Saudi Arabia promises to meet India’s oil needs; keen to invest in downstream

Agencies
October 16, 2018

New Delhi, Oct 16: Saudi Arabia on Monday committed to meeting India's rising oil demand and said it is keen to invest in fuel retailing and petrochemical business in the world's fastest-growing energy consumer.

Speaking at India Energy Forum, its oil minister Khalid al-Falih heaped lavish praises on Prime Minister Narendra Modi and his government for making it easier to do business in the country and ushering in "acche din".

"My frequent visits to India are indicative of the importance Saudi Arabia attaches to this great nation as a critical energy and a strategic global player," he said calling the county an "emerging superpower".

Saudi Arabia is India's second-biggest oil supplier behind Iraq and is committed to meet any shortfall that may arise due to sanctions on Iran, he said.

"I had the privilege of meeting Prime Minister Narendra Modi and oil minister Dharmendra Pradhan today. I assured them of our full and continued commitment of meeting India's oil demand as well as continuing to invest here in India," he said adding Saudi Arabia will maintain close contact with major consumers and seek their views.

India, the world's third-biggest oil importer, is facing record high retail prices as international crude rate soared and value of rupee dipped.

He cited his country's national oil company Saudi Aramco together with Abu Dhabi National Oil Company (ADNOC) signing up for taking 50 per cent stake in the proposed $44 billion, 60 million tonnes Ratnagiri refinery and petrochemical complex in Maharashtra as "early example of growing partnership" between India and Saudi Arabia.

"But it is not going to be the only one. This is indeed just the start," he said. "Saudi Aramco's desire is also to invest in consumer-facing segments such as retail fuels and petrochemicals, building an integrated downstream business spanning India as well as our commitment to invest in crude oil storage here in India in order to be more responsive and closer to the demand needs".

The government has announced plans to build two strategic storage facilities to hold 6.5 million tonnes of oil costing around Rs 11,000 crore through a joint partnership between state-owned firms and private companies.

Also, SABIC, the petrochemical giant of Saudi Arabia, is keen to invest in Indian petrochemical segment.

He went on to praise the present government for its policies and vision.

"Under Prime Minister Modi's stewardship, today I am glad to note that doing business in India has become significantly easier. FDI has grown and inflation is under control. In other words, Prime Minister Modi is making good on his promise of 'Achhe din' ... good days are here. We see good days in India," he said.

The minister said India's accelerated economic growth is playing a major role in rebalancing the distribution of global economic growth. "India is the world's fastest-growing energy and oil consuming nation. And this trend is playing an important role in driving future demand for oil and gas for decades to come."

Talking of global oil markets, he said there could be another round of unanticipated disruptions because of events in places like Nigeria, Libya and Venezuela. "And we have seen sanctions on Iran. These supply disruptions need a shock absorber and the shock absorber to a large extent has been Saudi Arabia," he said. "We have invested tens of billions of dollars to build the spare capacity of 2-3 million barrels per day over years."

But for this spare capacity that Saudi Arabia has used to deliver extra barrels in the market, oil prices would "easily be at the three-digit range", he said.

Oil prices hit a four-year high of $86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to US sanctions. Rates have cooled to $81.23 on Monday.

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News Network
July 10,2020

United Nations, Jul 10: India is a "good example" as solar auctions have seen popularity amidst the height of the COVID-19 pandemic, UN chief Antonio Guterres said on Thursday, underlining that renewable energy is the only energy source expected to grow in 2020 and offers more jobs than the fossil fuel industry.

In his remarks to the International Energy Agency "Clean Energy Transition Summit'', UN Secretary-General Guterres urged the international community to commit to further usage of coal and to end all external financing of coal in the developing world.

"Coal has no place in COVID-19 recovery plans. Nations must commit to net-zero emissions by 2050 and submit more ambitious national climate plans before COP-26 next year," he said.

"The seeds of change are there. Renewable energy is the only energy source expected to grow in 2020. Solar auctions have seen popularity amidst the height of the pandemic. India serves as a good example. Renewables offer three times more jobs than the fossil fuel industry," Mr Guterres said.

