India’s crude oil imports resumed climbing in the year ended March, after stagnating in the previous period, as a new refinery on the country’s east coast started and fuel demand Continue Reading
Slower demand growth in China has a significant effect on the ongoing oil crisis, but growth in India is expected for decades to come. Pictured, Indians spend time near a Continue Reading
“From now on, Iran will trade oil only in euros,” Bijan Zanganeh told reports on the sidelines of Iran-India business conference at Tehran Chamber of Commerce. Earlier, Tehran and New Continue Reading
India may invest as much as $20 billion in Iran’s energy industry and ports and boost imports of crude from the Persian Gulf nation if it gets favorable terms, India’s Continue Reading
Bringing natural gas through a pipeline from Turkmenistan will help address chronic energy shortages in Pakistan, the Asian Development Bank said. ADB officials were on hand for the signing of Continue Reading
In the energy world, India is becoming the new China. The world’s second-most populous nation is increasingly becoming the center for oil demand growth as its economy expands by luring Continue Reading
Malta-flagged Iranian crude oil supertanker ”Delvar” is seen anchored off Singapore March 1, 2012. India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in Continue Reading
The risk India will suffer below-average monsoon rain for a third year, a once-in-a-century event, probably means the central bank has room for just one interest-rate cut before an extended Continue Reading
Saudi Arabia cemented its position as India’s top crude oil supplier in February, exporting 60% more crude than it did in February 2015 and 24% more than January, and leaving Continue Reading
Old coal plants are increasingly lying dormant, yet new ones keep getting built, according to a new report. The analysis by CoalSwarm, which includes researchers from Greenpeace and the Sierra Continue Reading
As the biggest oil crash in a generation prompts producers from Royal Dutch Shell Plc to ConocoPhillips to cancel or delay almost $400 billion in projects, India’s state-run explorer is Continue Reading
Crude at $45 to $50 a barrel is enough to encourage India’s own exploration without squeezing fuel consumers, according to the oil minister of the world’s fourth-largest user. While the Continue Reading
Cooperation extending into the energy sector is high on the agenda for a two-day state visit to Pakistan, Iranian President Hassan Rouhani said Friday. Rouhani led a delegation of political Continue Reading
Having recently finalized India’s new hydrocarbons exploration policy, Indian oil minister Dharmendra Pradhan is now focused on formulating a new crude oil import policy aimed at giving state-run refiners more Continue Reading
Nation’s oil demand rose by 300,000 b/d last year: report says India is replacing China as the center of the world’s oil demand growth as it’s economy expands faster than Continue Reading
It isn’t just sweaters the kindergartners are wearing as they pour out of their classrooms onto the lawns of the American Embassy School in India ’s capital city. They are Continue Reading
Indian state refiners are jointly negotiating oil purchase deals with OPEC producers for the first time, as the world’s third biggest consumer seizes on low prices to wrest better terms Continue Reading
More than 10 million people in India’s capital, Delhi, are without water after protesters sabotaged a key canal which supplies much of the city. The army has took control of Continue Reading
Around the world, small sport-utility vehicles are replacing sedans in consumers’ hearts, but no where is the trend as popular or extreme as India, where car makers are introducing mini-SUVs. Continue Reading
In an oil sector first, the oil-rich United Arab Emirates (UAE) has offered free oil to India in return for a storage deal at India’s planned underground facility as the Continue Reading
Russian energy company Gazprom said one of the more promising areas for cooperation with Pakistan was in the field of liquefied natural gas. Gazprom Chairman Alexei Miller hosted a delegation Continue Reading
The lifting of sanctions against Iran could take up Nigeria’s share of oil export to India, findings have shown. Economic sanctions on Iran were lifted on Saturday after the UN Continue Reading
As oil producers agonize over tumbling crude prices, strong car sales in India and China are underpinning demand for gasoline, giving makers of refined products and petrochemicals healthy margins. While Continue Reading
Traffic was flowing smoothly Monday morning on Outer Ring Road in South Delhi, usually jammed at that hour by subway construction and cars. An upscale market was dotted with free Continue Reading
Indian Prime Minister Narendra Modi met President Vladimir Putin in Moscow with the goal of securing what would be his nation’s biggest weapons deal with Russia since 2001, strengthening military Continue Reading
Spurred by the prospect of an end to western sanctions, Iran has agreed to consider Indian demands for steep oil price discounts and other buying incentives, sources said, as it Continue Reading
