Category — Oil & Gas

Indian Oil Corporation to Buy American Crude Oil

State-owned Indian Oil Corporation floated its first tender to purchase high-sulfur, or sour, crude from North America as it seeks to diversify imports.

BusinessLine reports that India’s largest oil refiner is seeking to buy the crude grades Mars, Southern Green Canyon and Thunderhorse from the United States, and Western Canadian Select from Canada. Sellers are to deliver the oil in late September or early October.

Indian Oil Corporation

Indian refiners consider these heavy, high-sulfur grades as feedstocks. After effecting modifications at their plants, these types of crude grades are easier to process and they typically sell at a lower cost compared to other oil types. The U.S. could become an alternative source for the Indian companies for these grades.

July 11, 2017   No Comments

Shell Inaugurates Technology Center in India

British-Dutch oil and gas multinational Shell opened a new major technology hub in Bangalore — a 52 acre, custom-built facility – that can house up to 1,500 scientists and engineers, who will  work on worldwide innovative energy projects.

This third center, which is similar to those in Amsterdam and Houston, will have specialists who will work closely with experts from external industrial partners, universities, and institutes. In India, chemistry and catalysis research is done in collaboration with the Indian Institutes of Technology.

“Collaboration is essential to meet our biggest challenge: timely development and deployment of the best and affordable energy solutions, for today and for the future as the world transitions to a low carbon energy system,” said Harry Brekelmans, Shell’s Projects & Technology Director.

Shell Logo on a canopy

Using its IH2 (waste to fuel) technology, this center will help pioneer efforts to turn forestry, agricultural and city-generated waste into transportation fuels, with a new demonstration plant built at the site, reports the Economic Times.

“The center is slated to play a prominent role in Shell India’s aspiration to custom-build a portfolio of new energy solutions specifically suited to India’s energy challenges,” Nitin Prasad, Chairman of Shell Companies in India, said.

June 8, 2017   No Comments

India Ratifies Paris Agreement on Climate Change

India ratified the Paris Agreement on the birthday of Mohandas K. Gandhi ( Mahatma Gandhi, revered as the Father of the Nation by Indians),  who was born Oct. 2, 1869.

“Today the government of India has demonstrated global leadership and vision by joining the Paris agreement on climate change,” U.N. Secretary General Ban Ki-moon tweeted.  “This historic step will further India’s sustainable path to growth and development.”

Climate Change

Currently sixty-two countries have joined, representing 52 percent of global emissions, according to the United Nations’ Framework Convention on Climate Change, reports the Washington Post.

Ajay Mathur, director general of the Energy and Resources Institute, New Delhi, said that the government plans to achieve its climate goals in three ways:

  • Launch a market next year to balance supply and consumption of electricity
  • Institute a program to increase the efficiency of the agriculture sector
  • Spur more efficient technologies in air conditioning, since cooling accounts for half of the growth in new electricity demand

October 3, 2016   No Comments

Putin’s India Visit Focuses on Nuclear Projects and Energy

India wants to expand its nuclear-generation capacity to 20 gigawatts by 2020, (from five gigawatts currently) and Russia will help India build at least 10 more nuclear reactors. Prime Minister Modi said that the two countries had outlined an “ambitious vision” for nuclear energy during the talks and that the new reactors would be built over the next 20 years. He added that, under the deal, nuclear components would be made in India.

India and Russia will expand their cooperation in the localization of equipment and spares, uranium mining, fabrication and supply of nuclear fuel, management of spent fuel and in other aspects of the nuclear fuel cycle. Toward this objective, the Indian side agreed to expeditiously identify a second site, in addition to Kudankulam, for the construction of the Russian-designed nuclear power units in India. (The original plan was to locate a Russian technology plant in West Bengal but the current leader of that state rejected the idea, despite rampant power shortages. Neighboring Odisha is a coastal state that appears to be a likely candidate. Most light water reactors are being located close to the coast).

The leaders envisage broader collaboration between hydrocarbon companies of the two countries in oil and gas exploration and production, as well as in liquefied natural gas projects and supplies. The two countries signed a series of major energy agreements on Thursday. A $1billion joint venture to support hydro-electric power projects in India has been agreed, and Russian oil producer Rosneft signed a deal to supply India with 10 million tons of oil per year, according to Reuters. President Putin said earlier that his country was looking to export more Russian oil and gas to Asia because of problems with the European market.

 

December 12, 2014   No Comments

Mukesh Ambani 18th Richest Man In World: Bloomberg

According to the India Journal, Indian business magnate Mukesh Ambani is the 18th richest person in the world  on the Bloomberg Billionaires Index, with a personal wealth of $24.7 billion in 2012. Ambani runs Reliance Industries Ltd, a India petrochemicals conglomerate with interests in retailing and some assets in the United States.

On the Bloomberg Billionaires Index, a  ranking of the world’s 100 wealthiest individuals, there are three other billionaires of Indian origin, but the list changes daily

#39: Lakshmi Mittal – Mittal owns 38 percent of ArcelorMittal, the world’s biggest steelmaker. He is the Luxembourg-based company’s largest shareholder. The U.K. resident owns several London properties, including mansions on Billionaires Row near Kensington Palace. The Goldman Sachs director has a 34 percent stake in the Queens Park Rangers soccer team.

#48: Azim Premji – Premji is the chairman and largest shareholder of Bangalore-based Wipro, India’s third-biggest software exporter. The company employs more than 135,000 people and has annual revenue of more than $7.8 billion. He also owns a private equity fund, PremjiInvest, which manages his $1 billion personal portfolio, and interest in JM Financial.

#91: Shapoorji Pallonji Mistry, now an Irish national, who owns 18 percent of the Tata Sons holding company of the Tata Group. His son, Cyrus Mistry, also an Irish National, is now chairman of the Tata sons.

January 25, 2013   No Comments