Iranian LPG export on upward trajectory

Iran became the biggest West Asian supplier of Liquefied petroleum gas (LPG) last year. Its LPG exports surged 28% to over 11 million tons, according to an analysis of ship tracking data and market intelligence by consultancy Facts Global Energy (FGE). The firm expects exports to continue climbing beyond 12 million tons this year, Bloomberg reported

The increase is driven by rising production from the South Pars gas field as well as greater shipping capacity between Iran and China.

Iran exported 4.71 million tons of liquefied petroleum gas (LPG) in the first six months of 2023, according to the data released by S&P Global Platts.

Based on the Platts data, Iran's LPG exports loading in June were estimated at around 696,000 million tons, 28.5 percent less than May when 973,260 million tons of LPG was shipped.

Iran's average monthly LPG export in the first half of the past year was 784,833 tons.

Iran’s LPG exports mostly go to China despite the US sanctions, facilitated by Chinese shipowners who have developed an armada of very large gas carriers since sanctions were imposed on Iran in 2014 and then in 2018.

The Islamic Republic’s LPG exports could be higher without the restrictions that international shipping and trading firms face due to the sanctions and allow Iranian exporters to resume access to the global markets.

Liquefied petroleum gas, also referred to as liquid petroleum gas (LPG or LP gas), is a fuel gas that contains a flammable mixture of hydrocarbon gases, specifically propane, n-butane, and isobutane. It can sometimes contain some propylene, butylene, and isobutene.

LPG is used as a fuel gas in heating appliances, cooking equipment, and vehicles. It is increasingly used as an aerosol propellant and a refrigerant, replacing chlorofluorocarbons to reduce damage to the ozone layer. When specifically used as a vehicle fuel, it is often referred to as autogas or even just as gas.

 

 

Al Quds Day observed worldwide

Millions of people across the world held huge rallies to mark ‘Al Quds Day’ to express solidarity with Palestinian people and condemn Israeli crimes. This year Israeli genocide in the Gaza Strip has attached specific significance. 

The event observed on the last Friday of Ramadan is commemorated by Palestinian supporters every year.  

In Pakistan, political parties including Jamaat-e-Islami and Majlis Wahdat-e-Muslimeen staged rallies across the country in support of the Palestinians and against the Israeli killing in Gaza. 

The protests were held in different cities including Karachi, Quetta, Muzaffarabad, Kashmore, Bhalwal, Parachinar, Chichawatni, Rajanpur and Jacobabad.

On the occasion, Prime Minister Shehbaz Sharif called on the international community to exert pressure on Israel to halt its oppression of the Palestinian people in Gaza.

He underscored Pakistan's unwavering support for Palestine, advocating for the establishment of an independent Palestinian state.

The premier pointed to decades-long Israeli occupation of Palestine and denounced the international community’s silence in the face of human rights violations by the regime. 

On the outskirts of Srinagar in Indian controlled Kashmir, Muslims slammed the Israeli massacres in Gaza. They called for ending the Israeli violence and genocide in the Palestinian territory. 

A massive rally also took place in Mumbai, India. The protesters expressed support for the Palestinians and their cause. They also slammed the Israeli genocide in Gaza which has left 33,000 people dead since October 07, 2023.

Indonesia was also the scene of protests against Israel on Al Quds Day. The protesters denounced the regime’s war of genocide on Gaza. They blamed the US for standing by the regime.

The demonstrators displayed a poster depicting President Joe Biden as a clown during a rally outside the US embassy in Jakarta.

Malaysians also rallied to express solidarity with Palestinian people and the cause of Palestine.  

In Thailand, people took part in a rally in support of Palestinians in front of the Israeli embassy in Bangkok. 

Bahrainis demand closure of Israeli embassy. Theycame on the streets to voice support for Palestinians, particularly the residents of the Gaza Strip. They condemned the Israeli brutality against the Gazans. 

The protesters called for the closure of the Israeli embassy in Manama and the expulsion of the regime’s diplomats from the Arab country. 

Bahrain and the Israeli regime established diplomatic relations in 2020 as part of the United States-brokered Abraham Accords.

