Billions of dollars of pre-election spending by the Indian government and political parties in the next two months is unlikely to stop the nation’s economy from slowing further, economists said.
India’s 2018 thermal coal imports rose at the fastest pace in four years, according to two industry sources, despite moves by Prime Minister Narendra Modi’s government to cut imports in a bid to reduce its trade deficit.
State-owned NLC India plans to invest about 238 billion Indian rupees ($3.4 billion) in Tamil Nadu to set up mines and power projects, the company said on Saturday.
Reliance Industries Ltd, owner of the world’s biggest refining complex, has halted imports of Iranian crude ahead of US sanctions against Tehran’s oil sector, its joint chief financial officer said.
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.
India has received investments worth 59 billion rupees ($810 million) in its latest oil and gas exploration licensing round, Oil Minister Dharmendra Pradhan said on Monday.
Indian refiners ordered about 12 per cent less Iranian oil in June than in May, when the US said it would reintroduce sanctions on Iran, but sales remained around 50 per cent higher than a year ago.
India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.
India’s government plans to propose banning burning petroleum coke as a fuel nationwide to comply with a Supreme Court request as part of a long-running case to clean the country’s air, two government sources said on Friday.
European Union carbon emissions from burning fossil fuels increased in 2017, statistics office Eurostat said on Friday, indicating that the reduction of emissions blamed for climate change remains a challenge.