Archive for ‘Abu Dhabi’

  |  
17/03/2020

Exclusive: India plans to top up strategic tanks with cheap Saudi, UAE oil – sources

NEW DELHI (Reuters) – India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR), two sources familiar with the matter said on Monday.

Global oil prices have fallen around 40% in March as the impact of the coronavirus pandemic has destroyed demand, while supplies are growing following Moscow’s refusal to back deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its OPEC+ allies.

Leading OPEC producers Saudi Arabia and Abu Dhabi have said they will increase output while cutting prices, giving big consumers the chance to fill up at discounted prices.

“It is an opportune time for us and for them (Abu Dhabi National Oil Company and Saudi Aramco) to finalize the deals and fill the SPRs…If there is any delay, we might fill the SPRs on our own,” said an official familiar with the matter, asking not to be named.

A second source, who also requested anonymity, said the oil ministry has written to the finance ministry to release about 48-to-50 billion rupees ($673.7 million) to buy oil in 8-9 very large crude carriers for filling the storage.

Indian Strategic Petroleum Reserves Ltd (ISPRL) and India’s oil and finance ministry had no immediate comment, while ADNOC and Saudi Aramco declined to comment.

India, the world’s third biggest oil importer and consumer, imports about 80% of its oil needs and has built strategic storage at three locations in southern India to store up to 36.87 million barrels of oil or about 5 million tonnes to protect against supply disruption.

ISPRL, a company charged with building of strategic storage, has signed a memorandum of understanding (MOU) with the UAE’s national oil company ADNOC for the lease of half of its 2.5 million tonnes Padur facility.

Last year it signed an MoU with Saudi Aramco for the lease of a quarter of Padur SPR.

The leases allow the national oil companies to store their oil, some of which will cater for India’s strategic needs, while they can sell the rest to Indian refiners.

Padur has four compartments that hold about 4.6 million barrels each. The ISPRL has received 1 VLCC with Arab Mix to fill one compartment and will get a second VLCC in April, a third source said.

The ISPRL has already leased half of the 1.5 million tonnes capacity in Mangalore storage to ADNOC, which has stored about 5.5 million barrels of Das oil in the cavern, while ISPRL has retained the remainder.

“This is the right time to fill the SPRs before prices start moving up,” a third source said.

India has also filled its 1.03 million tonnes Vizag facility with Basra oil from another OPEC producer Iraq.

While India is primarily taking advantage of low prices as a consumer nation, U.S. President Donald Trump aimed to help U.S. energy producers struggling to cope with the price fall by announcing he would take advantage of low prices to fill up the nation’s emergency reserve.

Source: Reuters

Posted in Abu Dhabi, Abu Dhabi National Oil Company, ADNOC, cheap, India, Indian Strategic Petroleum Reserves Ltd (ISPRL), Memorandum of Understanding (MOU), OPEC, Organization of the Petroleum Exporting Countries (OPEC), plans, Saudi Arabia, strategic, strategic petroleum reserves (SPR), tanks, The United Arab Emirates, top up, U.S. President Donald Trump, Uncategorized, VLCC | Leave a Comment »

30/01/2020

Coronavirus: turbulent times ahead for air travellers as carriers cancel China flights

  • Lufthansa, British Airways, Air Canada among several big name airlines to halt flights, while others reduce services
  • Travel agents expecting slump in sales amid rising uncertainty over how epidemic will play out
Many airlines have cancelled flights into mainland China because of the coronavirus outbreak. Photo: AP
Many airlines have cancelled flights into mainland China because of the coronavirus outbreak. Photo: AP
International air travellers and ticketing agents are in for a turbulent time in the weeks ahead as airlines around the world react to the coronavirus epidemic by cancelling or limiting flights to and from the Chinese mainland.
Lufthansa, British Airways, Air Canada and Indonesia’s Lion Air have 
cancelled all of their flights

, while United Airlines, American Airlines, IndiGo, Finnair, Delta Air Lines and Jetstar Asia have significantly reduced their services.

