SAUDIS INVESTMENT FOR INDIA
GULF NEWS- New Delhi: India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.
Saudi's participation in the Indian Strategic Petroleum Reserve programme was discussed at a meeting between the kingdom's Energy Minister Khalid Al Falih and his Indian counterpart Dharmendra Pradhan in New Delhi on Saturday, according to a government statement on Sunday. They also discussed expediting a proposed $44 billion (Dh161.5 billion) oil refinery project on India's west coast with investment from Saudi Arabian National Oil Co., it said.
India, which imports four out of every five barrels of oil it consumes, is expanding its strategic reserves to shield from perennial political risk in the Middle East and Africa that account for the bulk of its purchases. Prime Minister Narendra Modi has opened some of the underground caverns for commercial storage to lessen the strain on state finances. It has already leased out tanks to Abu Dhabi National Oil Co.
India has already built 5.33 million tons of underground reserves in three locations, which can meet 9.5 days of the country's oil needs. It now plans two new reserves with a combined capacity of 6.5 million tons, sufficient to cover an additional 12 days.
Saudi Arabia is a key oil supplier to India and exported 36.8 million tons of crude to Indian refiners in the year ended March 2018, accounting for 16.7 per cent of their total purchases, according to the statement.
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The Saudi plan to expand in the renewable energy sector and diversify partnerships with progressive countries in the field is moving forward.
OGJ - Saudi Aramco has signed a $10-billion agreement to form a joint venture with China North Industries Group Corp. (Norinco) and Panjin Sincen to develop a fully integrated, grassroots refining and petrochemical complex in Panjin, in China’s Liaoning province.
PLATTS - Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz confirmed they are ready to continue cooperation on hydrocarbons during a phone call Tuesday, the Kremlin said in a statement.
AP - The expansion of the regional electricity grid cannot be undertaken without foreign investment, thus presenting a lucrative win-win opportunity for foreign investors. Numbers by the International Energy Agency (IEA) indicate that the region would require US$1.2 trillion in investments between now and 2040 in order to modernise and expand its electricity grids.
REUTERS - Saudi Arabia has signed an agreement to supply Pakistan with crude oil and petroleum products to secure its fuel needs, Saudi Energy Minister Khalid al-Falih said
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Совет директоров ПАО «Газпром» одобрил проводимую компанией работу по реализации крупнейших инвестиционных проектов. В числе приоритетных направлений деятельности компании — Восточная газовая программа.
В 2018 году «Газпром» поставил в Сербию 2,15 млрд куб. м газа — на 1,2% больше чем в 2017 году (2,12 млрд куб. м).
IEA - At the moment, Russia is sending record volumes to Europe while LNG utilisation rates remain relatively low. Limits to European production capacity and import infrastructure (with over half of pipelines operating at monthly peaks above 80%) may contribute to market tightness over the coming years, particularly if Asia continues to absorb the ramp up in global LNG liquefaction capacity.
The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.