ONGC

Adds India's oil demand in paragraph 8

By Nidhi Verma

NEW DELHI, July 10 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS will build a 1.75 million metric ton (about 13 million barrels), strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late on Thursday.

India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz during the Iran war. About a fifth of the world's energy supplies pass through the waterway.

India is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.

ONGC, India's top oil exploration company, would seek the federal government's permission for commercial use of the storage to be built in the "national interest", it said in the filing.

New Delhi already allows commercial use of a part of its strategic storage built at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 MT of crude.

These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.

ONGC has not specified the cost and time for completion of the new SPR facility at Mangalore.

India's current strategic stockpiles are a fraction of its 5.2 million barrels per day refining capacity.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS, a subsidiary of ONGC, operates a 300,000 bpd refinery in Mangalore. It has already leased half of the 1.5 MT Mangalore SPR, while the remaining capacity is leased to Abu Dhabi National Oil Co. of the United Arab Emirates.

During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to increase crude oil storage in India to up to 30 million barrels.

ADNOC also announced that the UAE would explore potential crude storage at Fujairah as part of India's strategic reserve.

India also plans to build about 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India.

(Reporting by Nidhi Verma; Editing by Rashmi Aich and Susan Fenton)

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SINGAPORE/NEW DELHI, July 6 (Reuters) - Indian state refiners Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS have together purchased about 7 million barrels of crude oil through tenders last week, trade sources said on Monday.

Prices for the deals were not immediately available.

IOC bought about 1 million barrels of Angola's Kissanje crude from Cathay Petroleum, the sources said. It also purchased 2 million barrels of Nigeria's Agbami and Usan crude from Trafigura, and a further 2 million barrels of Angola's Nemba and Dalia crude from Chevron.

The cargoes are scheduled for delivery between late August and early September.

Separately, HPCL bought 2 million barrels of Brazil's Tupi crude, the sources said. The cargoes are scheduled for delivery in August and September.

The companies typically do not comment on their commercial sales.

(Reporting by Siyi Liu in Singapore and Nidhi Verma in New Delhi; Editing by Diti Pujara)

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SINGAPORE, June 29 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates recent tenders closed)

(Reporting by Jeslyn Lerh)

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The opinions expressed here are those of the author, a columnist for Reuters

By Ron Bousso

LONDON, June 22 (Reuters) - Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike.

While the near-total closure of the Strait of Hormuz cut off a fifth of global oil and liquefied natural gas supplies for over three months – reshuffling energy markets and boosting Brent crude LCOc1 to nearly $120 a barrel – it could have been far worse.

One key stabilizing force was the world’s ability to tap emergency reserves.

Early in the conflict, all 32 members of the International Energy Agency agreed to a record 400 million-barrel release from strategic petroleum reserves (SPRs), with the U.S. contributing the largest share.

The drawdown — the sixth since the energy watchdog's creation — validated a strategy forged after the 1973 Arab Oil Embargo, under which IEA members must hold emergency stocks equal to at least 90 days of net imports.

China offered a second lesson.

Although not a full IEA member, China has spent years building what is believed to be the world's largest SPR, holding more than a billion barrels to guard against such a scenario.

With this "rainy day fund," the world's largest energy importer reduced crude purchases by more than a third during the war. It may not have drawn down reserves by as much as the import drop implied, but it signalled a willingness and ability to tap its stockpile.

Stepping away from the market during a period of tight supply and high prices saved Beijing billions of dollars and helped insulate it from the economic distress seen elsewhere in Asia, which relies on the Middle East for roughly 60% of energy imports.

The pain was particularly acute in India, Pakistan, Thailand and other economies with limited domestic reserves. Lacking substantial emergency stockpiles, governments turned to subsidies, fuel curbs, shorter work weeks and other austerity measures to curb consumption.

Many vulnerable importers are now likely to expand their SPRs where fiscal space allows, while those unable to afford it may strengthen demand-reduction plans instead.

THE RUSH FOR SPR

India is in clear need of larger strategic reserves. It is the world's most populous nation, the third-largest oil importer and the second-largest importer of liquefied petroleum gas used for cooking, and is set to become the single biggest source of global oil demand growth through 2030, according to the IEA.

Yet India is not a full IEA member and did not join the agency's coordinated reserve release during the war. Its reserve covers just eight days of imports; meeting the IEA's 90-day standard would require more than 400 million additional barrels, costing roughly $28 billion at $70 per barrel.

New Delhi now appears to be moving in that direction, asking Oil and Natural Gas Corporation ONGC.NS to build a 1.75 million-tonne — nearly 13 million-barrel — reserve that could expand India's emergency storage capacity by about one-third, the Economic Times reported.