Millions of Yemenis also marked Al Quds Day. Protesters in the capital Sana'a condemned Israel’s brutal war on Gaza. 

In a statement, the protesters said the Palestinian nation has been subjected to the US-Israeli genocide for six months. 

The statement called on all Arab and Islamic countries to fulfill their responsibilities in the face of the savagery of the US and the Israeli regime.

Other countries in the Arab world including Iraq and Jordan saw huge protests on Al Quds Day. 

Protesters in Tanzania's coastal city of Dar es Salaam also rallied as they were holding the Palestinian flag. The protesters chanted anti-Israeli slogans and condemned the regime’s vicious crimes against Palestinian people in the Gaza Strip.

Al Quds Day rallies in Nigeria turned deadly as police clashed with protesters. Reports suggest security forces killed several people in the city of Kaduna who were protesting against the Israeli crimes. 

Police used tear gas and water cannon to disperse the pro-Palestine demonstrators.

Europe also saw rallies marking International Quds Day. In Britain, demonstrators gathered outside the Home Office in Marsham Street before heading into Horseferry Road, along Millbank, past the front of the Houses of Parliament and finishing in Whitehall where speeches were delivered. Prior to the rallies, more than 500 officers were deployed in central London.

In Poland, protesters held banners as they gathered to spend night near the US Consulate in Krakow to protest against Israeli attacks in Gaza.

 

If Iran attacks US interest in Middle East?

Israeli airstrike on an Iranian Embassy compound in Syrian capital has spurred fears of a renewed aim at the US interests in the region, despite the US officials claiming no advanced knowledge of the attack. 

Former U.S. officials and experts say the strike, which Iran’s Islamic Revolutionary Guard Corps said killed two senior members and five officers Monday in Damascus, could mean renewed attacks on the US troops and bases in Iraq and Syria by Tehran-backed proxies.

Though the US has denied any involvement in the Damascus strike — which happened during the day on a diplomatic building near Iran’s Embassy — being Israel’s biggest ally has put Washington in the crosshairs of any retaliation from Iran.

Experts agree that any Iranian response has to be carefully calibrated to avoid a costly all-out war involving the US or its key regional ally.

By not responding, Iran will look weak, both its own forces and to its allies. It seems Iran is also very cautious about getting into any encounter with the United States or with Israel. 

The Pentagon indicated that officials were concerned Israel’s strike against Iran may increase the risk to US troops in the region.

Israel has not taken responsibility for the airstrike, the US assessed that Israel was responsible.

Israel also appeared to be preparing for blowback from the strike Thursday, when its military announced it was suspending leave for reservists.  

Pakistan Stock Exchange benchmark index touches new highs

Market's bullish momentum continued during the week ended on April 05, 2024, with the benchmark index challenging previous highs and achieving the highest-ever closing at 68,417 points on Thursday, with a gain of 1,412 points or 2.1%WoW.

The momentum was supported by easing inflation, turning real interest rates positive for the first time in 38 months.

Foreign investors and institutions injected additional liquidity through buying, supporting the market's momentum.

Despite a 9.2%MoM growth in exports, trade deficit widened to US$2.2 billion, up 25%MoM.

With Eid approaching, remittances are expected to increase, helping to control the current account balance.

FBR missed its monthly tax collection target for the third consecutive month, although the 9MFY24 numbers were still within target.

World Bank estimated the country's GDP growth target at 1.8% for the current year, below 3% for the following two years, resulting in an overall combined GDP growth for three years that remains lower than the population growth rate.

With a stable exchange rate and high yields, hot money has begun to return, with net inflows into T-bills from January to March 22, 2024, reaching US$126 million.

Reportedly Saudi Arabia has expressed interest in purchasing shares of two E&P giants ‑ OGDC and PPL, in addition to an expected investment of US$1.0 billion in the Reko Diq project.

According to the reports, Lahore High Court dismissed the application against the deregulation of non-essential medicines, which boosted positivity in the sector on the last trading day of the week.

Lastly, increasing tensions in the Middle East have led to international oil prices reaching their highest levels in six months, posing risks to Pakistan’s import bill as well as the inflation outlook if not eased promptly.

