Oil & Natural Gas: News & Discussion

The Technology & Economic Forum is a venue to discuss issues pertaining to Technological and Economic developments in India. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

Mort Walker wrote:
Rishirishi wrote:EV is not Hybrid. It is pure Electric. Gasoline is going to be replaced in cars, trucks, buses bikes etc. It will come fast.
Wrong. An EV is one that is powered by electric motors. See the other thread instead of spreading your diarrhea everywhere including this one about oil and natural gas. Gasoline/diesel is going to be used for another decade for surface transportation, not because of any government mandates or subsidies for batteries, but because of the energy to weight ratio.
I suspect you are payed by some oil lobby group. It is evident by the level of knowledge you have and the way you argue. So I am going to refrain from name callings, because you are simply doing a job. I will focus on spreading more facts :)

https://www.reuters.com/article/us-auto ... SKCN1P40G6

(Reuters) - Global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China, accelerating the industry’s transition from fossil fuels and shifting power to Asian battery and electric vehicle technology suppliers.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

Rishirishi,

I don't work or get paid by oil lobby. As usual you're reasoning and logic are are far from reality and fill these threads full of garbage and side track any useful discussions. You can't do simple math and look at the numbers. I am going to call you out for your b******t. You have not provided a single valid fact in ANY thread and your own links have debunked you.

$300 billion to electrify cars over 10 years is a small amount of what the auto industry will spend in capital overall. Some 90 million cars and light vehicles are sold each year world wide.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

Mort Walker wrote:Rishirishi,

I don't work or get paid by oil lobby. As usual you're reasoning and logic are are far from reality and fill these threads full of garbage and side track any useful discussions. You can't do simple math and look at the numbers. I am going to call you out for your b******t. You have not provided a single valid fact in ANY thread and your own links have debunked you.

$300 billion to electrify cars over 10 years is a small amount of what the auto industry will spend in capital overall. Some 90 million cars and light vehicles are sold each year world wide.
I think spending 300 billion dollars on developing EV, is a sign of shift away from the oil based cars.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

^^^Spending $300 billion in 10 years by the auto industry on new designs is part and parcel of the auto industry. They spend tens of billions a year on CAPEX. $3B/year represents less than 10%. They can easily do it. Gasoline and diesel for transportation will stay with us for more than ten years. Hydrogen, CNG, and NG will be the next generation of fuels for transportation.
Raveen
BRFite
Posts: 841
Joined: 18 Jun 2008 00:51
Location: 1/2 way between the gutter and the stars
Contact:

Re: Oil & Natural Gas: News & Discussion

Post by Raveen »

Mort Walker wrote:^^^Spending $300 billion in 10 years by the auto industry on new designs is part and parcel of the auto industry. They spend tens of billions a year on CAPEX. $3B/year represents less than 10%. They can easily do it. Gasoline and diesel for transportation will stay with us for more than ten years. Hydrogen, CNG, and NG will be the next generation of fuels for transportation.
Couldn't agree more. Pure EVs are a California pipe dream, except the pipe was Musk's crack pipe.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

Raveen wrote:
Mort Walker wrote:^^^Spending $300 billion in 10 years by the auto industry on new designs is part and parcel of the auto industry. They spend tens of billions a year on CAPEX. $3B/year represents less than 10%. They can easily do it. Gasoline and diesel for transportation will stay with us for more than ten years. Hydrogen, CNG, and NG will be the next generation of fuels for transportation.
Couldn't agree more. Pure EVs are a California pipe dream, except the pipe was Musk's crack pipe.

Elon Musk has touted many things and only a small amount have come to fruition. It would better serve him to keep quiet and not hurt shareholders in Tesla and SpaceX. I suspect Tesla will jump on the PHEV bandwagon in a couple of years and if they don't, then the bigger players like Toyota, VW, Renault-Nissan, GM, and Hyundai will eat Tesla's lunch. On price and luxury.

The 100% battery EVs are for early adopters, RES jihadis (like Rishirishi and Greta Thunberg), and the wealthy. Most people can't afford it in the short run or long run given that oil is so cheap.
Raveen
BRFite
Posts: 841
Joined: 18 Jun 2008 00:51
Location: 1/2 way between the gutter and the stars
Contact:

Re: Oil & Natural Gas: News & Discussion

Post by Raveen »

Mort Walker wrote:
Raveen wrote:
Couldn't agree more. Pure EVs are a California pipe dream, except the pipe was Musk's crack pipe.

Elon Musk has touted many things and only a small amount have come to fruition. It would better serve him to keep quiet and not hurt shareholders in Tesla and SpaceX. I suspect Tesla will jump on the PHEV bandwagon in a couple of years and if they don't, then the bigger players like Toyota, VW, Renault-Nissan, GM, and Hyundai will eat Tesla's lunch. On price and luxury.

The 100% battery EVs are for early adopters, RES jihadis (like Rishirishi and Greta Thunberg), and the wealthy. Most people can't afford it in the short run or long run given that oil is so cheap.
Plus, Teslas and Leafs are both junk, I would never consider Tesla a luxury car, and have a friend who had to reject 4 model Xs for manufacturing defects - eventually just got his money back.
nachiket
Forum Moderator
Posts: 9102
Joined: 02 Dec 2008 10:49

Re: Oil & Natural Gas: News & Discussion

Post by nachiket »

Raveen wrote:
Mort Walker wrote:^^^Spending $300 billion in 10 years by the auto industry on new designs is part and parcel of the auto industry. They spend tens of billions a year on CAPEX. $3B/year represents less than 10%. They can easily do it. Gasoline and diesel for transportation will stay with us for more than ten years. Hydrogen, CNG, and NG will be the next generation of fuels for transportation.
Couldn't agree more. Pure EVs are a California pipe dream, except the pipe was Musk's crack pipe.
EV's are not a pipe dream. It isn't just Tesla. Most big automakers in the world are investing heavily in it, even the American ones. Ford is now advertising an all electric Mustang alongside the largest public charging network in NA according to them.

