Connect with us

India

Russia is looking for Indian investment in the oil and gas sector

Published

on

Deputy Prime Minister Alexander Novak said on Friday that Russia’s oil and petroleum exports to India have reached $1 billion, with room to grow. With the United States targeting Russia’s economy’s “main artery” and prohibiting oil imports, the country has turned to India, showing interest in recruiting Indian investment.

On March 11, Russian Deputy Prime Minister Alexander Novak met with Union Petroleum and Natural Gas Minister Hardeep Singh Puri, inviting Indian investment in Russia’s oil and gas industry. According to sources, Novak noted that Russia’s oil and petroleum exports had surpassed a billion dollars and that there was a clear chance to enhance this amount.

According to a statement released late Friday by Russia’s embassy in India, “Russia’s oil and petroleum product exports to India have surpassed $1 billion, and there are strong prospects to enhance this amount.”

“We want to encourage more Indian investment in the Russian oil and gas sector, as well as increase Russian companies’ sales networks in India,” Novak said Puri.

India currently contributes approximately 0.2 percent of Russia’s natural gas exports. It also has a 20-year agreement with Gazprom to purchase 2.5 million tonnes of LNG per year, which was signed in 2018. Apart from oil, UE embargoes have harmed Russian coal imports. In this area, Russia accounts for 1.3 percent of India’s thermal coal imports. In 2021, India purchased 1.8 million tonnes of Russian thermal coal.

Saudi Arabia is contacted by the United States for its energy demands.

The US has been scrambling to fix its coming oil issue after sanctioning Russian oil over its invasion of Ukraine. Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud and Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al Nahyan, according to reports, have both declined Biden’s offer to speak over the phone.

“There was some hope for a phone call, but it never came. According to the Wall Street Journal, “that was part of turning on the faucet [of Saudi oil].”

The tense relationship has been blamed on the Biden administration’s foreign policies in the Middle East, according to experts. US Secretary of State Antony Blinken, on the other hand, has discounted the reports.

Stocks on Wall Street have dropped due to inflationary concerns. Oil prices have also risen sharply, with the price of a barrel of US oil rising by as much as 5.7 percent.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

40,000 NMMC School Students Await Uniforms as Contractor Misses Deadline

Published

on

Navi Mumbai civic body extends delivery deadline to August 15 for Mafatlal Industries, imposing week-by-week financial penalties.

The Deadline

Over 40,000 primary and secondary students enrolled in Navi Mumbai Municipal Corporation (NMMC) civic schools remain without their new uniforms, following significant delays by the designated contractor.

The civic body had awarded a Rs 13.33 crore contract to M/s Mafatlal Industries Limited to supply regular, sports, and Scout/Guide uniforms to 50,550 students ranging from Balwadi to Class 10. Despite receiving the work order on May 8 with a strict delivery deadline of July 15, the contractor managed to supply complete sets to only around 8,000 students by the target date. As a result, thousands of children are currently forced to attend classes in old uniforms or home clothes.

Following show-cause notices issued on July 10 and July 21, the civic administration granted an official extension until August 15. However, the delay comes with financial consequences for the supplier. In accordance with contract terms, NMMC will deduct progressive penalties from the final payment ranging from 0.5% for the first week of delay up to 2.0% for subsequent weeks.

NMMC Deputy Education Commissioner Sanghratna Khillare confirmed that the decision to extend the deadline was taken after high-level discussions with civic authorities, emphasizing that penalty deductions will be strictly enforced as per municipal rules to ensure full delivery before mid-August.

Continue Reading

Latest News

Deep Potholes Turn Kharghar Stretch into Hazardous Accident Zone

Published

on

Frustrated residents call out PCMC inaction as hidden craters under waterlogged roads trigger collisions and severe commuter delay.

The Potholes

Growing public outrage has erupted across Kharghar as deep, crater-like potholes and poor drainage have converted key internal corridors into severe accident hazards. Monsoon rains have left several vital stretches particularly those serving Sectors 2 through 36 and connecting high-footfall destinations like Central Park, ISKCON Temple, and the Tata Memorial/ACTREC facility in a state of absolute disrepair.

Submerged under rainwater, the hidden potholes pose an invisible trap for two-wheeler riders and daily commuters. Frequent incidents of motorists skidding, losing balance, and crashing into deep depressions have been reported. The situation is further compounded by heavy commercial vehicles making sudden, erratic maneuvers to dodge the craters, causing minor rear-end collisions and massive traffic bottlenecks during peak commuting hours.

Local residents and civic activists have strongly criticized the Panvel City Municipal Corporation (PCMC) for its inaction. Frustrated tax-paying citizens point out that recurring temporary patch-ups dissolve within weeks of heavy downpours, reflecting a lack of quality control in municipal road maintenance contracts.

Demanding immediate accountability, community members have urged civic authorities to deploy emergency road repair teams, clear clogged storm-water drains, and execute comprehensive quality audits on recent infrastructure works before major casualties occur.

Continue Reading

Latest News

Pothole-Riddled Highways Threaten Commuters and Airport Route in Navi Mumbai

Published

on

Despite millions spent on annual maintenance, heavy rains expose crumbling infrastructure across major arteries like Sion-Panvel and Ulwe-Belapur roads.

The Potholes

A wave of public anger has erupted across Navi Mumbai as relentless monsoon rains have turned major highways into dangerous, pothole-riddled stretches. Key routes connecting Mumbai, Thane, Raigad, and the JNPA port are seeing severe traffic bottlenecks and frequent accidents.

The situation is particularly critical along the Ulwe-Belapur road, the primary arterial route for the Navi Mumbai International Airport. Deep craters and heavy waterlogging have made travel hazardous for both domestic and international commuters. The safety risks were highlighted recently when a heavy container truck overturned on the Ulwe-Belapur stretch, causing massive gridlock on both sides of the corridor.

Other vital thoroughfares, including the Sion-Panvel Highway and the Thane-Belapur road, are equally affected. Key flyovers at Kharghar and Turbhe, along with the main entry stretch from Airoli Toll Plaza, have developed large, hidden craters beneath accumulated rainwater. Daily commuters and two-wheeler riders face constant hazards as vehicles lose balance during sudden braking.

Frustrated residents have raised sharp questions over civic accountability, noting that temporary patch-ups wash away annually despite substantial maintenance budgets. Addressing the mounting criticism, National Highways Authority of India (NHAI) officials stated that repair work is currently underway on a war footing, promising long-term, modern road infrastructure upgrades to match the international airport’s requirements.

Continue Reading

Trending