MRPL increases LPG production by over 10 lakh kg per day amid Hormuz disruption

MRPL increases LPG production by over 10 lakh kg per day amid Hormuz disruption


MRPL’s cargo to the total traffic handled at New Mangalore Port was around 23.4 million tonnes in the just concluded financial year 2025-26, he said, adding, MRPL received 346 vessels at the port during the year.
| Photo Credit:
SPECIAL ARRANGEMENT

Mangalore Refinery and Petrochemicals Ltd (MRPL) has increased the production of LPG (liquefied petroleum gas) by more than 10 lakh kg a day after the start of the US-Israel war with Iran and the subsequent closure of the Strait of Hormuz for cargo movement.

Speaking at the Maritime Seminar on the theme ‘Maritime adversities and the role of stakeholders’, organised by New Mangalore Port Authority (NMPA) in Mangaluru on Wednesday, Nandakumar V Pillai, Director (Refinery) of MRPL, said MRPL is producing around 45 lakh kg of LPG every day now.

Stating that refinery has increased its LPG production by almost 30 per cent in March, he said it was producing around 33 lakh kg of LPG prior to the start of the war in the West Asia region.

The refinery is running about 120 per cent of its capacity, and the company is trying to source crude oil from different available sources.

MRPL’s cargo to the total traffic handled at New Mangalore Port was around 23.4 million tonnes in the just concluded financial year 2025-26, he said, adding, MRPL received 346 vessels at the port during the year.

Touching upon the theme of the seminar, he said all the economies across the world are facing the brunt of the war more than the actual conflict zone. “This is one of the adversaries we are facing,” he said.

On the crude oil prices, he said the price of crude oil has doubled after the start of war in West Asia. Economies around the world are facing economic risks due to the war than the physical risks.

S Shanthi, Deputy Chairperson of NMPA, said the port handled a cargo of 50.04 million tonnes during 2025-26, which is a major milestone in the history of the port. She thanked the MRPL for its contribution to achieve this milestone.

On other projects, she said the Central government has given approval for the redevelopment of berth no. 9 for handling liquid bulk cargo. The draft of the berth will be enhanced from the existing 10.5 metres to 14 metres. This berth will help handle more cargo.

She said that the tenders will be invited for the development of berth no. 17 at New Mangalore Port.

HV Darshan, Dakshina Kannada Deputy Commissioner, inaugurated the seminar.

Published on April 1, 2026



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DEE Development Engineers’ biomass subsidiary gets 49% tariff hike, eyes ₹48 crore annual revenue

DEE Development Engineers’ biomass subsidiary gets 49% tariff hike, eyes ₹48 crore annual revenue


The revised rate also triggers a retrospective recovery.

Shares of DEE Development Engineers rose 4.05 per cent to ₹279.75 on Wednesday. The company disclosed a favourable tariff order for its wholly owned subsidiary, Malwa Power Pvt Ltd (MPPL).

The Punjab State Electricity Regulatory Commission (PSERC), via an order dated March 27, 2026, revised the tariff for MPPL’s 6 MW biomass power plant in Muktsar, Punjab, to ₹5.224 per kWh for an extended 10-year term — up approximately 49 per cent from the interim rate of ₹3.50 per kWh that Punjab State Power Corporation Limited (PSPCL) had been paying. The variable component of the tariff will escalate at 5 per cent annually.

The revised rate also triggers a retrospective recovery. Between May 2025 and February 2026, MPPL supplied roughly 3.37 crore units at the lower interim rate, entitling the company to recover a differential of approximately ₹5.80 crore.

For FY 2026-27, the company projects power generation revenue of ₹24.31 crore from the plant, assuming 85 per cent plant load factor. Combined with its 72,000 MT per annum Biomass Pellet Plant — set to commence operations shortly and projected to generate ₹23.40 crore annually at 50 per cent capacity — MPPL’s total estimated revenue stands at approximately ₹47.71 crore.

However, the company flagged reservations about the fixed cost component of the tariff, which was set at ₹0.97 per kWh. Management contends the PSERC applied outdated CERC regulations from 2012 rather than the 2024 norms, which prescribe O&M charges of ₹54.70 lakh per MW. The company said it is evaluating an appeal before the Appellate Tribunal for Electricity (APTEL) in New Delhi to seek an upward revision.

The plant, originally commissioned in April 2005, had operated under a 20-year PPA that expired in April 2025.

