Page 22 - West Asia

Fertiliser output may fall 10-15% if West Asia crisis persists: Crisil

India's annual domestic output of urea and complex fertilisers is likely to decline by 10-15 per cent due to supply chain disruptions caused by the ongoing conflict in the Middle East, a Crisil Ratings report said on Thursday. "The ongoing issues in the Middle East could disrupt the fertiliser supply chain at a crucial time for the kharif season. Disruption in LNG and ammonia supplies continuing for about three months could cut domestic urea and complex fertiliser production by 10-15 per cent," Crisil Ratings Director Anand Kulkarni said. However, he said the impact on production will be cushioned to some extent by the recent government directive allocating 70 per cent of gas to urea manufacturers. He added that the fertiliser inventory of around three months, along with expected imports from alternative sources, will mitigate the risk of immediate supply shortages. Further, Crisil Ratings said the increase in prices of raw materials and imported fertilisers is likely to increase .

Jaishankar in France for G7 meeting, West Asia crisis tops agenda

External Affairs Minister S Jaishankar on Thursday travelled to France for the G7 foreign ministers' meeting, which will discuss the West Asia crisis with a focus on coordinating efforts to ensure that the Strait of Hormuz remains open for international shipping. While India is not a G7 member, it has been invited as a partner country by France, the current chair of the powerful bloc. Top diplomats from the US, Canada, Germany, Italy, France, Japan and the UK are attending the meeting. The external affairs minister will visit Abbaye des-Vaux-de-Cernay in France on March 26 and 27 to participate in the G7 foreign ministers' meeting with partner countries, according to an official statement. Jaishankar is also expected to hold bilateral discussions with his counterparts on the sidelines of the G7 meeting, it said. Besides India, France has invited Saudi Arabia, South Korea and Brazil. According to a French official, there will be a session dedicated to the crisis in West Asia. The

A month of LPG supply arranged amid West Asia conflict, says govt

The demand for LPG cylinders had risen to 89 lakh due to panic ordering by consumers and has now come down to 50 lakh cylinders again

West Asia crisis hits scrap imports, drives up costs: Recycling industry

Freight cost surge, insurance pullback and port shutdowns disrupt supplies; aluminium scrap prices jump

West Asia Crisis: How to manage your money wisely during economic uncertainty

The ongoing tensions in West Asia are increasing crude oil prices and putting pressure on supply chains and household expenses in India.

Oil rises as investors reassess West Asia ceasefire prospects

Oil jumps over 3% as Middle East tensions threaten supply, with Hormuz disruption and global outages intensifying fears of a prolonged energy crisis

India's GDP growth above 7% in FY27 despite global headwinds: Assocham

India's economy is expected to grow above 7% in FY27, supported by domestic demand and investment, even as geopolitical tensions and global slowdown risks persist

Pentagon considers redirecting Ukraine military aid to West Asia: Report

The weapons that could be redirected include air defense interceptor missiles purchased through a NATO initiative launched last year, under which partner countries buy US arms for Kyiv

LPG cylinders to be delivered as scheduled, no queues needed: UP CM

Uttar Pradesh Chief Minister Yogi Adityanath on Thursday assured people that there is no need to stand in queues for cooking gas cylinders, assuring them that LPG will continue to be delivered at homes according to the booking schedule. Addressing a gathering at the inauguration of a Software Technology Park in the Gorakhpur Industrial Development Authority (GIDA) area, Adityanath urged people not to rush to gas agencies or fuel stations unnecessarily. "Book your LPG cylinder as per requirement and it will be delivered to your doorstep in due course. There is no need to stand in line outside agencies," he said. He also advised people to purchase petrol and diesel only when required, cautioning that queues at filling stations are being driven by rumours. "Some people are trying to create panic and disturb normalcy by spreading misinformation. The public should not pay heed to such rumours," he said. Referring to consumption patterns, the chief minister questioned why households that

Israel media claims Iran Naval commander killed, no confirmation from Iran

Commander of the Islamic Revolutionary Guard Corps Navy, Alireza Tangsiri was responsible for the closure of the Strait of Hormuz

Tanker carrying Russian oil hit by drone in Black Sea near Turkey

The attack, just outside Turkish territorial waters, likely aimed to disable the engine room in the Sierra Leone-flagged vessel that was carrying Russian oil

Nayara Energy hikes petrol price by ₹5 per litre, diesel by ₹3 amid war

Nayara Energy, India's largest private fuel retailer, on Thursday raised petrol prices by Rs 5 per litre and diesel by Rs 3 a litre, passing on part of the recent surge in global oil prices following the war in the Middle East, sources said. Fuel marketing companies in India have been under strain as retail petrol and diesel prices remained frozen despite a nearly 50 per cent surge in international oil prices since February 28, when the United States and Israel launched military strikes against Iran, triggering sweeping retaliation from Tehran. Nayara Energy, which operates 6,967 of India's 102,075 petrol pumps, has decided to pass on part of the increase in input costs to consumers, two sources with direct knowledge of the matter said. A company spokesperson did not immediately offer any comment on the story. Jio-bp, the fuel retailing joint venture of Reliance Industries and BP Plc that owns 2,185 outlets, has, however, so far not raised prices despite incurring heavy losses on s

