Sailing, Ports & Shipping
K enya's President Uhuru Kenyatta flagged off the country's first export shipment of oil Monday, more than 200,000 barrels of crude.
The oil exports begin an era of greater prosperity for Kenyans. The oil was purchased by a British-based Chinese company, according to a Kenyan government announcement, AP reported.
The shipment is an accumulation of oil produced since Kenya began pumping in June 2018 at up to 2,000 barrels a day.
The oil was trucked from Kenya's north to the coast in the Early Oil Pilot Scheme. A pipeline is being constructed to move the oil to Mombasa port.
Kenya expects to start commercial oil production in 2024 with production of up to 100,000 barrels a day.
Africa Oil and partner Tullow Oil first struck oil in the South Lokichar basin in northwest Kenya in 2012, where reserves are estimated at 600 million barrels.
The U.S.-China trade war, which has been going on for more than a year, entered a new phase last week as China not only imposed new tariffs on U.S. goods in retaliation against Trump's actions, but took the matter a step forward by putting "crude oil" on its tariff list.
Iran exported $17.8 billion of non-oil commodities during the first five months of the current Iranian calendar year (March 21-August 22), IRIB reported on Monday.
It's often complicated predicting prices related to any products used in iron and steelmaking, we can state the same thing for the GRAPHITE ELECTRODES which is the essential product for the melting and refining of steel mainly in Electric Arc Furnaces and Ladle Furnaces.
Indonesia will enforce a complete ban on the export of raw nickel ore from Jan. 1, two years earlier than planned, as the nation seeks to lock in supplies for dozens of smelters that are under construction and buttress a drive to build out local processing capacity, an official said.
To avoid future dependency on China for lithium batteries, Indian Oil Corporation Limited (IOCL) will reportedly make an alumina-based battery, which will be used for running electric vehicles.
Russia has been trying to rekindle Soviet-era relationships with governments across the African continent and build new ties. While China is dominating as an economic power in the African continent spreading its investment in the mining and infrastructure sector, Russia is building up its own role in the continent, currently focusing on relationships with Guinea. After the worsening of Russia’s economic ties with the U.S. due to sanctions, the country is looking at other markets and investment opportunities.