“It’s going to be pretty bad for travel agencies. We’ve had a lot of cancellations. Everyone is afraid of coming to China,” said Annabelle Auger from Travel Stone in Beijing.
“Many of our European clients are very worried because of the media coverage they’ve seen. Still, people are willing to wait and see for a few weeks to see how things go,” she said.
For foreigners looking to leave China, Auger said they should contact their embassy to find out about repatriation flights.

“The situation is very unclear, so it’s difficult to give any general recommendations,” she said.

Already this week, the embassies of the United States, Japan, South Korea and Britain have cleared flights to evacuate their nationals from Hubei, the central China province at the heart of the outbreak.

Auger said she and her colleagues had been busy rearranging flights for China-based foreigners who had gone away for the holidays.

“The schools are closed, so families with children abroad are thinking, ‘OK, let’s extend our stay for another week’,” she said.

Politics may have stalled information in coronavirus crisis, scientist says

30 Jan 2020
The Beijing government said on Monday it would extend the Lunar New Year
holiday until Sunday to help stop the spread of the disease, while school breaks have also been extended.

Another travel agent in Beijing, who asked not to be named, said the virus outbreak had yet to have a significant impact on business but concerns were growing.

“We are a bit worried that things may get difficult in the coming months,” she said. “But we trust that the government is doing all it can and will take the appropriate measures to solve the problems.”

Zhu Tao, director of the flight standards department at the Civil Aviation Administration of China (CAAC), said at a press conference in Beijing on Thursday that the relevant authorities were working closely with airlines to help Chinese nationals trapped overseas to get home.

The government had already chartered flights from Japan, Myanmar and South Korea to bring Chinese nationals back to Hubei, he said.

While all flights out of Hubei have been suspended since last week, Zhu said air transport was playing its part in fighting the disease.

As of Wednesday, the CAAC had sent 86 flights carrying 5,129 medical workers and 115,000 items of equipment and other supplies into Wuhan, he said.

Wu Zunyou, the chief epidemiologist at the China Centre for Disease Control and Prevention, said that efforts to prevent the coronavirus spreading outside the country had been successful, as only about 1 per cent of the confirmed infections were outside China.

Despite the flight cancellations, Beijing’s Capital International Airport was operating as normal on Thursday.

Andre Muchanga, a student from Abu Dhabi at the Beijing Institute of Technology, said he made a late decision to fly home.

“I decided to buy my ticket last night,” he said. “At school, our dormitory is almost completely empty. I knocked on a friend’s door last night and found there was no one there, so I decided I better just go home and spend some time with my family.”

He said he decided not to buy a return flight as it he did not know when his classes would resume.

Signs at check-in counters reminded passengers who had travelled to Hubei or had a Hubei address to put themselves in isolation for 14 days.

While flights out of Hubei have been stopped, there was still plenty of inbound traffic.

“The number of domestic inbound travellers seems pretty normal for this time of year,” a man working on an information desk at Capital airport said.

“It’s the sixth day of the Lunar New Year. Lots of people have to return to work.”

An Air China employee, surnamed Hu, said that the airport had stepped up its disinfecting and general cleaning work. Body temperature checks had been installed at all access points and employees had been told to wear masks, he said.

“I don’t mind working during the Lunar New Year holiday,” he said. “I’m not afraid of the virus, I’m here to serve the people.”

SOurce: SCMP

Posted in Abu Dhabi, Air Canada, airlines, American Airlines, Beijing, Beijing Capital International Airport, Beijing Institute of Technology, Britain, British Airways, cancel, carriers, China, China Centre for Disease Control and Prevention, Chinese mainland, Civil Aviation Administration of China (CAAC), Delta Air Lines, embassies, epidemic, European clients, evacuate, flight standards department, flights, Government, hubei province, Indonesia’s, Japan, Jetstar Asia, Lufthansa, lunar new year, Myanmar, Nationals, South Korea, travel agents, turbulent times, Uncategorized, United Airlines, United States | Leave a Comment »

  |  
CCChang

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India