Limits on foreign reactor technology may limit India's nuclear ambitions
Experts say that a new draft framework could dilute India's largest?nuclear?reform in decades, by adding additional approval requirements for foreign reactors. This would force companies to choose domestic technology and imports over the latter, and restrict the flow of new capital and expertise. The draft framework is a follow-up to 'New Delhi's' new nuclear law passed last year. This opened up the country's tightly controlled nuclear sector to private companies, and sought to attract foreign technology.
Adani wants to be a major player in India’s nuclear sector by 2035, with a target of 10 GW
The Adani Group announced its plans to become a major player within 'India's nuclear energy' on Wednesday. It said it would 'build' up to 10 gigawatts by 2035, making it India's largest private sector operator. India is eager to increase its use of clean energy and last year it opened up the nuclear sector to both domestic and foreign firms in the private sector. It plans to increase nuclear capacity from 8 gigawatts to 100 gigawatts in 2047. The state-run Nuclear Power Corp of India aims for 50 GW of power…
Venezuelan Oil Exports Rise to Highest Since 2018
Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in more than seven years, fueled by more sales to the United States, India and Europe, shipping data and documents from state company PDVSA showed on Friday.The South American country has been draining oil inventories and recovering crude output in recent months following the U.S. capture of President Nicolas Maduro in January, which led to a flagship supply pact between the governments of U.S.
Indian Refiner Reliance Buys Venezuelan Crude From State-Run PDVSA
A unit of India's refiner Reliance Industries has begun loading a 2-million-barrel cargo of Venezuelan heavy crude directly bought from state-run energy company PDVSA, according to a company document and shipping data on Monday.Since Caracas signed a flagship oil supply deal with Washington after the U.S. capture of President Nicolas Maduro in January, only a small group of companies have been able to buy cargoes directly from PDVSA.Oil proceeds…
Indian refineries tumble as crude prices surge on the escalating Iran war
The shares of Indian'refiners' fell on Monday as the escalating 'U.S.-Israeli conflict with Iran pushed Brent crude to $120 per barrel, a price that is a near four-year-high. This threatens their short-term earnings. Indian Oil, a state-run company, fell 6.6%. Hindustan Petroleum fell 7.5%. Bharat Petroleum plunged 7.1%. These were the steepest drops in over a year. Reliance Industries has lost 2%. Brent crude rose?as high as 26.4%, to $117.16 per barrel. It was up last?23% by 9:15 am IST.
First Venezuela Oil Cargoes Chartered Since US Supply Deal
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, which is set to speed up shipments starting in March while boosting deliveries to India, according to four sources and data.Trading firms Vitol and Trafigura have been exporting Venezuelan crude and fuel since January as part of a $2 billion deal between the U.S. and Venezuela after the capture of President Nicolas Maduro by U.S.
Treasury: US grants license for oil and gas exploration in Venezuela
The?U.S. The?U.S. Washington has eased sanctions against Venezuela's oil industry that were first imposed by the United States in 2019. Since U.S. troops captured President Nicolas Maduro at the beginning of January, Washington has relaxed its sanctions. The government of interim president Delcy Rodriguez then agreed on a $2 billion oil deal with Washington. Oil drillers need U.S. approval to use specialized equipment and import rigs needed to?expand Venezuela's oil production, which is currently around 1 million barrels a day (bpd).
Reliance stocks lead partial recovery of Indian stocks after budget day saleoff
India's equity benchmarks rose on Monday, with gains led by?infrastructure shares and bargain-hunting in heavyweight Reliance Industries as the?markets recovered from the damage they suffered after the federal budget. The?Nifty50 rose 1.06%, to 25,088.4, and the BSE Sensex gained 1.17%, to 81.666.46. The indexes fluctuated between gains and losses of 0.6% intraday. On Sunday, the benchmark indexes dropped about 2%. Their biggest percentage drop on budget day in six years.
Indian equity benchmarks continue to gain on EU trade deal
India's equity benchmarks rose on Wednesday, adding to gains made in the previous session following a landmark deal between the European Union and India that raised "hopes" of a boost to the economy. As of 9:48 a.m. IST, the Nifty 50 was up 0.44% at?25289.10 and the BSE Sensex, meanwhile, was up 0.46%, at 82225.69. The benchmark 50-stock index rose by 0.5% on February 2, as a deal reached with the EU eliminated all tariffs for 90% of Indian products.
