Uttar Pradesh’s power transfer capability rises to 12,850 MW

Source: IBEF.org, May 23, 2019

New Delhi: Uttar Pradesh’s total transfer capability (TTC) of electricity, or the capability to bring in power from outside the state, has grown to 12,850 megawatt (MW).

“The state has now increased its ability to bring power from outside the state to 12,850 MW,” Uttar Pradesh Power Transmission Corporation Ltd (UPPTCL) said in a statement.

The TTC was 10,700 MW in June 2018, while in April 2017, it was 7,800 MW.

Besides, the power transmission capacity (PTC) of the state has also reached 24,000 MW, UPPTCL said.

It was 20,700 MW in June 2018 and 16,300 MW in April 2017.

Currently, the peak demand in the state is about 19,000 MW, the statement added.

Senthil Pandian C, managing director of UPPTCL, said the statement the government has increased the TTC to meet the demand in the ongoing summer season.

“We need to cater to the industrial units, households, etc, and for that the government has increased its TTC and PTC as well so the consumers can enjoy uninterrupted power supply,” he added.

India, Mongolia to ink pact for petrochemical unit

Source: LiveMint.com, May 13, 2019

NEW DELHI: India and Mongolia are expected to sign an agreement this week for the construction of Mongolia’s first petrochemical refinery that is expected to cut some of its dependence on Russian fuel. When signed, the project will be the largest being undertaken by the government of India under its Lines of Credit programme, two people familiar with the matter said on Sunday.

The petrochemical refinery — near Sainshand in southern Dornogovi province — is to be built at an approximate cost of $1.25 billion utilising the $1 billion line of credit announced during Prime Minister Narendra Modi’s visit to Ulan Bator in 2015. It is expected to be completed by 2022.

“As of now the negotiations are on, many issues are resolved and others narrowed down,” said one of the people cited above. The decision to use the line of credit offered by India to set up the petrochemical plant was taken by the Mongolian government, a second person cited above said. On India’s part, “this is the largest project being undertaken by the government of India under its line of credit scheme,” the second person said.

The ground-breaking ceremony for the petrochemical plant took place in June 2018 during the visit of home minister Rajnath Singh to Mongolia. Read the rest of this entry »

Rosneft’s Nayara begins fuel retail expansion in India

Source: LiveMint.com, May 09, 2019

Mumbai: Russian oil giant Rosneft-led Nayara Energy is expanding its fuel retail network, nearly two years after the company acquired Essar Oil’s assets, including its fuel retail outlets.

Rosneft in August 2017 bought Essar Oil for $12.9 billion and later renamed the company Nayara Energy, which now operates a 20-million-tonnes-a year oil refinery at Vadinar, Gujarat.

“As the fastest growing pan-India private fuel retail network, we are expanding retail presence at an extensive pace. Today we have more than 5,000 fuel retail outlets in the country and we plan to increase the network to over 7,000 by 2020,” said B. Anand, CEO, Nayara Energy in an emailed response.

The retail outlets have retained Essar’s brand name. Anand did not comment on the possibility of re-branding of the Essar outlets to Nayara. Read the rest of this entry »

ONGC gets Environment Ministry’s nod for Rs 240 crore project in Assam

Source: Business Standard, May 04, 2019

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has received the green nod to drill six development wells in Assam at an estimated cost of Rs 240 crore.

The Union Environment Ministry has given the environment clearance for six development wells in five mining lease blocks in Jorhat and Golghat districts, according to an official document.

The company had sought permission for drilling 12 development wells but it received clearance for six wells at present.

The clearance, which is subject to compliance of certain conditions, has been given after taking into consideration the recommendation of a green panel. Read the rest of this entry »

India eyes Guyana as Iran oil supplies end

Source: LiveMint.com, May 03, 2019

New Delhi: Faced with US sanctions on one of its top suppliers Iran, India is charting new geographies to meet its energy needs. The world’s third-largest oil importer is looking to secure an interest in Guyana’s oilfields that are being hailed as one of the world’s largest oil finds in recent times.

A six-month sanctions waiver for India and seven other countries to continue importing oil from Iran expired on Thursday, effectively shutting out Iranian crude beginning 3 May.

There is a growing interest in Guyana after ExxonMobil, one of the world’s largest publicly-traded energy firms, announced an estimated reserve of more than five billion oil-equivalent barrels in the offshore Stabroek block in the South American country. The expectations have also swelled because Guyana borders Venezuela, which has one of the world’s biggest oil reserves. Read the rest of this entry »

As US sanctions kick in, Indian refiners brace for costly crude

Source: LiveMint.com, May 01, 2019

Mumbai: With US sanctions on Iran and Venezuela coming into effect on 2 May and Saudi Arabia restraining crude oil output, Indian refiners have started looking for sources of new crude oil supply to feed their refineries with heavy sweet crude, in addition to importing from Iraq.

Refiners prefer the heavy sweet crude supplied by Iran and Venezuela, which helps them produce low-sulphur fuel oil ahead of new shipping emissions norms that kick in January 2020.

In 2018-19, India imported close to 10% of its domestic oil requirement from Iran. Though refiners said Iran offered commercially attractive oil import terms to India, including a 60-day credit period and discounts on oil and insurance, it will not have a major impact on revenue, since for India, it is only 10% of its total oil import. Read the rest of this entry »

India explores for crude oil on sweeter terms after end of Iran oil waiver

Source: LiveMint.com, Apr 23, 2019

New Delhi: India is trying to leverage its robust ties with West Asian crude oil producers such as Saudi Arabia, Kuwait and the United Arab Emirates (UAE) to source additional volumes at terms similar to those of its annual contracts in a bid to avert any sharp rise in its domestic oil prices.

India, the world’s third-largest oil importer, is in discussions with oil producers in West Asia as well as in other geographies to procure a total of about 15 million tonnes of extra crude over the year to urgently bridge a supply gap that will be caused by the exit of Iran from its energy basket.

US secretary of state Mike Pompeo on Monday announced that the Donald Trump administration would no longer grant exemptions to some countries to import Iran oil with the conditional waiver set to expire on 2 May.

India’s attempt to boost crude supplies from the Gulf nations also comes at a time when they plan to increase their investments in India. Read the rest of this entry »