Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="6487" type="CITY" weightage="80" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> plans to shut a crude distillation unit (CDU) at its <keyword id="154691" type="COMPANY" weightage="80" keywordseo="Jamnagar-refinery">Jamnagar refinery</keyword> in Gujarat for 10 days in the first half of July for maintenance and <keyword id="6378857" type="ORGANIZATION" weightage="80" keywordseo="repair">repair</keyword>. 

	The other three distillation units, including major secondary processing units will operate normally during this period and the planned maintenance activity will not have any impact on commercial commitments, ET reported on Monday, citing a release by the company. 
 

	According to the company, the routine shut down will also help it carry out necessary modifications to improve the reliability and performance of the unit.
 

	Reliance, owner of the world's biggest refining complex, has two mega-sized refineries in India. The older 660,000-bpd refinery at the complex also has two crude units and mainly caters to domestic demand. 
	 
	(Image: Reuters)

Reliance Industries to shut Jamnagar CDU for 10 days

<ul class="summary-list"><li>An oil refinery in <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, near the Ukrainian border, said it was hit by a drone on Wednesday.</li><li>Video footage showed what appeared to be a drone in the air, followed by a fire at that refinery.</li></ul>Video footage appears to show a Ukrainian drone attack on an oil refinery in western Russia, near its border with <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.Footage shared on social media shows a drone moving through the sky, followed by an explosion and large fire:Reuters reported that video footage was filmed at the Novoshakhtinsk oil refinery in Rostov, which is located five miles from Russia's border with Ukraine. It is not clear who captured the footage, and Reuters said it could not independently verify the footage.Moments before the blast, voices can be heard discussing whether the drone was unpiloted, before confirming that it was not.After the explosion, a voice can be heard saying, "Fuck me!," before another voice on the radio transmitter says,"The refinery has been hit. A drone dived and hit the target."Later, someone is heard saying, "It came from the Ukrainian side, right?" while another says, "Yes, from that side." The voice on the radio then says: "The refinery's on fire. Get out of there."Video shared by Russia's state-run RIA news agency on Wednesday showed firefighters at what it said was the Novoshakhtinsk oil refinery:The refinery appeared to blame Ukraine for the attack and said it had paused operations to assess the damage."As a result of terrorist actions from the Western border of the Rostov region, two unmanned aerial vehicles struck at the technological facilities of Novoshakhtinsk," it said."Staff have been evacuated and technological equipment has been stopped to assess the damage."The Novoshakhtinsk oil refinery said the first drone attacked the facility at 8:40 a.m. local time, hitting a crude distillation and causing a fire, Reuters reported. The second drone struck at 9:23 a.m. local time and was aimed at crude-oil reservoirs, Reuters reported, citing the refinery. It is not clear which strike the video above showed.Vasily Golubev, the governor of Russia's Rostov region, said there was a fire in the plant's vacuum unit and that parts of two drones were found nearby, Reuters reported.He said the fire was later extinguished and that no one was injured, Reuters reported.

Video appears to show Ukrainian kamikaze drone attack on oil refinery in Russia

Mumbai, Jan 23 () Engineering firm Tata Projects on Thursday said it has bagged four contracts worth Rs 6,000 crore in the oil and gas refinery sector in Odisha and Rajasthan.
 Of the four orders, three are from state-owned HPCL Rajasthan Refinery Ltd (HRRL) and one from Bharat Petroleum Corporation Ltd (BPCL), the company said in a statement.
 BPCL's order is for its 2G bio-ethanol project in Bargarh, Odisha, with a proposed production capacity of 100 kilolitres per day of second-generation ethanol.
 The other three orders pertain to HRRL's upcoming greenfield refinery-cum-petrochemical complex in Rajasthan.
 The scope of these contracts includes work for crude and vacuum distillation unit (CDU-VDU), delayed coker unit with unsaturated LPG treating unit and vacuum gas oil hydrotreating unit and refinery.
 "As a leading engineering and technology company, we have a specialised division that executes construction of environmentally beneficial and challenging projects. Hence, we seek to undertake projects that improve the lives of communities and support national developmental objectives at the same time," Tata Projects Managing Director Vinayak Deshpande said.
 Tata Projects provides end-to-end solutions to set up power generation plants, power transmission and distribution systems, fully integrated rail and metro systems, commercial buildings and airports, chemical process plants, water and waste water management solutions, complete mining and metal purification systems.
 "Energy is an area wherein every country needs to focus since it directly affects the economic growth and welfare of citizens. As a company, we are certain that these projects will further strengthen India's energy security while providing an impetus to national development," Tata Projects Chief Operating Officer (Industrial Systems) Satyanarayana K said. PSK HRS