The Pakistani government said it’s approved a proposal to deliver funding to help support a multilateral natural gas pipeline stretching east from Turkmenistan. An economic committee, chaired by Pakistani Finance Continue Reading
Spurred by the prospect of an end to western sanctions, Iran has agreed to consider Indian demands for steep oil price discounts and other buying incentives, sources said, as it Continue Reading
The petroleum ministry has gone into overdrive with two recent policy announcements. It decided to offer 69 small oilfields for development through an international bidding process and has floated a Continue Reading
Iran has agreed a $3 billion contract with a consortium of Indian companies to develop the Farzad B gas field in the Persian Gulf, according to the Mehr news agency. Continue Reading
US oil and gas giant Chevron has started production from two new onshore wells in the Jalalabad gas field, northeastern Bangladesh, with output of around 90,000 Mcf/day, a senior Petrobangla Continue Reading
Desperate to reverse a noticeable and embarrassing deterioration of the air quality in India’s capital, the government on Friday said it plans to restrict the number of cars allowed on Continue Reading
Rains eased in the flood-hit city of Chennai on Friday, raising hopes that rescue efforts could pick up, after the death of 18 patients at a private hospital added to Continue Reading
The Indian state of Tamil Nadu has seen its heaviest rainfall in over a century, driving thousands from their homes, shutting auto factories and paralyzing the airport in the state Continue Reading
The capitals of the world’s two most populous nations, China and India, were blanketed in hazardous, choking smog on Monday as climate change talks began in Paris , where leaders Continue Reading
Crumbling power sector in Pakistan putting pressure on the nation’s economy, Asian Development Bank says. File photo by Stephen Shaver/UPI MANILA, Nov. 20 (UPI) — The Asian Development Bank said it was providing more than $1 billion in loans to help Pakistan address chronic power issues in the country. Pakistan’s aging infrastructure means the country lacks a reliable power sector. The ADB described the status of the power sector in Pakistan as "crippling." The bank approved combined loans of nearly $1.4 billion covering two programs meant to resolve key power sector issues in Pakistan. Most of the initial funding will support advanced metering infrastructure . "Nearly 20 percent of generated electricity is lost due to high technical and commercial losses and measures like the installation of the AMI system are necessary to counter this," ADB energy specialist Adnan Tareen said in a statement. According to the ADB, Pakistan’s power […]
A driver waits in a taxi for his turn to fill up his tank with diesel at a fuel station in Kolkata in this file photo taken on June 14, 2012. – China’s fuel usage tends to gather headlines as an indicator of the strength of global crude oil demand, and while this has been justified, the real growth action is happening over the Himalayas in India. India’s total demand for oil products is about one one-third of that in China, but the South Asian nation is powering up as China’s growth moderates. This isn’t entirely unexpected given that the slowdown in China’s economic growth is well known, as is the rotation toward a more service- and consumer-oriented economy from one reliant on heavy industry. India’s rapid gains in fuel consumption have seen it overtake Japan to become Asia’s second-largest crude oil importer behind China, and this growth trend […]
India’s fuel demand touched a five-month high in October as demand for vehicles ahead of the festive season led to a surge in the consumption of diesel and gasoline. Oil demand during the month shot up 17 percent to 15.2 million metric tons from a year earlier, the highest since May, according to data published by the oil ministry’s Petroleum Planning & Analysis Cell . Diesel use rose 16 percent to 6.34 million tons, while gasoline consumption increased 14 percent to 1.85 million tons. With the onset of the festival season, passenger car sales jumped 22 percent in October, while industrial production rose 3.6 percent in September from a year earlier. Asia’s third-largest economy can grow at a pace of 8 percent to 10 percent in the coming years, Finance Minister Arun Jaitley said on Nov. 14. Diesel demand, which comprises about 42 percent of India’s fossil-fuel consumption, was […]
UN climate chief: global emissions pledges not enough yet Governments’ emissions-cutting pledges ahead of a … NOC tankers reach Rasuwa, receive warm welcome from locals The 12 tankers sent by Nepal Oil Corporation to br… Traffic police intensify cross checking in Tanahaun Kathmandu, October 28 The ‘unofficial’ border blockade by India has hit the business sector hard. Many industries across the county are on the verge of closure while there is an acute shortage of essentials and petroleum products in the market. “Vehicles carrying essentials and clothes that have been stuck at the Nepal-India border are yet to make it into the country. Unlike in the past, my business was down during this Dashain ,” said Dipak Subedi, who runs a cloth store in the Capital. Likewise, Shanta Lama of Dolakha, who runs a footpath stall selling grocery items, said that her business is facing a hard time as […]
