Larsen & Toubro has clarified that oil project tenders in Kuwait, reportedly facing cancellation, were not part of its order book. This statement comes after the company’s shares saw a significant drop. Kuwait is reportedly reviewing oil project tenders worth approximately $8.7 billion due to bids exceeding budgets. L&T was the lowest bidder for tenders…
India’s Centre has lowered royalty rates for crude oil and natural gas production. This move aims to encourage more domestic exploration and production. Deepwater and ultra-deepwater fields will see significant royalty reductions. New policies offer zero royalty for initial years in these challenging areas.
India’s fuel price hikes are minor globally, with the nation ranking second lowest. This stability stems from a focused energy strategy. The government balances energy security with affordability. India is promoting ethanol blending and flex-fuel vehicles. This transition is structural, accelerating cleaner energy adoption across millions of vehicles. Such moves align with India’s long-term energy…
JSW Neo Energy has secured a 25-year Power Purchase Agreement with SECI to supply 230 MW of Firm and Dispatchable Renewable Energy at Rs 4.98 per kWh. This marks JSW Energy’s first FDRE project PPA, boosting its under-construction capacity to 12.9 GW and locked-in generation capacity to 30.2 GW. The company aims to achieve 30…
An Indian diesel cargo is on its way to China. This marks the first such shipment since April 2021. The EM Zenith departed from Nayara’s Vadinar terminal. EU sanctions on Rosneft-backed refinery complicated payments for Nayara. The vessel initially headed to Malaysia but changed course. It is now destined for Zhoushan, China.
Tata Power Renewable Energy Limited has secured its first Battery Energy Storage Purchase Agreement with NHPC Limited. This agreement involves setting up a 30 MW / 120 MWh battery storage system in Kerala. The project aims to address peak power demand and enhance grid flexibility. It will also support the integration of renewable energy in…
The Indian government has significantly increased export duties on diesel and aviation turbine fuel. This move aims to boost government revenue amidst fiscal challenges. The export duty on diesel has risen substantially, and a similar increase has been applied to aviation turbine fuel. Export duties on petrol remain unchanged. These changes are effective immediately.
Boards of Power Finance Corporation and REC will meet Saturday. Uncertainty surrounds their proposed merger. The government’s stake may fall below 51 percent. This could require a substantial capital infusion of around 25,000 crore rupees. Analysts question the feasibility of this. The merger is targeted for April 1, 2027. Discussions continue on the final structure.
India’s government is considering a change to its LPG subsidy formula following state-run oil companies’ first annual supply contracts with US exporters. Companies are advocating for the inclusion of US benchmark prices and higher transatlantic freight costs in the subsidy calculation to better reflect the economics of these imports.
Two empty supertankers turned back from the Strait of Hormuz at the last moment as US-Iran peace talks in Islamabad collapsed, highlighting ongoing risks in the key oil route. A third vessel was able to pass through, though the reasons for the differing outcomes remain unclear despite prior Iranian approvals.