Published on April 1, 2026



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BRICS-led Development Bank touts yuan funding for Global South

BRICS-led Development Bank touts yuan funding for Global South


The lender’s view aligns with Beijing’s push to elevate the yuan’s role as a global funding currency, signalling room for continued growth in issuance and liquidity for foreign issuers in China’s onshore bond market.
| Photo Credit:
THOMAS WHITE

China’s onshore bond market, backed by ample liquidity and a stable currency, is emerging as an attractive funding source for developing economies, according to the BRICS-led New Development Bank.

With borrowing costs low, the Chinese bond market “is now one of the most cost-effective funding sources in the world,” Zhongxia Jin, the bank’s director general for treasury and portfolio management, said in Beijing on Tuesday. “We don’t just see the Chinese bond market as a source for cheap cash, we see this market as the future of local currency finance.”

Yuan-denominated funding, Jin added, provides a natural hedge for projects in local currencies, particularly across the Global South, which includes India, Indonesia and the Philippines, as well as Brazil and other parts of Latin America. Such financing is especially suited to initiatives like the green transition.

The lender’s view aligns with Beijing’s push to elevate the yuan’s role as a global funding currency, signalling room for continued growth in issuance and liquidity for foreign issuers in China’s onshore bond market.

“Chinese bond market is no longer just an alternative asset class, it tends to become a key pillar of global financial architecture,” Jin said, citing lower funding costs and relative currency stability.

New Development Bank sold five yuan-denominated notes totalling 25 billion yuan ($3.6 billion) last year, the largest annual issuance since it began tapping the market in 2016, according to data compiled by Bloomberg. In its latest deal late last year, the bank extended panda bond maturities to 10 years for the first time, signaling a push to secure longer-term funding.

New Development Bank was established by BRICS members Brazil, Russia, India, China and South Africa, according to the bank’s website.

More stories like this are available on bloomberg.com

Published on April 1, 2026



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Trump lashes out at allies, says securing Strait of Hormuz is ‘not for us’

Trump lashes out at allies, says securing Strait of Hormuz is ‘not for us’


U.S. President Donald Trump
| Photo Credit:
REUTERS/Evan Vucci

US President Donald Trump lashed out Tuesday at allies who have been unwilling to do more to support the US war effort against Iran, telling them to “go get your own oil” and declaring that securing the Strait of Hormuz is “not for us.” The president estimated that the American military will be done attacking in two to three weeks and said the US “will not have anything to do with” what happens in the strait that has been closed by the Islamic Republic. Instead, he told reporters that the responsibility for keeping the vital waterway open will rest with countries that rely on it.

There’s “no reason for us to do this,” Trump said after signing an executive order that seeks to restrict mail-in voting. “That’s not for us. That’ll be for France. That’ll be for whoever’s using the strait.” In other developments, the closure of the strait sent average US gas prices past $4 a gallon, and US strikes hit the central city of Isfahan, sending a massive fireball into the sky. Tehran attacked a fully loaded Kuwaiti oil tanker in the Persian Gulf.

The attacks showed the intensity of the war more than a month after the US and Israel launched it. The conflict has left more than 3,000 dead and caused major disruptions to the world’s supply of oil and natural gas, roiling global markets and pushing up the cost of many basic goods.

Trump, who has vacillated between insisting there is progress in diplomatic talks with Iran and threatening to widen the war, had earlier shared footage of the attack on Isfahan.

Fuel prices rise, rattling global markets

Iran’s stranglehold on the strait, the waterway leading out of the Persian Gulf through which a fifth of the world’s oil is transported during peacetime, has driven up global oil prices, as have Tehran’s attacks on regional energy infrastructure.

Spot prices of Brent crude, the international standard, hovered around $107 a barrel Tuesday, up more than 45 per cent since the war started February 28.

In a social media post, Trump directed blame at US allies like the UK and France that have refused to enter a war with no clear endgame that they were not consulted on.

“You’ll have to start learning how to fight for yourself, the USA won’t be there to help you anymore, just like you weren’t there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil!” Trump wrote.

He singled out France for not letting planes fly over French territory while taking military supplies to Israel.

France has allowed the US Air Force to use the Istres base in southern France because it had guarantees that planes landing there would not be involved in carrying out strikes.

Allies refuse to get involved

Spain, which has emerged as Europe’s loudest critic of the war, said Monday that it had closed its airspace for US planes involved in the conflict.

