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Ministry Of Finance News

18 Apr 2022

Libya Halts Operations at Zueitina Oil Port Due to Protests

Libya halted oil production from its El Feel oilfield on Sunday and two sources at Zueitina oil port said exports there had been suspended after protesters calling for Tripoli-based Prime Minister Abdulhamid al-Dbeibah to resign took over the sites.Halting operations in El Feel and Zueitina would cripple Libya's oil production which averaged 1.21 million barrels per day before the latest outages. The force majeure on El Feel curtails the North African nation's production by 70,000 barrels per day.Libya has had two competing governments since March when the eastern-based parliament appointed Fathi Bashagha to replace Dbeibah, renewing a standoff between the east and west of the country.

28 Apr 2021

China's Fuel Clampdown Curbs Its LCO Imports

© Igor Groshev / Adobe Stock

China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…

02 Apr 2021

Germany to Propose Beirut Port Reconstruction with 'Strings Attached'

© Ali / Adobe Stock

Germany will next week present a multi-billion-dollar proposal to Lebanese authorities to rebuild the Port of Beirut as part of efforts to entice the country’s politicians to form a government capable of warding off financial collapse, two sources said.A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighborhoods in Lebanon’s capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.According to two diplomatic sources with knowledge of the plans…

24 Jun 2020

China Extends Waiver on Port Construction Fees

© William Messing / Adobe Stock

China’s Ministry of Finance said on Wednesday it would extend a waiver on port construction fees for imported and exported cargoes until the end of 2020 from June 30.The ministry will also extend a reduction in fees paid to the compensation fund for ship pollution until the end of this year.The move is part of Beijing’s efforts to help business resume amid the coronavirus pandemic and to shore up its export industry.(Reporting by Muyu Xu and Beijing Newsroom; Editing by Christian Schmollinger)

20 Apr 2020

Japan Exports Slump as Coronavirus Hits Demand

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Japan's exports slumped the most in nearly four years in March as U.S.-bound shipments, including cars, fell at the fastest rate since 2011, highlighting the damage the coronavirus pandemic has inflicted on global trade.Monday's bleak data underscored the challenges Prime Minister Shinzo Abe's government faces in dealing with a collapse in activity that is expected to send the global economy into its deepest slump since the Great Depression of the 1930s.After a jump in virus cases…

14 Jan 2020

China Tax Waiver for Cleaner Ship Fuel Exports

Copyright: Suriyapong/AdobeStock

China has approved a long-awaited tax waiver on exports of cleaner ship fuel, paving the way for refiners to boost output, though Beijing may initially limit shipments to focus on growing its coastal marine fuel market, state refiner officials say.Ships globally have switched to lower sulphur fuels, or use emissions-removing devices, to comply with new rules imposed by the International Maritime Organization this year.China's State Council, or cabinet, gave the go-ahead to waive taxes on the 0.5% or very low sulphur fuel oil (VLSFO)…

30 May 2019

Six Live Elephants Exported to DRC

A family of six elephants were loaded aboard the freighter El Nino in the port of Walvis Bay and is destined for an upmarket tourism Game Park in Kinshasa, Democratic Republic of Congo (DRC)."This is the first time a consignment of such magnitude involving adult elephants is leaving the country and will definitely not be the last as this was a trial run to guarantee that future exportations are conducted smoothly, said a press release from Namport, operating as the National Port Authority in Namibia, manages both the Port of Walvis Bay and the Port of Lüderitz in Namibia.On the safety of the animals during the transhipment, Dr Ulf Tubbesing…

22 Mar 2019

Rauma Marine to Build Ferry for Kvarken Link

Finnish-Swedish passenger ferry operator Kvarken Link has signed a construction agreement with Finnish shipbuilding company Rauma Marine Constructions for a car and passenger ferry, set to operate between the Finnish city of Vaasa and the Swedish city of Umeå.Following the agreement, the planning of the vessel can begin with immediate effect. The Ministry of Transportation and Communications of Finland, the Ministry of Economic Affairs and Employment, and the Ministry of Finance have jointly enabled the quick execution of the agreement.“We reached an agreement in a little over a week after signing the letter of intent. Now begins the real work.

