Indias coffee exports grew 11.51% to $92.42 mn in April
The Dollar Business Bureau Coffee exports from India recorded a growth of 11.5% year-on-year in April this fiscal on account of robust demand in the world markets. The country exported $92.42 million worth of coffee during the month. The country’s shipment of coffee stood at $82.88 million in the same month last year, as per the data by Ministry of Commerce. In terms of rupee, the exports witnessed a growth of 8.22% at Rs.596.17 crore in the given month. India primarily exports Arabica and Robusta varieties of the commodity, in addition to instant coffee. The country’s key export destinations are Belgium, Italy, Greece, Germany, Spain and Switzerland. Coffee is one of the world’s most extensively traded agriculture commodities. India’s share is around 4.5% in the overall ...
India's crude imports from Russia on the rise
The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import. ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...
Iraq becomes India's top oil supplier, overtakes S Arabia
The Dollar Business Bureau Iraq has become the biggest supplier of crude oil to India overtaking Saudi Arabia. On the other hand, Iran has become the fourth largest exporter after lifting of the sanctions. Iraq supplied around 11 million tonnes of crude to India during the April-June period which is more than the 10 million tonnes procured from Saudi Arabia Dharmendra Pradhan, Minister for Petroleum and Natural Gas said on Monday.Saudi Arabia has been the biggest supplier of crude oil to India, exporting 35 million tonnes in 2014-15 and 40.04 million tonnes in 2015-16. The second largest exporter of crude oil to India in 2010-11 after Saudi Arabia, Iran has been downgraded to the seventh spot in 2013-14 and 2014-15, amongst the 50 major countries supplying to India. However, with ...
BGR energy scraps power plant contract in Iraq
The Dollar Business Bureau BGR Energy Systems has canceled a $246-million order to set up a 500 MW gas turbine power plant in Iraq for Al Nasiriya. The company in its BSE filing said, “The company has now struck off a carryover contract value of $246 million from its order book." It has entered into an Engineering Procurement Construction (EPC) contract on October 13, 2013 which was valued at $246 million for the Al Nasiriya 500 MW Gas Turbine Power Plant project with the Ministry of Electricity, Iraq(MoE). According to the terms of the contract, the MoE has provided a Letter of Credit for 50 percent of the contract value in favor of BGR Energy. It has also issued a performance bond equal ...
OPEC meet fails to decide on oil production freeze
The Dollar Business Bureau The top most oil producing countries have failed to decide on production freeze during the OPEC meeting in Doha, Qatar on Sunday. This is a precedent to the two failed meetings in December 2015 and February this year to cap the crude oil prices, which have risen from $26 per barrel in February to above $40 on expectations that the OPEC countries could come to a consensus. The ongoing tension between Saudi Arabia and Iran is a key reason for the failure of OPEC countries to sign an agreement or freeze output at January levels. Iran has decided not to attend the OPEC meeting, and continued producing oil until it regains the market share after following the lifting ...
Indian basmati rice exports likely to grow in FY 2015-16
The Dollar Business Bureau The Indian exporters of Basmati Rice are likely to get a boost in the new financial year with a few of the global economies mulling to import the same from India. After a brief-break since October 2014, Indian Basmati Rice exporters are expected to get market entry into Iran, which is likely to start in April 2015. Besides Iran, now, it seems China is looking forward for importing basmati rice from India. According to latest reports, India is likely to export basmati rice to China this year, with the exporting units registered with National Plant Protection Organisation (NPPO) being declared infestation-free. In this regard, the Government of India is expected to send a list of Indian ...
