NEW DELHI (Reuters) - India, expecting a bumper sugar output in the new season that began in October, on Monday permitted sugar exports by those who had imported raw sugar with an obligation to re-export it within a specified time period.
"The cabinet reviewed the issue of export of sugar and took a decision that those having limited advance licence obligation be permitted to export sugar," cabinet spokesman P.R. Dasmunshi told reporters.
"The cabinet would further review the decision shortly."
He did not say when the decision would take effect.
The government had allowed traders to import close to two million tonnes of raw sugar in the last two years against an obligation to re export it. Of this, close to one million tonnes is still to re-exported, traders said.
Traders said they had expected the ban to be totally lifted as output in the new season was very promising. Crushing of sugar in the new season is at it its peak in most mills.
The ban on sugar exports was imposed in July to curb rising prices due to tight supplies, and was due to run until the end of the financial year in March.
In recent weeks ministers have suggested the ban could be lifted early, but there have also been trade rumours such a move was being resisted by a finance ministry worried about rising inflation.
Agriculture Minister Sharad Pawar told reporters last week the time was appropriate to take a look at lifting the ban on sugar exports. Pawar said sugar output in 2006/07 (October-September) was likely to be 22.7 million tonnes, up from 19.3 million tonnes in the last season.
India's population of more than one billion people annually consumes about 19 million tonnes of sugar.
Shanti Lal Jain, director-general of the Indian Sugar Mills Association, had said last week India might lift the ban between Dec. 18-21.
The industry expects India to export 2 million tonnes sugar in the current season if the ban is totally lifted, although exporters will find global prices are much lower than they were in July.
Global sugar prices have fallen from an average $400 a tonne when the ban was imposed to $349 a tonne now, traders said.
Tuesday, December 19, 2006
Monday, December 18, 2006
RELIANCE
Above 1300-1310 reliance goes into uncharted territory and can go berserk fib levels can be seen by the chart.
cheers
rish
Reliance finds huge oil reserves in block D6
Reliance Industries Ltd has discovered huge oil reserves in its gas-rich D6 block in Krishna Godavari basin off the east coast, its minority partner Niko Resources of Canada has said.
"The MA-2 well has encountered the thickest hydrocarbon column discovered to date in D6," Niko Resources said in a release. Niko Resources has 10 per cent interest in the block KG-DWN-98/3, also known as D6. Reliance is the operator of the block with 90 per cent interest.
"MA-2 reached a target depth of 3581 metres and penetrated a gross hydrocarbon column of 194 metres consisting of 170 metres of gas/condensate and 24 metres of oil in the cretaceous section," the release said.
MA-2 is located approximately 2-km from the previous MA-1 oil discovery well.
"Application has been made for the commerciality of the MA field and approval is expected to be granted in the near future. The full field development plan will be submitted after approval of the commerciality and the oil development is to be fast tracke d with initial production targeted in the second quarter of 2008," it said.
The MA-1 well in June 2006 reached a total depth of 3,783 metres and hit 26 metres of net oil pay and 72 metres of net gas pay.
Reliance has till date made about a dozen gas discoveries in D6 and put combined reserves in the block at around 50 trillion cubic feet (Tcf). MA-2 is the second oil discovery on D6 after MA-1.RIL may tie up with Gazprom for Russia
Private sector energy major Reliance Industries (RIL) is considering expanding its oil business to the land of the Volga and Vodka. It is talking to Russian government officials to enter the country’s downstream oil sector by investing in the refinery and petrochemical industry.
The RIL move follows the recent visit of Russia’s deputy prime minister Alexander Zhukov who was in the capital early December. Talks were held between RIL officials and the Russian authorities on possible investments in Russia’s oil and gas sector. RIL may even rope in a Russian oil firm as its partner for the projects.
Although there is no confirmation, sources indicated that Gazprom, the state-run Russian oil major, may well partner RIL’s downstream ventures in Russia. RIL, it is learnt, is expected to push for stakes in upstream oil and gas assets in lieu of its investments in the downstream sector.
When contacted, RIL officials declined to comment. In what is being seen as a strategic move, RIL is concentrating on the downstream segment in Russia which offers huge opportunities. The move comes at a time when Russia is in the process of increasing government control over its oil and gas assets.
Several major global energy players like Shell and Exxon Mobil have been forced, on the pretext of regulatory issues, to divest their stakes and take on Russian state oil firms like Gazprom as strategic partners. But while Russian authorities are on a nationalisation drive in the upstream sector, its refining sector lags behind, requiring huge investments.
RIL’s move to enter this segment will, therefore, be welcome as the company will bring in global expertise to Russia’s refining segment. On RIL’s part, an entry into Russia will provide a foothold in the European markets, where there is a growing demand for high-grade fuel.
Reliance is planning to service some of the European markets with its high-grade fuel from the under-construction RPL refinery in Jamnagar. A stake in Russia’s refinery industry will only help them service this market better.
Russia has a total of 41 oil refineries with a total crude oil processing capacity of 5.44 million bbl/d. According to an EIA report, many of the refineries are inefficient, ageing, and in need of modernisation. With Russian domestic demand at 2.6 million bbl/d in 2004, refining capacity far outstrips local needs for refined products.
According to the draft plan for economic development during 2005-08, Russia will concentrate on the reconstruction and upgrading of refineries so that they can convert a higher level of crude. The draft focuses on increasing the production of high-quality light oil products, catalysts and raw material for the petrochemical industry.
The RIL move follows the recent visit of Russia’s deputy prime minister Alexander Zhukov who was in the capital early December. Talks were held between RIL officials and the Russian authorities on possible investments in Russia’s oil and gas sector. RIL may even rope in a Russian oil firm as its partner for the projects.
Although there is no confirmation, sources indicated that Gazprom, the state-run Russian oil major, may well partner RIL’s downstream ventures in Russia. RIL, it is learnt, is expected to push for stakes in upstream oil and gas assets in lieu of its investments in the downstream sector.
When contacted, RIL officials declined to comment. In what is being seen as a strategic move, RIL is concentrating on the downstream segment in Russia which offers huge opportunities. The move comes at a time when Russia is in the process of increasing government control over its oil and gas assets.
Several major global energy players like Shell and Exxon Mobil have been forced, on the pretext of regulatory issues, to divest their stakes and take on Russian state oil firms like Gazprom as strategic partners. But while Russian authorities are on a nationalisation drive in the upstream sector, its refining sector lags behind, requiring huge investments.
RIL’s move to enter this segment will, therefore, be welcome as the company will bring in global expertise to Russia’s refining segment. On RIL’s part, an entry into Russia will provide a foothold in the European markets, where there is a growing demand for high-grade fuel.
Reliance is planning to service some of the European markets with its high-grade fuel from the under-construction RPL refinery in Jamnagar. A stake in Russia’s refinery industry will only help them service this market better.
Russia has a total of 41 oil refineries with a total crude oil processing capacity of 5.44 million bbl/d. According to an EIA report, many of the refineries are inefficient, ageing, and in need of modernisation. With Russian domestic demand at 2.6 million bbl/d in 2004, refining capacity far outstrips local needs for refined products.
According to the draft plan for economic development during 2005-08, Russia will concentrate on the reconstruction and upgrading of refineries so that they can convert a higher level of crude. The draft focuses on increasing the production of high-quality light oil products, catalysts and raw material for the petrochemical industry.
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