07 Jan 2019

Chabahar Port Begins Commercial Operations

Commercial operations began at ndia Ports Global Chabahar Free Zone (IPGCFZ), at Chabahar with the arrival of a vessel after Government of India took over the operations.A Cyprus registered bulk carrier had arrived at Chabahar with 72458 MT of corn cargo. The vessel MV MACHERAS berthed at the terminal at 0130 hrs on 30th December 2018. Thus IPGCFZ carried out its first cargo operation by discharging the imported cargo(ex Brazil) using pneumatic un-loaders.India has written a history with its engagement in Chabahar, claimed a governement release. The physical take-over of the terminal area, cargo handling equipment and Office building was completed by 29th December 2018. The country is now leading the regional cooperation and joint efforts to support land locked Afghanistan.

18 Oct 2018

Port of Hamburg, Metrans Group Join for Intermodal

The Port of Hamburg and Metrans Group are intensifying their links with Lithuanian Railways. Axel Mattern, Joint CEO of Port of Hamburg Marketing, and Egidijus Lazauskas, Deputy Director-General and Director Freight Traffic for Lithuanian Railways, have signed a Memorandum of Understanding in Vilnius to strengthen cooperation on the routes to and from the Port of Hamburg.In addition, Hamburger Hafen und Logistik AG - HHLA’s intermodal subsidiary Metrans, and Lithuanian Railways signed a Letter of Intent to promote and improve cross-border freight flows.For years, the Lithuanian economy has been experiencing a tremendous upswing. In the first quarter of 2018…

30 Aug 2018

Port of Rotterdam Pact for Brazil's Pecém Port

As shareholders in the Port of Rotterdam Authority, the Municipality of Rotterdam and the Ministry of Finance have approved the participation in the Port of Pecém, a rapidly growing port in Northeast Brazil.The participation involves an investment of some 75 million euros and, in addition to holding 30% of the shares, the Port of Rotterdam Authority will have joint control of strategic decisions and positions at Executive Board, Supervisory Board and management level.The Port of Rotterdam Authority and Ceará State are expected to sign the decision next month, and the following months will be used to further finalise the participation.Allard Castelein…

31 Jul 2018

India Issues New Guidelines for Investment in Ports

India's Ministry of Shipping has undertaken a diverse set of initiatives as part of its drive to boost profitability across major Indian ports.One major initiative is to improve the returns earned on treasury investments by the ports for pension, provident and surplus funds. Across all major ports, these funds add up to around INR  33,000 crore (USD 4.8 billion), yielding interest of around INR 2,700 crore (USD 394 million)Looking for ways to push this amount further, the Ministry has realized an opportunity to improve returns by INR 150 crore (USD 22 million) or more through a strategic shift in its guidelines for provident and surplus funds.As per the most recent guidelines…

11 Jul 2018

Key Oil Export Terminals Reopen in Libya

Damage at Ras Lanuf terminal June 18, 2018 (Photo: NOC)

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export operations would be restored "within the next few hours", an NOC statement said, although the restart at Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged in fighting last month, was expected to be gradual.A tanker at Hariga was due to start loading 1 million barrels of crude on Wednesday afternoon…

02 Jul 2018

DP World Digitalizes Dominican Republic's Logistics System

A new electronic trade portal that will enable trade and make life easier for business has been launched in the Dominican Republic by Dubai Trade World (DT World). As a subsidiary of DP World, DT World will provide its ‘Mawani’ system that connects logistics services onto one platform, as well as management and consultancy services to DR Trade – a new joint venture company formed by DP World Caucedo and the Haina International Terminal. A recent signing ceremony in Caucedo to mark the agreement was attended by representatives of the Dominican Republic’s Ministry of Finance, General Directorate of Customs, National Council of Competitiveness…

05 Mar 2018

India Allocate Funds for Development of Inland Waterways

The Government of India has got a budget allocation of  INR 228 crore (USD 35.1 mln) for the development of Inland waterways transport, which also includes INR 126 crore (USD 19.4 mln) for North Eastern Region, for the year 2017-18. The proposal for raising Extra Budgetary Resources (EBRs) of  INR 1,000 crore (USD 154 mln) through bonds was approved by Ministry of Finance in 2016-17. Out of  INR 1000 crore, INR 340.00 crore was raised during 2016-17. Remaining amount of INR 660.00 crore has been raised in the Financial Year 2017-18. Out of 111 National Waterways declared by the Government through the National Waterways Act, 2016, National Waterway-1 (Ganga-Bhagirathi-Hooghly river system from Allahabad to Haldia)…