Pakistan is in a similar position. It relied on the Middle East for about 90% of its oil and LNG imports before the war and is now looking to expand domestic storage. Building reserves equivalent to 90 days of imports would require around 35 million additional barrels.

Australia, the only full IEA member that consistently failed to meet the agency's SPR requirement, has announced plans to spend $7 billion to hold at least 50 days of fuel.

Other countries, including Asia's top oil-refining hub Singapore, are also considering building or expanding strategic oil and gas storage.

Europe already has an extensive gas storage system to manage seasonal demand, particularly in winter. But with imported LNG now accounting for more than 40% of its gas supply — and over 60% of those imports coming from the U.S. — the region may opt to build additional government-controlled storage.

Even energy producers are moving in this direction. Gulf national oil companies are seeking more storage outside the region to preserve export flexibility in a crisis.

Saudi Aramco <2222.SE>, which already operates storage facilities in Japan, South Korea, Egypt and northwest Europe, has signalled it is considering further expansion.

OIL PRICE IMPACT

Taken together, these new storage plans could require around 500 million barrels of crude and refined products, based on ROI calculations.

Depleted inventories will also need refilling. Roughly 400 million barrels have already been drawn from global stocks since the start of the war, according to the IEA, with draws likely to continue through the summer even after Hormuz reopens.

Combined, that amounts to roughly 1 billion barrels of additional demand. Even if spread over several years, it would provide significant price support.

The timing may be favourable. The IEA expects global oil supply to surge next year as Middle East production recovers, potentially outstripping demand by more than 4 million barrels per day. Even a major storage-driven demand increase might therefore not send crude prices soaring.

That may not hold if Gulf supply recovers more slowly than expected, whether because of logistical problems or a breakdown in the Middle East's precarious new balance of power.

The longer-term implications of this “urge to hoard” are even more complex. A world with significantly larger strategic reserves may prove more resilient to shocks, which could anchor prices over time. With greater buffers in place, countries such as India may reduce purchases during periods of tight supply – just like China – dampening price spikes.

As the Hormuz shock subsides, the lesson for importers is clear: "impossible" disruptions can happen, last longer than expected, and hit hardest where there is no cushion.

(The opinions expressed here are those of Ron Bousso, a columnist for Reuters.)

Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. Follow ROI on LinkedIn, and X.

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(Ron Bousso
Editing by Marguerita Choy)

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** India raises royalty on onshore crude oil production, which CLSA sees as a positive for Oil India OILI.NS but slightly negative for ONGC ONGC.NS, largely due to firm's higher exposure to onshore crude production

** "This royalty flip-flop may be seen as an irritant and may make investors extrapolate more negative government action, but we would disagree (with that opinion)," says CLSA

** Despite a sharp hike in international crude oil prices, India has cut royalty rates for the sector, not introduced any windfall tax and allowed realisations on new well gas to jump without tinkering with the formula - CLSA

** The revised crude royalty rate is at about 13.33% from earlier ~10% but is still below the pre-May level of 16.67%, while onshore gas royalty has been reduced to 7.27%, continuing a downward trend

** On the day, shares of OILI trade flat, ONGC rise 1.3%

** YTD, ONGC up ~8% while OILI trades 0.35% up

(Reporting by Urvi Dugar in Bengaluru)

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June 9 (Reuters) - Expo Engineering and Projects Ltd EXPO.BO:

• EXPO ENGINEERING AND PROJECTS - RECEIVES WORK ORDER FROM ONGC WORTH 446.7 MILLION RUPEES

Source text: ID:nBSEBYzJp

Further company coverage: EXPO.BO

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Adds petroleum company official on countrywide oil output, line 16

JUBA, June 4 (Reuters) - South Sudan said oil production at the GPOC joint venture had increased to a record 60,000 barrels per day, the highest level since its operations began in 2005.

• President Salva Kiir's office made the announcement in a statement on Wednesday.

• It said the output of the Greater Pioneer Operating Company (GPOC) venture - led by China's CNPC, one of the main oil companies operating in the East African country, and also including Malaysia's Petronas and India's ONGC ONGC.NS - had previously been 44,000 bpd.

• Kiir met senior petroleum officials and GPOC's president, urging them to raise output further.

• South Sudan seceded from Sudan in 2011 but plunged into civil war two years later. At its peak before the civil war, production stood at 350,000 bpd to 400,000 bpd.

• Oil output currently stands at 174,000 bpd, Lual Chol, director-general of the petroleum ministry, told a press conference on Thursday.

• South Sudan's public finances depend heavily on oil exports.

