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Tata Chemicals Dissolves Two UK Subsidiaries Under Group Restructuring

Tata Chemicals (NSE:TATACHEM, BOM:500770) said two step-down subsidiaries, Cheshire Salt Holdings and New Cheshire Salt Works, have been dissolved following voluntary strike-off in the UK, according to a Tuesday filing on Indian bourses.Shares of the company were up over 1% in Wednesday's trade.The dissolution, effective April 14, is part of a move to simplify the group structure and does not change the company's ownership of its UK operations, the filing said.No proceeds were received from the closure as the entities were indirect subsidiaries, it added.

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Asia10d ago

Market Chatter: US Treasury Chief Slams China as Unreliable Global Partner Due to Oil Hoarding

U.S. Treasury Secretary Scott Bessent called China an "unreliable global partner" amidst the war in the Middle East, Reuters reported Tuesday, citing remarks made to reporters.Bessent said China has been stockpiling more oil than needed and limiting exports, similar to how the country hoarded medical supplies during the COVID-19 pandemic, the report said."China has been an unreliable global partner three times in the past five years; once during COVID, when they hoarded healthcare products, second on (rare earths)," the publication quoted Bessent as saying.China's reserve is equivalent to the entire stockpile held by the 32 members of the International Energy Agency (IEA), Reuters said.The International Monetary Fund, World Bank, and the IEA have asked countries to stop hoarding oil and imposing export controls, but stopped short of naming countries, the report said.China has been working actively to end the hostilities and would "continue playing a constructive role," Reuters said, citing Liu Pengyu, spokesperson for the Chinese embassy in Washington.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Oil & Energy10d ago

US LNG Tanker Departures Hit New High in March as Importers Seek Alternatives to Middle East, RBC Says

Tanker departures, carrying US liquefied natural gas, to import markets reached a new high in March amid disruption to supplies of Middle Eastern origin, RBC Capital Markets said on Tuesday, based on data from a new US LNG shipment monitor it is establishing.RBC said it estimates that 43% of departures with an undeclared destination were bound for Europe. Shipments destined for Asia doubled month over month while Europe remains the destination for most departing cargoes.Asia-Pacific is likely to increase demand as a result of losses of some Middle Eastern cargoes, RBC noted.It said with about 83% of Qatari LNG export capacity intact, the country will still need 4-6 weeks to ramp up movements while the remaining 17% of export capacity will take years to restore.Among new capacity additions in the US, Golden Pass has now produced its first cargo while Corpus Christ Stage 3 Train 5, with 1.5 million tons per annum capacity, was largely completed by March 27th, slightly ahead of schedule.RBC said it expects Corpus Christi Stage 3 Trains 6 and 7, each with the same capacity as Train 5, to be largely complete over the summer to autumn period.The Sabine Pass Train 7 has now established commercial contracts and Calcasieu Pass 2 Phase 2 reached a final investment decision in mid-March.RBC's data counted 145 LNG tanker departures in March, a record and a 23% increase over and above February's count.The increase was achieved in part by producers making use of small amounts of unused production capacity, to maximize output as demand rises amid the global supply shock.RBC said third-party tracking data will later help confirm its expectation that a growing number of cargoes will head to Asia amid a "scramble" for swing cargoes and due to arbitrage opportunities that have arisen.The research note said that all 36 trains are producing LNG at the major Plaquemines facility, with expectations of 2026 production of around 26 million tons, later rising to 28 million.The installation is currently commissioning, with contracts starting in Q4 for its Phase 1, 13.3 million tons per annum section. Phase 2 with 6.7 mtpa will start commissioning around mid-2027, RBC said.

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Tata Chemicals Dissolves Two UK Subsidiaries Under Group Restructuring

Market Chatter: US Treasury Chief Slams China as Unreliable Global Partner Due to Oil Hoarding

Tata Chemicals Dissolves Two UK Subsidiaries Under Group Restructuring

Market Chatter: US Treasury Chief Slams China as Unreliable Global Partner Due to Oil Hoarding

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