KATHMANDU, Nepal – Fuel-starved Nepal has signed an agreement with China to import gasoline, diesel and cooking gas, effectively ending a monopoly on supply from India, which has restricted fuel convoys as a result of political protests in the Himalayan nation. The decision to import Chinese oil amid severe shortages has brought China a step closer to Nepal, which traditionally is more influenced by India in the south. The two Asian giants have been jostling for influence in landlocked Nepal. Nepal sent a team of officials this week to Beijing, where they signed a memorandum of understanding Wednesday with China National United Oil Corp., said Nepal Oil Corp. official Deepak Baral. Details on how much fuel Nepal will receive, prices and other arrangements still need to be worked out, Baral said, but he confirmed the supply would be on a regular basis. It would be the first time for […]
India’s Oil and Natural Gas Corp. EQONGC -0.33 % is in talks with Iranian state company Pars Oil and Gas Co. to return to a $10 billion gas project that it abandoned because of American pressure, a top official in Tehran said Wednesday. The Indian company, known as ONGC, approached the Iranians last week during an energy conference in Tehran, said Ali-Akbar Shabanpour, the managing director of Pars Oil and Gas Co., in an interview. ONGC is interested in returning to Farzad B, a giant natural gas concession in the Persian Gulf overseen by Mr. Shabanpour’s company. ONGC discovered gas in the field in 2008, but left the project after 2010 as the U.S. pressured countries to quit doing business with Iran because of its nuclear program. “They came to us” to discuss reviving the deal, Mr. Shabanpour said. "We will get the history and documentation of the project” […]
Labourers work inside a coal ball factory in Kolkata November 4, 2010. India’s plan to raise as much as $3.3 billion from selling a 10 percent stake in Coal India Ltd could be thrown off course by global investment banks under pressure from environmental groups to steer clear of the share sale. Several senior executives at foreign investment banks in Mumbai said ‘green’ concerns had clouded Coal India since its listing five years ago, and few were keen to take on a deal that could tarnish their public image. The pressure in a country where economic growth frequently trumps environmental concerns comes at a convenient time for banks. Many operating in India are under pressure to be more selective when it comes to roles that are heavy on staff but light on returns. The government pays a fee of just 1 rupee ($0.015). Banks’ reluctance, say people directly involved […]
Photo Lining up for fuel at a gas station in Kathmandu, Nepal, this week. Credit Hemanta Shrestha/European Pressphoto Agency KATHMANDU, Nepal — In recent days, during peak tourist season in Nepal , visitors here have been confronted with a strange sight: miles of double- and triple-parked cars, buses, trucks and motorcycles along the ancient city’s avenues. The lines snarl through narrow streets and block main intersections on the ring road. Drivers stretch out in their back seats, snoring. Others join impromptu card games on car hoods or pass the hours with their cellphones. Food vendors cook and sell water on the pavement. The destination for all these vehicles? Gas stations. On Tuesday, after a two-week ban — imposed amid a fuel shortage stemming from unrest over Nepal’s new Constitution and a dispute with neighboring India — the government briefly allowed them to provide fuel to private vehicles. In a […]
Austrian energy company OMV finds more gas at inland block in Pakistan. Graphic courtesy of OMV VIENNA, Oct. 12 (UPI) — Austrian energy company OMV said a new natural gas discovery in Sindh province in Pakistan means it could potentially boost production in the energy-starved country. OMV announced the discovery of natural gas in the Latif South-1 exploration well in Pakistan. Preliminary testing yielded about 2,500 barrels of oil equivalent per day. "We are very pleased with this exploration success," Johann Pleininger, an OMV board member in charge of exploration and production, said in a statement. "The appraisal and development of this discovery will potentially enable us to enhance the production in Pakistan." Pakistan’s aging infrastructure means the country lacks a reliable power sector. The Asian Development Bank last month backed a provisional assistance package of at least $1.2 billion per year on average through a partnership with Pakistan […]
