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India Gazette
2 days ago
- Business
- India Gazette
Union Minister Hardeep Singh Puri concludes
Reykjavik [Iceland], July 13 (ANI): Union Minister Hardeep Singh Puri concluded a 'fruitful and productive' visit to Iceland, highlighting the shared spirit of innovation and positive energy between the two nations. During his visit, Deputy Permanent Secretary of State of Iceland, Bergdis Ellertsdottir hosted a dinner for Puri. The Icelandic Ambassador to India, Benedikt Hoskuldsson and several experts from the energy, trade, and multilateral sectors also attended the dinner. Puri expressed his gratitude to the people and energy professionals of Iceland for their warmth and hospitality. 'India & Iceland may be geographically apart, but we share the common spirit of innovation and positive energy to take our people towards a glorious future. Concluded a very fruitful & productive visit to Iceland with a dinner graciously hosted for the Indian delegation by Deputy Permanent Secretary of State of Iceland, Bergdis Ellertsdotti,' the Union Minister said in a post on X. 'We were joined by the Icelandic Ambassador to India, Amb. Benedikt Hoskuldsson, and several energy, trade and multilateral experts. Deeply grateful to the people and energy professionals of Iceland for their warmth and hospitality,' he added. Earlier, the Union Minister attended the 9th OPEC International Seminar in Vienna, Austria and highlighted that India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030. With 2.5 lakh sq km open for exploration under OALP Round-10, and being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, said the Minister at 9th OPEC International Seminar in Vienna. India is making significant efforts to increase its traditional fossil-based energy production, and the latest push is to explore the Andaman region. India plans to explore and drill for hydrocarbons with renewed momentum by exploring 2.5 lakh sq km under OALP-Round 10. The minister interacted on 'Oil Markets: Energy Security, Growth and Prosperity' with an audience of leaders, captains and professionals of the global energy sector at the Seminar. (ANI)
Business Insider
2 days ago
- Business
- Business Insider
Nigeria's NNPC considers refinery sale despite billions spent on repairs
Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, says efforts to revive Nigeria's state-owned refineries are becoming 'a bit more complicated.' Efforts to revive Nigeria's state-owned refineries are encountering increased complications, according to the CEO of NNPC Limited, Bayo Ojulari. Despite significant investments into modernizing refinery technology, expected improvements have yet to be realized due to unforeseen challenges. The Port Harcourt refinery continues to face operational issues, requiring periodic shutdowns for maintenance following its initial restart. The Nigerian National Petroleum Company (NNPC) Limited is weighing the option of divesting its state-owned refineries, following years of expensive rehabilitation efforts that have produced little progress. Speaking to Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, the Group Chief Executive Officer of NNPCL, Bayo Ojulari, said the NNPC is currently reassessing its refinery strategy, with plans to complete the review by the end of the year. What Bayo said: 'So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We've been challenged, ' he said. 'Some of those technologies have not worked as we expected so far. But also, as you know, when you're refining a very old refinery that has been abandoned for some time, what we're finding is that it's becoming a little bit more complicated," 'So we're reviewing all our refinery strategies now. We hope before the end of the year, we'll be able to conclude that review. That review may lead to us doing things slightly differently.' His comments come amid renewed scrutiny of the Port Harcourt refinery, which NNPC announced had begun crude oil processing on November 26, 2024. However, the plant was shut down again in May for maintenance. Several billions of dollars have been pumped into reviving Nigeria's state-owned refineries. In March 2021, the federal government approved $1.5 billion for the rehabilitation of the Port Harcourt refinery. Later that year, the Federal Executive Council (FEC) also approved $1.48 billion for the phased rehabilitation of the Warri and Kaduna refineries, with timelines of 21, 23, and 33 months respectively. Yet, despite the heavy investment, the facilities are still not producing any refined products. Africa's richest man and owner of the world's largest single-train refinery, Aliko Dangote, recently expressed scepticism about the viability of Nigeria's state-owned refineries in Port Harcourt, Warri, and Kaduna, despite an estimated $18 billion reportedly spent on their rehabilitation over the years.
New Straits Times
4 days ago
- Business
- New Straits Times
OPEC chief voices "full confidence" in China's economy
VIENNA: The head of the Organisation of the Petroleum Exporting Countries (OPEC) said he has "full confidence" in China's economic development and called the country a "strategic partner," highlighting growing energy ties during an exclusive interview with Xinhua. Haitham Al Ghais, secretary-general of OPEC, praised China's economic development in the interview on the sidelines of the 9th OPEC International Seminar in Vienna, describing China as "a well-structured economy, with good and forward planning, and forecasting." Al Ghais previously worked in Beijing for almost four years as the chief of Kuwait Petroleum Corporation's Beijing representative office. That experience, he said, gave him a first-hand understanding of how China is developing. Speaking on cooperation, he said OPEC member countries enjoy excellent relations with China and its oil companies. "We are in close contact," he said. "We have the OPEC-China dialogue where we meet every year at the technical level, and on the high level." "We value China as a strategic partner for OPEC member countries," he said, adding that Chinese companies are investing in OPEC countries, while some OPEC members are also investing in the Chinese petroleum refining sector. "OPEC is proud to be a partner in supporting the Chinese energy requirements for future growth," he said. "We are very confident in the Chinese economy. We have strong confidence in the Chinese government's plans for economic growth." In its June market report, OPEC noted that, despite external pressure, including US tariff measures, China's economy maintained a steady growth momentum in the first half of this year. The report also highlighted strong export performance, as well as resilient domestic consumption. Al Ghais also emphasised two significant challenges facing the global energy market: underinvestment in energy, which may lead to future issues with energy affordability, and persistent energy poverty in many parts of the world. He noted that the theme of the 9th OPEC International Seminar, "Charting Pathways Together: The Future of Global Energy," emphasised that each country should independently explore its own energy transition path, based on local conditions. The two-day event, starting on Wednesday, features exhibitions, ministerial sessions, and high-level roundtables, bringing together global energy leaders to discuss key issues such as energy transitions, market stability, energy security, investment, technology, and innovation. — BERNAMA-XINHUA
Time of India
4 days ago
- Business
- Time of India
India eyes deeper energy ties with Kuwait, Nigeria; pitches E&P expansion to Shell, bp at OPEC meet
New Delhi: India is preparing to explore nearly 2.5 lakh sq km of new offshore and onshore acreage under one of the world's largest bidding rounds, Petroleum and Natural Gas Minister Hardeep Singh Puri said during a series of bilateral and business meetings held at the 9th OPEC International Seminar in Vienna. During his interaction with Kuwaiti Oil Minister Tareq Sulaiman Al-Roumi, Puri discussed ways to strengthen bilateral energy ties. Kuwait is India's sixth-largest source of crude oil, fourth-largest source of LPG, and eighth-largest hydrocarbon trade partner. In a separate meeting with Nigeria's Minister of State for Petroleum Resources Heineken Lokpobiri, Puri explored opportunities to expand hydrocarbons trade. The discussion followed their previous engagement in Davos in 2024. Indian refiners have been consistent buyers of Nigerian crude. The minister also met Shell CEO Wael Sawan to discuss potential collaborations in light of India's exploration and production plans. 'Under the leadership of Prime Minister Shri Narendra Modi, India is set to explore nearly 2.5 lakh square kilometres in new offshore and onshore areas,' Puri said. He added that India's target to raise the share of natural gas in its energy mix from 6% to 15% offers scope for partnerships in advanced technologies. Puri met OPEC Secretary General Haitham Al Ghais to discuss India's ties with the grouping and the need to maintain a balanced and predictable oil market amid ongoing geopolitical uncertainties. India is the world's third-largest oil importer. The minister also held talks with bp CEO Murray Auchincloss to discuss the company's ongoing and future participation in India's upstream and downstream sectors. bp has been active in the country through its involvement in the OALP bidding rounds and joint ventures in retail, natural gas, and compressed biogas. The company also operates a global business and technology centre in Pune. In another meeting with Vitol Group CEO Russel Hardy, Puri reviewed current global energy market conditions and discussed potential areas of cooperation across the hydrocarbons value chain. Responding to questions on India's crude oil imports from Russia, Puri said, 'Russia produces over 9 million barrels per day. If, out of global oil supplies of around 97 million barrels, 9 million barrels had suddenly vanished, the entire world would have had to reduce consumption by over 10%, which is impossible.' He clarified that Indian companies have not bought any sanctioned Russian cargoes. 'Russian oil was never under global sanctions... It was only placed under a price cap,' he said. Puri said India had contributed to global price stability. 'Even as global prices of LPG soared last year, Prime Minister ensured that our 330 million households continued to receive clean cooking gas at one of the lowest prices globally,' he added.>
India Gazette
4 days ago
- Business
- India Gazette
India, Kuwait discuss important bilateral developments, matters for diaspora welfare
Kuwait City [Kuwait], July 10 (ANI): Ambassador of India to Kuwait, Adarsh Swaika, called upon the Deputy Prime Minister and the Minister of Interior of Kuwait, Fahad Yousef Saud Al-Sabah and held discussions on diaspora and bilateral development, the Embassy of India in Kuwait shared on Thursday. In a post on X, the Embassy of India in Kuwait noted that Ambassador Adarsh Swaika apprised the Deputy PM of important issues of bilateral development between India and Kuwait. Ambassador Swaika also conveyed matters concerning the welfare of the Indian diaspora in Kuwait during the meeting. The Embassy wrote on X, 'Amb @AdarshSwaika1 called on the Dy PM & Minister of Interior H.E Sheikh Fahad Yousef Saud Al-Sabah. Ambassador apprised him of important bilateral developments and conveyed matters concerning welfare of Indian Diaspora in Kuwait'. Earlier on Wednesday, Ambassador Swaika had also met Aziz Al-Dehani, Assistant Foreign Minister for Consular Affairs. The Indian Embassy noted that discussions were held on various bilateral consular and labour matters. Petroleum and Natural Gas Minister Hardeep Puri met with Tareq Sulaiman Al-Roumi, Kuwait's Minister of Oil and Chairman of the Kuwait Petroleum Corporation, during his participation at the 9th OPEC International Seminar held in Vienna. Kuwait currently ranks as the 6th largest source of crude oil, the 4th most significant source of LPG, and stands as India's 8th largest hydrocarbon trade partner. The series of high-level interactions comes after the all-party delegation led by BJP MP Baijayant Panda had participated in a series of events as a part of India's diplomatic outreach on Operation Sindoor. Former Foreign Secretary Harsh Vardhan Shringla, part of India's multi-party delegation to Kuwait, described the group's engagements as wide-ranging and impactful. 'Kuwait had very strongly condemned the attack in Pahalgam. Kuwait has a very strong position when it comes to terrorism. India and Kuwait also have a joint working group on Security and counter-terrorism... Kuwait is also an influential member of the Gulf Cooperation on Terrorist Financing, and it also has significant financial and economic leverage on Pakistan. The fact that any acts of terrorism would lead to a strong response from India and therefore, will have an impact on the region and beyond is something that Kuwaiti interlocutors have internalised and taken note of', he had observed. Bilateral ties between the two countries see frequent Foreign Office Consulatations and a Joint Ministerial Commission. MEA highlighted that Kuwait remains a reliable supplier of crude oil and LPG energy needs of India. India and Kuwait have friendly ties which have stood the test of times. The Ministry of External Affairs (MEA), previously underscored that the Indian community with a strength of approx. 1 million is the largest expatriate community in Kuwait and is regarded as the community of first preference among the expatriate communities. (ANI)