But that doesn't mean that Petrol/Diesel cars are going away anytime soon. That is most definitely a pipe dream. All-electric vehicles make a lot of sense in NA and western countries where many families have multiple cars and can easily have one EV. Charging infra is widely available and most have their own garages where they can charge their cars as well. But most EV owners even in the yuppy environmentally conscious bay area have at least one other Petrol powered vehicle and that's not going to change soon. EV's also make far less sense in other parts of the world where most people don't even have one car, let alone two, and those who have one or are going to buy one will not hamstring themselves by buying a car they cannot easily refuel or drive long distances.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

nachiket wrote:
Raveen wrote:
Couldn't agree more. Pure EVs are a California pipe dream, except the pipe was Musk's crack pipe.
EV's are not a pipe dream. It isn't just Tesla. Most big automakers in the world are investing heavily in it, even the American ones. Ford is now advertising an all electric Mustang alongside the largest public charging network in NA according to them.

But that doesn't mean that Petrol/Diesel cars are going away anytime soon. That is most definitely a pipe dream. All-electric vehicles make a lot of sense in NA and western countries where many families have multiple cars and can easily have one EV. Charging infra is widely available and most have their own garages where they can charge their cars as well. But most EV owners even in the yuppy environmentally conscious bay area have at least one other Petrol powered vehicle and that's not going to change soon. EV's also make far less sense in other parts of the world where most people don't even have one car, let alone two, and those who have one or are going to buy one will not hamstring themselves by buying a car they cannot easily refuel or drive long distances.
The Tesla Model 3 starts at $40K, the Ford Mustang Mach E will start at $44K. The median family income in the US is $75K. Any type of vehicle (gasoline or EV) over $25K is simply not palatable. Investment in EVs is not unusual as PHEVs offers significantly improved performance, fuel economy and range. The automakers are not benevolent creatures. They are driven by profit and will pursue that path vigorously.

All different types of EVs are expensive today. They will come down in cost, but it will take 3-5 years. Right now, EVs of all kinds are limited in production and sales. Spending $40K+ on any vehicle is a lot of money for the middle class. Given high unemployment and low economic growth due the Corona virus, it will limit consumer spending. Which will limit the growth of oil and natural gas consumption for this year.

There is also the safety aspect of large lithium ion batteries. Improper assembly will result in catastrophic failure. I would rather set 100 liters of gasoline on fire in my garage before a 100 KWHr Li-Ion battery fire. At least the fire brigade will put out the gasoline fire. With a Tesla and other EVs, the procedure is to let it burn out. The positive side is that my body would not need to be sent for cremation and the fire brigade can just collect my ashes.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

All different types of EVs are expensive today. They will come down in cost, but it will take 3-5 years. Right now, EVs of all kinds are limited in production and sales. Spending $40K+ on any vehicle is a lot of money for the middle class. Given high unemployment and low economic growth due the Corona virus, it will limit consumer spending. Which will limit the growth of oil and natural gas consumption for this year.
I agree here.

Currently the prices of family type EV's are 10-15K expensiver as compared to petrol ones. But things are changing fast. WV ID 3 will come at arround 35-40K for a 450Km range. It has much better internal space, compared to the Golf (which comes at 25K). If one calculates the Total cost of ownership, EV's probably match the ICE, due to lower propulsion cost and also maintenance. However the price does scare the average family. Also because it is untried.

Once the prices come down in 3-5 years time and match the price of ICE, the game will change radically in favor of the Battery cars.

Some of the benefits of 100% EV
-Silent
-Smooth transmission and very good pickup.
-Hardly requires any maintenance.
-Locally environmental friendly, but it is not proven that it is over all, as battery production case pollution.

One thing is for sure. They will come, as EV's are much much better to drive and own. Once you have driven one, ICE feels like prehistoric tech. The losers will be mechanics and oil industry. In Norway 70% if the car sales are battery (that is due to very favorable tax conditions, that make EV costs equal the ICE car)

Personally i do not think the ICE or PHEV will be in the market beyond 2025.
Raveen
BRFite
Posts: 841
Joined: 18 Jun 2008 00:51
Location: 1/2 way between the gutter and the stars
Contact:

Re: Oil & Natural Gas: News & Discussion

Post by Raveen »

nachiket wrote:
Raveen wrote:
Couldn't agree more. Pure EVs are a California pipe dream, except the pipe was Musk's crack pipe.
EV's are not a pipe dream. It isn't just Tesla. Most big automakers in the world are investing heavily in it, even the American ones. Ford is now advertising an all electric Mustang alongside the largest public charging network in NA according to them.

But that doesn't mean that Petrol/Diesel cars are going away anytime soon. That is most definitely a pipe dream. All-electric vehicles make a lot of sense in NA and western countries where many families have multiple cars and can easily have one EV. Charging infra is widely available and most have their own garages where they can charge their cars as well. But most EV owners even in the yuppy environmentally conscious bay area have at least one other Petrol powered vehicle and that's not going to change soon. EV's also make far less sense in other parts of the world where most people don't even have one car, let alone two, and those who have one or are going to buy one will not hamstring themselves by buying a car they cannot easily refuel or drive long distances.
Laziness got the better of my statement - so here goes:

Pure EVs taking 50% of the ICE marketshare in the next 4-5 years remains a pipe dream.

Hybrids, sure - Pure EVs are a bridge to another such as fuel cell
Raveen
BRFite
Posts: 841
Joined: 18 Jun 2008 00:51
Location: 1/2 way between the gutter and the stars
Contact:

Re: Oil & Natural Gas: News & Discussion

Post by Raveen »

Rishirishi wrote:
All different types of EVs are expensive today. They will come down in cost, but it will take 3-5 years. Right now, EVs of all kinds are limited in production and sales. Spending $40K+ on any vehicle is a lot of money for the middle class. Given high unemployment and low economic growth due the Corona virus, it will limit consumer spending. Which will limit the growth of oil and natural gas consumption for this year.
I agree here.