Despite bullish sentiments, market participation declined with daily traded volume averaging at 307 million shares as compared to 331 million shares a week ago, down 7.1%WoW.

Other major news flows during the week included: 1) experts estimated Pakistan needs US$120 billion needs in external financing over five years, 2) Petrol price increased by PKR9.66 per litre, and 3) Cement dispatches were up 3.85%MoM in March.

Pharmaceuticals and Refineries were amongst the top performers, while Transport, Tobacco, and Synthetic & Rayon were amongst the worst performers.

Major net selling was recorded by Insurance cos. with a net sell of US$5.6 million. Foreigners absorbed most of the selling with a net buy of US$3.9 million.

Top performing scrips of the week were: DAWH, SCBPL, MUREB, BIPL and SEARL, while top laggards included: PTC, KTML, PAKT, IBFL and PKGS.

Going forward, market is expected to return its focus to negotiations with the IMF regarding the EFF program, upcoming monetary policy committee meeting, and the corporate results season following the Eid holidays.

Despite the market reaching its highest levels, the forward P/E remains below 4.0x, which instills positivity regarding the market's fundamentals. Analysts continue to advise investors to consider fundamentally strong stocks.

 

 

 

 

Israel cancels troops leave over Iran threat

Israeli authorities seem to believe an Iranian response is imminent and could come as soon as Friday, which is Quds Day — or Jerusalem Day — the last Friday in the Muslim Holy month of Ramadan. It is a day which has frequently been used to stage pro-Palestinian and anti-Israel rallies, particularly in Iran.

On Thursday, GPS systems were being disrupted in central parts of Israel, a defensive measure designed to interfere with weapons which rely on it to set their location.

GPS is already disrupted in northern Israel, near the border with Lebanon, where Israel and the Iranian-backed group Hezbollah have exchanged fire almost daily for the last six months.

Israeli citizens reported being unable to use location-based app services in major cities like Tel Aviv and Jerusalem far from active combat zones.

Monitoring website GPSJAM showed widespread interference with location signals across Israel.

A BBC producer said her GPS had located her in Cairo when she was in Jerusalem, and other users have shared similar accounts on social media.

IDF spokesman Rear Adm Daniel Hagari confirmed the country is using GPS blocking — which is sometimes referred to as "spoofing".

Israelis have been urged to manually set their location on the app which issues alerts about incoming rocket attacks to ensure it remains accurate amid the GPS interference, the Times of Israel reported.

Iran has vowed to respond after a strike on its consulate building in Syria on Monday — which Israel was widely believed to be behind — killing 13 people, including a senior general.

The Israel Defense Forces (IDF) announced it is halting all leave for soldiers serving with combat units.

It comes a day after reservists were called up to bolster air defence units.

Separately, the IDF has urged people not to panic-buy. Writing on X, formerly Twitter, Rear Adm Hagari said, "There is no need to buy generators, store food and withdraw money from ATMs.

"As we have done until today, we will immediately update any change if it is in an official and orderly manner."

Israel has not commented on the targeting of a building on Iran's diplomatic compound in Damascus, the capital of Syria, but has been blamed by the country's leader Ayatollah Ali Khamenei.

Iran's President Ebrahim Raisi previously said the strike would "not go unanswered", though it is unclear what actions Iran could take in response.

Among the 13 people killed in the strike were seven officers in Iran's Revolutionary Guards, including senior general Mohammad Reza Zahedi and his deputy.

Zahedi is one of the most high-profile Iranian figures believed to have been killed by Israel in the country's long campaign of targeted assassinations.

Israel has previously acknowledged carrying out strikes in Syria on targets it says are linked to Iran or its allied armed groups.

Israel targeted aid workers systematically

Celebrity chef Jose Andres told Reuters in an emotional interview on Wednesday that an Israeli attack that killed seven of his food aid workers in Gaza had targeted them systematically, car by car.

Speaking via video, Andres said the World Central Kitchen (WCK) charity group he founded had clear communication with the Israeli military, which he said knew his aid workers' movements.

"This was not just a bad luck situation where ‘oops’ we dropped the bomb in the wrong place," Andres said.

