Page 14 - West Asia

First LNG tanker exits Strait of Hormuz along Omani coast since war

LNG ships have avoided Hormuz since the conflict broke out on Feb. 28, disrupting about a fifth of the world's supply of the fuel

West Asia conflict hits Surat's textile biz on higher costs, fewer workdays

Gujarat's textile hub in Surat has started feeling the pinch of rising input costs due to the ongoing West Asia conflict, with several units either curtailing their daily working hours or bringing down their active production days. Some office-bearers claimed that the industry was currently facing losses of around Rs 100 crore every day. Surat city is among India's largest centres for man-made fabric production. The South Gujarat Textile Processors Association has decided to limit the operational days of units to five days a week instead of seven in a bid to manage rising costs, its president Jitendra Vaktania said. "Due to rising costs of raw materials and coal, the textile processing industry in Surat and South Gujarat is facing a crisis," he said. Several units have also scaled down production cycles from 24 hours to 12 hours a day, impacting overall output, said Ashok Jirawala, president of the Federation of Gujarat Weavers' Welfare Association and vice-president of the Southe

West Asia crisis: Russia offers to boost crude, LNG supplies to India

With the West Asia crisis continuing to drive volatility in the global energy market, Russia has offered to increase supply of crude oil and natural gas to India even as the two sides agreed to further enhance the overall bilateral ties. The energy cooperation figured prominently in meetings Russia's First Deputy Prime Minister Denis Manturov held with National Security Advisor Ajit Doval and External Affairs Minister S Jaishankar on Thursday, people familiar with the matter said. Manturov also held talks with Finance Minister Nirmala Sitharaman and called on Prime Minister Narendra Modi last evening. A Russian readout of the First Deputy Prime Minister's engagements in New Delhi said special attention was accorded to bilateral cooperation in the oil and gas sector. "Denis Manturov confirmed that Russian companies have the capacity to steadily increase supplies of oil and liquefied natural gas to the Indian market," it said. The comments came as the the West Asia crisis continued

Israel reopens largest gas field after West Asia war shut it for a month

Israel had ordered the temporary shutdown of some gas fields as a security measure after the conflict broke out on Feb 28

Foreign Secretary Vikram Misri attends UK-led meet on reopening Hormuz

No talks with Iran on payments for Indian ships to transit via Hormuz: MEA

West Asia conflict: City of Glass cracks under Iran war's distant heat

Starting in Firozabad, where cooled furnaces and scattered shards of glass mirror fragile livelihoods, this six-part series traces the ripple of the West Asia war across India

PNGRB halts implementation of oil & gas consumer protection rules

The strict enforcement of certain provisions amid supply disruptions from the West Asia war may impact companies, the regulator said

Govt permits C3, C4 allocation for pharma, chemicals, and food sectors

A government committee will evaluate sector-wise allocation of C3 and C4 streams for key sectors amid supply constraints and rising energy prices due to the West Asia crisis

India manufacturing PMI plummets to 4-year low amid West Asia conflict

Industry 'takes a step back' as market uncertainty and cost pressures increase

Results preview: FMCG companies may see limited war impact in Q4FY26

Impact to be seen in Q1FY27

RBI's rupee challenge: Policymakers should not be swayed by absolute levels

While the war is affecting macroeconomic dynamics in various ways, requiring intervention, economic management has become significantly complex for the Reserve Bank of India (RBI)

More measures on anvil to help exporters tackle West Asia crisis: Goyal

Government is considering fresh measures, including freight support, to help exporters manage rising costs and disruptions caused by the ongoing West Asia crisis, says Goyal

Medtech, pharma welcome duty relief, seek GST cuts on key inputs

Industry welcomes customs duty exemption on petrochemicals but urges GST relief on inputs and faster refunds to ease cost pressures amid West Asia disruptions

Agro-chemical sector sees input costs falling 8-9% after customs duty cut

The duty exemption will start from April 2 and continue till June 30, 2026, an official order said

West Asia crisis: More measures on anvil to support exporters, says Goyal

The government has announced measures to help exporters tackle the impact of the West Asia crisis and some more decisions are on the anvil, Commerce and Industry Minister Piyush Goyal said on Thursday. An US-Israel attack launched on Iran in February has disrupted movement of ships in the international waters. It has also pushed air freight and insurance cost for traders. To help exporters, the government has announced certain decisions through a relief package and "some more decisions are on the anvil, are under consideration at different levels and different ministries," he told reporters here. As part of relief measures, the government is looking at providing some freight subsidies. Last month, the government rolled out a Rs 497 crore RELIEF (Resilience & Logistics Intervention for Export Facilitation) scheme for exporters, who are facing disruptions due to the ongoing West Asia conflict. Goyal informed that during his bilateral meetings with trade ministers of other countries

BCGCL, MCL sign land deal for India's first coal gasification project

BCGCL and MCL sign a land agreement for India's first indigenous coal gasification project in Odisha, aimed at boosting energy security and reducing import dependence

Hormuz crisis has caused economic strain, energy instability: Navy Chief

The admiral said competition at sea is no longer confined to oil and energy. It is expanding to resources that will shape future growth, he asserted

Iran war disrupts US small businesses with shipping complications

The Iran war is making life more difficult for small business owners across the country, who are grappling with shipping complications, higher costs and consumers tightening their grip on their wallets. A shoe designer is struggling to import its shoes from Vietnam; a pistachio grower has millions of dollars worth of pistachio exports sitting in the water; a home landscaper in Kansas City is stockpiling fertilizer as prices skyrocket; and a Chicago electronics store owner is facing pain at the pump. Small business owners say the severe supply chain disruptions during the pandemic were worse - but they fear that if the war stretches on for months, it might start to come close. "The costs are rising, the routes are changing, and capacity is tightening. It's all happening at the same time, and that's a perfect storm for small businesses," said Brandon Fried, executive director of the Airforwarders Association, a trade group for US companies that move cargo through the supply chain on a

South Korea President seeks swift parliamentary nod for $17 bn energy plan

Lee highlighted that disruptions in global energy supply--particularly due to virtual blockades around the Strait of Hormuz have significantly pushed up fuel prices

West Asia war: Trump vows to hit Iran; Tehran appeals to American citizens

Tensions remain high in West Asia as Donald Trump threatens stronger attacks on Iran if talks fail. Here are the top updates at 10 am (IST)