Archive for ‘The United Arab Emirates’

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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

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26/02/2020

Coronavirus pandemic a question of ‘when’ not ‘if’, warns U.S.

SHANGHAI/SEOUL (Reuters) – Asia reported hundreds of new coronavirus cases on Wednesday, including a U.S. soldier stationed in South Korea, as the United States warned of an inevitable pandemic and outbreaks in Italy and Iran spread to other countries.

World stocks tumbled for the fifth day on fears of prolonged disruption to global supply chains, while safe-haven gold rose back toward seven-year highs and U.S. bond yields held near record lows.

Stock markets globally have wiped out $3.3 trillion of value in the past four trading sessions, as measured by the MSCI all-country index.

The disease is believed to have originated in a market selling wildlife in the central Chinese city of Wuhan late last year and has infected about 80,000 people and killed more than 2,700, the vast majority in China.

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The U.S. Centers for Disease Control and Prevention urged Americans to prepare, saying that while the immediate risk there was low the global situation suggested a pandemic was likely.

“It’s not a question of if. It’s a question of when and how many people will be infected,” the CDC’s principal deputy director, Anne Schuchat, said on Tuesday.

World Health Organization (WHO) chief Tedros Adhanom Ghebreyesus, however, advised against referring to a pandemic.

“We should not be too eager to declare a pandemic without a careful and clear-minded analysis of the facts,” Tedros said in remarks to Geneva-based diplomats.

“Using the word pandemic carelessly has no tangible benefit, but it does have significant risk in terms of amplifying unnecessary and unjustified fear and stigma, and paralyzing systems. It may also signal that we can no longer contain the virus, which is not true.”

‘DON’T WAIT’

The United States has reported 57 cases of the virus. U.S. President Donald Trump, back in Washington after a visit to India, said on Twitter that he would meet U.S. officials for a briefing on the coronavirus on Wednesday.

Dr Bruce Aylward, head of a joint WHO-Chinese mission on the outbreak, told reporters on his return to Geneva that countries’ preparations should not wait.

“Think the virus is going to show up tomorrow. If you don’t think that way, you’re not going to be ready,” he said. “This a rapidly escalating epidemic in different places that we have got to tackle super-fast to prevent a pandemic.”

Aylward said China’s “extraordinary mobilization” showed how an aggressive public health policy could curb its spread.

The WHO says the outbreak peaked in China around Feb. 2, after authorities isolated Hubei province and imposed other containment measures.

China’s National Health Commission reported another 406 new infections on Wednesday, down from 508 a day earlier and bringing the total number of confirmed cases in mainland China to 78,064. Its death toll rose by 52 to 2,715.

The WHO said only 10 new cases were reported in China on Tuesday outside Hubei.

South Korea, which with 1,261 cases has the most outside China, reported 284 new ones including a U.S. soldier, as authorities readied an ambitious plan to test more than 200,000 members of a church at the center of the outbreak.

Of the new cases, 134 were from Daegu city, where the virus is believed to have been passed among members of the Shincheonji Church of Jesus, the Korea Centers for Disease Control and Prevention said.

The U.S. military said a 23-year-old soldier based in Camp Carroll, about 20 km (12 miles) from Daegu, had been infected and was in self-quarantine at home.

OLYMPIC WORRIES

In Japan, Prime Minister Shinzo Abe called for sports and cultural events to be scrapped or curtailed for two weeks to stem the virus as concern mounted for the 2020 Tokyo Olympics.

Japan’s professional baseball teams would play matches without spectators until March 15 due to virus concerns, Kyodo news agency reported.

Japan has nearly 170 virus cases, besides the 691 linked to a cruise ship that was quarantined of its coast this month. Six people have died in Japan, including four from the ship.

There have been nearly 50 deaths outside China, including 11 in Italy and 19 in Iran, the most outside China, according to a Reuters tally.

Iran’s deputy health minister – seen mopping his brow at a televised news conference – was among its 139 coronavirus infections. Cases linked to Iran have been reported across the region.

Kuwait said six new coronavirus cases, all linked to travel to Iran, took its tally to 18, while Bahrain said its infections had risen to 26 after three new ones on a flight from Iran.

The United Arab Emirates, which has reported 13 coronavirus cases, is prepared for “worst case scenarios” as it spreads in the Middle East, a government official said.

In Europe, Italy has become a front line in the global outbreak with 322 cases. Italians or people who had recently visited the country, have tested positive in Algeria, Austria, Croatia, Romania, Spain and Switzerland.

