South Korea Offshore Oil & Gas Exploration Kicks off The South Korean government has approved a large scale project of offshore exploration and drilling in the reserve off Yeongil Bay in Pohang to tap the country's massive gas and oil reserves estimated at 14 billion barrels (bbls0 . This may turn out to be one
Economic & Commercial Maritime Energy Rivalry - Urals Oil Russia’s Urals oil is used as a reference brand for pricing of export oil mixture with the other main reference brand being Brent. It comprises a mix of heavy sour oil of Urals and the Volga Region blended with light oil of Western Siberia Urals crude
UAE no longer attractive Investment Hub for " Hot money " Financial Action Task Force (FATF) , a Paris-based global watchdog , has categorised UAE on the FATF 'gray list' endangering its position as a regional financial centre . Now transactions and commercial trade in the seven Emirates of the United Arab Emirates will be
Crude storages post Ukraine Conflict The Saudi petrochemical conglomerate Aramco has recently made two strategic ventures with its biggest client.Rongsheng is China’s largest integrated refining and chemicals facility and the controlling owner of Zhejiang Petrochemical Corp (ZPC) and a huge manufacturer of polyesters .Aramco will supply ZPC with petrochemical feedstocks of naphtha and paraxylene being
Globally Governments Subsidise Diesel Governments across the world incurred almost € 900 billion in fossil fuel subsidies last year which is almost twice the expenditure suffered in the year 2021 Subsidies on Gasoline for Indian Conglomerates India's Union Budget for the financial year 2023-24 will permit subsidies to state owned Indian oil corporate retailers namely
Russian Crude at Discount With the increase in ocean borne trade and vessels the incidents of blasts and spills have correspondingly increased at ports and coasts. Although the maritime sector is relatively regulated rising costs of insurance of ships lets inspections and survey of ships worthiness slip in some jurisdictions. The shipping sector has witnessed
Sanctions & Disruption of Energy Supply Chain Courtesy The Japan Times After the conflict in Ukraine erupted Russian supply of oil and piped gas to the European Union got severely disrupted. The US and EU imposed sanctions as well as a price cap on Russian crude. The ostensible purpose seems to be to curb Russia's
UAE and Indian tanker operators have significantly increased their share of the Russian crude oil trade since EU imposed a ban on imports
