Nis buying coke

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Nis buying coke

Fresh uncertainty around US sanctions against Venezuelan oil and oil products exports has stifled demand for petroleum coke from the country over the past week. Earlier this week, the US administration reimposed sanctions on Venezuela's gold exports and warned Caracas that its oil exports may face similar restrictions after April. The warning follows Venezuela's supreme court's decision on 26 January to maintain a ban on opposition candidates running in a presidential election later this year, contrary to the agreement that led to the sanctions pause. Following the news, interest in Venezuelan coke has fallen as buyers are concerned about their potential liability and securing freight and financing became more difficult, market participants say. One Indian buyer who had been exploring Venezuelan coke said that its foreign bank partners and even one Indian bank were unwilling to finance the trade. Some Turkish banks also remained sensitive to transactions for Venezuelan supplies. A number of vessel owners have also put on pause Venezuelan coke shipments following the sanctions news, according to one market participant, while another said that ship owners do not want to go to Venezuela because of load port issues. This could potentially affect previously purchased shipments of Venezuelan coke. Turkish cement producers that had previously been willing to consider Venezuelan coke in their recent tenders mainly purchased coke from the US and Europe this week. Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one. Washington, 17 October Argus — Eastern US railroad said it expects that fourth quarter commodity market conditions will be mixed, limiting some freight demand. But the railroad expects 'modest volume growth', supported by a few segments including chemicals and agriculture. But lower locomotive fuel prices and the impact of international coking coal prices, which are linked to export rail contracts, could drive a decrease in total revenue during the fourth quarter. CSX expects to see a carryover of year-over-year momentum in chemicals, agriculture and food, forest products and minerals, while metals and automotive will continue to be challenged. Demand for metals shipments is predicted to soften through the end of the year. Interest in shipments, particularly steel, is soft because of 'sluggish demand, ample supply and low commodity prices', chief commercial officer Kevin Boone said. A weaker-than-anticipated automotive market contributed to the drop in metals demand. Consumer demand for automotive products has been reduced by high retail prices and interest rates, which has led to increased dealer inventories and slower production, Boone said. But CSX expects that an 'interest rate easing cycle will help these markets normalize,' Boone said. Metals and equipment volume fell in the second quarter, primarily because of lower steel and scrap shipments. Shipments of metals and equipment fell by 9pc to about 64, carloads compared with the same three months in Automotive volume dropped in the second quarter because of lower North American vehicle production, CSX said. Automotive traffic fell to , railcars loaded, down by 2pc from the third quarter The outlook for fertilizer shipments is mixed following the third quarter as a decline in long-haul phosphates shipments persisted. Volume was negative, but the railroad was able to haul some profitable spot shipments. Shipments of fertilizer fell to 45, carloads in the third quarter, down by 4pc from a year earlier. CSX expects growth in some market segments. Chemicals freight demand is expected to continue growing following 'consistent, broad strength across plastics, industrial chemicals, LPGs, and waste. That demand helped boost chemicals volume by 9pc compared with a year earlier. Agricultural and food products shipping demand is expected to continue growing, led by demand for grain and feed ingredients from the Midwest for supplies. That follows a third quarter when higher ethanol shipments, as well as increased overall volume helped raise volume by 9pc from the third quarter of CSX expects intermodal growth to continue with the trucking market falling, which would help drive more container freight to rail. Intermodal shipments are goods shipped in containers and trailers between different modes of transportation. The October strike by the International Longshoremen's Association ILA did impact intermodal traffic, but the railroad was pleased with the 'relatively quick short-term solution', Boone said. International intermodal volume during the third quarter rose because of higher east-coast port traffic. Domestic volume was mostly flat. Overall intermodal volume during the quarter increased by 3pc compared with a year earlier. CSX does not expect a major shift in coal volume through the end of the year as coal markets seem relatively stable and utility stockpiles are sufficient, Boone said. Rising natural gas prices are also unlikely to stimulate a 'near-term step-up in volumes'. Export coal demand has been consistent lately, particularly from buyers in Asia. But revenue per railcar for export coal could make a modest single digit drop, as contracts are tied to international coal benchmarks and prices fell earlier this year. Expport coal voume rose to But domestic coal deliveries fell to Rail coal volume fell by 2pc from a year earlier, while revenue dropped by 7pc to mn st. By Abby Caplan Send comments and request more information at feedback argusmedia. Argus Media group. All rights reserved. Houston, 