Currently the prices of family type EV's are 10-15K expensiver as compared to petrol ones. But things are changing fast. WV ID 3 will come at arround 35-40K for a 450Km range. It has much better internal space, compared to the Golf (which comes at 25K). If one calculates the Total cost of ownership, EV's probably match the ICE, due to lower propulsion cost and also maintenance. However the price does scare the average family. Also because it is untried.

Once the prices come down in 3-5 years time and match the price of ICE, the game will change radically in favor of the Battery cars.

Some of the benefits of 100% EV
-Silent
-Smooth transmission and very good pickup.
-Hardly requires any maintenance.
-Locally environmental friendly, but it is not proven that it is over all, as battery production case pollution.

One thing is for sure. They will come, as EV's are much much better to drive and own. Once you have driven one, ICE feels like prehistoric tech. The losers will be mechanics and oil industry. In Norway 70% if the car sales are battery (that is due to very favorable tax conditions, that make EV costs equal the ICE car)

Personally i do not think the ICE or PHEV will be in the market beyond 2025.
Umm, expesiver? Transmission? not sure you understand what you are talking about.

How about resale - do you want a 8 year old Li-Ion battery in your phone let alone your car? How about actual studies (not gut feel) that clearly show that they are cause far more ecological impact to make than a regular ICE vehicle?
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

Umm, expesiver? Transmission? not sure you understand what you are talking about.

How about resale - do you want a 8 year old Li-Ion battery in your phone let alone your car? How about actual studies (not gut feel) that clearly show that they are cause far more ecological impact to make than a regular ICE vehicle?

Transmission. There is no need for gearbox in EV. The torque comes very fast and smooth.

What little history EV resale has, they have fallen a great in price. Not as much because of degradation of battery, but because of technical change. Newer cars has much more range. This may also hit the the ICE in future. People will look at monthly leasing ownership cost. Electricity is far cheaper compared to fuel. So someone can save 2-300 dollars per month in fuel, then it would be better to just junk the ICE car. ICE cars may just become unsalable. It is a bad time to purchase a car now (EV or ICE)

As for green; There are several studies. Independent studies show EV's are more environmental friendly. Industry sponsored studies show a different story. Some of the premises that are often manipulated with; The electricity comes from coal and recycling of battery is not vectored in. Fact is Green energy is replacing coal and EV batteries can be recycled, hence the cost of mining is wrongly calculated.
Raveen
BRFite
Posts: 841
Joined: 18 Jun 2008 00:51
Location: 1/2 way between the gutter and the stars
Contact:

Re: Oil & Natural Gas: News & Discussion

Post by Raveen »

Rishirishi wrote:
Umm, expesiver? Transmission? not sure you understand what you are talking about.

How about resale - do you want a 8 year old Li-Ion battery in your phone let alone your car? How about actual studies (not gut feel) that clearly show that they are cause far more ecological impact to make than a regular ICE vehicle?

Transmission. There is no need for gearbox in EV. The torque comes very fast and smooth.

Yea, you don't know what you are talking about - a gearbox is essentially the same thing as a transmission, and your beloved Teslas really have none.

Please learn about the subject and indulge in an informed conversation instead of brochureitis. The Li supply chain alone causes significant environmental damage and is held hostage by Chi-chi. Also, if the entirety of the world switches to pure EVs, guess what, electricity becomes more expensive - a commodity is a commodity, oil or electricity. Plus, you think the states are going to let go of fuel based taxes? Naah, they'll tax you on your car to make up for it. Enjoy it while legislation catches up.

Also, you mean factored in, not vectored in, unless these are Li recycling fighter planes.
sankum
BRFite
Posts: 1150
Joined: 20 Dec 2004 21:45

Re: Oil & Natural Gas: News & Discussion

Post by sankum »

When alto EV for $6000(₹4.5lakh) with minimum 250 km range comes then the era of EV will take over. Maybe by 2030.
And self driving cars maybe by 2035 may reduce the number of personal cars to 10% as personal ownership of cars will become redundant and presently 90 % of cars remain parked in any city at any time.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

Raveen wrote:Plus, you think the states are going to let go of fuel based taxes? Naah, they'll tax you on your car to make up for it. Enjoy it while legislation catches up.
Absolutely.

India has lost of Rs. 40,000 crore revenue from gasoline and diesel due to the lockdown.
Coronavirus Impact: India’s oil revenue loss in lockdown seen exceeding Rs 40,000 crore

Ideally gasoline, diesel, kerosene, and cooking gas should have all fallen under the highest slab of GST, but the VAT, cess, and other taxes are much higher where neither the center or states want to give that up. GoI will tax the crap out of 100% battery EVs and PHEVs to make up for the loss.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

sankum wrote:When alto EV for $6000(₹4.5lakh) with minimum 250 km range comes then the era of EV will take over. Maybe by 2030.
And self driving cars maybe by 2035 may reduce the number of personal cars to 10% as personal ownership of cars will become redundant and presently 90 % of cars remain parked in any city at any time.
By 2025 the 100% battery EV will be limited in selection as most cars will be parallel PHEVs due to better price, performance and range. By 2030, hydrogen or maybe even propane or CNG fuel cells will start coming on-line. Personal cars represent status and personal freedom everywhere in the world and people are very unlikely to give this up, much like having your mobile instead of going to the ISD/PCO stand.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

By 2025 the 100% battery EV will be limited in selection as most cars will be parallel PHEVs due to better price, performance and range. By 2030, hydrogen or maybe even propane or CNG fuel cells will start coming on-line. Personal cars represent status and personal freedom everywhere in the world and people are very unlikely to give this up, much like having your mobile instead of going to the ISD/PCO stand.
Car lobby talk, Just pure bullshit. Can you back up your claim.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

Deleted
Last edited by Suraj on 04 May 2020 06:05, edited 1 time in total.
Reason: Don't post here if the intent it to attack people personally.
Mort Walker
BRF Oldie
Posts: 10033
Joined: 31 May 2004 11:31
Location: The rings around Uranus.

