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UPDATE 1-Egypt’s cabinet allows GASC to co-found shareholding shipping company -statement Reuters 12/31/2020 (Adds detail) CAIRO, Dec 31 (Reuters) - Egypt’s cabinet said on Thursday it agreed a draft bill to allow the state grains buyer, the General Authority for Supply Commodities (GASC) to co-found a shareholding shipping company to transport commodities in and out of the country. The company, to be known as Atlantic Pacific Company for Shipping and Trade, will focus on the marine shipping of commodities within Egypt and abroad, and will own commercial shipping vessels. GASC tenders frequently for vegetable oils and wheat, of which it is the world s largest buyer. ....
Updated 57 min 31 sec ago March 25, 2021 10:24 DUBAI: Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 15 percent from 5 percent in May, several sources with knowledge of the matter said on Thursday. The supply reduction will apply to the four grades of crude that ADNOC sells to Asia, namely Murban, Das, Umm Lulu and Upper Zakum, they said. The cuts are part of theUAE obligation under a pact between the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, to reduce output and balance global oil markets. ADNOC’s June allocation comes ahead of the next OPEC+ meeting scheduled on April 1, where producers will decide on May supplies. ....