Indian refiners with outstanding dues for the import of crude oil from Iran are set to make their second tranche of payments, pegged at the rupee equivalent of $700 million, on Tuesday, two oil industry sources said Monday. The payments by Essar Oil and Mangalore Refinery & Petrochemicals Ltd, two of India’s biggest importers of Iranian oil, would be similar to the amounts they paid in the first tranche on September 30, sources said. Essar Oil paid $335 million in its first instalment, one source said. The US Treasury’s Office of Foreign Assets Control granted approval in September for Indian refineries to pay $1.4 billion of the $6.5 billion they owed in past oil dues to Iran. The second tranche of payments is being made to the government in Indian rupees and the Reserve Bank of India will then arrange for its onward remittance to Iran, one source said. […]
Long vehicle queues are seen on the either side of the road near Sajha petrol pump in Pulchowk, Lalitpur, on Sunday. Surbindra Kumar Pun Oct 5, 2015- The fuel crisis created by the unofficial blockade of Nepal by India has launched a discourse on the country’s energy security. As Nepal is completely dependent on India for petroleum products, a halt in fuel shipments has led to an acute shortage, forcing the government to ration gasoline, implement an odd-even system for vehicular movement and stop providing fuel to private automobiles altogether. In this context, stakeholders have stressed the need to reduce the dependence on a single supplier and single source of energy. They said that efforts should be made to import fuel from multiple countries, maintain ample stocks and work on boosting self-reliance in energy by promoting hydropower and exploring for oil in the country. They also emphasized the need […]
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Photo A transport worker sat at the India-Nepal border on Sunday. Supply trucks from India stopped entering Nepal last week. Credit Prakash Mathema/Agence France-Presse — Getty Images KATHMANDU, Nepal — Nepal started imposing restrictions on vehicles’ movement on Sunday amid concerns about limited supplies of fuel and other essential commodities from India. Trucks carrying supplies from India stopped entering the country last week as protests followed the adoption of Nepal’s new Constitution. To address the shortages, officials in Nepal said cars would be permitted to run only on alternate days based on the last digit of their license plate number. Siva Tripathi, an official at the Nepal Ministry of Supplies, said Indian security personnel and customs officials had barred supply trucks from entering Nepal, citing orders from New Delhi. “Transportation has come to a complete halt since Thursday,” he said. “So we are facing the shortage of some essential […]
Indian Oil Corp. is seeking to build a $3 billion petrochemicals plant in Iran, according to people with direct knowledge of the matter. The plan hinges on assurances from Iran that the 1 million-ton-a-year project will have access to cheap natural gas as feedstock, said the people, who asked not to be identified because the information isn’t public. A company spokesman didn’t respond to requests for comment by phone, text message and e-mail. Indian Prime Minister Narendra Modi’s government is eyeing energy and infrastructure investments totaling billions of dollars in Iran, including upstream gas production and port developments. India has sought to secure ties with Iran and ensure access to its abundant hydrocarbons as years of sanctions on the Persian Gulf nation may be nearing an end. Economic and financial restrictions on Iran, once the second-biggest producer in the Organization of Petroleum Exporting Countries, left it in need of […]
Anyone looking for the biggest immediate impact from Iran’s nuclear deal may want to turn away from the Middle East and toward the Indian subcontinent. With U.S. sanctions easing, India is racing to build a port in Iran that will get around the fact that its land access to energy-rich former Soviet republics in Central Asia has been blocked by China and its ally Pakistan. “We’re seeing the latest manifestation of the Great Game in Central Asia, and India is the new player,” said Michael Kugelman, a South Asia expert at the Washington-based Woodrow Wilson International Center for Scholars. “It’s had its eyes on Central Asia for a long time.” While the world focuses on what Iran’s opening means for Israel and Arab nations, the ramifications are also critical for Asia. Closer Iran-India ties would allow New Delhi’s leaders to secure cheaper energy imports to bolster economic growth and […]
Building a pipeline from Iran may help Pakistani energy issues, but it won’t be a cure-all for chronic woes, analyst says. UPI/Hamid Forotan/ISNA BATH, England, July 30 (UPI) — Completing a natural gas pipeline from Iran won’t be the "silver bullet" expected by the government in Islamabad, analysis finds. Iran, the five permanent members of the U.N. Security Council, plus Germany, finalized a deal July 14 that restricts Tehran’s nuclear ambitions in exchange for relief from sanctions targeting its energy sector. For Iran, it may open the spigot on natural gas reserves , which could help address chronic energy shortages in neighboring Pakistan. Oliver Coleman, deputy head of Asia programs at analytical firm Verisk Maplecroft, said in a briefing that while both sides of the pipeline have lauded its benefits , it won’t address the long-term issue completely. "A steady supply of gas from Iran would not be a […]
