Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has signed another significant long-term sales agreement with Indian Oil Corporation for its base oil, ADbase.
Crude oil prices hit a fresh five-month high on Tuesday after the Trump administration decided not to extend the waiver that it had granted to India and seven other countries on Iranian oil imports beyond the May 2 deadline.
India’s solar power capacity addition is set to grow by about 15 per cent to a range between 7,000 Megawatt (Mw) and 7,500 Mw in the current financial year (2019-20) based on the tendering activity and awards of projects in the past 12-15 months.
The government has worked out a contingency plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May onwards when the US lifts the waivers from its Iran sanctions given earlier to major oil importing countries, including India.
India, the second biggest buyer of Iranian oil, has lined up alternate sources to make up for the likely shortfall in supplies after the US decided not to give waiver from its sanctions for buying oil from the Persian Gulf nation.
The United States will fail to cut Iranian oil exports to zero, even if Washington ends waivers granted to buyers of Iranian crude, the semi-official Tasnim news agency on Monday quoted an unnamed Iranian oil ministry source as saying.
The US on Monday is set to ask five nations, including India and China, to completely end their imports of Iranian oil or be subject to US sanctions, a media report said, a decision that comes about a year after America quit the Iran nuclear deal and imposed toughest ever sanctions on the Persian Gulf nation.
India hopes the US will allow its allies to continue to buy some Iranian oil instead of halting the purchases altogether from May, a source familiar with US-India talks said on Monday.
India will soon have 12 more nuclear plants soon to improve the power situation and ensure there is a free flow of uninterrupted power supply for both industries and residential use, a statement issued on Monday here quoted Secretary of the Department of Atomic Energy (DAE), K.N. Vyas, as saying.
India’s total renewable energy installations stand at around 75 GW, of which wind energy accounts for more than 35 GW, followed by solar energy, which has witnessed exponential growth with its total installation capacity increasing from 3 GW to about 30 GW in the last five years.