"This was over a 1.5, 1.8 kilometers, with a very defined humanitarian convoy that had signs in the top, in the roof, a very colorful logo that we are obviously very proud of," he said. It's “very clear who we are and what we do.”

Andres said the IDF was aware of the convoy's whereabouts, opens new tab. He called for investigations of the incident by the US government and by the home country of every aid worker that was killed

"They were targeting us in a deconflicting zone, in an area controlled by IDF. They knowing that it was our teams moving on that road ... with three cars," he said.

The aid workers were killed when their convoy was hit shortly after they oversaw the unloading of 100 tons of food brought to Gaza by sea. Israel's military expressed "severe sorrow" over the incident and Prime Minister Benjamin Netanyahu called it unintentional.

Andres said there may have been more than three strikes against the aid convoy. He rejected Israeli and US assertions that the strike was not deliberate.

"Initially, I would say categorically no," Andres said when asked if he accepted that explanation.

"Even if we were not in coordination with the (Israel Defense Forces), no democratic country and no military can be targeting civilians and humanitarians," he added.

Asked for comment on Andres' remarks, an Israeli military spokesperson referred to prior comments by chief of staff Herzi Halevi in which he called the incident a grave mistake and said the attack was not carried out with the intention of harming WCK aid workers.

Andres said he was personally supposed to be there with his team but was not able to go back to Gaza at the time.

The US needs to do more to stop the war, he said. Andres spoke to President Joe Biden on Tuesday.

"The US must do more to tell Prime Minister Netanyahu this war needs to end now," he said. He questioned Biden administration moves to supply aid in Gaza while also arming Israel.

"It's very complicated to understand ... America is going to be sending its Navy and its military to do humanitarian work, but at the same time weapons provided by America ... are killing civilians," he said.

The chef also wondered aloud how Netanyahu could wage a war to save Israeli hostages when they may be dying under the rubble of the same weapons Israel used against Palestinians.

 

Biden’s scaled down Iftar dinner

The White House held a scaled-down Iftar dinner to celebrate Ramadan, after some invitees turned the president down over frustrations in the Muslim community over his policy toward Israel’s military campaign in Gaza.

US President Joe Biden met with Muslim leaders before having a small dinner with senior Muslim officials in his administration, first lady Jill Biden, Vice President Kamala Harris and her husband.

“President Biden will host a meeting with Muslim community leaders to discuss issues of importance to the community,” the White House press secretary Karine Jean-Pierre told reporters, explaining these leaders would rather have a meeting than a dinner.

The White House “adjusted the format to be responsive,” she said.

One of the attendees, Dr Thaer Ahmad, an emergency room doctor who spent at least three weeks in Gaza, told CNN that he walked out of Tuesday’s meeting before it ended.

“Out of respect for my community, out of respect for all of the people who have suffered and who have been killed in the process, I needed to walk out of the meeting,” Ahmad said.

Ahmad, who said he was the only Palestinian-American in the meeting, said “there wasn’t a lot of response” from Biden.

“He actually said he understood, and I walked away,” Ahmad told CNN.

The event is a sharp contrast to last May when Biden hosted a reception for Eid. Dozens of attendees cheered Biden at the White House as he told the crowd: “It’s your house.”

Muslim members of Congress who attended that event included Representatives Ilhan Omar and Rashida Tlaib, who is Palestinian American.

They are now among the biggest critics of Biden’s Gaza policy.

Emgage Action, a Muslim American advocacy group, said it declined an invitation to Tuesday’s dinner, citing Biden’s “continued unconditional military aid to Israel,” which they say has led to a “humanitarian catastrophe of epic proportions.”

Many Muslims, Arabs and anti-war activists have been angry with the administration’s support for Israel and its military offensive in Gaza that has killed tens of thousands and caused a starvation crisis in the narrow coastal enclave of about 2.3 million people.

Israel is the leading recipient of US foreign aid, and the US vetoed multiple votes at the United Nations calling for a ceasefire in the Gaza assault that began after the Hamas attacked Israel on October 7.

Muslim and anti-war groups held a protest Iftar in Lafayette Park near the White House. They distributed dates and water bottles to break the fast at sunset.