(Editing by Alexander Winning; Editing by Joe Bavier)

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** Shares of India's Oil and Natural Gas Corp ONGC.NS fall 7.4% this week, making it the worst-performing stock on Nifty 50.NSEI which is up 0.70% for the week

** Co reported 3% y/y rise in Q4 profit to 66.5 billion rupees ($697.34 million), revenue up 2.7% y/y

** ONGC down 1.82% at 269.05 rupees on the day vs NSEI down 0.08%

PRODUCTION DELAYS REMAIN KEY OVERHANG

** Morgan Stanley ("Overweight", PT: 363 rupees) says strong reserve additions have yet to translate into higher production

** JPMorgan ("Neutral", PT: 300 rupees) says delays at key projects and lower output from mature fields remain a concern

** Jefferies ("Buy", PT: 320 rupees) says policy support and higher gas prices aid earnings, but weak production remains a drag

** UBS ("Buy", PT cut to 340 rupees from 350 rupees) says project delays continue to weigh on near-term production growth

($1 = 95.3625 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

** ONGC ONGC.NS drops as much as 4.1% to 275.62, lowest since April 8

** Stock set for steepest fall since February, if losses hold

** ONGC's oil and gas production business stagnated, with output largely flat year-on-year

** Co cites geological complexities in some fields and project delays in its western offshore operations, including the impact of global supply disruptions for drop in oil production

** Standalone crude oil production fell to 4.45 million tons, from 4.70 million tons in the same period last year, while gas output edged lower

** Co says it is accelerating investments to reverse production decline and boost domestic output

** CLSA, Macquarie, and Jefferies say ONGC's weaker production and higher exploration spending led to earnings miss

** ONGC and Nifty Energy index .NIFTYENR, both up over 15% YTD

(Reporting by Pranav Kashyap in Bengaluru)

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May 26 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC Q4 PROFIT 66.5 BILLION RUPEES

• ONGC Q4 REVENUE FROM OPERATIONS 359.28 BILLION RUPEES

• DECLARES DIVIDEND OF 1 RUPEE PER SHARE

• APPROVES FORMATION OF 50:50 JV WITH GUJARAT MARITIME BOARD FOR 5 MMTPA PORT AT DAHEJ

Source text: [ID:]

Further company coverage: ONGC.NS

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May 25 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC LTD - ONBOARDS TECHNICAL SERVICES PROVIDER FOR ENHANCING PRODUCTION FROM ENTIRE WESTERN OFFSHORE FIELDS

Further company coverage: ONGC.NS

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Adds companies planning a staggered increase in pump prices

NEW DELHI, May 19 (Reuters) - India state-fuel retailers raised petrol and diesel prices by less than a rupee per litre on Tuesday, the second increase in a week to recover some losses from high crude prices resulting from the Iran war.

After the rise of roughly 0.9 rupees ($0.0093), consumers will pay 98.64 rupees for a litre of petrol in New Delhi and 91.58 rupees for a litre of diesel, dealers said. Prices vary across the country because of regional taxes.

Although petrol and diesel prices are deregulated in India, the government exerts significant influence on prices as the majority shareholder of the key retail companies.

Sujata Sharma, a joint secretary in the oil ministry, said on Monday the state fuel retailers have been losing 7.5 billion rupees daily. The government has no plans to provide financial support for them, Sharma said.

Sources at refiners said more price hikes are needed to recoup the losses. The fuel retailers did not respond to Reuters' emails seeking comment.

India is the world's third-largest importer and consumer of oil and was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.

State-run Indian Oil Corp IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which together control more than 90% of a network of 103,000 fuel stations, tend to set prices in tandem.

The state-run suppliers raised petrol and diesel prices on Friday by 3 rupees a litre, the country's first price increase in four years.

Dealers and analysts said they expected a staggered increase in prices, similar to April 2022 during the COVID pandemic.

Opposition parties said the government, headed by Prime Minister Narendra Modi, had postponed price increases to try to win votes in recent state elections. Modi's Bharatiya Janata Party won two of the four states, expanding its political influence.

Modi has urged people to limit their travel to conserve fuel and curb buying gold.