07 Feb 2018

Indian Cabinet Clears Changes in Major Port Authorities Bill 2016

Indian's  Union Cabinet has approved the incorporation of the official amendments to the Major Port Authorities Bill 2016, which is pending in the Parliament. The Amendments are based on the recommendations of the department related parliamentary standing committee. The changes sought include the number of the labour representatives to be appointed in the Port Authority Board among the serving employees of the Port has been increased from one to two, among others. The Board of each Major Port shall be entitled to create specific master plan in respect of any development or infrastructure established or proposed to be established within…

27 Nov 2017

FMC's Doyle to Exit Commission in January, 2018

Today, the Office of Commissioner William P. Doyle of the U.S. “Last week, I notified The President of the United States Donald J. Trump of my intention to leave the Federal Maritime Commission effective January 3, 2017. It has been an honor and a privilege to continue serving in the Trump Administration. I thank President Barack Obama for nominating and appointing me twice as a Commissioner. “I am proud to have worked alongside my fellow Commissioners and with such a dedicated and hardworking Commission staff. Over the past five years there has been an enormous amount of change in the international maritime industry including consolidations, mergers, bankruptcies, and the advent of mega ocean carrier alliances. As a Commissioner, Mr.

10 Aug 2017

India to Push Shipping Sector

Under the Government of India’s Sagarmala Program to promote port-led development, a master plan has been formulated for the 12 Major Ports. 142 port capacity expansion projects with an estimated cost of  INR 91,434 Crore (USD 14.3 billion) and capacity creation of 884 MMTPA have been identified in this master plan for implementation over the next 20 years. Out of these, 58 projects with project cost  of approximately INR  28,767 Crore (USD 4.5 billion)  have been approved. In 2015, an international benchmarking consultant conducted a study of the Major Ports which recommended 116 initiatives to enhance their efficiency and productivity to international benchmarks and unlock their capacity. Of the 116 initiatives, 85 initiatives have already been implemented.

19 Jun 2017

India to Sensitize Maritime Fraternity to New Tax Regime

The Ministry of Shipping in India conducted a workshop on “GST for Shipping” in New Delhi today to sensitize all constituents of the maritime fraternity, as the country lauches the new Goods and Services Tax (GST) to revolutionize the country's tax system. The workshop was attended by representatives from ports, various attached and subordinate organizations under the Ministry of Shipping and industry associations. Chairing the workshop Rajive Kumar, Secretary Shipping said that it was the endeavour of the Ministry to try and communicate the efforts of the Government of India to the maritime fraternity, and at the same time understand the concerns of the industry so that there can be a smooth moving over to the GST regime.

22 Mar 2017

Libyan Oil Output Rises after Port Fighting Ends

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement. The NOC said in a separate statement it hoped to produce 55,000 bpd in the coming weeks from the Abu Attifel and Rimal fields, which are currently closed for maintenance. The fields are operated by Mellitah Oil and Gas, a joint venture between the NOC and Italy's ENI.

11 Dec 2016

Master Plan to Develop Indian Ports

Based on the present traffic and cargo scenario of Major Ports, a Master Plan has been prepared for expansion of port capacity, which includes a number of new ports. Sagar Island (West Bengal):  Public Investment Board (PIB) has appraised the project subject to the condition that state Government shall ensure possession of the land is available to National Highways Authority of India (NHAI)  or any other Agency providing road connectivity and to railways/agency providing rail connectivity. Projected Traffic is to be around 3.5 MTPA in 2020 increasing to around 27 MTPA in 2035. Enayam near Colachel, (Tamilnadu): Detailed Project Report (DPR) is under preparation. The Port is proposed to be developed under the Landlord model. Projected traffic is around 127.05 MTPA by 2030.

15 Mar 2017

Will LNG Remain a Key Energy Source?

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Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015. Japan is one of the largest LNG importers in the world and it is expected that gas and LNG will continue to remain a key energy source in the future. The nation’s reliance on LNG rose in 2011 following the closure of the country’s nuclear reactors…

13 Sep 2016

Port of Antwerp Gets Nuke Detectors

Photo courtesy of Port of Antwerp

Arktis Radiation Detectors was selected to supply radiation portal monitors and mobile detection systems to the Belgian Government, for use at the Port of Antwerp. Under the contract, which has been let by the Belgium Ministry of Finance, Arktis and partner Bavak - Arktis’ exclusive distributor for the Benelux Region - will supply the port with radiation detection equipment for the largest capacity container terminal in Europe, located at the Left Bank in the Port of Antwerp.