Re: Oil & Natural Gas: News & Discussion

Post by Mort Walker »

Rishirishi,

Anyone who points out the facts, then you claim they are part of the auto or oil lobbies. Facts bear out a different story. Pure EV car sale in India in FY2019 was less than 1500 units, in FY2018 it was 3400. Overall cars sales were low, but EV sales fell further. The reason is they are expensive to purchase and charging infrastructure is also costly.

There are other threads to discuss your EV fantasies. Stay out of this thread where people can post actual news related and relevant stories.
KL Dubey
BRFite
Posts: 1756
Joined: 16 Dec 2016 22:34

Re: Oil & Natural Gas: News & Discussion

Post by KL Dubey »

Mort Walker wrote:Rishirishi,

Anyone who points out the facts, then you claim they are part of the auto or oil lobbies. Facts bear out a different story. Pure EV car sale in India in FY2019 was less than 1500 units, in FY2018 it was 3400. Overall cars sales were low, but EV sales fell further. The reason is they are expensive to purchase and charging infrastructure is also costly.

There are other threads to discuss your EV fantasies. Stay out of this thread where people can post actual news related and relevant stories.
I tend to agree. It's difficult to make predictions, especially about the future. But my predictions are that the hybrid vehicle segment will continue to grow and capture most of the EV market, and liquid fuels will be increasingly renewable-based (blends as well and pure renewable fuels). Liquid fuels for vehicles will be dominant for the foreseeable future.

BEVs (i.e. pure EVs) have uncertain life cycle sustainability metrics especially with the costs and environmental impacts for lithium, copper, cobalt, etc production and recycling. This is also a key issue, not just the CO2 emissions.

Overall, from a life cycle sustainability standpoint I believe the following:

- Currently HEV (either standalone or plug-in) is the best option over BEVs and ICEs in all size segments. Putting my money where my talk is, I have replaced both my ICEs with Toyota HEVs (fullsize sedans which give me 43-46 MPG).

- Small BEVs are slightly favorable over small ICEs, but when you come to midsize and fullsize vehicles, the sustainability metrics of BEVs (Tesla et al) in relation to ICEs are still unclear. Huge amounts of copper, lithium, cobalt etc.

This is a good recent report:

https://dovetailinc.org/upload/tmp/1579548819.pdf
nachiket
Forum Moderator
Posts: 9102
Joined: 02 Dec 2008 10:49

Re: Oil & Natural Gas: News & Discussion

Post by nachiket »

Rishirishi you have been warned for repeatedly accusing other posters of being lobbyists. Address their arguments without ad hominem attacks.
Raveen
BRFite
Posts: 841
Joined: 18 Jun 2008 00:51
Location: 1/2 way between the gutter and the stars
Contact:

Re: Oil & Natural Gas: News & Discussion

Post by Raveen »

Rishirishi wrote:
Yea, you don't know what you are talking about - a gearbox is essentially the same thing as a transmission, and your beloved Teslas really have none.

Please learn about the subject and indulge in an informed conversation instead of brochureitis. The Li supply chain alone causes significant environmental damage and is held hostage by Chi-chi. Also, if the entirety of the world switches to pure EVs, guess what, electricity becomes more expensive - a commodity is a commodity, oil or electricity. Plus, you think the states are going to let go of fuel based taxes? Naah, they'll tax you on your car to make up for it. Enjoy it while legislation catches up.

Also, you mean factored in, not vectored in, unless these are Li recycling fighter planes.
You also seem to represent a lobby of sort. I know this is how you work. The idea is to plant doubt and ridicule the opponent. The ICE lobby together with the oil lobby is working overtime to delay the EV. Please back up your bullshit.
Instructions not clear

What would you like me to backup - the fact that a gearbox is essentially the transmission? That Teslas and most pure EVs don't have transmission as such? that Li mining has adverse ecological impact? That Chi chi corona overlords controls the Li market? That fuel tax income will and is being replaced by other taxes? that demand and supply set pricing for commodities? That this isn't the Truman show and you aren't surrounded by lobbyists/people out to get you? That you are factually incorrect about all of the above?
SaraLax
BRFite
Posts: 528
Joined: 01 Nov 2005 21:15
Location: redemption land

Re: Oil & Natural Gas: News & Discussion

Post by SaraLax »

In Covid-19 World - Seems like GoI's idea of selling BPCL may not come out well (either nobody would bid or bids will be very low in value).
The same may apply to selling off Air-India.
Mollick.R
BRFite
Posts: 1033
Joined: 15 Aug 2016 10:26

Re: Oil & Natural Gas: News & Discussion

Post by Mollick.R »

India uses low crude prices to stockpile 32 million tonnes of oil

NEW DELHI: India has stored as much as 32 million tonnes (mt) of oil in underground storages, tanks, pipelines, and on ships to create a stockpile using low global oil prices to its advantage, petroleum minister Dharmendra Pradhan said on Monday.
.
.
.
"Taking advantage of low global oil prices, we decided to fill up our strategic reserves," he said.

The purchases from Saudi Arabia, the UAE, and Iraq helped fill up the 5.33 million tonnes underground strategic reserves that India had built as insurance against supply and price disruptions.

Besides, 7 million tonnes of low priced oil has been stored on floating ships, he said.

"Similarly, 25 million tonnes of oil has been kept at inland depots and tanks, refinery pipelines and product tanks," he said. "The oil stored is equivalent to 20 per cent of India's demand."

He said the slump in oil prices would lead to a reduction in the country's oil import bill while the evaporating consumption due to coronavirus lockdown will impact central and state government revenues.

While the 5.33 million tonnes of emergency storage -- enough to meet India's oil needs for 9.5 days -- was built in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh by the government, state-owned oil firms have crude oil and product tanks at refineries and other locations. Also, pipelines have some storage capacity.

Before the oil prices crashed to a low of $20 a barrel, the storages at Mangalore and Padur were half-empty and have now been filled by buying oil from Saudi Arabia, the UAE, and Iraq.

"Thanks to the initiative of the government of India we have successfully filled Padur SPR at very low crude oil prices as per schedule," the Strategic Petroleum Reserve Ltd (ISPRL) - the entity that manages the country's strategic petroleum reserves (SPR), said in a tweet.