($1=96.3450 Indian rupees)

(Reporting by Mohi Narayan, Tanvi Mehta and Nidhi Verma, Chris Thomas in Mexico City; Editing by Clarence Fernandez, Thomas Derpinghaus and Neil Fullick)

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** Oil and Natural Gas Corporation ONGC.NS shares rose 7.8% in the second week of May, marking their biggest weekly gain since January

** The stock gained earlier in the week after India cut royalties on crude oil and gas production, a move brokerages described as a "big positive" for upstream firms

** Government cut royalty on crude from ONGC's older oil fields to 12.5% from 20% and allowed higher cost deductions

** Brokerage CLSA reiterates its "high-conviction outperform" rating on ONGC after the move

** Jefferies expects ONGC to fully benefit from higher crude prices, easing investor concerns over price caps while crude stays elevated near term

** Eighteen of 30 brokerages rate the stock "buy" or higher; their median PT is 309 rupees

** YTD, ONGC up 24.8%

(Reporting by Abhinav Parmar in Bengaluru)

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** Oil and Natural Gas Corporation's ONGC.NS stock rises 0.4% to 295.55 rupees

** Government cut royalty on crude from ONGC's older oil fields to 12.5% from 20% and allowed higher cost deductions, reducing its royalty burden, Jefferies says

** Brokerage sees the move to lower government royalties in a high crude price environment as a positive for ONGC

** Raises TP on stock to 360 rupees from 325 rupees, representing a 22.2% upside to the stock's last close; maintains 'buy' rating

** Brokerage expects ONGC to fully benefit from higher crude prices, easing investor concerns over price caps while crude stays elevated near term

** Raises FY27, FY28 EPS estimates by 4% and 8% respectively; says production growth and earnings upgrade from higher crude realization are key triggers

** YTD, stock up 22.9%

(Reporting by Abhinav Parmar in Bengaluru)

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** Shares of ONGC ONGC.NS and Oil India OILI.NS jump 3.9% and 5.6%, respectively

** CLSA says the government's move to cut royalties on crude oil and gas production is a "big positive" for upstream firms

** Says the surprise cut could lift fair value for ONGC by 7%-9% and for Oil India by 9%-11%

** "This surprise action to cut upstream tax instead of raising it should put fears of new windfall tax to rest," CLSA says

** CLSA estimates the changes imply a blended royalty cut of about 3 percentage points for ONGC; at $80/bbl oil, this could add roughly 20 rupees–24 rupees per share to fair value

** For OILI, the all-onshore production profile means a sharper impact, with potential fair value gains of 9%-11%, CLSA says

** Adds the policy shift signals the government's intent to support upstream investment and production, reducing fears of higher taxation

** Brokerage reiterates its "high-conviction outperform" rating on ONGC

** YTD, ONGC stock jumps ~22%, OILI up ~14%; energy index .NIFTYENR gains 13%

(Reporting by Kashish Tandon in Bengaluru)

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NEW DELHI/SINGAPORE, May 6 (Reuters) - India's state-run Hindustan Petroleum Corp HPCL.NS has bought two million barrels of Oman crude for delivery in July, traders said on Wednesday.

• HPCL bought the oil from Vitol at a discount of 10-20 cents to the June dated Brent price, the traders said.

• The companies typically do not comment on their commercial deals.

• Oman crude is exported from the terminal at Mina Al Fahal outside of the Strait of Hormuz.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore
Editing by David Goodman
)

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May 1 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC LTD- VIVEK CHANDRAKANT TONGAONKAR CEASED TO BE DIRECTOR (FINANCE) AND CHIEF FINANCIAL OFFICER (CFO)

Further company coverage: ONGC.NS

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SAO PAULO, April 27 (Reuters) - Brazilian state-run firm Petrobras PETR3.SA announced on Monday an agreement to acquire a portion of the Argonauta oil field's ring-fence in the Campos Basin for some $290 million.

Petrobras said in a securities filing it would pay for the portion - which belongs to Shell SHEL.L, ONGC ONGC.NS and Brava BRAV3.SA - in three installments. The transaction was valued at a sum of 700 million reais ($140.50 million) and $150 million.

($1 = 4.9822 reais)

(Reporting by Fernando Cardoso; Editing by Chris Reese)

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** India's upstream oil firms ONGC ONGC.NS and Oil India OILI.NS up 0.3% and 0.2% respectively

** Nifty oil and gas .NIFOILGAS up 1.1%, set for third weekly gain

** Ambit Capital cites government decision to hold off on windfall taxes a key positive for sector

** Revises crude oil realisation ceiling assumption to $80/barrel from $70, upgrades earnings per share by 13%-17% for both cos

** Adds, sustained policy push to increase acreage and accelerate deepwater, offshore exploration signals support

** Says, should expedite project timelines, reduce infrastructure bottlenecks, and enable upstream players to drive stronger production growth with better capital efficiency

** Indian exploration and production companies trade at a discount to global peers due to volatility in windfall taxes, historical production disappointments and capped gas realisations

** YTD, ONGC up 18%, while OILI up ~9%; Nifty Oil & Gas down 7%

(Reporting by Pranav Kashyap in Bengaluru)

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By Nidhi Verma

NEW DELHI, April 13 (Reuters) - India's state-run Hindustan Petroleum Corp HPCL.NS has issued a rare tender seeking a liquefied petroleum gas tanker to immediately load propane and butane from Russia's Ust-Luga port, a tender document seen by Reuters on Monday showed.