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S. official have stated that Washington will ease sanctions on Venezuela's Energy Industry to facilitate a…
Ambani's Reliance missed profit forecast due to higher expenses and oil and gas drag
Mukesh Ambani, the Indian billionaire who owns Reliance Industries, missed its quarterly profit estimates on Friday due to higher expenses and a weak performance in its oil and natural gas segment. The unit's performance has been affected by lower output and softer prices realized from its KG D6 fields in Andhra Pradesh. These are a major source of gas for the domestic market. The BP-developed 'deep-water' block, which was once a major contributor to India’s gas production…
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of U.S.
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb most of the approximately 1 million barrels of crude oil per day if U.S. Sanctions on Venezuela are lifted. According to a report on Tuesday, the U.S. has been in talks with Venezuela about exporting crude oil from the South American country to the United States. Sources say that U.S. oil executives will visit the White House Thursday to discuss Venezuela. The increase in Venezuelan oil exports may hurt Canadian firms that sell similar heavy oils…
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb the majority of the approximately 1 million barrels of crude oil per day that would be traded freely if the sanctions were lifted. The sanctions against the South American nation are lifted. Canadian oil companies, who sell heavy crude similar to that of Venezuela, and small Chinese refiners would suffer higher costs, if Venezuelan crude was diverted to the U.S. The U.S. president Donald Trump is asking for billions of dollars in order to rebuild Venezuela's oil sector…
What changes have been made to the proposed Indian civil nuclear law?
India has proposed legislation that would end the state's monopoly on nuclear power after six decades. This law would allow private companies, and even individuals?to build and run reactors. The bill must be passed by both the lower and upper chambers of parliament before it becomes law. What is the civil nuclear law? Nuclear projects have been restricted since 1962 to companies under the Department of Atomic Energy. This includes Nuclear Power Corporation of India.
Russian Urals Discounts in India Triple Since August as US Sanctions Hit
Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade said.The United States last month imposed its toughest sanctions yet on Russia’s energy sector, targeting oil majors Lukoil and Rosneft. Friday marks the deadline for companies to wind down all dealings with the two producers.Urals crude has been a mainstay feedstock for Indian refiners since 2023…
Indian refiners pause new Russian oil orders, await clarity, sources say
Sources told Reuters on Tuesday that Indian refiners had not placed any new orders to purchase Russian oil since the sanctions were implemented, because they awaited clarification from both the government and their suppliers. Sources who declined to be identified because they were not authorized to speak with the media said that some refiners use the spot market to meet their crude needs. Sources claim that Indian Oil, a state-run company, has published a tender to purchase oil. Meanwhile Reliance Industries increased its purchases on spot markets.
Source: Indian refiners are reviewing Russian oil contracts following US sanctions
A source with first-hand knowledge of the situation said that Indian state refiners were reviewing their Russian oil trading documents to make sure no supplies would come directly from Rosneft or Lukoil following the U.S. sanctions against the companies. Donald Trump, the U.S. president in his second term imposed sanctions against Russia related to the Ukraine for the first in his tenure. He targeted oil companies Lukoil & Rosneft in an effort to express his growing frustration with Russian President Vladimir Putin regarding the war in Ukraine.
Sources say that India is considering a nuclear liability fund to cover major accidents.
Two government sources have confirmed that India is planning to create a nuclear liability funds to cover accident payments in excess of 15 billion rupies ($169 million), owed by plant owners. This will ease concerns about risk sharing among global suppliers and companies. Sources with direct knowledge of the issue said that the move could unlock foreign and private investment in India's nuclear industry by aligning India’s compensation framework to global standards.
Russian Oil Vessels Forced to Divert From India Under US Sanctions
At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said, and LSEG trade flows showed.The U.S. Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities, and ships, some of which are involved in transporting Russian oil.U.S. President Donald Trump has urged countries to halt purchases of oil from Moscow, threatening…