Tata Projects bags Rs 6,000-crore orders in oil, gas refinery sector

<ul class="summary-list"><li>Global <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> rose on Thursday after the House passed Joe Biden's $1.9 trillion <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> package.</li><li>The package is expected to be signed into law by Biden on Friday, capping a two-month process.</li><li>Government data on Wednesday dampened fears of a sustained rise in inflation.</li></ul>Global stocks rose on Thursday after Joe Biden's <a href="https://www.businessinsider.com/whats-in-the-biden-covid-stimulus-checks-tax-credits-unemployment-3">$1.9 trillion coronavirus stimulus package</a> got its <a href="https://www.businessinsider.com/stimulus-house-passes-covid-relief-package-2021-3">final approval by the House of Representatives</a>. The legislation now heads to Biden, who is expected to sign it on Friday, capping a nearly two-month process that began shortly after his inauguration.US inflation data released on Wednesday showed the overall consumer price index rose as expected <a href="https://www.cnbc.com/2021/03/10/us-consumer-prices-rise-0point4percent-in-february-as-expected.html">by 0.4%</a> from the prior month and by 1.7% from a year earlier, according to Labor Department data. But core inflation, which excludes volatile food and energy prices, posted a much smaller 0.1% gain, damping fears that inflation might surge as the economy recovers.Futures on the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a>, <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a>, and <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq</a> rose between 0.3% and 1.5%, suggesting a higher open for US equities on Thursday.The US 10-year Treasury yield fell about 2 basis points on Thursday to 1.5% after a <a href="https://www.cnbc.com/2021/03/10/us-bonds-treasury-yields-climb-ahead-of-february-inflation-data.html">$38 billion auction</a> for benchmark 10-year notes showed adequate demand for 10-year Treasuries, easing concerns about a potential slump in demand for government debt. Willem Sels, chief investment officer at HSBC's private banking and wealth management unit, called the <keyword id="48815" type="PERSON" weightage="60" keywordseo="relief-package">relief package</keyword> "one of the most far-reaching federal relief efforts to ever pass Congress" and another reason to be confident of the outlook for US equities. One strategist said Biden's "extraordinary" fiscal stimulus has long been anticipated by investors and is already largely priced into <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, meaning that a significant market reaction seems unlikely. "Anomalies within the stock market are being corrected as real interest rates have risen and growth stocks have retreated while value sectors, which represent profits in the here and now, find favor again," Alastair George, chief strategist at global equity research firm Edison Group, said. "The passing of the stimulus package is a tick in the box to recovery and reinforces these trends."Charlie Ripley, a senior investment strategist for Allianz, said the legislation is a shot in the arm to speed up recovery from the pandemic. "But stimulus eventually wears off and investors will have to be prepared to cross that bridge when it comes," he said.Regional markets in Asia have seized on hopes that Sino-US relations could be about to improve after the Biden administration announced a <a href="https://www.businessinsider.com/us-china-to-meet-at-senior-level-in-alaska-next-week-2021-3">summit with Chinese officials</a> in Alaska on March 18. This could be bullish for trade and, by default, positive for Asia, said Jeffrey Halley, a senior market analyst at OANDA. China's <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> rose 2.3%, Japan's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei</a> rose 0.6%, and Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> rose 1.3%.European markets rose ahead of the European Central Bank meeting later on Thursday, at which the dominant theme is likely to be the recent increase in yields. Deutsche Bank expects the central bank will try to walk a middle path between optimism and caution.The <a href="https://markets.businessinsider.com/index/euro_stoxx_50">Euro Stoxx 50</a> rose 0.3%, while the UK's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> and <a href="https://markets.businessinsider.com/index/dax">Germany's DAX</a> were about flat.Oil prices rose after official US crude inventory data showed a huge drawdown in inventories of gasoline and distillates, but a large increase in crude stocks. <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude futures</a> rose 1% to $68.58 and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> rose 1% to $65.54.

Global stocks rise after the House passes Biden's $1.9 trillion stimulus package and fears of inflation subside

New Delhi, Feb 26 () Moody's Investors Service has downgraded the corporate family rating of HPCL-Mittal Energy Ltd to Ba2 from Ba1, and changed its outlook on the rating to stable from negative. The rating was downgraded due to weak refining margins arising from a slump in fuel demand, it said in a statement. "The downgrade to Ba2 reflects the deterioration in HMEL's credit metrics, driven by the weak refining environment in Asia as well as the company's expansion into petrochemicals, which has kept HMEL's borrowings at elevated levels," said Sweta Patodia, a Moody's analyst. The weak industry conditions are reflected in the Singapore benchmark refining margins, which declined to around USD 3.7 per barrel for 2019 compared to its historical average of USD 6-7 a barrel. "This decline in the benchmark was due to the extremely weak fuel oil spreads, which in turn were driven by International Maritime Organization's new regulation restricting the use of heavy fuel oil in marine transportation," it said. Also, the credit metrics of HPCL-Mittal Energy Ltd (HMEL) was impacted by its ongoing expansion into petrochemicals which has led to an increase in its borrowings. The company, which operates an 11.3 million tonnes a year oil refinery at Bhatinda in Punjab, is in the process of setting up a dual-feed petrochemical capacity of 1.2 million metrics tons per annum (mtpa). The project, which commenced in October 2017, was originally planned to be completed by March 2022. However, the company now intends to complete it by April 2021, accelerating its capital spending and keeping its borrowings at elevated levels. Moody's said there have been no material cost overruns so far and the total project cost continues to largely remain within management's initial estimates. Tightening regulations on the use of heavy fuel oil in the shipping industry, which kicked off in January 2020, could lead to higher demand for middle distillates and thus provide some support to refining margins, particularly for complex refiners like HMEL, it said. "The industry environment continues to remain uncertain and sustained weakness in regional refining margins could delay improvement in HMEL's credit metrics," the rating agency said. Moreover, the impact of the coronavirus outbreak on the regional demand growth for petroleum products remains uncertain. Furthermore, HMEL's refinery will undergo 35 days of a planned shutdown during September-October 2020, which will constrain its earnings and cash flow during the fiscal year ending March 31, 2021 (fiscal 2021). "The stable outlook reflects Moody's view that the company will maintain high utilisation of its refinery resulting in strong operating cash flow such that its credit metrics will continue to support its standalone credit profile," the statement said. HMEL's Ba2 rating is supported by the company's high complexity refinery that generates strong refining margins and by its 15-year offtake agreement with Hindustan Petroleum Corporation Ltd (HPCL) that provides high visibility on sales volumes. "The rating, however, is constrained by the moderate scale of the company's operations, with a single refinery and crude distillation unit, and by its exposure to the cyclical nature of the refining industry," it added. HMEL is privately owned with HPCL and Mittal Energy Investments holding a 49 per cent stake each. HPCL is in turn 51.1 per cent owned by Oil and Natural Gas Corporation (ONGC), which is 67.7 per cent owned by the Government of India. Mittal Energy Investments is a 100 per cent subsidiary of Mittal Investments SARL. As of December 3, 2019, HMEL had cash and cash equivalents of Rs 790 crore which along with expected cash flow from operations of around Rs 2,600-2,700 crore will be sufficient to cover routine capital expenditures of around Rs 1,060 crore and Rs 930 crore of debt maturities over the next 12 months. "Moody's is unlikely to upgrade the ratings until HMEL completes its ongoing expansion and successfully ramps-up its petrochemical plant," it added. ANZ DRR