The vessel, to be loaded with 12,000 metric tons of butane and 8,000 tons of propane for discharge on India's west coast, must not be under sanctions and must have no links to Iran, the document said.

HPCL did not immediately respond to a request for comment.

Indian state refiners are seeking to buy LPG, used as cooking gas, from more diversified sources including Russia as India faces its worst LPG supply crisis in decades.

Supplies from the Middle East have been disrupted by the closure of the Strait of Hormuz following the U.S.-Israeli war on Iran.

Indian authorities have previously said they are purchasing LPG from countries including the U.S., Norway, Canada, and Russia.

India consumed 33.15 million tons of LPG last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

(Reporting by Nidhi Verma. Editing by Mark Potter)

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NEW DELHI, April 8 (Reuters) - India's cabinet has approved 794.59 billion rupees ($8.60 billion) for HPCL Rajasthan Refinery Ltd, Information Minister Ashwini Vaishnaw said on Wednesday.

($1 = 92.3530 Indian rupees)

(Reporting by CK Nayak and Hritam Mukherjee, writing by Sakshi Dayal; Editing by YP Rajesh)

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April 6 (Reuters) - Deep Industries Ltd DEEI.BO:

• DEEP INDUSTRIES LTD - GETS LOA FOR ORDER WORTH 590 MILLION RUPEES FROM ONGC

Source text: ID:nnAZN4SP8BU

Further company coverage: DEEI.BO

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SINGAPORE, March 31 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(Reporting by Jeslyn Lerh; Editing by Rashmi Aich)

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SINGAPORE, March 30 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(Reporting by Jeslyn Lerh;)

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** Shares of India's Oil and Natural Gas Corporation ONGC.NS up 3.44% at 279.50 rupees, set to be the top weekly percentage gainer on the Nifty 50 index .NSEI

** For the week, Indian upstream oil co was up 4.94%, set for best week since late Jan 2026

** Continuing high oil prices with no end in sight to the Iran conflict have contributed to a jump in oil stocks

** CLSA ("outperform") on Tuesday upgraded ONGC's PT to Street-high 405 rupees from 315 rupees

** Underperformance compared to global peers is due to fear of a new windfall tax, said the brokerage; however, the new law passed last year limits the government's power to impose such a tax

** ONGC on avg rated "buy" by 30 analysts; median PT is 299 rupees - LSEG data

** YTD, stock up 16.3%

(Reporting by Abhirami G in Bengaluru)

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By Nidhi Verma

NEW DELHI, March 20 (Reuters) - India's state-run Hindustan Petroleum has bought 2 million barrels of Angolan oil via a tender, three trade sources said, as reduced availability of costly Middle Eastern oil leads Indian refiners to shift to West African and Asia-Pacific grades.

India, which used to rely on Middle Eastern oil for over 45% of its oil imports, has been hit hard by the disruption caused by the U.S.-Israeli war on Iran that has halted shipments via the Strait of Hormuz.

The Oman and Dubai benchmarks eased on Friday, but earlier in the week surged as Middle Eastern crude became the world's most expensive. Peaks earlier this week exceeded the previous record of $147.50 hit by Brent futures in 2008.

REFINERS SEEK ALTERNATIVES OR CUT OUTPUT

The surge in the benchmarks, used to price millions of barrels of Middle Eastern crude bound for Asia, has increased costs for Asian refiners, leading them to seek alternatives or reduce output.

HPCL has bought a million barrels each of Clov and Cabinda from Exxon at about a $15 premium to dated Brent on a delivered basis for May 1-10 arrival in India's west coast, the sources said.

Indian companies do not comment on their crude purchases as the deals are confidential.

The refiner has bought oil for its 180,000-barrels-per-day Barmer refinery in the desert state of Rajasthan.

Earlier this week, HPCL bought a million barrels each of Forcados and Agbami from trader Totsa.

Separately, Indian Oil Corp IOC.NS, the country's biggest refiner, was also seeking to buy crude, mainly from West Africa for loading in the second half of April.

(Reporting by Nidhi Verma; editing by Barbara Lewis)

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SINGAPORE, March 19 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates on recent tenders closed)

(Reporting by Jeslyn Lerh;)

(([email protected]))