9 October Argus — The quality of some California-origin petroleum cokes has shifted in recent months as an influx of Canadian crude shipping via the TMX pipeline has adjusted refiner's crude slates and displaced imports from Latin America and the Middle East. California's Canadian crude imports from January-July totalled Canadian crude accounted for 9pc of California's crude imports in the first seven months, up from 4pc in the same period the year prior. The state's imports of Canadian crude in June and July, the first two months of full TMX operations, were up nearly fivefold on the year. PBF's Martinez imported , bl of Canadian crude from June-July, more than quadruple the amount in the same two months of of Additionally, the sulphur content of Martinez's Canadian crude imports was significantly higher on the year, averaging 1. At the same time, the refiner also increased sour Ecuadorian crude imports by 95pc on the year. Martinez's crude imports had an average sulphur content of 1. The refinery's coke was recently heard to be reaching more than 2. On the other hand, Phillips 66's Carson refinery's coke quality was recently heard to be around or even below 3pc sulphur, down from its typical 4. Carson's Canadian crude imports' sulphur content in June-July averaged 2. Carson also did not import any sour Saudi Arabian crude in June-July, compared with 2. At the same time, Carson increased purchases of sweet Guyanese crude to 1. But Carson and Martinez's coke sulphur content may soon increase as TMX crude becomes more common on the US west coast, market participants said. This could leave Asian buyers searching for 2pc and 4. By Delaney Ramirez Send comments and request more information at feedback argusmedia. Houston, 7 October Argus — Kinder Morgan is planning to shut its terminals and fuel racks in Tampa, Florida, on Tuesday as the region prepares for Hurricane Milton to make landfall Wednesday evening. The terminals handle a wide range of bulk products including fertilizers, scrap metal, petroleum coke and coal according to Kinder Morgan's website. Kinder's Tampa refined products terminal has 1. The airport said today that it will cease operations the morning of 9 October in advance of the hurricane. By Nathan Risser Hurricane Milton projected path Send comments and request more information at feedback argusmedia. A market participant said the Kirkuk cargo was shipped from a Mideast Gulf loading point. A political stand-off since March has meant northern Iraq crude cannot be supplied into the Mediterranean region via the pipeline from Kirkuk to Ceyhan, southeast Turkey. The switch to the bitumen-rich crude, after lighter grades had been run through Pancevo in recent months, has also allowed Nis to restart its polymer-modified bitumen PMB manufacturing plant at Pancevo this week. The higher quality grade, which is produced by adding polymers like styrene-butadiene-styrene SBS in the initially produced bitumen mix, is increasingly used on some road, highway and airport projects. Nis plans to run another bitumen-yielding Iraqi crude, Basrah Medium, along with Kirkuk this month, helping significantly boost bitumen production for supply into the country's domestic and export markets — mainly Romania and Bosnia-Herzegovina. The heavier crudes will yield very high-sulphur grades of petcoke, the market participant said. By Keyvan Hedvat Send comments and request more information at feedback argusmedia. Washington, 30 September Argus — Some railroad operations in the southeastern US have resumed in the aftermath of Hurricane Helene, but major carriers warn that some freight may be delayed while storm-damaged tracks are repaired. Rail lines in multiple states were damaged after Hurricane Helene made landfall on the northeastern Florida coast on 26 September as a category 4 storm and traveled northwards as a downgraded but still dangerous storm into Georgia, Tennessee, and the Carolinas. The storm left significant rain and wind damage in its wake, including washed-away roads, flooded lines, downed trees and power outages. Norfolk Southern said it had made 'significant progress' towards its recovery with most major routes back in service including its Chattanooga, Tennessee, to Jacksonville, Florida, line as well as its Birmingham, Alabama, to Charlotte, North Carolina route. Norfolk Southern said freight moving through areas that are out of service could 'see delays of 72 hours'. Several of Norfolk Southern's other routes remain out of service, including rail lines east and west of Asheville, North Carolina, because of historic levels of flooding. There are multiple trees to remove along a mile stretch from Macon, Georgia, to Brunswick, Georgia. And downed power lines are keeping the railroad's lines from Augusta, Georgia, to Columbia, South Carolina, and Millen, Georgia, out of service. CSX said 'potential delays remain' but did not provide specifics. However, the railroad said it had made 'substantial progress' in clearing and repairing its network. The railroad's operations in Florida have mostly reopened, as have rail lines in its Charleston subdivision, which crosses South Carolina and Georgia. A portion of the line running from Erwin, Tennessee, to Spartanburg, South Carolina, has been cleared, but CSX said 'a long-term outage' is expected for other parts of the rail line. Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. Related news posts Argus illuminates the markets by putting a lens on the areas that matter most to you. Business intelligence reports Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. Learn more.