Moody's downgrades rating of HPCL-Mittal Energy Ltd

Mumbai, May 6 () The operating profitability of domestic sugar mills is expected to decline by 150-300 basis points (bps) to 7.5-9.5 per cent due to reduction in industrial usage of sugar, lower demand for ethanol, and fall in exports following the ongoing crisis of COVID-19 pandemic, Crisil Ratings said. The COVID-19 pandemic is expected to exert a downward pressure on credit quality of sugar mills by eroding operating profitability and shoring up debt in FY21, Crisil Ratings said in a report. "The expected decline in operating profitability of millers this fiscal is despite sugar production declining by a fifth in the current sugar season. Sugar millers could thus be looking at operating profitability of 7.5-9.5 per cent in the current fiscal, down from 9-12.5 per cent in the last fiscal," Crisil Ratings Director Gautam Shahi said. One of the reason for decrease in profitability is the expected reduction in industrial usage, which accounts for nearly two-thirds of the annual demand of 26 million tonne, as several food manufacturing units -- including soft beverages, chocolates, confectionery, bakeries, hotels, restaurants and cafes -- are either shuttered or running at low capacities, it said. As a result, overall domestic demand is expected to be lower by 1.5-2 million tonnes in the current sugar season, as reflected in softening prices over the past few weeks, it added. The second reason is that the oil marketing companies would reduce ethanol offtake because the lockdown has lowered demand for fuel. Besides, they have limited storage capacity available and production of potable alcohol from ethanol would also be impacted because demand from distillers would have declined, the report said. Also, international sugar prices have fallen by 23 per cent between January and April as large supplier nations, including Brazil, are switching from ethanol to sugar due to slack global oil demand and low crude oil prices. Thus, exports from India are likely to remain flattish compared with a 25-30 per cent growth expected earlier, it added. Crisil Ratings further said that India had started the current sugar season (October 1, 2019 – September 30, 2020) with an opening stock of 14.5 million tonnes. However, despite 20 per cent lower production, the closing inventory is likely to be high at 12.8-14 million tonne, which is equal to six months' consumption, because of slack industrial demand and exports, it added. The saving grace for domestic sugar mills is the minimum selling price of Rs 31 per kg fixed by the government. If not for it, sugar realisations would have fallen further, given the high stocks, and led to a sharper decline in profitability, the report said. "The current sluggishness in sales due to the pandemic will push up inventories, resulting in elevated debt levels this fiscal. "This, coupled with lower profitability, will moderate the ratios of cash accruals to total debt and interest coverage to 0.09 time and 1.6 times from 0.13 time and 2 times, respectively, in fiscal 2020–21, indicating downward pressure on credit metrics," Crisil Ratings Associate Director Kiran Kavala sdid. SM RVK

Domestic sugar mills' operating profitability to dip 150-300 bps in FY21 on decline in demand, exports: Crisil Ratings

