Saudi looking to boost re-exports through Dubai

The Kingdom of Saudi Arabia is reported to be working toward further expanding trade links with the UAE, which has proven a fruitful re-export destination.  We shouldn’t be surprised to see an even more robust relationship in coming years, even though 45% of Saudi exports already either go to or through the Emirates.

Dubai: The Kingdom of Saudi Arabia is looking to explore new markets through the gateway of Dubai, Ahmad Hakbani, Secretary General of Saudi Export Development Authority, told Gulf News on Sunday.

“The main role of our authority is to ease Saudis’ businesses by supporting their industries and enhance their presence in the international markets,” he said. “And Dubai is an ideal gateway to achieve this target since it is a very popular re-export destination in the region.”

Saudi Arabia’s exports stood at Dh190 billion last year. Forty-five per cent of it goes either to or through the UAE.

The government of Saudi Arabia is also putting more efforts to boost trade between the two countries and take advantage of the strong trade environment in Dubai, Hakbani added without disclosing additional details.

“Authorities expanded the industrial area in Saudi by 300 per cent last year expecting Saudi’s industries to grow further in the region and internationally,” he said.

Saudi’s non-oil exports make up the petrochemical industry, which include downstream plastic production, building materials and food, he said.

While Saudi’s petrochemical industry achieved a steady growth of 20 per cent in the last five years, authorities are very optimistic of further growth in the coming years.

Satish Khanna, General Manager of Al Fajer Information and Services, said that currently Saudi’s share of petrochemical exports is estimated at 17 per cent worldwide, while it represents 70 per cent of the GCC’s overall petrochemical exports.

Saudi’s petrochemical exports are expected to reach 100 million tones by 2016, a 250 per cent increase comparing to 2006, Khanna said.

By Zaher Bitar

The full article is visible via the link below – Pankaj Oswal

http://gulfnews.com/business/economy/saudi-looking-to-boost-re-exports-through-dubai-1.1295164

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Australia: 2,100-applicants for Blair Athol’s 120 coal mine positions

Peak Jobs News

Via Australian Mining. Something of interest that I missed from last week. 120 jobs snapped up at Blair Athol mine. Excerpt:

Of the 2100 applications received for work at Blair Athol mine, a lucky 120 people have been offered positions at the operation. Emails with offers of employment have been distributed, but a date for when workers will hit the ground is uncertain as the completion of sale is still being finalised.

A subsidiary of Linc Energy, New Emerald Coal, acquired Blair Athol mine from Rio Tinto in October. NEC will reopen the mine with a view to produce up to 3 million tonnes of thermal coal per year via what it calls “low-cost, targeted mining operations”. Executive general manager of operations Jason O’Rourke said he hoped to have crews start in April, CQ news reported.

He said the number of applications received was “impressive”, with many coming…

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China’s Sinopec cuts domestic polyethylene prices amid high inventories

Sinopec has cut its polyethylene offers this week in a move that could lead market trends.

Major Chinese petrochemical producer Sinopec Corp cut its polyethylene offers by Yuan 100-500/mt ($16-83/mt) this week, amid pressure from mounting stocks, a company source said Wednesday.

In eastern China, Sinopec trimmed its high density polyethylene offers by Yuan 100/mt to Yuan 12,100/mt ex-works basis, slashed its linear low density PE offers by Yuan 350/mt to Yuan 10,850/mt and cut its low density PE offers by Yuan 500/mt to Yuan 11,800/mt, ex-works basis.

Downstream demand had improved marginally after the Lunar New Year holidays but combined stocks held by local producers including Sinopec and PetroChina were hovering at exceptionally high levels of 1.1 million-1.2 million mt, compared with 800,000 mt in the same period last year.

The local producer was considering a cut in run rates at its production sites across China, but had not yet reached a decision on the matter, the source added.

–Michelle Ho, Michelle.ho@platts.com
–Edited by E Shailaja Nair, shailaja.nair@platts.com

The full article is visible via the link below – Pankaj Oswal

http://www.platts.com/latest-news/petrochemicals/singapore/chinas-sinopec-cuts-domestic-polyethylene-prices-27950018

CSG industry ‘working well’ in Queensland

Informa Insights

CSG_Water_Salt_Management Fundamentals_image CSG training in Queensland seems to be paying off, with a new state government report stating regional projects are performing to expectation.

The annual update assessed how well the CSG industry is managing the effects on groundwater resources from developments in the Surat Basin.

Water is a primary by-product from CSG projects, although it is often rich in constituents that make it unsuitable for a number of uses.

Minister for natural resources and mines Andrew Cripps said the government has committed to rigorously monitor the CSG industry and how it impacts the wider environment, including managing groundwater production.

Surveying operating conditions and ensuring they stay within stringent guidelines is also important, he added.

According to the report, CSG development has been a little slower than first anticipated, which means it is too early to detect any clear water pressure impacts. There is also likely to be less of an impact…

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IMF: Mining exports will offset investment losses

Informa Insights

868005-iron-ore Mining engineering investment may be winding down, but the sector will continue to make significant contributions to the Australian economy.

A new International Monetary Fund (IMF) report said the resources boom has reached its peak, although a significant rise in exports will underpin the industry for years to come.

The IMF stated Australia’s terms of trade were at their strongest in 2011 following record high global prices for the country’s popular commodities, including coal and iron ore. Strong demand for steel in China was particularly influential.

This resulted in mining investment making up 8 per cent of Australia’s GDP in 2013, up from just 2 per cent in 2002. Coal and iron ore spearheaded the charge, but LNG projects have quickly followed suit in order to help meet global energy demand.

A shift to mining exports

While mining investment will decline over the coming years, the IMF predicted this will…

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Solutions needed to spur future mining engineering investment

Informa Insights

Image source: wikipedia.org Image source: wikipedia.org

Mining engineering investment in Western Australia needs a kick-start, a new report has revealed.

The Chamber of Minerals and Energy of Western Australia (CME) and PricewaterhouseCoopers research found infrastructure spending for the resources industry is vital for the sector’s economic development.

CME director Nicole Roocke said: “The resources sector relies on a range of public and private infrastructure in delivering successful projects and commodities into the market.

“With public sector investment constrained by rising debt levels, it is crucial any impediments to attracting greater private sector investment are understood and addressed by both industry and governments.”

Mining engineering challenges

The report highlighted a number of constraints on WA private sector investment, including:

·      The difficulties in structuring, funding and delivering multi-user projects
·      Investor aversion to demand risk on greenfield schemes
·      Companies’ inability to capture the wider economic benefits of infrastructure investments to make them financially…

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Gold tops $1,300 as rally continues

Financial Post | Business

Gold, poised for the longest rally since 2011, topped $1,300 an ounce for the first time since November after signs of faltering U.S. economic growth added to the rising investor appetite for haven assets that has driven a 2014 rebound for bullion.

U.S. retail sales fell in January by the most in 10 months, and jobless claims unexpectedly rose in the week ended Feb. 8, government data showed today. Federal Reserve Chairman Janet Yellen said Feb. 11 that stimulus would be cut in “measured steps” and that the recovery in the U.S. labor market is “far from complete.” Bullion rose 70 percent from December 2008 to June 2011 as the central bank pumped more than $2 trillion into the financial system.

Gold, which slid the most since 1981 last year as some investors lost faith in the metal as a store of value, climbed 7.9 percent in 2014 amid a…

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