Category — Oil & Gas

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

Canada’s Prime Minister returns to India next week

Canadian Prime Minister Stephen Harper will visit India from Nov 3-9 and meet Prime Minister Dr. Manmohan Singh and other Indian leaders, according to the New York Daily News.

He will be accompanied by Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, Joe Oliver, Minister of Natural Resources (who was in India a few weeks ago), Gerry Ritz, Minister of Agriculture and Agri-Food, Bal Gosal, Minister of State (Sport), and Tim Uppal, Minister of State (Democratic Reform), along with representatives of the business and cultural sectors.

This will be Harper’s second official visit to India. During his November 3-9 visit, Harper will visit Agra, New Delhi, Chandigarh and Bangalore.  Visiting the Golden Temple in Amritsar is not figured into Harper’s itinerary for his November 2012 visit like it was in his previous visit to India.
“Canada enjoys a strong working and personal relationship with India but we must further strengthen the links between our two countries,” Harper said in a statement. “India is a growing economy with enormous potential, and expanding our trade and investment links with India will create jobs, growth and long-term prosperity here in Canada.”

Trade between India, one of the fastest growing economies, and Canada is increasing, the statement said.  Despite the 2000s recession, bilateral trade has increased by over 70% since 2004.  In 2009, Canadian exports to India totaled 2.1 billion Canadian dollars while Canadian imports to India totaled 2.0 billion Canadian dollars, giving them a hundred million dollar trade surplus.

Being fellow members of the commonwealth, India and Canada share high commissioners instead of ambassadors.  Canada’s High Commission to India is located in New Delhi, while India’s is in Ottawa.  Canada maintains consulates in Mumbai, Chennai and Chandigarh, while India’s consulates are located in Vancouver and Toronto.  Canada also has trade offices in Ahmedabad, Kolkata, Bangalore, and Hyderabad.

The Nuclear Co-operation Agreement was signed between Prime Minister Manmohan and Prime Minister Harper in June 2010 during a meeting of the G-20 in Toronto, Ontario, but Canada is negotiating with the Indian government to revive defense ties.  It is yet to be ratified by both countries.

October 25, 2012   No Comments

Canada aligning to sell Uranium to India

Canada is working to finalize an agreement with India that will ease the export of uranium by companies such as Cameco Corp., its Natural Resources Minister Joe Oliver said during a visit to New Delhi this week.

The two countries signed a nuclear cooperation pact in June 2010 to enable Canada’s nuclear industry to sell materials and equipment for civilian purposes to India. Canada has asked India to ensure exports can be traced, in line with standards met by countries such as the U.S. Canada and India are negotiating an “administrative” arrangement to address such issues, Oliver told Bloomberg in a telephone interview from New Delhi.

Canadian Prime Minister Stephen Harper and Indian Prime Minister Manmohan Singh have pledged to triple bilateral trade by 2015. If all goes well Harper will visit India again next month.

Oliver’s meeting schedule in India was hectic according to EIN. See below for some of the leaders and companies he met in order to boost Canadian exports and encourage investment

               --  Minister Veerappa Moily, Indian Minister of Power, to discuss India's
                  energy needs and how Canada is well positioned to fulfil them; 
              --  Minister Jaipal Reddy, Indian Minister of Petroleum and Natural Gas, to
                  advance Canadian energy objectives and increase the potential for
                  Canadian oil and liquefied natural gas exports to India; 
              --  Reliance Industries Limited, Aditya Birla Group and Tata Steel, all
                  major Indian companies that are currently investing and creating jobs in
                  the Canadian natural resource sectors; 
              --  Minister Farooq Abdullah, Indian Minister of New and Renewable Energy,
                  to promote trade and investment partnerships with India in new and
                  renewable energy projects; and 
              --  Minister of State Ashwani Kumar, Indian Minister for the Planning
                  Commission, to advance Canadian energy objectives in India and
                  opportunities to support India's priority of energy security.

October 12, 2012   No Comments