Mangalore storage has a total capacity of 1.5 million tonnes. Of this, half had previously been hired by Abu Dhabi National Oil Co (ADNOC) to store its crude oil. The remaining half has now been filled by oil brought by state-owned oil firms.

Padur, the biggest of the three storages, has a total capacity of 2.5 million tonnes (about 17 million barrels). ADNOC had in November 2018 signed up to hire half of this capacity but never actually stored oil in it. :!: It was half full and now 1.25 million tonnes of crude oil sourced from Saudi Arabia have filled it up.

The 1.33 million tonne Visakhapatnam storage had a small amount of unfilled space that has been filled with Iraq crude oil.

Pradhan said 2 million tonnes of oil was bought and filled in SPR in the last three days.

While the oil to be stored in the three caverns will belong to the government, it isn't paying for it. State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) as well as Mangalore Refinery and Petrochemicals Ltd (MRPL) have been asked to source oil from the Middle-East countries for storing the caverns, sources said, adding the government will reimburse them of this cost at a later date. :?:

https://timesofindia.indiatimes.com/bus ... 537730.cms
Vayutuvan
BRF Oldie
Posts: 12062
Joined: 20 Jun 2011 04:36

Re: Oil & Natural Gas: News & Discussion

Post by Vayutuvan »

Mort Walker wrote:Gasoline and diesel for transportation will stay with us for more than ten years. Hydrogen, CNG, and NG and BioGas 8) will be the next generation of fuels for transportation.
a_bharat
BRFite
Posts: 724
Joined: 07 Aug 2009 09:54

Re: Oil & Natural Gas: News & Discussion

Post by a_bharat »

A few months back there was some discussion (probably on EV thread) about Aluminum-Air batteries and Indian Oil Corporation's collaboration with Israel's Phinergy on this technology.

Here is an update on this: IOC-Phinergy to begin metal-air battery field trials; in talks with auto companies
Metal-air batteries have great potential in electric mobility and stationary applications, aluminium is naturally available in the country with good extraction and recycling technologies.

"If the field trials are successful and if our talks with EV makers fructify, the metal-air batteries can complement the lithium-ion batteries to provide a hybrid solution for large-scale adoption of electric vehicles. In terms of range, it can easily offer over 600 km," the chairman said.

It can be noted that one of the biggest impediments facing EV adoption in the country is the lower battery range, coupled with public charging stations.

The best available range is under 150 km per charge now, even though Tata Motors had last month said it would offer up to 300 km for the electric version of its compact SUV Nexon but commercial supply is yet to begin.

The al-air batteries offer many an advantage like higher range, energy density, safety, longer life-cycle among others.
Al-Air batteries have 4-8 times the energy density of Li-ion, but can't be electrically recharged; need to be recycled. Since the smaller Li-ion battery can take care of day to day usage, the Al-Air battery serves the purpose of backup, solving the problem of range-anxiety.

Looks like a PHEV with a small Li-ion battery (10 kwh for 60 km) and an Al-Air battery for range extension is a great solution (no need for an internal combustion engine). Wish Indian auto companies show some innovation and realize this PHEV at the same cost as an ICE vehicle.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

nachiket wrote:Rishirishi you have been warned for repeatedly accusing other posters of being lobbyists. Address their arguments without ad hominem attacks.
My posts were backed with facts. Please feel free to check. But some people here claim that i cant count and started with derogatory language. And their arguments are the same as the car lobby has been presenting. There has been few facts. Fell free to check the links.

My claims are.

-EV (100% battery) will make ICE tech absolute. I could take 3 years or 6-7 years. let us see. It entirely depends how fast the cost of battery comes down.
-PHEV's are not going to be successful.
-EV's are much better to drive in every way. Noise, speed, ride quality, less breakdown (but range may be an issue)

Below are some additional links.

Seven Reasons Why The Internal Combustion Engine Is A Dead Man Walking

https://www.forbes.com/sites/sap/2018/0 ... ac7d4b603f

Another interesting article.
https://archive.thinkprogress.org/elect ... 68bcdcee1/
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

Raveen wrote:
Rishirishi wrote:
You also seem to represent a lobby of sort. I know this is how you work. The idea is to plant doubt and ridicule the opponent. The ICE lobby together with the oil lobby is working overtime to delay the EV. Please back up your bullshit.
Instructions not clear

What would you like me to backup - the fact that a gearbox is essentially the transmission? That Teslas and most pure EVs don't have transmission as such? that Li mining has adverse ecological impact? That Chi chi corona overlords controls the Li market? That fuel tax income will and is being replaced by other taxes? that demand and supply set pricing for commodities? That this isn't the Truman show and you aren't surrounded by lobbyists/people out to get you? That you are factually incorrect about all of the above?
Start with baking up the claim that EV's are adverse to the environment (in totality). I expect a proper answer, not some sarcasm or sidetracking.
Rishirishi
BRFite
Posts: 1409
Joined: 12 Mar 2005 02:30

Re: Oil & Natural Gas: News & Discussion

Post by Rishirishi »

Mort Walker wrote:Rishirishi,

Anyone who points out the facts, then you claim they are part of the auto or oil lobbies. Facts bear out a different story. Pure EV car sale in India in FY2019 was less than 1500 units, in FY2018 it was 3400. Overall cars sales were low, but EV sales fell further. The reason is they are expensive to purchase and charging infrastructure is also costly.

There are other threads to discuss your EV fantasies. Stay out of this thread where people can post actual news related and relevant stories.
As this is an Oil and Gas thread, i post an article of how the EV's will impact the oil industry.


