indian rupees)
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Reuters
23 minutes ago
- Reuters
India's Nayara exports first gasoline since sanctions, sources say
NEW DELHI/SINGAPORE, Aug 5 (Reuters) - Russia-backed Indian refiner Nayara Energy has exported its first gasoline cargo since the privately-owned company was sanctioned by the European Union on July 18, according to four shipping sources and LSEG data. The tanker Tempest Dream, carrying about 43,000 metric tons (363,350 barrels) of gasoline, sailed on Monday, according to the sources and LSEG shipping data. The vessel, sanctioned by Britain in June, is headed to Sohar, Oman, shipping data showed, although buyer details could not be verified. Mumbai-based Nayara Energy did not immediately respond to a Reuters request for comment. A second vessel, the Sard, is currently at the western Indian port of Vadinar used by Nayara, set to lift about 43,000 tons of diesel, according to two sources and LSEG shipping data. Nayara has been forced to reduce crude runs at its 400,000-barrel-per-day refinery in Vadinar due to difficulties in obtaining ships and selling fuel from the port in the wake of the sanctions, Reuters has reported. Nayara, which runs 6,600 fuel stations in India, has approached state fuel retailers for domestic sale of products, industry sources have said. It recently used tanker Leruo to move about 43,000 tons of diesel to Mundra port in western India, data from traders and Kpler shiptracking showed. The Leruo and Sard have been sanctioned by the EU since July and May respectively.
Reuters
23 minutes ago
- Reuters
U.S. tariff of 15% on EU goods is all-inclusive
BRUSSELS, Aug 5 (Reuters) - The 15% tariff that European Union goods face when entering the United States is all-inclusive, incorporating the Most Favoured Nation Rate, unlike some other countries with deals with the U.S., an EU official said on Tuesday. The 15% rate applies to all goods, except for steel, aluminium, the official said. Tariffs on pharmaceuticals and semiconductors are now zero, but if and when they rise as a result of the U.S. 232 investigations, the tariff will be no higher than 15% as well. This 15% ceiling also applies to cars and car parts. There are no quotas or limits on cars and car parts.
The Independent
24 minutes ago
- The Independent
A look at the top buyers of Russian oil as Trump pressures China and India to stop buying it
U.S. President Donald Trump is pushing China and India to stop buying oil from Russia and helping fund the Kremlin's war against Ukraine. Trump is raising the issue as he seeks to press Russian President Vladimir Putin to agree to a ceasefire. But cheap Russian oil benefits refiners in those countries as well as meeting their needs for energy, and they're not showing any inclination to halt the practice. Three countries are big buyers of Russian oil China, India and Turkey are the biggest recipients of oil that used to go to the European Union. The EU's decision to boycott most Russian seaborne oil from January 2023 led to a massive shift in crude flows from Europe to Asia. Since then, China has been the No. 1 overall purchaser of Russian energy since the EU boycott, with some $219.5 billion worth of Russian oil, gas and coal, followed by India with $133.4 billion and Turkey with $90.3 billion. Before the invasion, India imported relatively little Russian oil. Hungary imports some Russian oil through a pipeline. Hungary is an EU member, but President Viktor Orban has been critical of sanctions against Russia. The lure of cheaper oil One big reason: It's cheap. Since Russian oil trades at a lower price than international benchmark Brent, refineries can fatten their profit margins when they turn crude into usable products such as diesel fuel. Russia's oil earnings are substantial despite sanctions The Kyiv School of Economics says Russia took in $12.6 billion from oil sales in June. Russia continues to earn substantial sums even as the Group of Seven leading industrialized nations has tried to limit Russia's take by imposing an oil price cap. The cap is to be enforced by requiring shipping and insurance companies to refuse to handle oil shipments above the cap. Russia has, to a great extent, been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. Russian oil exporters are predicted to take in $153 billion this year, according to the Kyiv institute. Fossil fuels are the single largest source of budget revenue. The imports support Russia's ruble currency and help Russia to buy goods from other countries, including weapons and parts for them.
