India's HPCL seeks 10 LNG cargoes for March 2026-December 2027 delivery, sources say
HPCL is seeking one cargo per month for delivery in March, April, October and November in 2026, and in February, April, June, August, October and December in 2027, added one of the sources.
The tender closes on July 21.
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Telegraph
3 hours ago
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Rachel Reeves challenges Cabinet to buy British
Rachel Reeves has challenged Cabinet ministers to do more to buy British as she seeks to boost flagging economic growth. The Chancellor and Pat McFadden, the Chancellor of the Duchy of Lancaster, sent out the message in a letter to the Cabinet. It urged ministers to use procurement contracts, which are in the Government's gift, to help generate jobs in the UK by supporting British companies. The intervention comes amid a consultation about whether rules can be changed to give the Government more freedom to give contracts to UK firms. Each year £400bn is spent in public sector procurement, meaning small changes in approach could have a significant impact. Ms Reeves is facing difficult economic circumstances in her Budget this autumn, with official growth forecasts halved for 2025. New tax rises appear increasingly inevitable given that pressure on the public finances has intensified and the Chancellor will not break her borrowing rules. Excerpts of the letter from Ms Reeves and Mr McFadden were shared with The Telegraph. The pair wrote: 'We want people around the UK to feel the full impact of government spending through investment in skills and high quality jobs. That's why we're going further to ensure public procurement expenditure boosts British industry, jobs, skills, productivity, and expands the supply side. 'Every department needs to be pulling this procurement lever to support economic growth and strengthen our economic security. It is possible to do this within our trade agreements, as other countries do.' They added: 'We are asking all Secretaries of State to satisfy themselves that your department, and arms length bodies, have the commercial capacity and capability to ensure the creation of British jobs, productivity enhancing opportunities, and skills are prioritised in every major contract.' They also told colleagues to 'set ambitious and stretching targets for increasing your procurement spend with SMEs (Small and Medium-sized Enterprises) and social enterprises while stripping away requirements and processes that are barriers to these firms competing with established players'. At one point they wrote: 'Your commercial team is not a back office function – it is a strategic policy lever and must be a priority.' Ms McFadden was once Sir Tony Blair's political secretary and has emerged as a key confidant of Keir Starmer in recent years. As the most senior minister in the Cabinet Office he is overseeing cross-government attempts to tackle Whitehall bureaucracy and make savings in the civil service. Whether the rhetoric of Ms Reeves and Mr McFadden will lead to a step change in procurement approach remains to be seen. During the Conservatives' 14 years in office government ministers often talked publicly about the importance of using the Government machine to support British businesses. A consultation issued by the Cabinet Office is looking at changes to procurement rules that make it easier for the government to boost British industry. It will report back in September.
Reuters
3 hours ago
- Reuters
Qatar threatened to cut EU LNG supplies over sustainability law, letter shows
BRUSSELS, July 26 (Reuters) - Qatar has threatened to cut gas supplies to the European Union in response to the bloc's due diligence law on forced labour and environmental damage, a letter from Qatar to the Belgian government, seen by Reuters, showed. Qatar is the world's third-largest exporter of liquefied natural gas (LNG), after the United States and Australia. It has provided between 12% and 14% of Europe's LNG since Russia's 2022 invasion of Ukraine. In a letter to the Belgian government dated May 21, Qatari Energy Minister Saad al-Kaabi said the country was reacting to the EU's corporate sustainability due diligence directive (CSDDD), which requires larger companies operating in the EU to find and fix human rights and environmental issues in their supply chains. "Put simply, if further changes are not made to CSDDD, the State of Qatar and QatarEnergy will have no choice but to seriously consider alternative markets outside of the EU for our LNG and other products, which offer a more stable and welcoming business environment," said the letter. A spokesperson for Belgium's representation to the EU declined to comment on the letter, which was first reported by German newspaper Welt am Sonntag. The European Commission also received a letter from Qatar, dated May 13, a Commission spokesperson told Reuters, noting that EU lawmakers and countries are currently negotiating changes to the CSDDDD. "It is now for them to negotiate and adopt the substantive simplification changes proposed by the Commission," the spokesperson said. Brussels proposed changes to the CSDDD earlier this year to reduce its requirements - including by delaying its launch by a year, to mid-2028, and limiting the checks companies will have to make down their supply chains. Companies that fail to comply could face fines of up to 5% of global turnover. Qatar said the EU's changes had not gone far enough. In the letter, Kaabi said Qatar was particularly concerned about the CSDDD's requirement for companies have a climate change transition plan aligned with preventing global warming exceeding 1.5 celsius - the goal of the Paris Agreement. "Neither the State of Qatar nor QatarEnergy have any plans to achieve net zero in the near future," said the letter, which said the CSDDD undermined countries' right to set their own national contributions towards the Paris Agreement goals. In an annex to the letter, also seen by Reuters, Qatar proposed removing the section of CSDDD which includes the requirement for climate transition plans. Kaabi is also chief executive of QatarEnergy ( Qatar Energy gas has long-term supply contracts with major European companies, including Shell (SHEL.L), opens new tab, TotalEnergies ( opens new tab and ENI ( opens new tab.
Reuters
14 hours ago
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Pernod Ricard sells Imperial Blue whisky to India's Tilaknagar for $486 million
PARIS, July 23 (Reuters) - France's Pernod Ricard ( opens new tab has agreed to sell its Imperial Blue whisky brand to India's Tilaknagar Industries ( opens new tab for an enterprise value of 412.6 million euros ($486 million), as the spirits group boosts its focus on premium labels. Pernod Ricard sold 22.4 million 9 litre cases of Imperial Blue whisky in the fiscal year ended March 2025 across India and other markets. Its sale of the brand includes a 28 million euro deferred payment due four years after the deal closes. The world's second-largest Western spirits maker by revenue after Diageo (DGE.L), opens new tab on Wednesday said the deal would be "immediately and meaningfully accretive" to Pernod Ricard India's margin and sales growth upon closing. The French group has been streamlining its business and focusing on its core portfolio of pricey, global brands amid a sector-wide downturn in sales. Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world". Jean Touboul, CEO of Pernod Ricard India, said the deal would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag and Blenders Pride, as well as international brands like Chivas, Jameson, Absolut and Ballantine's. Pernod Ricard sees India, the group's second-largest market after the United States, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025–26, showed data from analytics firm CRISIL. Imperial Blue, a leading mass-market whisky, competes with United Spirits' McDowell's No.1 in India. Pernod Ricard regards it as a local-value brand, less central than its premium global labels like Chivas Regal. For Tilaknagar Industries, a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky - a faster-growing, higher-margin segment. Earlier this month, Reuters reported that Inbrew Beverages and Tilaknagar Industries each sought to bid around $500 million for Imperial Blue. Global spirits makers are reworking strategies as post-pandemic liquor demand slumps amid inflation, interest rate hikes, tariff risk and shifting consumer habits. ($1 = 0.8491 euros)
