Page 5 - Middle East

China to send envoy to West Asia for mediation: Foreign ‌Minister Wang Yi

Wang Yi tells Saudi and UAE counterparts China will send special envoy as conflict escalates; urges protection of civilians, energy assets and shipping lanes

US-Iran war hit markets; Morgan Stanley sees Sensex at 107k: Here's why

According to Morgan Stanley, India's trailing 12-month performance has been among the weakest historically, even as valuations approach previous troughs

L&T, KEC, Apar: How West Asia conflict could hit these capital goods firms?

PL Capital reckons India's West Asia-exposed companies may face near-term headwinds such as execution disruptions, logistics challenges, slower tender finalisations adn deferment of new orders

An emboldened Israel is seizing opportunities to remake region

Now, Israel and the United States own the skies over Iran and are steadily blowing up its ballistic missile infrastructure and arsenal

Defence stocks outperform in weak market; BEL, Astra rally 5%; here's why

At 09:22 AM on Monday, the Nifty Defence index rose 1.1 per cent, as compared to 1 per cent decline in the Nifty 50 amid rising US-Iran tensions.

Govt has set up inter-ministerial group to monitor West Asia crisis: Goyal

The government has set up an inter-ministerial group, which is meeting daily to closely monitor developments in West Asia, Commerce minister Piyush Goyal said on Tuesday. Exporters have expressed apprehensions that escalating tensions in the West Asian region due to joint attacks by the US and Israel on Iran may impact India's trade. "We have set up an inter-ministerial group that meets on a daily basis and is closely monitoring the developments in West Asia to assess any vulnerabilities -- in our shipping, logistics, export or even critical imports, and we will coordinate with inter-ministerial actions," Goyal said while addressing a post-Budget webinar. During the first meeting of the group on Tuesday, he said, different ministries have suggested certain things. "We shall work on those and continue to look for your valued suggestions in the Ministry of Commerce so that we can ensure the minimal impact of the West Asia crisis," he added.

West Asia crisis: PM Modi speaks to Sultan of Oman, Crown Prince of Kuwait

Prime Minister Narendra Modi on Tuesday spoke to Sultan Haitham bin Tarik of Oman and Crown Prince of Kuwait Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah, and expressed concern over attacks on their countries during the ongoing conflict in West Asia, officials said. In his telephonic conversations, Modi also discussed with the two leaders the welfare and security of the Indian community residing there. "The prime minister spoke to two important leaders from the Gulf region on Tuesday afternoon. He had a phone call with the Sultan of Oman, Sultan Haitham bin Tarik, and also had a conversation with the Crown Prince of Kuwait, Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah," an official said. During his talks with the two leaders, Modi expressed concern over the attacks in their respective countries and discussed the welfare and security of the Indian community residing there. The phone calls took place in the wake of a coordinated offensive launched against Iran by the ..

Qatar declares force majeure, gas supplies to Indian industry cut

Qatar, India's largest supplier of imported natural gas, has declared force majeure on deliveries following a halt in production in the wake of an Iranian drone strike -- a disruption that has led to a cut in supplies to Indian industry by up to 40 per cent, sources said. Qatar supplies about 40 per cent of the nearly 27 million tonnes of liquefied natural gas (LNG) that India imports annually to meet demand across sectors ranging from power generation and fertiliser production to CNG distribution and piped cooking gas networks. Gas importer Petronet LNG Ltd has informed gas marketers of Qatar halting its liquefied natural gas production after Iran continued to strike Gulf countries in retaliation for Israeli and US strikes against it, they said. The attacks have also effectively brought oil and LNG shipments through the Strait of Hormuz to a near halt, driving up global energy prices as well as sharply raising war-risk insurance and shipping costs. Iran controls the Strait -- a vi

China refiners cut runs as war with Iran halts West Asia crude shipping

The world's biggest oil importer, China sources roughly half its crude from the Middle East

India has enough fuel stocks to meet demand for up to eight weeks

India holds sufficient crude and fuel inventories to meet domestic demand for petrol, diesel, and other fuels for six to eight weeks, top government sources said, cushioning the country against any short-term supply disruption amid escalating military conflict in West Asia. About half of India's crude and LPG imports transit the Strait of Hormuz - the key energy chokepoint that has seen disruptions following US and Israeli attacks on Iranian government, military and nuclear facilities. Iran warned shipping away from the strait, and insurers withdrew coverage, effectively halting tanker movements. A top oil ministry official, who wished not to be named, said the government is monitoring the situation "on a daily and hourly basis" and is confident of navigating through the crisis that by some estimates may last a week or ten days. While the country has crude oil stocks to last 25 days and fuel to last a similar duration, contingency plans - including using stockpile in strategic ...

