Beauty is what you buy

CG Power and Industrial Solutions Ltd. has secured a significant order from Power Grid Corporation of India Ltd. for the supply and servicing of a 765kV Transformer package. Valued at approximately Rs 641 crore, this marks the company’s largest single order to date. The supply of these goods is projected to be completed within 18 to 36 months.

Escalating tensions between Iran and Israel have triggered concerns from the IEA regarding potential disruptions to global oil markets. Recent attacks on energy infrastructure, including Iran’s South Pars gas field and Israel’s Haifa refinery, have heightened fears.

Union Minister Hardeep Puri is overseeing efforts to control a gas leak at ONGC’s Rudrasagar field in Assam. High-tech methods are being deployed, with international experts consulted. Local residents have been evacuated and are receiving assistance. Assam CM Himanta Biswa Sarma assured support and interim relief.

Amidst escalating Iran-Israel tensions, Indian refiners are exploring alternative fuel sources, particularly in West Africa, to mitigate potential supply disruptions from a possible Strait of Hormuz blockade. Officials are analyzing scenarios and preparing responses to potential price spikes, considering that a closure could jeopardize a significant portion of India’s crude and LNG imports.

A gas leakage, following a blowout at an ONGC crude oil well in Assam’s Sivasagar district, has prompted the deployment of a crisis management team. While air pollution remains within acceptable limits, around 1,500 people have been affected, with 70 families evacuated to a relief camp.

Russian oil shipment costs from Baltic ports to India decreased between late May and early June. High tanker availability contributed to this decline. The EU considers lowering the G7’s price cap on Russian crude. Urals crude price stabilized below $60 a barrel since April. Western shippers, especially Greek, resumed services.

NTPC Group is actively developing pumped storage projects (PSP) with a total capacity of 20 GW across India, aiming to commission 3-5 GW by fiscal year 2031-32. THDC India, an NTPC subsidiary, recently commissioned the first unit of its 1,000 MW Tehri PSP. NTPC has completed preliminary feasibility reports for 18 projects, advancing energy storage solutions.

Amidst the Israel-Iran conflict, India is closely monitoring global oil supplies daily, assuring sufficient crude oil reserves. Oil prices experienced significant volatility, surging initially before fluctuating due to concerns of a wider regional conflict disrupting Middle East oil exports, particularly through the Strait of Hormuz. These events pose challenges for India, impacting inflation and trade balances.

Gas leakage persists for the fourth day at Oil and Natural Gas Corporation Limited (ONGC) well in Sivasagar, Assam. Around seventy families have been evacuated to a relief camp. A team is working to control the leakage at Well Number RDS 147. The well has not caught fire, and no injuries have been reported. The incident affected around 1,500 people.

Nepal is scheduled to commence exporting 40 MW of electricity to Bangladesh via an Indian transmission line starting June 15th. This follows a trilateral agreement between Nepal, India, and Bangladesh signed in October 2024. The electricity will be transmitted through India’s 400-kV Muzaffarpur-Baharampur-Bheramara line at a rate of USD 6.4 cents per unit for the next five years.