Two hotels, one in Austria and one in Spain’s Canary Islands, were also locked down after cases emerged linked to Italy. Spain also reported its first three cases on the mainland.

France, with 17 cases, reported its second death.

Source: Reuters

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25/02/2020

South Korea to launch mass coronavirus testing, U.S. pledges $1 billion for vaccine

SEOUL/BEIJING (Reuters) – South Korea aims to test more than 200,000 members of a church at the centre of a surge in coronavirus cases, as countries stepped up efforts to stop a pandemic of the c that emerged in China and is now spreading in Europe and the Middle East.

More than 80,000 people have been infected in China since the outbreak began, apparently in an illegal wildlife market in the central city of Wuhan late last year.

China’s death toll was 2,663 by the end of Monday, up 71 from the previous day. But the World Health Organization (WHO) has said the epidemic in China peaked between Jan. 23 and Feb. 2 and has been declining since.

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However, fast-spreading outbreaks in Iran, Italy and South Korea, and first cases in several Middle East countries, have fed worries of a pandemic, or worldwide spread of the virus.

“We are close to a pandemic, but there is still hope the epidemics in Iran, Italy, South Korea, etc. can be controlled,” said Raina MacIntyre, head of the Biosecurity Programme at the Kirby Institute at the University of New South Wales.

South Korea has the most virus cases outside China and reported its tenth death and 144 new cases, for a total of 977. President Moon Jae-in said the situation was “very grave”.

In Europe, Italy has become a new front line, with 220 cases reported on Monday, up from just three on Friday. The death toll in Italy is seven.

Global stock markets stabilised on Tuesday after a wave of early selling petered out and Wall Street futures managed a solid bounce after a sharp selloff the previous day on fears about the spreading coronavirus.

“If travel restrictions and supply chain disruptions spread, the impact on global growth could be more widespread and longer lasting,” said Jonas Goltermann, senior economist at research consultancy Capital Economics in London.

PUBLIC ANXIETY

About 68% of South Korea’s cases are linked to the Shincheonji Church of Jesus, where the outbreak is believed to have begun with a 61-year-old woman. It is not known how she became infected.

The church said it would provide authorities the names of all its members in South Korea, estimated by media at about 215,000 people. The government would test them all as soon as possible, the prime minister’s office said.

“It is essential to test all of the church members,” it said in a statement. Authorities said they were testing up to 13,000 people a day.

The U.S. and South Korean militaries have said they may cut back joint training due to the virus, in one of the first concrete signs of its fallout on global U.S. military activities.

The disclosure came during a visit to the Pentagon on Monday by South Korean Defence Minister Jeong Kyeong-doo, who said 13 South Korean troops had the virus.

The U.S. military said a woman who tested positive for the virus had visited one of its bases in the hard-hit city of Daegu. It was the first infection connected to U.S. Forces Korea, which has about 28,500 American troops on the peninsula.

The U.S. military urged troops to “use extreme caution” off base, while the U.S. Centers for Disease Control and Prevention said Americans should avoid non-essential travel to South Korea.

IRAN ISOLATION

Outside mainland China, the outbreak has spread to about 29 countries and territories, with a death toll of about three dozen, according to a Reuters tally.

Afghanistan, Bahrain, Iraq, Kuwait and Oman reported their first new coronavirus cases, all in people who had been to Iran where the toll was 14 dead, media said, and 61 infected.

The outbreak threatens to isolate Iran further. The United Arab Emirates, which has 13 virus cases, suspended all flights with Iran for at least a week, state media said.

Iraq extended an entry ban on travellers from China and Iran to those from five other countries over virus fears, its health ministry said.

In Japan, which has reported four deaths and 850 cases mostly linked to a cruise ship, Health Minister Katsunobu Kato said it was too early to talk about cancelling the Tokyo Olympics due to start on July 24.

The United States pledged $2.5 billion to fight the disease, with more than $1 billion going toward developing a vaccine, with other funds earmarked for therapeutics and the stockpiling of personal protective equipment such as masks.

China reported a rise in new cases in Hubei province, the epicentre of the outbreak. But excluding those, China had just nine new infections on Monday, its fewest since Jan. 20.

With the pace of new infections slowing, Beijing said restrictions on travel and movement that have paralysed economic activity should begin to be lifted.

“Low-risk areas … are to restore order in production and life, cancel transport restrictions and help enterprises,” state planner official Ou Xiaoli told a briefing.

Source: Reuters

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