Payments up to ₹25,000 crore pending: Basmati exporters amid Iran war

The ongoing conflict in West Asia has severely disrupted India's premium basmati rice exports, causing significant losses to traders and threatening the livelihoods of farmers.According to a Bhopal-based businessman, consignments of Premium 1121 Basmati rice are currently stuck at ports, with payments worth Rs 2,000 crore to Rs 25,000 crore pending.A businessman from Bhopal speaking to ANI said, "...The Premium 1121 Basmati rice, which we used to export, is currently being held at the ports. If this situation continues, Indian traders will face significant losses. Our payments, ranging from Rs 2,000 crores to Rs 25,000 crores, are pending and have not been received, causing difficulties for the traders. The government is currently taking its own measures, and if the situation persists, farmers will also face problems in the future...."On Wednesday, an all-party meeting, convened by the government on the West Asia crisis, was held. The meeting was chaired by Defence Minister Rajnath ...

SE Asia revisits nuclear power plans for AI data centres amid Iran war

Nuclear power is getting a second look in Southeast Asia as countries prepare to meet surging energy demand as they vie for artificial intelligence-focused data centres. Several Southeast Asian nations are reviving mothballed nuclear plans and setting ambitious targets and nearly half of the region could, if they pursue those goals, have nuclear energy in the 2030s. Even countries without current plans have signaled their interest. Southeast Asia has never produced a single watt of nuclear energy, despite long-held atomic ambitions. But that may soon change as pressure mounts to reduce emissions that contribute to climate change, while meeting growing power needs. The Iran war is underscoring the vulnerability of Asia's energy supplies, raising the sense of urgency about finding alternatives to oil and gas in Southeast Asia, analysts say. The surge in crude oil prices caused by the escalating conflict has raised the motivation for countries to speed up their nuclear efforts, said .

Freight surge, LPG shortage amid Iran war hit exports from east India

The West Asia crisis has pushed freight costs for Europe-bound cargo up by 60-80 per cent, with exports falling by as much as 50 per cent for some exporters while hundreds of containers got stranded at Kolkata port, industry representatives said on Thursday. Calcutta Customs House Agents Association (CCHAA) president Mannu Choudhary told PTI that freight charges have risen by over 40 per cent due to rerouting through the African route, while war surcharges imposed by shipping lines have taken the total cost escalation to 70-80 per cent for shipments to Europe and the US. Exporters also complained of a shortage of containers. "Shipping lines are denying freight details to exporters, who are now waiting. No fresh containers are being accepted by shipping lines," he said. Choudhary said around 600 containers that had entered Kolkata port for loading were being returned to the city following last-minute cargo cancellations. Of these, around 400 have already been taken back, while the

Asian stocks fall, oil climbs over Iran war de-escalation uncertainties

Asian stocks were mostly lower and oil prices gained on Thursday as a de-escalation of the Iran war remained uncertain. US futures were down 0.1 per cent. Tokyo's Nikkei 225 was trading 0.3 per cent lower at 53,607.75. South Korea's Kospi lost 1.9 per cent to 5,537.30. Hong Kong's Hang Seng fell 1.4 per cent to 24,978.71, while the Shanghai Composite index was down 0.6 per cent to 3,909.16. Australia's S&P/ASX 200 edged down 0.2 per cent, while Taiwan's Taiex was trading 0.4 per cent higher. Oil prices were up again on Thursday after an earlier dip. Brent crude, the international standard, rose 1.3 per cent to USD 98.51 per barrel. It was below USD 95 on Wednesday. Benchmark US crude was 1.6 per cent higher at USD 91.75 a barrel. The rise in oil prices came as Tehran on Wednesday dismissed a ceasefire plan by the US, after the administration of US President Donald Trump offered a 15-point proposal to Iran and Trump this week delayed a self-imposed deadline to "obliterate" its ...

Iran working on draft law to introduce tolls for passage via Hormuz

The narrow waterway has been all but closed since US and Israeli strikes on Iran began almost a month ago, and has become a focal point of the war

USS Abraham Lincoln continues ops against Iranian targets: US Centcom

Iranian Navy issued another direct warning to the United States, stating that its aircraft carrier, the USS Abraham Lincoln, is being closely monitored and faces potential strikes

Indian Oil buys first Iranian LPG since 2018 as crunch worsens amid war

The refiner will share the shipment with its state-owned peers Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd