Indian refiners sought oil from Latin America and Africa as Middle East supplies faced disruptions. Imports from Venezuela, Brazil, Angola, and Nigeria increased. Russia remained a key supplier, though its share saw a dip. The UAE and Saudi Arabia saw increased imports. Overall oil imports in April remained steady but decreased year-on-year. Brazil and Venezuela…
India is set to invite bids for its first 220 MWe Bharat Small Modular Reactor (BSMR-200) within six months, a significant stride in boosting nuclear energy for its green transition. Foreign firms can participate with local partners. This pilot project, costing approximately Rs 30 crore per MW, aims to pave the way for future SMR…
India’s Russian oil imports are set to exceed 1 million barrels per day in December, defying expectations of a decline. Refiners are resuming purchases from non-sanctioned entities offering significant discounts, maintaining strong ties despite Western sanctions. This trend is expected to continue into January, with state refiners increasing their intake.
Maharashtra State Road Transport Corporation will implement a new fuel-saving initiative. The plan aims to reduce daily diesel consumption across all depots. Drivers will be trained and rewarded for efficient fuel use. Technical inspections and repairs will be prioritized. This campaign seeks to improve MSRTC’s financial health and conserve national resources.
Power Finance Corporation and REC Ltd are planning to merge by April 1, 2027. This merger will create a single platform for financing India’s power sector. Both companies have received in-principle approval for the restructuring. Legal and financial advisors have been appointed. Discussions on the detailed structure are ongoing and require regulatory approvals.
Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum saw profits rise significantly in the June quarter. High retail margins on petrol and diesel fueled this growth. However, inventory losses impacted refining margins. Discounts on Russian crude are shrinking. Some refiners are delaying Russian oil orders due to potential US penalties. Government compensation for LPG under-recoveries…
Nayara Energy, an Indian refiner with Russian backing, faced EU sanctions. The company then revised payment terms for a naphtha export tender. It sought advance payment or a letter of credit. Consequently, the tender was skipped. A BP-chartered tanker also left a Nayara port without loading. Nayara has criticized the EU sanctions as unjust.
Nobel laureate Abhijit Banerjee suggests India re-evaluate the benefits of cheap Russian oil imports following the US imposition of a 25% tariff on Indian goods, effectively raising duties to 50%. He proposes considering halting Russian oil purchases to potentially negotiate tariff removal with the US, especially given the impact on India’s exports.
BP already has a similar arrangement for ONGC’s flagship Mumbai High fields, but the latest move significantly expands its role, making it responsible for helping enhance output from fields that account for about 72% of ONGC’s gas production and 60% of its oil output.
Tariff guidelines for nuclear plants are given by the Department of Atomic Energy, unlike all other state-owned plants, the tariff for which is regulated by the Central Electricity Regulatory Commission. However, the rate of return on equity for nuclear plants is the same as for thermal power plants in the ongoing five-year tariff period of…