The giant French bank BNP Paris seems to disagree with you. Please take time to educate your self. In this report for professional investors.
Oil needs long-term break-evens of $10-$20/bbl to remain competitive in mobility. In this report we
introduce the concept of the Energy Return on Capital Invested (EROCI), focusing on the energy return
on a $100bn outlay on oil and renewables where the energy is being used specifically to power cars
and other light-duty vehicles (LDVs). For a given capital outlay on oil and renewables, how much useful
energy at the wheels do we get? Our analysis indicates that for the same capital outlay today, new
wind and solar-energy projects in tandem with battery electric vehicles (EVs)* will produce 6x-7x more
useful energy at the wheels than will oil at $60/bbl for gasoline-powered LDVs, and 3x-4x more than
will oil at $60/bbl for LDVs running on diesel. Accordingly, we calculate that the long-term break-even
oil price for gasoline to remain competitive as a source of mobility is $9-$10/bbl, and for diesel $17-19/
bbl.
https://docfinder.bnpparibas-am.com/api ... 65EAD09A7F
Suraj
Forum Moderator
Posts: 15043
Joined: 20 Jan 2002 12:31

Re: Oil & Natural Gas: News & Discussion

Post by Suraj »

Rishirishi wrote:
nachiket wrote:Rishirishi you have been warned for repeatedly accusing other posters of being lobbyists. Address their arguments without ad hominem attacks.
My posts were backed with facts. Please feel free to check. But some people here claim that i cant count and started with derogatory language. And their arguments are the same as the car lobby has been presenting.
You were warned for responding to posters by accusing them of being members of lobbies. Doesn't matter if they actually are. You have no business making it so personal, so please stick to the topic at hand, regardless of how enthusiastic your response.

Further, please remember that there's a separate EV thread. You're derailing this one with talk about EVs.
Vips
BRF Oldie
Posts: 4699
Joined: 14 Apr 2017 18:23

Re: Oil & Natural Gas: News & Discussion

Post by Vips »

MoU signed for India to develop strategic petroleum reserve in US.

India and the US have signed an MoU to develop a strategic petroleum reserve and the two countries are in advanced stage of discussion to store crude oil in America to increase India's stockpile, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Friday.

Pradhan co-chaired with his American counterpart Energy Secretary Dan Brouillette a virtual US-India Strategic Energy Partnership Ministerial.

"We have signed a memorandum of understanding (MoU) to begin co-operation on strategic petroleum reserve. We are also in advanced phase of discussing of storing crude oil in US strategic reserve to increase India's strategic oil stockpile," Pradhan told reporters in a joint telephonic press conference. Responding to a question, the minister said the memorandum on cooperation in the field of strategic petroleum reserve was based on a proposal from the US after the recent historic drop in oil prices during coronavirus pandemic.

Following the historic drop in global crude oil process, the Indian government actively considered increasing its oil stockpile both inside the country and also overseas in countries like the US, he said. Very soon the government will be coming out with a concrete road map and proposal on how it can be unfolded, Pradhan said, adding that this would also include that New Delhi can invest in an American storage facility for India's requirement.

Co-operation in Strategic Petroleum Reserves Programme will further strengthen India's energy security and pave the way for greater US investments and collaborations in India's future SPR programmes, the minister said.

Brouillette said the MoU signed Friday will establish the process of moving forward. "What we would like to do is to begin the process of sharing with India, the establishment of a strategic reserve. And then accordingly, how does our SPR or Strategic Petroleum Reserve work here?" he said.

"It could ultimately look similar to what we've done with Australia, but there's no predetermined outcome as to where this conversation is going to grow into. We're excited to begin the conversation with India. We do think it's important for both of our nations" said the US Energy Secretary in response to a question.

The State Department said that the MoU on Strategic Petroleum Reserve will ensure a consistent energy supply, protects national security, and promote regional and global stability.

"The US-India Strategic Energy Partnership works to support sustainable energy development, in the 21st century and beyond. We collaborate on renewable energy, smart grids, and unconventional & clean energy sources research for the benefit of our people, now and in the future," South and Central Asia Bureau of the State Department said in a tweet.

Substantive wide-ranging conversation on the different pillars of India-US energy partnership took place during the India US Strategic Energy Partnership Ministerial, said India's Ambassador to the US Taranjit Singh Sandhu.

Minister Pradhan said that during the meeting, he expressed his keenness to work closely with the US government to realise the "full potential of our Strategic Energy Partnership and also invited the US Government and companies to join our initiatives under the Atmanirbhar Mission to further strengthen the strategic energy partnership".

Asserting that India-US relationship has witnessed significant growth and expansion in the last few years, especially through the energy component, the minister said that the Strategic Energy Partnership, was now recognised as a key constituent of this bilateral engagement.

"Our meeting today reflects both our Govt's commitment in further invigorating this partnership. It is, indeed, welcome that despite the challenges of the COVID-19 situation, we are committed to strengthen our energy linkages and work together on mutually-aligned priorities," he said.

India and the United States have made rapid strides in increasing bilateral hydrocarbon trade during the last three years, he said."Our bilateral hydrocarbons trade has touched USD 9.2 billion during 2019-20, a 93 per cent increase when compared to 2017-18 figures," Pradhan said.

The Indian government is committed to transform India into a gas-based economy and universalise power supply to all households, he said."Teams from both our countries are working to develop high-efficiency technologies with low to zero emissions through carbon capture, utilisation and storage," he said.

Established in April 2018 at the direction of President Donald Trump and Prime Minister Narendra Modi, recognising the strategic importance of energy to the US-India bilateral relationship, the SEP builds upon the two countries longstanding energy partnership and sets the stage for meaningful engagements through robust government-to-government cooperation and industry engagement
Mollick.R
BRFite
Posts: 1033
Joined: 15 Aug 2016 10:26

Re: Oil & Natural Gas: News & Discussion

Post by Mollick.R »

X-post from Iran Thread

India set to lose Farzad-B gas field; Iran to prefer domestic companies over foreign firms
PTI Last Updated: Oct 18, 2020, 01:48 PM IST

New Delhi: India has all but lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran decided to prefer domestic companies over foreign firms for development of the field, sources said.

ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 discovered a giant gas field in the Farsi offshore exploration block.

