Mustard oil prices went up byRs 50 per quintal on the oils and oilseeds market today oncontinued buying by vanaspati millers and retailers on accountof marriage season.Marketmen said persistent buying by vanaspati millers tomeet the ongoing marriage season demand mainly pushed upselect wholesale edible oil prices.In the edible section, mustard expeller oil (Dadri)rose by Rs 20 to Rs 5,300 per quintal...
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KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has formally permitted National Commodity Exchange (NCE) for trade of edible oil, Geo news reported on Thursday morning.The Managing Director of NCE Sumair Ahmed told Geo news, the NCE had been waiting, from federal government, for the approval of gazette notification for last one month, which would allow the organization to trade raw...
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Govt must end cheap vegoil imports - trade body < ');" class="arial11blue1"> RateThe government must restrict cheap imports of vegetable oils by raising taxes, to encourage domestic oilseed output and reduce import dependency, the chief of a leading trade body said on Monday.India, which displaced China this year to become the world's top vegetable oil importer, allows tax-free purchases of crude edible...
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Cyprus-based Suntera Resources Limited has decided to exit all the six oil and gas exploration blocks in India, where it had jointly picked up equity stakes ranging from 10 to 40 per cent along with state-owned companies—Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL).Suntera Resources is a joint venture company of Russia’s largest gas company — ITERA and the $1.5 billion plus Sun Group...
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Iraq has struck a deal with a consortium led by US oil giant Exxon Mobil, and including Royal Dutch Shell, to develop the West Qurna 1 oil field.This is the second major deal the country's oil ministry has agreed with overseas oil firms this week.The latest deal, which needs cabinet approval, is designed to boost oil production at the Qurna oil field from 280,000 to 2.1 million barrels a day.Under...
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KOLKATA: India’s forex outgo on account of import of vegetable oils has zoomed to a record high of Rs 28,000 crore in the just concluded oil year of 2008-09 (November-October) from Rs 25,000 crore in the previous year. Apart from a normal 7% growth in consumption of cooking oils, which constitute 95% of the total vegetable oil imports, zero import duty on crude edible oils and a nominal 7.5% duty on...
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pumping of oil from sunken Mongolian ship Black Rose was temporarily suspended today as the custom officials refused to permit the transportation of oil from Paradeep to Visakhpatnam by road.Paradeep Port sources said United States based Resolve Marine Group entrusted to remove the oil from the sunken ship and had pumped out 175 metric tonnes of furnace oil yesterday.The pumped out oil was stored in...
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The International Energy Agency warns that oil and gas supplies are running out -- but not as quickly as some expect.IEA rejects reported whistleblower allegations body has exaggerated oil suppliesSenior IEA source told newspaper that world is closer to running out of oil than official estimates suggest-- The International Energy Agency has rejected reported allegations from a whistleblower that world...
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markets witnessed a lower turnover week inspite of a lower base effect as the turnover on the Multi-Commodity Exchange (MCX) declined 2% on a week-on-week basis. Traders preferred a buy-and-hold strategy instead as the outlook was relatively volatile. The market-wide open interest on the MCX rose 10%. Base metals continued to remain under pressure as the flight to safety (of bullion) extended and the...
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KOLKATA: India’s forex outgo on account of import of vegetable oils has zoomed to a record high of Rs 28,000 crore in the just concluded oil year of 2008-09 (November-October) from Rs 25,000 crore in the previous year. Apart from a normal 7% growth in consumption of cooking oils, which constitute 95% of the total vegetable oil imports, zero import duty on crude edible oils and a nominal 7.5% duty on...
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