PLATTS - South Korea's crude oil imports from Iran halved in July from a year earlier in the wake of the reimposition of US sanctions, according to preliminary data released by the Korea Customs Service Thursday.
WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.
PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.
REUTERS - PetroChina Ltd is in advanced discussions with Qatar to purchase liquefied natural gas (LNG) under short- and long-term agreements, three sources with knowledge of the talks said on Wednesday.
REUTERS - Originating at the giant Galkynysh gas field in Turkmenistan, the $9.6 billion TAPI (Turkmenistan, Afghanistan, Pakistan and India) pipeline involves the four countries’ own energy companies, and would carry 33 billion cubic metres (bcm) of gas a year.
PLATTS - The Southern Gas Corridor has received a waiver from US sanctions against Iran's energy customers, an expected win for the project, designed to transport 16 Bcm/year of Caspian natural gas to Turkey and southern Europe while bypassing Russia.
IMF - The near-term macroeconomic outlook is broadly favorable. Growth is forecast to rise to 7.3 percent in FY2018/19 and 7.5 percent in FY2019/20, on strengthening investment and robust private consumption. Headline inflation is projected to rise to 5.2 percent in FY2018/19, as demand conditions tighten, along with the recent depreciation of the rupee and higher oil prices, housing rent allowances, and agricultural minimum support prices.
ARAB NEWS - US President Donald Trump warned the world against doing business with Iran on Tuesday as he hailed the “most biting sanctions ever imposed,” triggering a mix of anger, fear and defiance in Tehran.
REUTERS - Indian refiners’ interest in U.S. crude will be welcome news to shale producers looking for buyers outside of China, which is likely to scale back imports as the trade dispute between the administration of President Donald Trump and Beijing escalates.
BLOOMBERG - Iran said Russia is ready to invest as much as $50 billion in its oil industry even as Western majors are pulling out of deals with the republic amid the threat of U.S. sanctions.
EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.
PLATTS - Kazakhstan's giant Kashagan oil field is achieving new production highs everymonth and has done better than 300,000 b/d, but development beyond the currentphase is likely to be about "discretionary step-ups" rather than giant steps,Shell country chair and vice president Olivier Lazare said Thursday.
WNN - GE and EDF have signed a strategic cooperation agreement for the planned construction of six EPR reactors at the Jaitapur site in Maharashtra, India. The document was announced by Xavier Ursat, senior executive vice president of EDF in charge of new nuclear projects and engineering, and Andreas Lusch, president and CEO of GE's Steam Power business.
AOG - Sheikh Abdullah said: “This agreement strengthens the already close ties between the UAE and the Kingdom of Saudi Arabia and between the UAE and India. The UAE is unwavering in its commitment to its strategic multi-lateral relationships with both Saudi Arabia and India, as well as being a reliable partner in India’s energy security. We look forward to exploring further opportunities to expand our energy partnerships and to collaborating on new, broader, opportunities that will further strengthen and deepen the long-standing economic links between our three countries.”
PLATTS - "Today, the political situation is somewhat different. The South Korean side approached Gazprom about the revival of this project. A series of talks took place on this. These talks are continuing. We can't say anything further, but we are renewing such talks with the Korean side," Markelov said.