Last month, Adani Green Energy said it has bagged the first of its kind manufacturing-linked solar contract worth Rs 45,000 crore from the Solar Energy Corporation of India (SECI) to develop 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country.

Mr Guterres said he has asked all countries to consider six climate positive actions as they rescue, rebuild and reset their economies.

"We need to make our societies more resilient. We need green jobs and sustainable growth," he said, adding that bailout support to sectors such as industry, aviation and shipping should be conditioned on alignment with the goals of the Paris Agreement.

Countries also need to stop wasting money on fossil fuel subsidies and place a price on carbon, he said, noting that countries need to consider climate risk in their decision making.

"Every financial decision must take account of environmental and social impacts. Overall, we need to work together," he said.

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News Network
January 17,2020

Bengaluru, Jan 17: India’s latest communication satellite GSAT-30 was successfully launched from the Spaceport in French Guiana during the early hours on Friday.

In a press release, ISRO, has stated that the launch vehicle 'Ariane-5 VA-251' was blasted off from Kourou Launch Base, French Ginana at 0230 hours, carrying India’s GSA-30 and EUTELSAT KONNECT for Eutelasat, as per schedule.

The Ariane 5 upper stage in an elliptical Geosynchronous Transfer Orbit.

With a lift-off mass of 3,357 kg, GSAT-30 will provide continuity to operational services on some of the in-orbit satellites.

GSAT-30 derives its heritage from ISRO’s earlier INSAT/GSAT satellite series and will replace INSAT-4A in orbit.

“GSAT-30 has a unique configuration of providing flexible frequency segments and flexible coverage. The satellite will provide communication services to Indian mainland and islands through Ku-band and wide coverage covering Gulf countries, a large number of Asian countries and Australia through C-band," ISRO Chairman Dr K Sivan said.

Dr Sivan also said that “GSAT-30 will provide DTH Television Services, connectivity to VSATs for ATM, Stock-exchange, Television uplinking and teleport Services, Digital Satellite News Gathering (DSNG) and e-governance applications. The satellite will also be used for bulk data transfer for a host of emerging telecommunication applications.”

ISRO’s Master Control Facility (MCF) at Hassan in Karnataka took over the command and control of GSAT-30 immediately after its separation from the launch vehicle. Preliminary health checks of the satellite revealed its normal health.

In the days ahead, orbit-raising maneuvers will be performed to place the satellite in Geostationary Orbit (36,000 km above the equator) by using its onboard propulsion system.

During the final stages of its orbit raising operations, the two solar arrays and the antenna reflectors of GSAT-30 will be deployed. Following this, the satellite will be put in its final orbital configuration.

The satellite will be operational after the successful completion of all in-orbit tests.

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News Network
January 17,2020

Jan 17: President Ram Nath Kovind, on Friday, dismissed Nirbhaya convict Mukesh Singh's mercy petition, according to multiple media reports.

Mukesh Singh - one of the four convicts in the Nirbhaya gang rape and murder case had filed a mercy petition on Tuesday after Supreme Court dismissed curative petitions filed by him and Vinay Sharma (another convict).

More to follow

 

MHA forwards mercy petition of Nirbhaya convict to President; recommends rejection

New Delhi, Jan 17: The Union Home Ministry on Friday forwarded to President Ram Nath Kovind the mercy petition of one of the convicts in the Nirbhaya gangrape case, recommending its rejection, officials said.

Mukesh Singh, one of the four death row convicts in the 2012 Nirbhaya gangrape and murder case, had filed the mercy petition a few days ago.

"The Home Ministry has forwarded the mercy petition of Mukesh Singh to the President. The ministry has reiterated the recommendation of the Lieutenant Governor of Delhi for its rejection," the official said.

The Delhi LG had sent the mercy petition of Mukesh to the Home Ministry on Thursday, a day after the Delhi government recommended its rejection.

The four convicts -- Mukesh Singh (32), Vinay Sharma (26), Akshay Kumar Singh (31) and Pawan Gupta (25) were to be hanged on January 22 at 7 am in Tihar Jail. A Delhi court had issued their death warrants on January 7.

However, the Delhi government had informed the high court during a hearing that execution of the convicts will not take place on January 22 as a mercy plea has been filed by Mukesh.

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