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersTraders work on the floor of the New York Stock Exchange in New York</div></div></div>Via Dave Lutz at JonesTrading, here's a super-quick guide to what traders are talking about right now:Good Morning! Renewed growth concerns continue to weigh on Futures globally, pushing this S&amp;P down 70np to start today. Huge sea of red overseas, with the Miners getting worked again in London, Anglo and Glencore off 4%, Rio 2.5% - hitting the FTSE for 1.2% and nearing a 1month low. The DAX is faring a touch better, losing only 80bp as Industrials rebound and Fins mitigate losses - helping Italy's market trade near unchanged. Volumes are heavy across the continent, with most exchanges trading 15%-40% above normal trends. Asian stocks fell for 6th day, their longest losing streak since Feb as Shanghai slipped 10bp, closing just below 3k resistance, while Hang Seng 70bp. Aussie lost 1.5%, its worst session in a month as BHP was shellacked for nearly 10% and South32 lost 8%. Japan remains closed until Friday. Not seeing any retracement in Sovereign Yields - with Germany's 10YY stuck near 20bp and the US10YY under 1.8%. The DXY is still recovering from 15M lows, making gains against Euro as Eurozone retail sales fall by more than expected as $ shorts (near 3Y highs) continue to cover. Commodity currencies are under pressure, with Aussie continuing to retreat as metals remain weak - Rebar -3% while Ore lost almost 2% in China. Silver, Gold, Platinum and Copper all off ~1%+. Crude Oil is slightly higher early tho, as Inventory Draws coupled with Alberta Fires impacting Oil sands production helping the complex outperform the stronger Greenback. Softs look weak across the board as crowded longs continue to unwind. We have a heavy day of catalysts ahead of us, starting with the ADP Employment report at 8:15, followed by the Treasury's quarterly refunding announcement, along with Trade Balance, Nonfarm Productivity and Unit Labor Costs at 8:30. We get those Markit PMIs at 9:45, just ahead of the "official" ISM services read, which hits at 10 along with US Factory and Durable Goods Orders. The DoE data for Crude hits at 10:30, last night's API data showed a 1.3M build (Street at +750k), but a smaller build in Cushing at 380k (Genscape 820k estimated) and huge draws in Distillates (-2.6) and Gasoline. We have Fed's Kashkari speaking on "Too Big to Fail" at6:30. Headers from activists from the Ira Sohn will be hitting throughout the session. Focus in Washington will be on the Election - Cruz Quits, ending GOP fight - but Sanders' unexpected 5% win over Clinton has the Dems in turmoil. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/global-economy-biggest-threat-2016-4">FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4wNWo1MzE6mCXkk1XHZUEjn1PYYwkNot" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Here's a super-quick guide to what traders are talking about right now

This World Environment Day the United Nations had only one directive - reject single-use plastic. Hosted by <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, the internet was in an uproar to #BeatPlasticPollution and to reduce humanity’s over-reliance on disposable plastic. It may be the need of the hour, but there’s a sizable economic cost attached to it as well that seems to be getting sidelined in the name of environment preservation. Banning plastic is definitely a boon for the environment. For starters, it reduces the amount of non-biodegradable litter that clogs up storm drains and piles up in landfills. Even the ocean has islands that are made of solid waste that consist mostly of plastic garbage. Indirectly, since disposable plastics are derived from crude oil refining, when their manufacturing reduces, it also reduces the contribution of polypropylene to climate change. But then, there’s flip-side to a ban. Businesses that manufacture disposable plastic, firms using plastics for packaging and even the consumer - all have to bear the cost. The burden of a ban isn’t just limited to the plastics industry. Horizontal and vertical dependants like the petroleum industry, food delivery outlets and even the road-side juice vendor will feel the impact. In India, Sikkim was the first state to implement a ban on plastic bags in 1996. It was also one of the first states to apply a ban on single-use plastics. The state’s been fairly successful in its implementation considering that there’s a very limited space for garbage dumps within their territory. But then again, that’s not always the case. States like Andhra Pradesh and Madhya Pradesh that have significant plastic waste generation have only been marginally successful in implementing partial bans. Taking the most recent case of the <keyword id="6360810" type="UNKNOWN" weightage="20" keywordseo="Plastic-ban">plastic ban</keyword> in <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword>, the All India Plastics Manufacturers’ Association (AIPLMA) claims that while this initiative may help the environment, it will also result in a <a href="https://economictimes.indiatimes.com/news/politics-and-nation/plastic-ban-india-stares-at-loss-of-rs-15000-crore-3-lakh-jobs/articleshow/64721810.cms">loss of up to ₹15 billion</a> ($220 million) and nearly 300,000 jobs. The snowball effect One assumes that the direct effect of banning plastic use is that plastic wastage decreases, but the reality is broader than that. Plastics is an industry of its own that makes a significant contribution to key sectors in India like textiles and healthcare. That being said, one sector that will be hit the hardest by the plastic ban is the packaging sector. 
	<div type="image" title="SNOWBALL" msid="64749162" hostid="261"></div>


