Beauty is what you buy

As Western sanctions pressure Russia’s oil exports, three more Russian insurers, including Sberbank Insurance, seek India’s approval for marine insurance on oil shipments. This move aims to maintain deliveries to India, Russia’s top oil buyer, despite growing scrutiny and a G7 price cap. India is evaluating the applications, potentially increasing the number of approved Russian insurers to eight.

Indian energy importers, including Gail India and Indian Oil Corp, are increasingly turning to cheaper oil products like naphtha and propane due to elevated LNG prices caused by outages at export plants. This shift, resulting in lower LNG imports, frees up supply for other Asian and European buyers.

Saudi Arabia is partnering with Indian companies to establish two refineries in India, each with a 9 million tonnes per year capacity. Aramco may invest ₹18,000 crore for a 26% equity stake in both projects. This renewed effort follows previous setbacks in securing a foothold in India’s refining sector, with talks ongoing regarding crude supply terms.

Private entity Adani Hydro Energy Five Ltd has entered into a power purchase agreement (PPA) with Uttar Pradesh Power Corporation for supply of 1,250 MW energy storage capacity. Adani Hydro Energy Five Ltd is a wholly owned step down subsidiary of Adani Green Energy Ltd (AGEL).

The All India Power Engineers Federation (AIPEF) has urged the government to halt the privatization of electricity distribution companies (discoms) in Uttar Pradesh and Chandigarh. AIPEF argues that discoms should remain in the public sector for the benefit of consumers and employees, highlighting improved viability and reduced losses in the public sector.

Megha Engineering & Infrastructure Ltd (MEIL) has secured a significant order worth Rs 13,000 crore from the Nuclear Power Corporation of India Ltd (NPCIL) to supply two 700 MW nuclear reactors. This marks MEIL’s entry into the nuclear energy sector, with the project involving the construction of Kaiga Units 5 & 6 in Karnataka.

India and Saudi Arabia have agreed to collaborate on stabilising global oil markets and balancing energy dynamics, emphasising the security of supply for all energy sources. They will also cooperate in green hydrogen, climate change initiatives, and the circular carbon economy.

Bihar is actively engaging with NTPC Ltd to establish a nuclear power plant in Nawada district, according to Chief Secretary Amrit Lal Meena. The state has also requested the Power Ministry to consider Bihar for a nuclear project, potentially utilizing water from the Phulwaria dam.

Reliance Industries imported about 532,700 barrels per day (bpd) of Russian oil in March, marking a 17.3% increase from February, according to ship-tracking data. Russian crude made up 48.5% of Reliance’s total imports. However, overall crude imports fell by 19% to 1.1 million bpd due to an upcoming refinery maintenance shutdown.

India and Saudi Arabia are discussing joint refinery and petrochemical projects. They are also studying electricity grid connectivity. Saudi Arabia wants to increase oil exports to India due to China’s slowing demand. They might offer crude oil at lower rates. Saudi Aramco is considering investments in Indian refinery projects.