Israel Tax Authority chases The Coca-Cola Company for NIS 160m

Nis buying coke

The Central Bottling Co. Coca-Cola Israel , which exclusively markets Coca-Cola products in Israel, has been dealt a major blow and will have to pay hundreds of millions of shekels to the Israel Tax Authority. The Tel Aviv District Court has dismissed appeals filed by the company against the tax assessment issued by the Tax Authority on the Central Bottling Company's tax liability for royalties it paid for using the intellectual property rights of Coca-Cola worldwide. These were payments made to the global Coca-Cola company in the years as part of the exclusive marketing agreements between the companies. The ruling was handed down on August 29 but has been banned from publication until now due to a gag order issued at the request of Coca-Cola Israel. The publication of the main points of the decision was made after a request submitted by 'Globes' to the district court to allow the publication of the main points of the ruling. A gag order remains on the full ruling at this stage. Tax assessment appeals are held as a rule and by law behind closed doors, but the judge has discretion on whether to publish the ruling in full or in part, while taking into account commercial secrets that the petitioner has and which appear in the decision. Orian Eshkoli Yahalom. In the agreements between the Central Bottling Co. However, the court accepted the Tax Authority's view that part of the payments should be classified as consideration for the license to use Coca-Cola's trademarks and intellectual property in marketing Coca-Cola drinks in Israel. The Tax Authority's victory means Coca-Cola Israel will be charged hundreds of millions of shekels in tax for , and another estimated tens of millions of shekels in future taxes every year. In the assessment issued to the company, the Tax Authority claimed that Coca-Cola Israel has developed a 'method' for avoiding tax on payments it was transferring to the international company in the US for 'royalties. After years of discussions with the Tax Authority, the dispute reached the district court, when the Central Bottling Co. The appeals were heard by Judge Magen Altuvia. The dispute revolved around the classification and the obligation to deduct tax at source for payments by Coca-Cola Israel according to exclusive bottling and marketing agreements with the international Coca-Cola company. The assessor classified some of the payments as royalties for use of Coca-Cola's intellectual property rights, which require tax deducted at source. The royalties were transferred by the Israeli company to an authorized factory of the US company in Ireland, without any apparent authority or justification, according to the Tax Authority. Since , the Central Bottling Co. To market and sell the drinks in Israel, the Central Bottling Co. The assessments issued by the Tax Authority uncovered creative tax planning, according to the Authority, which Coca-Cola has been carrying out for decades. According to the agreements, the Israeli company buys extracts from Atlantic Industries, a company incorporated in Ireland, although the Central Bottling Co. The invoices sent to the Israeli company from Ireland show it is a company incorporated in the Cayman Islands. The Tax Authority claimed that as part of the assessment procedure, it became clear that in practice, all of the Central Bottling Co. The tax assessor also determined that the consideration classified as royalties constitutes income from royalties paid by a company resident in Israel, and accordingly was produced in Israel and taxable in Israel subject to tax deducted at source from payments classified as royalties to the Irish branch. Central Bottling Co. It further claimed that preparation and bottling of the drinks using the extracts it bought from an authorized Coca-Cola supplier, are done according to instructions by the international company to ensure that the drinks distributed in Israel will be produced by Coca-Cola only, in accordance with the standards and quality of the global company, 'So it will be identical in quality and taste to the products of the Coca-Cola Group worldwide. According to the Central Bottling Co. It was further argued that if it had purchased the product 'when it is packaged and ready for sale', the transport costs would have been so high that the sale of Coca-Cola drinks would have become financially unprofitable. Therefore, it is claimed, this is not an operation model that is driven by considerations of tax avoidance or reduction, but rather a commercial operation model that has existed for decades. The company also claimed that over the years the Tax Authority had conducted assessment audits and deductions, and the issue of royalties had been examined, and in all those years the assessor accepted its position that it was not a royalty payment, and stated unequivocally that it did not consider part of the payment for the extracts to be royalties for the use of Coca-Cola's intellectual property. It was only in that the tax assessor decided to change its longstanding status and deduct tax at source for the payment of conceptual royalties. The change of position, it is claimed, is arbitrary, has no factual basis and violates the principle of certainty and the company's authority. In the circumstances, the judge ruled that the Central Bottling Co. In view of the conclusion that the company manufactures the drinks in Israel, and not by buying a finished product, the conclusion was that marketing beverages using the reputation and trademarks of Coca-Cola, constitutes an economic asset of considerable power, and requires the payment of royalties for their use. The judge also noted that considering the power relations and strength of Coca-Cola in the soft drink market at least in Israel, it is likely that Coca-Cola was dominant in designing the deal between it and the main company, and in the process knew that in the marketing of the drinks the marketer relied on its reputation, and therefore could have expected that the payments paid to it would be considered partly as payment of royalties. The judge also dismissed Coca-Cola Israel's claim that it relied on the Tax Authority's position for decades by which it should not be taxed for the royalties. The Central Bottling Co said, 'The ruling accepts the Tax Authority position on the tax liability in Israel of international companies known in Israel, through local companies that market their products in Israel, under international brands. Accordingly, it was ruled that local companies are required to deduct this tax at source. It should be noted that this is the first ruling in this dispute between the Tax Authority and international companies and it will be brought to the Supreme Court for a ruling. Published by Globes, Israel business news - en. Court rules against Coca-Cola Israel in huge tax dispute. Ela Levi-Weinrib. The Tel Aviv District Court ruled that Coca-Cola Israel must pay hundreds of millions of shekels tax on royalty payments it hid through creative tax planning.

Nis buying coke