 1. <keyword id="6369865" type="UNKNOWN" weightage="20" keywordseo="job-loss">Job loss</keyword> So, it’s a fairly straightforward correlation that when there’s unemployment in one sector then the supply of labour will increase. In this case, it will affect polymer manufacturers, plastic processors and recycling players. Especially those that work in extrusion, which would include the manufacture of plastic bags and blow moulding which is how bottles and containers are made. It should be noted that the plastics industry is highly labour intensive and largely unorganised. In Maharashtra, specifically, AIPMA <a href="https://www.thehindubusinessline.com/economy/policy/plastic-ban-may-shave-800-cr-off-maharashtras-gst-revenues-says-lobby/article23375711.ece">claims</a> that the ban will result in the shut down of 2,150 industrial units. In India, there’s already a surplus of low wage labourers, which will be further impacted by such a move. The extent of the impact will be determined by the skill set and specialisation that distills into the market. 2. Gross Domestic Product (<keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword>) will be affected As of 2017, the Indian plastic industry <a href="http://www.plastindia.org/pdf/indian-plastics-industry-report2014.pdf">contributes</a> around 7.1% to the country’s GDP. It’s also complementary to the petrochemical industry that works in tandem. But, the ban itself hits the ‘end user market’ where plastic products are primarily used for domestic purposes. Additionally, the packaging industry is one of the key drivers of demand for plastics. It’s one the fastest growing industries with a compound annual growth rate (CAGR) of 15% over the last five years. It has received major impetus from retail growth, changes in lifestyle, and growth of smaller packaging. The implementation of a strict ban would be a fairly large obstacle for the plastics industry to compensate. In Maharashtra itself, the plastics industry is fairly big. In fact, plastics <a href="https://www.thehindubusinessline.com/economy/policy/plastic-ban-may-shave-800-cr-off-maharashtras-gst-revenues-says-lobby/article23375711.ece">contribute</a> to around 35% of the state’s GDP with a turnover of ₹50,000 crore. It’s also one of the reasons why the state contributes to nearly <a href="http://cpcb.nic.in/displaypdf.php?id=cGxhc3RpY3dhc3RlL0FubnVhbF9SZXBvcnRfMjAxNS0xNl9QV00ucGRm">one-third</a> of India’s plastic waste. Placing a ban on plastic use will retract the demand for plastics overall, thus leading to decreased sales and decreased revenue. As a result, whatever stocks of single-use plastics are left with manufacturers of plastic products, and companies that use them, will basically be a sunk cost after 23 June, as per the <a href="https://www.mid-day.com/articles/maharashtra-extends-deadline-for-disposal-of-existing-plastic-stock-to-3-months/19313179">government directive</a>. AIPMA estimates that the banned products would results in a loss of up to ₹15 billion. 3. <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">Bad loans</keyword> in the banking sector will increase As the demand for plastics falls, assuming the ban is implemented effectively, a lot of micro, small and medium units (<a href="http://www.freepressjournal.in/mumbai/plastic-ban-chokes-maharashtras-msme-industriy/1246368">MSMEs</a>) in the plastics industry, could default on loans and the proportion of bad loans could increase. This is especially true as one analyses the <a href="http://www.freepressjournal.in/mumbai/plastic-ban-chokes-maharashtras-msme-industriy/1246368">downstream supply chain</a> of plastics. While polymer manufacturing is dominated by large industrial groups, plastic processors and recycling players are largely MSMEs. 4. Fines on small and micro retailers will affect their P&amp;L statements As with any new law or directive, there’s an implementation curve. There will always be a few defaulters who won’t comply immediately, and the heavy fines could send their <a href="http://www.thehindu.com/news/cities/mumbai/retailers-to-move-hc-to-exempt-pp-bags-from-ban/article24213766.ece">profit and loss</a> (P&amp;L) statements for a spin. Large corporations won’t feel the pinch of a ₹5,000, ₹10,000 or ₹25,000 fine, but <a href="https://localpress.co.in/2018/03/plastic-ban-maharashtra-developments-ban-till-date/">roadside vendors, food vendors and delivery kitchens</a> have to be wary. Some vendors have reported that they’ve had to temporarily stall their services as they come up alternative methods of packaging. 5. Cost of going green to consumers More than the plastics sector, industries that depend on plastic for packaging will have to find alternative green methods of presenting their commodities in the market. Nonetheless, there’s <a href="http://ladpw.org/epd/aboutthebag/PDF/SocioEconomicImpactStudy_final.pdf">evidence</a> to support the fact that firms generally pass on this cost onto their consumers where they can purchase a paper/reusable bag at nominal rates. There’s the crux of the issue. More than the repercussions of the plastic ban, what matters is how the ban is embraced by the public. The use of paper bags is only effective if they are reused, otherwise the problem shifts from <keyword id="1820144" type="PERSON" weightage="20" keywordseo="plastic-pollution">plastic pollution</keyword> to deforestation. And, if climate change is the primary concern, banning plastics might not even necessarily be the right solution.