Oil prices keep climbing as expanding conflict heightens supply risks

US West ‌Texas Intermediate crude gained $5.31, or 7.5 per cent , to $76.54 after hitting its highest since June at $77.53

India eyes alternative energy supplies amid Strait of Hormuz disruption

Indian refiners process about 5.6 million barrels per day of crude, with about 40 per cent of their crude imports passing through the Strait of Hormuz

War risk insurance costs likely to climb amid West Asia crisis: Experts

Freight carriers will have to pay an additional premium to restore war cover for shipments passing through high-risk areas amid the escalating crisis in West Asia, experts said. Vessels of the Shipping Corporation of India (SCI) are also involved in the movement of crude oil and LNG, especially through areas around the Red Sea, and would have to pay an additional premium for war cover to ensure risk cover. "It is reasonable to expect that Indian oil companies will have cargo exposures and SCI will have hull exposure in this region. Oil prices are also likely to face upward pressure in the near term," Policybazaar Head (marine insurance) Balasundaram R said. According to Prudent Insurance Brokers Head (marine specialities), Gaurav Agarwal, notice of cancellation of war cover has been issued on hull on March 1, and a similar cancellation on cargo is expected soon. After this cancellation, Agarwal said, the insurers may increase premiums on hull and cargo. "If the conflict becomes a

AAI seeks 7-day fuel stock data from int'l airports amid West Asia crisis

State-owned Airports Authority of India (AAI) has asked all international airport operators in the country to provide details about available fuel stocks as well as estimated requirements for the next seven days amid the escalating Middle East crisis, sources said on Tuesday. The communication comes against the backdrop of the escalating conflict in the Middle East involving the US, Israel and Iran that threatens to impact global oil supplies. One of the sources said the details have been sought as a "precautionary measure" to have a clear understanding about the fuel supply situation at the international airports. The sources told PTI that following directions from the civil aviation ministry, AAI has sought details about the current fuel supply status from all the international airport operators. The operators have also been asked to provide details about average daily fuel consumption, estimated fuel requirement for the next seven days and date of next scheduled fuel replenishme

Will West Asia tensions dent Dubai's appeal for Indian students? Explained

Impact on Indians in Dubai: Rising regional tensions trigger fresh safety concerns even as Dubai remains a popular and cost-effective study destination for Indian families

Indian auto firms on wait-and-watch as West Asia crisis blows up

Indian automakers assess West Asia exposure amid rising tensions, as export risks remain limited but higher fuel and input costs could weigh on domestic demand

Middle East tensions disrupt travel: What fliers must know before you book

Gemini said Travel Alert: What to Do If You Have Flights Booked to or via the Middle East If you have an international trip planned for the coming weeks, you've likely been keeping a close eye on the

West Asia crisis: UAE resumes flights; Indian carriers plan relief

Airspace restrictions across the Gulf disrupted services for a third day, prompting partial resumption in the UAE. Meanwhile, Indian airlines have also mounted relief measures

QatarEnergy to stop LNG output temporarily as West Asia crisis intensifies

QatarEnergy said on Monday it would stop its production of liquified natural gas as the Mideast war rages, taking one of the world's top suppliers off the market. The state-owned firm blamed the war for the decision. It offered no timeline for restoring its production. Oil prices have already risen over the war.

West Asia crisis: Apparel exporters urge govt to waive cargo penalties

Apparel exporters' body AEPC on Monday said it has written to the civil aviation ministry seeking waiver of demurrage charges on export cargo on account of flight disruptions emanating from the ongoing West Asia crisis. Under the existing tariff structure of Cargo Terminal Operators (CTOs), demurrage charges become applicable when cargo remains in terminal facilities beyond the stipulated free period. However, AEPC argued that the present circumstances constitute an exceptional and unavoidable disruption in the global air logistics chain. "Imposition of demurrage in such cases would place an undue financial burden on exporters who are already facing shipment delays, contractual uncertainties, and market-related challenges," Apparel Export Promotion Council (AEPC) Chairman A Sakthivel stated. Sakthivel also suggested that DGCA consider issuing suitable instruction to CTOs to grant waiver of demurrage charges on export consignments that could not be lifted due to flight disruptions,