Month: May 2021

World’s Best Islamic Financial Institutions 2021

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The last year wasn’t an easy year for anyone. Lockdowns dampened economic activity to the point that GDP fell nearly everywhere. Major markets in the Middle East and other places where energy is a crucial contributor to the economy faced an additional challenge in the significant decline in the price of oil. That might have wrought a great deal of damage to Islamic financial institutions (IFIs). Yet banks and other financial entities that operate according to Shariah law performed well overall, according to data from S&P Global. Net profits for…

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Chevron Hokkaido Deal Marks Asia-Pacific LNG Shift

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U.S. oil major Chevron (NYSE: CVX) last month signed a liquefied natural gas (LNG) supply and purchase agreement with Hokkaido Gas for a half million tons of LNG from its global portfolio spread over a period of five years, starting from April 2022. Chevron said its new partnership will broaden its customer base in Japan, a market that is foundational to its overall LNG business. The new deal typifies how LNG markets in the Asia-Pacific region, home to around two-thirds of global LNG demand, are still undergoing systematic changes amid a prolonged…

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Commentary: Oil and gas is not the sunset industry you think it is

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Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity. It also thrives on a large shipping industry and is one of the main shipping bunkering stations in the world, given its strategic location. But that may change as the…

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IEA: Mineral supplies for electric cars ‘must increase 30-fold’ to meet climate goals

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At least 30 times as much lithium, nickel and other key minerals may be required by the electric car industry by 2040 to meet global climate targets, according to the International Energy Agency (IEA). These metals are among a handful that are considered vital in the manufacture of solar panels, wind turbines and other clean energy technologies. Overall, the Paris-based organisation says the production of these key minerals may need to quadruple over the next two decades to achieve the Paris Agreement target of limiting warming to “well below” 2C, or expand by as…

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LPG sector seeks probe into imports

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The local liquefied petroleum gas (LPG) industry has called for formation of an inquiry commission to probe the windfall gains reaped by LPG importers, which have caused losses worth billions of rupees to the local industry and the national exchequer due to disparity in taxes. The industry has also urged the prime minister to take notice of the situation and form a commission, like in the case of oil crisis, to investigate the gains made by the LPG importers. They said that the National Accountability Bureau (NAB) and the Federal…

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