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Japan to start LNG futures contract TOKYO: Japan is preparing to create the world's first futures trading contract for liquefied natural gas in a bid to stabilise the commodity's price as demand soars, an industry ministry official said Tuesday.Resource-poor Japan and neighbouring South Korea are the world's two top buyers of LNG with East Asia accounting for about 60 percent of global demand, but the region also tends to pay higher prices with shipping costs expensive and rates varying from place to place. In Asia, the price for LNG is index-linked to oil, which means buyers tend to pay far more than those in North America, where price is determined on the basis of supply and demand.Big price differences for LNG -- natural gas that is temporarily liquefied for easier storage and transportation -- underscored the need for its own trading contract, the industry ministry official said.Tokyo wants to make the contract a reality within two ...

Oil prices fall in Asia after weak US data SINGAPORE: Oil prices eased in Asia on Tuesday, hit by disappointing manufacturing data and a pipeline closure in the United States, analysts said.New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in May, shed 38 cents to $96.69 a barrel in the afternoon and Brent North Sea crude for May dropped 33 cents to $110.75."Lower prices are mainly a reaction to the weak manufacturing indices (in the United States)," said Ric ...
Brent steadies under $111, curbed by US demand outlook SINGAPORE: Brent crude steadied under $111 a barrel on Tuesday, supported by prospects of stronger appetite in Asia but hurt by concerns over the pace of economic recovery in top consumer the United States.Saudi Arabia Oil Minister Ali Al-Naimi said on Monday he expected to see a recovery in demand for the kingdom's crude in Asia but stopped short of quantifying the expansion.China, the world's second-largest oil consumer, imported 1.08 million barrels a day of ...
CAO starts operation of storage facility in South Korea SINGAPORE: China Aviation Oil (CAO), Asia's largest jet fuel trader, said it started commercial operations on Monday of a joint-venture oil storage terminal in South Korea with capacity of 1.3 million cubic metres. The terminal is part of the company's ambitious plan to expand globally. The facility was initially expected to be operational by late 2012, but construction was delayed due to rain and cold weather, a CAO spokeswoman said. She declined to say ...
Brent drops below $110 after China PMI data misses mark SINGAPORE: Brent crude eased under $110 a barrel on Monday after Chinese manufacturing data missed market expectations, signalling possibly slower demand growth in the world's second-largest oil consumer.China's official purchasing managers index for March came in a 50.9, the highest in 11 months, although a Reuters poll showed economists expected an increase to 52.0 from February's five-month low of 50.1.A separate PMI survey by HSBC put the index at 51.6, mostly in line with an ...
Japan crude imports from Iran fall 32.3pc in February y/y TOKYO: Japan's crude oil imports from Iran in February fell 32.3 percent from a year earlier to 953,848 kilolitres (214,268 barrels per day), the Ministry of Economy, Trade and Industry (METI) data showed on Friday, as the world's third-biggest oil consumer seeks a waiver from US sanctions.Japan's Ministry of Finance recently issued customs-cleared imports data from Iran, but the oil industry considers METI data as a benchmark because it tracks the actual import status of ...
Vietnam raises fuel prices by up to 6.2pc: ministry HANOI: Fuel distributors in Vietnam have raised the retail petrol price by 6.2 percent to 24,580 dong ($1.18) per litre, the first price change so far this year, the Finance Ministry said on Thursday.The diesel price was raised by 1.7 percent to 21,912 dong per litre while that of kerosene was increased by 2.2 percent to 22,080 dong a litre, the ministry said in a statement. Copyright Reuters, 2013 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln