Latest news with #NidhiVerma
Yahoo
19-05-2025
- Business
- Yahoo
India's LNG imports to rise on higher demand from power cos, says Petronet
By Nidhi Verma NEW DELHI (Reuters) -India's liquefied natural gas imports are expected to rise in the coming months to meet growing electricity demand in the country, said A. K. Singh, chief executive of the country's top gas importer Petronet LNG. India last week invoked emergency measures asking companies to operate underutilised gas-based power plants at higher capacity from May 26-June 30 to meet electricity demand in the country, a notice posted on the ministry's website shows. India's power demand has been subdued so far this month as rains tempered temperatures in the country. "We expect LNG demand to rise similar to last year's levels. Demand for power is rising in last few days so we are expecting demand for LNG to rise in the third or fourth week of May and in June," he said. Power plants running on gas have been more expensive than those operating on coal, solar and wind power, resulting in idling of about three-fifth of all gas-fired power stations in the country. The narrowing price gap between spot and long-term LNG prices is also pushing some companies to step up purchases, he said, adding Indian customers prefer LNG prices at below $10 per million British thermal units. Petronet hopes to complete expansion of its 17.5 million tons per year (tpy) Dahaj terminal to 22.5 million tpy in the next three to four months, he said, adding his firm would maximise the utilisation of the terminal to meet demand in the summer season.
Yahoo
19-05-2025
- Business
- Yahoo
India's LNG imports to rise on higher demand from power cos, says Petronet
By Nidhi Verma NEW DELHI (Reuters) -India's liquefied natural gas imports are expected to rise in the coming months to meet growing electricity demand in the country, said A. K. Singh, chief executive of the country's top gas importer Petronet LNG. India last week invoked emergency measures asking companies to operate underutilised gas-based power plants at higher capacity from May 26-June 30 to meet electricity demand in the country, a notice posted on the ministry's website shows. India's power demand has been subdued so far this month as rains tempered temperatures in the country. "We expect LNG demand to rise similar to last year's levels. Demand for power is rising in last few days so we are expecting demand for LNG to rise in the third or fourth week of May and in June," he said. Power plants running on gas have been more expensive than those operating on coal, solar and wind power, resulting in idling of about three-fifth of all gas-fired power stations in the country. The narrowing price gap between spot and long-term LNG prices is also pushing some companies to step up purchases, he said, adding Indian customers prefer LNG prices at below $10 per million British thermal units. Petronet hopes to complete expansion of its 17.5 million tons per year (tpy) Dahaj terminal to 22.5 million tpy in the next three to four months, he said, adding his firm would maximise the utilisation of the terminal to meet demand in the summer season.
Yahoo
19-05-2025
- Business
- Yahoo
India's LNG imports to rise on higher demand from power cos, says Petronet
By Nidhi Verma NEW DELHI (Reuters) -India's liquefied natural gas imports are expected to rise in the coming months to meet growing electricity demand in the country, said A. K. Singh, chief executive of the country's top gas importer Petronet LNG. India last week invoked emergency measures asking companies to operate underutilised gas-based power plants at higher capacity from May 26-June 30 to meet electricity demand in the country, a notice posted on the ministry's website shows. India's power demand has been subdued so far this month as rains tempered temperatures in the country. "We expect LNG demand to rise similar to last year's levels. Demand for power is rising in last few days so we are expecting demand for LNG to rise in the third or fourth week of May and in June," he said. Power plants running on gas have been more expensive than those operating on coal, solar and wind power, resulting in idling of about three-fifth of all gas-fired power stations in the country. The narrowing price gap between spot and long-term LNG prices is also pushing some companies to step up purchases, he said, adding Indian customers prefer LNG prices at below $10 per million British thermal units. Petronet hopes to complete expansion of its 17.5 million tons per year (tpy) Dahaj terminal to 22.5 million tpy in the next three to four months, he said, adding his firm would maximise the utilisation of the terminal to meet demand in the summer season. Sign in to access your portfolio
Zawya
09-05-2025
- Politics
- Zawya
India directs ports, terminals and shipyards to increase security levels
NEW DELHI: India directed all ports, shipping terminals and shipyards to implement increased security measures, according to a government order issued on Thursday, amid heightened tensions with its neighbour Pakistan. (Reporting by Nidhi Verma, Writing by Surbhi Misra; Editing by Jacqueline Wong)
Yahoo
22-04-2025
- Business
- Yahoo
Russian oil drives OPEC share in India's imports to record low, data shows
By Nidhi Verma NEW DELHI (Reuters) - The share of OPEC oil in India's imports fell to a record low in fiscal year 2024-25 as refiners continued to gorge on cheaper oil from Russia, the top oil supplier to New Delhi for the third straight year, data obtained from trade and industry sources showed. India, the world's third biggest oil importer and consumer, has been tapping Russian oil sold at a discount after Western nations imposed sanctions on Moscow over the Ukraine war. The South Asian nation imported an average of 4.88 million barrels per day (bpd) of oil in the fiscal year to March 2025, a growth of 5% over the previous year. Import of Russian oil rose 7.3% to 1.76 million bpd, raising its share marginally to 36% while OPEC's share slipped slightly to 48.5%, the data showed. Russia is an ally of the Organization of Petroleum Exporting Countries but has eaten into the market of key OPEC producers from the Middle East. Altered trade flows due to geopolitical tensions and costlier shipments from some traditional suppliers have pushed India to diversify sources of crude and tap cheaper supplies from even far-flung areas such as Russia. Iraq and Saudi Arabia were the second and third biggest sources of crude for India. India's oil imports from Saudi Arabia in 2024-25 plunged to the least in 14 years while those from Iraq declined to a four-year low, data compiled by Reuters showed. Indian refiners restricted purchase of Saudi oil due to higher official selling prices set by state-owned Saudi Aramco for most of the year, industry sources said. Lower imports from Iraq and Saudi Arabia dragged down the share of Middle East supplies in India's crude imports. In March, India's imports of Russian oil rose about 11% from February to 1.7 million bpd, the highest in 5 months, the data showed. India imported 5.3 million bpd oil in March, up 1.3% from the previous month, the data showed. The U.S. was the fourth largest oil supplier to India during the month. Sign in to access your portfolio