OVL and its partners had offered to invest up to USD 11 billion for development of the discovery, which was later named Farzad-B.
.
.
Sources said unconfirmed information suggests that Iran has identified a local firm for the development of the field, but OVL has not yet given up hopes and continues to chase Iranian authorities for the contract.

The 3,500 square kilometre Farsi block sits in water depth of 20-90 metres on the Iranian side of the Persian Gulf.

OVL, with 40 per cent operatorship interest, signed the Exploration Service Contract (ESC) for the block on December 25, 2002. Other partners included Indian Oil Corp (IOC) with 40 per cent stake and Oil India Ltd (OIL) holding the remaining 20 per cent stake.
.
.
The Indian consortium has so far invested around USD 400 million in the block.

Read more at:
https://economictimes.indiatimes.com/in ... 730406.cms
Kati
BRFite
Posts: 1850
Joined: 27 Jun 1999 11:31
Location: The planet Earth

Re: Oil & Natural Gas: News & Discussion

Post by Kati »

1. First two important articles which tipify the current international energy market (and good for Bharat):

https://www.worldoil.com/news/2020/12/1 ... s-struggle

https://www.oedigital.com/news/483926-o ... ital-ENews

2. What we are hearing from people in the GCC countries is that the sheikhdoms are staring at an abyss. They are heavily curtailing spending in education and welfare as the oil money is running dry. If the emphasis on electric vehicles continue as it is now, then in another ten years the GCC countries will become present day Bangladesh. The GCC countries are in a mad rush to diversify theie economies.
Vips
BRF Oldie
Posts: 4699
Joined: 14 Apr 2017 18:23

Re: Oil & Natural Gas: News & Discussion

Post by Vips »

India to ink strategic partnership framework with IEA today.

As part of its energy security efforts, India on Wednesday will sign a ‘strategic partnership framework’ with the International Energy Agency (IEA), the world’s premier energy monitor.

This is a significant development for India, the third-largest energy consumer globally, and comes at a time when international energy markets have been volatile. Also, tensions between China and India, the second- and third-largest crude oil importers, respectively, have been rising, with India’s transportation fuel prices at record highs.

IEA's 30 member countries hold 1.55 billion barrels in public emergency oil stocks. In addition, 650 million barrels are held by industry under government obligations and can be released as needed.

The Paris-based agency is keen on India becoming a member as the latter's entry into IEA will boost the global energy security apparatus and add heft to its dealings with the Organization of the Petroleum Exporting Countries (Opec)-plus grouping. Saudi Arabia, the world’s largest oil producer, has recently cut output, leading to price volatility. Opec makes up for about 40% of global output and 83% of India’s oil imports.

“Within four years of the International Energy Agency welcoming India as an Association country, IEA members and the Government of India (GoI) have agreed to enter into a Strategic Partnership to deepen their collaboration across a wide range of critical topics including energy security and clean energy transitions," IEA said in statement.

India’s energy needs are primarily met through imports, which raises supply risks in times of war or natural exigencies. India’s energy consumption is projected to grow at 4.2% annually up to 2035, with its share of global primary energy demand set to nearly double to 11% by 2040.

“This marks a major milestone in global energy governance that could lead to eventual IEA membership for India," the statement added.

To become a member, India will have to meet eligibility criteria, including maintaining emergency oil reserves equivalent to at least 90 days of net imports.

India stores 10 days of the country’s crude oil requirements, with domestic refiners also maintaining 65 days of crude storage. In addition, the National Democratic Alliance government in June 2018 had approved the construction of additional strategic crude oil reserves to support 12 days of crude oil requirements.

With 23 refineries, India is a key refining hub in Asia and plans to grow its refining capacity from around 250 million tonnes per annum (mtpa) to 400 mtpa by 2025.

This partnership with IEA also comes at a time when US President Joe Biden has recommitted to the Paris Agreement. Some of the strategies adopted to meet the objective of energy security and energy transition by India include a faster clean energy trajectory.
kit
BRF Oldie
Posts: 6278
Joined: 13 Jul 2006 18:16

Re: Oil & Natural Gas: News & Discussion

Post by kit »

Kati wrote:1. First two important articles which tipify the current international energy market (and good for Bharat):

https://www.worldoil.com/news/2020/12/1 ... s-struggle
If the emphasis on electric vehicles continue as it is now, then in another ten years the GCC countries will become present day Bangladesh. The GCC countries are in a mad rush to diversify theie economies.
Bangladesh is not exactly a basket case., they could very well reach the leagues of Vietnam if they control their Islamist elements and maintain good ties with India.
kit
BRF Oldie
Posts: 6278
Joined: 13 Jul 2006 18:16

Re: Oil & Natural Gas: News & Discussion

Post by kit »

on the thought that strategic reserves are meant for utilizing reserves for fighting wars and emergency situations , how does a reserve tens of thousands of miles away do that ?
AkshaySG
BRFite
Posts: 412
Joined: 30 Jul 2020 08:51

Re: Oil & Natural Gas: News & Discussion

Post by AkshaySG »

kit wrote:
on the thought that strategic reserves are meant for utilizing reserves for fighting wars and emergency situations , how does a reserve tens of thousands of miles away do that ?
Its more to shield oneself from massive jumps in price and at the same time also be able to take advantage of massive drops than war reserves , for which India's own reserves are seen as enough .For ex in 2020 oil prices dropped to rock bottom but India had to no place to store extra oil after topping out our own reserves and as a result pretty much wasted a golden opportunity to get huge amounts of cheap oil .

If the situation is really dire and we can't wait long enough to transport it then it could also essentially work as an exchange ... they can have that stored crude while giving us access to US held crude in the indo pacific or some other workaround .


The space and infra costs mean that its far cheaper to store that amount of oil in Texas than it is to build another similarly large facility in India although we are making some improvements to our own reserves as well
Vips
BRF Oldie
Posts: 4699
Joined: 14 Apr 2017 18:23

Re: Oil & Natural Gas: News & Discussion

Post by Vips »

Power play: India wields oil 'weapon' to cut dependence on Saudi Arabia.

When India’s government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after Opec+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world’s energy maps.

