INDIA & SAUDI COOPERATION
Leaders of Saudi Arabia and India say they want to extend their countries' oil-trading relationship into joint investment in exploration and petrochemicals.
Energy was part of a joint statement on business and strategic cooperation issued Apr. 3 after a 2-day official visit by Indian Prime Minister Narendra Modi to Riyadh at the invitation of Saudi King Salman bin Abdulaziz Al Saud.
Said Arabia is the largest supplier of crude oil to India, where oil demand grew by 5.7% last year and is expected by the International Energy Agency to increase 6.3% this year.
According to some observers, India might replace China as the world's center of oil-demand growth.
India's oil consumption in January averaged about 4.25 million b/d, up 12% from a year earlier, according to IEA. The country produces about 870,000 b/d of crude.
Salman and Modi agreed "to transform the buyer-seller relationship in the energy sector to one of deeper partnership focusing on investment and joint ventures in petrochemical complexes and cooperation in joint exploration in India, Saudi Arabia, and in third countries," according to the statement.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.