Banning plastics is necessary, but here’s what that might cost India

By <a href="http://www.econmatters.com/search/label/EconMatters">EconMatters</a>
Exxon Mobil Corp. (XOM), the world’s biggest energy company by market cap, said its 4Q profit rose to a five-year high boosted by its refining arm from growing supplies of cheap U.S. <keyword id="6359072" type="CITY" weightage="60" keywordseo="oil">oil</keyword>. However, <keyword id="6383835" type="COMPANY" weightage="60" keywordseo="Delta">Delta</keyword> Airlines (DAL) can’t tell a similar success story with its newly acquired refinery. 
Delta paid $150 million for <a href="http://www.econmatters.com/2012/05/when-airline-buys-oil-refinery.html">a Phillips 66 refinery</a> in Trainer PA last May aiming to save $300 million a year in future fuel costs. At the time, many analysts see this acquisition as a smart fuel hedge move by Delta. However, as I <a href="http://www.econmatters.com/2012/05/when-airline-buys-oil-refinery.html">previously discussed</a>, since, the actual implementation of this potential fuel cost savings could be quite problematic. 
<div class="image-container" style="width:548px"><div class="image"></div><a href="http://4.bp.blogspot.com/-CNV9a_fexkc/UQxGJ6sPSAI/AAAAAAAAB0U/jz7bYPZQr2U/s1600/Jet+Fuel+Crude.png">IATA</a></div> 
Further Reading – <a href="http://www.econmatters.com/2012/05/when-airline-buys-oil-refinery.html">When An Airline Buys An Oil Refinery</a> During a time when most refiners are reporting good earning numbers as price gain of petroleum products have outpaced stagnant WTI crude prices, Delta reported loss of $63 million at the Trainer refinery in 4Q, and expects more losses of up to $100 million in 1Q 2013. Delta chalked it up to Sandy, the super storm. However, as Platts <a href="http://blogs.platts.com/2013/01/22/delta_trainer/">reported</a> that in a Dec. 2012 investor call, Delta executives said Trainer plant relies on crudes at about $4/b above Brent (The plant is old and relies on expensive imported crude feedstock mostly from Nigeria.) Platts concluded that Delta is most likely selling gasoline and fuel oil (distillate) at a loss based on the current crack spread (to Brent). Gasoline and fuel oil accounts for more than half of Trainer’s production.
Furthermore, according to Platts, “Refining experts who have done computer simulations tell JFI that Trainer economics theoretically only work using a crude slate of distillate-rich crudes such as Nigerian Forcados, which typically trade at a large premium to Brent crude.”Also, there seems to be another indication of troubles in Delta’s vertical-integration strategy of purchasing a refinery as a fuel hedge. The ex-oil-trader-turned-Delta-VP-of-Fuel, Jon Ruggles, left the company quite abruptly late last year. Ruggles, a key person behind the Trainer refinery deal, was hired away from Merrill Lynch less than a year ago to head Delta’s trading operation. Rumor has it that Ruggles' exit from Delta was somehow related to losses at the Trainer plant. 
The latest from Delta executives is that they now expected Trainer to have $280 million in savings in 2013 and refine 80% if the airline's domestic jet fuel requirement. And there could still be hope for Trainer yet as Delta indicated in a recent SEC filing that the company is considering getting the cheaper Bakken crude by railcar. Given that transporting crude by railcar adds about $22 a barrel to the cost of oil, it is hard to imagine the economics could improve much at Trainer with the current Brent premium over WTI at only around $19 a barrel. 
To put it another way, if it were as easy as shipping Bakken oil via railcars, wouldn’t you think ConocoPhillips, who’s only been in the oil business dating back to 1875, would have figured it out long before dumping the Trainer asset? 
Now thinking the worst is over after extensive restructuring and consolidation in the airline sector, most Wall Street analysts have turned optimistic towards the airline industry. Delta Airlines stock has climbed 25% in the past year outperforming the broader Bloomberg United States Airline Index, which includes Delta Airlines. Investment houses like J.P. Morgan already raised Delta’s 1Q 2013 profit estimate, citing lower fuel prices and strong travel demand.
<div class="image-container" style="width:553px"><div class="image"></div><a href="http://2.bp.blogspot.com/-g_OpUabqJHo/UQxIxWiRmfI/AAAAAAAAB0c/UBQSswOii9Y/s1600/Bberg+Airline+Index.png">Bloomberg</a></div> 
Further Reading - <a href="http://www.econmatters.com/2013/01/the-market-rally-tells-us-nothing-about.html">The Market Rally Tells Us Nothing About the Economy</a> However, the fact remains that flying is a commodity, and crude oil prices are expected to remain flat at least in the next two years due to subdued economic growth and demand. That means the same major factors that’s been negatively impacting the airline sector -- weak world GDP, high fuel prices and fierce competition– will still be there, at least in 2013 and 2014, with many down side risks such as the euro zone, and Iran. So in general, any increase in airline profitability would be hard-earned from things like efficiency gain and capacity reduction. 
<div class="image-container" style="width:550px"><div class="image"></div><a href="http://www.econmatters.com/2013/02/delta-airlines-got-oil-refinery-math.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+EconForecastFullFeed+%28Posts+by+EconMatters+Only+%28Full+Content%29%29">IATA</a></div>
On top of the tough macroeconomics, Delta has one more down side risk than peers – Trainer Refinery. And as if that’s not bad enough already, Delta management projects nonfuel unit costs will increase 6% to 8% for the March quarter and 4% to 6% for fiscal 2013 due to salary increases and Capex. 
IATA, which represents about 80% of global carriers, forecast the average global airline industry profit margins will improve but remain thin at 2.9% in 2013. So it is hard for me to share the same optimism as JPM regarding Delta or even the airline sector as a whole. © <a href="http://www.econmatters.com/" target="_blank">EconMatters</a> All Rights Reserved | <a href="http://www.facebook.com/EconMatters" target="_blank">Facebook</a> | <a href="http://twitter.com/#!/EconMatters" target="_blank">Twitter</a> | <a href="http://feedburner.google.com/fb/a/mailverify?uri=EconForecast" target="_blank">Post Alert</a> | <a href="http://astore.amazon.com/econforecast-20?_encoding=UTF8&amp;node=80" target="_blank">Kindle</a> <a href="http://feeds.feedburner.com/~ff/EconForecastFullFeed?a=4hv11lKIJQA:yrPGDR1gsOI:I9og5sOYxJI"></a> <a href="http://feeds.feedburner.com/~ff/EconForecastFullFeed?a=4hv11lKIJQA:yrPGDR1gsOI:qj6IDK7rITs"></a> <a href="http://feeds.feedburner.com/~ff/EconForecastFullFeed?a=4hv11lKIJQA:yrPGDR1gsOI:yIl2AUoC8zA"></a> <a href="http://feeds.feedburner.com/~ff/EconForecastFullFeed?a=4hv11lKIJQA:yrPGDR1gsOI:bcOpcFrp8Mo"></a>
Read more posts on <a href="http://www.econmatters.com">EconMatters »</a>