Italy recently refused to allow US military assets to use the Sigonella air base in Sicily for an operation linked to the offensive, an official with knowledge of the matter said, confirming a local press report. The official spoke on condition of anonymity because they were not authorised to speak publicly.

Italian Defense Minister Guido Crosetto wrote on X that Italy is still allowing the US to use its bases, adding that there has been no cooling of relations between the two countries.

Iran hits oil tanker as Israel strikes Iran, Lebanon

Israel and the US launched a wave of strikes on Iran, hitting Tehran in the early morning.

The Israeli military said it launched strikes targeting what it described as Hezbollah infrastructure in the Lebanese capital, Beirut. Defense Minister Israel Katz said Israel plans to control the area south of the Litani River — some 30 km north of the border.

Israel invaded southern Lebanon after Hezbollah began launching missiles into northern Israel days after the outbreak of the wider war. Many Lebanese fear another prolonged military occupation.

An Iranian drone hit a Kuwaiti oil tanker off the United Arab Emirates city of Dubai, sparking a blaze that was later put out, the Dubai Media Office said. Authorities said no oil spill resulted.

Four people were wounded by debris from an intercepted drone in Dubai, and air-raid sirens sounded in Bahrain, while Saudi Arabia said it intercepted three ballistic missiles launched toward its capital. Loud explosions were also heard in Israel not long after the military warned of an incoming missile barrage from Iran.

In Iran, authorities say more than 1,900 people have been killed, while 19 have been reported dead in Israel.

Two dozen people have died in Gulf states and the occupied West Bank. In Lebanon, officials said more than 1,200 people have been killed, and more than 1 million displaced.

Ten Israeli soldiers have died in Lebanon, including the four announced Tuesday, while 13 US service members have been killed.

Published on April 1, 2026



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US judge blocks deal allowing churches to endorse political candidates

US judge blocks deal allowing churches to endorse political candidates


A US federal judge has declined to approve a Trump administration-era settlement that would have allowed churches to endorse political candidates without risking their tax-exempt status

A federal judge on Tuesday declined
to approve a Trump administration-crafted settlement that would
have allowed churches and ​other houses of worship to endorse
political candidates to their congregations without ‌risking
losing their status as tax-exempt nonprofits.

U.S. District Judge J. ​Campbell Barker in Tyler, Texas,
ruled he lacked jurisdiction ⁠to hear the case and sign off on a
consent judgment that the U.S. Internal Revenue Service had
entered into with two Texas churches and the ‌National Religious
Broadcasters.

Under the IRS’ proposed pact, traditional religious
communications would be deemed exempt from a decades-old
provision in the U.S. ‌tax code that bars nonprofits, religious
and secular, from endorsing ‌political ⁠candidates.

It entered into that agreement in July to resolve ⁠a lawsuit
that NRB, an association of Christian broadcasters, filed ahead
of the 2024 presidential election to challenge the 1954 tax code
provision known as the Johnson Amendment, ​which was named for
then-Senator Lyndon ‌Johnson, who went on to become president.

But Barker, who was appointed by Trump during his first
administration, sided with opponents of the agreement from the
Americans United for Separation of Church and ‌State in finding
the Tax Anti-Injunction Act barred him from ​approving the deal.

That law broadly prohibits lawsuits that seek to block the
collection of taxes. And Barker said ⁠that declaring the Johnson
Amendment does not apply to specific conduct “would thus
directly bear on the amount of tax that could be collected.”

Rachel ‌Laser, the president of the Americans United for
Separation of Church and State, in a statement applauded
Barker’s decision to dismiss the case, saying it means “the
Johnson Amendment will remain a strong bulwark to stop religious
extremists from exploiting houses of worship.”

Michael Farris, NRB’s general counsel, said his organization
plans to appeal, saying Barker’s ruling ignored an ‌exemption to
the Anti-Injunction Act that would allow the case to proceed.

The IRS ​did not respond to a request for comment.

The U.S. Department of Justice under Democratic President
Joe Biden had defended ⁠the law’s constitutionality in court
before shifting course under Republican President Donald ⁠Trump,
who has called for the Johnson Amendment to be repealed.

The IRS in proposing the settlement last year said ‌that
interpreting the Johnson Amendment to include communications
between a house of worship and its congregation would create
“serious tension” with the religious ​rights protections of the
U.S. Constitution’s First Amendment.

Published on April 1, 2026



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