Petronet LNG has secured a significant ₹12,000 crore loan. State Bank of India and Bank of Baroda are providing the funds. This financing will primarily support Petronet’s petrochemicals project. It will also cover other capital expenditure needs. The agreement follows a competitive bidding process. Petronet is India’s largest LNG importer. It operates regasification terminals in…
Seven key OPEC+ oil nations are poised to increase July output by approximately 188,000 barrels per day. This decision comes as the group meets on June 7. Despite ongoing disruptions from the Iran war, OPEC+ has been raising its monthly targets since April. The United Arab Emirates’ recent departure from the group is noted.
India prioritises energy security, emphasising the need for a clear global energy market perspective without double standards, according to Foreign Secretary Vikram Misri. This statement follows EU sanctions targeting Russia’s energy sector, including restrictions on the Vadinar refinery.
ONGC Videsh Ltd, the overseas investment arm of India’s top explorer ONGC, and other state-run Indian companies have not been able to repatriate about $800 million in dividends from stakes in Russian energy assets due to sanctions, industry sources told Reuters.
State-run Coal India is absorbing significant increases in input costs. This move aims to protect consumers from higher coal prices. The company is not passing on the rising costs of explosives and industrial diesel. This ensures power and industrial costs remain stable. Coal India is also compensating contractors for higher diesel prices. This keeps production…
State-run ONGC has cancelled a tender for jack-up rigs due to concerns over unusual price hikes and bid patterns, suspecting collusive practices. The company observed a nearly 60% increase in day rates within nine months, significantly exceeding market norms. ONGC aims to ensure fair competition and safeguard public funds by upholding procurement integrity.
India is prioritizing grid readiness for its growing clean energy ambitions. COP30 discussions highlight the need for robust transmission, energy storage, and local manufacturing. Hitachi Energy is a key player in developing high-voltage direct current links and advanced grid solutions.
Indian engineering firms are now entering the Middle East’s oil and gas supply chains. Global energy companies are broadening their supplier choices. This opens doors for Indian manufacturers meeting strict standards. Companies like LSI-MECH Engineers are gaining approval. The Middle East continues energy infrastructure investment. Diversifying vendor bases is a priority for global firms.
India is boosting its power generation capacity, focusing on nuclear energy. The nation aims to reach nearly 300 GW next year. Nuclear power is key for long-term energy security, targeting 100 GW by 2047. Tripura is set to receive urban infrastructure projects worth Rs 1,200 crore. Reforms are crucial for growth.
President Trump faces pressure from Iran’s demands for financial relief and Republican hawks urging a decisive end to the conflict. This has led to fluctuating promises of a deal and threats of renewed military action, complicating efforts to resolve the ongoing war and open the Strait of Hormuz.