The two new strategic oil facilities announced at Odisha and Rajasthan are in addition to the three facilities that already exist in the country as underground storages in rock caverns at Visakhapatnam (1.33 million tonnes), Mangalore (1.5 MT) and Padur (2.5 MT).
Union petroleum minister Dharmendra Pradhan said the move to create two new strategic oil storage will enhance India’s energy security “taking our strategic reserve capacity to 15.33 MMT.” This, he said, will increase India’s oil storage capacity to meet the consumption requirement of about 90 days which is at par with the international benchmarks.
In what can rival the likes of Russia’s Rosneft ($55 billion in market cap) and UK’s BP Plc ($112 billion) in market value and financial power, finance minister Arun Jaitley while presenting the Union Budget 2017 announced creation of an integrated public sector ‘oil major’ by integrating the oil sector PSUs across the value chain and to enhance capacity of Oil PSUs to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders.
Maintaining its focus on India’s Renewable Energy plans, Finance Minister Arun Jaitley while presently Union Budget 2017-18 said the government would now take up the second phase of solar park development in the country to add 20,000 MW.
We are committed to make Bharat Sone (Gold) Ki Chidiya again. Gold reserves worth $2 billion to be revived, it will bring down the import of gold,” Union Mines Minister, Piyush Goyal also holding the charge of power, RE and coal ministries said in a tweet on Friday.
India, the second largest importer of Gold after China, is working on a plan to revive gold reserves worth $2 billion in a couple of its age old gold mines that have been lying shut for more than 15 years.
The pact assumes immense significance for an oil importing nation like India and one that feeds 80% of its crude oil needs through imports. The underground strategic storages have been built at different locations across India and filling half of the oil storage facility at Mangalore amounts to 10 days of India's average oil demand (or about 37 million barrels of crude oil).
In what will help towards India’s energy security goals besides building a strong bond with the United Arab Emirates (UAE), India on Wednesday inked a significant pact with the energy rich Gulf nation on oil storage and management.
Today India is a world leader in LED consumption and we're selling 600,000 LED bulbs a day, union minister of state for power, coal, RE and mines Piyush Goyal said on Wednesday at the Raisina Dialogue 2017 in New Delhi.
In a span of just two years and which is also a record of sorts, India is presently selling six lakh LED bulbs every day and has crossed yet another benchmark of distributing over 20 crore LED bulbs under its flagship UJALA scheme. This assumes significance given the savings of Rs 10,000 crore that will accrue annually in electricity bills of the consumers.
Tamil Nadu's joining the scheme will make the UDAY club grow to 21. States of Assam and Telangana have signed MoUs early this week, a move that will see an overall net benefit of approximately Rs 6116 crores accruing to Telangana and Rs 1663 crores to Assam.
Power ministry’s flagship scheme, the Ujwal DISCOM Assurance Yojana (UDAY) will have soon have an important state-Tamil Nadu on board, likely by next week. With Discom losses of Rs 50,000 crore, Tamil Nadu’s joining will see over 90% of total DISCOM debts getting covered under the UDAY scheme.
India’s RE sector is clearly the focus of investors. Impressive growth estimates being predicted by experts. Mercom and Bridge to India Forecasts 8-9 GW of Solar Installations in India for 2017. For 2016, Solar Installations to Come in at around 4 GW
India’s renewable energy sector especially solar and wind projects have clearly emerged as the two fronts drawing maximum investments with an intact and impressive growth story being predicted by exper
The App and the web portal, to be launched by Goyal on
Wednesday (January 4, 2017), will provide all details on the scheme
including the number of states joining the scheme as also the progress
achieved by each state under various parameters listed under the
scheme—-including AT&C losses, cost of electricity, bonds issued and
Minister of State (Independent Charge) for Power, Coal & New and Renewable Energy and Mines, Piyush Goyal will launch the web portal and a Mobile App for one of India’s most talked about scheme