Delta Airlines Has A Bigger Risk Than Its Peers

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgard GarridoThe damaged roof of a Pemex gas station is seen in Casimiro, Mexico October 24, 2015.</div></div></div>Drivers in parts of Mexico have found themselves mired in long lines or turned away from gas stations in the days and weeks before Christmas, as fuel shortages hit cities and towns in the state of Michoacan.The shortages have been attributed to a number of factors, including pipeline theft, pricing and maintenance issues for state oil company Pemex, and speculation ahead of a shift to competitive-pricing model slated for January. These challenges and the resultant shortages come at a time when Pemex's refining and transport capacity is lagging the strong growth in demand.In the days before Christmas, <a href="http://www.proceso.com.mx/467438/reportan-desabasto-combustible-en-al-menos-50-gasolineras-michoacan" target="_blank">at least 50</a> gas stations in Morelia, a city in northeastern Michoacan state, and surrounding communities were facing shortages. Gasoline and diesel were hard to find in many places, with long lines at some stations and others displaying "<a href="http://www.proceso.com.mx/467438/reportan-desabasto-combustible-en-al-menos-50-gasolineras-michoacan" target="_blank">no gasoline</a>" signs."There's been a lot panic buying with lines 40 cars long at gas stations and many closed in Morelia," said <a href="http://worldstudies.vcu.edu/people/chesnut-phd.html" target="_blank">Andrew Chesnut</a>, a professor of religious studies at Virginia Commonwealth University who is traveling in the area. In other parts of the state, drivers were gathering in <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">lines at 7 a.m.</a> at stations where sales began at 10 a.m."My brother-in-law who's 64 years old and has lived in Morelia his entire life has never seen such a situation with gas," Chesnut added.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Edgard GarridoVehicles beside fuel pumps at a Pemex gas station in Mexico City, January 13, 2015.</div></div></div>Gas shortages have been reported in at least 12 Mexican states, including San Luis Potosí, Guanajuato, Aguascalientes, Chiapas, Nuevo Leon, and Oaxaca. In San Luis Potosí there were <a href="http://www.eluniversal.com.mx/articulo/estados/2016/12/25/slp-inicia-compras-de-panico-pese-llamado-de-pemex" target="_blank">reports</a> of lines with more than a 100 cars and tens of people on foot.Shortages <a href="http://www.lavozdemichoacan.com.mx/morelia/por-que-no-hay-gasolina-en-michoacan/">appeared</a> in parts of Michoacan two months ago, and gas-sector officials in the region indicated that shortages of some types of gas and in some areas <a href="http://www.proceso.com.mx/467438/reportan-desabasto-combustible-en-al-menos-50-gasolineras-michoacan">would continue</a> well into 2017. "We filled up our tank twice today and bought a large gas can and filled it," Chesnut told Business Insider on December 23. "In Morelia there's hardly any public transport because of it."Pemex authorities have asked consumers not to make "<a href="http://www.lavozdemichoacan.com.mx/dinero/llama-pemex-a-no-hacer-compras-de-panico/" target="_blank">panic buys</a>" of gasoline so that the company could restore supplies as soon as possible. The firm also <a href="http://www.lavozdemichoacan.com.mx/dinero/llama-pemex-a-no-hacer-compras-de-panico/" target="_blank">said</a> it was stepping of its resupply efforts.Gas-pipeline theft - a dangerous problem that remains <a href="http://www.businessinsider.com/mexico-oil-price-budget-cuts-and-theft" target="_blank">widespread in Mexico</a> and <a href="http://www.animalpolitico.com/2016/12/gasolina-precio-2017-pemex/">requires</a> pipeline shutdowns - and Pemex supply issues have contributed the shortages of fuel in many parts of the country, which is the world's <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">fourth-largest</a> consumer of gasoline. Those issues have been compounded by structural challenges Mexico's oil industry has faced in recent years. While Mexico's economy has expanded for <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">27 straight quarters</a>, it has been unable to boost refining capacity in order to meet growing energy demand. Mexico's fuel demand is about 2.04 million barrels a day and is expected to growth 2% to 3% in years ahead, <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">according</a> to Reuters. Moreover, car sales in Mexico through September this year were <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">up 18%</a>, hitting a record of 1.12 million units.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div>This has been a boon for US oil refiners. In September, Mexican imports of US fuel <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">grew</a> to about 960,000 barrels a day - a monthly record and well ahead of the year-to-day average of 820,000 barrels a day. In 2016, Mexico, a major crude-oil exporter, will be a net oil importer from the US <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">for the first time</a>."Mexico's appetite for U.S. gasoline and distillates has played a significant part in sustaining Gulf Coast refining margins," Sandy Fielden, director of oil and products research at Morningstar, <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">told</a> Reuters. The US refining industry as a whole saw profits at a five-year low in 2016.Pemex has turned to US imports both to satisfy growing domestic demand and in response to its own shortfalls in