It was a move that had been in the works for years, fuelled by repeated comments from oil minister Dharmendra Pradhan, who in 2015 called oil
purchases a “weapon” for his country.


When the Organisation of Oil Exporting Countries and Major Producers (Opec+) extended the production cuts into April, India unsheathed that weapon. Indian refiners plan to cut imports from the Kingdom by about a quarter in May, sources told Reuters, dropping them to 10.8 million barrels from monthly average of 14.7-14.8 million barrels.

Oil secretary Tarun Kapoor, the top bureaucrat in the ministry, told Reuters that India is asking state refiners to jointly negotiate with oil producers to get better deals, but declined to comment on plans to cut Saudi imports.

Saudi's response on India's oil reserves 'undiplomatic', says Dharmendra Pradhan. “India is a big market so sellers have to be mindful of our country’s demand as well to keep the long-term relationship intact,” he said.

The Saudi state oil company Saudi Aramco and the Saudi energy ministry declined to comment. Pradhan, who sees high oil prices as a threat to India’s recovering economy, said he was saddened by the Opec+ decision. India’s fuel import bill has rocketed, and fuel prices – inflated by government taxes imposed last year - have hit records.

The International Energy Agency forecasts India’s consumption to double and its oil import bill to nearly triple from 2019 levels to more than $250 billion by 2040. An oil ministry official, who declined to be named because of the sensitivity of the matter, said the Opec+ cuts have created India's top crude oil suppliers in February

An oil ministry official, who declined to be named because of the sensitivity of the matter, said the Opec+ cuts have created uncertainity and made it difficult for the refiners to plan for procurement and price risk

It also creates opportunities for companies in the Americas, Africa, Russia and elsewhere to fill the gap.

If India is successful, it will set an example for other countries. As buyers see more affordable choices and renewable energy becomes increasingly common, the influence of big producers like Saudi Arabia could wane, altering geopolitics and trade routes.

India has reduced the share of crude oil imports from the Middle East in recent years:

How India plans to reduce its dependence on Middle East oil

Image

Image

Diversification drive

India’s oil demand has risen by 25% in the last seven years - more than any other major buyer - and the country has surpassed Japan as the world’s third-largest oil importer and consumer.

The country has already curbed its reliance on the Middle East from more than 64% of imports in 2016 to below 60% in 2019.

That trend reversed in 2020, however, when the pandemic pummelled fuel demand and forced Indian refiners to make committed oil purchases from the Middle East under term contracts, shunning spot purchases.

As India shifts gears again after Pradhan’s call for faster diversification, refineries are looking for new suppliers, the oil ministry official said.

Costly refinery upgrades that allow for the processing of cheaper, heavier oil grades have encouraged importers to seek out far-flung sources. HPCL-Mittal Energy Ltd bought the country’s first cargo from Guyana this month, and Mangalore Refinery and Petrochemicals Ltd just imported Brazilian Tupi crude for the first time.

In past years, refiners have jointly negotiated here oil deals with sanctions-hit Iran, which offered free shipping here and price discounts, and now plan to do the same with other producers.

Since the break with Saudi Arabia began, Pradhan has had meetings with United Arab Emirates’ minister of state and chief executive of Abu Dhabi National Oil Co (ADNOC), Sultan Ahmed Al Jaber, and US energy secretary Jennifer Granholm to strengthen energy partnerships.

Pradhan recently said African nations could play a central role in India’s oil diversification. The country is looking at signing long-term oil supply deal with Guyana and exploring options to raise imports from Russia, the oil ministry source said.

A separate Indian government source said the government expects Iranian sanctions to ease in three to four months, potentially offering India a cheaper alternative to Saudi oil.

Two traders agreed that Iran stood a good chance to benefit from India’s shift, as did Venezuela, Kuwait and the United States.

An Indian refinery source said the US, Africa, Kazakhstan’s CPC Blend and Russian oil would probably get a look too.

Although Indian importers will scoop up increasing volumes of attractively priced global grades, most analysts expect the Middle East to remain India’s primary oil supplier, mainly because of lower shipping costs.

India’s oil ministry is working with refiners on a framework to jointly negotiate terms with suppliers.

“Buyers have alternatives in today’s market and these alternatives are going to multiply going forward,” Kapoor said. “There are so many companies in India that do buying at their own level, so these companies coming together also becomes quite a big bloc.”

On Thursday, Saudi Arabia and Opec+ agreed after discussions with US officials to ease oil curbs beginning in May.

Saudi energy minister Prince Abdulaziz bin Salman conceded that the production cuts had put state oil company Aramco “in some difficulty with some of its partners.”

The relationship
Analysts say the oil spat does not need to spill over into broader strategic ties in other sectors, including defence.

“Until recently, the balance of power was skewed towards Saudi Arabia, but increasingly, India is using access to its market and the diversity of options to put pressure on Saudi Arabia,” consultancy Eurasia said in a note. “For Saudi Arabia, losing market share in a global environment in which most developed economies are already seeing their oil demand decline due to green policy implementation, would be a blow.”

Abdulaziz confirmed that Aramco had maintained normal April oil supplies to Indian refiners while cutting volumes for other buyers - a sign Saudi Arabia is concerned about India’s search for new sources.

Saudi Arabia is India’s fourth-biggest trade partner, importing a slew of items, including food. Saudi Armaco is looking at buying a 20% stake in Reliance Industries’ oil and chemicals business. It is also a part of a joint venture to build a 1.2 million barrels per day refinery in India.

But Amitendu Palit, senior research fellow at National University of Singapore, said it would be difficult for Saudi to find a stable alternative buyer if India continues with reduced purchases for too long.

“This bilateral relationship should not be impacted due to any decisions on one commodity. However in a global surplus, market buyers have a lot of negotiating power and sources,” Palit sai
A Deshmukh
BRFite
Posts: 517
Joined: 05 Dec 2008 14:24

Re: Oil & Natural Gas: News & Discussion

Post by A Deshmukh »

India can take this to another level with quid pro deals - Akash, Tejas,....
Post Reply