Period: 30 days
Also, U.S. crude oil prices rose to a new 2016 high in on expectations that continued supply disruptions would help reduce the oversupply of crude.
Citigroup analysts said that the worst is over for the oil market, as a slowdown in production is setting prices up for a steeper rebound than predicted at the beginning of the year; Citi sees Brent reaching $50/bbl in Q3 “if not earlier,” before climbing to ~$65 by the end of 2017, and forecasts WTI will hit $50 by year-end 2016 and $61 by the close of next year.
“In Nigeria, Venezuela, Libya and a host of other countries, the threat of disruptions seems to be increasing and not decreasing,” Citi says. “Prices look likely to march forward to the mid-$60 range.”
This is positive for all renewable energy companies like Adani Enterprise Ltd.
Adani Enterprises Limited is an infrastructure company. The Company deals in coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, and gas distribution. It has already forayed into renewable energy space by commencing operations in solar generation.
Among its various businesses, AEL's mine development and operations (MDO) business at Parsa Kente saw the company extracting and supplying washed coal of 5.5 MMT to RRVUNL in FY'16 as compared to 3 MMT in FY'15.
Under its city gas distribution business, the project implementation work at seven cities under joint venture with Indian Oil Corporation Limited is progressing as per the schedule, the company stated.
AEL recently launched India's first Diabetic care oil under brand "VIVO" for specific target segment under its agro business.
Adani Enterprises massively stepped up its a new renewable energy division over FY2016.
June 2016 Adani Enterprises will fully commission its new 648 MW solar project in Tamil Nadu – which on commissioning will be the largest solar project in the world (to-date).
Adani Enterprises reports it has established a further 700MW solar and wind project pipeline over the last 12 months. Additionally, Adani has recently signed a joint venture with the Rajasthan government to develop a 10,000MW solar park. Adani Enterprises has also started construction of a greenfield 1.2GW solar module manufacturing facility in Gujarat, due for completion by March 2017.
Moreover, the brother of Gautam Adani, is known to be close to Prime Minister Narendra Modi.