output. The company has seen its budget reduced by the government of current President Enrique Peña Nieto, and next year it faces another cut of about $5.36 billion, <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">according</a> to Reuters.At present, Pemex refineries are running at <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">about 60%</a> of their 1.576 million barrel a day capacity. The Peña Nieto government opened the country's long state-controlled oil industry to private investment in 2013 in order to counter falling production and refining capacity. Beginning with Baja California and Sonora <a href="http://noticaribe.com.mx/2016/12/22/admite-director-de-pemex-que-gasolinas-subiran-mas-del-10-en-2017/">in March</a> next year, states in Mexico will begin shifting away from heavily <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12">subsidized</a> gas prices set by federal authorities to <a href="http://www.animalpolitico.com/2016/12/gasolina-precio-2017-pemex/">market-based pricing</a>. With that opening and growing demand, private imports are expect to grow next year.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Edgard GarridoMexico's President Enrique Peña Nieto talks with Jose Antonio Gonzalez, right, chief executive officer of Petroleos Mexicanos (Pemex) during the 78th anniversary of the expropriation of Mexico's oil industry in Mexico City, March 18, 2016.</div></div></div>"People are blaming [Enrique Peña Nieto] for both incompetence and speculation before the new law of competitive pricing beginning in January," Chesnut said of popular frustration with fuel shortages.On December 22, José Antonio Gonzalez, the director general of Pemex, <a href="http://www.animalpolitico.com/2016/12/gasolina-precio-2017-pemex/" target="_blank">dismissed</a> reports forecasting a 22.5% rise in gas prices next year, cautioning against speculation. But when pressed, Gonzalez <a href="http://www.animalpolitico.com/2016/12/gasolina-precio-2017-pemex/" target="_blank">admitted</a> that prices were likely to rise more than 10%, possibly 15% to 20%.In the near term, shortfalls in supply and issues with the switch to market pricing appear to have contributed to <a href="http://www.businessinsider.com/mexico-governing-pri-corruption-unpopularity-2018-elections-2016-12" target="_blank">widespread public discontent</a> with the Peña Nieto government, as well as with Pemex officials and state authorities.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=zocalo%20protests&amp;showact=results&amp;sort=creationdatelower%3Areversealphabetical&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1342112048&amp;pagez=60&amp;cfasstyle=AND&amp;rids=aecbccc268a9413cb561871401de8ff6&amp;dbm=PY2012&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP Photo/Marco Ugarte</a>Mexican protestors with a sign depicting President Enrique Peña Nieto.</div></div></div>Fuel scarcity "adds to popular discontent in Morelia with several state government departments and the University of Michoacan on strike over nonpayment of last two weeks of December salary plus Christmas bonuses, which are between 1.5 and three months of salary," Chesnut told Business Insider.Private fuel imports from the US to Mexico are <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12" target="_blank">expected to increase</a>, driven by further liberalization of the Mexican energy market and growing demand by Mexican consumers and aided by the improvement of cross-border infrastructure.But political concerns reportedly color the outlook of some in the oil and gas industry on the US side of the border.While President-elect Donald Trump's cabinet appointments, some of them from the energy industry, may temper his moves to alter terms of trade between the US and Mexico, the prospect of any change to the business of political environment has stirred concern."Even a minimum change in taxes could mess up gasoline exports to Mexico," a source working at a terminal and pipeline operator doing business with Pemex <a href="http://www.businessinsider.com/r-us-refiners-cash-in-on-mexicos-record-fuel-imports-2016-12">told</a> Reuters. "Everybody is worried, but nobody says it." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-ford-factory-mexico-us-louisville-kentucky-assembly-lincoln-2016-11">Trump said he prevented a Ford factory from leaving the US - but the company says the move was never planned</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J3MHJvNzE6fxnFj_lloyp1iFPtNCE5yy" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "crude distillation unit CDU" and got 11 results

Reliance Industries to shut Jamnagar CDU for 10 days

BI India Bureau

Video appears to show Ukrainian kamikaze drone attack on oil refinery in Russia

Sinéad Baker

Tata Projects bags Rs 6,000-crore orders in oil, gas refinery sector

PTI

Global stocks rise after the House passes Biden's $1.9 trillion stimulus package and fears of inflation subside

Shalini Nagarajan

Moody's downgrades rating of HPCL-Mittal Energy Ltd

PTI

Domestic sugar mills' operating profitability to dip 150-300 bps in FY21 on decline in demand, exports: Crisil Ratings

PTI

Here's a super-quick guide to what traders are talking about right now

Akin Oyedele

Banning plastics is necessary, but here’s what that might cost India

Prabhjote Gill

Delta Airlines Has A Bigger Risk Than Its Peers

EconMatters

Pre-Christmas gas shortages in Mexico hint at a bigger weakness in the county's oil industry

Christopher Woody

BEIGE BOOK: The US Economy Is Experiencing 'Modest Or Moderate' Growth

Matthew Boesler

Popular Keywords

Buying Guides