Readings: RIL’s refinery, Kuwait market closed, Turnaround thursday for US
- Business Standard: Demand slump hits RIL’s Jamnagar plan
Reliance Petroleum, a subsidiary of Reliance Industries, is likely to commission only half of its refinery’s capacity at Jamnagar by December-end as demand for fuels such as naphtha and fuel oil has dropped across the world.
Reliance Petroleum’s 29 million tonne per annum refinery, being constructed in a special economic zone, will export almost all of the fuels it produces. These exports are primarily aimed at the US and Europe.
The refinery, which will add nearly 20 per cent to the nation’s refining capacity and make Reliance the largest crude oil refining company in India, will produce fuel oil and polypropylene only when the entire plant is commissioned.
Persian Gulf stocks tumbled, sending Dubai’s index lower for a sixth day and spurring a trading halt in Kuwait, as banks tightened credit terms and oil plunged to a 21-month low.
Emaar Properties PJSC slid to the lowest in more than four years as the Middle East’s largest real-estate developer said it is reviewing its recruitment policies amid the property slowdown.
Dubai property buyers will lose 30 percent of what they have paid if they default, cancel, or breach their purchase contracts, Gulf News reported, citing the Land Department.
Emaar declined 5.6 percent to 3.18 dirhams, the lowest since October 2004. The shares have dropped 36 percent this week.
Declines in midday trading today pushed the S&P 500 to 35 percent below its average for the past 200 days, only the second time that’s happened since the Great Depression. The last time was a day before the index rose 12 percent on Oct. 13, the biggest rally since 1939.
The S&P 500 swung between gains and losses at least 38 times, including a drop that sent the benchmark index to its lowest level since the Iraq War broke out 5 ½ years ago.
The gains in oil producers came after the valuation of the S&P 500 Energy Index retreated to less than 6.2 times earnings for the group, the cheapest since Bloomberg began tracking the data in 1995.
Huge turn-around in the US markets. Triple test of bottom? Just another volatile day on the way to S&P 600?
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