Siemens will set up conveyor systems to carry iron ore from the stockyard belonging to Rio Tinto in Australia to the loaders at a port in the northwest region of the country. Siemens roped in an engineering firm Sinclair Knight Merz to provide conveyor systems for the project. Siemens would commission three conveyors in August and another five in 2014 while delivery is underway for t
Tag: export
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Steel firms to benefit from rupee depreciation
Steel companies are cheering the weakening of the Indian currency against the dollar as it would make export of steel products more competitive and discourage local consumers from resorting to import. Local steel consumers may find imports costlier because of the depreciation in rupee and this may benefit Indian steel companies
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Ore volume at PPT rises 329%
Paradip Port Trust (PPT) handled 329 percent more iron ore at 7.65 lakh ton during April-May 2013 compared to 1.78 lakh ton in the year-ago period. The strong growth in ore throughput from the port has given rise to hope of a revival in its export, which has been dwindling for the past couple of years. During the two months, the port witnessed rise in throughput in some other cargoes as well. The other item
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CEC rules out export of ore pellet from Karnataka
There is not question of allowing export of iron ore pellets from mines in Karnataka at this stage, the Central Empowered Committee (CEC), appointed by the Supreme Court, said to leaseholders at a meeting. It may be recalled that the apex court directed suspension of iron ore exports from the state in 2011. Further, the panel clarified that miners are not allowed to mine or dump ore in the overlapping areas, between two
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Kakinada old port suffers from poor infrastructure
Sources from the Kakinada anchorage (old) port in Andhra Pradesh informed that the infrastructure facilities need to be upgraded to attract more cargo. It may be noted that the port traditionally depends on rice and maize export cargo and volume of these cargoes declined of late
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Chinese bank to lend Essar Energy in return for fuel
China Development Bank (CDB) agreed to lend $1 billion to Essar Energy in return for export of high-end Euro 5 grade gasoline and other petroleum products from the latter's Vadinar refinery to PetroChina. PetroChina is the listed arm of China National Petroleum (CNPC), the nation's largest oil company by production
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OMCs await govt decision on compensation formula
State-run oil marketing companies (OMCs) and upstream firms like ONGC are awaiting the final decision from the government on adopting the formula for compensating the OMCs for under-recoveries. While union finance ministry wants the adoption of export-parity pricing model to compensate for under-recoveries, petroleum ministry opposes the proposal as it woul
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US govt allows export of LNG to non-FTA nations
Department of Energy of the US government gave conditional approval for export of locally produced LNG to non-FTA (free trade agreement) countries from Freeport Terminal on Quintana Island in Texas. The Department of Energy, in its 132 page order, said the proposed exports may result in net economic benefits to the U
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AP ports lose share in pharma exports to western ports
PV Appaji, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil) informed that many Andhra Pradesh-based pharma companies preferred Western ports, mainly JNPT, to export their drugs. This lead to a fall in drug volumes handled by ports in Andhra Pradesh. Pharma exports from ports in the state declined to 18 percent as compared to 22 percent in 201
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India consumes 3.5% more steel in April
Data from Joint Plant Committee (JPC), an arm of the union steel ministry, shows that the country's steel consumption grew 3.5 percent to 5.6 million tonne (mn t) in April 2013 from 5.4 mn t in the same month. Steel consumption in April 2013 is slightly more than the average 3.3 percent growth in 2012-13. The Indian economy consumed 73.3 mn t steel in the previous fiscal compared to 71 mn t in 2011