India Hopes Saudis Will Help Build Oil Stores
India hopes to sign a pact with Saudi Arabia for participation in Delhi's strategic petroleum reserves (SPRs) during Prime Minister Narendra Modi's visit to the kingdom next week, a government official said on Thursday.India, the world's third biggest oil importer, is scouting for partners to fill the reserves and also to build storage to hold oil reserves and cut costs.India has built SPRs at three locations in southern India with combined capacity of 5.33 million tonnes, to protect itself from any disruption.
Petronet Seeks Long-term Deal to Buy US LNG
Top Indian gas importer Petronet LNG is looking to sign a deal in a year's time to buy at least 1 million tonnes of U.S. natural gas annually for a period of up to 10 years, as it pushes to diversify its supply sources beyond the Middle East.As part of any deal, the firm could potentially take a stake in a U.S. liquefied natural gas (LNG) project, said Petronet's managing director, Prabhat Singh."The U.S. market is open compared to other markets where the state is (often) the controller of minerals…
India's Petronet LNG says Talks to Invest in Qatar Have Slowed
India's Petronet LNG Ltd said on Monday its talks to invest in Qatar's exploration and production sector had "slowed down," as the company had not been able to reach an agreement on pricing with the Middle Eastern nation."Qatar is still at a very preliminary stage. We were actually looking at getting the molecule (gas) at the well head price. They want to sell it at market price," said Prabhat Singh, managing director of Petronet LNG.Petronet LNG…
ADNOC to Supply First Oil Cargo for Indian Emergency Reserve
Abu Dhabi National Oil Co (ADNOC) will supply the first oil cargo for India's strategic petroleum reserve (SPR) over the weekend, an Indian government statement said, becoming the first foreign company to lease storage in the country.India, hedging against energy security risks as it imports most of its oil needs, is building emergency storage in underground caverns to hold 36.87 million barrels of crude.ADNOC chief executive Sultan Al-Jaber and Indian oil minister Dharmendra Pradhan…
India's Strategic Crude Reserve Invites Bids to Fill Facility
Indian Strategic Petroleum Reserves Ltd (ISPRL), the government-owned company mandated to store crude oil for emergency needs, has invited initial bids to fill its storage facility in the southern state of Karnataka. The strategic reserve is expected to be ready by the first quarter of 2017, it said in a notice on Wednesday. ISPRL has a total of 5.33 million tonnes or 36.87 million barrels of storage facilities across three cities in southern India - Vizag (1.33 mt), Mangalore (1.5 mt) and Padur (2.5 mt).
Japan to Supply India with Nuclear Power Equipment, Technology
Japan and India signed a civilian nuclear accord on Friday, opening the door for Tokyo to supply New Delhi with fuel, equipment and technology for nuclear power production, as India looks to atomic energy to sustain its rapid economic growth. It was the first time Japan, the only country to have suffered a nuclear attack, had concluded such a pact with a country that is not a signatory to the Nuclear Non-proliferation Treaty (NPT). "Today's signing ...
VLCC Brings India's First Iranian Oil Parcel for Emergency Reserves
India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino. India will fill half of the storage with 6 million barrels of Iranian oil while continuing talks with United Arab Emirates and Saudi Arabia for the remainder. A second parcel to be procured by Bharat Petroleum Corp.
Wärtsilä Delivers LNG-fired Peaking Power Plant to India
Wärtsilä will supply a 40 MW Smart Power Generation plant to Kerala State Electricity Board Limited (KSEBL) in Southern India. The LNG-fired plant will be located near the city of Kochi, and will provide peaking power to the state of Kerala. The contract was awarded in June, and the power station, delivered on a turn-key basis, is expected to be commissioned by April 2017. “Wärtsilä engines have very high simple cycle efficiency. They are ideal for peaking power because they are capable of quick starts and stops.
Shell Joins India LNG Project with Raised Stake
Royal Dutch Shell Plc will take a 26 percent stake in the planned Kakinada liquefied natural gas terminal on the east coast, an official at partner Indian gas firm GAIL said, slightly higher than previously proposed. Gaz de France already has a 26 percent stake in the project, while Andhra Pradesh Gas Distribution Company in which GAIL Gas, a subsidiary of GAIL (India), has a stake will have the remaining 48 percent share.
BPCL to Shut Bina Refinery for a Month
India's Bharat Petroleum Corp plans to fully shut its 120,000 barrels per day Bina refinery in central India for up to a month in September and October for maintenance, its head of refineries B.K. Datta said on Monday. Bina refinery has only one crude oil unit. During the shutdown, the refiner will carry out maintenance at the plant's secondary units as well. Precise dates for the shutdown have not been decided yet. The Bina plant is operated by Bharat Oman Refineries Ltd (BORL), majority owned by BPCL.
Petronet Seeks Bids to Lease Storage at Kochi LNG Plant
India's biggest gas importer Petronet LNG has invited bids to lease storage at its Kochi regassification plant in Southern India due to a lack of pipelines connecting its key demand centers, its head of finance said. Petronet is currently operating its 5 million metric tons a year Kochi plant on the east coast at a fraction of its capacity as land-related issues have delayed the two pipelines that would link the terminal with customers in Bangalore and Mangalore.
IOC to Buy 10% of Petronas's Canadian Gas Project
Reuters - Indian Oil Corp said on Friday it would buy a 10 percent stake in Malaysian oil firm Petronas's Canadian shale assets in northeastern British Columbia. The deal also gives India's biggest refiner a 10 percent interest in the Malaysian company's proposed Pacific NorthWest liquefied natural gas facility on Canada's West Coast. IOC did not disclose financial details of the deal, but the Indian cabinet approved the purchase of the stake for C$1 billion in February…
