India bought Rs 1.5 lakh crore worth of Russian oil since Ukraine war
India, heavily reliant on oil imports, spent approximately Rs 1.5 lakh crore on Russian crude oil following the Ukraine war, lured by significant discounts due to Western sanctions. This shifted India’s oil sourcing from the Middle East, leading Russia to become its top supplier. However, recent US sanctions reduced these imports, despite continued significant purchasing.
Nayara Energy to make buyback offer to minority shareholders
Nayara Energy announced a buyback offer for its minority shareholders to purchase over 2.59 crore shares at Rs 731 each, providing an exit opportunity for shareholders unable to trade since delisting in 2016. This follows frequent shareholder requests for liquidity.
US crude exports to India hit over 2-yr high in Feb as Russia sanctions bite
U.S. crude oil exports to India surged to their highest level in over two years, reaching about 357,000 barrels per day in February. This increase stems from Indian refiners seeking alternative supplies due to tighter U.S. sanctions on Russia. The major buyers included Indian Oil Corp, Reliance Industries, and Bharat Petroleum Corp.
Adani Welspun Mumbai Offshore gas block to start Output from 2028
Adani Welspun Exploration Ltd will start gas production from its Tapti-Daman sector block in the Mumbai Offshore basin by 2028. The joint venture, comprising Adani Group and Welspun Group, has invested around ₹2,300 crore and is awaiting approval for its gas extraction plans from the Directorate General of Hydrocarbons.
Nuclear power road map towards 100 GW goal likely by month end
India is set to finalize a road map under the Nuclear Energy Mission to achieve 100 GW of nuclear power by March end. An inter-ministerial committee will outline steps to support this goal, including the development of small modular reactors (SMRs) and joint ventures. The initiative aims to address rising power demand and achieve ‘net…
Brent oil falls to lowest price since 2021 as US crude stocks surge
Brent crude prices dropped to their lowest since 2021, falling 3.36% to $68.65, following data showing a 3.6 million barrel increase in US crude stocks. The main US crude contract also fell by 4%, reaching $65.53.
Saudi Aramco weighs bid for BP’s Castrol lubricant assets, with special interest in $2.5 bn India arm
Saudi Aramco is considering bidding for BP’s Castrol lubricant assets, which could be worth around $10 billion. This acquisition would align with Aramco’s strategy to expand in fast-growing markets like India and Southeast Asia, enhancing its position in the global energy value chain.
Oil Ministry seeks $2.8 billion from RIL and partners afresh
Reliance Industries and its partners have been directed by the oil ministry to pay $2.81 billion following a Delhi High Court ruling in a gas dispute. Reliance plans to challenge the judgement, arguing that the demand is unsustainable and expects no liability.
CCI okays JSW Energy’s proposal to acquire KSK Mahanadi Power Company
The Competition Commission of India approved JSW Energy’s acquisition of KSK Mahanadi Power, which owns a 3,600 MW thermal power plant in Chhattisgarh. This transaction will increase JSW Energy’s locked-in thermal generation capacity significantly. Additionally, CCI approved Shell’s acquisition of Raj Petro Specialities.
India prepared to meet 270 GW peak power demand this summer: Official
India is geared up to handle a peak power demand of 270 GW this summer, implementing measures such as full-capacity operation of imported coal plants, increased use of gas-based power, and water conservation for hydroelectric projects. The Central Electricity Authority emphasizes removing power shortages, particularly during crucial months.
